Zhi Tong Cai Jing·2025-09-02 06:01Group 1 - Semiconductor stocks collectively declined, with Shanghai Fudan down 6.03% to HKD 33.64, Hua Hong Semiconductor down 5.07% to HKD 49.46, SMIC down 4.71% to HKD 60.65, and Jingmen Semiconductor down 3.92% to HKD 0.49 [1] - SMIC announced plans to issue additional A-shares to acquire 49% minority stake in SMIC North, with the specific plan yet to be determined [1] - Minsheng Securities believes that SMIC's acquisition of SMIC North could significantly enhance the parent company's net profit, addressing the exit demands of major shareholders like the Big Fund Phase I, which holds a 32% stake and is nearing its exit period [1] Group 2 - Alibaba's AI and cloud capital expenditure reached CNY 38.6 billion in a single quarter, with a three-year plan of CNY 380 billion for AI infrastructure development, driving demand for computing power [2] - Under the backdrop of US-China tech tensions and risks in Nvidia's supply chain, the strong demand from domestic cloud providers like Alibaba may shift towards domestic computing power, serving as a significant catalyst for the domestic computing power sector [2] - The IDC and computing power leasing sectors are expected to benefit from this trend [2]