- The "Hong Kong CCASS Preferred 20 Portfolio" was constructed using a two-step screening method: "select brokers first, then select stocks"[3][4] - The first step involves selecting top-performing brokers by standardizing and equally weighting their excess Sharpe ratio and monthly win rate, then selecting the top 10 brokers[4][16] - The second step involves equally distributing funds to the 10 selected brokers, aggregating their latest holdings, and retaining the top 20 stocks by weight for equal allocation[5][17] - The portfolio has shown significant outperformance over the Hang Seng Index, with an annualized excess return rate of 19.3% and an excess Sharpe ratio of 2.45 over the period from 2020 to 2025[3][12][15] - The portfolio demonstrated defensive characteristics during market adjustments, achieving a positive return of 2.05% from October 8, 2025, to December 31, 2025, while the Hang Seng Index fell by 4.47% and the Hang Seng Technology Index dropped by 15.32%[3][12] - The latest holdings of the portfolio as of February 2026 include a low valuation and high dividend yield configuration, with the banking and non-bank financial sectors accounting for about 45%, the energy sector about 10%, and the technology and internet sectors about 20%[6][19][22] Portfolio Performance Metrics - Annualized return: 19.3%[15] - Annualized volatility: 7.9%[15] - Sharpe ratio: 2.45[15] - Maximum drawdown: -7.6%[15] - Monthly win rate: 75.3%[15]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential for significant growth in the coming months [6][44]. Core Insights - The report highlights a rapid release of computing power demand driven by the dual forces of training and inference, with 2026 identified as a pivotal year for this transition [6]. - Major internet companies are intensifying their competition in AI, leading to a surge in demand for high-quality, multi-modal models, which in turn is expected to drive substantial growth in computing power requirements [11][25]. - The supply side is expected to improve structurally, with domestic computing power resources becoming more abundant, thus supporting the anticipated demand explosion [6][32]. Summary by Sections 1. Rapid Release of Computing Power Demand - The "arms race" in large models continues unabated, with leading internet firms like ByteDance, Alibaba, and Tencent releasing new models with trillions of parameters, enhancing their competitive edge [11][12]. - The demand for inference computing power is rising at an unexpected rate, with significant user growth reported for AI applications, particularly the Doubao app, which reached 226 million monthly active users by December 2025, marking a year-on-year increase of over 200% [6][25]. 2. Supply Side Improvements and Domestic Production Acceleration - The approval of NVIDIA's H200 AI chips for the Chinese market is expected to alleviate computing power shortages for major internet firms, facilitating faster model iterations [32]. - Domestic computing power chips have reached a performance level that is now considered "good enough," with significant advancements in local chip development and deployment [33]. 3. Full-Chain Inflation in Domestic Computing Power - The report predicts that the computing power industry will enter a "full-chain inflation" cycle in 2026, with growth expected across various segments including AIDC, cloud services, and supporting power equipment [38]. - Major tech companies are projected to increase their capital expenditures significantly, with estimates suggesting that the four largest tech firms in Silicon Valley will spend up to $650 billion in 2026 [40]. 4. Related Companies - The report lists several companies as relevant to the industry, including Dongyangguang, Hanwha, Haiguang Information, Wangsu Technology, and others, indicating a broad spectrum of potential investment opportunities [4][44].

Investment Rating - The report maintains a "Buy" rating for the company, Semiconductor Manufacturing International Corporation (SMIC) [2][12]. Core Views - The report indicates that the impact of memory price increases on demand is relatively controllable, and the company is expected to perform well in the upcoming quarters [6][12]. - The target price for SMIC has been adjusted to HKD 91.00, reflecting a potential upside of 30% from the current price of HKD 70.00 [1][12]. Financial Summary - Revenue projections for SMIC are as follows: - 2024: USD 8,030 million - 2025: USD 9,327 million - 2026E: USD 10,685 million - 2027E: USD 12,357 million - 2028E: USD 14,060 million - Year-on-year growth rates are projected at 27.0% for 2024, 16.2% for 2025, and 14.6% for 2026 [5][13]. - Net profit estimates are: - 2024: USD 493 million - 2025: USD 685 million - 2026E: USD 1,199 million - 2027E: USD 1,547 million - 2028E: USD 2,021 million [5][13]. Performance Metrics - The company reported a gross margin of 19.2% for Q4 2025, which is a decrease from 22.6% in Q4 2024 [7]. - The net profit margin for Q4 2025 was 6.9%, up from 4.9% in Q4 2024 [7]. - The report anticipates a rise in depreciation levels by 30% in 2026, which may exert pressure on the company's gross margin [6][12]. Market Position - The company is positioned to benefit from the domestic substitution process in the wafer foundry industry, which is expected to continue driving growth [6][12]. - The management has indicated that the sales growth for 2026 is expected to exceed the average of comparable peers [6].

港股點評 2026年2月13日9:30 a.m 投資者再度拋售科技股，美股周四走勢急轉直下。道指將早段最多 325 點漲幅 全數蒸發後，全日收跌 669 點或 1.3%，報 49,451 點。納指更重挫 469 點或 2%， 收報 22,597 點；標普 500 指數低收 108 點或 1.6%，報 6,832 點。 繼較早時發表 2025 年 12 月份對外商品貿易的貨值統計數字後，政府統計處今 日發表該月份對外商品貿易貨量及價格統計數字。2025 年 12 月與 2024 年 12 月 比較，香港的商品整體出口貨量及進口貨量分別上升 21.6%及 26.5%。2025 年 12 月與 2024 年 12 月比較，商品整體出口價格及進口價格分別上升 3.7%及 3.4%。 OpenAI 向眾議院中國問題特別委員會發出備忘錄，警告 DeepSeek 正在使用不 公平兼且複雜的方法，從 OpenAI 的 AI 模型中提取結果，以訓練 DeepSeek 下一 代 R1 聊天機械人產品。OpenAI 在備忘錄中表示，雖然公司試圖打擊違反服務 條款的用戶，但相關提取的活動仍然存在，兼且變得更加複雜。OpenAI 拒絕 ...

Group 1 - The core viewpoint of the article highlights the performance of the Chip Leader ETF (516640), which opened down by 0.67% at 1.179 yuan on February 13 [1] - The major holdings of the Chip Leader ETF include companies such as Cambricon, SMIC, and Haiguang Information, with varying performance; for instance, Cambricon fell by 1.12%, while Northern Huachuang rose by 1.00% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Fortune Fund Management Co., Ltd., with a return of 18.79% since its inception on August 19, 2021, and a recent one-month return of -0.29% [1]

Group 1 - The core point of the article highlights the performance of the chip ETF Guangfa (159801), which opened with a decline of 0.63% at 0.953 yuan [1] - Major holdings in the chip ETF include companies like Zhongxin International, which fell by 0.30%, and Haiguang Information, which decreased by 0.89% [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return rate, managed by Guangfa Fund Management Co., Ltd., with a return of 91.88% since its inception on January 20, 2020, and a recent one-month return of 0.16% [1] Group 2 - The article lists the performance of various stocks within the ETF, including Cambrian Technology down by 1.12%, and North Huachuang up by 1.00% [1] - Other notable stock performances include Zhaoyi Innovation unchanged at 0.00%, and Changdian Technology down by 1.35% [1] - The article emphasizes the importance of cautious investment due to market risks, although it does not provide specific investment advice [1]

花旗发表报告， 中芯国际与华虹 半导体2025年第四季财报基本符合公司指引，惟2026年第一季展望略 低于预期。该行指，两家企业均将 人工智能与本土替代需求视为关键驱动力，双方将共同受益于中国 供应链本土化进程及终端市场需求的多元化发展。该行将中芯国际目标价由53港元上调至75港元，评 级"中性"；华虹半导体目标价由105港元上调至115港元，评级"买入"。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Sci-Tech Chip ETF managed by Huatai-PineBridge, which opened at a decline of 0.95% on February 13, 2024, priced at 1.771 yuan [1] - The major holdings of the ETF include companies such as SMIC, Haiguang Information, and Cambrian, all of which experienced declines in their stock prices, with the largest drop being 2.78% for Chipone [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Board Chip Index, with a return of 78.76% since its inception on December 18, 2024, and a monthly return of 1.72% [1]

Group 1 - The core viewpoint of the articles highlights significant advancements in quantum communication technology, particularly the successful construction of the world's first large-scale quantum key distribution network based on integrated optical quantum chips by Chinese scientists, which is expected to have a major impact on the field of quantum communication [1] - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index saw a strong increase of 1.08%, with notable gains from constituent stocks such as Fuchuang Precision rising by 15.01%, Shengke Communication by 11.00%, and Jiewate by 6.79% [1] - According to a report from CITIC Securities, the development of computing power is expected to have high certainty in 2026, with supernode technology reaching a pivotal opportunity, and the competitiveness of domestic computing power manufacturers is anticipated to improve, creating investment opportunities in domestic computing chips and system-level manufacturers [1] Group 2 - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, providing a convenient tool for investors to access the domestic chip sector [2] - Investors without stock accounts can engage with the domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [2]

经济观察网 中芯国际近期公告及行业分析显示，2026年公司经营与行业环境将面临机遇与挑战并存。 公司预计2026年销售收入增幅将高于全球同业，资本开支计划与2025年（81亿美元）大致持平。短期来 看，公司对2026年第一季度的指引为销售收入环比持平，毛利率介于18%至20%之间。 公司项目推进 公司计划在2026年新增折合12英寸约4万片月产能，延续高投入节奏。行业层面，AI服务器、电源管理 芯片等需求增长导致部分成熟制程产能紧缺，中芯国际已于2025年12月对8英寸BCD工艺提价约10%， 预计2026年晶圆代工价格可能进一步传导至12英寸制程。 行业政策与环境 管理层强调，2026年将面临产业链回流带来的机遇与存储芯片周期波动的挑战。消费电子领域需求结构 性分化，AI、汽车电子等高端订单增长，而中低端订单可能承压。 财务状况 高资本开支导致折旧压力上升，公司预计2026年折旧费用同比增加约三成，将通过提升产能利用率 （2025年全年平均93.5%）和优化产品组合对冲影响。 战略推进 2025年末完成对中芯北方的全资收购（406亿元交易），预计2026年将进一步整合12英寸成熟工艺产 能，强化国产供应链地 ...