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 | ...

Core Viewpoint - Foreign public funds are optimistic about Chinese assets and have significantly increased their positions in the technology growth sector during the third quarter, as revealed by the latest quarterly reports from major foreign fund companies [2][3][4]. Group 1: Fund Positioning and Strategies - Several foreign public funds, including Fidelity and BlackRock, have notably increased their holdings in technology stocks, with Fidelity's fund significantly adding 126,000 shares of the humanoid robot leader, UBTECH, making it their largest holding [2]. - The top ten holdings of Fidelity's fund now include H-shares and A-shares of SMIC and Shanghai Fudan, indicating a strategic focus on key technology players [2]. - The fund managers from Fidelity attribute the strong performance of the technology growth sector to the transitional achievements of the Chinese economy, driven by innovation [2][3]. Group 2: Sector Focus and Future Outlook - The managers of the Robeco China Opportunities Mixed Fund emphasize a balanced growth-oriented portfolio, focusing on high-end manufacturing upgrades, the automotive and electric vehicle supply chain, and AI technology [3]. - Allianz's fund managers express confidence in high-quality technology assets leading the revaluation of Chinese stocks, maintaining a high stock position and achieving good investment returns [3][4]. - BlackRock's fund managers highlight an increased focus on the electronics sector, benefiting from self-sufficient chips and AI-driven PCB cycles, while maintaining a positive outlook on Chinese assets [4]. Group 3: Investment Themes and Asset Allocation - The managers from Allianz suggest that A-shares are becoming increasingly attractive, planning to maintain an "overweight" position in stocks and dynamically adjust based on market conditions [4]. - They also plan to focus on high-quality technology assets that are expected to exceed profit expectations, as well as dividend assets with significant revaluation potential [4]. - Schroders' fund managers note a rebound in industrial profits in August and are optimistic about the potential wealth effect of the stock market on consumption, favoring cyclical and technology sectors [5].

Core Insights - The technology growth sector is experiencing a downturn, with the domestic AI industry-focused ETF (589520) showing a decline of 1.93% on October 31, 2025, despite a strong buying interest indicated by continuous premium pricing [1][3] - The ETF's top-performing stocks are primarily in software development, with notable gains from companies like Foxit Software (20% increase) and Hehe Information (14.14% increase), while hardware-related stocks like Stone Technology and Cambrian fell significantly [3][4] - A new five-year plan emphasizes the implementation of "AI+" initiatives, aiming for substantial progress in data-driven urban economic development by the end of 2027 [4] Stock Performance - The top ten stocks in the ETF include Foxit Software, Hehe Information, and Xianghuan Technology, all showing significant gains, while several others in the computing hardware sector faced declines [4][5] - As of October 31, 2025, all 30 constituent stocks of the ETF reported their Q3 earnings, with 20 companies profitable and 22 showing year-on-year net profit growth, led by Cambrian's impressive 321% increase [5][6] Market Outlook - Analysts predict a turning point for domestic AI applications, driven by external environmental changes and domestic policy support, suggesting a significant increase in demand for AI applications [6][7] - The ETF has outperformed other indices since its low point on April 8, 2025, with a cumulative increase of 60.36%, surpassing the broader technology indices [7][8] Policy and Industry Trends - The government is focusing on AI as a key technology for achieving self-sufficiency and security in the context of technological friction, with the ETF strategically positioned in the domestic AI supply chain [7] - The report from QuestMobile indicates that the number of active mobile AI application users in China has surpassed 729 million as of September 2025, highlighting the growing adoption of AI technologies [5]

Group 1 - The semiconductor sector in Hong Kong experienced a decline, with major companies like SMIC and Hua Hong Semiconductor dropping over 4% [2] - The semiconductor index fell by 3.88%, closing at 5309.924, down 214.057 points [3] - The trading volume was 28.927 million, with a total transaction value of 2.219 billion [3] Group 2 - The "14th Five-Year Plan" aims to accelerate breakthroughs in the entire semiconductor industry chain, focusing on developing new model algorithms and high-performance computing chips [4] - The domestic chip localization rate is expected to increase from 10% in October 2021 to 18% by 2024, with AI chip penetration projected at around 30% for Chinese brands [4] - There is a significant demand for domestic alternatives in CPU, GPU, analog chips, storage chips, and automotive chips due to external restrictions and the clear guidance of the "14th Five-Year Plan" [4]

每经AI快讯，10月31日，港股半导体股盘初走弱，华虹半导体、中芯国际跌超4%，上海复旦跌超3%。 每日经济新闻 ...

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之內容概不負責，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份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 新公司章程(草案) 茲提述上海復旦微電子集團股份有限公司（「本公司」）日期分別為 2025 年 10 月 28 日 之公告（「該公告」），內容有關（其中包括）建議修訂公司章程及採納新公司章程。除 文義另有所指外， 本公告所用詞彙與該公告所界定者具相同涵義。 本公告附錄一列載已納入全部建議修訂的新公司章程(草案)，待股東於股東大會上以特 別決議案方式批准後，方可作實。此英文版為中文版的譯文，僅供參考。倘若譯文出現 歧義及╱ 或中英文兩個版本之間存在任何不一致，應以中文版為準。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 公司秘 ...

Group 1 - Chuanfa Longmang's wholly-owned subsidiary plans to invest 660 million yuan to establish a joint venture for a 175,000 tons/year high-pressure lithium iron phosphate project in Sichuan Mianzhu, with a total investment of 1.961 billion yuan [1] - The joint venture will be co-owned by Jiangxi Shenghua New Materials (51%) and Deyang Chuanfa Longmang (49%) [1] - Chuanfa Longmang specializes in the production and sales of various phosphate products, including lithium iron phosphate [1] Group 2 - Sino Medical's COMETIU self-expanding intracranial drug-coated stent system registration application was not approved by the National Medical Products Administration [2] - Sino Medical focuses on the research, development, production, and sales of high-end interventional medical devices [3] Group 3 - Jincheng Pharmaceutical's subsidiaries have been selected for the 11th batch of national drug centralized procurement [3] - Jincheng Pharmaceutical is engaged in the research, development, production, and sales of pharmaceutical intermediates and formulations [3] Group 4 - Zhongke Lanyun reported a 4.29% increase in revenue to 1.302 billion yuan and a 2.17% increase in net profit to 211 million yuan for the first three quarters [4] - The company specializes in wireless audio SoC chip research, design, and sales [5] Group 5 - Dabo Medical achieved a 22.69% increase in revenue to 1.876 billion yuan and a 77.03% increase in net profit to 425 million yuan for the first three quarters [6] - Dabo Medical focuses on the production, research, and sales of high-value medical consumables [7] Group 6 - Dayang Electric reported a 3.81% increase in revenue to 9.180 billion yuan and a 25.95% increase in net profit to 845 million yuan for the first three quarters [8][9] - The company operates in the electric motor sector, focusing on building and home appliance motors and automotive components [9] Group 7 - Fudan Microelectronics reported a 12.70% increase in revenue to 3.024 billion yuan but a 22.69% decrease in net profit to 330 million yuan for the first three quarters [10][11] - The company specializes in the design, development, and testing of large-scale integrated circuits [11] Group 8 - Shaanxi Energy reported a 2.83% decrease in revenue to 16.359 billion yuan and a 3.23% decrease in net profit to 2.417 billion yuan for the first three quarters [12][13] - The company is involved in thermal power generation and coal production and sales [13] Group 9 - Runhe Software reported a 12.86% increase in revenue to 2.719 billion yuan but a 29.01% decrease in net profit to 78.57 million yuan for the first three quarters [14][15] - The company focuses on financial technology, smart IoT, and smart energy [15] Group 10 - Shenzhen Gas reported an 8.63% increase in revenue to 22.528 billion yuan but a 13.08% decrease in net profit to 918 million yuan for the first three quarters [16][17] - The company specializes in urban gas supply and comprehensive energy services [17] Group 11 - Light Media reported a 150.81% increase in revenue to 3.616 billion yuan and a 406.78% increase in net profit to 2.336 billion yuan for the first three quarters [18][19] - The company is engaged in the investment, production, and distribution of film projects [19] Group 12 - Dazhong Mining's subsidiary obtained a mining license for the Hunan Jijiao Mountain lithium mine, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [19] - The company specializes in iron ore mining and production [19] Group 13 - Yirui Technology reported a 14.22% increase in revenue to 1.549 billion yuan and a 20.61% increase in net profit to 471 million yuan for the first three quarters [20] - The company focuses on the research, production, and sales of digital X-ray detectors and related solutions [20] Group 14 - TCL Zhonghuan reported a 4.48% decrease in revenue to 121.572 billion yuan and a net loss of 5.777 billion yuan for the first three quarters [21][22] - The company specializes in the research, production, and sales of photovoltaic silicon wafers, cells, and modules [22] Group 15 - Huangshan Tourism reported an 8.75% increase in revenue to 1.535 billion yuan but an 11.02% decrease in net profit to 253 million yuan for the first three quarters [23][24] - The company provides tourism and leisure services [24] Group 16 - Mountain Outside Mountain reported a 39.79% increase in revenue to 584 million yuan and a 68.68% increase in net profit to 105 million yuan for the first three quarters [25][26] - The company specializes in the research, production, and sales of blood purification equipment and services [26] Group 17 - Huajin Capital reported a 16.36% increase in revenue to 349 million yuan and a 185.62% increase in net profit to 104 million yuan for the first three quarters [27] - The company focuses on investment management and electronic device manufacturing [27] Group 18 - Datang Power reported a 1.82% decrease in revenue to 89.345 billion yuan but a 51.48% increase in net profit to 6.712 billion yuan for the first three quarters [28][29] - The company primarily engages in thermal power generation [29] Group 19 - Datang Power announced the acquisition of a 50% stake in Anhui Electric Power for 1 yuan, which will result in full ownership of Anhui Electric Power [30] - The company focuses on thermal power generation [30] Group 20 - Kairun Co. reported a 22.94% increase in revenue to 3.719 billion yuan but a 13.38% decrease in net profit to 278 million yuan for the first three quarters [31] - The company specializes in the research, design, production, and sales of leisure bags and related products [31] Group 21 - Dafu Technology reported a 1.95% increase in revenue to 1.764 billion yuan but a net loss of 170 million yuan for the first three quarters [32] - The company focuses on the research, production, and sales of RF products and automotive components [32] Group 22 - Dafu Technology plans to publicly transfer 49% of its stake in Dasheng Graphite [34] - The company specializes in the research, production, and sales of RF products and automotive components [34]

Core Viewpoint - Fudan Microelectronics (688385.SH) reported a total operating revenue of 3.024 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 12.7%. However, the net profit attributable to shareholders decreased by 22.69% to 330 million yuan, with basic earnings per share at 0.4 yuan [1] Financial Performance - Total operating revenue for the first three quarters reached 3.024 billion yuan, marking a 12.7% increase year-on-year [1] - Net profit attributable to shareholders was 330 million yuan, showing a decline of 22.69% compared to the previous year [1] - Basic earnings per share stood at 0.4 yuan [1]