Core Viewpoint - The average stock price of the Sci-Tech Innovation Board is 43.02 yuan, with 82 stocks priced over 100 yuan, indicating a mixed performance in the market today [1][2]. Group 1: Market Performance - A total of 226 stocks on the Sci-Tech Innovation Board rose today, while 365 stocks fell [1]. - The highest closing price was recorded by Cambrian-U at 1415.80 yuan, which increased by 4.22% [1]. - Among the stocks priced over 100 yuan, the average increase was 2.55%, with 39 stocks rising and 42 stocks falling [1]. Group 2: Notable Stocks - Weichuang Electric's stock price reached 103.55 yuan, marking a 10.81% increase, with a turnover rate of 5.80% and a trading volume of 1.196 billion yuan [1]. - Cambrian-U, Weichuang Electric, and Haiguang Information were among the top stocks with significant net inflows of capital today [2]. Group 3: Premium and Industry Concentration - The average premium of stocks priced over 100 yuan relative to their issue price is 495.75%, with notable premiums from stocks like Shangwei New Materials and Cambrian-U [2]. - The electronic, machinery equipment, and computer industries have the highest concentration of stocks priced over 100 yuan, with 43, 10, and 9 stocks respectively [2]. Group 4: Financing and Capital Flow - The total financing balance for stocks priced over 100 yuan is 109.932 billion yuan, with Cambrian-U leading at 15.757 billion yuan [2]. - The net inflow of capital for stocks priced over 100 yuan today was 1.566 billion yuan, with significant outflows from stocks like Changguang Huaxin and Zhenlei Technology [2].

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]

Group 1 - The core point of the article is that SMIC plans to acquire 49% of the shares of SMIC North for a total transaction price of 40.601 billion yuan, which will increase its ownership from 51% to 100%, making SMIC North a wholly-owned subsidiary [1][2] - The share issuance price is set at 74.20 yuan per share, with approximately 547 million shares to be issued, accounting for 6.40% of the total share capital post-issuance [1] - The transaction involves five shareholders, including the National Integrated Circuit Fund and Beijing Industrial Investment [1] Group 2 - SMIC North, previously a subsidiary, specializes in 12-inch integrated circuit wafer foundry services and has two production lines with a monthly capacity of 35,000 wafers each [3] - Financial performance of SMIC North shows significant revenue growth, with revenues of 11.576 billion yuan, 12.979 billion yuan, and 9.012 billion yuan from 2023 to August 2025, and net profits of 0.585 billion yuan, 1.682 billion yuan, and 1.544 billion yuan during the same period [3] - As of August 2023, the assessed value of 100% equity in SMIC North is 82.859 billion yuan, reflecting an increase of 41.051 billion yuan, or 98.19% over its book net assets [3] Group 3 - In conjunction with the acquisition announcement, SMIC also revealed a capital increase plan, introducing new investors to SMIC South, which will receive a cash injection of 7.778 billion USD [3] - SMIC South is positioned as the core operational platform for advanced processes, providing 14nm FinFET and below technology [3] - The capital increase aims to reduce SMIC South's debt ratio and strengthen the overall financial structure of the group [3] Group 4 - The backdrop of these capital movements is the upward cycle of the domestic semiconductor market, with increasing local chip procurement [4] - SMIC's third-quarter capacity utilization rate reached 95.8%, nearing full production capacity, with 8-inch standard logic monthly production capacity increasing to 1.023 million pieces [4] - The strong demand has positively impacted SMIC's performance, with a significant net profit increase of 41.1% to 3.818 billion yuan in the first three quarters of 2023, alongside an 18.2% revenue growth to 49.51 billion yuan [4]

Group 1 - Hong Kong stocks showed strong performance in the afternoon, with semiconductor and robotics sectors leading the gains, as the Hang Seng Tech Index rose over 2% [1] - Notable stocks included Baidu Group-SW, which increased by over 8%, and Horizon Robotics, SMIC, and Hua Hong Semiconductor, which also led the gains [1] - The Hong Kong Tech ETF Tianhong (159128) recorded a trading volume exceeding 32 million HKD, with a net subscription of 28 million units during the session [1] Group 2 - Xunce Technology, known as the "first stock of large model Data Agent," officially listed today at a price of 48 HKD per share, with a market capitalization of 15.5 billion HKD [2] - The company has a significant shareholder in Guangxi Tencent Venture Capital, holding 5.59% of the issued ordinary shares [2] - Analysts from Galaxy Securities expect continued net inflows from foreign and southbound funds due to a favorable monetary policy environment, which may lead to substantial improvements in the profitability of Hong Kong-listed companies [2]

Core Viewpoint - The Hong Kong stock market is witnessing a rise in hard technology stocks, particularly in the semiconductor sector, with significant gains from companies like Mai Fushi and InnoCare, indicating a potential bullish trend in the industry [1][4]. Group 1: Market Performance - Hard technology stocks in Hong Kong are performing well, with Mai Fushi and InnoCare both rising over 11%, and other companies like UBTECH and Fourth Paradigm also showing notable increases [1]. - The first Hong Kong ETF focused on the semiconductor industry, tracking the "Hong Kong Chip" sector, has seen a rise of 1.89% with a trading volume exceeding 57 million yuan [1]. Group 2: Company Developments - Semiconductor Manufacturing International Corporation (SMIC) is making significant moves by acquiring 49% of its subsidiary, North Semiconductor, from five shareholders, which will result in SMIC owning 100% of North Semiconductor [3]. - SMIC's subsidiary, South Semiconductor, has entered into new partnership contracts and capital expansion agreements, securing a total cash injection of $7.778 billion [3]. Group 3: Industry Outlook - Industry experts believe that SMIC's capital operations may present new opportunities for domestic chip development, particularly in semiconductor equipment and AI infrastructure [4]. - The newly launched ETF focuses on a composition of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, with SMIC holding a weight of 20.48% in the ETF [4].

Group 1 - The A-share market saw all three major indices turn positive, with the Kweichow Moutai ETF (588000) experiencing a maximum increase of 1.55% in the afternoon session [1] - The semiconductor industry chain was notably active, with stocks such as Cambricon Technologies rising by 5.41%, Chipone Technology by 4.56%, and others showing significant gains [1] - SMIC announced plans to issue 547 million shares to acquire 49% equity in SMIC North, with a transaction value of 40.601 billion yuan, resulting in SMIC owning 100% of SMIC North post-transaction [1] Group 2 - The Kweichow Moutai ETF (588000) tracks the Sci-Tech 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a strong focus on high-tech industries [2]

数据来源：中证指数公司，沪深交易所。 12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超 6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）午后震荡 走高，现涨1.89%，实时成交额超5700万元。 | | | 分时 $日 1分 5分 15分 30分 60分 日 周 月 * | | | | F9 盘前盘后 最加 九和 画线 工具 (2 ) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.92 | | | | 159131[悲股德奥技术ETF] 14:12 价 0.918 涨跌 0.017(1.89%) 均价: 0.910 成交量: 51 IOPV 0.9201 1. | | | | | | 0 91 8 +0.017 +1.89% | | | | | | | | A . A | | | | | SZSE CNY 14:12:27 交易中 查看L2全覆 | | | 0911 | | | | | ...

Core Viewpoint - The semiconductor industry is experiencing significant activity, particularly in the areas of computing chips and wafer foundry, with notable developments such as SMIC's acquisition of a 49% stake in SMIC North from its shareholders for approximately 40.6 billion yuan, enhancing its control over the 12-inch wafer foundry market [1][2]. Group 1: Company Developments - SMIC announced plans to acquire a 49% stake in SMIC North for about 40.6 billion yuan, which will result in SMIC fully controlling SMIC North, a company specializing in 12-inch wafer foundry services [1][2]. - The valuation of 100% of SMIC North's equity was assessed at approximately 82.86 billion yuan as of August 31, 2025, indicating a strong market position [1]. - The acquisition is expected to improve SMIC's asset quality and business synergy, promoting long-term development [1]. Group 2: Industry Trends - Recent reports highlight a growing interest in the semiconductor supply chain, with companies like Nvidia acquiring assets to enhance their computing chip architecture [2]. - The domestic semiconductor equipment industry is benefiting from both technological cycles and domestic substitution demands, extending beyond equipment to chip design and wafer manufacturing [2]. - The integration and potential expansion of wafer manufacturing capacity are expected to drive demand for essential manufacturing equipment and materials, such as photolithography machines and silicon wafers [3]. Group 3: Market Implications - The consolidation of wafer manufacturing capacity is likely to stabilize or increase demand for upstream equipment and materials, providing reliable capacity assurance for downstream chip design companies [2][3]. - The collaboration between domestic foundries like SMIC and chip design firms is crucial for the development of AI computing chips, communication chips, and various specialized processors, fostering innovation and commercialization [3].

Group 1: Policy and Industry Dynamics - The Shanghai Stock Exchange released guidelines to expand the fifth listing standard for commercial rocket companies on the Sci-Tech Innovation Board, aiming to support the innovation and development of the commercial aerospace sector [1][17] - The guidelines consist of 14 articles detailing requirements related to business scope, "hard technology" attributes, and standards for commercial rocket enterprises, providing targeted support for high-quality companies without significant revenue [1][17] - Several rocket companies have recently submitted IPO counseling records, indicating a growing interest in capital market participation [1][17] Group 2: Market Overview and Trends - The commercial rocket industry is at a critical stage of large-scale commercialization, necessitating further support from the capital market [2][18] - The Sci-Tech Innovation Board focuses on hard technology, including sectors like electronic chips, emerging software, and new information technology services, reflecting the rise of advanced manufacturing in China [2][18] - Recent trends show a rebound in the Sci-Tech Innovation Board, particularly in sectors such as chips, information technology, and new materials [3][19] Group 3: Sector Performance - The top five industries on the Sci-Tech Innovation Board are electronics, biomedicine, power equipment, computers, and machinery, collectively accounting for 88.2% of the board's market capitalization [4][20] - The semiconductor sector has seen significant interest, with a notable rebound in chip stocks driven by demand for AI computing infrastructure [21] - The high-end equipment manufacturing sector is experiencing growth, with a 15.4% year-on-year increase in engineering machinery import and export trade, reflecting a recovery in overseas demand [22] Group 4: Investment Opportunities - The AI computing demand is expected to surge, with continued capital investment from cloud vendors driving high demand for advanced chips [21] - The domestic engineering machinery update cycle is starting, supported by favorable policies in real estate and infrastructure [22] - The pharmaceutical sector remains active, with multiple innovative drugs and medical devices receiving approvals, indicating a robust pipeline for growth [23]

12月30日 午后 ，港股走高，恒生科技指数涨近2%，恒生指数涨近1%。 科网股集体拉升，百度大涨近8%，地平线机器人涨超5%，中芯国际涨超4%，蔚来、商汤、小米集团、 网易等跟涨。 | 百度集团-SW | 128.600 | 7.98% | | --- | --- | --- | | 9888.HK | | | | 地平线机器人-W | 8.940 | 5.55% | | 9660.HK | | | | 中芯国际 | 72.500 | 4.24% | | 0981.HK | | | | 蔚来-SW | 41.760 | 3.57% | | 9866.HK | | | | 商汤-W | 2.200 | 3.29% | | 0020.HK | | | | 舜宇光学科技 | 65.150 | 2.76% | | 2382.HK | | | | 专题未后带 | 74.300 | 2.55% | | 1347.HK | | | | 小米集团-W | 39.520 | 2.44% | | 1810.HK | | | | 网易-S | 221.000 | 2.22% | | 9999.HK | | | | 小鹏汽车-W ...