Core Viewpoint - Huahong Semiconductor (01347) shows signs of rebound with a stock price increase of 2.80% to 73.35 HKD, indicating significant capital inflow and potential for short-term trading opportunities [1] Technical Analysis - The stock exhibits bottom-building characteristics, with key indicators starting to strengthen despite a general "neutral" signal [1] - The psychological indicator shows a "severe oversold, possible bottoming, buy" signal, while the bull-bear strength indicator also indicates a "buy" signal, suggesting conditions for a technical rebound are accumulating [1] - The stock has experienced a volatility of 27.1% over the past five days, providing rich opportunities for short-term traders [1] Key Support and Resistance Levels - Recent important support is at 67.3 HKD, with the next support level at 61.1 HKD [1] - Initial resistance is at 80.3 HKD, with a potential challenge at 85.6 HKD if broken [1] Market Context - The semiconductor industry is potentially at the bottom of its inventory cycle, which could act as a catalyst for stock price recovery [1] - The article raises questions about whether the current rebound is a technical correction or the beginning of an improvement in the industry's fundamentals [1] Product Performance - On November 24, leveraged products performed well, with UBS bull certificates rising by 30%, and other call options also showing significant gains [3] - For investors optimistic about the semiconductor industry's recovery, specific call options and bull certificates are recommended, offering leverage ranging from 2.8x to 5.9x [6] Investment Products - Recommended call options include the Bank of China call option (19857) with a leverage of 2.8x and a strike price of 73.52 HKD, and the other call option (20249) with 3x leverage and a strike price of 73.5 HKD [6] - For bearish investors, a put option (21316) with 2.2x leverage and a strike price of 72 HKD is suggested, along with a bear certificate (68253) offering 6.6x leverage [6][7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ASMPT LIMITED （於開曼群島註冊成立之有限公司） （股份代號：0522） 新聞稿 ASMPT完成出售AAMI 題為《ASMPT 完成出售 AAMI》的新聞稿附載於本公告。 承董事會命 董事 黃梓达 香港，二零二五年十一月二十七日 於本公告日期，本公司董事會成員包括獨立非執行董事：樂錦壯先生（主席）、 張仰學先生、蕭潔雲女士及許明明女士；非執行董事： Hichem M'Saad 博士及 Paulus Antonius Henricus Verhagen 先生；執行董事：黃梓达先生及 Guenter Walter Lauber 先生。 （本公告之中英文版本如有任何歧義，概以英文版本為準。） [即時發布] ASMPT完成出售AAMI （二零二五年十一月二十七日，新加坡訊）— ASMPT（香港交易所股份代號：0522） （「公司」），一間全球領先之半導體和電子產品製造的硬體和軟件解決方案供應商公布， ...

Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

Core Viewpoint - The semiconductor sector in Hong Kong is experiencing significant volatility, particularly with the stock price of SMIC (00981) facing intense fluctuations around the 75 HKD mark, indicating a unique trading opportunity for short-term traders [1] Technical Analysis - SMIC is currently at a critical point in a triangular consolidation pattern, oscillating between 71 HKD and 79.5 HKD, with a mid-term support level lowered to 65.6 HKD and a resistance level at 85.6 HKD [1] - The moving average system shows a tangled state, with the stock price barely above the MA10 at 74 HKD but still below the MA30 at 77.7 HKD, suggesting that the mid-term trend has not fully strengthened [1] - Notably, the momentum oscillation indicator has issued a "potential bottom formation" buy signal, contrasting with the sell signal from the MACD, reflecting market divergence regarding SMIC's outlook [1] Derivative Products - Investors anticipating a breakthrough for SMIC should consider the Bank of China call warrant (18977) with a strike price of 88.88 HKD, offering a leverage of 5.3 times and a relatively reasonable premium [6] - The BNP Paribas call warrant (19088) is also noteworthy, with a strike price of 88.93 HKD and a leverage of 6.3 times, featuring the lowest premium among similar products [6] Bull and Bear Certificates - For bullish investors, the UBS bull certificate (60513) is recommended, with a redemption price set at 63 HKD and an actual leverage of 5.4 times, having the lowest premium among similar products [11] - HSBC's bull certificate (60800) offers a leverage of 5.1 times with a redemption price of 62 HKD, providing a competitive advantage in leverage [11] - For bearish investors, HSBC's bear certificate (60096) has a redemption price of 88 HKD and an actual leverage of 6.1 times, while UBS's bear certificate (59839) also has a redemption price of 88 HKD but offers a higher leverage of 6.5 times [11] Investor Strategy - Investors are encouraged to consider whether to position themselves with bull certificates at the lower end of the range or wait for a clear breakout signal before entering call warrants [14] - Key factors that may catalyze SMIC's breakthrough from the current consolidation range are open for discussion among investors [14]

Market Overview - The report highlights a significant decline in the US stock market, with the Dow Jones Industrial Average dropping as much as 843 points, reflecting a sharp downturn in market sentiment [7][9] - The probability of a Federal Reserve interest rate cut in December has decreased to just below 50%, impacting investor confidence [9] - Safe-haven assets like gold have seen increased demand, with spot gold prices rising by 1.18% to a high of $4,245.13 per ounce [7] Key Company Insights - Tencent (00700) reported a 18% increase in adjusted profit for Q3, reaching 70.6 billion RMB, with revenue up 15% to 192.9 billion RMB, surpassing expectations [11] - JD Group (09618) saw a 56% year-on-year decrease in adjusted net profit to 5.8 billion RMB, although this was above market expectations [11] - Alibaba (09988) is preparing to overhaul its mobile AI application "Tongyi" to compete more closely with OpenAI's ChatGPT, aiming to enhance profitability from individual users [11] Industry Trends - The report notes a growing enthusiasm among mainland investors for Hong Kong stocks, with the scale of mainland Hong Kong stock funds expanding significantly to 1,033 billion RMB, a quarterly increase of 68% [11] - The pharmaceutical sector is highlighted with Gilead Sciences (1672) reporting a revenue of 104 million RMB for the first half of 2025, more than doubling year-on-year, and a narrowing loss of 87.95 million RMB [21] - Semiconductor demand is recovering, driven by domestic self-sufficiency and new AI requirements, benefiting companies like SMIC (981) [22] Economic Data - China's industrial production for October increased by 5.5% year-on-year, while retail sales grew by 2.8% [18] - Hong Kong's GDP for Q3 showed a seasonally adjusted increase of 0.7% and a year-on-year growth of 3.8% [18] - The US Producer Price Index for October rose by 2.5% year-on-year, indicating inflationary pressures [18]

1 (a) 在聯交所網站登載本公告，並不引起本公司、其獨家保薦人、整體協調人、 顧問或包銷團成員在香港或任何其他司法權區必須進行發售或配售的責任。 本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒 絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬公司、顧問或包銷團成員概無於任何司法權區透過刊發 本公告而發售任何證券或招攬認購或購買任何證券的要約； (e) 本公告（及其所載資料）僅供參考，並不構成或組成在美國（包括其領土及屬 地、美國任何州份及哥倫比亞特區）或進行有關提呈或出售即屬違法的任何 其他司法權區提呈發售或出售或招攬購買、認購或以其他方式收購本公司任 何證券的任何要約的一部分。本公司相信其為「外國私人發行人」（「外國私人 發行人」）（定義見1933年美國證券法（經修訂）（「美國證券法」）第405條），並 擬盡可能經營其業務以維持其外國私人發行人的地位。本公司證券（「證券」） 並無亦不會根據美國證券法或向美國任何州份或其他司法權區的任何證券監 管機構登記， ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) has recently shown a positive trend, approaching 27,000 points, with a current level around 27,200 points, slightly below the investor's target of 27,400 points [1] - If the index can break through the current level, it may aim for 27,800 points; however, a potential drop could find support around 26,200 points [1] - Technical signals indicate a bearish short-term outlook, with 8 sell signals and 5 buy signals, suggesting caution among investors [1] Group 2: Tencent Holdings (00700.HK) - Tencent has recorded a slight increase in stock price, closing around 57 HKD, nearing the upper band of the Bollinger Bands [7] - Investors are advised to hold their positions and wait for the earnings announcement, with a target price of around 700 HKD, contingent on breaking the resistance at 673 HKD [7] - Current technical signals are neutral, indicating no clear direction for the stock [7] Group 3: Xiaomi Corporation (01810.HK) - Xiaomi has rebounded over the past two days after a significant decline, with a current resistance level at 46.5 HKD [12] - If the stock can surpass this resistance, it may target 51.4 HKD; however, investors are optimistic as there are 9 buy signals compared to 6 sell signals [12] - The recent increase in trading volume supports the upward trend, indicating a favorable market sentiment [12] Group 4: SMIC (00981.HK) - SMIC has shown a slight recovery after a downward trend, with a current resistance level at 79.4 HKD [15] - Investors are cautious due to a high number of bull certificates in the options market, which may trigger a "kill the bull" scenario, suggesting potential for a pullback [15] - Technical signals are slightly optimistic, with 8 buy signals and 5 sell signals, indicating a generally positive outlook [15] Group 5: China Resources Beer (00291.HK) - China Resources Beer has been on an upward trend for six consecutive trading days, closing at 28.6 HKD, having broken through the upper band of the Bollinger Bands [19] - The resistance level is at 29.4 HKD, and if surpassed, the stock may reach 30.7 HKD, indicating potential for further gains [19] Group 6: JD.com (09618.HK) - JD.com has experienced a slight price increase, with a current support level at 128.8 HKD; a drop below this could lead to a further decline to 115.7 HKD [21] - Investors are advised to choose bull certificates with a redemption price below 115 HKD for safety [21] - Technical signals are favorable, with 10 buy signals and 5 sell signals, suggesting a positive short-term outlook [21]

Market Overview - The Hang Seng Index faces resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for fewer cuts in 2026 than previously anticipated [2] - The recent meeting between the US and Chinese leaders has eased tensions temporarily, with the US suspending a 10% tariff on fentanyl for one year [2] - China's third-quarter economic performance has further cooled, aligning with the "14th Five-Year Plan" which emphasizes expanding domestic demand and promoting technological self-reliance [2] Sector Focus - The total online retail sales during the "Double 11" shopping festival in 2025 are projected to reach approximately 1.7 trillion yuan, reflecting a year-on-year growth of 14.2% [8] - The banking sector is reportedly offering loans to businesses and individuals to meet lending targets, indicating a slowdown in effective loan demand [8] - The insurance sector is expected to benefit from strong investment returns in the third quarter due to robust performance in the A-share market [7] Company News - Tencent Music's adjusted profit for the third quarter increased by 32%, surpassing expectations, with total revenue reaching 8.463 billion yuan, a year-on-year growth of 20.64% [10] - Semiconductor manufacturer SMIC is reportedly prioritizing chip distribution to meet the demands of major companies like Huawei amid ongoing supply shortages [10] - Foxconn's third-quarter net profit rose by 17% to 57.673 billion NTD, driven by increased shipments of Apple iPhones and AI servers [9] Economic Indicators - The US Federal Reserve announced a 0.25% interest rate cut, bringing the target range to 3.75% to 4.00%, with further cuts remaining uncertain due to internal disagreements [4] - The global dividend payout in the third quarter reached a record high of 94 billion USD in Hong Kong, with a core growth rate of 15.4% [8] - The International Energy Agency (IEA) predicts that global oil consumption may continue to grow until 2050, with a projected increase of 13% [9]

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 自願公告 認購CAPCON HOLDINGS LIMITED之股權 本公告由金涌投資有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願刊發，以 向本公司之股東及潛在投資者披露本集團業務之最新發展情況。 認購事項 本公司董事會（「董事會」）欣然宣佈，本公司近期以5,000,000美元（「認購價」）完成認購 Capcon Holdings Limited（「Capcon」或「華封科技」）發行之B-4輪可轉換可贖回優先股 （「是次認購」）。 本集團主要從事提供投資管理服務業務及策略直投業務。本集團恆常對具良好聲譽兼商 業潛力的公司進行投資。本集團認為，Capcon作為先進半導體封裝設備研發和生產領域 的產業領導者，符合集團的投資標準，並將為公司股東帶來價值。 華封科技於2 ...