12月30日，南下资金净卖出港股38.45亿港元，为连续第三日净卖出。 北水关注个股 三花智控：国家知识产权局信息显示，绍兴三花汽车热管理科技有限公司申请一项名为"一种电子膨胀 阀和冷却器"的专利，公开号CN121230260A，申请日期为2024年6月。 中芯国际：12月29日晚，中芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购 买其所持有的标的公司49%股权，交易价格406亿元。本次交易完成后，中芯国际将持有中芯北方100% 的股权，中芯北方将成为公司的全资子公司。中芯北方主要为客户提供不同工艺平台的12英寸集成电路 晶圆代工及配套服务。 优必选：近日，智能机器人领军企业优必选宣布，通过"协议转让+要约收购"的方式，收购深交所上市 公司锋龙股份共计93,957,518股，占该公司股份总数的43%，收购总对价达16.65亿元。 中国海洋石油：近期国际地缘政治事件成为股价波动的重要催化剂。俄乌局势的紧张升级，特别是乌克 兰无人机袭击俄罗斯官邸的消息，加剧了市场对原油供应中断的忧虑。这种外部风险直接提振了石油板 块的整体情绪。 据统计，南下资金已连续11日净卖出中国移动，共计96.4576亿 ...

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 49% equity stake in SMIC North from five shareholders for a transaction price of 40.601 billion yuan, which will result in SMIC holding 100% of SMIC North's equity, making it a wholly-owned subsidiary [1][5]. Group 1: Transaction Details - The transaction involves issuing shares to the National Integrated Circuit Fund and other shareholders to purchase the 49% stake in SMIC North [1][5]. - After the completion of the transaction, SMIC will fully own SMIC North, enhancing its control over the subsidiary [5][7]. Group 2: Company Background - SMIC North was established in July 2013 in Beijing with a registered capital of 4.8 billion USD, co-invested by SMIC and the Beijing municipal government [5][7]. - The company specializes in 12-inch wafer manufacturing, covering process technologies from 65 to 28 nanometers [5][7]. Group 3: Strategic Implications - The acquisition is expected to improve the asset quality of SMIC, enhance business synergies, and promote long-term development, benefiting all shareholders [5][7]. - SMIC North provides various process platforms for 12-inch integrated circuit wafer foundry and related services, which aligns with SMIC's operational strategy [5][7]. Group 4: Market Performance - As of December 29, 2025, SMIC's stock closed at 122.5 yuan, with a slight increase of 0.33%, a turnover rate of 2.53%, and a trading volume of 506,800 hands, amounting to a transaction value of 6.28 billion yuan [5][7].

Core Insights - The current rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024, driven by stabilization in both domestic and external demand and macroeconomic policies [3][10] - The growth in high-end manufacturing and technology is transitioning from "single-point breakthroughs" to "multi-point explosions," with Hong Kong stocks shifting focus from traditional economic cycles to hard technology sectors like AI applications, new energy, and semiconductors [3][9] - The Hang Seng Index's earnings growth is expected to rebound to 10.8% in 2026, indicating a potential shift from liquidity-driven growth to a combination of profitability and liquidity support [3][11] Group 1: Fundamental Support for Hong Kong Stocks - Historical correlation exists between the Hang Seng Index's performance and earnings growth, with the current strength primarily driven by net inflows from southbound funds and foreign capital [10] - The structural recovery in profitability is evident, particularly in sectors less affected by traditional economic pressures, with emerging industries like pharmaceuticals and technology showing significant growth [20][19] - The impact of external factors, such as the recent food delivery subsidy war, has temporarily disrupted earnings expectations but is not indicative of a fundamental downturn [10][11] Group 2: Market Sentiment and Liquidity - Current market sentiment may have adjusted, and a potential liquidity improvement could lead to a new upward trend in Hong Kong stocks [3][31] - The Hang Seng Technology Index has experienced volatility due to external liquidity pressures, but the peak of lock-up share releases has passed, reducing market sentiment pressure [33][32] - Factors such as the potential for a dovish shift in the next Federal Reserve chair's policies and the stabilization of the Hong Kong dollar could alleviate liquidity constraints [50][52] Group 3: Sector Allocation Strategies - Focus on growth sectors, particularly those related to AI applications, energy storage, and innovative pharmaceuticals, as they are expected to catalyze earnings improvements [3][9] - Economic cycle-related assets should be monitored for potential supply-demand mismatches, particularly in chemicals and metals [3][19] - Stable value assets may still provide absolute returns, but the cost-effectiveness may decline compared to previous years, necessitating a focus on sectors with supply barriers and pricing power [3][30]

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.86% to close at 25,854.6 points and a total trading volume of HKD 199.69 billion [1] - The Hang Seng Tech Index rose by 1.74%, while the Hang Seng China Enterprises Index increased by 1.12% [1] - Everbright Securities noted that the overall profitability of Hong Kong stocks is relatively strong, with sectors like internet, new consumption, and innovative pharmaceuticals being relatively scarce [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) led blue-chip stocks, rising by 8.9% to HKD 129.7, contributing 20.99 points to the Hang Seng Index [2] - Other notable blue-chip performances included SMIC (00981) up 4.24% and CNOOC (00883) up 3.97% [2] Sector Highlights Technology Sector - Major tech stocks saw gains, with Baidu rising nearly 9%, Alibaba up 0.84%, and Tencent up 0.59% [3] - The robotics sector surged, with companies like Sihai Zhikong (002050) increasing over 12% amid expectations of Tesla's Optimus project [3][4] Semiconductor Sector - Semiconductor stocks performed well, with InnoSilicon (02577) rising by 15.35% and SMIC (00981) up 4.24% [4] - Nvidia's announcement of partnerships for an 800V direct current architecture marks a significant advancement in AI data centers [4] Oil Sector - Oil stocks generally rose, with CNOOC (00883) increasing by 3.97% and PetroChina (00857) up 2.42% due to rising oil prices amid geopolitical tensions [6] - Everbright Securities anticipates that the "three oil giants" will maintain high capital expenditures and continue to expand in the natural gas market [6] Non-Ferrous Metals Sector - Non-ferrous metal stocks rebounded, with China Aluminum (02600) up 5.27% and Zijin Mining (02899) up 3.63% [6][7] Notable Stock Movements - The Hong Kong Stock Exchange saw significant movements with stocks like InnoSilicon (03696) rising by 24.66% and Wuyi Vision (06651) up 29.9% following their IPOs [8] - Meta's acquisition of an AI startup boosted AI-related stocks, with MaiFushi (02556) rising by 11.07% [9] Company Announcements - SMIC announced plans to acquire a 49% stake in SMIC North for approximately RMB 40.6 billion, focusing on 12-inch integrated circuit wafer foundry services [5] - Ganfeng Lithium (01772) faced pressure after being implicated in insider trading allegations, although the company stated that its operations remain normal [11]

每经AI快讯，南向资金今日净卖出38.45亿港元。其中，盈富基金、腾讯控股分别遭净卖出16.12亿港 元、12.79亿港元；中芯国际获净买入约7.59亿港元。 ...

Group 1 - The China AI 50 concept index rose by 1.37%, ranking 7th among concept sectors, with 19 stocks increasing in value, including Green Harmony Wave, Lexin Technology, and Cambricon, which rose by 9.19%, 5.41%, and 4.22% respectively [1][2] - The concept sector saw a net inflow of 2.195 billion yuan, with 15 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflows, led by Cambricon with 1.1 billion yuan [2][3] - The top three stocks by net inflow ratio were Haitan Ruisheng, Northern Huachuang, and Cambricon, with net inflow ratios of 10.82%, 8.71%, and 8.55% respectively [3][4] Group 2 - The stocks with the highest daily increase included Cambricon (4.22%), Haiguang Information (2.64%), and Northern Huachuang (1.37%) [3][4] - Stocks that experienced the largest declines included Youke De (-2.71%), Softcom Power (-0.87%), and Weichai Heavy Industry (-0.58%) [5] - The overall performance of the China AI 50 concept indicates a positive trend in the sector, with significant capital inflows and a majority of stocks showing gains [1][2][3]

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]