截至发稿，中芯国际(00981.HK)涨5.99%、华虹半导体(01347.HK)涨5.75%、上海复旦(01385.HK)涨 4.80%。 ...

Core Viewpoint - The "9·24" policy has significantly reshaped the A-share market, enhancing investor confidence and leading to a substantial increase in market capitalization and stock prices over the past year [2][5][15]. Market Performance - A-share total market capitalization grew from approximately 70 trillion yuan to over 100 trillion yuan, an increase of over 30% [2][6]. - More than 1,400 stocks have doubled in price, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 100% [2][6]. Policy Impact - The "9·24" policy, introduced on September 24, 2024, included measures to boost medium- and long-term capital inflows, reform mergers and acquisitions, and support technological innovation [2][4]. - Following the policy announcement, the Shanghai Composite Index surged by 4.15% in a single day, while the ChiNext Index soared by 5.54% [4]. Structural Changes - The A-share market has seen a profound transformation, with a focus on sustainable growth and a "slow bull" market trajectory following initial rapid responses to policy changes [5][6]. - The volatility of the market has decreased, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the previous five-year period [6]. Mergers and Acquisitions - Over 230 major asset restructurings have been disclosed since the implementation of the "9·24" policy, marking a recent high [9]. - Innovative merger tools such as targeted convertible bonds and acquisition loans have revitalized market activity, facilitating a clearer direction for industrial integration [9][10]. Investor Sentiment - The investor base has evolved, with a significant increase in new accounts, totaling 30.57 million, an 83.86% increase compared to the previous period [13]. - Long-term capital, including insurance and social security funds, has also increased its presence in the market, with insurance funds' stock investments reaching 3.06 trillion yuan, a net increase of about 1 trillion yuan [14]. Future Outlook - The ongoing reforms are expected to further enhance market quality and foster a culture of long-term investment, with a focus on improving the quality of listed companies and refining foundational systems [14][15].

格隆汇9月24日｜港股低开高走，恒生科技指数涨幅扩大至1.21%，恒指涨0.62%。阿里巴巴、中芯国际 涨超4%。 | 恒生指数 | 26320.32 | +161.20 | +0.62% | | --- | --- | --- | --- | | 800000 | | | | | 国企指数 | 9362.50 | +72.16 | +0.78% | | 800100 | | | | | 恒生科技指数 | 6241.59 | +74.53 | +1.21% | | 800700 | | | | (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index (000688) has seen a strong increase of 1.74%, with notable gains from component stocks such as Shengmei Shanghai (688082) up 9.99%, Huahai Qingshi (688120) up 7.10%, and Hehui Optoelectronics (688538) up 7.04% [1] - The Sci-Tech 50 ETF Index (588040) also rose by 1.74%, with the latest price reported at 1.46 yuan [1] - Semiconductor equipment is leading the market, with Shengmei Shanghai reaching a new high following the announcement of its first KrF process front-end coating and developing equipment, Ultra Lith KrF, which was delivered to a major logic wafer factory in China on September 8, 2025 [1] Group 2 - The Sci-Tech 50 ETF Index closely tracks the performance of the Sci-Tech Innovation Board 50 Index, which consists of 50 securities with large market capitalization and good liquidity, reflecting the overall performance of representative sci-tech enterprises [2] - As of August 29, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 50 Index include Cambricon (688256), SMIC (688981), Haiguang Information (688041), and others, collectively accounting for 60.25% of the index [2] - The Sci-Tech 50 ETF Index is complemented by other products such as the Sci-Tech 50 Enhanced ETF (588460) and various connection funds [2]

Group 1 - Semiconductor stocks are performing actively, with ASMPT rising 6.33% to HKD 84, SMIC up 3.37% to HKD 75.05, and Huagong Semiconductor increasing by 1.72% to HKD 0.59 [1] - The expectation of rising prices for semiconductor silicon wafers is intensifying, leading to significant stock price increases for companies like GlobalWafers, Win Semiconductors, and others [1] - Dongguan Securities recently reported that policies are strongly favoring the localization of computing power chips, while major cloud companies like Alibaba and Tencent are increasing capital expenditures and adapting to mainstream domestic chips [1] Group 2 - Alibaba and Baidu have begun using internally designed chips to train AI models, replacing some of NVIDIA's chips, which is expected to accelerate the construction of a domestic computing power ecosystem [1] - Apart from AI computing power chips, advanced process wafer foundry, memory, and advanced packaging sectors are also expected to benefit from these trends [1]

Core Viewpoint - The Hong Kong chip stocks are showing active performance, with notable increases in share prices for several companies in the sector [1] Company Performance - ASMPT (00522.HK) increased by 6.33%, reaching HKD 84 [1] - Zhongxin International (00981.HK) rose by 3.37%, trading at HKD 75.05 [1] - Hongguang Semiconductor (06908.HK) saw a gain of 1.72%, priced at HKD 0.59 [1] - Huahong Semiconductor (01347.HK) experienced a rise of 0.82%, with shares at HKD 61.4 [1]

Core Viewpoint - Semiconductor stocks are experiencing active performance, driven by rising expectations of silicon wafer price increases and strong policy support for domestic computing power chips [1] Group 1: Stock Performance - ASMPT (00522) increased by 6.33%, trading at 84 HKD - SMIC (00981) rose by 3.37%, trading at 75.05 HKD - Hongguang Semiconductor (06908) gained 1.72%, trading at 0.59 HKD - Huahong Semiconductor (01347) saw an increase of 0.82%, trading at 61.4 HKD [1] Group 2: Market Trends - There is a significant rise in stock prices for companies like GlobalWafers, Win Semiconductors, and others due to the anticipated price hikes in semiconductor silicon wafers [1] - Dongguan Securities reports that policies are strongly favoring the localization of computing power chips, while major cloud companies like ByteDance, Alibaba, and Tencent are increasing capital expenditures and adapting to mainstream domestic chips [1] Group 3: Technological Developments - Alibaba and Baidu have begun using internally designed chips to train AI models, replacing some of NVIDIA's chips, which is expected to accelerate the construction of a domestic computing power ecosystem [1] - Other segments such as advanced process wafer foundry, memory, and advanced packaging are also expected to benefit from these developments [1]

Group 1: Semiconductor Price Surge - The global semiconductor industry is experiencing a new wave of price increases, with TSMC planning to raise prices by over 50% for certain processes next year, primarily for AI and high-performance computing chips [1] - Samsung has significantly raised prices for memory and flash products, with DRAM prices increasing by up to 30%, and lead times extending from one month to over six months [2] - Micron reported a 46% increase in revenue last quarter, with guidance for the current quarter between $12.2 billion and $12.8 billion, indicating strong demand driven by AI applications [2] Group 2: AI as a Growth Driver - AI is identified as the core growth driver in the semiconductor sector, with demand cycles trending upwards [3] - The demand for AI-driven applications is boosting the need for various semiconductor products, including HBM and DDR5 [3] - Domestic AI chip manufacturers are making significant progress, with companies like Kunlun and Alibaba achieving notable performance and commercial success [3] Group 3: Performance of Chip Indices - The ChiNext Chip Index (科创芯片50ETF) showed a strong recovery, rising by 1.76% as of 9:40 AM, with significant inflows of over 170 million yuan [4] - The ChiNext Chip Index focuses on the core segments of the semiconductor industry, exhibiting higher growth potential and elasticity compared to other indices [5][6] - The index's components are primarily from the high-end upstream and midstream sectors, with a core segment representation of 95% [7] Group 4: Growth and Elasticity of ChiNext Chip Index - The ChiNext Chip Index is expected to see a net profit growth rate of 71% in the first half of 2025, with an annual growth forecast of 100%, significantly outperforming peers [10] - The index has demonstrated a maximum increase of 186.5% since September 24, indicating strong upward elasticity [10] - The index's risk-adjusted returns are superior, showcasing a stable performance relative to other industry indices [10]

每经AI快讯，9月24日，港股半导体股盘初拉升，中芯国际涨超3%，股价再创历史新高；华虹半导体涨 超2%。 ...

Market Overview - A-shares opened lower on September 24 but experienced fluctuations, with the Shanghai Composite Index rising by 0.23% to 3830.55, while the Shenzhen Component and ChiNext Index fell by 0.16% and 0.41% respectively [1] - Hong Kong stocks also saw gains, with the Hang Seng Index up by 0.31% to 26239.23 and the Hang Seng Tech Index rising by 0.30% to 6185.40 [2][3] Bond Market - The bond market showed a downward trend, with all government bond futures declining. The 30-year main contract fell by 0.26%, the 10-year by 0.02%, and the 5-year by 0.01% [3][4] Commodity Market - Domestic commodity futures mostly increased, with the shipping index surging over 5%. Fuel oil rose by 4%, while glass and coking coal increased by over 1%. However, hot-rolled steel, iron ore, and rebar saw declines [5] Semiconductor Sector - The semiconductor equipment stocks were notably active, with companies like Changchuan Technology and Shengmei Shanghai rising over 10%, reaching historical highs. Other stocks such as Jingyi Equipment and Northern Huachuang also saw gains exceeding 3% [6][9] - The storage chip sector remained vibrant, with Tongfu Microelectronics hitting the daily limit, and other companies like Jingyi Equipment and Xingfu Electronics following suit [9] AI Hardware Sector - The AI hardware sector experienced a collective adjustment, with significant declines in stocks such as Tianfu Communication, which dropped over 6%. Other companies in this category also faced losses [7][8]