香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不作任何陳述，並明確表示對因本聆訊後資料集的全部或任何部分內容而引致或因依賴本聆訊後 資料集的全部或任何部分內容而引致的任何損失不負任何責任。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例呈交香港公司註冊處處長註冊前，本公 司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公 眾派發。 (a) 本 ...

Market Overview - The S&P 500 index has experienced four consecutive declines, primarily driven by large technology stocks[1] - Major U.S. indices collectively fell, with the Nasdaq down nearly 2%[9] - The S&P 500 closed at 6,800, reflecting a decline of 1.16% for the day and a year-to-date increase of 14.28%[3] Hong Kong Market Performance - The Hong Kong stock market showed a significant recovery in the afternoon, with major indices rebounding after two consecutive days of decline[9] - Large technology stocks such as Meituan and Kuaishou rose nearly 2%, while Tencent and Alibaba increased over 1%[9] - The financial sector saw a collective rise, with China Life Insurance up over 4% and CITIC Securities up over 3%[9] Sector Highlights - Precious metals stocks strengthened, with China Silver Group rising over 7% due to a weaker dollar and expectations of interest rate cuts, pushing silver prices above $66 per ounce[9] - The aviation sector saw gains, with China Southern Airlines up over 5% as ticket bookings surged ahead of the New Year holiday[9] - The lithium battery sector also rose, driven by a significant increase in lithium carbonate futures prices, with Tianqi Lithium up 5.83%[9] Economic Indicators - Japan's November exports grew by 6.1% year-on-year, exceeding market expectations, with a trade surplus of 322.2 billion yen[13] - The U.S. Treasury yields have shown fluctuations, impacting market sentiment and investment strategies[18]

Core Viewpoint - GigaDevice Semiconductor Inc. is preparing for its listing on the Hong Kong Stock Exchange, indicating its transition to an "A+H" company, with a diverse range of chip products and solutions offered to clients [1][2]. Financial Performance - For the first three quarters of 2025, GigaDevice reported revenue of 6.832 billion yuan, a year-on-year increase of 20.92%, and a net profit of 1.083 billion yuan, up 30.18% [2][4]. - The revenue projections for the fiscal years 2022 to 2025 are 8.13 billion yuan, 5.76 billion yuan, 7.36 billion yuan, and 4.15 billion yuan, respectively [2][3]. Product Segmentation - The company specializes in various chip types, including specialized storage chips, NOR Flash, DRAM, NAND Flash, MCUs, and sensor chips, with the highest gross margins reported for analog chips, specialized storage chips, and MCUs [4][5]. - The average selling prices for specialized storage chips and MCUs are projected to decrease from 1.45 yuan to 1.41 yuan and from 4.19 yuan to 3.85 yuan, respectively, by the end of Q3 2025 [6]. Shareholder Structure - The founder and controlling shareholder, Zhu Yiming, holds 8.81% of the company, while notable investor Ge Weidong owns over 17 million shares, representing 2.55% of the total shares [7][8]. - A total of 34,650 shares are set to be released from lock-up on December 22, 2025, as part of the company's stock option and restricted stock incentive plan [11][12].

Summary of Key Points Core Viewpoint - The trading volume of the Shanghai and Shenzhen Stock Connect reached a total of 183.4 billion, with significant activity in specific stocks and sectors, indicating a dynamic market environment [1]. Trading Volume - The total trading amount for the Shanghai Stock Connect was 83.09 billion, while the Shenzhen Stock Connect reached 100.31 billion [2]. Top Stocks by Trading Volume - In the Shanghai Stock Connect, the top stock by trading volume was Zhaoyi Innovation with 1.881 billion, followed by Industrial Fulian and Zijin Mining [3]. - In the Shenzhen Stock Connect, the leading stock was CATL with 3.542 billion, followed by Xinyi Technology and Zhongji Xuchuang [3]. Sector Fund Flow - The defense and military sector saw the highest net inflow of funds at 2.106 billion, while the banking sector followed with 743 million [5]. - The electronic sector experienced the largest net outflow of funds at -11.454 billion, indicating a significant sell-off [6]. ETF Trading Activity - The Chemical ETF (516020) saw a remarkable increase in trading volume, with a 166% rise compared to the previous trading day [8]. - The top ETF by trading volume was A500 ETF Huatai Baichuan with 12.4331 billion, followed by A500 ETF Fund [7]. Futures Positioning - In the four major futures contracts, both long and short positions were reduced, with a notable decrease in short positions for IM and IC contracts [9]. Market Activity - The market saw active participation from institutions, with Meinian Health receiving significant buying interest from institutions totaling 686.6 million, alongside a net inflow from the Shenzhen Stock Connect of 831.1 million [11]. - The commercial aerospace concept stock Shunhao Co. hit the daily limit, attracting 164 million from two leading funds [12].

Market Overview - The two markets experienced a net outflow of 14.956 billion yuan, with 29 stocks seeing a net inflow exceeding 200 million yuan, led by Kaimete Gas with a net inflow of 956 million yuan [1] - The Shanghai Composite Index closed up 0.16%, while a total of 1,889 stocks had a net inflow and 2,667 stocks had a net outflow [1] Industry Analysis - Among the 12 industries with net inflows, the defense and military industry led with a net inflow of 2.208 billion yuan, and its index rose by 0.90%. The pharmaceutical and biological sector followed with a net inflow of 933 million yuan and a rise of 0.31% [1] - There were 19 industries with net outflows, with the electronics sector experiencing the highest outflow of 7.164 billion yuan, followed by the power equipment sector with 4.901 billion yuan [1] Individual Stock Performance - The top stocks with net inflows exceeding 200 million yuan included Kaimete Gas (956 million yuan), Zhaoyi Innovation (935 million yuan), and China Satellite (858 million yuan). The average increase for these stocks was 8.70%, outperforming the Shanghai Composite Index [2] - Stocks with the highest net outflows included Industrial Fulian (1.551 billion yuan), CATL (1.148 billion yuan), and Xinyi Technology (947 million yuan) [4] Detailed Stock Data - **Top Net Inflow Stocks:** - Kaimete Gas: 21.77 yuan, +7.72%, 956 million yuan, Basic Chemicals [2] - Zhaoyi Innovation: 214.45 yuan, +6.07%, 935 million yuan, Electronics [2] - China Satellite: 56.31 yuan, +6.61%, 858 million yuan, Defense and Military [2] - **Top Net Outflow Stocks:** - Industrial Fulian: 58.28 yuan, -5.24%, -1.551 billion yuan, Electronics [4] - CATL: 372.00 yuan, -2.98%, -1.148 billion yuan, Power Equipment [4] - Xinyi Technology: 425.50 yuan, -4.62%, -947 million yuan, Communication [4]

Group 1 - The core viewpoint of the news is that Zhaoyi Innovation has made significant progress in its Hong Kong listing process, having passed the listing hearing by the Hong Kong Stock Exchange [1] - The company was founded in 2004 and initially focused on memory products, later expanding into MCU, sensors, and PMU, with applications across various industries including industrial, automotive, computing, consumer electronics, IoT, and mobile applications [1] - Zhaoyi Innovation's business is primarily divided into three segments: memory chip products, MCU chip products, and sensor chip products [1] Group 2 - In 2024, Zhaoyi Innovation reported a revenue of 7.356 billion yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 1.103 billion yuan, a significant increase of 584.21% [2] - For the first three quarters of 2025, the company achieved a revenue of 6.832 billion yuan, a year-on-year growth of 20.92%, with a net profit of 1.083 billion yuan, up 30.18% year-on-year [2] - The company plans to issue H-shares not exceeding 10% of the total share capital post-issuance, with an additional 15% over-allotment option for underwriters, as part of its global strategy to enhance international competitiveness and brand influence [2] - Zhaoyi Innovation's overseas revenue has consistently accounted for over half of its total revenue, with 2024 overseas revenue reaching 5.702 billion yuan, representing 77.51% of total revenue [2] Group 3 - Ten days prior, Zhaoyi Innovation announced that it received a notice from the China Securities Regulatory Commission confirming the filing for its overseas listing of H-shares on the Hong Kong Stock Exchange, with plans to issue up to 51,796,900 shares [3]

Market Overview - The Shanghai Composite Index rose by 0.16% on December 18, with 12 sectors experiencing gains, led by the banking and coal industries, which increased by 1.97% and 1.89% respectively [1] - Conversely, the power equipment and communication sectors saw declines of 2.22% and 1.58% respectively, with the electronics sector also ranking third in terms of losses [1] Capital Flow Analysis - The main capital flow showed a net outflow of 32.578 billion yuan across the two markets, with 8 sectors experiencing net inflows [1] - The defense and military industry led the net inflow with 2.29 billion yuan and a daily increase of 0.90%, followed by the banking sector with a net inflow of 927 million yuan [1] Electronics Sector Performance - The electronics sector declined by 1.51%, with a total net outflow of 11.042 billion yuan [2] - Out of 474 stocks in the electronics sector, 162 stocks rose, while 304 stocks fell, with 3 stocks hitting the daily limit up [2] - Notably, the top three stocks with the highest net inflow were Zhaoyi Innovation (8.60 billion yuan), Wanrun Technology (4.06 billion yuan), and Saiwei Electronics (2.13 billion yuan) [2] Electronics Sector Outflow - The top three stocks with the highest net outflow in the electronics sector were Industrial Fulian (-23.17 billion yuan), Shenghong Technology (-10.27 billion yuan), and Huadian Co., Ltd. (-5.33 billion yuan) [3] - Other notable stocks with significant outflows included Luxshare Precision (-4.99 billion yuan) and Nanda Optoelectronics (-4.81 billion yuan) [3]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.16% to 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index decreased by 2.17% to 3107.06 points [3][4]. Sector Performance - The consumer sector strengthened, particularly in retail, while commercial aerospace stocks experienced significant activity, with military stocks showing localized strength in the afternoon [3]. - The commercial aerospace sector saw a broad surge, with multiple stocks hitting the daily limit up, including Shengyang Technology and Tianjian Technology [5]. - The lithium battery sector faced a decline, with notable drops in stocks such as Huasheng Lithium and Haike New Source [6][7]. Trading Volume and Market Sentiment - The total trading volume in the Shanghai and Shenzhen markets was 1.66 trillion yuan, a decrease of 155.7 billion yuan compared to the previous trading day, with over 2800 stocks rising [7]. Capital Flow - Main capital inflows were observed in the aerospace, banking, and pharmaceutical sectors, while there were outflows from consumer electronics, securities, and semiconductors [10]. - Specific stocks like Kaimete Gas and China Satellite saw net inflows of 770 million yuan and 667 million yuan, respectively, while stocks like Industrial Fulian faced significant outflows totaling 2.443 billion yuan [10]. Institutional Insights - CICC indicated that the recent market pullback could provide good positioning opportunities for the first half of 2026 [11]. - Huashan Securities noted that historically, A-shares tend to exhibit high volatility in January following a significant rise, suggesting that the initiation of a spring rally remains to be observed [12]. - Everbright Securities projected that the index is likely to continue its range-bound oscillation [13].

Group 1 - The core viewpoint of the articles highlights the increasing focus on AI smart glasses as a key application of AI technology, with major companies entering the market, indicating a shift from infrastructure to end-user devices [1][2] - The Zhongzheng Consumer Electronics Theme Index (931494) has shown a decline of 1.03% as of December 18, 2025, with mixed performance among constituent stocks, where Zhaoyi Innovation (603986) led with a 7.17% increase [1] - The Consumer Electronics ETF (561600) has seen a net inflow of 57.41 million yuan over three days, with a peak single-day inflow of 27.69 million yuan, indicating strong investor interest [1][2] Group 2 - The AI smart glasses market is expected to enter a phase of intensive new product launches, driven by successful market entries like the Ray-Ban Meta glasses, which have attracted significant attention from various sectors including internet, consumer electronics, and XR hardware [2] - The top ten weighted stocks in the Zhongzheng Consumer Electronics Theme Index account for 56.39% of the index, with notable companies including Luxshare Precision (002475) and Cambricon Technologies (688256) [2]

Group 1 - The integrated circuit ETF (562820) opened down 0.88% at 2.148 yuan [1] - Major holdings in the ETF showed mixed performance, with notable declines in stocks like Cambrian (down 1.19%), SMIC (down 0.43%), and Haiguang Information (down 0.99%), while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI All Share Integrated Circuit Index, managed by Harvest Fund Management, with a return of 117.04% since its inception on April 12, 2024, and a recent one-month return of -0.48% [1]