SG-SMIC@EC2610A

MAN SANG INT'L

AOM INT'L

CH INV FIN GP

CHINA PARTYTIME

CH GENERAL EDU

ZHONG JU INVEST

ZENSUN ENT

JIASHILI GP

RIMBACO

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On March 26, the three major Hong Kong stock indices collectively retreated, with the HSI closing down 1.89% and the Hang Seng Tech Index falling 3.28%. Market sentiment for taking profits at high levels was strong, with Kuaishou plunging over 14% and Pop Mart dropping more than 10%. The overall market trended toward caution amid macroeconomic external demand pressure and insufficient consumption momentum, with capital concentrating in energy leaders and certain stocks with unusual performance results

- On March 26, Hong Kong's major indices declined, with the Hang Seng Index closing at 24,856.43, down 1.89%.  
- Retail sectors like jewelry and toys struggled due to weak consumer demand, while tech stocks fell significantly, especially Kuaishou, which dropped 14.04%.  
- Investors are focused on economic data related to trade and monitoring the uncertain external environment and its impact on local consumption and risk appetite.

Market Heartbeat

CHOW TAI FOOK

KUAISHOU-W

POP MART

TENCENT

NTES-S

BABA-W

JD-SW

KINGSOFT

DELTON

LENOVO GROUP

LI AUTO-W

LEAPMOTOR

XIAOMI-W

YOFC

CNOOC

CHINA LIFE

SMIC

Hong Kong Stocks Close | HSI Falls 1.89% as Kuaishou and Pop Mart Plunge

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Hong Kong stocks were under pressure during intraday trading on March 26, with the three major indices collectively retreating, led by the Hang Seng TECH Index. The jewelry retail, catering, and internet content sectors saw the largest declines, while POP MART and Kuaishou were actively traded but experienced sharp price drops. Overall market sentiment remains cautious as investors closely monitor Federal Reserve policy directions and economic trends in mainland China

- As of March 26, Hong Kong stocks are experiencing pressure, with major indices retreating after yesterday's highs, reflecting cautious sentiment.  
- The Hang Seng Index reported a drop of 1.86%, while the Hang Seng Technology Index fell by 3.06%, indicating widespread declines in retail and internet sectors due to weakened consumer confidence.  
- Investors are closely monitoring U.S. Federal Reserve policies and domestic economic growth, influencing market dynamics and liquidity concerns moving forward.

Hang Seng Index

PHANCY

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BRIGHT SMART

MENGNIU DAIRY

MEITUAN

Hang Seng TECH Index

Hong Kong Stocks Intraday | Hang Seng Index Down 1.86%, POP MART Drops Over 11%

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Hong Kong stocks rose moderately during intraday trading, with the three major indices collectively in the green, and the Hang Seng TECH Index rising 0.67%. In terms of sectors, consumer retail performance diverged, with SUNART RETAIL up 3.18%. Meituan's 9.87% gain boosted market sentiment, while POP MART slumped over 20%. The market is focusing on the Federal Reserve's moves and economic data such as the Manufacturing PMI, maintaining an overall pattern of volatile consolidation

- As of March 25, Hong Kong stocks are moderately rising, with major indices showing gains; the Hang Seng Index is up 0.35% to 25,151.91, yet has not surpassed the March 20 peak.  
- Market sentiment remains cautious due to fluctuating local consumption and employment indicators, with investors monitoring key economic metrics and uncertainties from the Federal Reserve's policy direction.  
- Notable stocks include CSPC Pharmaceutical, rising 3.36% with a transaction volume of HKD 663 million, and Jiangxi Copper, increasing 4.35% with a volume of HKD 589 million.

SUNART RETAIL

BYD COMPANY

ZIJIN MINING

CSPC PHARMA

JIANGXI COPPER

DONGFANG ELEC

GIGADEVICE

WANGUO GOLD GP

Meituan

HSTECH ETF

Hong Kong Stocks Intraday | Hang Seng Index Rises 0.35%, Retail Diverges, Meituan Rises 9.87%

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Gold stocks fell sharply, with CHIFENG GOLD down about 25% and Laopu Gold down about 9%. Technology stocks and automotive stocks declined, with BILIBILI down about 6%, Nio down about 5%, and Alibaba down about 3%. Semiconductor stocks fell, with SMIC down about 5%. Battery stocks also dropped, with CATL down about 5%. Southbound funds had a net purchase of over HKD 29.7 billion

Wallstreetcn

CHIFENG GOLD

BILIBILI-W

Alibaba

CATL

VanEck Junior Gold Miners ETF

HSCEI ETF

The Hang Seng Index closed down 3.54%, the Hang Seng Tech Index fell 3.28%, and southbound funds had a net purchase of over HKD 29.7 billion

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The three major A-share indices opened lower by 1.3% to 1.8%, affected by geopolitical tensions. The central parity rate of the RMB against the USD was reported at 6.9041, hitting a new low since March. The People's Bank of China conducted a reverse repurchase operation of 8 billion yuan, with a net withdrawal of 129.3 billion yuan for the day. Zijin Mining opened down 4.6%, and CHIFENG GOLD hit the daily limit down. Chip and computing power stocks generally declined, with SMIC opening down 2.1%

AASTOCKS

Zijin Mining

The three major A-share indices of Shanghai and Shenzhen opened lower by 1.3% to 1.8%, Zijin Mining fell nearly 5%, CHIFENG GOLD resumed trading and hit the limit down, while chip and computing power stocks faced selling pressure

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The Hang Seng Index opened up 0.4%, at 25,938.43 points; the Hang Seng Tech Index rose 0.5%. Tencent Music and Nio rose over 2%, Li Auto rose nearly 2%, and HUA HONG SEMI and SMIC rose over 1%

TME-SW

HUA HONG SEMI

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Hua Hong Semiconductor announced that it has developed 7-nanometer manufacturing technology for the production of AI chips, becoming the second chip manufacturer in China to possess this technology. Following the announcement, Hua Hong's stock price rose nearly 6%, reaching a high of 39 yuan. Hua Hong plans to produce thousands of 7-nanometer chips monthly by the end of the year and increase production capacity. Related chip stocks such as BIREN TECH, INNOSCIENCE, GIGADEVICE, and SMIC also saw increases

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

INNOSCIENCE

BIREN TECH

Hua Hong

Guotai CSI All Share Integrated Circuit ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Guotai CES Semiconductor Chip Industry ETF

According to reports, preparing to produce 7-nanometer chips, Hua Hong Semiconductor surged nearly 6%

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Hong Kong stock chip stocks continued to rise in the afternoon, with GIGADEVICE and HUA HONG SEMI up over 10%, MONTAGE TECH up over 7%, and SMIC and SOLOMON SYSTECH following suit

SOLOMON SYSTECH

Montage Technology

MONTAGE TECH

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The southbound capital flow of the Hong Kong Stock Connect shows that the TRACKER FUND had a net inflow of HKD 4.701 billion, while CNOOC and SMIC had net inflows of HKD 1.238 billion and HKD 317 million, respectively. Tencent and Alibaba had net outflows of HKD 480 million and HKD 429 million, respectively. Overall, the southbound capital outflow was HKD 0, with a total transaction amount of HKD 113.467 billion, accounting for 46.85% of the market transaction amount

COSL

CHINA OILFIELD

TRACKER FUND

Net inflow of HKD 4.701 billion for the Tracker Fund through Hong Kong Stock Connect

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On March 12th, the Hong Kong stock market closed with all three major indices collectively retreating into a consolidation phase, with the Hang Seng Index down 0.70%. The system software sector was dragged down by significant declines in Zhipu and Dipu Technology, showing weak performance. Market turnover remained high, with Tencent, Alibaba, and CNOOC leading in trading volume. Baidu's release of the "Red Hand Operator" has attracted market attention

- On March 12, Hong Kong's stock market experienced a collective pullback with cautious sentiment prevailing.  
- The Hang Seng Index closed at 25,716.76, down 0.70%, while the Hang Seng Tech Index fell 0.54%, both failing to reach new highs.  
- Overall, the market's adjustments are limited, with structural opportunities still present despite a defensive approach in the absence of new growth points.

BIDU-SW

LAOPU GOLD

BANK OF CHINA

Hong Kong Stock Market Closing | Hang Seng Index fell 0.70%, system software plummeted, Tencent and Alibaba had the highest trading volumes

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Morgan Stanley released a report stating that China has made progress in alleviating equipment and wafer foundry bottlenecks over the past year, and it is expected to meet core sovereign demands around 2028. Policy support will accelerate early development, but long-term value depends on commercial competitiveness. Chinese AI GPU suppliers need to demonstrate economic benefits to sustain growth. The report predicts that by 2030, the market size of China's AI chip market will reach $67 billion, with a self-sufficiency rate of 76%. The report is optimistic about companies such as SMIC, NAURA, and ASMPT

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

China Merchants CSI Semiconductor Industry ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

Harvest SSE STAR Chip ETF

Harvest CSI All Share Integrated Circuit ETF

E Fund CSI Semiconductor Material & Equipment Thematic ETF

NAURA

ASMPT

GF Fund CSI Semiconductor Material Equipment Theme ETF

Morgan Stanley: China's wafer foundry capacity and chip supply will meet core sovereign demand around 2028

GuoSen analyst maintained a Buy rating on Semiconductor Manufacturing International on March 6 and set a price target of HK$81.19.Claim 70% Off TipRanks PremiumUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential The word on The Street in general, suggests a Strong Buy analyst consensus rating for Semiconductor Manufacturing International with a HK$86.02 average price target.

- GuoSen analyst maintained a Buy rating on Semiconductor Manufacturing International with a price target of HK$81.19.  
- The analyst consensus rating for the company is a Strong Buy, with an average price target of HK$86.02.  
- This information suggests positive sentiment toward Semiconductor Manufacturing International in the market.

Tip Ranks

Semiconductor Manufacturing International (0981): New Buy Recommendation for This Technology Giant

The US has proposed a rule to restrict government agencies from buying products and services that use semiconductors from China foundry SMIC or China memory chip makers ChangXin Memory (CXMT) or Yangtze Memory (YMTC), media report, noting the proposed rule is open for public comment until April 20, 2026. $SMICY #CXMT #YMTC $Micron Tech(MU.US) #SKhynix #Samsung #semiconductorsSource: Dan Nystedt

Micron Tech

SMIC HK SDR 5to1

Conference Minutes

Below is Dolphin Research's curated Trans of SMIC's Q4 2025 earnings call. For our analysis, see 'SMIC: Doubling Down Against the Cycle — Are domestic AI chips the 'hope of the whole village'?' 1) 2026 outlook: Full-year revenue growth is set to outpace the peer avg. CAPEX in 2026 is expected to be roughly flat vs. 2025 ($8.1bn), while depreciation will rise materially, up approx. 30%.2) Industry backdrop: The market is showing clear bifurcation. On one hand...

VanEck HIP Sustainable Muni ETF

GlobalFoundries

Intel

INTEL-T

United Microelectronics

SMIC (Trans): Street Too Bearish on Smartphones; Memory Shortage to Ease in Q3

SMIC 4Q25- revenue up 4% q/q and 13% y/y to $2.489B; 9thstraight quarter of y/y growth; 19.2% GM due depreciation load; 96% utilization rate; QMar revenue to be flat- 1.1M wafer shipments at $2.4k ASP- $8.1B capex in ’25 vs $7.3B in ’24- 2026 capex to remain same; SMIC forecasts its ’26 rev to outgrow the segments it participatesSource: Sravan Kundojjala

Financial Analysis

SMIC (0981.HK/688981.SH) released its Q4 2025 results (quarter ended Dec 2025) after the HK close on Feb 10, 2026 (Beijing time). Key takeaways: 1) Headline results: revenue of $2.49bn, in line with consensus ($2.42bn), up 4.5% QoQ and above guidance (0–2% QoQ). QoQ revenue growth was driven mainly by restocking demand in consumer electronics ...

SMIC: Doubling Down in a Downcycle — The Last Hope for Homegrown AI Chips?

Wow! You have an extraordinary 90% rate!

The market is very choppy, more options will be good as implied volatility is high!

Featured

This week's market faces a triple test: critical US economic data meets major tech earnings. How are you adjusting your portfolio for the volatility? Comment your top pick for the week and earn Task Coins!

🔥 IPO Pops, AI Hype, Data Storm: Monday Market Checklist | Feb 9, 2026

Amazon

Direxion Daily AMZN Bull 2X Shares

Coinbase

Coreweave

Tesla

Alphabet - C

Alphabet

Meta Platforms

SPDR Gold Shares

iShares Silver Tr

Pro Ultr Silver

GLD SG

SMIC 4Q25 First Take: headline was mixed — revenue met expectations, but GPM underwhelmed. On the margin bridge, ASP rose by $37/wafer QoQ while unit cost increased by $56/wafer, driving GPM compression. While the company has pushed advanced nodes to a 7nm‑equivalent, lower yield continues to weigh on margins. Guidance matters more than the print, and the outlook remains muted. Management guides flat QoQ revenue vs. the Street at +3%, and GPM at 18–20% vs. the Street at 21%, implying continued margin pressure. Despite AI semis staying hot, results remain soft, largely due to a sluggish traditional semi market. Management is still cautious on the legacy demand recovery. Given SMIC’s unique positioning, valuation is not fully tethered to near‑term fundamentals. The company sits in the foundry industry’s second tier but is working to close the gap with TSMC, which keeps optionality and expectations alive. For more, follow Dolphin Research for subsequent commentary and Trans. $SMIC(00981.HK) $SMIC(688981.SH)

Taiwan Semiconductor

This week is much stronger overall than last week, but don't blindly chase highs.

股市江湖故事会

As much as I want to be bullish and hope stocks keep going up, I feel that the topping process is going on and a pullback is imminent. Stay safe!

Is betting on a Moon city smarter than funding the AI arms race? Explore key moves from Google, SpaceX, and Tesla, plus a major pharma lawsuit. Comment your view to earn task coins!

Hims & Hers Health

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Coca Cola

AXERA

RIDGE OUTDOOR

Microsoft

Novo Nordisk AS

LEAD

Siren Divcon Leaders Dividend ETF

🔥 Market Buzz: The AI Spending Race & Musk's Moon Shot | Tue, Feb 10, 2026

I was amazed by the 100-year bond. I know this is not the first time since 1990s. Many people may not see the long-term risks, such as the business will remain relevant far into the future. While the risk may seem low, technological disruption or obsolescence over such a long horizon can never be ruled out.

Because the AI bubble is too big now, and the stock index has exceeded expectations.

All the AI companies are getting downgraded! Even for the big tech, this is a warning sign of what's to come!

Taking debt to fund the AI spending spree sounds alot like the dot com bubble!

SG-SMIC@EC2610A(25792.HK)

SG-SMIC@EC2610A Stock Performance Chart

Hong Kong Stocks Close | HSI Falls 1.89% as Kuaishou and Pop Mart Plunge

Hong Kong Stocks Intraday | Hang Seng Index Down 1.86%, POP MART Drops Over 11%

Hong Kong Stocks Intraday | Hang Seng Index Rises 0.35%, Retail Diverges, Meituan Rises 9.87%

The Hang Seng Index closed down 3.54%, the Hang Seng Tech Index fell 3.28%, and southbound funds had a net purchase of over HKD 29.7 billion

The three major A-share indices of Shanghai and Shenzhen opened lower by 1.3% to 1.8%, Zijin Mining fell nearly 5%, CHIFENG GOLD resumed trading and hit the limit down, while chip and computing power stocks faced selling pressure