12月30日 午后 ，港股走高，恒生科技指数涨近2%，恒生指数涨近1%。 科网股集体拉升，百度大涨近8%，地平线机器人涨超5%，中芯国际涨超4%，蔚来、商汤、小米集团、 网易等跟涨。 | 百度集团-SW | 128.600 | 7.98% | | --- | --- | --- | | 9888.HK | | | | 地平线机器人-W | 8.940 | 5.55% | | 9660.HK | | | | 中芯国际 | 72.500 | 4.24% | | 0981.HK | | | | 蔚来-SW | 41.760 | 3.57% | | 9866.HK | | | | 商汤-W | 2.200 | 3.29% | | 0020.HK | | | | 舜宇光学科技 | 65.150 | 2.76% | | 2382.HK | | | | 专题未后带 | 74.300 | 2.55% | | 1347.HK | | | | 小米集团-W | 39.520 | 2.44% | | 1810.HK | | | | 网易-S | 221.000 | 2.22% | | 9999.HK | | | | 小鹏汽车-W ...

12月30日午后，港股硬科技逆市走高，迈富时、英诺赛科涨超11%，优必选涨超9%，第四范式涨超 6%，中芯国际大涨超4%。全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）午后震荡 走高，现涨1.89%，实时成交额超5700万元。 数据来源：中证指数公司，沪深交易所。 注："全市场首只"是指首只跟踪中证港股通信息技术综合指数的ETF。中证港股通信息技术综合指数设 置单个样本权重上限为15%，伴随个股市值波动权重占比会产生相应变化，可能会出现超过15%的情 形。指数样本每半年调整一次，届时单个样本权重上限一般会平衡至15%。近期市场波动可能较大，短 期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险承受能力理性投资，高度注意仓位 和风险管理。 风险提示：港股通信息技术ETF被动跟踪中证港股通信息技术综合指数，该指数基日为2014.11.14，发 布于2017.6.23。材料中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗 下任何基金的持仓信息和交易动向。本产品由华宝基金发行与管理，代销机构不承担产品的投资、兑付 和风险管理责任。投资人应当认真阅读《基金合同》、 ...

Group 1 - The Hong Kong stock market continues to strengthen, with the Hong Kong Stock Connect Technology ETF (513860) rising by 0.56% as of the report time [1] - Notable gainers among the ETF's constituent stocks include InnoCare Pharma, which rose over 10%, along with SMIC, Xindong Company, SenseTime-W, Geely Automobile, and Sunny Optical Technology [1] - The trading volume of the Hong Kong Stock Connect Technology ETF (513860) exceeded 7.7 million hands, with a transaction value of 555 million yuan, surpassing the total transaction of the previous day [1] Group 2 - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast revenue growth technology leading companies from the Hong Kong Stock Connect range [1] - The top ten weighted stocks in the index include Alibaba-W, Tencent Holdings, SMIC, Xiaomi Group-W, and BYD Company [1] - According to Galaxy Securities, the easing monetary policies domestically and internationally are expected to maintain a net inflow trend of foreign and southbound funds, leading to a substantial improvement in the profitability of Hong Kong-listed companies [1] Group 3 - CITIC Securities emphasizes the importance of building a modern industrial system and accelerating high-level technological self-reliance as highlighted in the "14th Five-Year Plan" [2] - Strategic emerging industries such as new energy, new materials, aerospace, and future industries like quantum technology may receive new policy support [2] - Investors are advised to seize investment opportunities in AI-related segments and consumer electronics within the technology sector as they look towards 2026 [2]

Overall Research - In December, A-shares showed a general increase, with the ChiNext Index rising by 6.3% and the Sci-Tech 50 Index increasing by 1.4%. The defense, communication, and non-ferrous metal sectors performed well, while financial real estate and consumer sectors lagged behind [1][7] - The Hong Kong stock market experienced volatility in December, influenced by expectations of US Federal Reserve interest rate cuts and fluctuations in US stocks. The Hang Seng Index fell by 0.2%, while the Hang Seng Technology Index dropped by 1.8% [1][10] A-share Insights - The A-share market is expected to experience a steady upward trend, supported by ongoing policy initiatives and increased capital inflows. Historically, a "spring rally" occurs almost every year in the A-share market, with 13 out of 14 years since 2012 (excluding 2022) witnessing such rallies [2][15] - The central economic work conference emphasized a "more proactive fiscal policy" and "moderately loose monetary policy," which is expected to provide a solid foundation for economic growth and capital market prosperity [2][15][16] - The report suggests focusing on growth and consumer sectors, particularly TMT and advanced manufacturing, which have historically shown greater elasticity during spring rallies. The consumer sector, currently underperforming, may attract "missed opportunity" funds [2][17][18] Hong Kong Insights - The Hong Kong market is anticipated to continue its upward trend due to domestic policy support and a weaker US dollar. Despite recent gains, overall valuations remain low, indicating high long-term investment value [3][20] - A "barbell" strategy is recommended, focusing on technology growth and high-dividend stocks. Key areas include self-sufficiency, chips, and high-end manufacturing, as well as stable dividend sectors like telecommunications and utilities [3][20] Stock Recommendations - For January 2026, the A-share stock selection includes: - Sunlord Electronics, Zhongji Xuchuang, Xinyi Sheng, SMIC, PetroChina, Sinopec, Haier Smart Home, Industrial and Commercial Bank of China, Zijin Mining, and Shanghai Lingang [2][22] - The recommended Hong Kong stocks for January 2026 are: - Alibaba-W, Tencent Holdings, SMIC, Hua Hong Semiconductor, Yujian, and Goldwind Technology [2][26]

责任编辑：栎树 | | | | | 半导体板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | 1 | 688809 | N强- | 1 | 176.30 | 305亿 | 176.30 | | 2 | 688593 | 新相微 | | 12.32 | 98.48 Z | 17.10 | | 3 | 600877 | 电科芯片 | 1 | 10.01 | 215亿 | 37.45 | | 4 | 300782 | 卓胜微 | 1 | 9.75 | 448亿 | -6.61 | | 5 | 688110 | 东芯股份 | 1 | 8.51 | 591亿 | 436.95 | | 6 | 300456 | 寒微电子 | 海 | 5.35 | 434 乙 | 244.99 | | 7 | 688691 | 灿応股份 | 1 | 5.21 | 131亿 | 42.38 | | 8 | 688256 | 寒武纪-U | 1 | 5.17 | 6025 Z | 117.13 ...

Core Viewpoint - The semiconductor stocks in Hong Kong have surged, driven by Nvidia's leadership in a significant power architecture revolution for global data centers, transitioning from traditional AC power to 800V DC power, which is igniting an upgrade wave in AI computing infrastructure [1] Industry Summary - The demand for computing power is experiencing exponential growth due to the rise of generative artificial intelligence, leading to a flourishing AI chip sector [1] - Analysts from Dongxing Securities recommend focusing on three key areas within the semiconductor industry: semiconductor storage, semiconductor testing equipment, and magnetic components, in line with the AI innovation cycle [1] Company Summary - Semiconductor industry leader SMIC announced plans to acquire a 49.00% stake in Northern SMIC for a transaction price of 40.6 billion yuan, which is expected to enhance the asset quality and business synergy of the listed company, promoting long-term development [1] - The main business scope of the listed company will remain unchanged before and after the transaction [1]

Group 1 - The core viewpoint of the article highlights the strong performance of chip concept stocks in the A-share market, with significant gains observed in several companies [1] - Xinxiang Microelectronics saw an increase of over 12%, while Electric Science Chip reached a 10% limit up, indicating robust investor interest [1] - Other notable performers included Zhuosheng Microelectronics with a nearly 10% rise, Dongxin Co. with over 8%, and both Saiwei Electronics and Canxin Co. with gains exceeding 5% [1] Group 2 - The news also reports that SMIC (Semiconductor Manufacturing International Corporation) plans to issue shares worth 40.6 billion yuan to acquire a 49% stake in Zhongxin North, which is held by the National Integrated Circuit Fund and four other parties [1] - Upon completion of this transaction, SMIC will gain full control over this key 12-inch wafer foundry enterprise, enhancing its market position [1]

Group 1 - Longbai Group's subsidiary plans to introduce strategic investors and implement capital increase, with a total investment of 2 billion yuan, resulting in a 31.40% equity stake for the investors [1] - Upwind New Materials' embodied intelligent robot business is still in the product development stage and is not expected to positively impact the 2025 annual performance [2] - Kweichow Moutai's controlling shareholder has completed a share buyback plan, acquiring approximately 207.14 million shares for about 3 billion yuan, increasing their total stake to 56.63% [3] Group 2 - Xiamen Tungsten's subsidiary plans to acquire 100% equity of German Mimatic Tool Company for a base price of 10 million euros, with additional capital increase planned [4] - Longpan Technology's subsidiary will reduce production on some lithium iron phosphate production lines for maintenance, expecting a reduction of about 5,000 tons [5] - Wenkai Co. plans to invest 29 million yuan to establish a fund focused on strategic emerging industries [6] Group 3 - Limin Co.'s subsidiary has received a production license for "fluopyram" pesticide, which is expected to have a positive impact on future operations [7] - ST Huicheng received a cash donation of 30 million yuan from its restructuring investor to support its operations [8] - Baitong Energy's vice president plans to reduce holdings of up to 316,200 shares, representing 0.0686% of the total share capital [9] Group 4 - Wushang Group's shareholder did not execute a planned share reduction, retaining a 5.7% stake [10] - Zhangzidao's major shareholder plans to reduce holdings of up to 711,100 shares, representing 1% of the total share capital [11] - Meihua Bio plans to repurchase shares worth 35 million to 50 million yuan at a price not exceeding 15 yuan per share [12] Group 5 - Xiyang Co. plans to distribute a cash dividend of 1.10 yuan per 10 shares, totaling 181 million yuan, which is 10.37% of the net profit for the first three quarters of 2025 [13] - Weike Technology plans to distribute a cash dividend of 6 yuan per 10 shares, totaling approximately 75.15 million yuan [14] - Guoyuan Securities plans to transfer 24.33% of Anyuan Fund's equity for 813 million yuan [15] Group 6 - Three Gorges Tourism's subsidiary plans to purchase part of the property for the Three Gorges Cruise Center for 136 million yuan [16] - Wukuang Development plans to acquire equity in Wukuang Mining and Luzhong Mining, with stock suspension announced [17][18] - Sijia Technology plans to invest 275 million yuan to acquire 20% equity in Guangcai Xincheng [19] Group 7 - Changan Automobile plans to raise no more than 6 billion yuan through a private placement for new energy vehicle projects [20] - Shenjian Co. reported that its aerospace business revenue is relatively small, accounting for only 0.20% of total revenue [21] - Zhiyuan New Energy's controlling shareholder plans to reduce holdings of up to 1.53% of the company's shares [22] Group 8 - Beimo High-tech plans to raise no more than 1.97 billion yuan through a private placement for various projects [23] - Hongri Pharmaceutical's injectable thymosin has passed the consistency evaluation for generic drugs [24] - Ningbo Fangzheng plans to acquire 20% equity in Anhui Fangzheng for 63.8 million yuan [25] Group 9 - Spring Airlines signed a purchase agreement for 30 Airbus A320neo aircraft, with a total price not exceeding 4.128 billion USD [26][27] - Oulu Tong's controlling shareholder plans to reduce holdings of up to 1.91% of the company's shares [28] - Tongli Technology plans to invest 86.7 million yuan to increase capital in Zhuerkang Technology [29] Group 10 - Ganfeng Lithium received a notice of prosecution for suspected insider trading, but operations remain normal [30] - ST Dongyi completed its capital increase plan and will resume trading [31] - Tianpu Co. clarified that it has no plans to engage in artificial intelligence-related business [32] Group 11 - ST Meigu's restructuring plan has been completed, and it will apply to lift the delisting risk warning [33] - Unigroup Guowei is planning to acquire controlling or full equity of Ruineng Semiconductor, with stock suspension announced [34] - Shengtong Energy's stock has been suspended for investigation due to significant price fluctuations [35][36] Group 12 - ST Sansheng applied to lift the delisting risk warning after completing its restructuring plan [37] - Yuekang Pharmaceutical submitted an application for H-share listing on the Hong Kong Stock Exchange [38] - Miaokelando's controlling shareholder plans to increase holdings of 2.55 million to 5.10 million shares [39] Group 13 - SMIC plans to acquire 49% equity in SMIC North for 40.601 billion yuan, aiming to enhance asset quality and business synergy [40]

Group 1 - The semiconductor sector showed active performance with notable stock increases, including a 1.49% rise in SMIC and a 10% increase in Zhaosheng Microelectronics [1] - On December 29, SMIC announced plans to issue 547 million shares to acquire 49% equity in SMIC North, with a transaction price of 40.601 billion yuan [1] - SMIC plans to significantly increase its stake in SMIC South to 41% through a large capital increase with major shareholders, indicating a strategic move to enhance control over core manufacturing [1] Group 2 - The semiconductor equipment ETF E Fund (159558) tracks an index where semiconductor equipment constitutes 62%, showing resilience in the context of domestic substitution trends [2] - The Xinchuan ETF E Fund (159540) focuses on digital chip design, which makes up 41% of its index, potentially benefiting from the rising demand for domestic AI infrastructure [2] - The Sci-Tech Innovation and Entrepreneurship AI ETF E Fund (159140) targets domestic chips and optical modules, serving as an effective investment tool amid the growing certainty in AI hardware construction [2]

12月29日深夜，中芯国际（SH688981）连续公布两项重大举措。 值得一提的是，中芯国际IPO（首次公开募股）募投项目之一的"12英寸芯片SN1项目"，其实施主体便 是中芯南方。 中芯国际表示，公司拟向国家集成电路基金等5名中芯北方集成电路制造（北京）有限公司（以下简称 中芯北方）股东发行股份，购买其所持有的中芯北方49.00%股权，交易价格为406.01亿元。 据悉，"12英寸芯片SN1项目"总投资90.59亿美元，规划月产能3.5万片，工艺技术水平为14纳米及以 下。彼时，该项目已建成月产能6000片，IPO募集资金主要用于满足将该生产线的月产能扩充到3.5万片 的部分资金需求。 另一动作则是中芯国际旗下中芯南方集成电路制造有限公司（以下简称中芯南方）将获77.78亿美元现 金增资。中芯南方成立于2016年12月，系先进技术及制程产线的运营主体，提供14nm（纳米）FinFET （鳍式场效应晶体管）及以下的技术工艺。 此次中芯南方再获大额增资，或将用于扩充其晶圆生产能力。 12月29日，中芯国际子公司中芯国际控股有限公司（以下简称中芯控股）与国家集成电路基金、国家集 成电路基金二期、国家集成电路基金三 ...