Investment Rating - The report maintains a rating of "Buy" for the electronic industry [1] Core Insights - The electronic industry is expected to experience significant growth driven by advancements in AI technology and the domestic supply chain's maturation, particularly in cloud and edge computing [11][15] - The report highlights the importance of 3D DRAM as a key hardware innovation for AI applications, with expectations for substantial demand growth in 2026 [22][27] - The shift towards high-density interconnects and advanced power supply architectures is crucial for supporting the increasing power density of AI data centers [50][56] Summary by Sections Cloud Computing Power - The domestic computing power supply chain is accelerating, with significant performance releases expected from local manufacturers like Zhongke Shuguang and Huawei [11] - The transition from Scale-Out to Scale-Up networking is enhancing bandwidth and reducing latency, which is critical for AI applications [11] Edge Computing Power - The integration of edge and cloud computing is becoming essential for AI applications, with edge devices benefiting from advancements in SoC technology [15][17] - Companies like Jingchen and Ruixinwei are positioned to capitalize on the growing demand for edge AI solutions [19] 3D DRAM - 3D DRAM is anticipated to become mainstream in 2026, driven by its high bandwidth and low cost, making it essential for various AI applications [22][27] - Companies such as Zhaoyi Innovation are expected to lead in the development of 3D DRAM technologies [28] AI Models - The optimization of AI models is crucial for enhancing performance and user experience, with a focus on local processing capabilities [29][30] - The collaboration between terminal manufacturers and model providers is expected to evolve, shaping the competitive landscape [30][33] AI Terminals - 2026 marks the beginning of a new era for AI terminals, with major companies like Meta, Apple, and Google launching innovative products [34][36] - The development of new terminal forms, such as smart glasses and desktop robots, is expected to drive market growth [34][35] Longxin Chain - Longxin's expansion plans are set to enhance the DRAM supply chain, with a focus on 3D architecture to improve performance and efficiency [38][39] - The company is expected to benefit from increased capital investment and technological advancements [39][41] Wafer Foundry - The domestic wafer foundry industry is entering a new expansion phase, particularly in advanced logic processes [42][43] - Key players like SMIC and Huahong are expected to lead this expansion, addressing the growing demand for advanced chips [44] PCB Industry - The PCB market is poised for growth, driven by the demand for high-performance materials and advanced designs [45][48] - Companies like Shenghong Technology are expected to benefit from the rising demand for AI-related PCB applications [49] Optical-Copper Interconnection - The demand for optical and copper interconnections is increasing, driven by the growth of AI computing clusters [50][52] - Companies such as Changguang Huaxin are well-positioned to capitalize on this trend [53] Server Power Supply - The shift to HVDC power supply architectures is becoming essential for AI data centers, addressing the challenges of increasing power density [55][56] - Companies like Oulu Tong are expected to lead in the development of advanced power supply solutions [56]

Core Viewpoint - The Hong Kong stock market, particularly the semiconductor chip industry, is experiencing a strong rebound, with the Hong Kong Stock Connect Information C Index outperforming other technology indices significantly this year, showing a cumulative increase of over 39% [1] Group 1: Market Performance - The Hong Kong Stock Connect Information C Index rose over 2%, outperforming the Hang Seng Technology Index and other technology-related indices [1] - The Hong Kong Stock Connect Information C ETF (159131) recorded a daily trading volume of 77.27 million yuan, recovering its 5-day and 20-day moving averages [2] - The ETF focuses on the "Hong Kong chip" industry, comprising 70% hardware and 30% software, and includes 42 hard-tech companies [7] Group 2: Key Companies and Developments - Semiconductor company SMIC plans to acquire 49% of its subsidiary, SMIC North, making it a wholly-owned subsidiary, while also receiving a cash injection of $7.778 billion for SMIC South [3] - Notable stock performances include InnoCare rising over 15%, Midea rising over 11%, and UBTECH rising over 8% [4] Group 3: Industry Outlook - The Chinese semiconductor market is projected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and expected to reach $206.7 billion by 2025 [5] - The domestic semiconductor industry is advancing from downstream manufacturing to upstream core equipment, materials, and software, driven by national policies and international dynamics [5] - Investment opportunities are highlighted in third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth storage [5] Group 4: Valuation Insights - The Hong Kong Information Technology ETF (159131) has a current P/E ratio of 33.25, which is significantly lower than the P/E ratios of the ChiNext Index (41.04) and the Nasdaq 100 (36.23), indicating a favorable investment valuation [5]

Core Viewpoint - The Hong Kong stock market, particularly the semiconductor chip industry, is experiencing a strong rebound, with the Hong Kong Stock Connect Information C Index rising over 2%, significantly outperforming other technology indices [1][10]. Group 1: Market Performance - The Hong Kong Stock Connect Information C Index has a year-to-date increase of over 39% [1][10]. - The Hong Kong Stock Connect Information Technology ETF (159131) recorded a single-day trading volume of 77.27 million yuan, recovering both the 5-day and 20-day moving averages [2][11]. Group 2: Key Stocks and Movements - Notable stock performances include InnoCare Pharma rising over 15%, Midea Group increasing over 11%, and UBTECH Robotics gaining over 8% [5][15]. - Semiconductor companies like SMIC and iFlytek also saw increases of over 4% [5][15]. Group 3: Industry Developments - SMIC plans to acquire a 49% stake in SMIC North, which will become a wholly-owned subsidiary, and will receive a cash injection of $7.778 billion for SMIC South [3][12]. - This capital operation is expected to create opportunities for domestic chips, particularly in semiconductor equipment and AI infrastructure [3][12]. Group 4: Market Outlook - The semiconductor market in China is projected to reach $176.9 billion in 2024, with a year-on-year growth of 15.9%, and is expected to reach $206.7 billion by 2025 [4][13]. - The domestic semiconductor industry is making progress from downstream manufacturing to upstream core equipment, materials, and software, driven by national policies and international dynamics [4][13]. Group 5: Valuation Insights - The Hong Kong Information Technology ETF (159131) has a current P/E ratio of 33.25, which is significantly lower than the ChiNext Index at 41.04 and the Nasdaq 100 at 36.23, indicating a favorable investment valuation [6][16]. - The ETF focuses on a composition of 70% hardware and 30% software, covering 42 hard tech companies, with significant weights in SMIC (15.19%) and Xiaomi (14.21%) [8][18].

Core Viewpoint - The article discusses the acquisition of a 49% stake in Zhongxin North by SMIC, emphasizing the strategic move to enhance its position in the semiconductor industry and the significance of this transaction for the domestic semiconductor sector [2]. Group 1: Acquisition Details - SMIC plans to acquire 49% of Zhongxin North for approximately 40.601 billion yuan, which will result in SMIC owning 100% of Zhongxin North [2]. - Zhongxin North, established in July 2013 with a registered capital of 4.8 billion USD, focuses on 12-inch wafer manufacturing with processes ranging from 65nm to 28nm [2]. - The company has initiated a 12-inch integrated circuit production line project, covering an area of about 286,000 square meters, with a planned monthly capacity of 70,000 12-inch wafers [2]. Group 2: Valuation and Financials - The equity book value of Zhongxin North is reported at 41.8 billion yuan, with an assessed value of 82.8 billion yuan, indicating a valuation increase of 41 billion yuan and a premium rate of 98.19% [2]. - SMIC also announced a new joint venture agreement with the National Integrated Circuit Fund and other investors, increasing the registered capital of Zhongxin South from 6.5 billion USD to approximately 10.0773 billion USD [2].

Market Overview - The Hong Kong stock market experienced a rise of 0.86% on the last trading day of the month, indicating a bullish sentiment among investors [1] - The onshore RMB appreciated against the USD, breaking the 7.0 mark and reaching a high of 6.9960, supported by foreign capital inflows and optimistic expectations for economic recovery [1] - The geopolitical situation in the Asia-Pacific region remains stable, with a planned state visit from South Korean President Lee Jae-myung to China in January 2026 [1] Oil and Gas Sector - Venezuela's state oil company PDVSA has begun shutting down some oil wells due to storage space exhaustion and inventory buildup, which may lead to tighter oil supply [2] - Chinese oil companies such as CNOOC, Sinopec, and PetroChina saw their stock prices rise by approximately 3% following this news [2] Technology Sector - Semiconductor company SMIC announced a capital increase for its subsidiary, raising its registered capital from $6.5 billion to $10.0773 billion, indicating a positive outlook [3] - SMIC plans to acquire 49% of its subsidiary SMIC North from its shareholders for 40.601 billion yuan, increasing its ownership to 100% [3] - Baidu is reportedly planning to spin off its subsidiary Kunlun Chip for an independent listing, which could enhance its valuation [3] Robotics and AI - The Trump administration is considering an executive order on robotics, which could benefit companies in this sector [4] - Tesla's Optimus project is gaining traction, with suppliers visiting North America, leading to significant stock price increases for companies like SMC and Yujing [4] - Blue Sky Technology announced a new high-degree-of-freedom dexterous hand for humanoid robots, resulting in a stock price increase of over 5% [5] AI Developments - Meta has announced the acquisition of AI company Manus for potentially billions of dollars, marking one of its largest acquisitions to date [5] - Companies like Mai Fushi and Fourth Paradigm are experiencing stock price increases due to strategic partnerships with major tech firms [6] Consumer Electronics - The upcoming CES 2026 will showcase innovations in AI smart glasses, humanoid robots, and wearable devices, with Chinese brands expected to dominate the exhibition [8] - Notable participating companies include Lens Technology, Hesai Technology, and Xiaomi, among others [8] Company Performance - SANY International reported a revenue of 5.91 billion yuan for Q3 2025, a year-on-year increase of 14.7%, driven by strong performance in overseas markets [9] - The company is focusing on diversifying its business and enhancing its international strategy, with overseas sales approaching or exceeding 50% of total sales [9] - SANY's acquisition of lithium energy business is expected to provide new revenue streams and improve profit margins [10]

头部晶圆厂获增资，晶圆代工景气向上 强于大市( 维持) 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 陈福栋 | 投资咨询资格编号 | | | S1060524100001 | | | CHENFUDONG847@pingan.com.cn | | 徐勇 | 投资咨询资格编号 | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | | | XUBIYUN372@pingan.com.cn | | 郭冠君 | 投资咨询资格编号 | | | S1060524050003 | 行 业 报 告 行业点评 GUOGUANJUN625@pingan.com.cn 事项： 近日中芯国际公告，中芯南方注册资本由65亿美元增加至100.773亿美元，中 芯控股持有的中芯南方股权增长到41.561%。 平安观点： 电子 2025年12月30日 行 业 ...

12月30日，南下资金净卖出港股38.45亿港元，为连续第三日净卖出。 北水关注个股 三花智控：国家知识产权局信息显示，绍兴三花汽车热管理科技有限公司申请一项名为"一种电子膨胀 阀和冷却器"的专利，公开号CN121230260A，申请日期为2024年6月。 中芯国际：12月29日晚，中芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购 买其所持有的标的公司49%股权，交易价格406亿元。本次交易完成后，中芯国际将持有中芯北方100% 的股权，中芯北方将成为公司的全资子公司。中芯北方主要为客户提供不同工艺平台的12英寸集成电路 晶圆代工及配套服务。 优必选：近日，智能机器人领军企业优必选宣布，通过"协议转让+要约收购"的方式，收购深交所上市 公司锋龙股份共计93,957,518股，占该公司股份总数的43%，收购总对价达16.65亿元。 中国海洋石油：近期国际地缘政治事件成为股价波动的重要催化剂。俄乌局势的紧张升级，特别是乌克 兰无人机袭击俄罗斯官邸的消息，加剧了市场对原油供应中断的忧虑。这种外部风险直接提振了石油板 块的整体情绪。 据统计，南下资金已连续11日净卖出中国移动，共计96.4576亿 ...

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 49% equity stake in SMIC North from five shareholders for a transaction price of 40.601 billion yuan, which will result in SMIC holding 100% of SMIC North's equity, making it a wholly-owned subsidiary [1][5]. Group 1: Transaction Details - The transaction involves issuing shares to the National Integrated Circuit Fund and other shareholders to purchase the 49% stake in SMIC North [1][5]. - After the completion of the transaction, SMIC will fully own SMIC North, enhancing its control over the subsidiary [5][7]. Group 2: Company Background - SMIC North was established in July 2013 in Beijing with a registered capital of 4.8 billion USD, co-invested by SMIC and the Beijing municipal government [5][7]. - The company specializes in 12-inch wafer manufacturing, covering process technologies from 65 to 28 nanometers [5][7]. Group 3: Strategic Implications - The acquisition is expected to improve the asset quality of SMIC, enhance business synergies, and promote long-term development, benefiting all shareholders [5][7]. - SMIC North provides various process platforms for 12-inch integrated circuit wafer foundry and related services, which aligns with SMIC's operational strategy [5][7]. Group 4: Market Performance - As of December 29, 2025, SMIC's stock closed at 122.5 yuan, with a slight increase of 0.33%, a turnover rate of 2.53%, and a trading volume of 506,800 hands, amounting to a transaction value of 6.28 billion yuan [5][7].

日本[Table_Title] 日积跬步，水涨船高 ——26 年港股策略展望 [Table_Page] 投资策略|年度报告 2025 年 12 月 30 日 证券研究报告 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | | 010-59136616 | | | | liuchenming@gf.com.cn | | 分析师： | 余可骋 | | | SAC 执证号：S0260524030007 | | SFC CE No. BRU880 | | | 0755-82565905 | | | | yukecheng@gf.com.cn | 972918116公共联系人2025-12-30 18:24:55 1 / 42 识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 日积跬步：（1）本轮港股资产上涨具备基本面支撑，由于较 A 股更少 的传统经济板块，自 2024 年下半年开始，在内外需共同企稳、宏观政 策发力托底的背景下，港股 ...

Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index increasing by 0.86% to close at 25,854.6 points and a total trading volume of HKD 199.69 billion [1] - The Hang Seng Tech Index rose by 1.74%, while the Hang Seng China Enterprises Index increased by 1.12% [1] - Everbright Securities noted that the overall profitability of Hong Kong stocks is relatively strong, with sectors like internet, new consumption, and innovative pharmaceuticals being relatively scarce [1] Blue-Chip Stocks Performance - Baidu Group-SW (09888) led blue-chip stocks, rising by 8.9% to HKD 129.7, contributing 20.99 points to the Hang Seng Index [2] - Other notable blue-chip performances included SMIC (00981) up 4.24% and CNOOC (00883) up 3.97% [2] Sector Highlights Technology Sector - Major tech stocks saw gains, with Baidu rising nearly 9%, Alibaba up 0.84%, and Tencent up 0.59% [3] - The robotics sector surged, with companies like Sihai Zhikong (002050) increasing over 12% amid expectations of Tesla's Optimus project [3][4] Semiconductor Sector - Semiconductor stocks performed well, with InnoSilicon (02577) rising by 15.35% and SMIC (00981) up 4.24% [4] - Nvidia's announcement of partnerships for an 800V direct current architecture marks a significant advancement in AI data centers [4] Oil Sector - Oil stocks generally rose, with CNOOC (00883) increasing by 3.97% and PetroChina (00857) up 2.42% due to rising oil prices amid geopolitical tensions [6] - Everbright Securities anticipates that the "three oil giants" will maintain high capital expenditures and continue to expand in the natural gas market [6] Non-Ferrous Metals Sector - Non-ferrous metal stocks rebounded, with China Aluminum (02600) up 5.27% and Zijin Mining (02899) up 3.63% [6][7] Notable Stock Movements - The Hong Kong Stock Exchange saw significant movements with stocks like InnoSilicon (03696) rising by 24.66% and Wuyi Vision (06651) up 29.9% following their IPOs [8] - Meta's acquisition of an AI startup boosted AI-related stocks, with MaiFushi (02556) rising by 11.07% [9] Company Announcements - SMIC announced plans to acquire a 49% stake in SMIC North for approximately RMB 40.6 billion, focusing on 12-inch integrated circuit wafer foundry services [5] - Ganfeng Lithium (01772) faced pressure after being implicated in insider trading allegations, although the company stated that its operations remain normal [11]