Group 1 - Southbound funds recorded a net purchase of 1.171 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Pop Mart and Xiaomi Group-W received net purchases of 683 million HKD and 652 million HKD respectively [1] - Alibaba-W had the highest net sell amount, totaling 133 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Pop Mart and SMIC received net purchases of 438 million HKD and 180 million HKD respectively [1] - The Yingfu Fund had the highest net sell amount, reaching 1.102 billion HKD [1]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][10][36] Core Views - The demand for AI computing power and storage is experiencing high growth, with TSMC's revenue exceeding expectations [1] - AI applications are driving the demand for Nearline SSDs, leading to a continuous rise in storage prices [2] - TSMC's revenue for Q3 2025 reached $33.1 billion, a year-on-year increase of 40.8%, indicating strong AI demand [3] - The demand for overseas ASICs remains robust, with significant agreements between OpenAI and major companies [4] - Apple's AI initiatives are expanding into the Chinese market, with new products expected to launch in the coming years [5] Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.47%, while the electronic sector dropped by 7.14% [11] - The semiconductor sector showed resilience with the Philadelphia Semiconductor Index and Taiwan's technology index increasing by 5.78% and 0.27%, respectively [11] Company Performance - TSMC's Q3 2025 revenue was $33.1 billion, surpassing the guidance range of $31.8 to $33 billion [3] - The company expects Q4 2025 revenue to be between $32.2 billion and $33.4 billion, reflecting a year-on-year growth of 20% to 24% [3] Industry Trends - The demand for large-capacity Nearline SSDs is increasing due to AI applications, with Flash Wafer prices rising by over 10% [2] - Domestic storage manufacturers are expected to benefit from this upward trend in both volume and price [2] - The ASIC market is seeing increased orders, driven by partnerships between domestic and international firms [4] Key Investment Recommendations - The report suggests focusing on companies within the domestic semiconductor and storage sectors, including Jiangbolong, Demingli, and Zhaoyi Innovation [2][3] - It also highlights the importance of companies like Aojie Technology and Huazhong Semiconductor in the ASIC space [4] Notable Companies and Predictions - Key companies with investment ratings of "Outperform the Market" include SMIC, Aojie Technology, Demingli, and Lens Technology [10] - The report emphasizes the potential for growth in the semiconductor and storage sectors, particularly in light of AI demand [3][4]

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 27.724 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 3.374 billion yuan [1] - A total of 269 stocks experienced net inflows, while 320 stocks faced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 532 stocks rose, with four stocks hitting the daily limit, including Zhengyuan Dixin and Fangyuan Co., while 55 stocks declined [1] - Among the stocks with significant net inflows, 11 stocks had inflows exceeding 100 million yuan, with SMIC leading at 978 million yuan [2] Continuous Fund Flow - There are 27 stocks that have seen continuous net inflows for more than three trading days, with Kangwei Century leading at 13 consecutive days of inflow [2] - Conversely, 180 stocks have experienced continuous outflows, with Hangke Technology facing the longest streak at 14 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - SMIC: 977.8 million yuan, with a flow rate of 9.89% and a price increase of 3.72% [2] - Haiguang Information: 457.1 million yuan, with a flow rate of 5.76% and a price increase of 3.57% [2] - Zhongwei Company: 308.7 million yuan, with a flow rate of 8.48% and a price increase of 2.61% [2] Notable Outflows - The stock with the highest net outflow is Huahong Company, which saw a net outflow of 287 million yuan and a price decrease of 0.62% [1] - Other notable outflows include Dongxin Co. and Jinghe Integration, with net outflows of 178 million yuan and 157 million yuan, respectively [1]

Market Overview - The Shanghai Composite Index rose by 1.36% on October 21, with 30 out of 31 sectors experiencing gains, led by the communication and electronics sectors, which increased by 4.90% and 3.50% respectively [1] - The net inflow of capital in the two markets reached 27.724 billion yuan, with 17 sectors seeing net inflows, particularly the electronics sector, which attracted 12.028 billion yuan [1] Electronics Sector Performance - The electronics sector saw a 3.50% increase, with a total of 468 stocks in the sector, of which 432 rose and 36 fell [2] - Notably, 7 stocks hit the daily limit up, while 1 stock hit the limit down [2] - The top three stocks by net capital inflow were Industrial Fulian (21.99 billion yuan), Luxshare Precision (14.99 billion yuan), and SMIC (9.78 billion yuan) [2] Capital Inflow and Outflow - In the electronics sector, 253 stocks experienced net capital inflows, with 36 stocks receiving over 100 million yuan [2] - Conversely, 11 stocks faced net outflows exceeding 100 million yuan, with the highest outflows from Silan Microelectronics (6.03 billion yuan), Changying Precision (4.85 billion yuan), and Wanrun Technology (4.26 billion yuan) [2][3] Top Gainers in Electronics Sector - The top gainers in the electronics sector included: - Industrial Fulian: +9.57%, turnover rate 1.27%, net inflow 2.199 billion yuan - Luxshare Precision: +7.00%, turnover rate 4.03%, net inflow 1.498 billion yuan - SMIC: +3.72%, turnover rate 3.92%, net inflow 977.8 million yuan [2] Top Losers in Electronics Sector - The top losers in the electronics sector included: - Silan Microelectronics: +0.37%, turnover rate 10.92%, net outflow -602.64 million yuan - Changying Precision: -1.08%, turnover rate 9.69%, net outflow -484.85 million yuan - Wanrun Technology: -0.41%, turnover rate 26.74%, net outflow -425.77 million yuan [3]

Core Insights - The "Second Golden Unicorn Best Investment Advisor Selection" event is actively ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions aimed at enhancing the wealth management industry in China [1] Group 1: Investment Advisor Selection - The event provides a platform for investment advisors to showcase their capabilities and improve their services, fostering communication between outstanding advisors and the general public [1] Group 2: Top Stock Picks - On October 21, the top ten stocks by purchase frequency in the stock group included: 1. Zhongji Xuchuang (sz300308) 2. Junsheng Electronics (sh600699) 3. Zhaoyi Innovation (sh603986) 4. Sifangda (sz300179) 5. Hengrun Co., Ltd. (sh603985) 6. Sanhua Intelligent Control (sz002050) 7. SMIC (sh688981) 8. Shannon Chip (sz300475) 9. Inspur Information (sz000977) 10. Luxshare Precision (sz002475) [2] - The top ten stocks by purchase amount on the same day were: 1. Zhongji Xuchuang (sz300308) 2. Sanhua Intelligent Control (sz002050) 3. Hudian Co., Ltd. (sz002463) 4. Junsheng Electronics (sh600699) 5. Tianfu Communication (sz300394) 6. Wentai Technology (sh600745) 7. Xiling Information (sz300588) 8. Xian Dao Intelligent (sz300450) 9. SMIC (sh688981) 10. Xinwei Communication (sz300136) [3] Group 3: Trading Rules and Data - The event includes an investment capability evaluation segment divided into three groups: stock simulation, on-site ETF simulation, and public fund simulation configuration, with specific trading rules regarding holding proportions, maximum drawdown rates, and rebalancing frequency [5] - The data presented is based on simulated trading and is not reflective of actual trading situations, serving only as a reference [5]

Core Insights - The report highlights the significant growth of the Shangyin Digital Economy A fund, with a net asset value of 0.21 billion yuan as of September 30, 2025, representing a 69.34% increase from the previous quarter [3][5] - The fund achieved a remarkable 56.67% return in Q3 2025, outperforming the average of 1.62% for similar funds and the CSI 300 index's 25.43% increase [5] - The fund's investment strategy focuses on the semiconductor industry, particularly in domestic computing chips and AI edge chips, capitalizing on the accelerating demand driven by AI advancements [5][10] Fund Performance - As of October 20, 2025, the fund's unit net value reached 1.5092 yuan, with a daily increase of 0.87% and a total return of 50.92% since its inception on August 6, 2024 [1][8] - Over the past three months, the fund has seen a growth of 37.71%, and over six months, a cumulative increase of 51.03% [1] Investment Strategy - The fund employs a "dual mainline configuration + dynamic risk control" strategy, focusing on structural opportunities in the semiconductor sector [5] - The first mainline targets domestic computing chips, with a focus on companies that have clear technological barriers and positive customer validation [5] - The second mainline centers on AI edge chips, anticipating the market growth of smart glasses, panoramic cameras, and service robots from 2025 to 2027 [5] Top Holdings - The fund's top ten holdings are entirely concentrated in the semiconductor sector, including companies like SMIC, Hua Hong Semiconductor, and Cambrian [6][7] - The total market value of the top ten holdings amounts to approximately 207 million yuan [7] Management Team - The fund is managed by Zhao Zhiyue and Hui Jun, with Zhao having managed the fund since its inception and achieving a total return of 50.92% [8] - Hui Jun joined the management team on May 19, 2025, with a total return of 48.02% [8] Future Outlook - The fund managers express optimism about the semiconductor industry's prospects, particularly in computing and edge chips, driven by ongoing AI advancements and domestic substitution processes [10]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][10][36] Core Views - The demand for AI computing power and storage is experiencing significant growth, with TSMC's revenue exceeding expectations [1] - AI applications are driving the demand for Nearline SSDs, leading to a continuous rise in storage prices [2] - TSMC reported a revenue of $33.1 billion for Q3 2025, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 10.1% [3] - The demand for ASICs remains strong, with domestic ASIC service providers expected to benefit from increasing orders [4] - Apple's AI initiatives are expanding into the Chinese market, with new products expected to launch in the coming years [5] Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.47%, while the electronic sector dropped by 7.14% over the past week [1][11] - The semiconductor sector showed resilience with the Philadelphia Semiconductor Index and Taiwan Information Technology Index increasing by 5.78% and 0.27%, respectively [11] Company Performance - TSMC's Q3 2025 revenue was $33.1 billion, surpassing the guidance range of $31.8 to $33 billion, with AI demand significantly stronger than previously anticipated [3] - The report highlights several companies in the storage sector, including Jiangbolong, Demingli, and Zhaoyi Innovation, as potential beneficiaries of the rising storage prices [2] Industry Trends - The report notes a continuous upward trend in the storage cycle, with Flash Wafer prices increasing by over 10% [2] - The ASIC market is seeing increased collaboration between domestic manufacturers and cloud service providers, driven by strong demand [4] - Apple's expansion into AI in China is expected to leverage its large hardware user base, with new AI-integrated products set to launch [5] Key Investment Recommendations - The report recommends focusing on companies within the domestic semiconductor and storage supply chains, including SMIC, Huahong Semiconductor, and Langqi Technology [3][4] - It also suggests monitoring companies involved in the Apple supply chain, such as Luxshare Precision and GoerTek, due to their potential growth from Apple's AI initiatives [5][7]

Core Viewpoint - The Hang Seng Technology Index continues to strengthen, rising over 3%, while the Hang Seng Index increases nearly 2% [1] Company Performance - Bilibili's stock has surged nearly 10% [1] - Semiconductor Manufacturing International Corporation (SMIC) has seen its stock rise over 5% [1]

证券研究报告 | 2025年10月21日 业绩期内市场风险偏好有所降低，AI 推动下的算力+存力依然共振高增。过 去一周上证下跌 1.47%，电子下跌 7.14%，子行业中光学光电子下跌 6.23%， 消费电子下跌 9.10%。同期恒生科技下跌 7.98%，费城半导体、台湾资讯科 技上涨 5.78%、0.27%。临近 3Q25 财报季，由于前期投资者对于 AI 主线以 及上涨的共识度太高、诸多龙头公司的盈利预测也经历了大幅上修，叠 加中美关税博弈的反复，业绩验证期内市场风险偏好回落、科技板块容 易出现较大的波动。就已经披露的业绩情况及行业基本面跟踪，如台积 电在法说会上判断，AI 需求持续强劲，超过此前预期，非 AI 市场正在 温和复苏；此外，存储芯片、部分被动件、高阶 CCL 等环节已呈现出供 不应求、价格上涨的趋势。我们认为，对于 AI 需求的景气拉动范围、 幅度，以及国产算力+存力的自主可控能力及需求持续性依然存在预期 差，当前时点继续推荐自主可控（代工+设备）、本土算力+存力产业链。 AI 应用推动 Nearline SSD 需求，存储价格持续上扬。AI 推理应用推升实 时存取、高速处理海量数据的需求 ...

人民财讯10月21日电，港股午间收盘，恒生指数涨1.65%，恒生科技指数涨2.6%。科网股表现强势，哔 哩哔哩涨超10%；苹果概念涨幅居前，蓝思科技涨近8%；芯片股走高，中芯国际涨近6%。 转自：证券时报 ...