Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor with a target price raised to HKD 119 from HKD 53 [1][5]. Core Views - The report expresses a long-term positive outlook on Huahong's "integrated" strategic layout, emphasizing the rapid maturation of the domestic AI chip ecosystem and its impact on wafer foundry demand [2][3]. - The report highlights the potential benefits of the BIS regulations, which may accelerate supply chain localization and enhance Huahong's technological capabilities [3][4]. Summary by Sections Demand Side - The report estimates that the advanced process foundry demand from Chinese design companies will reach USD 9.5 billion in 2024, with 70% of this demand currently met by TSMC [1]. - The acceleration of AI chip iterations, particularly from Huawei's Ascend series, is expected to significantly expand domestic foundry demand [1][2]. Supply Side - The new BIS regulations will extend restrictions to subsidiaries with over 50% ownership, which may lead to tighter policies and further localization of the supply chain [3]. - Huahong's acquisition of Huali Microelectronics is projected to enhance its core business and add 38,000 wafers per month of 65/55nm and 40nm process capacity [2]. Financial Projections - The report forecasts a 3% increase in net profit for 2025, reaching USD 60 million, followed by a 48% increase in 2026 to USD 89 million, and a 16% increase in 2027 to USD 103 million [4][8]. - Revenue is expected to decline by 12.34% in 2024 but rebound with a growth of 20.81% in 2025 and 20.98% in 2026 [8][22]. Valuation - The target price adjustment to HKD 119 corresponds to a 4.2x 2025E price-to-book ratio, compared to a peer average of 3.86x [4][10]. - The report emphasizes Huahong's unique position as a leader in domestic specialty processes amid the accelerating trend of semiconductor localization in China [10][11].

格隆汇10月9日｜南下资金今日净买入港股30.43亿港元。其中： 净买入快手-W 10.86亿、中兴通讯4.57亿、小米集团-W 2.31亿、上海电气1.06亿； 净卖出中芯国际23.96亿、华虹半导体11.41亿、阿里巴巴-W 7.5亿(终结连续28日净买入态势)、腾讯控股 4.63亿、晶泰控股1.69亿、中国海洋石油1.55亿。 | 名称 | 潔跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交割 | | --- | --- | --- | --- | --- | --- | --- | --- | | 阿里巴巴-W | -2.4% | -7.51 | 139.84亿 | 中古国际 | -6.7% | -20.49 | 89.66 Z | | 中心同际 | -6.7% | -3.48 | 136.97 Z | 阿里巴巴-W | -2.4% | 0.00 | 79.17 6 | | 作就非常体 | -6.4% | -6.34 | 65.26 Z | 作就非常体 | -6.4% | -5.07 | 30.65 Z | | m 年轻股 | -13.9% | 0.03 | 4 ...

Market Overview - On October 9, the A-share market saw a strong rally, with the Shanghai Composite Index rising over 1% to surpass 3900 points, marking a 10-year high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 26,723 billion yuan, an increase of 4,748 billion yuan compared to the previous trading day [1] - The technology sector, particularly the STAR Market, experienced significant gains, with the STAR 50 Index surging over 6% during the session [1] Sector Performance - The non-ferrous metals sector showed remarkable performance, with stocks like Tongling Nonferrous Metals, Northern Copper, and Yunnan Copper hitting the daily limit [1][5] - The rare earth sector also saw gains, with companies like China Rare Earth and Northern Rare Earth reaching their daily limit [8] - The storage chip concept remained active, with stocks such as Zhaoxin Semiconductor and Huahong Semiconductor hitting their daily limit [12] Notable Stocks - Newly listed stock Yunhan Chip City (301563) closed up 40.89%, reaching 164.56 yuan per share, with an intraday high of over 70% [2] - In the Hong Kong market, stocks like Xin Mining Resources and Hang Seng Bank saw significant increases, with Xin Mining Resources rising over 120% [4] Gold and Precious Metals - International spot gold prices surged past $4000 per ounce, reaching a historical high, driven by factors such as the U.S. government shutdown and ongoing expectations of interest rate cuts by the Federal Reserve [6][7] - Analysts suggest that the rise in gold prices is also influenced by global central banks' continued purchases of gold [7] Fusion Energy Sector - The controlled nuclear fusion concept gained traction, with stocks like Changfu Co. and Western Superconducting Technologies hitting their daily limit [9] - The BEST project in Hefei achieved a key breakthrough, marking a new phase in its construction [10] - The upcoming International Atomic Energy Fusion Energy Conference is expected to catalyze further developments in the fusion sector [11] Semiconductor Market - The storage chip market is projected to see price increases, with expectations of a 10% rise in eSSD prices and a 10-15% increase in DDR5 RDIMM prices by Q4 2025 [12][14] - NAND Flash prices are also expected to rise, with estimates of a 5-10% increase in Q4 2025 due to high demand from data centers [14]

| 688365 | 光云科技 | 981.23 | 5.26 | 1.66 | 2.72 | | --- | --- | --- | --- | --- | --- | | 688273 | 麦澜德 | 945.03 | 9.30 | 2.54 | 6.71 | | 688716 | 中研股份 | 941.09 | 4.66 | 2.1 1 | 6.29 | | 688510 | 航亚科技 | 922.72 | 6.02 | 1.84 | 2.25 | | 688133 | 泰坦科技 | 918.72 | 5.66 | 2.47 | 3.86 | | 688586 | 江航装备 | 886.41 | 7.43 | 2.85 | 1.36 | | 688071 | 华依科技 | 855.75 | 8.65 | -1.60 | 2.67 | | 688589 | 力合微 | 847.41 | 3.55 | 1.67 | 5.97 | | 688215 | 瑞晟智能 | 844.31 | 4.62 | 4.72 | 3.44 | | 688050 | 爱博医疗 | 835.24 | 3.89 | -0.93 | ...

Market Overview - On October 9, the A-share market saw a strong rally, with the Shanghai Composite Index rising over 1% to surpass 3900 points, marking a 10-year high [2] - The Shenzhen Component Index increased by 1.47% to 13725.56 points, while the ChiNext Index rose by 0.73% to 3261.82 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 26,723 billion yuan, an increase of 4,748 billion yuan compared to the previous trading day [2] Sector Performance - The non-ferrous metals sector experienced significant gains, with stocks like Tongling Nonferrous Metals, Northern Copper, and Yunnan Copper hitting the daily limit [2][6] - The controlled nuclear fusion concept saw a surge, with stocks such as Changfu Co., Yingjie Electric, and Western Superconducting also reaching the daily limit [9] - The rare earth sector strengthened, with companies like China Rare Earth and Northern Rare Earth hitting the daily limit [8] Specific Stock Movements - Newly listed stock Yunhan Chip City (301563) closed up 40.89% at 164.56 yuan per share, with an intraday high exceeding 70% [3] - In the Hong Kong market, Xin Mining Resources surged over 120%, while other notable gainers included Hang Seng Bank and Lenovo Group [5] Gold and Precious Metals - International gold prices broke the $4000 per ounce mark, driven by factors such as the U.S. government shutdown and ongoing expectations of interest rate cuts [6][8] - Analysts suggest that the rise in gold prices is linked to increased concerns over U.S. dollar credit and sovereign debt [8] Semiconductor Sector - The storage chip sector showed renewed strength, with stocks like CanSemi and Huahong Semiconductor hitting the daily limit [12] - A report from CFM Flash Market indicates that server eSSD prices are expected to rise by over 10% in Q4 2025, driven by increased demand from cloud service providers [14][15] Controlled Nuclear Fusion - The controlled nuclear fusion concept gained traction, with significant stock price increases for companies involved in this sector [9][11] - The upcoming International Atomic Energy Fusion Energy Conference in Chengdu is anticipated to bring major developments in the fusion industry [11] Rare Earth Export Controls - The Ministry of Commerce announced new export controls on certain rare earth-related items, further tightening the supply chain [8] - Analysts expect that these measures will lead to a significant increase in the importance of rare earth recycling technologies by 2025 [8]

Market Overview - On October 9, the A-share market saw a strong rally, with the Shanghai Composite Index rising over 1% to break through 3900 points, marking a 10-year high [1][2] - The Shenzhen Component Index increased by 1.47% to 13725.56 points, while the ChiNext Index rose by 0.73% to 3261.82 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 26,723 billion yuan, an increase of 4,748 billion yuan compared to the previous trading day [2] Sector Performance - The non-ferrous metals sector experienced significant gains, with stocks like Tongling Nonferrous Metals, Northern Copper, and Yunnan Copper hitting the daily limit [6][8] - The controlled nuclear fusion concept saw a surge, with stocks such as Changfu Co., Yinjie Electric, and Western Superconducting also reaching the daily limit [11][13] - The rare earth sector rallied, with companies like China Rare Earth and Northern Rare Earth hitting the daily limit [9][10] Gold Market - On October 8, international spot gold prices exceeded $4000 per ounce, reaching a historical high [8] - Factors contributing to the rise in gold prices include concerns over U.S. government shutdowns, political uncertainties in Japan, and expectations of continued interest rate cuts by the Federal Reserve [8] Semiconductor Sector - The storage chip concept gained momentum, with stocks like Canxin Co. and Huahong Semiconductor seeing significant increases, with Canxin hitting the daily limit [14][16] - A report from CFM Flash Market indicated that prices for server eSSD and DDR5 RDIMM are expected to rise by over 10% in Q4 2025 due to increased demand from cloud service providers [16][17] Policy Impact - The Ministry of Commerce announced new export controls on certain rare earth-related items, further tightening the supply chain for these materials [9] - Analysts expect that the new regulations will lead to a long-term bullish outlook for the rare earth and magnetic materials sectors due to supply constraints [9]

第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,325,869,670 | | 0 | | 1,325,869,670 | | 增加 / 減少 (-) | | | | 1,834,733 | | | | | | 本月底結存 | | | | 1,327,704,403 | | 0 | | 1,327,704,403 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券 ...

10月9日，A股在国庆后首个交易日大涨，沪指创十年新高，芯片股波动大，早盘大涨午后跳水。有色 金属爆发，次新股抢眼。国庆假期全球股指、商品上涨，科技利好不断。今年国庆后行情与去年或不 同，金融板块表现不佳。券商认为政策、三季报是十月关注点，A股有望震荡向上，四中全会和三季报 是关键。 2025年10月9日，A股市场在国庆中秋长假后首个交易日大涨。 上证指数放量突破3900点整数关口，收报3933.97点，上涨1.32%。上一次沪指在3900点上方，还要追溯 到十年前的2015年8月18日。 今日热点全面开花，但行情走得非常纠结，尤其是芯片股的大幅波动。早盘半导体芯片突飞猛进，中芯 国际一度上涨超9%，华虹公司早盘"20CM"涨停；兆易创新、澜起科技、中微公司等也大涨。午后却全 面跳水，中芯国际收盘翻绿，华虹公司炸板，涨幅缩小至12.04%，张江高科跌停。 消息面上，今日有消息称，有券商自10月9日起，将中芯国际、佰维存储两融折算率均调为零。理由是 根据交易所规定，个股静态市盈率如果超过300倍，或者为负数的情况下，融资融券折算率会被调为 零。 其他热点板块表现相对稳健，有色金属全面爆发。黄金股中，四川黄金、山 ...

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% and the Hang Seng Tech Index dropping by 0.66% [1] Group 1: Semiconductor Sector - The semiconductor sector saw a collective downturn, with notable declines including Huahong Semiconductor and SMIC both dropping over 6%, InnoCare falling over 5%, and Shanghai Fudan decreasing over 4% [1] Group 2: Other Notable Stocks - Smoore International experienced a significant drop of over 12%, while Gilead Sciences and UBTECH Robotics both fell by over 9% [1] - Conversely, ZTE Corporation rose by over 12%, China Gold International increased by over 9%, and Luoyang Molybdenum gained over 7% [1]

Group 1 - The core point of the article highlights that Huahong Company has achieved a record trading volume of 6.843 billion yuan, marking a new high since its listing [2] - The latest stock price of Huahong Company has increased by 14.25%, indicating strong market interest and investor confidence [2] - The turnover rate for Huahong Company stands at 12.77%, suggesting active trading and liquidity in the stock [2]