Group 1 - The core viewpoint is that the 科创100ETF fund has shown significant growth, with a 3.63% increase and a total scale of 57.64 billion, making it the largest in its category [1][2] - Semiconductor stocks are experiencing a strong performance, driven by Oracle's announcement of a 359% year-on-year increase in unmet performance obligations, reaching 455 billion [1] - The ongoing global AI computing power competition is expected to drive demand in the semiconductor and consumer electronics sectors, with a focus on innovation and recovery in demand [1] Group 2 - The 科创100ETF fund closely tracks the 上证科创板100 index, which selects 100 securities from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the 上证科创板100 index account for 23.82% of the index, including companies like 东芯股份 and 华虹公司 [2]

Group 1 - The semiconductor sector in both A-shares and Hong Kong stocks is experiencing significant strength, with notable stocks like Haiguang Information and Cambricon Technologies seeing substantial gains [1] - Oracle's recent financial results have catalyzed the computing power sector, with its remaining performance obligations soaring to $455 billion, a 359% year-on-year increase, driven by large cloud contracts with top AI companies [1] - The semiconductor materials market is expanding steadily, with growth observed in sub-sectors such as photoresists and electronic chemicals, indicating a positive outlook for the semiconductor materials sector [1] Group 2 - The Hang Seng Technology Index is currently undervalued, with expectations of a rebound due to continuous inflow of southbound funds and the potential start of a new interest rate cut cycle in the US [2] - The ongoing anti-involution policies and Alibaba's better-than-expected financial results, along with rapid iterations in AI large models, suggest a potential revaluation of the Hang Seng Technology sector [2]

Market Overview - The Hang Seng Index closed down 0.29% at midday on September 11, while the Hang Seng Tech Index fell by 0.09% [1] Sector Performance - The semiconductor sector showed strong performance, with SMIC rising over 6%, and Huahong Semiconductor and Shanghai Fudan both increasing nearly 6% [1] - Conversely, the pharmaceutical and automotive sectors experienced declines, with Hansoh Pharmaceutical dropping 9.18% and China Biologic Products falling 5.46% [1]

Group 1 - The core viewpoint of the news is the significant increase in the stock price of Huahong Semiconductor, which rose by 5.08% to 71.77 CNY per share, with a trading volume of 1.16 billion CNY and a turnover rate of 4.06%, leading to a total market capitalization of 124.42 billion CNY [1] - Huahong Semiconductor, established on January 21, 2005, and listed on August 7, 2023, is primarily engaged in specialty process wafer foundry services, offering a diverse range of platforms including embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - The company's revenue composition is heavily weighted towards integrated circuit wafer foundry services, accounting for 94.60% of total revenue, with other services contributing 4.78% and rental income at 0.62% [1] Group 2 - Jin Xin Fund has a significant position in Huahong Semiconductor, with its Jin Xin Transformation Innovation Mixed A Fund (002810) increasing its holdings by 137,000 shares in the second quarter, bringing the total to 330,000 shares, which represents 4.41% of the fund's net value [2] - The Jin Xin Transformation Innovation Mixed A Fund has achieved a year-to-date return of 30.62%, ranking 2130 out of 8175 in its category, and a one-year return of 89%, ranking 527 out of 7982 [2] - The fund managers, Huang Biao and Yang Chao, have demonstrated varying performance, with Huang achieving a best return of 116.46% and Yang a best return of 59.06% during their respective tenures [3]

Group 1 - The core viewpoint of the news is the performance and business profile of Huahong Semiconductor, which saw a stock price increase of 5.08% to 71.77 CNY per share, with a total market capitalization of 124.42 billion CNY [1] - Huahong Semiconductor, established on January 21, 2005, specializes in specialty process wafer foundry services, providing a diverse range of platforms including embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 94.60%, with other revenues from various sources [1] Group 2 - From the perspective of fund holdings, the Tongtai Tongxin Mixed A Fund (013657) has a position in Huahong Semiconductor, having reduced its holdings by 647 shares in the second quarter, now holding 893 shares, which represents 0.14% of the fund's net value [2] - The fund has a total scale of 29.86 million CNY and has achieved a year-to-date return of 3.63% [2] - The fund manager, Ma Yi, has a tenure of 11 years and 179 days, with the best fund return during his tenure being 47.12% [3]

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

国泰海通证券股份有限公司 关于华虹半导体有限公司 2025年半年度持续督导跟踪报告 重大事项提示 2025年上半年，华虹半导体有限公司（以下简称"华虹公司"或"公司"）营 业收入801,765.69万元，较上年同期上升19.09%；归属于上市公司股东的净利润 7,431.54万元，归属于上市公司股东的扣除非经常性损益的净利润5,539.18万元，分 别较上年同期下降71.95%、76.31%。 公司2025年上半年收入较2024年上半年上升，但归属于上市公司股东的扣除非 经常性损益的净利润有所下降，主要系子公司华虹半导体制造（无锡）有限公司投 产初期产能爬坡及公司整体研发投入较高所致。2025年上半年，公司生产经营正常， 不存在重大风险。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》等有关法律法规的规定，国泰海通证券股份有限公司（以下简称"国泰海通" 或"保荐机构"）作为华虹公司持续督导工作的保荐机构，负责华虹公司上市后的 持续督导工作，并出具本持续督导跟踪报告。 | 工作内容 | 持续督导情况 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度，并针对 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） 中期報告 2025 INTERIM REPORT DEFINITIONS In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below. | "Board" | the Board of Directors of the Company; | | --- | --- | | "China" or "the PRC" | the People's Republic of China, but for the purpose of this interim report | | | and for geographical reference only, exc ...

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《國泰海通 證券股份有限公司關於華虹半導體有限公司2025年半年度持續督導跟蹤報告》， 僅供參閱。 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） 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 国泰海通证券股份有限公司 关于华虹半导体有限公司 中國上海，二零二五年九月八日 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） 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 2025年半年度持续督导跟踪报告 重大事项提示 2025年上半年，华虹半导体有限公司（以下简称"华 ...

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 股份代號：01347) NOTIFICATION LETTER 通知信函 8 September 2025 Dear Non-Registered Shareholder(1), Hua Hong Semiconductor Limited (the "Company") – Notification of publication of 2025 Interim Report ("Current Corporate Communications") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the websites of The Stock Exchange of Hong Kong Limited at w ...