Core Insights - The digital economy theme index has seen a decline of 0.64% as of December 2, 2025, with specific stocks like Tuojing Technology leading gains while Nasta led losses [1] - The first Global Internet of Things Conference highlighted the rapid growth of the digital economy, projected to exceed $40 trillion this year, with a global IoT connection forecast to surpass 30 billion [2] - The digital economy ETF closely tracks the digital economy theme index, focusing on companies with high digitalization levels [3] Market Performance - The digital economy ETF (560800) experienced a turnover of 0.88% with a transaction volume of 5.6556 million yuan, and its scale increased by 9.5608 million yuan over the past week [1] - In the last 21 trading days, there were 11 days of net inflow totaling 14.7958 million yuan, indicating strong investor interest [1] Industry Trends - The digital economy is growing at an annual rate of 8%, with China's digital economy expected to exceed 80 trillion yuan, supported by over 1.2 million companies meeting advanced digital economy conditions [2] - The AI industry is showing robust growth, with a leading global AI company exceeding revenue expectations for Q3 and providing optimistic guidance for Q4, reflecting strong demand for AI computing power [2] Key Stocks - The top ten weighted stocks in the digital economy theme index account for 54.6% of the index, with companies like Dongfang Wealth, Cambricon, and SMIC among the leaders [3][4]

Group 1 - The Shanghai 180 Index (000010) shows mixed performance among its constituent stocks, with Transsion Holdings (688036) leading the gain at 4.86% and GAC Group (601238) up by 3.78% [1] - The market is experiencing increased volatility as the year-end approaches, and CICC suggests maintaining a "barbell" strategy (dividend + technology internet) for portfolio allocation [1] - The management fee for the Shanghai 180 ETF Index Fund (530280) is 0.15%, and the custody fee is 0.05% [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519) and Zijin Mining (601899), collectively accounting for 26.13% of the index [2] - The Shanghai 180 ETF Index Fund has several off-market connection options, including Ping An's various linked funds [2]

Core Viewpoint - The termination of the acquisition deal between Guokewai and SMIC reflects the complexities of industry consolidation, strategic considerations of companies, and a rational return of the capital market [1] Group 1: Transaction Termination - The acquisition aimed to acquire 94.366% of the shares of SMIC Ningbo, a key player in high-end BAW filter manufacturing technology, but was halted due to a lack of consensus on transaction-related matters [2] - Financial data revealed that SMIC Ningbo has been in a continuous loss state, with cumulative losses exceeding 1.8 billion yuan from 2023 to Q1 2025, despite its technical scarcity [2] - Guokewai's financial situation is also concerning, with a revenue decline of 2.50% year-on-year to 1.172 billion yuan in the first three quarters of 2025 and a net profit drop of 89.42% [2] Group 2: Market Reaction - Following the termination announcement, Guokewai's stock price did not experience significant fluctuations, indicating that the market had anticipated this outcome [3] - In Q3 2025, Guokewai reported a revenue increase of 22.6% year-on-year to 431 million yuan, with a nearly 60% reduction in loss compared to Q2, suggesting a gradual recovery in its main business [3] - The company invested 518 million yuan in R&D in the first three quarters, accounting for 44.24% of its revenue, highlighting its focus on innovation [3] Group 3: Industry Insights - The termination of the acquisition serves as a case study for semiconductor industry consolidation, emphasizing that technological synergy does not guarantee commercial success [4] - Financial health is crucial in determining the limits of consolidation, especially during industry downturns, where acquiring loss-making assets can negatively impact the acquirer's performance [4] - While Guokewai avoided high-risk integration, it also missed a strategic opportunity to enter the chip manufacturing sector quickly, necessitating a focus on R&D and business recovery in the short term [4]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a slight decline of 0.14%, indicating a mixed performance among its major holdings [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.439 yuan, reflecting a decrease of 0.14% [1] - Since its inception on October 31, 2024, the fund has achieved a return of 44.26%, while its return over the past month has been -4.17% [1] Group 2: Major Holdings Performance - Among the major holdings, SMIC opened down by 0.26%, while Cambrian rose by 0.55% [1] - Other notable movements include Huagong Information down by 0.48%, Northern Huachuang down by 0.87%, and Longji Technology down by 0.27% [1] - Conversely, companies like OmniVision and Unisoc saw increases of 0.33% and 0.39% respectively [1]

Core Points - Semiconductor Manufacturing International Corporation (SMIC) announced the issuance of 94,200 ordinary shares on December 1, 2025, due to the exercise of restricted stock units granted under the 2024 Share Award Plan adopted on June 28, 2023 [1] - Additionally, 13,400 ordinary shares will be issued as a result of the exercise of restricted stock units granted under the 2014 Share-Based Compensation Plan adopted on June 13, 2013 [1]

Group 1: Southbound Capital Inflows - Southbound capital recorded a net purchase of HKD 2.148 billion on December 1, with notable net buys in Alibaba-W (HKD 1.321 billion), ZTE Corporation (HKD 606 million), Meituan-W (HKD 594 million), Jiangxi Copper (HKD 137 million), and Xiaomi Group-W (HKD 100 million) [1] - Continuous buying trends were observed, with Alibaba seeing net purchases for 13 consecutive days totaling HKD 27.86542 billion, and Meituan for 3 days totaling HKD 1.39023 billion [3] Group 2: Company Developments - Alibaba-W launched the Quark AI glasses, offering two series with six models, and a Morgan Stanley report indicated increased B-end interest in Qianwen and Alibaba Cloud, predicting Qianwen to surpass DeepSeek in three years [4] - Xiaomi Group-W announced the upcoming "on-site vehicle selection" for its cars, allowing users to prioritize orders for available models, with all vehicles undergoing strict quality checks and offering full factory warranties [4] - Jiangxi Copper announced two non-binding cash offers to acquire Solgold, which were rejected, and the company must issue a formal offer or abandon the acquisition by December 26 [4] - ZTE Corporation introduced a limited release of the Nubia M153 smartphone featuring the Doubao mobile assistant technology, with ByteDance leading the AI integration [5] - Semiconductor Manufacturing International Corporation (SMIC) faced a terminated acquisition of its subsidiary, SMIC Ningbo, as per a recent announcement [6]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2025年12月1日 第 1 頁 共 6 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | | 13,382 | 0.00017 % | HKD | 0.031 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | | 非本公司董事因行使根據2014以股支薪獎勵計劃(於2013年6月13日 | | | | | | | | | 獲採納)所授予的受限制股份单位而發行的普通股股份 | | | | | | | | | 變動日期 | 2025年12月1日 | | | | | | | | 於下列日期結束時的結存 (註5及6) | | 2025年12月1日 | 6,000,721,923 | | 0 | | 6,000,721,923 | | B. 贖 ...

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) announced the issuance of 94,200 ordinary shares due to the exercise of restricted stock units granted under the 2024 Share Award Plan, adopted on June 28, 2023, and 13,400 ordinary shares under the 2014 Share-Based Payment Award Plan, adopted on June 13, 2013 [1] Summary by Categories - **Share Issuance Details** - 94,200 ordinary shares will be issued as a result of the exercise of restricted stock units under the 2024 Share Award Plan [1] - 13,400 ordinary shares will be issued due to the exercise of restricted stock units under the 2014 Share-Based Payment Award Plan [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2025年12月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00981 | 說明 港股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | 事件 | | 已發行股份（不包括庫存股 ...

Group 1 - Southbound funds recorded a net purchase of HKD 2.148 billion today, with notable net buys in Alibaba-W (HKD 1.321 billion), ZTE Corporation (HKD 606 million), Meituan-W (HKD 594 million), Jiangxi Copper (HKD 137 million), and Xiaomi Group-W (HKD 100 million) [1] - Southbound funds have continuously net bought Alibaba for 13 days, totaling HKD 27.86542 billion, and have net bought Meituan for 3 days, totaling HKD 1.39023 billion [1] - There has been a continuous net sell of SMIC for 8 days, amounting to HKD 2.49582 billion [1] Group 2 - Alibaba-W saw a price increase of 2.2% with a net purchase of HKD 544 million and a transaction volume of HKD 7.690 billion [1] - Xiaomi Group-W experienced a price decrease of 1.8% with a net purchase of HKD 75 million and a transaction volume of HKD 2.910 billion [1] - Meituan-W had a price decrease of 2.9% with a net purchase of HKD 427 million and a transaction volume of HKD 2.780 billion [1] - ZTE Corporation had a price increase of 13.9% with a net purchase of HKD 204 million and a transaction volume of HKD 2.532 billion [1] - Tencent Holdings saw a price increase of 1.3% but had a net sell of HKD 583 million with a transaction volume of HKD 2.178 billion [1] - SMIC had a price increase of 0.9% but experienced a net sell of HKD 376 million with a transaction volume of HKD 1.626 billion [1] - CNOOC had a price increase of 1.2% but faced a net sell of HKD 272 million with a transaction volume of HKD 0.947 billion [1] - China Pacific Insurance had a price decrease of 2.7% with a net sell of HKD 129 million and a transaction volume of HKD 0.823 billion [1]