Market Overview - As of November 14, the storage chip sector declined by 2.94%, ranking among the top decliners in the concept sector [1] - The leading decliners within the sector included companies such as Tongyou Technology, Baiwei Storage, and Jiangbolong, while 22 stocks saw price increases, with Yingxin Development, Delong Laser, and Shikong Technology leading the gains at 10.13%, 9.48%, and 6.70% respectively [1][6] Capital Flow - The storage chip sector experienced a net outflow of 13.983 billion yuan, with 123 stocks facing net outflows, and 38 stocks seeing outflows exceeding 1 billion yuan [1] - The stock with the highest net outflow was Zhaoyi Innovation, with a net outflow of 2.181 billion yuan, followed by SMIC, Shannon Chip, and Duoflu with net outflows of 1.264 billion yuan, 1.209 billion yuan, and 1.013 billion yuan respectively [1] Top Gainers and Losers - The top gainers in the storage chip sector included Yingxin Development, Shikong Technology, and Xiechuang Data, with net inflows of 633 million yuan, 252 million yuan, and 190 million yuan respectively [1] - Conversely, the stocks with the highest net outflows included Zhaoyi Innovation, SMIC, and Shannon Chip, with respective outflows of 2.181 billion yuan, 1.264 billion yuan, and 1.209 billion yuan [1][2]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 688981 | 中芯国际 | -4.00 | 3.88 | -126356.62 | | 301308 | 江波龙 | -10.77 | 7.79 | -83171.90 | | 600584 | 长电科技 | -3.11 | 2.70 | -36516.36 | | 688347 | 华虹公司 | -3.97 | 3.68 | -21038.50 | | 002156 | 通富微电 | -3.87 | 3.50 | -20492.50 | | 688012 | 中微公司 | -3.13 | 1.52 | -19061.05 | | 300456 | 赛微电子 | -5.28 | 7.61 | -18851.83 | | 688072 | 拓荆科技 | -1.90 | 2.08 | -18356.78 | | 002185 | 华天科技 | -3.47 | 2.76 | -18199.76 | | 001287 | 中电港 | -6.98 | 11 ...

Core Viewpoint - The article highlights the challenges faced by the semiconductor industry, particularly in the memory/storage segment, due to rising prices and supply constraints impacting smartphone manufacturers [1][3]. Group 1: Industry Challenges - Global memory/storage prices are surging, creating pressure on smartphone manufacturers [1]. - SMIC's CEO Zhao Haijun warned of tight supply in memory chips, leading to cautious procurement behavior among clients in the smartphone sector [1][3]. Group 2: Financial Performance - In Q3, SMIC's sales revenue by region was 86% from China, 11% from the US, and 3% from Eurasia, with China's revenue increasing by 11% quarter-over-quarter due to accelerated supply chain shifts and expanding domestic market demand [3]. - Despite Q4 being a traditional off-season, the ongoing effects of supply chain transitions are expected to keep demand stable, countering typical seasonal slowdowns [3]. Group 3: Market Dynamics - The rising prices of large memory or storage smartphones are causing significant pressure on manufacturers, who may have to pass costs onto consumers, risking loss of this customer segment [3].

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) is projected to achieve record full-year revenue exceeding US$9 billion due to tight foundry capacity and supply-chain localization efforts [1][2]. Financial Performance - SMIC reported third-quarter revenue of US$2.38 billion, with a gross margin of 22%, reflecting a strong performance driven by clients shifting to local supply chains amid geopolitical tensions [3]. - Quarterly revenue increased by 7.8% quarter on quarter, surpassing the management's forecast of 5 to 7%, while gross margin also exceeded guidance [4]. - Gross profit for the quarter rose 17.7% year on year to US$522.8 million, and profits attributed to SMIC increased 28.9% year on year to US$191.75 million [6]. Capacity and Utilization - SMIC's monthly capacity expanded to 1,022,750 standard 8-inch-equivalent wafers in the third quarter, up from 991,250 in the previous quarter, with capacity utilization rising to 95.8%, an increase of 3.3 percentage points from the prior quarter [4]. Market Position and Demand - As the only fab in mainland China capable of processing 7-nanometre-grade chips, SMIC plays a crucial role in China's strategy to overcome US technology restrictions, benefiting from increased demand for advanced chip foundry services from local fabless chip developers [5]. - Co-CEO Zhao Haijun noted that the ongoing supply squeeze and the localization rush by Chinese chip designers have eliminated the typical seasonal lull, keeping SMIC's factories operating at near full capacity [2].

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 81.32 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 6.59 billion yuan [1] - A total of 214 stocks saw net inflows, while 378 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 192 stocks rose, with one stock, Jindike, hitting the daily limit, while 394 stocks declined [1] - The top three stocks with the highest net inflows were Huafeng Technology (net inflow of 408 million yuan), followed by Aters and Dongxin Co., with net inflows of 130 million yuan and 109 million yuan, respectively [1] Continuous Fund Flow Analysis - There are 43 stocks that have seen continuous net inflows for more than three trading days, with Bidet Pharmaceutical leading at 11 consecutive days of inflow [2] - Conversely, 145 stocks have experienced continuous net outflows, with Zhixiang Jintai leading at 14 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - Huafeng Technology: 40.78 million yuan, with a flow rate of 14.48% and a price increase of 6.46% [2] - Aters: 13.01 million yuan, with a flow rate of 3.14% and a price decrease of 1.07% [2] - Dongxin Co.: 10.87 million yuan, with a flow rate of 5.06% and a price increase of 0.13% [2] Notable Outflows - The stocks with the highest net outflows included: - SMIC: 1.26 billion yuan, with a price drop of 4.00% [1] - Lankai Technology: 425 million yuan outflow [1] - Haiguang Information: 380 million yuan outflow [1]

Market Performance - The Sci-Tech Innovation Board indices opened significantly lower on November 14, with the Sci-Tech Comprehensive Index closing at 1602.11 points, down 1.84%, and the Sci-Tech 50 Index at 1361.23 points, down 2.72% [1][2] - The total trading volume for the Sci-Tech Comprehensive Index was approximately 185.6 billion yuan, showing a slight decrease compared to the previous trading day [1][2] Stock Performance - A total of 394 stocks on the Sci-Tech Board declined, accounting for about 66.55% of the total [1] - In specific sectors, stocks related to lithium batteries and the new energy industry, such as Huasheng Lithium Battery and CITIC Bo, remained relatively strong, while storage stocks like Baiwei Storage and Purun Co. experienced significant declines, negatively impacting the semiconductor sector [1] Weekly Summary - For the week from November 10 to 14, the Sci-Tech Comprehensive Index fell by 2.30%, and the Sci-Tech 50 Index decreased by 3.85% [2] - On November 14, the average decline for 592 stocks on the Sci-Tech Board was 0.88%, with an average turnover rate of 2.77% and a total trading volume of 185.6 billion yuan [2] Individual Stock Highlights - Jindike saw a significant increase, closing with a 20% limit up, marking the highest gain [3] - Baiwei Storage recorded the largest decline, falling by 10.96% [3] Trading Activity - The stock with the highest trading volume was SMIC, with a turnover of 9.433 billion yuan [4] - The stock with the lowest trading volume was *ST Guandian, with a turnover of 1.16706 million yuan [4] Turnover Rate - Kangpeng Technology had the highest turnover rate at 39.46% [5] - Zhongfu Shenying had the lowest turnover rate at 0.17% [5]

Core Viewpoint - SMIC's stock experienced a decline of over 3% despite a brief recovery during the trading session, reflecting market volatility and investor sentiment [1] Financial Performance - For Q3 2025, SMIC reported sales revenue of $2.382 billion, representing a quarter-over-quarter increase of 7.8% and a year-over-year increase of 9.7% [1] - The company's gross margin was 22.0%, up by 1.6 percentage points from the previous quarter [1] - Capacity utilization increased to 95.8%, a rise of 3.3 percentage points quarter-over-quarter [1] - Net profit attributable to shareholders was approximately $192 million, showing a quarter-over-quarter growth of 44.7% and a year-over-year growth of 28.9% [1] Future Guidance - For Q4 2025, SMIC provided guidance indicating flat to 2% growth in revenue, with gross margin expectations between 18% and 20% [1] - The fourth quarter is traditionally a slow season for the foundry industry, and SMIC has built up inventory in anticipation of customer demand [1] - Management noted that while customer confidence remains strong, the pace of urgent orders and shipments may slow down in Q4 [1] - The company aims to exceed the average performance of comparable peers for the entire year, assuming no significant changes in the external environment [1]

Core Viewpoint - SMIC's stock experienced volatility, initially rising over 2% before closing down 3.11% at HKD 73.25, with a trading volume of HKD 6.575 billion [1] Financial Performance - For Q3 2025, SMIC reported sales revenue of USD 2.382 billion, reflecting a quarter-over-quarter increase of 7.8% and a year-over-year increase of 9.7% [1] - The company's gross margin was 22.0%, up 1.6 percentage points from the previous quarter [1] - Capacity utilization increased to 95.8%, a rise of 3.3 percentage points quarter-over-quarter [1] - Net profit attributable to shareholders was approximately USD 192 million, showing a quarter-over-quarter growth of 44.7% and a year-over-year growth of 28.9% [1] Future Guidance - For Q4 2025, SMIC provided guidance indicating flat to 2% growth in revenue, with gross margin expectations between 18% and 20% [1] - The fourth quarter is traditionally a slow season for the wafer foundry industry, but SMIC has built up inventory in response to customer demand in the first three quarters [1] - Management noted that while customer confidence remains strong, the pace of urgent orders and shipments may slow down in Q4 [1] - SMIC aims to exceed the average performance of comparable peers for the year, assuming no significant changes in the external environment [1]

Group 1 - The core viewpoint of the news highlights the impact of the overnight decline in US tech stocks on Hong Kong tech stocks, with the Hong Kong tech ETF Tianhong (159128) dropping by 2.16% despite a net subscription of 21 million units during the day [1] - Alibaba has reportedly launched a secret project called "Qianwen," aiming to develop a personal AI assistant app based on the Qwen model, directly competing with ChatGPT [1] - Apple has introduced a mini-program partner plan, reducing its commission to 15% [1] Group 2 - Several constituent stocks reported strong Q3 earnings: Tencent's Q3 revenue increased by 15% year-on-year, with adjusted net profit up by 18%, both exceeding expectations; SMIC's Q3 revenue was 17.162 billion yuan, a 9.9% year-on-year increase, with net profit rising by 43.1% to 1.517 billion yuan; Bilibili's Q3 net profit reached 469 million yuan, with adjusted net profit soaring by 233% to 786 million yuan [1] - The Hong Kong tech ETF Tianhong (159128) tracks the Guozheng Hong Kong Stock Connect Technology Index, focusing on the top 30 core tech assets in Hong Kong, with the top ten constituents accounting for over 75% of the total [1] - The ETF offers a comprehensive investment tool for Hong Kong tech, covering sectors like AI, smart vehicles, innovative pharmaceuticals, and semiconductors, with no restrictions on QDII quotas and T+0 trading available [1] Group 3 - According to China Merchants Securities, the Hong Kong stock market is expected to experience a pattern of initial decline followed by recovery in Q4, with expectations of the Federal Reserve continuing to lower interest rates in December and ending balance sheet reduction, which would alleviate liquidity pressure [2] - The inflow of overseas funds into the Hong Kong stock market is anticipated to improve, with a positive trend in southbound capital net inflows [2] - Overall, the combination of fundamentals, policies, and liquidity is expected to support a rebound in the Hong Kong stock market, which is currently seen as undervalued [2]

Core Viewpoint - The company anticipates a significant increase in annual sales revenue, projected to exceed $9 billion, driven by rising production capacity and demand despite seasonal trends [1]. Financial Performance - In Q3, the company achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025's $2.209 billion and a 9.7% increase from Q3 2024's $2.171 billion [1]. - The company’s wafer sales volume reached approximately 2.4995 million pieces, with monthly production capacity exceeding 1 million pieces for the first time, reaching about 1.0228 million pieces [1]. - Q3 capacity utilization rose to 95.8%, an increase of 3.3 percentage points from the previous quarter [1]. - The average selling price (ASP) increased by 3.8% in Q3, with gross margin exceeding expectations at 22% [1]. Market Segmentation - The sales proportion of 12-inch products increased from 76.1% in Q2 to 77% in Q3 [2]. - By region, sales distribution in Q3 was 86.2% from China, 10.8% from the U.S., and 3% from Eurasia, with a notable 11% increase in revenue from the Chinese market [3]. Product Development - The company’s ultra-low power 28nm logic process has entered mass production, and there are ongoing technological iterations in image sensor (CIS) and signal processing (ISP) processes [3]. - The embedded storage platform is expanding from consumer markets to automotive and industrial MCU sectors, while specialized storage solutions are being developed for higher density and lower power consumption [3]. Industry Trends - The revenue share from industrial and automotive applications increased from 10.6% in Q2 to 11.9% in Q3, while the share from smartphones decreased to 21.5% [3]. - The company is experiencing a supply-demand imbalance, with current production unable to fully meet customer needs [3]. Challenges and Adjustments - The decline in smartphone revenue share is attributed to adjustments in production order prioritization to address urgent orders for other products, with customer understanding [4]. - The tight supply of storage chips has led to cautious procurement behavior among smartphone clients, impacting their production planning for the upcoming year [4].