Core Insights - Huawei's rotating chairman emphasized that computing power is crucial for artificial intelligence (AI) and is key to China's AI development, sharing future plans for Ascend chips [1] - The domestic AI industry chain is accelerating, with significant advancements in large models, computing power, and applications, indicating a positive long-term outlook for the AI sector [1] - As of September 22, 2025, the CSI Artificial Intelligence Theme Index (930713) rose by 2.06%, with notable increases in constituent stocks such as Chipone Technology (688521) up 18.03% and Donghua Software (002065) up 10.00% [1] ETF Performance - The AI Artificial Intelligence ETF (512930) increased by 2.09%, with a latest price of 2.15 yuan, and has shown a 0.29% increase over the past week, ranking in the top 25% among comparable funds [1] - The ETF had a turnover rate of 6.08% during the trading session, with a transaction volume of 171 million yuan, and an average daily transaction of 323 million yuan over the past month [1] Fee Structure and Tracking Accuracy - The management fee for the AI Artificial Intelligence ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2] - As of September 19, 2025, the ETF's tracking error over the past three months was 0.008%, indicating the highest tracking accuracy among similar funds [2] Index Composition - The CSI Artificial Intelligence Theme Index includes 50 listed companies that provide essential resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 60.82%, with companies like Xinyisheng (300502) and Zhongji Xuchuang (300308) being significant contributors [2]

Core Insights - The report highlights a positive outlook for the Chinese internet and software sectors, particularly focusing on the valuation enhancement opportunities within the Chinese internet software segment [4] - The report emphasizes the strong liquidity trends in the A+H stock market and a more optimistic narrative surrounding AI applications, suggesting that AI software applications may match the growth of hardware sectors in the medium to long term [4] Market Performance - The Hang Seng Index closed at 26,545, showing a year-to-date increase of 32.33%, while the Hang Seng Technology Index rose by 40.87% [1] - The report notes mixed performance in the Chinese stock market, with Hong Kong stocks in materials, energy, and consumer discretionary leading gains, while healthcare, utilities, and conglomerates saw declines [3] Sector Analysis - The report identifies key companies in the internet and software sectors that are expected to drive growth, including Alibaba, Baidu, Microsoft, Tencent, and Kuaishou, due to their strong cloud business growth and AI-driven revenue potential [4] - It also suggests that companies like Datadog and Kingdee International have room for valuation improvement and should be monitored for substantial progress in AI monetization [4] Stock Recommendations - The report provides a list of stocks with buy ratings, including Geely Automobile (target price 25.00, current price 18.96), Li Auto (target price 80.00, current price 65.15), and Tencent (target price 705.00, current price 642.00), indicating potential upside [5] - Specific recommendations include companies in various sectors such as healthcare (BeiGene, target price 359.47), consumer staples (Proya, target price 129.83), and technology (Xiaomi, target price 62.96) [5]

Summary of Greater China Semiconductors Conference Call Industry Overview - The conference call focused on the Greater China semiconductor industry, highlighting recent developments in domestic DUV testing and the AI chip market. Key Companies Discussed - **SMIC (Semiconductor Manufacturing International Corp)**: Testing China's first domestic DUV lithography tool from Yuliangsheng - **Yuliangsheng (YLS)**: A Shanghai start-up producing DUV lithography tools - **Nvidia**: Mentioned in the context of a ban on its RTX Pro 6000D chips for Chinese CSPs - **ASMPT**: Equipment vendor expected to benefit from increasing demand - **Wanye**: Another equipment vendor mentioned in relation to domestic demand - **Cyberspace Administration of China (CAC)**: Regulatory body involved in the ban on Nvidia chips Core Insights - **Domestic DUV Lithography Tool**: SMIC is testing YLS's DUV lithography tool, marking a significant step towards self-reliance in wafer fabrication equipment (WFE) in China. However, the tool is still in the demo phase and may take 1-2 years to achieve high-volume production viability [1] - **Ban on Nvidia Chips**: The CAC's instruction to halt testing and cancel orders for Nvidia's RTX Pro 6000D was anticipated due to low demand among Chinese CSPs [1] - **AI Chip Market**: Domestic AI chips such as Ascend, Cambricon, and Kunlunxin are improving in performance, which is expected to sustain positive sentiment in the Chinese AI chip market and its supply chain [1] Financial Projections and Valuations - **ASMPT**: Target price set at HK$85 based on a 22x 2026E P/E, driven by expected revenue recovery from TCB order wins and stabilization in SEMI and SMT markets [4] - **OmniVision**: Target price of Rmb180 based on a 50x 2025E P/E, justified by anticipated strong earnings growth from automotive market share gains [6] - **SG Micro**: Target price of Rmb100 based on a 65x 2026E EPS, reflecting early-stage analog localization in China [8] - **Wanye**: Target price of Rmb13.0, reflecting a discount due to underperformance in revenue growth and profitability [10] - **SMIC**: Target price of HK$53.0 based on a 2.4x 2026 P/B, supported by US-China decoupling demand and gradual industry recovery [13] Risks Identified - **ASMPT**: Risks include a worsening semiconductor outlook, market share loss, and competition [5] - **OmniVision**: Risks involve pricing pressure in automotive CIS, market share loss, and competition [7] - **SG Micro**: Risks include price competition, inventory corrections, and demand slowdowns [9] - **Wanye**: Risks include supply chain disruptions due to US restrictions and underperformance in revenue growth [11] - **SMIC**: Risks include margin pressures from depreciation, weak policy support, and demand fluctuations [15] Additional Insights - The ongoing developments in the semiconductor industry reflect a broader trend towards localization and self-sufficiency in China, particularly in response to geopolitical tensions and export restrictions from the US [1][3] - The positive sentiment surrounding domestic AI chips indicates a potential shift in market dynamics, favoring local manufacturers over foreign competitors [1] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the Greater China semiconductor industry.

Group 1 - Xiaomi has officially open-sourced its first native end-to-end voice model, Xiaomi-MiMo-Audio, which is based on an innovative pre-training architecture and over one billion hours of training data, achieving few-shot generalization based on ICL in the voice domain for the first time [1] - The improvement in Xiaomi's AI capabilities is expected to enhance the user experience of related consumer electronics products [1] - As of September 19, 2025, the CSI Consumer Electronics Theme Index (931494) surged by 1.53%, with notable increases in component stocks such as Lixun Precision (002475) up by 4.97% and Industrial Fulian (601138) up by 5.95% [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include Cambricon (688256), Lixun Precision (002475), and SMIC (688981), collectively accounting for 54.8% of the index [2] - The CSI Consumer Electronics Theme Index consists of 50 listed companies involved in component production and complete brand design and manufacturing, reflecting the overall performance of consumer electronics-related securities [1][2] - The performance of the Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, which has recently seen an eight-day consecutive rise [1]

Group 1 - The core transaction of 40,000 shares of Haowei Group occurred on September 18, with a total transaction value of 5.7707 million yuan and a transaction price of 144.25 yuan per share [2] - In the last three months, Haowei Group has recorded a total of two block trades, amounting to 45.8507 million yuan [2] - The closing price of Haowei Group on the same day was 144.25 yuan, reflecting an increase of 0.90%, with a daily turnover rate of 4.67% and a total trading volume of 8.215 billion yuan [2] Group 2 - The net inflow of main funds for Haowei Group reached 138 million yuan on that day, with a cumulative increase of 6.85% over the past five days and a total net inflow of 378 million yuan [2] - The latest margin financing balance for Haowei Group is 5.166 billion yuan, which has increased by 338 million yuan over the past five days, representing a growth rate of 7.01% [2]

Group 1 - The core point of the article highlights the trading activity of Haowei Group, which saw a closing price increase of 0.90% to 144.25 yuan on September 18 [1] - A significant block trade occurred, with a total volume of 40,000 shares and a transaction amount of 5.7707 million yuan, indicating a premium rate of 0.00% [1] - The buyer and seller for the block trade were both from Huatai Securities Co., Ltd., Guangzhou Zhujiang West Road Securities Business Department [1] Group 2 - Over the past three months, Haowei Group has recorded a total of 2 block trades, with a cumulative transaction amount of 45.8507 million yuan [1] - In the last five trading days, the stock has increased by 6.85%, with a total net inflow of 422 million yuan from main funds [1]

| 证券代码：603501 | 证券简称：豪威集团 | 公告编号：2025-092 | | --- | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | | 豪威集成电路（集团）股份有限公司（以下简称"公司"）控股股东虞 仁荣先生持有公司股份 333,472,250 股，占公司目前总股本的 27.65%；本次质押 情况变动后，虞仁荣先生累计质押股份为 176,420,000 股，占其持股比例的 52.90%。 公司控股股东一致行动人绍兴市韦豪股权投资基金合伙企业（有限合伙） （以下简称"绍兴韦豪"）持有公司股份 74,132,662 股，占公司目前总股本的 6.15%；本次质押情况变动后，绍兴韦豪累计质押股份为 26,296,000 股，占其持 股比例的 35.47%。 公司控股股东虞仁荣先生及其一致行动人绍兴韦豪、虞小荣先生共计持 有公司股份 408,576,912 股，占公司目前总股本的 33.88%；本次质押情况变动后， 虞仁荣先生及其一致行动人累计质押公司股份 202,716,000 股，占其持有公司股 份总数的 49.62%，占公司目前总股本的 16.81%。 豪威集成 ...

Group 1 - The controlling shareholder of Haowei Group, Mr. Yu Renrong, holds approximately 333 million shares, accounting for 27.65% of the company's total share capital [1] - After the recent pledge changes, Mr. Yu has pledged a total of about 176 million shares, which represents 52.9% of his holdings [1] - The company's controlling shareholder's concerted action partner, Shaoxing Weihau Equity Investment Fund, holds around 74.13 million shares, making up 6.15% of the total share capital [1] Group 2 - Following the pledge changes, Shaoxing Weihau has pledged approximately 26.3 million shares, which is 35.47% of its holdings [1] - Together, Mr. Yu Renrong and his concerted action partners hold about 409 million shares, representing 33.88% of the total share capital [1] - The total pledged shares by Mr. Yu and his concerted action partners amount to approximately 203 million shares, which is 49.62% of their total holdings and 16.81% of the company's total share capital [1]

Group 1 - The controlling shareholder of Haowei Group, Yu Renrong, and his concerted party, Shaoxing Weihua, have pledged and released part of their shares in September 2025 [1] - Yu Renrong pledged 10.33 million shares to repay loans and released 11.90 million shares, while Shaoxing Weihua released 13.10 million shares [1] - After these transactions, Yu Renrong has a total pledge of 176.42 million shares, accounting for 52.90% of his holdings, and Shaoxing Weihua has a total pledge of 26.296 million shares, accounting for 35.47% of his holdings [1] Group 2 - The total pledged shares by both Yu Renrong and Shaoxing Weihua, along with Yu Xiaorong, amount to 202.716 million shares, representing 49.62% of their total holdings [1] - The financing balances corresponding to the pledged shares due in the next six months and one year are 1.521 billion yuan and 5.008 billion yuan, respectively [1] - The controlling shareholder has the financial capability to repay the loans, and this pledge does not affect the company's control and operations [1]

Core Viewpoint - The digital economy theme index and related stocks have shown strong performance, driven by advancements in AI technology and domestic chip production [1][2]. Group 1: Market Performance - As of September 18, 2025, the CSI Digital Economy Theme Index (931582) rose by 3.66%, with key stocks like Dahua Technology (002236), Rockchip (603893), and Keda Technology (603786) each increasing by 10.00% [1]. - The Digital Economy ETF (560800) increased by 3.51%, with a latest price of 1.06 yuan, and a trading volume of 19.89 million yuan [1]. - The average daily trading volume of the Digital Economy ETF over the past week was 40.59 million yuan [1]. Group 2: Industry Developments - The 2025 Tencent Global Digital Ecosystem Conference highlighted advancements in AI technology and products, with Tencent announcing full compatibility with mainstream domestic chips [1]. - The trend towards domestic chip production is expected to continue due to security concerns, especially following the U.S. listing of several Chinese semiconductor companies on the entity list [1]. - The demand for computing power driven by AI is significantly increasing, enhancing the value of components such as servers, AI chips, optical chips, memory, and PCBs [2]. Group 3: GPU Market Insights - The domestic GPU market is projected to grow significantly, with Nvidia's revenue in mainland China for 2024 estimated at approximately 17.1 billion USD, translating to over 100 billion yuan [2]. - The domestic GPU market is expected to reach a scale of over 100 billion yuan, with production ramping up [2].