Group 1 - The Sci-Tech Innovation 50 Index opened slightly lower on September 29, experienced fluctuations, initially dropping about 1.7%, but later rebounded significantly, closing at 1470.41 points with a gain of 1.35% and a total trading volume of approximately 963.0 billion yuan [1] - The Sci-Tech Comprehensive Index rose by 1.18% on the same day, closing at 1690.76 points with a total trading volume of 2402 billion yuan. Excluding suspended stocks, 588 stocks on the Sci-Tech Board mostly rose, with an average increase of 1.36% and an average turnover rate of 3.17% [2] - In terms of individual stock performance, Pinming Technology, Fuke Environmental Protection, and Wanrun New Energy hit the daily limit, while Xinguang Optoelectronics saw a significant drop of 17.56% [3] Group 2 - In terms of trading volume, SMIC had the highest trading volume at 136.3 billion yuan, while *ST Guandian (rights protection) had the lowest at 897.7 million yuan [4] - Regarding turnover rates, Zhongke Lanyun had the highest turnover rate at 22.06%, while Zhongke Weizhi had the lowest at 0.25% [4]

Core Viewpoint - Goldman Sachs reports that with the release of another round of national subsidies in October, the demand for consumer electronics and smartphones in China remains stable in the second half of the year, showing no significant decline [1] Group 1: Company Analysis - Goldman Sachs maintains an optimistic outlook on Semiconductor Manufacturing International Corporation (SMIC) due to the expansion of long-term orders, benefiting from the market share growth of downstream customers and the increased semiconductor content in electronic devices, particularly with the accelerated deployment of artificial intelligence features [1] - The firm upgrades its valuation basis for SMIC, raising the forecasted price-to-earnings ratio for 2028 from 45.2 times to 51.1 times, and increases the target price for H-shares from HKD 83.5 to HKD 95 [1] - Earnings forecasts for SMIC from 2025 to 2027 remain largely unchanged, while the earnings per share estimates for 2028 and 2029 are each raised by 1%, reflecting an upward adjustment in revenue and gross margin predictions [1] Group 2: Financial Projections - Revenue forecasts for SMIC for 2028 and 2029 are each increased by 0.1%, based on a more optimistic outlook for demand from artificial intelligence consumer electronics [1] - The gross margin forecasts for SMIC for 2028 and 2029 are each raised by 0.1 percentage points, due to expectations of higher capacity utilization leading to better profit margins [1] - Operating expense forecasts remain largely unchanged, while the operating profit predictions for SMIC for 2028 and 2029 are each increased by 1% [1]

智通财经APP获悉，高盛发布研报称，随着10月另一轮国家补贴发放，下半年中国消费电子及智能手机 需求保持稳定，未见显著下跌。尽管消费电子及智能手机贡献66%收入，该行对中芯国际(00981)中长期 订单扩张持乐观态度，受惠下游客户市占增长及电子设备中半导体含量升级，特别是人工智能功能加速 部署。该行维持对中芯"买入"评级，上调估值基础，由预测2028年市盈率45.2倍升至51.1倍，H股目标 价由原先83.5港元升至95港元。 该行维持对中芯2025年至2027年盈利预测基本不变，2028年至2029年每股盈测各上调1%，受惠收入和 毛利率预测获上调。该行亦对中芯2028年至2029年收入预测各上调0.1%，基于对中芯来自人工智能消 费电子需求持更乐观展望。该行亦将中芯2028年及29年毛利率预测各上调0.1个百分点，因预期更高产 能利用率将带来更好利润率。在经营费用预测基本不变下，上调中芯2028年及2029年经营溢利预测各 1%。 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF had a turnover rate of 8.39% during the trading session, with a transaction volume of 3.206 billion yuan [3] - Over the past week, the average daily transaction volume of the Sci-Tech Chip ETF reached 4.909 billion yuan, ranking first among comparable funds [3] - The ETF's scale increased by 4.168 billion yuan in the past week, achieving significant growth and ranking first in new scale among comparable funds [3] - The ETF's shares grew by 1.146 billion shares in the past week, also ranking first in new shares among comparable funds [3] - The ETF experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 1.186 billion yuan, totaling 2.770 billion yuan [3] Group 2: Historical Performance - As of September 26, the net value of the Sci-Tech Chip ETF has increased by 127.79% over the past two years, ranking 7th out of 2346 index equity funds, placing it in the top 0.30% [3] - Since its inception, the ETF's highest monthly return was 35.07%, with the longest consecutive monthly gains being four months and the longest cumulative gain being 36.01%, averaging a monthly return of 9.53% during rising months [3] Group 3: Key Holdings - As of August 29, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Chip Index include Cambricon, Haiguang Information, SMIC, Lattice Semiconductor, Zhongwei Company, Chipone, Dongxin Technology, Hu Silicon Industry, Amlogic, and Hengxuan Technology, collectively accounting for 62.02% of the index [3] Group 4: Industry Developments - On September 26, Moore Threads' IPO was approved, with the company focusing on full-function GPUs, being one of the few domestic companies that balance graphic rendering and AI computing, planning to raise 8 billion yuan for the development of a new generation of autonomous controllable chips [4] - Looking ahead to October, the industry layout is focused on areas of sustained high prosperity and turnaround challenges, particularly in AI and humanoid robot supply chains, with strong growth momentum expected due to increased computing power investments domestically and internationally [4]

（文章来源：证券时报网） 数据宝统计，截至14:17，中芯国际成交额104.57亿元，超上一日全天。最新股价上涨0.93%，换手率 3.96%。（数据宝） ...

高盛发表报告指，随着10月另一轮国家补贴发放，下半年中国消费电子及智能手机需求保持稳定，未见 显著下跌。尽管消费电子及智能手机贡献66%收入，该行对中芯国际中长期订单扩张持乐观态度，受惠 下游客户市占增长及电子设备中半导体含量升级，特别是人工智能功能加速部署。 该行维持对中芯2025年至2027年盈利预测基本不变，2028年至2029年每股盈测各上调1%，受惠收入和 毛利率预测获上调；对2028年至2029年收入预测各上调0.1%，基于对中芯来自人工智能消费电子需求 持更乐观展望；将2028年及29年毛利率预测各上调0.1个百分点，因预期更高产能利用率将带来更好利 润率。该行维持对中芯"买入"评级，H股目标价由83.5港元上调至95港元。 ...

一起来看下最新的市场情况及资讯。 【导读】锂电池及相关产业链走强，多股涨停 半导体产业链短线下挫 半导体产业链短线走弱，寒武纪一度跌超5%，海光信息、复旦微电、芯原股份等跌超4%，中芯国际跌超2%。 | 名称 | 现价 | 涨跌幅 ▲ | 成交量 | 换手次 | 市智學 | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 和芯股份 | 84.99 | -6.60% | 331万 | 4.63% | -127 | 102亿 | | 天岳先进 | 81.57 | -5.51% | 762万 | 1.77% | 449 | 3791Z | | 海光信息 | 246.88 | -4.72% | 1762万 | 0.76% | 252 | 5739亿 | | 复旦微电 | 61.13 | -4.44% | 821万 | 1.53% | 120 | 436亿 | | 芯原股份 | 180.63 | -4.48% | 670万 | 1.34% | -149 | 9501Z | | 二海史堂 | 25.81 | -4.30% | 459万 | 1.35% | 130 | ...

Core Viewpoint - SMIC's stock experienced a decline of 1.37% on September 26, with a trading volume of 12.182 billion yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On September 26, SMIC had a financing buy-in amount of 2.474 billion yuan, while the financing repayment was 2.644 billion yuan, resulting in a net financing outflow of 171 million yuan [1] - As of September 26, the total financing and securities lending balance for SMIC was 15.48 billion yuan, with the financing balance of 15.437 billion yuan accounting for 5.84% of the circulating market value, indicating a high level compared to the past year [1] - The securities lending activity on the same day included a repayment of 72,700 shares and a sale of 38,400 shares, with the selling amount calculated at approximately 5.0781 million yuan [1] Company Overview - SMIC, established on April 3, 2000, and listed on July 16, 2020, is located in Shanghai and specializes in integrated circuit wafer foundry services across various technology nodes from 0.35 microns to 14 nanometers [1] - The company's main business revenue composition is 93.83% from integrated circuit wafer foundry and 6.17% from other services [1] Shareholder Information - As of June 30, 2025, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average circulating shares per person increased by 2.26% to 8,223 shares [2] - The top ten circulating shareholders included several ETFs, with notable increases in holdings, such as the Huaxia SSE Sci-Tech Innovation Board 50 ETF, which increased its holdings by 3.3552 million shares [2]

Key TakeawaysGlobal money managers are actively returning to China's equity market, driven by a strong stock rally and significant advancements in high-tech industries, particularly AI and semiconductors.The UK labor market is showing signs of cooling, with job postings falling for the first time in months and businesses expressing a downbeat outlook amid economic uncertainties.Asia's Equity Capital Markets (ECM) are experiencing a standout year, with Hong Kong and India emerging as key powerhouses leading ...

Market Performance - The market saw an increase last week, with the China Securities Xinhua National Brand Index rising by 1.10% to 2019.88 points [1] - The Shanghai Composite Index rose by 0.21%, the Shenzhen Component Index by 1.06%, the ChiNext Index by 1.96%, and the CSI 300 Index by 1.07% [1] Strong Performing Stocks - Notable strong performers included Hu Silicon Industry, which increased by 19.75%, and Anji Technology, which rose by 19.05% [1] - Other significant gainers included Xinlitai (up 15.81%), Yangguang Power, and Zhongwei Company (both over 14%) [1] Year-to-Date Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 183.63%, leading the gains [2] - Yangguang Power and Kewo Si have also shown substantial increases of 132.40% and 82.81%, respectively [2] Market Outlook - Starstone Investment suggests that the market's trading sentiment has declined due to risk aversion ahead of the long holiday, but this may indicate that funds are waiting for clearer policy and fundamental information [2] - The overall market remains strong, with no systemic risks identified, and various sectors are expected to present opportunities [2] Sector Rotation - Source Le Sheng Asset notes a clear rotation pattern this year, with sectors such as new consumption, innovative pharmaceuticals, technology, and high-dividend stocks experiencing alternating rises [3] - The investment strategy has been adjusted to reduce the proportion of technology stocks while increasing exposure to the manufacturing sector, focusing on technology, non-ferrous metals, manufacturing, and innovative pharmaceuticals [3]