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Core Viewpoint - The National Integrated Circuit Industry Investment Fund has significantly increased its stake in SMIC from 4.79% to 9.25% as of December 29, 2025, indicating strong support for the semiconductor sector in Hong Kong [1][3]. Group 1: Shareholding Changes - The National Integrated Circuit Fund's shareholding in SMIC increased from approximately 382.9 million shares (4.79%) to about 740.2 million shares (9.25%) following a transaction involving the acquisition of a 49% stake in SMIC North from five counterparties [2][3]. - The transaction values the assets at CNY 40.601 billion, with shares issued at CNY 74.20 each, totaling approximately 547 million shares [2][3]. Group 2: Market Reaction - Following the announcement, semiconductor stocks in Hong Kong surged, with notable increases such as Hua Hong Semiconductor rising by 9.4% and SMIC increasing by over 5% [3]. - The debut of domestic GPU company Birun Technology saw a dramatic rise of 75.8%, bringing its market capitalization close to HKD 81.3 billion [3]. Group 3: Industry Outlook - Guotai Junan believes that with the global semiconductor cycle recovering and domestic policies supporting the sector, leading manufacturers like SMIC are poised for performance and valuation recovery [4]. - Huatai Securities highlights that the investment wave driven by AI in computing infrastructure is accelerating, positioning Chinese foundries as long-term investment opportunities [5]. - Bank of America forecasts a 30% growth in global semiconductor revenue by 2026, exceeding USD 1 trillion, driven by increasing demand for AI chips [6].