Core Viewpoint - In 2025, the A-share market showed an overall upward trend, with the Silver Hua Small and Medium Cap Select Fund achieving a remarkable net value increase of 64.38%, significantly outperforming its benchmark by over 40 percentage points, ranking among the top in active equity funds [1][4]. Fund Performance - The Silver Hua Small and Medium Cap Select Fund, established in June 2012, aims for long-term asset appreciation by investing in competitive and high-growth small and medium-cap stocks while effectively controlling investment risks [2]. - As of January 15, 2026, the fund's long-term performance is impressive, with a cumulative net value growth rate exceeding 1000%, outperforming its benchmark by over 800 percentage points, and ranking 4th out of 308 in its category [4]. Investment Strategy - The fund's investment strategy focuses on sectors such as AI, semiconductors, and robotics, with a particular emphasis on domestic computing chips, low-altitude economy, military trade, commercial aerospace, and robotics [9]. - As of the end of Q3 2025, the fund's stock investments accounted for 90.38% of total assets, with the top ten holdings representing 66.38% of the fund's net asset value [6]. Top Holdings - The top five holdings of the fund as of Q3 2025 include Industrial Fulian, Shengyi Technology, Jinghe Integration, Huahong Semiconductor, and Shenzhen South Circuit, with significant investments in each [8]. - The fund's management team has made strategic adjustments, adding nine new major holdings in Q3, primarily in the technology sector [7].

Group 1 - BlackRock, Inc. increased its stake in Hua Hong Semiconductor (01347.HK) by purchasing 3.1602 million shares at an average price of HKD 91.4689 per share, totaling approximately HKD 289 million [1] - Following the purchase, BlackRock's total holdings in Hua Hong Semiconductor rose to 67.78975 million shares, increasing its ownership percentage from 4.86% to 5.10% [1][3]

Group 1 - BlackRock increased its stake in Huahong Semiconductor (01347) by 3.160206 million shares at a price of HKD 91.4689 per share, totaling approximately HKD 289 million [1] - After the increase, BlackRock's total shareholding in Huahong Semiconductor is approximately 67.7898 million shares, representing a stake of 5.1% [1]

Group 1 - BlackRock increased its stake in Huahong Semiconductor (01347) by 3,160,206 shares at a price of HKD 91.4689 per share, totaling approximately HKD 289 million [1] - Following the increase, BlackRock's total shareholding in Huahong Semiconductor is approximately 67,789,800 shares, representing a stake of 5.1% [1]

Group 1 - BlackRock increased its stake in Hua Hong Semiconductor (01347) by 3,160,206 shares at a price of HKD 91.4689 per share, totaling approximately HKD 289 million [1] - After the increase, BlackRock's total shareholding in Hua Hong Semiconductor is approximately 67,789,800 shares, representing a stake of 5.1% [1]

Core Viewpoint - BlackRock increased its stake in Huahong Semiconductor's H-shares from 4.86% to 5.10% as of January 12, with an average purchase price of HKD 91.4689 per share [1] Company Summary - BlackRock's ownership in Huahong Semiconductor now stands at 5.10%, reflecting a strategic investment move [1] - The average price paid by BlackRock for the shares was HKD 91.4689, indicating a significant investment in the semiconductor sector [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth 93.5808 million HKD today [1] - Notable net purchases include SMIC at 1.084 billion HKD, Hua Hong Semiconductor at 585 million HKD, Pop Mart at 141 million HKD, and Sanhua Intelligent Control at 129 million HKD [1] - Significant net sales were observed in China Mobile at 1.074 billion HKD, Alibaba Health at 461 million HKD, and CNOOC at 108 million HKD [1] Group 2 - Southbound funds have net bought Tencent for 8 consecutive days, totaling 9.68457 billion HKD [1] - Alibaba has seen net purchases for 5 consecutive days, amounting to 4.42446 billion HKD [1] - China Mobile has experienced net sales for 10 consecutive days, totaling 8.06248 billion HKD [1]

Core Insights - Recently, Beijing Xulun Technology Co., Ltd. completed a strategic financing round exceeding 100 million yuan in A4 round [1] - The financing was led by Northern Huachuang Industrial Investment Fund and Novartis Strategic Investment, with A3 round led by Beijing Electric Control Industrial Investment Fund and Qianhai Ark Fund [1] - The funds will be used for the second phase of expansion of UV Tape/DAF product lines, semiconductor packaging material R&D, and upgrading customer delivery systems [1] Company Overview - Xulun Technology has a core team from top domestic and international universities and research institutions, with rich experience in materials science and chemical engineering [1] - The company focuses on developing high-end semiconductor adhesive films and tapes, starting from basic resins such as acrylic, epoxy, and organic silicon [1] Infrastructure and Operations - Xulun Technology has a 5,000 square meter application R&D center in Beijing and a pilot base with a thousand-level clean coating facility in Hebei [2] - The company also has semiconductor-grade precision coating production lines with thousand-level and hundred-level clean standards in Jiangsu, and warehouses and technical support subsidiaries in Shanghai, Suzhou, Shenzhen, and Chengdu [2] Product Applications - The products of Xulun Technology are applied in critical process scenarios such as wafer thinning, cutting, chip mounting and stacking, substrate interlayer and line insulation, wafer-level packaging, and 2.5D/3D packaging [2] - The company serves various fields including RF chips, computing power chips, storage chips, and HBM [2]

Group 1 - The main market saw a net outflow of 41.38 billion yuan, while the Sci-Tech Innovation Board experienced a net inflow of 4.47 billion yuan, with 285 stocks seeing inflows and 314 stocks seeing outflows [1] - On the Sci-Tech Innovation Board, 379 stocks rose, with three stocks including Meiye Technology and Tianyue Advanced hitting the daily limit, while 212 stocks declined [1] - The top three stocks with the highest net inflow of funds were Cambrian Technologies with 580 million yuan, followed by Lanke Technology and Huahong Semiconductor with 552 million yuan and 544 million yuan respectively [1] Group 2 - A total of 45 stocks experienced continuous net inflows for more than three trading days, with the highest being Jingpin Special Equipment at 11 consecutive days [2] - The stocks with the most significant continuous net outflows included Kain Technology and Olin Biology, both experiencing 15 consecutive days of outflows [2] - The top stocks by net inflow included Cambrian Technologies (579.63 million yuan), Lanke Technology (552.03 million yuan), and Huahong Semiconductor (543.66 million yuan), with respective inflow rates of 5.62%, 6.09%, and 11.30% [2][3]

Group 1 - The National Big Fund holding concept rose by 4.07%, ranking second among concept sectors, with 41 stocks increasing in value, including Sanan Optoelectronics, Tongfu Microelectronics, and Changdian Technology reaching their daily limit [1] - Notable gainers included Baiwei Storage, Jingce Electronics, and Jiangbolong, which rose by 17.19%, 14.20%, and 13.48% respectively [1] - The concept sector saw a net inflow of 7.412 billion yuan, with 33 stocks receiving net inflows, and 17 stocks exceeding 1 billion yuan in net inflow [1] Group 2 - Leading stocks in terms of net inflow ratio included Changdian Technology, Sanan Optoelectronics, and Tongfu Microelectronics, with net inflow ratios of 25.98%, 23.66%, and 17.70% respectively [2] - The top three stocks by net inflow were Changdian Technology with 2.413 billion yuan, followed by Tongfu Microelectronics and Sanan Optoelectronics with 1.418 billion yuan and 1.178 billion yuan respectively [1][2] Group 3 - The storage chip concept increased by 4.08%, while the Sora concept (text video) and Kuaishou concept saw declines of 4.67% and 4.58% respectively [1] - Other notable sectors included advanced packaging and third-generation semiconductors, which rose by 3.53% and 3.23% respectively [1]