Core Insights - The foreign public funds have achieved significant excess returns due to proactive industry positioning and stable investment strategies, with some funds reporting returns exceeding 50% year-to-date [1][2] Group 1: Fund Performance - BlackRock Advanced Manufacturing Fund has a year-to-date return of 66.44%, with a heavy concentration in the manufacturing sector, accounting for 92.52% of its stock investments [2] - The top ten holdings of the BlackRock fund include companies like CATL and Hikvision, with notable stock price increases such as 176.76% for Zhongji Xuchuang [2] - The Robeco Resource Select Fund has achieved a year-to-date return of 79.00%, diversifying its investments across materials, mining, and energy sectors [2] Group 2: Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, expecting low interest rates and ample liquidity to support the A-share market's medium to long-term performance [1][3] - Concerns about geopolitical factors and overseas policy rhythms may cause short-term disruptions, but the overall sentiment remains optimistic for quality technology and resource assets [3][5] - The managers of the BlackRock fund believe that the current low-growth macro environment will anchor a low-interest-rate scenario, pushing investors towards riskier assets with positive cash flows [4] Group 3: Strategic Adjustments - The funds have maintained relatively high positions while making flexible adjustments based on market changes, focusing on sectors like electronics and power equipment [3] - The Allianz China Select Fund has a year-to-date return of 54.48%, with significant holdings in manufacturing and healthcare, reflecting confidence in China's technological innovation [3] - The Robeco fund has strategically included upstream industries related to the current technology innovation cycle, aiming for future gains [5][6]

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 Viewpoint - Company will hold a conference call to discuss its Q3 2025 performance on November 14, 2025, following the earnings release on November 13, 2025 [2][8]. Group 1: Conference Details - The conference will take place on November 14, 2025, from 8:30 AM to 9:30 AM [2][3]. - The meeting will be conducted via online and telephone conference [2][3]. Group 2: Participation Methods - Investors can participate online through a live stream available at the provided link [4]. - For telephone participation, registration is required through the specified link [5]. - A recording of the conference will be available for replay approximately one hour after the meeting, valid for 12 months [6]. Group 3: Contact Information - The investor relations department can be contacted for inquiries at +86 21-20812800 or via email at IR@smics.com [7].

Core Insights - Semiconductor Manufacturing International Corporation (SMIC) has recently undergone a business change, increasing its registered capital from $5.25 billion to $5.95 billion [2] Company Summary - The registered capital of SMIC has been raised by $700 million, reflecting a significant increase in its financial capacity [2]

Market Overview - The Shanghai Composite Index increased by 0.11% this week, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index gained 0.50%. In contrast, the CSI 300 Index fell by 0.43% [1] - Among the tradable A-shares, 2,859 stocks rose, accounting for 52.58%, while 2,517 stocks declined [1] Fund Flow Analysis - The total net outflow of main funds this week was 206.639 billion yuan. The ChiNext saw a net outflow of 58.734 billion yuan, the STAR Market had a net outflow of 26.272 billion yuan, and the CSI 300 components experienced a net outflow of 86.878 billion yuan [2] - Daily fund flow data indicates significant outflows on October 30 and 31, with net outflows of 100.637 billion yuan and 62.903 billion yuan respectively [2] Industry Performance - In the Shenwan industry classification, 20 out of 28 sectors experienced gains this week. The top-performing sectors were electric power equipment and non-ferrous metals, with increases of 4.29% and 2.56% respectively. The sectors with the largest declines were telecommunications and beauty care, with decreases of 3.59% and 2.21% respectively [2] - The electronic industry had the largest net outflow of funds, totaling 64.443 billion yuan, with a weekly decline of 1.65%. The telecommunications sector followed with a net outflow of 28.418 billion yuan and a decline of 3.59% [3] Individual Stock Performance - A total of 1,643 stocks saw net inflows this week, with 229 stocks having net inflows exceeding 100 million yuan. The stock with the highest net inflow was 360, which rose by 14.55% with a net inflow of 2.313 billion yuan [4] - Conversely, 566 stocks experienced net outflows exceeding 100 million yuan, with ZTE, SMIC, and Newyeason leading in net outflows of 6.252 billion yuan, 5.685 billion yuan, and 5.678 billion yuan respectively [4]

Group 1 - Southbound funds net bought Hong Kong stocks worth 8.719 billion HKD on October 31 [1] - Notable net purchases included Xiaomi Group at 646 million HKD and Meituan at 464 million HKD [2] - Significant net sales included Tencent Holdings at 1.219 billion HKD and SMIC at 711 million HKD [2] Group 2 - Southbound funds have net bought Xiaomi for three consecutive days, totaling 883.69 million HKD, and Meituan for three consecutive days, totaling 1.43718 billion HKD [4] - Southbound funds have net sold ZTE for three consecutive days, totaling 717.69 million HKD, and Tencent for three consecutive days, totaling 1.8394 billion HKD [4] Group 3 - Hua Hong Semiconductor announced progress on an asset acquisition and fundraising transaction, with audit and evaluation work ongoing [5] - Meituan upgraded its "Smart Store Manager" AI phone reception capabilities, resulting in a 44% month-on-month increase in AI reception volume for restaurants [5] - SMIC's registered capital increased from 5.25 billion USD to 5.95 billion USD, a growth of approximately 13% [5] - Pop Mart's new "Vacation Mode" series of the popular IP CRYBABY sold out immediately, with a significant price increase for the hidden variant [5]

Group 1 - The core point of the news is that southbound funds have net bought Hong Kong stocks worth 8.719 billion HKD today, with notable purchases in Xiaomi and Meituan, while there were significant sell-offs in Tencent and other companies [1] - Southbound funds have consistently net bought Xiaomi for three consecutive days, totaling 883.69 million HKD, and Meituan for three consecutive days, totaling 1.43718 billion HKD [1] - Conversely, southbound funds have net sold Tencent for three consecutive days, totaling 1.8394 billion HKD, and ZTE for three consecutive days, totaling 717.69 million HKD [1] Group 2 - In the Shanghai Stock Connect, Alibaba-W saw a decline of 4.1% with a net outflow of 481 million HKD, while Xiaomi Group-W experienced a net inflow of 556 million HKD despite a 2.2% drop [3] - Semiconductor companies like SMIC and Hua Hong Semiconductor faced net outflows of 78 million HKD and 167 million HKD respectively, with SMIC declining by 5.3% [3] - Meituan recorded a net inflow of 230 million HKD with a 4.0% increase, indicating positive investor sentiment [3]

Core Viewpoint - The storage chip sector experienced a decline of 2.02% as of the market close on October 31, with significant losses in several companies, while a few stocks saw gains [1]. Market Performance - The storage chip concept ranked among the top decliners, with notable drops in companies such as Yingxin Development (down 10.14%), Zhengfan Technology (down 14.30%), and Lanke Technology (down 10.33%) [1][2]. - Conversely, companies like Shikong Technology, Duofluo, and Ruineng Technology saw increases of 10.00%, 7.17%, and 7.06%, respectively [1]. Capital Flow - The storage chip sector faced a net outflow of 14.918 billion yuan, with 117 stocks experiencing net outflows, and 38 stocks seeing outflows exceeding 100 million yuan [1]. - The largest net outflow was from SMIC, totaling 1.470 billion yuan, followed by Lanke Technology and Zhaoyi Innovation with outflows of 1.417 billion yuan and 1.230 billion yuan, respectively [1]. Notable Stocks - The top stocks with significant net outflows included: - SMIC: -1.470 billion yuan, down 3.40% - Lanke Technology: -1.417 billion yuan, down 10.33% - Zhaoyi Innovation: -1.230 billion yuan, down 5.17% [1][2]. - Stocks with notable net inflows included Duofluo (4.23 million yuan), Ruineng Technology (1.30 million yuan), and Dawi Shares (1.14 million yuan) [1].

Core Insights - A total of 527 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 31 [1] - Among these, Jineng Technology has seen the longest streak of 21 days of net outflows, while Aerospace Electronics follows with 19 days [1] - The largest total net outflow amount is from SMIC, with a cumulative outflow of 5 days totaling 5.685 billion yuan, followed by CITIC Securities with 4.523 billion yuan over 6 days [1] Group 1: Stocks with Significant Net Outflows - SMIC (688981) has recorded a net outflow of 5 days totaling 5.685 billion yuan, with a net outflow ratio of 11.43% and a cumulative decline of 7.37% [1] - CITIC Securities (600030) has experienced a net outflow of 6 days totaling 4.523 billion yuan, with a net outflow ratio of 8.81% and a cumulative decline of 0.47% [1] - China Merchants Bank (600036) has seen a net outflow over 14 days totaling 3.583 billion yuan, with a net outflow ratio of 6.91% and a cumulative increase of 1.94% [1] Group 2: Stocks with Notable Performance Metrics - Guanghui Logistics (600629) has the highest net outflow ratio at 12.85% over 8 days, with a cumulative decline of 43.76% [1] - ST Huatuo (002602) has a net outflow of 2.216 billion yuan over 8 days, with a net outflow ratio of 9.51% and a cumulative decline of 3.41% [1] - Hailiang Information (688041) has a net outflow of 2.347 billion yuan over 5 days, with a net outflow ratio of 6.71% and a cumulative decline of 7.90% [1] Group 3: Additional Stocks with Outflows - Zhongke Shuguang (603019) has a net outflow of 3.222 billion yuan over 5 days, with a net outflow ratio of 11.41% and a cumulative decline of 6.56% [1] - Huajian Group (600629) has a net outflow of 1.998 billion yuan over 8 days, with a net outflow ratio of 12.85% and a cumulative decline of 43.76% [1] - Shengbang Co., Ltd. (300661) has a net outflow of 1.952 billion yuan over 14 days, with a net outflow ratio of 9.22% and a cumulative decline of 13.78% [1]

Market Performance - The National Big Fund holding concept declined by 2.96%, ranking among the top declines in concept sectors as of the market close on October 31 [1] - Within this sector, notable declines were seen in companies such as Yandong Micro, Shenzhen South Circuit, and Jiangbolong, while six stocks experienced price increases, with Aisen Co., Robot, and Jingjiawei leading with gains of 4.14%, 0.88%, and 0.44% respectively [1] Capital Flow - The National Big Fund holding concept experienced a net outflow of 8.299 billion yuan, with 41 stocks seeing net outflows, and 21 stocks having outflows exceeding 100 million yuan [2] - The stock with the highest net outflow was SMIC, with a net outflow of 1.470 billion yuan, followed by Zhongwei Company, Tuojing Technology, and Huahong Company with net outflows of 646 million yuan, 638 million yuan, and 612 million yuan respectively [2] Top Decliners - The top decliners in the National Big Fund holding concept included: - SMIC: -3.40% with a turnover rate of 3.46% and a net outflow of 1.470 billion yuan [3] - Zhongwei Company: -6.89% with a turnover rate of 3.04% and a net outflow of 646 million yuan [3] - Tuojing Technology: -6.66% with a turnover rate of 4.72% and a net outflow of 638 million yuan [3] Top Gainers - The stocks with the highest net inflows included: - Aisen Co.: 4.14% increase with a net inflow of 589.075 million yuan [4] - Jingjiawei: 0.44% increase with a net inflow of 437.647 million yuan [4] - Saiwei Electronics: -0.53% with a net inflow of 23.2725 million yuan [4]