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，概不就因本公告全部或任何部分內容而產生或因依 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 完成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獲達成後方可作 實，且未必會進行。執行人員可能會也可能不會授出清洗豁免，清洗豁免倘獲授 出將分別受（其中包括）有關清洗豁免須於股東特別大會上獲收購守則獨立股東以 投票表決方式至少75%票數批准，有關建議收購事項須於股東特別大會上獲收購 守則獨立股東以投票表決方式超過50%票數批准的條件所限。完成建議收購事項 須待（其中包括）執行人員授出清洗豁免並獲收購守則獨立股東批准，完成建議非 公開發行人民幣股份須待完成建議收購事項後，方告作實。股東及潛在投資者於 買賣本公司證券時務請審慎行事。 內容有關 (1)主要及關連交易－收購協議 (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 茲提述(i)本公司日期為二零二五年八 ...

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，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 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。 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 月度更新 內容有關 (1)主要及關連交易－收購協議 (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 茲提述(i)本公司日期為二零二五年八月三十一日之公告，內容有關（其中包括）(a) 建議收購事項、(b)建議非公開發行人民幣股份及(c)清洗豁免；(ii)本公司日期為 二零二五年九月十九日之公告（「延期公告」），內容有關（其中包括）延遲寄發通 函；及(iii)本公司日期為二零二五年十月十六日及二零二五年十一月十六日之月 度更新公告（統稱「該等公告」）。除另有界定者外，本公告所用詞彙與該等公告所 界定者具有相同涵義。 本公司謹此通知股東及本公司潛在投資者，於本公告日期，本公司仍在與其他各 方 ...

Core Viewpoint - The report by Haitao Securities emphasizes the importance of identifying stocks with potential short-term or long-term performance discrepancies or surprises in AI advancements as a core task for 2026 [1] Group 1: Investment Strategy - The main investment strategy is to focus on value investing in the Hang Seng Technology Index, leveraging volatility from the Hong Kong stock market and short-selling mechanisms [1] - The key to successful operations lies in selecting fundamentally strong companies with sustainable development capabilities [1] Group 2: Recommended Stocks for 2026 - Stocks currently at the bottom or adjusting, with a high likelihood of fundamental reversal in 2026: Meituan, Xiaomi Group (planning next vehicle), BYD Electronics [2] - Stocks expected to benefit from EPS gains and potential valuation uplift: Tencent Holdings, Trip.com Group, JD Health, Lenovo Group [2] - Stocks with controllable elasticity: Alibaba, Baidu Group, SMIC, Hua Hong Semiconductor [2] - AI elastic stocks: Kuaishou, Bilibili, Kingdee International, Horizon Robotics, Xpeng Motors, Yueda Group, NetEase, Sunny Optical Technology, UBTECH [2] - Potential small-cap companies: Inspur Digital Enterprise, Xindong Company, Huiliang Technology [2] Group 3: Individual Stock Insights - Kuaishou, Bilibili, Horizon Robotics, Xpeng Motors, Sunny Optical Technology, UBTECH are highlighted as key stocks with positive outlooks [2] - Inspur Digital Enterprise and Huiliang Technology are noted as quality small-cap stocks with promising prospects [2] - Tencent Holdings is identified as a top pick due to its strong research framework [2] - Alibaba is considered a leading asset in AI technology [2] - Lenovo Group is expected to achieve profitability in its server business next year due to accelerated AIPC penetration [2] - Trip.com Group is positioned well for growth driven by domestic stability and overseas acceleration [2] - JD Health is recognized as a leading player in internet healthcare with a clear growth path [2] - Meituan is noted for its resilience and potential turning point in competitive landscape [2] - Kingdee International's growth is constrained by macroeconomic factors, but AI and overseas expansion provide additional elasticity [2] - Xiaomi Group is expected to see improvements as negative factors gradually clear [2] - SMIC is experiencing an increase in advanced manufacturing proportion and continuous technological breakthroughs [2] - Hua Hong Semiconductor is benefiting from growth driven by computing and consumer electronics [2] - Yueda Group focuses on IP as a core asset, with expectations for further expansion and monetization [2] - NetEase is anticipated to enter a new product cycle with upcoming releases [2] - BYD Electronics is expected to see growth from Apple's foldable phone production and has significant potential in the new energy vehicle and data center sectors [2] - Xindong Company is driven by gaming and Taptap, with expectations for the launch of an overseas version [2]

Macro Dynamics - The Ministry of Commerce and five other departments issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing," aiming to cultivate a group of internationally competitive leading service outsourcing enterprises by 2030 [2] - The plan emphasizes the digitalization, intelligence, greening, and integration of service outsourcing, with a significant increase in employment [2] Steel Industry - As of early December, the steel inventory of key steel enterprises reached 14.75 million tons, a year-to-date increase of 19.2% [3] Fixed Asset Investment - From January to November, national fixed asset investment (excluding rural households) totaled 4.44035 trillion yuan, a year-on-year decrease of 2.6% [4] Financial Institutions - CITIC Bank clarified that it has never cooperated with "KOO Wallet" and warned against fraudulent activities using its name [5] - ICBC announced adjustments to its management of personal precious metal trading business, urging clients to withdraw funds from accounts with no positions or debts [6] Market Data - On December 15, A-shares saw a collective decline, with the Shanghai Composite Index down 0.55% and the ChiNext Index down 1.77%, with a total market turnover of approximately 1.773439 trillion yuan [8] - Hong Kong stocks also fell, with the Hang Seng Index down 1.34% and the Hang Seng Tech Index down 2.48% [9] Company Dynamics - Muxi Co., Ltd. announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, and will be classified as a growth tier company due to its current unprofitability [10] - Cambrian Technology plans to use 2.778 billion yuan from its capital reserve to offset accumulated losses [11] - Unisoc's board approved the establishment of a Central Research Institute focusing on AI chip architecture and other advanced technologies [12] - Tongrentang announced legal action against a company for unauthorized use of its name on a product with allegedly false labeling [13] - Baina Qiancheng is planning a major asset restructuring and will suspend its stock trading starting December 16, 2025 [14]

Market Performance - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping nearly 350 points to close at 25,628 points, reflecting a decrease of 1.34% [1] - The Hang Seng Tech Index saw the largest drop, closing down 2.48%, while the Hang Seng China Enterprises Index fell by 1.78% [1] Sector Performance - Major technology stocks, which are considered market indicators, collectively fell, with notable declines including Huahong Semiconductor down over 6%, SMIC down over 4%, Baidu down over 5%, Alibaba down over 3%, and Tencent down over 2% [1] - In contrast, gold prices approached historical highs, leading to a strong performance in gold stocks, with Zijin Mining rising over 7% and Chifeng Jilong Gold Mining up over 5% [1] - Insurance stocks also saw a collective rise, supported by ongoing favorable consumption policies, with sectors such as dining and dairy products performing well [1]

Core Viewpoint - Southbound funds recorded a net purchase of 36.54 billion HKD, with Xiaomi Group-W, China Ping An, and Meituan-W leading the net purchases at 13.82 billion HKD, 11.90 billion HKD, and 5.48 billion HKD respectively [1] Group 1 - Xiaomi Group-W received a net purchase of 13.82 billion HKD [1] - China Ping An saw a net purchase of 11.90 billion HKD [1] - Meituan-W had a net purchase of 5.48 billion HKD [1] Group 2 - Tencent Holdings experienced a net sell of 7.74 billion HKD [1] - Hua Hong Semiconductor faced a net sell of 5.55 billion HKD [1] - China Mobile recorded a net sell of 5.50 billion HKD [1]

Market Performance - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping nearly 350 points to close at 25,628 points, reflecting a decrease of 1.34% [1] - The Hang Seng Tech Index saw the largest drop, closing down 2.48%, while the Hang Seng China Enterprises Index fell by 1.78% [1] Sector Performance - Major technology stocks, which are considered market indicators, collectively fell, with notable declines including Huahong Semiconductor down over 6%, SMIC down over 4%, Baidu down over 5%, Alibaba down over 3%, and Tencent down over 2% [1] - In contrast, gold prices approached historical highs, leading to a rise in gold stocks, with Zijin Mining International increasing by over 7% and Chifeng Jilong Gold Mining up by over 5% [1] - Insurance stocks also saw a collective rise, supported by ongoing favorable consumption policies, with sectors such as dining and dairy products performing well [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth 36.54 billion HKD today [1] - Notable net purchases include Xiaomi Group-W (13.82 billion HKD), China Ping An (11.9 billion HKD), and Meituan-W (5.47 billion HKD) [1] - Continuous net buying trends observed for Xiaomi (12 days, total 121.5043 billion HKD) and Meituan (4 days, total 46.2952 billion HKD) [1] Group 2 - Significant net selling includes Tencent Holdings (7.74 billion HKD), Hua Hong Semiconductor (5.55 billion HKD), and China Mobile (5.5 billion HKD) [1] - Continuous net selling trends noted for SMIC (5 days, total 19.8564 billion HKD) and Tencent (4 days, total 24.9089 billion HKD) [1] - Other companies with net selling include China National Offshore Oil (4.16 billion HKD) and Hua Hong Semiconductor (15.4751 billion HKD) [1] Group 3 - Alibaba-W experienced a decline of 3.6% with a net buy of 9.35 million HKD [1] - SMIC saw a drop of 4.4% with a net sell of 0.19 million HKD [1] - China Ping An increased by 2.4% with a net buy of 4.24 million HKD [1]

Market Overview - Major Asia-Pacific stock indices closed mostly lower, with the Nikkei 225 and KOSPI indices both dropping over 1% [1] - A-shares experienced fluctuations, with the Shanghai Composite Index and Shenzhen Component Index both declining, while the Hang Seng Index fell significantly [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 324.6 billion yuan from the previous trading day [2] Sector Performance - Consumer stocks showed resilience, particularly in retail and food & beverage sectors, with notable performances from liquor stocks like Zhongrui Co. and Kweichow Moutai [2] - The insurance sector surged over 4%, led by companies such as China Ping An, which rose nearly 5% to a new four-year high [2][4] - The commercial aerospace sector also strengthened, with stocks like Hualing Cable and Zhongchao Holdings achieving three consecutive trading limits [4] Commodity Market - Gold and silver prices saw strong increases, with spot gold rising over 1% to reach $4,343 per ounce, and silver increasing by over 2% [7][8] - Platinum prices have surged over 100% this year, with analysts predicting further increases in the coming year [6][9] - Analysts expect platinum prices to rise significantly, with projections for 2026 ranging from $2,170 to $2,300 per ounce, indicating a shift towards undervalued precious metals [10]

中芯国际股价下跌4.1%，华虹半导体股价下跌7.0%。 ...