Core Viewpoint - The adjustment of margin trading securities and their corresponding ratios by Shenwan Hongyuan Securities and Shenwan Hongyuan West Securities is set to take effect on October 13, with significant changes for several stocks, particularly in the technology sector [1][3]. Group 1: Margin Trading Adjustments - The margin trading securities for stocks such as XianDao Intelligent, NanjiGuang, Manenset, and others have seen their margin ratios increased from 0% to between 30% and 70% [1][2]. - Conversely, stocks like Tongyu Heavy Industry and Chuangyitong have had their margin ratios decreased from 65% to 0% [1][2]. Group 2: Market Reactions and Valuation - The recent adjustments have raised concerns in the market, particularly regarding the leverage funding withdrawal from semiconductor stocks like Bawei Storage and Zhongxin International, which had their margin ratios set to 0% just one trading day prior [2][3]. - The static price-to-earnings (P/E) ratios for Zhongxin International and Bawei Storage have decreased to 276.75 and 279.33, respectively, moving them out of the "high valuation warning zone," which may facilitate the restoration of their margin ratios [4]. Group 3: Regulatory Context - The adjustments are in line with regulations established in 2016, which dictate that stocks with a static P/E ratio exceeding 300 or negative values should have their margin ratios set to 0% [3][4]. - The recent market activity and the strong performance of technology stocks have prompted brokers to adjust margin ratios as a response to market conditions [3].

截至月份: 2025年9月30日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2025年10月10日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,00 ...

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) | 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 | 11,000 | 0.00014 % | HKD | 24.5 | | --- | --- | --- | --- | --- | --- | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2014以認股權計劃(於2013年6月13日獲採納) | | | | | | | 變動日期 2025年10月3日 | | | | | | 3). | 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 | 7,403 | 0.00009 % | HKD | 23 | | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | 2014以認股權計劃(於2013年6月13日獲採納) | | | | | | | 變動日期 2025年10月3日 | | | | | | 4). | 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 | 500 | 0.00001 % | HKD ...

智通财经APP讯，中芯国际(00981)发布公告，于2025年10月10日，非本公司董事因行使根据2014以股支 薪奖励计划(于2013年6月13日获采纳)所授予的受限制股份单位而发行9296股普通股股份。 于2025年10月10日，非本公司董事因行使根据2024年股份奖励计划(于2023年6月28日获采纳)所授予的 限制性股票单位而发行8.11万股普通股股份。 ...

Core Viewpoint - The adjustment of margin trading securities and their corresponding margin ratios will take effect from October 13, with several stocks seeing significant changes in their margin ratios, indicating a shift in market sentiment and potential investment opportunities [1][2]. Group 1: Margin Ratio Adjustments - The margin ratios for stocks such as XianDao Intelligent, NanJiGuang, ManEnSiTe, LianDong Technology, HaiGuang Information, ChangYingTong, BaiWei Storage, ZhongXin International, and HuaXin YongDao have been increased from 0% to a range of 30%-70% [1][3]. - Conversely, the margin ratios for TongYu Heavy Industry and ChuangYiTong have been decreased from 65% to 0%, reflecting a more cautious approach towards these stocks [1][3]. Group 2: Regulatory Framework - According to exchange regulations, if a stock's static price-to-earnings ratio exceeds 300 times or is negative, its margin trading ratio will be adjusted to zero [2].

北水关注个股 阿里巴巴-W：伯恩斯坦将阿里巴巴目标价从167美元上调至200美元。 中芯国际：日前，有投资者反映称，接到券商短信告知，自10月9日起，信用账户持有的中芯国际的融资融券折算率由0.70调整为0。10月9日查询多家券商 网站发现，不仅是上述券商，其他多家券商也已将中芯国际的折算率调整为0。 腾讯控股：10月10日回购83.9万股股份，耗资约5.5亿港元。 药明生物：香港交易所信息显示，贝莱德在药明生物的持股比例于10月07日从5.90%降至4.99%。 据统计，南下资金已连续5日净买入小米，共计38.2084亿港元；连续2日减持中芯国际，共计51.05亿港元；连续2日减持华虹半导体，共计22.86亿港元。 | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里巴巴-W | -4.6% | -13.44 | 140.49亿 | 阿里巴巴-W | | 中芯国际 | -7.1% | -14.69 | 86.63 Z | 中芯国际 | | 腾讯控股 | -3.6% | -11.60 | 4 ...

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 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 | | | | | | | | | | | 事件 | | | | 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 | | | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2025年10月10日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,00 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 3.99 billion HKD from northbound trading, with significant movements in various stocks, indicating a shift in investor sentiment and trading strategies. Group 1: Northbound Trading Activity - Northbound trading saw a net sell of 12.2 billion HKD in the Shanghai-Hong Kong Stock Connect and a net buy of 8.21 billion HKD in the Shenzhen-Hong Kong Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), Pop Mart (09992), and ZTE Corporation (00763) [1] - The most sold stocks were SMIC (00981), Alibaba-W (09988), and Hua Hong Semiconductor (01347) [1] Group 2: Stock-Specific Insights - Xiaomi Group-W (01810) had a net buy of 9.33 billion HKD, with a reported increase in electric vehicle deliveries to over 40,000 units in September, up from 36,000 in August [4] - Pop Mart (09992) received a net buy of 6.69 billion HKD, with new product launches selling out quickly and expectations for strong sales during upcoming festive seasons [5] - ZTE Corporation (00763) saw a net buy of 4.9 billion HKD, with analysts highlighting its unique position in providing end-to-end communication solutions and potential benefits from AI development [5] Group 3: Notable Sell-offs - Alibaba-W (09988) faced a net sell of 18.1 billion HKD, while Tencent (00700) experienced a net sell of 9.51 billion HKD, reflecting concerns over market valuations and potential corrections [6] - SMIC (00981) and Hua Hong Semiconductor (01347) were sold off significantly, with net sells of 27.08 billion HKD and 11.44 billion HKD respectively, attributed to high static P/E ratios leading to adjustments in margin financing [6]

Core Insights - The Hong Kong stock market experienced a net sell-off of 399 million HKD from northbound trading, with a net sell of 1.22 billion HKD from the Shanghai-Hong Kong Stock Connect and a net buy of 821 million HKD from the Shenzhen-Hong Kong Stock Connect [1] Group 1: Stock Performance - The most bought stocks by northbound trading include Xiaomi Group-W (01810), Pop Mart (09992), and ZTE Corporation (00763) [1] - The most sold stocks include Semiconductor Manufacturing International Corporation (00981), Alibaba-W (09988), and Hua Hong Semiconductor (01347) [1] Group 2: Detailed Stock Transactions - Alibaba-W had a buy amount of 6.353 billion HKD and a sell amount of 7.696 billion HKD, resulting in a net outflow of 1.344 billion HKD [2] - Semiconductor Manufacturing International Corporation had a buy amount of 3.597 billion HKD and a sell amount of 5.066 billion HKD, leading to a net outflow of 1.469 billion HKD [2] - Xiaomi Group-W had a buy amount of 1.921 billion HKD and a sell amount of 1.385 billion HKD, resulting in a net inflow of 535 million HKD [2] Group 3: Notable Company Updates - Xiaomi Group-W reported over 40,000 electric vehicle deliveries in September, an increase from 36,000 in August, benefiting from improved production capacity [4] - Pop Mart (09992) saw strong sales with its new product series selling out immediately, and analysts expect continued sales momentum due to upcoming consumer seasons [5] - ZTE Corporation (00763) is recognized as a rare provider of end-to-end communication equipment solutions and is expected to benefit from AI development [5] - Meituan-W (03690) reported a 30% increase in travel orders during the recent holiday period compared to the previous year, indicating a trend towards deep tourism [5] Group 4: Market Sentiment and Trends - Northbound trading has reduced holdings in tech stocks, with Tencent (00700) and Alibaba-W (09988) facing net sell-offs of 951 million HKD and 1.81 billion HKD respectively [6] - Concerns have arisen regarding the high valuations of certain stocks, particularly in the semiconductor sector, leading to significant sell-offs [6]