Core Viewpoint - SMIC's stock price has shown volatility, with a year-to-date increase of 20.93% but a recent decline of 3.18% over the last five trading days and 14.65% over the last twenty days [2] Financial Performance - For the period from January to September 2025, SMIC reported revenue of 49.51 billion yuan, representing a year-on-year growth of 18.22%, and a net profit attributable to shareholders of 3.82 billion yuan, which is a 41.09% increase year-on-year [3] Stock Market Activity - As of November 21, SMIC's stock price was 114.42 yuan per share, with a market capitalization of 915.37 billion yuan. The stock experienced a net outflow of 71.81 million yuan in principal funds, with significant selling pressure [1] - SMIC has appeared on the stock market's "Dragon and Tiger List" once this year, with the last occurrence on August 28, where it recorded a net buy of -422 million yuan [2] Shareholder Structure - As of September 30, 2025, SMIC had 336,200 shareholders, an increase of 33.27% from the previous period. The average number of circulating shares per shareholder decreased by 25.41% to 6,134 shares [3] - Notable changes in institutional holdings include a decrease in shares held by major ETFs, with the top ten circulating shareholders reflecting significant reductions in holdings [3]

Market Overview - Global market risk aversion continues to escalate, leading to significant declines in major Asia-Pacific stock indices [1] - The Shanghai Composite Index fell below 3900 points, with a drop of 1.88%, while the Shenzhen Component and ChiNext Index decreased by 2.72% and 3.18%, respectively [3][4] Stock Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.32 trillion yuan, with nearly 5000 stocks declining [4] - The lithium mining sector experienced a sharp decline, leading the A-share market with a drop of 9.43%, as stocks like Jiangte Motor, Tibet Summit, and Ganfeng Lithium hit the daily limit down [5][7] Sector Highlights - The lithium carbonate futures contract opened lower, dropping by 9% to 91,020 yuan per ton, despite a cumulative increase of 24.5% over the previous 12 trading days [6][8] - The shipbuilding sector saw a surge, with stocks like Jiuzhiyang and China Shipbuilding Defense rising nearly 5% [4][5] Hong Kong Market - The Hang Seng Index fell over 2%, with the Hang Seng Tech Index dropping more than 3%, as major tech stocks like JD Health, Baidu, and Tencent Music saw declines exceeding 6% [10][11] International Market Impact - Japanese and South Korean stock markets experienced significant drops, with the Nikkei 225 falling over 2% and the KOSPI declining nearly 4% [13] - U.S. stock market volatility affected global sentiment, with the Nasdaq dropping nearly 500 points, leading to a decrease in investor confidence regarding potential interest rate cuts by the Federal Reserve [13]

Core Viewpoint - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.07% and the Hang Seng Tech Index falling by 3.11% on November 21 [1] Group 1: Market Performance - The semiconductor sector led the declines, with notable drops in stocks such as Hua Hong Semiconductor and SMIC, both falling over 5% [1] - Shanghai Fudan also saw a decline of nearly 3% [1] Group 2: Technology Sector - Technology stocks faced widespread losses, with Baidu dropping over 6% and Alibaba declining by 4% [1] - Other major players like NetEase and JD.com experienced declines of nearly 3% [1]

Core Viewpoint - The chip ETF E Fund (516350) opened down by 1.95% at 1.109 yuan, reflecting a broader decline in the semiconductor sector [1] Group 1: ETF Performance - The E Fund chip ETF's performance benchmark is the CSI Chip Industry Index return [1] - Since its establishment on December 15, 2021, the fund has achieved a return of 13.01% [1] - Over the past month, the fund has experienced a return of -3.30% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC down 2.50% [1] - Cambricon down 2.42% [1] - Haiguang Information down 2.25% [1] - Northern Huachuang down 2.40% [1] - Lattice Semiconductor down 2.66% [1] - Zhaoyi Innovation down 5.07% [1] - Zhongwei Company down 2.90% [1] - OmniVision down 1.31% [1] - Chipone down 4.01% [1] - Changdian Technology down 1.44% [1]

Group 1 - The semiconductor ETF Southern (159325) opened down 2.20%, priced at 1.378 yuan [1] - Major holdings in the ETF experienced declines, including SMIC down 2.50%, Cambrian down 2.42%, and GigaDevice down 5.07% [1] - The ETF's performance benchmark is the CSI Semiconductor Industry Select Index return, managed by Southern Fund Management Co., Ltd. [1] Group 2 - Since its inception on October 31, 2024, the ETF has returned 40.62%, while the return over the past month is -4.13% [1]

每经AI快讯，11月21日，港股芯片股下挫，华虹半导体、中芯国际、上海复旦均跌超4%。 ...

港股芯片股下挫，华虹半导体、上海复旦跌超4%，中芯国际、贝克微跟跌。 ...

②英伟达强劲的Q3财报数据以及Q4指引，或有助于平息"AI泡沫论"。叠加阿里将于11月25日公布财 报。 ①近期"AI泡沫论"+美元市场流动性紧张（美政府停摆+12月降息概率走低），港股科技股承压下跌。 ②恒生科技指数年内涨幅超20%的情况下，机构倾向于锁定利润，转而关注稳定性更高的红利资产。③ 港股年初IPO和配售个股迎来解禁期。 但积极因素同样在积累： ①恒生科技指数10月以来持续回调，自10月3日至今累计回调幅度超18%。 受隔夜超预期的9月非农数据+美股跳水下跌，今日港股全线低开，恒生科技指数跌2.21%，恒生互联网 ETF、恒生科技指数ETF分别跌2%和1.6%。 资金却选择越跌越买，恒生科技指数ETF自10月30日-11月20日的16个交易日连续获资金净申购，合计 净流入额44.72亿元，期内下跌10.11%。恒生互联网ETF同样上演16日净流入，合计净流入25.18亿元， 期内下跌10.24%。 港股近期持续调整的原因： ③美联储12月1日暂停缩表+9月非农数据虽超预期，但美联储更关注的失业率连续三个月上升。 相关产品，及截至发稿涨跌幅： 港股全科技赛道：恒生科技指数ETF(513180)，-1 ...

Core Viewpoint - The semiconductor leader ETF (516640) opened down by 2.18% at 0.986 yuan, reflecting a broader decline in the semiconductor sector [1] Group 1: ETF Performance - The semiconductor leader ETF (516640) has a performance benchmark based on the CSI Semiconductor Industry Index return [1] - Since its establishment on August 19, 2021, the ETF has returned 0.82%, while its return over the past month is -3.38% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 2.50% - Cambricon (寒武纪) down 2.42% - Haiguang Information (海光信息) down 2.25% - Northern Huachuang (北方华创) down 2.40% - Lattice Semiconductor (澜起科技) down 2.66% - Zhaoyi Innovation (兆易创新) down 5.07% - Zhongwei Company (中微公司) down 2.90% - OmniVision (豪威集团) down 1.31% - Chipone (芯原股份) down 4.01% - Changdian Technology (长电科技) down 1.44% [1]

Core Viewpoint - The integrated circuit ETF (562820) opened with a decline of 2.89%, indicating a bearish trend in the sector [1] Group 1: ETF Performance - The integrated circuit ETF (562820) opened at 2.083 yuan [1] - Since its establishment on April 12, 2024, the fund has achieved a return of 114.57% [1] - The fund has experienced a return of -4.65% over the past month [1] Group 2: Major Holdings Performance - Major stocks within the ETF showed significant declines, including: - Cambrian (寒武纪) down 2.42% - SMIC (中芯国际) down 2.50% - Haiguang Information (海光信息) down 2.25% - Lattice Technology (澜起科技) down 2.66% - GigaDevice (兆易创新) down 5.07% - Haowei Group (豪威集团) down 1.31% - Chipone (芯原股份) down 4.01% - JCET (长电科技) down 1.44% - Unisoc (紫光国微) down 2.00% - Tongfu Microelectronics (通富微电) down 2.07% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd. [1] - The fund manager is Tian Guangyuan [1] - The performance benchmark for the ETF is the CSI All-Share Integrated Circuit Index [1]