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 ...

Core Viewpoint - Morgan Stanley upgraded the rating of SMIC (0981.HK) from "In Line with Market" to "Overweight" and significantly raised the target price from HKD 40 to HKD 80, citing strong demand for advanced process wafer foundry driven by the rapid adoption of AI applications in China and policy support for domestic AI GPUs [1] Group 1: Company Analysis - The upgrade reflects a positive outlook on SMIC's growth potential in the semiconductor industry, particularly in the context of AI technology [1] - The report highlights that the demand for domestic AI chips is expected to surge, leading to an increase in sales revenue for AI GPUs in China [1] Group 2: Industry Insights - The compound annual growth rate (CAGR) for China's AI GPU sales revenue is projected to be 62% from 2024 to 2027, indicating robust growth in the sector [1] - The rapid proliferation of AI applications in China is anticipated to significantly boost the demand for advanced semiconductor manufacturing capabilities [1]

今日（10月21日）创业板+科创板携手大涨，覆盖创业板+科创板高成长龙头的硬科技宽基——双创龙 头ETF（588330）场内价格盘中涨超3.5%，现涨3.24%，盘中收复10日均线。 成份股方面，光模块三巨头领衔大涨，中际旭创涨超10%，新易盛涨逾8%，天孚通信涨超5%。消费电 子龙头蓝思科技涨超5%，光伏龙头晶盛机电涨超4%，权重股宁德时代、中芯国际涨超3%。 图：双创龙头ETF（588330）标的指数涨幅前10大成份股 | 序号 名称 | | 涨跌幅。 | 两日图 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 中国组创 | 10.46% v | 通信 | 通信设备 | 通信网络设备及器件 | 4946亿 | 160.71亿 | | 2 | 新易盛 | 8.80% v | 適信 | 通信设备 | 通信网络设备及器件 | 3560 Z | 123.50亿 | | 3 | 蓝思科技 | 5.78% -- | 甲子 | 常體电子 | 消费电子零部件及组装 | 1528亿 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the Hong Kong stock market, particularly the Hang Seng Technology Index, which has seen significant gains driven by tech stocks and companies like Alibaba and Bilibili [1][2] - The Hang Seng Technology Index ETF (513180) has shown a notable increase, with a peak rise of 3%, reflecting the overall bullish sentiment in the market [1] - Goldman Sachs analysts recommend investors focus on Chinese companies seeking to increase overseas revenue, citing the competitive strength of the Chinese yuan and China's dominant position in the global supply chain as key factors supporting these companies' global expansion [1] Group 2 - As of October 20, Alibaba is the largest weighted stock in the Hang Seng Technology Index ETF (513180), accounting for 9.28% of the index [2] - The technology sector in Hong Kong is expected to benefit from trends such as AI, with potential foreign capital inflows exceeding expectations due to the backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) as a means to gain exposure to core Chinese AI assets [2]

Core Insights - The Hang Seng Tech Index increased by over 3% [1] - Bilibili's stock rose by more than 9% [1] - SMIC's shares gained over 6% [1] - BYD Electronics experienced a rise of over 5% [1]

Group 1 - The Hang Seng Technology Index continues to strengthen, rising over 3% [1] - Technology stocks perform strongly, with Bilibili increasing nearly 10%, SMIC and BYD Electronics rising over 5%, and XPeng Motors and Kuaishou increasing over 4% [1] - The Hang Seng Index is currently up nearly 2% [1]

Core Viewpoint - The GPU index experienced a strong rally, with a daily increase of 2.01% on October 21 [1] Company Performance - Beijing Junzheng saw an increase of 3.85% [1] - Tongfu Microelectronics rose by 3.49% [1] - SMIC (Semiconductor Manufacturing International Corporation) increased by 3.27% [1] - Chipone Technology gained 3.03% [1] - Changdian Technology experienced a rise of 2.02% [1]

Group 1 - A-shares indices collectively rose on October 21, with the Shanghai Composite Index increasing by 0.56%, driven by gains in energy equipment, heavy machinery, and precious metals sectors [1] - Chip technology stocks showed strong fluctuations, with the Chip ETF (159995) rising by 1.10% and notable increases in component stocks such as Zhaoyi Innovation (up 5.11%), Wente Technology (up 4.91%), and Beijing Junzheng (up 3.04%) [1] Group 2 - Due to U.S. export controls, NVIDIA's CEO confirmed a complete exit from the advanced AI chip market in China, resulting in a market share drop from 95% to zero, which is expected to facilitate the rise of Chinese manufacturers like Huawei and lead to a split in the global AI ecosystem [3] - According to招商证券, the evolution of global trade patterns has elevated the importance of self-sufficiency in the semiconductor industry as a key strategic focus for China's industrial development, with ongoing government support for this sector [3] - The AI innovation cycle, combined with tariff implications, is expected to strengthen the outlook for self-sufficiency, marking the beginning of a new upward cycle for the semiconductor industry [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]