Core Viewpoint - Goldman Sachs remains bullish on the Chinese semiconductor industry, particularly on SMIC, raising its target prices for both H-shares and A-shares multiple times within a month, driven by the growth in AI applications and demand for semiconductor products [1][2][3]. Group 1: Target Price Adjustments - Goldman Sachs has raised the target price for SMIC's H-shares to HKD 117 and A-shares to CNY 211, marking the fourth adjustment in less than a month [1][2]. - The adjustments reflect a 31.79% increase for A-shares and an 83.67% increase for H-shares over the recent period [3]. Group 2: Market Performance - SMIC's market capitalization has increased by over CNY 400 billion, with the combined market value of A-shares and H-shares reaching CNY 780.5 billion [4]. - The stock price of SMIC has shown significant growth, with H-shares rising 134.36% and A-shares increasing 71.62% since June 19, 2025 [3]. Group 3: AI Demand and Company Growth - The rapid expansion of China's AI ecosystem, particularly the DeepSeek V3.2-Exp model, is expected to drive demand for power management chips and image sensors, benefiting SMIC [3][5]. - SMIC's production capacity utilization has rebounded to over 90%, with significant demand for PMIC and MCU chips from edge AI devices [5][6]. Group 4: Capital Expenditure and Expansion Plans - SMIC plans to invest USD 7.33 billion in capital expenditures in 2024 and USD 7.6 billion in 2025, with a focus on equipment purchases and infrastructure development [6][7]. - The company is expanding its production capacity by approximately 50,000 12-inch wafers annually across various locations [6][7]. Group 5: Acquisition Strategy - SMIC is acquiring a 49% stake in SMIC North, a key 12-inch production base in Beijing, which will enhance its production capabilities and asset quality [6][7]. - The acquisition is viewed as a strategic move to bolster SMIC's capacity expansion and operational efficiency [7].

Market Overview - During the holiday period, major global stock indices showed positive performance, with the Dow Jones up 0.44%, Nasdaq up 0.57%, and S&P 500 up 0.39% [2] - European markets also saw gains, with the UK FTSE 100, France's CAC 40, and Germany's DAX rising approximately 1.70%, 1.29%, and 2.05% respectively [2] - In the Asia-Pacific region, the Hang Seng Index fell 0.1%, while the Hang Seng Tech Index rose 0.75%. The Korean Composite Index and Nikkei 225 increased by 3.64% and 6.24% respectively [2] - Commodity prices rose significantly, with COMEX gold and silver increasing by 4.82% and 4% respectively, and various base metals also showing gains [2] A-Share Market Insights - The last trading day before the holiday saw the Shenzhen Component Index, ChiNext Index, STAR 50 Index, and CSI 500 Index reach new highs [3] - The Shanghai Composite Index and the SSE 50 Index approached their previous highs, forming a W-bottom pattern since September [3][4] - The performance of brokerage stocks is highlighted as a key area to watch for potential market movements [3][4] Future Market Expectations - The outlook for the post-holiday market is bullish, with expectations that fluctuations in global markets will not alter the upward trend of the A-share market [5][6] - Gold and silver prices continue to rise, with gold surpassing $4000 per ounce, positively impacting precious and base metals [6] Sector Analysis - The semiconductor sector is driven by AMD's significant partnership with OpenAI, leading to a 28% increase in AMD's stock price [7] - The storage sector in A-shares is showing strong upward momentum, with ETF funds recommended as a good investment choice [7] - The new energy battery sector, particularly solid-state batteries, is expected to grow, with major companies like Ganfeng Lithium and CATL seeing substantial gains [8] Robotics and AI Hardware - The humanoid robot sector is gaining attention, with Tesla's humanoid robot supply chain highlighted as a key area for investment [10] - The upcoming release of Tesla's humanoid robot Figure 03 is anticipated to impact the market positively [11] Conclusion - The recent highs in major indices are seen as a positive sign for the overall market, with a focus on whether the Shanghai Composite Index can achieve new highs [11] - Key sectors to monitor include technology, AI, solid-state batteries, and humanoid robotics, as these are expected to remain the main investment themes [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 中國上海，2025 年 10 月 8 日 於本公告日期，本公司董事分別為： SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00981） 海外監管公告 本公告乃中芯國際集成電路製造有限公司（Semiconductor Manufacturing International Corporation,「本公司」）根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《關於發行股份購買資產暨關聯交易事項的進展公 告》，僅供參閱。 承董事會命 中芯國際集成電路製造有限公司 公司秘書 / 董事會秘書 郭光莉 * 僅供識別 | A股代码：688981 | A股简称：中芯国际 | 公告编号：2025-028 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00981 | 說明 | 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的結存(註1) | 2025年9月30日 | | 6,000,146,599 | | 0 | | | 6,000,146,599 | | ...

致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新 ...

| A股代码：688981 | A股简称：中芯国际 | 公告编号：2025-028 | | --- | --- | --- | | 港股代码：00981 | 港股简称：中芯国际 | | 中芯国际集成电路制造有限公司 关于发行股份购买资产暨关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次交易概述 1 公司于2025年9月9日在上海证券交易所网站（www.sse.com.cn）披露的《中 芯国际集成电路制造有限公司发行股份购买资产暨关联交易预案》等相关公告。 同日，经公司向上海证券交易所申请，公司股票（证券简称：中芯国际，证券 代码：688981）自2025年9月9日开市起复牌，具体内容详见公司于2025年9月9 日刊登在上海证券交易所网站（www.sse.com.cn）的《关于披露发行股份购买资 产暨关联交易预案暨公司股票复牌的提示性公告》（公告编号：2025-024）。 自预案披露以来，公司、各中介机构及其他相关方正在积极推进本次交易 的相关工作。截至本公告披露日，本次交易所涉及的审计、评估及尽 ...

Core Viewpoint - The global market during the National Day holiday (October 1-7) showed a pattern of "Asia-Pacific leading, Europe and America following, and commodity structure differentiation," driven by technology growth and expectations of global liquidity easing [1] Group 1: Global Market Performance - The Asia-Pacific technology growth sector outperformed, with major indices showing significant divergence [2] - The Nikkei 225 index surged by 6.72%, leading global markets, driven by expectations of easing policies from Japan's new Prime Minister and improved corporate earnings [2] - The S&P 500 and Nasdaq indices rose by 0.39% and 0.57%, respectively, supported by AI industry catalysts and interest rate cut expectations [2] Group 2: Commodity Market Trends - Gold and industrial metals showed strong performance, while energy commodities exhibited significant differentiation [3] - Spot gold surpassed $3980 per ounce, with COMEX gold futures rising by 3.48% to cross the $4000 mark, driven by heightened risk aversion and expectations of Federal Reserve rate cuts [3] - Industrial metals like LME copper and LME zinc increased by 4.45% and 2.75%, respectively, due to supply constraints and demand from AI and new energy sectors [3] Group 3: Industry Insights - The technology growth sector is clearly defined, with macro policies and industry trends resonating [4] - The semiconductor sector is driven by a global inventory cycle bottoming out and AI computing demand, with stocks like SMIC and Hua Hong Semiconductor rising over 14% [4] - The Hong Kong market showed significant sector differentiation, with materials, information technology, and healthcare leading, while consumer staples and real estate lagged [4] Group 4: Future Outlook - The A-share market is expected to see a strong opening post-holiday, with technology growth likely to continue its momentum [5] - Focus areas for investment include technology growth (semiconductor equipment, AI computing, communication devices), safe-haven assets (gold), and cyclical sectors benefiting from policy expectations [5] - Caution is advised regarding potential volatility in the technology sector and external policy uncertainties, particularly related to the U.S. government shutdown [5]

每经AI快讯，港股中芯国际跌幅收窄至1%，此前一度跌逾3%。 （文章来源：每日经济新闻） ...

港股中芯国际拉升翻红，此前一度跌逾3%。 ...

恒生科技指数跌幅收窄至1%。中芯国际跌幅收窄至1.3%，此前一度跌超3%。 ...