Market Overview - The three major indices showed a strong upward trend on September 29, with the Shenzhen Component Index and the ChiNext Index both rising over 2% [1] - The lithium battery sector experienced a surge, with over 10 stocks hitting the daily limit up, including Wanrun New Energy and Yicheng New Energy [1] Fund Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 3.385 billion yuan for the day [1] - Among 11 industries, non-bank financial and computer sectors saw the highest net inflows, amounting to 5.099 billion yuan and 1.256 billion yuan respectively [1] - Other sectors with net inflows exceeding 300 million yuan included power equipment, home appliances, automobiles, and steel [1] Individual Stock Performance - Five stocks received net inflows exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 3.454 billion yuan [3] - Dongguan Lingzhi Innovation Robot Technology Co., Ltd. was established in partnership with Zhiyuan, focusing on industrial robot product development [1] - Dongfang Caifu followed with a net inflow of 2.981 billion yuan, benefiting from the surge in brokerage stocks [2] Net Outflow Rankings - The electronic industry had the highest net outflow, totaling 2.612 billion yuan, followed by communication, defense, and pharmaceutical sectors, each exceeding 1 billion yuan [1] - Leading stocks with significant net outflows included Xian Dao Intelligent and Woer Nuclear Materials, both exceeding 1 billion yuan [4][5] Tail-End Fund Flow - At the end of the trading day, the main funds saw a net inflow of 237 million yuan, with the computer, automotive, non-ferrous metals, electronics, and machinery sectors attracting over 100 million yuan each [6] - Individual stocks with notable tail-end inflows included Sanhua Intelligent Control and Beifang Huachuang, each exceeding 100 million yuan [7] Summary of Key Stocks - The top five stocks with net inflows included: - Lingyi Zhi Zao: 3.454 billion yuan - Dongfang Caifu: 2.981 billion yuan - Shanzi Gaoke: 1.419 billion yuan - Zhinanzhen: 1.207 billion yuan - Yihua Zhikong: 1.040 billion yuan [3] - Conversely, the top five stocks with net outflows included: - Xian Dao Intelligent: 1.531 billion yuan - Woer Nuclear Materials: 1.027 billion yuan - He Er Tai: 0.953 billion yuan - Haiguang Information: 0.596 billion yuan - Zhongji Xuchuang: 0.438 billion yuan [5][9]

格隆汇9月29日｜南下资金今日净卖出港股16.54亿港元。其中： | 名称 | 潔跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 阿里巴巴-W | 4.1% | 16.60 | 86.90 Z | 阿里巴-W | 4.1% | 18.96 | 52.11 亿 | | 小米集团-W | -2.0% | 4.23 | 62.23 Z | 小米斯国-W | -2.0% | 5.73 | 36.91 亿 | | 腾讯控股 | 2.5% | 12.64 | 40.63 Z | 中心国际 | 4.9% | 3.62 | 30.22 Z | | 盘高星童 | 1.7% | -39.76 | 39.81 Z | 腾讯控股 | 2.5% | 2.30 | 24.53 Z | | 中心国际 | 4.9% | 0.17 | 36.82 Z | 盘高量 | 1.7% | -18.07 | 18.12 ( | | 理想汽车-W | -1.6% | 6.05 | 18.56 Z | 作机 ...

Core Viewpoint - The article highlights the significant reliance of the U.S. on Chinese-manufactured mature process chips, revealing a 66% dependency rate that has led to U.S. government anxiety and potential new restrictions on technology [1][3]. Group 1: U.S. Anxiety and Dependency - The U.S. government research indicates that 66% of American products utilize mature process chips made in China, exposing the fragility of U.S. technological dominance [1][3]. - The U.S. has historically categorized chips into "advanced" and "mature" processes, but China's competitive pricing (30%-50% lower) and high yield rates (98%) challenge this classification [4][5]. - U.S. attempts to decouple from Chinese technology, such as the $52 billion investment in the CHIPS Act, have faced significant obstacles, including labor shortages and low yield rates in domestic production [4][5]. Group 2: China's Strategic Advantages - China's strategy focuses on mature process technology, which constitutes 75% of global chip demand, allowing it to optimize processes and innovate materials, thus creating new value [7][8]. - The establishment of a comprehensive domestic supply chain in China ensures that all aspects of chip production are covered, making it resilient to U.S. equipment restrictions [8][9]. - Market dynamics are shifting, with global companies prioritizing ecosystem compatibility over mere technological pedigree, indicating a transition in industry power from technology monopolists to ecosystem builders [9][11]. Group 3: Redefining Supply Chain Security - The U.S. narrative of "decoupling from China" is contradicted by its own dependency on Chinese talent and technology, as evidenced by the shortage of chip engineers in the U.S. compared to China [12][13]. - China is emerging as a rule-maker in the global supply chain, with significant contributions to essential components in various industries, demonstrating that dependency on Chinese chips is a rational choice for global companies [13][14]. - The 66% dependency rate reflects a global market decision rather than a threat, emphasizing that true supply chain security involves stable supply and value provision to global partners [13].

Group 1 - The Sci-Tech Innovation 50 Index opened slightly lower on September 29, experienced fluctuations, initially dropping about 1.7%, but later rebounded significantly, closing at 1470.41 points with a gain of 1.35% and a total trading volume of approximately 963.0 billion yuan [1] - The Sci-Tech Comprehensive Index rose by 1.18% on the same day, closing at 1690.76 points with a total trading volume of 2402 billion yuan. Excluding suspended stocks, 588 stocks on the Sci-Tech Board mostly rose, with an average increase of 1.36% and an average turnover rate of 3.17% [2] - In terms of individual stock performance, Pinming Technology, Fuke Environmental Protection, and Wanrun New Energy hit the daily limit, while Xinguang Optoelectronics saw a significant drop of 17.56% [3] Group 2 - In terms of trading volume, SMIC had the highest trading volume at 136.3 billion yuan, while *ST Guandian (rights protection) had the lowest at 897.7 million yuan [4] - Regarding turnover rates, Zhongke Lanyun had the highest turnover rate at 22.06%, while Zhongke Weizhi had the lowest at 0.25% [4]

Core Viewpoint - Goldman Sachs reports that with the release of another round of national subsidies in October, the demand for consumer electronics and smartphones in China remains stable in the second half of the year, showing no significant decline [1] Group 1: Company Analysis - Goldman Sachs maintains an optimistic outlook on Semiconductor Manufacturing International Corporation (SMIC) due to the expansion of long-term orders, benefiting from the market share growth of downstream customers and the increased semiconductor content in electronic devices, particularly with the accelerated deployment of artificial intelligence features [1] - The firm upgrades its valuation basis for SMIC, raising the forecasted price-to-earnings ratio for 2028 from 45.2 times to 51.1 times, and increases the target price for H-shares from HKD 83.5 to HKD 95 [1] - Earnings forecasts for SMIC from 2025 to 2027 remain largely unchanged, while the earnings per share estimates for 2028 and 2029 are each raised by 1%, reflecting an upward adjustment in revenue and gross margin predictions [1] Group 2: Financial Projections - Revenue forecasts for SMIC for 2028 and 2029 are each increased by 0.1%, based on a more optimistic outlook for demand from artificial intelligence consumer electronics [1] - The gross margin forecasts for SMIC for 2028 and 2029 are each raised by 0.1 percentage points, due to expectations of higher capacity utilization leading to better profit margins [1] - Operating expense forecasts remain largely unchanged, while the operating profit predictions for SMIC for 2028 and 2029 are each increased by 1% [1]

智通财经APP获悉，高盛发布研报称，随着10月另一轮国家补贴发放，下半年中国消费电子及智能手机 需求保持稳定，未见显著下跌。尽管消费电子及智能手机贡献66%收入，该行对中芯国际(00981)中长期 订单扩张持乐观态度，受惠下游客户市占增长及电子设备中半导体含量升级，特别是人工智能功能加速 部署。该行维持对中芯"买入"评级，上调估值基础，由预测2028年市盈率45.2倍升至51.1倍，H股目标 价由原先83.5港元升至95港元。 该行维持对中芯2025年至2027年盈利预测基本不变，2028年至2029年每股盈测各上调1%，受惠收入和 毛利率预测获上调。该行亦对中芯2028年至2029年收入预测各上调0.1%，基于对中芯来自人工智能消 费电子需求持更乐观展望。该行亦将中芯2028年及29年毛利率预测各上调0.1个百分点，因预期更高产 能利用率将带来更好利润率。在经营费用预测基本不变下，上调中芯2028年及2029年经营溢利预测各 1%。 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF had a turnover rate of 8.39% during the trading session, with a transaction volume of 3.206 billion yuan [3] - Over the past week, the average daily transaction volume of the Sci-Tech Chip ETF reached 4.909 billion yuan, ranking first among comparable funds [3] - The ETF's scale increased by 4.168 billion yuan in the past week, achieving significant growth and ranking first in new scale among comparable funds [3] - The ETF's shares grew by 1.146 billion shares in the past week, also ranking first in new shares among comparable funds [3] - The ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 1.186 billion yuan, totaling 2.770 billion yuan [3] Group 2: Historical Performance - As of September 26, the net value of the Sci-Tech Chip ETF has increased by 127.79% over the past two years, ranking 7th out of 2346 index equity funds, placing it in the top 0.30% [3] - Since its inception, the ETF's highest monthly return was 35.07%, with the longest consecutive monthly gains being four months and the longest cumulative gain being 36.01%, averaging a monthly return of 9.53% during rising months [3] Group 3: Key Holdings - As of August 29, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Chip Index include Cambricon, Haiguang Information, SMIC, Lattice Semiconductor, Zhongwei Company, Chipone, Dongxin Technology, Hu Silicon Industry, Amlogic, and Hengxuan Technology, collectively accounting for 62.02% of the index [3] Group 4: Industry Developments - On September 26, Moore Threads' IPO was approved, with the company focusing on full-function GPUs, being one of the few domestic companies that balance graphic rendering and AI computing, planning to raise 8 billion yuan for the development of a new generation of autonomous controllable chips [4] - Looking ahead to October, the industry layout is focused on areas of sustained high prosperity and turnaround challenges, particularly in AI and humanoid robot supply chains, with strong growth momentum expected due to increased computing power investments domestically and internationally [4]

（文章来源：证券时报网） 数据宝统计，截至14:17，中芯国际成交额104.57亿元，超上一日全天。最新股价上涨0.93%，换手率 3.96%。（数据宝） ...

高盛发表报告指，随着10月另一轮国家补贴发放，下半年中国消费电子及智能手机需求保持稳定，未见 显著下跌。尽管消费电子及智能手机贡献66%收入，该行对中芯国际中长期订单扩张持乐观态度，受惠 下游客户市占增长及电子设备中半导体含量升级，特别是人工智能功能加速部署。 该行维持对中芯2025年至2027年盈利预测基本不变，2028年至2029年每股盈测各上调1%，受惠收入和 毛利率预测获上调；对2028年至2029年收入预测各上调0.1%，基于对中芯来自人工智能消费电子需求 持更乐观展望；将2028年及29年毛利率预测各上调0.1个百分点，因预期更高产能利用率将带来更好利 润率。该行维持对中芯"买入"评级，H股目标价由83.5港元上调至95港元。 ...

Market Overview - The A-share market showed mixed performance on September 29, with the ChiNext Index rising over 1% and returning above 3200 points, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index increased by 0.67% [1] - The Hong Kong market saw the Hang Seng Technology Index rise by over 1%, with notable gains in companies like SenseTime, Kingdee International, and Hua Hong Semiconductor [1] Lithium Battery Sector - The lithium battery and related industry chain experienced significant strength, with stocks such as Yicheng New Energy and Wanrun New Energy hitting the daily limit of 20% increase. Other stocks like Tianji Co., Shida Shenghua, Xiangtan Electric, and Duofluoride also saw similar gains [3][4] - The overall market sentiment in the lithium battery sector is positive, driven by advancements in technology and increased demand [5] Semiconductor Sector - The semiconductor industry chain faced a short-term decline, with companies like Cambricon Technologies dropping over 5%, and others such as Haiguang Information and Fudan Microelectronics falling more than 4% [6][7] Stock Performance Highlights - Notable stock performances included: - SenseTime (2.700, +3.05%, market cap 104.8 billion) - Kingdee International (16.770, +2.95%, market cap 59.5 billion) - Hua Hong Semiconductor (70.200, +2.86%, market cap 134.6 billion) - Yicheng New Energy (5.88, +20.00%, market cap 11 billion) - Wanrun New Energy (65.64, +20.00%, market cap 8.3 billion) [3][4]