Core Viewpoint - The Hang Seng Index opened with a slight increase of 0.19%, while the Hang Seng Tech Index rose by 0.34% [1] Company Performance - Zijin Mining saw a significant increase, rising over 7% [1] - Hua Hong Semiconductor experienced a rise of more than 2% [1]

Group 1 - Global fund managers are returning to the Chinese market, driven by a leading global stock market rebound and advancements in China's high-tech industry [3][4] - Goldman Sachs reported that the activity of global hedge funds in China's domestic stock market last month was the highest in recent years [4] - According to Morgan Stanley, foreign long funds saw an inflow of $1 billion by the end of August, contrasting with an outflow of $17 billion last year, indicating a significant shift in investor sentiment [5] Group 2 - Fidelity International noted a clear increase in global investors' interest in Chinese assets, driven by improvements in fundamentals rather than just policy enthusiasm [5] - Invesco has increased its allocation to Chinese stocks while reducing exposure to Indian stocks, citing the latter as "expensive" [6] - As of June this year, net inflows into Chinese assets exceeded 60% of the total for the entire year of 2024, suggesting a strong ongoing trend [7] Group 3 - On September 29, Chinese assets experienced a significant rally, with the ChiNext Index rising by 2.74% and the Shenzhen Component Index increasing by 2.05% [9] - Analysts believe that the logic supporting the stock market's rise remains unchanged, and the current market valuation is reasonable, indicating potential for further upward movement post-holiday [9][10] - The upcoming 20th National Congress of the Communist Party is expected to create a key window for the A-share market, potentially boosting market risk appetite [10]

格隆汇9月29日｜南下资金今日净卖出港股16.54亿港元。其中： | 名称 | 潔跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 阿里巴巴-W | 4.1% | 16.60 | 86.90 Z | 阿里巴-W | 4.1% | 18.96 | 52.11 亿 | | 小米集团-W | -2.0% | 4.23 | 62.23 Z | 小米斯国-W | -2.0% | 5.73 | 36.91 亿 | | 腾讯控股 | 2.5% | 12.64 | 40.63 Z | 中心国际 | 4.9% | 3.62 | 30.22 Z | | 盘高星童 | 1.7% | -39.76 | 39.81 Z | 腾讯控股 | 2.5% | 2.30 | 24.53 Z | | 中心国际 | 4.9% | 0.17 | 36.82 Z | 盘高量 | 1.7% | -18.07 | 18.12 ( | | 理想汽车-W | -1.6% | 6.05 | 18.56 Z | 作机 ...

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 （於香港註冊成立之有限公司） （股份代號：01347） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《華虹半導 體有限公司關於發行股份及支付現金購買資產並募集配套資金暨關聯交易事項的 進展公告》，僅供參閱。 承董事會命 華虹半導體有限公司 董事會主席兼執行董事 唐均君先生 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 張祖同 王桂壎太平紳士 封松林 A 股代码：688347 A 股简称：华虹公司 公告编号：2025-029 港股代码：01347 港股简称：华虹半导体 中國上海，二零二五年九月二十九日 於本公告日期，本公司董事分別為： 執行董事： 唐均君 （董事會主席） 白鵬 （總裁） 华虹半导体有限公 ...

| A 股代码：688347 | A | 股简称：华虹公司 公告编号：2025-029 | | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | 华虹半导体有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次交易的基本情况 华虹半导体有限公司（以下简称"公司"）拟通过发行股份及支付现金的方 式购买上海华力微电子有限公司（以下简称"华力微"）股权并募集配套资金 （以下简称"本次交易"）。本次交易完成后，华力微将成为公司的控股子公司。 本次交易预计构成关联交易，但不构成重大资产重组及重组上市。 三、风险提示 本次交易尚需履行多项审批程序方可实施，包括但不限于再次召开董事会审 议本次交易方案、召开股东大会审议批准本次交易方案、香港证监会及联交所必 要的审批程序、上海证券交易所审核通过及中国证券监督管理委员会同意注册等。 本次交易能否通过上述审批及最终取得批准或同意注册的时间均存在不确定性， 敬请广大 ...

Core Viewpoint - The Hang Seng Tech Index increased by 2%, indicating a positive trend in the technology sector in Hong Kong [1] Company Performance - SenseTime, Hua Hong Semiconductor, and Alibaba each saw their stock prices rise by over 4% [1] - Kuaishou and Kingdee International experienced stock price increases of over 3% [1]

Summary of Hua Hong Conference Call Company Overview - **Company**: Hua Hong (1347.HK) - **Industry**: Semiconductor Key Points and Arguments 1. **Capacity Expansion and Technology Migration**: Hua Hong is positively positioned due to its transition to 40nm and 28nm technology, alongside ongoing capacity expansion [1][3] 2. **Supportive Government Policies**: The Chinese government is enhancing the semiconductor ecosystem through supportive policies and subsidies, including a US$47 billion investment fund for the integrated circuit industry [1][2] 3. **Investment Fund Phase Three**: The third phase of China's IC investment fund has commenced, with a focus on the entire supply chain from design to equipment, indicating strong governmental backing for the semiconductor sector [2] 4. **Positive Outlook for Revenue Growth**: Revenue estimates for 2028-29 have been slightly increased due to anticipated policy and fund support benefiting Hua Hong's downstream customers and local equipment suppliers [3] 5. **Earnings Revision**: The net income estimates for 2028-29 have been raised by 0.2% and 0.6%, reflecting a more optimistic long-term growth outlook for Hua Hong [3] 6. **Gross Margin Improvement**: Gross margin estimates for 2028-29 have been adjusted upwards by 0.1 percentage points, indicating a more favorable outlook on utilization rates [3] 7. **Target Price Increase**: The target price for Hua Hong has been raised by 13% to HK$87.0, based on a target P/E of 51.5x for 2028E, reflecting a positive re-rating of Chinese semiconductor companies [7][15] 8. **Valuation Methodology**: The valuation is based on a discounted P/E method, with the target multiple derived from the correlation between peers' trading P/E and earnings growth [7][15] Important but Overlooked Content 1. **Investment in Equipment Company**: The Phase Three fund recently invested in Piotech Jianke, which specializes in deposition tools and equipment for 3D integration, highlighting the focus on enhancing domestic capabilities [2] 2. **Risks to Price Target**: Key risks include weaker-than-expected end-market demand, slower ramp-up of 12" fabs, and uncertainties surrounding US-China trade relations [16] 3. **Financial Metrics**: The revenue for 2025E is projected at US$2.444 billion, with a net income of US$82 million, indicating a recovery trajectory post-2023 [7][13] 4. **Cash Flow and Capital Expenditures**: The cash flow from operations is expected to improve significantly, with capital expenditures projected to remain high, reflecting ongoing investments in capacity [14] This summary encapsulates the essential insights from the conference call regarding Hua Hong's strategic positioning, financial outlook, and the broader semiconductor industry context in China.

Summary of Semiconductor Manufacturing and Equipment Industry Conference Call Industry Overview - The semiconductor manufacturing and equipment sector has shown remarkable performance in 2025, with the wafer foundry segment doubling in growth and the semiconductor equipment sector increasing by 57% since the beginning of the year [2][4] - The storage segment's expansion has significantly driven growth in the semiconductor equipment industry, with a 21% increase observed since September [1][2] Key Points and Arguments - **Storage Expansion Impact**: The expansion in the storage sector has led to increased confidence among manufacturers, with companies like Zhongwei and Huahai benefiting significantly, showing stock price increases of 30% and 50% respectively [1][3] - **Domestic Market Share Growth**: Domestic storage manufacturers have substantial room for market share growth, particularly in the NAND market, which is expected to rise from 10% to 30%, resulting in significant equipment spending increases [1][6] - **US Sanctions and Domestic Equipment Replacement**: US sanctions are accelerating the replacement of imported equipment with domestic alternatives, with potential increases in domestic equipment spending by 25 billion RMB if the domesticization rate rises from 30% to 80% [1][7] - **Advanced Logic Demand**: There is a strong demand for advanced logic, particularly for 7nm and below processes, with TSMC planning to add over 20 new wafer fabs to meet this demand [1][8] - **Supply and Demand Dynamics**: The domestic semiconductor market is experiencing high demand but tight supply, with projections indicating a rise in demand for 7nm wafers from 70,000-80,000 to over 100,000 in the next 3-5 years [9] Additional Important Insights - **Investment Value in Semiconductor Equipment**: The capital expenditure (Capex) for 7nm processes is approximately $2 billion per 10,000 wafers, with potential increases for more advanced processes, indicating substantial investment opportunities [10] - **Mature Logic Sector Development**: Companies like Huahong are expanding their production capacity, which is expected to drive continuous orders and growth in the equipment sector [11] - **Wafer Foundry Performance**: Notable stock performance in companies like SMIC and Huahong, with significant increases in both A-share and Hong Kong stock markets, reflecting strong industry sentiment and demand recovery [12][13] - **High Utilization Rates**: SMIC and Huahong reported high utilization rates of 92.3% and 108% respectively, indicating robust domestic demand and a recovery in wafer foundry services [14] - **AI and Advanced Process Influence**: AI and advanced processes are major growth drivers, with significant revenue potential from 7nm and 5nm processes, suggesting a strong market outlook for the semiconductor industry [15][16]

格隆汇9月28日｜据Choice数据，剔除新股和次新股，周五A股市场共有52家上市公司盘中股价创出历 史新高。这52家公司分别是：紫金矿业、阳光电源、洛阳钼业、赛力斯、华虹公司、ST华通、徐工机 械、浪潮信息、华工科技、晶合集成、杰瑞股份、华海清科、兴业银锡、科博达、科华数据、安集科 技、中科飞测、剑桥科技、纽威股份、电气风电、宁波华翔、北方铜业、华建集团、聚辰股份、应流股 份、精达股份、聚和材料、汇成股份、美湖股份、隆盛科技、菲林格尔、新坐标、*ST宇顺、统联精 密、赛微微电、亚翔集成、优优绿能、捷邦科技、*ST亚振、合锻智能、易德龙、和远气体、锦华新 材、金马游乐、智洋创新、唯特偶、品茗科技、佰奥智能、埃科光电、征和工业、太龙股份、通源环 境。 ...

★ 宏观动态 ★ 中国炼焦行业协会：从未发布或授权任何关于"强制限产""联合提价"的通知或倡议 9月26日，中国炼焦行业协会发布严正声明：中国炼焦行业协会从未发布或授权任何关于"强制限产""联合提 价"的通知或倡议。协会始终严格遵守国家法律法规，坚决维护公平竞争的市场环境。涉事机构及个人应立即 停止侵权行为，协会保留追究其法律责任的权利。 外汇局：8月我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2% 8月，我国国际收支货物和服务贸易进出口规模42818亿元，同比增长2%。其中，货物贸易出口21395亿元，进 口15202亿元，顺差6193亿元；服务贸易出口2546亿元，进口3675亿元，逆差1129亿元。服务贸易主要项目 为：旅行服务进出口规模1887亿元，运输服务进出口规模1745亿元，其他商业服务进出口规模996亿元，电 信、计算机和信息服务进出口规模583亿元。按美元计值，8月，我国国际收支货物和服务贸易出口3357亿美 元，进口2647亿美元，顺差710亿美元。 教育部等六部门印发《县域普通高中振兴行动计划》 据央视新闻报道，我国有近60%的高中学生，是在县域中学读书，县中办得好不好， ...