意料之中，理由如我们上周五发帖所言，最近主要受情绪和流动性的影响，港股截至上周收盘已经6连跌。而上周五，东大 这边收盘后，美联储释放鸽派信号，同时市场一些知名人士回应了关于AI泡沫的忧虑。新增信息很大程度缓和了市场情 绪，所以港股科技板块快速反弹。 今天港股科技集体反弹，截至14:30，港股通科技指数涨超3%。 想要低位布局港股科技的投资者，可关注天弘国证港股通科技ETF联接（A：024885；C：024885），这只指数囊括了阿 里、腾讯、小米等互联网大厂，不占QDII额度，大家投起来方便很多。上支付宝、天天基金、京东金融搜索"天弘港股通科 技"即可布局。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。本基金可投资港股通的股票，需承担港股通机制 下因投资环境、投资标的、市场制度及交易规则等差异带来的特有风险。 每日经济新闻 往后拉，生成式AI商业化加速，相关港股标的如阿里弹性空间被释放，同时地缘政治推动芯片自主可控，港股半导体企业 会受益于供应链重构。在港股流动性改善背景下，科技产业长期升级趋势提供成长空间，有望持续获益走强。 我们倾向于认为，目前港股悲观情绪已释放较充分，逐渐进入布局区间 ...

产业方面，科技赛道受益于AI大模型快速发展和芯片自主可控浪潮，有望维持高景气。海外云厂商如 谷歌、Meta、微软和亚马逊三季报纷纷上调资本开支预期； 国内互联网大厂腾讯和小米的AI对于业务 经营的助力明显 ，阿里宣布最新千问APP计划，都有望助力港股科技长期表现。资金方面，南向资金 继续大幅买进港股，年初以来已超1.2万亿港币。此前，三季度A股与美股科技大幅上涨，估值普遍较 贵，港股科技相对有较大的估值优势，预计后续南向资金将持续流入，有望持续催化港股行情。 港股科技板块长期增长逻辑清晰，港股通科技ETF基金（159101）紧密跟踪国证港股通科技指数，拉长 时间看，该ETF已连续4天资金净流入，累计流入2.06亿元，截至11月20日，最新规模达23.98亿元。 11月21日午盘，港股科技板块小幅回升，港股通科技ETF基金（159101）跌幅持续收窄，现跌超1%， 其持仓股中，京东健康、华虹半导体、金斯瑞生物科技、信达生物等跌幅居前，仅金山软件、小米集 团-W逆势上涨。 消息面上，美国劳工统计局周四发布报告称，9月，新增非农就业人数11.9万人，远超市场预期的5万 人，失业率上升0.1个百分点至4.4%，续创2 ...

北京时间11月21日，港股早盘大跌，截至10点16分，港股通科技指数下跌2.92%；成分股方面，百度、 蔚来跌超5%，阿里、小鹏、快手跌超3%。 资金方面，南向资金继续大幅买进港股，年初以来已超1.2万亿港币。此前，三季度A股与美股科技大幅 上涨，估值普遍较贵，港股科技相对有较大的估值优势，预计后续南向资金将持续流入，有望持续催化 港股行情。 想要低位布局港股科技的投资者，可上支付宝搜索：天弘国证港股通科技ETF联接（C类：024886；A 类：024885）；该指数汇聚阿里、腾讯、小米等互联网大厂，不占QDII额度，有望为各位投资者捕捉 港股AI发展机遇。 【行情解读：港股早盘为何大跌？】 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。 宏观层面，多项利好因素未发生显著变化。美联储降息预期虽有反复，但长期仍处于降息通道中，全球 流动性有望持续保持宽松，利好科技股表现，而港股科技相对A股科技更受益于美联储降息。 其次国内 货币政策和财政政策协同发力仍有空间，当前经济方面，整体呈现弱复苏，政策端有望延续积极基调， 利好港股基本面回暖。 产业方面，科技赛道受益于AI大模型快速发展和芯片自主可控浪 ...

Core Viewpoint - China's chip industry is poised to surprise the world with significant advancements in AI chip design and manufacturing, driven by a determination to innovate despite U.S. export restrictions [1][3]. Chip Design - Despite NVIDIA's dominance in the Chinese AI chip market, local suppliers like Huawei, Cambricon, and Moore Threads have captured 40% of the market demand, with projections indicating a market size of $38 billion by 2025 and $71 billion by 2027, potentially exceeding 50% market share for Chinese suppliers [5]. - Chinese chips, while not matching NVIDIA's top-tier products, have performance levels comparable to simplified versions approved for sale in China. The Chinese government has banned domestic companies from using NVIDIA's AI chips to promote local chip applications [5]. - Chinese chip design often sacrifices energy efficiency for performance, with Huawei's CloudMatrix system consuming over four times the power of NVIDIA's leading products. A promising approach involves tighter integration of chip design and software, with DeepSeek adopting FP8 data format to enhance efficiency [5][6]. Chip Manufacturing - By 2026, domestic production of AI chips in China is expected to increase significantly, primarily driven by SMIC and Huawei, with SMIC planning to double its capacity for chips at 7nm and below [6]. - Chinese foundries, restricted from acquiring advanced ASML equipment, must leverage older ASML machines to maximize potential. Even with lower yield rates, Chinese foundries are projected to produce millions of AI chips, sufficient to meet domestic demand [6]. Challenges and Future Outlook - While Chinese companies may struggle to surpass global leaders in efficiency or performance, they are expected to meet most of their domestic needs by the end of 2026, indicating a significant transformation in the industry [7].

Core Insights - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index reaching a near ten-year high of 3999.07 points, just 0.93 points away from the 4000 mark [3] - The Tianhong ChiNext ETF (159977) has seen a significant increase in its share volume, with a growth of 21.85 million shares over the past three months, ranking first among comparable funds [3] - The high-tech manufacturing sector is showing robust growth, with profits increasing by 8.7% year-on-year from January to September, contributing to overall industrial profit growth [5] Product Highlights - The Tianhong ChiNext ETF (159977) tracks the ChiNext Index, which is currently at a historical midpoint, with attractive valuations compared to other broad indices like CSI 300 and CSI 500 [3] - The Tianhong CSI A500 ETF (159360) covers 35 secondary industries and serves as a balanced allocation tool to mitigate rotation risks [4] - The Tianhong Sci-Tech Index ETF (589860) covers 97% of the Sci-Tech board's market value, focusing on strategic emerging industries such as semiconductors and AI [4] Industry Trends - The innovation sector is becoming a key growth driver, with high-tech manufacturing profits showing a two-digit growth rate of 26.8% in September, significantly boosting overall industrial profits [5] - The Tianhong Fund highlights three promising sectors within the ChiNext: technology benefiting from AI advancements, pharmaceuticals driven by policy optimization, and renewable energy with improving supply-demand dynamics [6]

Core Insights - Huawei's Mate 80 series is set to officially launch in November, featuring four models: Mate 80, Mate 80 Pro, Mate 80 Pro+, and Mate 80 RS [1] - The series will debut the Kirin 9030 chip, touted as Huawei's most powerful mobile chip, alongside the self-developed HarmonyOS 6, indicating Huawei's progress in achieving a self-sufficient chip supply chain [3] - The design of the Mate 80 series includes a circular camera module with four rear cameras, enhancing both aesthetics and functionality, while the Mate X7 foldable flagship will also be introduced at the event [6] Summary by Categories Product Launch - The Mate 80 series includes four models: Mate 80, Mate 80 Pro, Mate 80 Pro+, and Mate 80 RS, with the standard version available in four colors: black, white, cyan, and green [1] Technology and Performance - The Kirin 9030 chip will be featured in the Mate 80 series, marking a significant advancement in Huawei's mobile chip technology, combined with HarmonyOS 6 for improved performance [3] - The introduction of the Kirin 9030 chip signifies Huawei's achievement in establishing a self-controlled chip supply chain, following the previous launch of the Kirin 9020 chip [3] Design and Features - The Mate 80 series showcases a circular camera module with four rear cameras, including a wide-angle main camera, ultra-wide angle, periscope telephoto, and a red maple color camera, enhancing the device's modern design [6] - The Mate 80 RS will offer three color options, while the other models will have four, contributing to a diverse aesthetic appeal [6] - The Mate X7 foldable flagship will also be launched, featuring five color options and the new Kirin 9030 chip, promising a significant upgrade in both design and performance [6]

Core Viewpoint - The article highlights the emergence of a semiconductor manufacturing company, Xinkailai, which has gained significant attention at the 2025 Bay Area Semiconductor Industry Expo due to its innovative products that enhance China's semiconductor self-sufficiency and address supply chain stability concerns in a complex global environment [1][2]. Group 1: Company Overview - Xinkailai, established from Huawei's 2012 laboratory, has rapidly grown to a valuation of hundreds of billions, positioning itself as a key player in Shenzhen's response to overseas chip restrictions [4]. - The company has a registered capital of 1.5 billion yuan and is fully owned by Shenzhen's major industrial investment group, which is controlled by the Shenzhen State-owned Assets Supervision and Administration Commission [4]. - Xinkailai's rapid growth is attributed to its technological advancements and resources, with a reported order scale exceeding 10 billion yuan [4]. Group 2: Product Innovations - Xinkailai's subsidiaries unveiled two significant products: a 90GHz ultra-fast oscilloscope and high-end EDA design software, both of which are crucial for the self-sufficiency of China's semiconductor industry [6][7]. - The oscilloscope's bandwidth surpasses 90GHz, marking a 500% improvement over previous domestic models, and is now positioned as the second-best globally, supporting advanced chip processes [6][7]. - The EDA software enhances design success rates by 30% and reduces hardware development cycles by 40%, filling a critical gap in domestic electronic design tools [7]. Group 3: Industry Context - The semiconductor equipment market in mainland China has seen substantial growth, with a market size increase from $6.46 billion in 2016 to $36.6 billion in 2023, reflecting a compound annual growth rate of 28.11% [8]. - In 2024, the market size is projected to exceed $49.5 billion, marking a 35.25% year-on-year growth, maintaining its position as the largest globally for five consecutive years [8]. - Despite this growth, the domestic market still faces challenges, with less than 10% localization in semiconductor testing and measurement equipment, indicating a need for further advancements in high-end technology [8][9]. Group 4: Future Outlook - The article suggests that the path to achieving self-sufficiency in semiconductor technology lies in gradually improving infrastructure and fostering collaborative growth within the industry [9]. - The ongoing advancements in technology are expected to transform previously "bottleneck" technologies into self-sufficient capabilities, paving the way for future breakthroughs in the semiconductor sector [10].

Group 1 - The report predicts that the index will maintain a fluctuating upward trend in October, supported by positive overseas market performance and domestic monetary policy adjustments [1][2] - The focus remains on high-quality development sectors, particularly technology growth, as indicated by recent government articles emphasizing economic policy [2][3] - The report highlights the importance of macroeconomic factors over valuation metrics in determining market trends, especially in the context of the current weak dollar environment [2][3] Group 2 - The investment strategy emphasizes a core focus on self-sufficient chip production, alongside sectors benefiting from price increases and favorable market conditions [3][4] - The recommended stocks include companies like Haiguang Information, Kunlun Wanwei, and Zhaoyi Innovation, which are positioned to benefit from the ongoing trends in technology and AI [4][9] - The report outlines financial projections for the recommended stocks, indicating expected growth in revenue and net profit for the years 2025 to 2027 [67] Group 3 - Haiguang Information is expected to see steady growth in CPU and DCU product revenues due to the domestic push for AI capabilities [12][13] - Kunlun Wanwei is advancing its AI business across the entire industry chain, with significant developments in AI applications and models [15][16] - Zhaoyi Innovation is projected to achieve substantial revenue growth driven by its competitive position in the NOR and DRAM markets, particularly benefiting from the AI wave [20][21] Group 4 - Aerospace Electronics is positioned for rapid growth in the commercial aerospace sector, focusing on satellite internet and drone systems [31][32] - High Energy Environment is benefiting from rising metal prices and a stable resource recycling operation, with significant profit contributions expected [36][37] - Northern Huachuang is set to gain from increased domestic equipment adoption and the expansion of semiconductor production lines [42][43] Group 5 - Heng Rui Pharmaceutical is accelerating its internationalization process with a robust pipeline of innovative drugs, expected to yield significant licensing revenues [54][55] - Ningde Times is projected to maintain strong growth in battery production, driven by increasing demand in energy storage and electric vehicles [58][59] - Shanghai Washba is focusing on solid-state battery technology, with anticipated significant profit growth from its recent acquisitions and expansions [63][64]

Core Viewpoint - The announcement by Lihexing regarding the operational scope change of its subsidiary, Lirong Electronics, signals a strategic shift towards high-tech sectors such as semiconductors, AI computing power, and new energy, enhancing its competitive position in these emerging markets [1][3][4] Group 1: Business Expansion - Lirong Electronics has expanded its operational scope to include sales of electronic components, integrated circuit chips, semiconductor devices, and manufacturing of electronic specialized equipment, indicating a focus on high-tech fields [3][4] - The company has been a qualified supplier for Huawei since 2013, deepening its collaboration with Huawei and its affiliates, which has led to a market share of over 10% in the smart terminal testing sector [3][4] Group 2: Strategic Partnerships - The partnership with Huawei has evolved from mobile smart terminals to include 5G base stations, new energy vehicles, and digital energy, showcasing the company's adaptability and growth potential in various cutting-edge fields [3][4] - Lihexing is a key manufacturer for Huawei's liquid-cooled ultra-fast charging equipment and is involved in critical manufacturing tasks for Huawei's fully automated charging robot project [3][4] Group 3: Market Opportunities - The adjustment in operational scope allows the company to respond more flexibly to market demands and integrate industry chain resources, thereby enhancing its competitiveness in smart manufacturing and high-end electronic equipment [4] - Analysts believe that Lihexing's deep ties with technology giants like Huawei position it well for a new round of business expansion and performance growth, particularly in semiconductor and energy electronics sectors [4]

Group 1 - The ChiNext Index has shown strong performance, increasing by 1.58% today and has risen for five consecutive months, indicating a robust trend [2] - The current bull market logic remains unchanged, supported by macroeconomic conditions and liquidity, with structural opportunities clearly defined, favoring growth styles in A-shares [4] - The ChiNext Index is a representative broad-based index of growth style, focusing on emerging industries, with significant highlights in its top three sectors: technology, pharmaceuticals, and new energy [5] Group 2 - The technology sector benefits from the rapid development of AI large models and the trend of domestic chip independence, maintaining high prosperity [5] - The pharmaceutical sector is expected to improve due to optimized policies for innovative drugs and active collaboration from multinational corporations seeking domestic partnerships [5] - The new energy sector is characterized by supply-demand improvements and technological breakthroughs, with the lithium battery industry and photovoltaic sector showing signs of recovery [5] Group 3 - As of September 24, the ChiNext Index has a PE ratio of 45.94x, which is relatively low compared to its historical values and other broad indices like CSI 300, CSI 500, and CSI 1000 [5] - The ChiNext Index remains a key asset for capturing the main line of the bull market, with no signs of bubble formation at the current position, suggesting potential for further investment [5] - Investors are advised to consider a phased accumulation strategy during market corrections for optimal positioning [5] Group 4 - Investors interested in the ChiNext Index can explore the Tianhong ChiNext ETF Connect (A: 001592; C: 001593) through platforms like Alipay, TianTian Fund, and JD Finance [6]