Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index has decreased by 1.20% as of November 10, 2025, with mixed performance among constituent stocks [2] - The government has issued implementation opinions to accelerate the cultivation and large-scale application of new AI scenarios, emphasizing the need for core technology breakthroughs and application promotion [2][3] - The recent launch of the Kimi K2Thinking model by Moonlight Dark Side has garnered attention, showcasing significant cost advantages over international models like OpenAI's GPT-5 [3] - The total size of the Sci-Tech AI ETF has reached 6.08 billion yuan, ranking it among the top funds in its category [4] Market Performance - The Sci-Tech AI ETF has seen a 23.97% increase over the past three months, with a recent price of 0.77 yuan and a turnover rate of 2.19% [2] - The ETF has experienced a net inflow of 75.248 million yuan recently, with a notable average daily net inflow of 37.674 million yuan over the past five trading days [4] Policy and Industry Developments - The new policy aims to create a closed-loop path for technology breakthroughs, scenario validation, and industrial application, which is expected to accelerate AI development [3] - Major companies like Kingdee and Kingsoft Office are launching new products that integrate multiple AI agents, indicating a shift from AI as a tool to autonomous decision-making [3] - Global tech giants are increasing investments in AI, with Amazon and OpenAI's collaboration valued at 38 billion dollars and Meta planning to invest 600 billion dollars in AI infrastructure over the next seven years [3] Index Composition - As of October 31, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index account for 70.92% of the index, including companies like Lanqi Technology and Kingsoft Office [5]

Core Viewpoint - The company reported a revenue of 3.024 billion RMB for the first three quarters, representing a year-on-year growth of 12.7%, with Q3 revenue reaching 1.186 billion RMB, up 33.28% year-on-year, driven by sales in non-volatile storage chips, smart meter chips, and FPGA and other chip businesses [1] Revenue Summary - The revenue for Q3 was primarily boosted by non-volatile storage chips, smart meter chips, and FPGA and other chip sales, with year-on-year growth rates of 44%, 42%, and 34% respectively [2] - The revenue from security and identification chips in Q3 grew by 16% year-on-year [2] Profitability Summary - The overall gross margin for products in the first three quarters was 58.47%, an increase of 3.42 percentage points year-on-year, while Q3 gross margin reached 61.06%, up 8.91 percentage points, attributed to revenue growth and product structure optimization [1] - The net profit attributable to the parent company for the first three quarters was 330 million RMB, a decrease of 22.69% year-on-year, influenced by government subsidy verification, reduced VAT deductions, increased storage impairment provisions, and intangible asset impairment [1] - In Q3, the net profit attributable to the parent company was 137 million RMB, a significant increase of 72.69%, corresponding to a net profit margin of 12% [1] Business Segment Performance - The non-volatile memory business in Q3 generated revenue of 343 million RMB, a year-on-year increase of 44%, driven by demand recovery in the consumer electronics market due to national subsidy policies [2] - The smart meter chip business achieved revenue of 139 million RMB in Q3, growing by 42% year-on-year, with sales growth in smart water, gas, and heat meters, as well as industrial control [2] - The FPGA and other products generated revenue of 433 million RMB in Q3, reflecting a year-on-year growth of 34%, with high reliability products in demand [3] Market Outlook - The company is actively exploring consumer applications and partnerships, particularly in the security and identification chip sector, where it faces intense market competition but maintains a strong position in emerging fields [2] - The company anticipates continued price increases and improved profitability in the SLC NAND segment due to rising demand and prices for related products [2] - The company has adjusted its net profit forecasts for 2025-2027 to 530 million, 976 million, and 1.191 billion RMB respectively, reflecting a year-on-year growth rate of -7%, +84%, and +22% [3]

Market Overview - The semiconductor sector experienced a decline of 1.13% on November 7, with Daway Technology leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Top Gainers in Semiconductor Sector - Kangqiang Electronics (002119) saw a significant increase of 10.02%, closing at 21.08 with a trading volume of 745,900 shares [1] - Wentai Technology (600745) rose by 9.70%, closing at 45.00 with a trading volume of 902,200 shares [1] - Changguang Huaxin (688048) increased by 9.01%, closing at 87.50 with a trading volume of 268,200 shares [1] Top Losers in Semiconductor Sector - Daway Technology (002213) fell by 5.66%, closing at 26.48 with a trading volume of 604,100 shares [2] - Canxin Technology (688691) decreased by 5.28%, closing at 115.73 with a trading volume of 67,900 shares [2] - Fudan Microelectronics (688385) dropped by 4.85%, closing at 57.90 with a trading volume of 136,600 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 4.338 billion yuan from institutional investors, while retail investors saw a net inflow of 2.454 billion yuan [2][3] - Notable net inflows from retail investors were observed in Kangqiang Electronics and New Clean Energy, with net inflows of 1.41 billion yuan and 1.15 billion yuan respectively [3] Summary of Trading Data - The trading data indicates a mixed performance among semiconductor stocks, with significant volatility in both gains and losses across various companies [1][2][3]

Core Viewpoint - The company reported its Q3 2025 results, showing a significant increase in revenue and profit in Q3, while facing challenges in the first three quarters of the year, leading to a decline in net profit year-over-year. Revenue Summary - For the first three quarters of 2025, the company achieved revenue of 3.024 billion yuan, a year-over-year increase of 12.7% [1] - In Q3 2025, revenue reached 1.186 billion yuan, representing a year-over-year growth of 33.3% and a quarter-over-quarter increase of 24.7% [3] - Revenue breakdown for Q3 includes: - Security and identification chips: 239 million yuan, up 16.0% YoY, up 25.8% QoQ - Non-volatile memory: 343 million yuan, up 44.1% YoY, up 69.0% QoQ - Smart meter chips: 139 million yuan, up 41.8% YoY, down 4.1% QoQ - FPGA and other products: 433 million yuan, up 34.5% YoY, up 17.7% QoQ - Testing services: 32 million yuan, up 23.1% YoY, down 30.4% QoQ [3] Profit Summary - The gross profit margin for the first three quarters was 58.47%, an increase of 3.42 percentage points year-over-year [2] - Net profit attributable to shareholders for the first three quarters was 330 million yuan, a decline of 22.69% YoY, while the non-GAAP net profit was 303 million yuan, down 21.21% YoY [2] - In Q3, net profit attributable to shareholders was 137 million yuan, a significant increase of 73.4% YoY and 140.4% QoQ, driven by revenue and gross profit growth [3] Product Development and Market Expansion - The company is actively expanding new products, with notable growth in FPGA and other product lines [1] - Key developments include: - Security and identification chips: Gaining market share through deep cooperation with Alipay - Non-volatile memory: Launching NOR Flash series for AMOLED modules and IoT modules - Smart meter chips: Inclusion of automotive-grade MCU products in customer platforms - FPGA and others: Advancements in large-scale FPGA and RF-FPGA production [4] Profit Forecast Adjustment - Due to impairment impacts, the company has adjusted its net profit forecasts for 2025-2027 to 645 million, 1.009 billion, and 1.285 billion yuan, respectively, down from previous estimates [4]

25Q3 营收和盈利同比增长明显，存储和高可靠领域需求向好 ——上海复旦（1385.HK）2025 年三季报业绩点评 要点 事件：公司前三季度实现营收 30.24 亿人民币，同比增长 12.7%；25Q3 实现 营收 11.86 亿人民币，同比增长 33.28%；Q3 营收增长主要系非挥发性存储 芯片、智能电表芯片和 FPGA 及其他芯片业务的销售带动，Q3 收入分别同比 增长 44%/42%/34%，而安全与识别芯片 Q3 营收同比增长 16%。利润端， 前三季度产品综合毛利率 58.47%，同比增长 3.42pct；25Q3 产品综合毛利 率 61.06%，同比增长 8.91pct，系营收增长叠加产品结构优化。前三季度归 母净利润 3.30 亿人民币，同比下降 22.69%，系受到政府补助专项验收和增 值税加计抵减额下降、存储跌价准备增加、无形资产计提减值等的影响。其中 25Q3 归母净利润 1.37 亿人民币，同比增长 72.69%，对应归母净利率 12%。 非挥发性存储器 Q3 营收回暖，公司积极开拓民品应用领域和合作：1）安全 与识别芯片业务 25Q3 实现收入 2.39 亿元，同比增长 16%。金 ...

Core Viewpoint - The semiconductor sector experienced a decline of 0.79% on November 5, with Zhongjing Technology leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.23% and the Shenzhen Component Index increased by 0.37% [1][2]. Semiconductor Sector Performance - The semiconductor sector's main stocks showed mixed performance, with notable gainers including Hongwei Technology (+6.58%), Helin Micro-Nano (+5.04%), and Dawi Co. (+3.32%). Conversely, Zhongjing Technology led the decline with a drop of 6.56% [1][2]. - The trading volume and turnover for key stocks were significant, with Dawi Co. achieving a turnover of 1.847 billion yuan and Hongwei Technology reaching 305 million yuan [1][2]. Capital Flow Analysis - On the same day, the semiconductor sector saw a net outflow of 4.316 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.2 billion yuan [2][3]. - Specific stocks like TuoJing Technology and Dawi Co. experienced varying levels of net inflow and outflow from different investor categories, indicating diverse investor sentiment within the sector [3].

Group 1 - Fudan Microelectronics experienced a decline of 5.01% on November 5, with a stock price of 58.42 yuan per share and a trading volume of 367 million yuan, resulting in a total market capitalization of 47.988 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: 37.04% from FPGA and other products, 23.92% from non-volatile memory, 21.35% from security and identification chips, 13.46% from smart meter chips, 4.15% from IC testing services, and 0.09% from rental income [1] Group 2 - According to data, one fund under Baodao holds a significant position in Fudan Microelectronics, with the Baodao SSE STAR Market Composite Index Enhanced A Fund (023901) holding 117,700 shares, accounting for 1.14% of the fund's net value, making it the eighth largest holding [2] - The Baodao SSE STAR Market Composite Index Enhanced A Fund was established on April 29, 2025, with a latest scale of 78.021 million yuan and has achieved a return of 37.6% since inception [2] Group 3 - The fund manager of Baodao SSE STAR Market Composite Index Enhanced A Fund is Yang Meng, who has been in the position for 7 years and 90 days, managing total assets of 18.856 billion yuan, with the best fund return during the tenure being 175.63% and the worst being -27.34% [3]

Core Viewpoint - The semiconductor sector in Hong Kong experienced an initial surge on November 4, with notable increases in stock prices for several companies, indicating positive market sentiment in this industry [1] Company Summaries - Shanghai Fudan saw a nearly 3% increase in its stock price [1] - Hua Hong Semiconductor and SMIC both experienced stock price increases of over 2% [1]

Core Viewpoint - CICC reports that Shanghai Fudan achieved a revenue of 3.024 billion yuan in the first three quarters, representing a year-on-year growth of 12.7%, while net profit decreased by 22.69% to 330 million yuan [1] Financial Performance - For the third quarter, Shanghai Fudan reported a revenue of 1.186 billion yuan, showing a year-on-year increase of 33.28%, and a net profit of 137 million yuan, which is a year-on-year growth of 72.69% [1] - The performance aligns with market expectations [1] Profit Forecast Adjustments - Considering the impact of asset impairment losses, CICC has lowered the net profit forecast for Shanghai Fudan in 2025 by 28.8% to 639 million yuan and introduced a net profit forecast for 2026 of 923 million yuan [1] Rating and Target Price - CICC maintains a "outperforming the industry" rating for Shanghai Fudan and has raised the target price by 30.1% to 67.42 HKD, taking into account the upward shift in industry valuation [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海復旦微電子集團股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01385 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...