两市全天特大单净流出76.86亿元，其中24股特大单净流入超2亿元，三花智控特大单净流入25.81亿元， 特大单净流入资金居首。 特大单净流入资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 002050 | 三花智控 | 44.79 | 7.51 | 25.81 | 家用电器 | | 000547 | 航天发展 | 18.70 | 8.72 | 11.21 | 国防军工 | | 600118 | 中国卫星 | 45.97 | 10.00 | 9.59 | 国防军工 | | 002031 | 巨轮智能 | 7.80 | 10.01 | 9.36 | 机械设备 | | 600879 | 航天电子 | 12.26 | 8.11 | 8.63 | 国防军工 | | 300394 | 天孚通信 | 187.12 | 7.88 | 7.97 | 通信 | | 600592 | 龙溪股份 | 27.38 | 10.00 | 6.32 | 机械设备 | | 688256 | 寒武纪-U | ...

Market Overview - The Shanghai Composite Index fell by 0.06% on December 4, with 9 out of the 28 sectors rising, led by machinery and electronics, which increased by 0.90% and 0.78% respectively [1] - The total net outflow of funds from the two markets was 24.304 billion yuan, with 5 sectors experiencing net inflows, primarily in the machinery sector, which saw a net inflow of 2.911 billion yuan [1] Electronics Sector Performance - The electronics sector rose by 0.78% despite a net outflow of 3.866 billion yuan, with 471 stocks in the sector, of which 181 rose and 282 fell [2] - Notable stocks with significant net inflows included Cambrian Technologies (6.31 billion yuan), Changchuan Technology (5.23 billion yuan), and Shenghong Technology (4.79 billion yuan) [2] - The sector also had 23 stocks with net outflows exceeding 100 million yuan, with the largest outflows from Xiangnong Chip (759 million yuan), Huaying Technology (446 million yuan), and Jiangbolong (315 million yuan) [2][3] Fund Flow Analysis - The top gainers in the electronics sector included Cambrian Technologies (2.75%), Changchuan Technology (6.96%), and Shenghong Technology (2.19%), with respective main fund flows of 630.76 million yuan, 522.88 million yuan, and 479.37 million yuan [2] - Conversely, the largest losers included Xiangnong Chip (-3.56%), Huaying Technology (-2.76%), and Jiangbolong (-1.30%), with main fund outflows of 758.92 million yuan, 446.47 million yuan, and 314.74 million yuan [3]

向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价503.08%，溢价幅度居前的有上纬新材、 寒武纪-U、安集科技等，溢价幅度分别为4217.73%、2026.11%、1517.30%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有34只、9 只、8只股票上榜。 以最新收盘价计算，科创板平均股价为38.94元，其中股价超100元的有65只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有231只，下跌的有349只，以收盘价为基准测算，科 创板平均股价为38.94元，其中，收盘价超过100元的有65只，股价在50元至100元之间的有131只，股价 在30元至50元的有149只。 科创板股中，收盘价最高的是寒武纪-U，今日报收1369.00元，上涨2.75%，其次是源杰科技、国盾量子 等，最新收盘价分别为578.78元、443.90元。 科创板百元股中，今日平均上涨1.12%，具体来看，今日上涨的有41只，涨幅居前的有中科蓝讯、华虹 公司、拓荆科技等。下跌的有22只，跌幅居前的有开普云、佰维存储、极米科技等。 科创板百元股一览 | 代码 | 简称 | ...

| 投资评级： | 持有 | 主要观点： | | --- | --- | --- | | 报告日期： | 2025-12-04 |  财务表现 | | | | 增长3%。 | 近52周股价走势 中芯国际：毛利率小幅上涨，利润依然承压 中芯国际（00981.HK） 财务表现 在2025年第三季度，中芯国际的财务表现呈现出整体上升的局面。 尽管公司营收达到2381.82百万美元，实现了9.7%的同比增长，净 利润也有一定的增长。本季度归母净利润为191.76百万美元，同比 上升了28.87%，环比大幅增长了44.74%。与此同时，毛利率为22%， 超出管理层给出18-20%指引上限；产能利用率上升至95.8%，环比 增长3%。 业务发展 中芯国际三季度来自手机市场的收入同比下滑5.3%；平板与PC收 入同比增长1.7%，增速较此前2个季度明显回落；消费电子收入同 比增长11.8%，增速同样大幅回落；互联与可穿戴收入同比增长7%， 增速回正，较此前明显回暖，但营收占比只有8%；汽车与工业营 收同比增长65%，是支撑中芯国际营收增长的主要动力。 盈利预测 风险提示 作者 1.利润压力持续：资本支出主要用于12英寸圆 ...

Core Viewpoint - SMIC (Semiconductor Manufacturing International Corporation) shows a positive market performance with a 2.79% increase in stock price, reaching a market capitalization of 917.87 billion yuan [1]. Company Overview - SMIC is the largest integrated circuit manufacturing enterprise group in mainland China, recognized for its advanced technology and comprehensive support [4]. - The company specializes in integrated circuit wafer foundry services across various technology nodes, providing design services, IP support, and photomask manufacturing [4]. - As of September 30, 2025, SMIC reported a revenue of 49.51 billion yuan, marking an 18.22% year-on-year growth, and a net profit of 3.82 billion yuan, reflecting a 41.09% increase [8]. Investment and Shareholding - The National Integrated Circuit Industry Investment Fund holds a 1.61% stake in SMIC, indicating government support [3]. - As of September 30, 2025, the number of shareholders increased to 336,200, with an average of 6,134 shares held per shareholder [8]. Market Position - SMIC ranks second globally among pure-play foundries and first among mainland Chinese companies based on the latest sales figures for 2024 [4]. - The stock is currently ranked 17th in terms of popularity in the A-share market on Sina Finance [2]. Technical Analysis - The average trading cost of SMIC shares is 122.37 yuan, with the stock price fluctuating between resistance at 119.22 yuan and support at 108.18 yuan, suggesting potential for range trading [7]. Fund Flow Analysis - The net inflow of funds today was 351 million yuan, with the stock showing no significant trend in major fund movements [5][6].

Core Viewpoint - The U.S. labor market shows signs of weakness with a loss of 32,000 private sector jobs in November 2025, leading to increased expectations for a Federal Reserve rate cut in December [1][3] Group 1: Labor Market and Economic Indicators - The ADP report indicates a significant drop in jobs, the largest since March 2023, contrasting sharply with market expectations of a 40,000 job increase [1][3] - The weak labor market is expected to influence monetary policy, particularly the likelihood of interest rate cuts by the Federal Reserve [1][3] Group 2: Technology Sector Opportunities - The Hang Seng Technology Index, sensitive to interest rates, may benefit from a more favorable liquidity environment [1][3] - Major companies in the Hong Kong tech sector are entering the AI glasses market, which is anticipated to drive new growth opportunities in AI applications [1][3] - Recent product launches include an AI glasses model by a leading internet company and a smart glasses product by an automotive company, both integrating advanced AI functionalities [1][3] Group 3: Investment Products and Market Valuation - The Hang Seng Technology ETF (513130) is highlighted as a popular investment vehicle for the Hong Kong tech sector, tracking a competitive index of leading companies [1][3] - The top five constituents of the index include Alibaba, Tencent, SMIC, NetEase, and Meituan, all of which have strong technological foundations [1][3] - The current price-to-earnings ratio of the Hang Seng Technology Index is 23.32, which is relatively low compared to the NASDAQ and STAR Market indices, suggesting potential investment value [1][3] Group 4: Market Sentiment and Future Outlook - Recent market fluctuations indicate that the Hong Kong market may be nearing a "bad news fully priced in" state, with key risks having been largely absorbed [1][3] - Investors are encouraged to consider left-side opportunities in the current market environment, as downward pressure appears limited [1][3] - The Hang Seng Technology ETF has over 220,000 holders and offers advantages such as large scale, good liquidity, and low management fees [1][3]

Group 1 - The core viewpoint of the articles highlights the significant decline in U.S. private sector jobs in November, with a loss of 32,000 positions, marking the largest drop since March 2023, which has intensified expectations for a Federal Reserve interest rate cut in December [1] - The Hang Seng Technology Index, representing the Hong Kong tech sector, is expected to benefit from a more favorable liquidity environment, potentially leading to a recovery [1] - Major tech companies in Hong Kong are actively entering the AI glasses market, with new product launches such as the Quark AI glasses S1 and the Livis AI smart glasses, indicating a new wave of opportunities in AI applications [1] Group 2 - The Hang Seng Technology ETF (513130) is a popular investment tool for the Hong Kong tech sector, tracking a competitive index that includes leading companies like Alibaba, Tencent, and Meituan, which are well-positioned in advanced technology fields [2] - The Hang Seng Technology Index has experienced a significant correction, with a current P/E ratio of 23.32, which is relatively low compared to the Nasdaq and STAR Market indices, suggesting potential value for investors [2] - Recent market conditions indicate that the Hong Kong market may be nearing a "bad news fully priced in" state, with limited downside potential, presenting opportunities for left-side positioning [2] Group 3 - The Hang Seng Technology ETF (513130) has over 220,000 account holders as of the latest mid-year report, showcasing its popularity among investors [3] - The ETF offers advantages such as large scale, good liquidity, and low management fees of only 0.2%, making it an attractive option for cost-effective investment in Hong Kong tech assets [3]

上海证券发布研报称，2025 年全球晶圆代工产业营收有望同比增长 22.1%，AI 和电动汽车或将持续助 力 2026 年市场增长。中信证券则表示，预计2030年的中国AI芯片市场规模将在2025年350-400亿美元基 础上，增至原来的7-9倍，增幅高于全球。中国AI芯片国产化率有望从2025年30~40%提升至2030年的 60~70%水平。 本文源自：智通财经网 智通财经获悉，芯片股涨幅居前，截至发稿，华虹半导体(01347)涨3.45%，报76.5港元；上海复旦 (01385)涨2.63%，报39.78港元；中芯国际(00981)涨1.86%，报68.45港元。 消息面上，12月3日晚间，摩尔线程发布公告称，公司股票将于2025年12月5日（周五）在上海证券交易 所科创板上市。同日，沐曦股份发布公告称，其在科创板IPO上市的询价结果出炉，并确定发行价格为 104.66元/股，按照此次初步发行价格与发行后总股本计算，沐曦股份市值达418亿元。 ...

Core Insights - The article emphasizes that the artificial intelligence industry will continue to be a key focus in the hard technology sector in 2025, with significant growth in the global wafer foundry market, which reached $47.119 billion in Q3, a year-on-year increase of 27% [3][4]. Industry Overview - In Q3, TSMC accounted for 70% of the wafer foundry market share, an increase of 7 percentage points compared to the same period last year, positioning it as the leader in growth within the industry [3]. - The growth drivers in the wafer foundry sector are identified as data centers, industrial and automotive applications, and smartphones, with TSMC's advanced process and packaging orders contributing to a nearly 41% year-on-year growth in its foundry business [4]. Performance Metrics - The average capacity utilization rate for global wafer foundry businesses was 71% in Q3 2023, showing a recovery trend as it is expected to rise to 80% by Q3 2024 and reach 86% in 2025, indicating a return to a healthy operational phase [6]. - The semiconductor industry is projected to experience sustained high-quality growth through 2026, with a significant industry correction anticipated in Q2 2027 [6].

上海证券发布研报称，2025 年全球晶圆代工产业营收有望同比增长 22.1%，AI 和电动汽车或将持续助力 2026 年市场增长。中信证券则表示，预 计2030年的中国AI芯片市场规模将在2025年350-400亿美元基础上，增至原来的7-9倍，增幅高于全球。中国AI芯片国产化率有望从2025年30~40% 提升至2030年的60~70%水平。 消息面上，12月3日晚间，摩尔线程发布公告称，公司股票将于2025年12月5日（周五）在上海证券交易所科创板上市。同日，沐曦股份发布公告 称，其在科创板IPO上市的询价结果出炉，并确定发行价格为104.66元/股，按照此次初步发行价格与发行后总股本计算，沐曦股份市值达418亿 元。 （原标题：港股异动 | 芯片股涨幅居前 华虹半导体(01347)盘中涨超4% 中芯国际(00981)涨近3%） 智通财经APP获悉，芯片股涨幅居前，截至发稿，华虹半导体(01347)涨3.45%，报76.5港元；上海复旦(01385)涨2.63%，报39.78港元；中芯国际 (00981)涨1.86%，报68.45港元。 ...