Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]

Core Viewpoint - Goldman Sachs has raised its earnings forecast for Hua Hong Semiconductor (1347.HK) for 2027 to 2029 by 1%, driven by optimistic revenue outlook and signs of price increase momentum [1] Revenue Outlook - The revenue forecast for Hua Hong Semiconductor for 2027 to 2029 has been adjusted upwards by 1% to 2% [1] - Strong revenue growth is anticipated due to increased demand for specialized technology chips, such as power management ICs and image sensors, benefiting from the growth of AI servers and AI smart edge devices [1] Capacity Utilization and Profitability - With sustained high capacity utilization, Hua Hong is expected to have more room to optimize its order structure, leading to stronger revenue and profit performance [1] - The company is projected to directly benefit from the demand recovery trend, showcasing improved gross margins and optimized capacity utilization, indicating stronger earnings per share growth potential [1] Investment Rating and Target Price - Goldman Sachs has reiterated a "Buy" rating for Hua Hong Semiconductor and raised the target price from HKD 117 to HKD 134 [1]

Group 1 - The core viewpoint of the article highlights a positive trend in Chinese technology stocks, driven by overnight gains in the US stock market, with significant increases in Hong Kong's technology ETFs [1] - The Hong Kong Technology 50 ETF (159750) and the Hong Kong Stock Connect Technology ETF (159125) saw increases of 0.95% and 0.65% respectively, with intraday highs of 1.52% and 1.29% [1] Group 2 - Goldman Sachs' Chief China Equity Strategist Liu Jinjun projects a target of 100 points for the MSCI China Index and 5200 points for the CSI 300 Index by the end of 2026 [2] - The expected return rate for the Chinese stock market in 2026 is estimated to be between 15% and 20%, primarily driven by earnings growth, with a projected earnings growth rate of 14% for Chinese stocks [2] Group 3 - Three main factors are identified to drive earnings growth in Chinese stocks: 1. The AI industry is expected to contribute significantly, with annual contributions of 2% to 3% to overall market earnings growth over the next 3 to 5 years as the focus shifts from computing power to application and commercialization [2] 2. The overseas strategy shows potential, as companies listed in the US S&P 500 have 28% of their revenue from overseas, compared to only 16% for Chinese companies, indicating substantial room for growth [2] 3. The "anti-involution" trend is also anticipated to positively impact earnings growth [3]

公司发布的三季报数据显示，前三季度公司共实现营业收入125.83亿元，同比增长19.82%，实现净利润 2.51亿元，同比下降56.52%，基本每股收益为0.1500元，加权平均净资产收益率0.57%。 （文章来源：证券时报网） 华虹公司股价创出历史新高，截至9:32，该股上涨2.97%，股价报143.66元，成交量140.32万股，成交金 额2.00亿元，换手率0.34%，该股最新A股总市值达585.77亿元，该股A股流通市值585.77亿元。 证券时报·数据宝统计显示，华虹公司所属的电子行业，目前整体涨幅为1.59%，行业内，目前股价上涨 的有370只，涨停的有盈方微、金安国纪等4只。股价下跌的有115只，跌幅居前的有晶瑞电材、格林 达、深纺织A等，跌幅分别为5.71%、3.80%、3.59%。 两融数据显示，该股最新（1月21日）两融余额为23.27亿元，其中，融资余额为23.22亿元，近10日减少 1.52亿元，环比下降6.15%。 ...

Core Viewpoint - The Hang Seng Technology Index increased by 1%, while the Hang Seng Index rose by 0.72%, indicating a positive market sentiment towards technology stocks [1] Group 1: Market Performance - The Hang Seng Technology Index saw a rise of 1% [1] - The Hang Seng Index experienced an increase of 0.72% [1] Group 2: Stock Performance - Chip stocks showed strong performance, with兆易创新 (Zhaoyi Innovation) rising by 9% [1] - 英诺赛科 (InnoCare) increased by over 6% [1] - ASMPT saw a rise of nearly 6% [1] - 华虹半导体 (Huahong Semiconductor) gained 4% [1]

此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢股票經紀或其他註冊證券商、銀行經理、律師、專業 會計師或其他專業顧問。 閣下如已售出或轉讓名下所有本公司股份，應立即將本通函連同隨附的代表委任表格轉交予經手買賣或轉讓的銀 行、股票經紀或其他代理人，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 本通函僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立的有限公司） （股份代號：01347） (1) 主要及關連交易－ 涉及根據特別授權發行代價股份的 收購標的公司股本； (2) 申請清洗豁免； (3) 建議非公開發行人民幣股份 以募集配套資金； (4) 特別交易； 及 (5) 股東特別大會通告 獨立董事委員會、收購守則獨立股東及 建議收購事項上市規則獨立股東之 香港獨立財務顧問 本封面所用詞彙與本通函所 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立的有限公司） （股份代號：01347） 寄發通函 有關 警告 建議收購事項及建議非公開發行人民幣股份須待若干條件達成後，方告完成，且 未必會進行。 (1)主要及關連交易－涉及根據特別授權發行代價股 份的收購標的公司股本 (2)建議非公開發行人民幣股份以募集配套資金 (3)申請清洗豁免 及 (4)特別交易 茲提述本公司日期為二零二五年八月三十一日的公告（「該公告」）及二零二五年十 二月三十一日的公告（「更新公告」），各自內容均有關（其中包括）(a)建議收購事 項；(b)建議非公開發行人民幣股份；(c)清洗豁免；及(d)特別交易。除另有界定 外，本公告所用詞彙應與該公告及更新公告所界定者具有相同涵義。 載有（其中包括）(i)建議收購事項、建議非公 ...

（於香港註冊成立的有限公司） （股份代號：01347） 股東特別大會通告 茲通告華虹半導體有限公司（「本公司」）謹訂於二零二六年二月十日下午二時三 十分假座中國上海市張江高科技園區哈雷路288號以現場會議及在線虛擬會議結合的方 式舉行股東特別大會（「股東特別大會」）（作為混合會議）（或其任何續會），以考慮及酌 情通過以下決議案。 除另有界定者外，本通告所用詞彙與本公司日期為二零二六年一月二十二日的通 函（「通函」）所界定者具有相同涵義。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 普通決議案 – 1 – 1. 審議及批准關於本公司符合相關法律法規發行人民幣股份以收購標的資產 及募集配套資金以及關聯╱關連交易的議案； 2. 審議及批准關於調整本公司購買資產及募集配套資金暨關聯╱關連交易方 案的議案，其中最終代價將僅透過發行代價股份而非現金代價及代價股份 組合結算，而該 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) Should you have any queries relating to this notification, please do not hesitate to call the enquiry hotline at (852) 2980 1333 from 9:00 a.m. to 5:00 p.m. (Monday to Friday, excluding public holidays). （於香港註冊成立的有限公司） (Stock Code: 01347) （股份代號：01347） NOTIFICATION LETTER 通知信函 22 January 2026 Dear Non-Registered Shareholder(1), Hua Hong Semiconductor Limited (the "Company") – Notification of publication of Circulars a ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code: 01347) （股份代號：01347） NOTIFICATION LETTER 通知信函 22 January 2026 Dear Registered Shareholder, Hua Hong Semiconductor Limited (the "Company") – Notification of publication of Circulars and Notice of EGMs in relating to (i) MAJOR AND CONNECTED TRANSACTION – ACQUISITION OF SHARE CAPITAL OF THE TARGET INVOLVING THE ISSUE OF CONSIDERATION SHARES UNDER SPECIFIC MANDATE; (ii) APPLICATION FOR WHITEWAS ...