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CLSA Reports Resurgence in Analog Chip Demand, Upside for SMIC and Hua Hong

HuaHong Semiconductor Reports Revival in Demand for Mature Chip Processes in 2025 Annual Report

Huahong Semiconductor to Hold Annual General Meeting in 2026

Nomura Raises Semiconductor Manufacturing Company Huahong Target Price to HKD 116.00

Huahong Company Announces Pricing Strategy Adjustments to Boost Average Selling Prices

Huahong Company's Collaboration with STMicroelectronics on 40nm MCU Progressing Smoothly

Huahong Semiconductor's Acquisition of Huaile Micro Acquired CSRC's Approval

Huahong Semiconductor Receives Shanghai Stock Exchange Approval for Share Issuance Acquisition Plan

Huahong Semiconductor Announces Annual Profit and Suggests Name Change

HuaHong Announces Revenue Growth and Profit Decline for 2025 Without Dividend Distribution

Hong Kong Chip Stocks Open Lower: Gigadevice Down Over 5%, Huahong Semiconductor Follow Lower

HUA HONG SEMI to Release FY2025 Earnings on March 26 Pre-Market (BJT), Forecast Revenue HKD 18.75 B, EPS HKD 0.3215

Morningstar Maintains Semiconductor Manufacturing International's Fair Value Estimate at HKD 34

HuaHong Group Develops 7 Nanometer Chip Technology Ready for Production

Morgan Stanley Upgrades Semiconductor Company Huahong

Shanghai Huayaoxin Semiconductor Co., Ltd. Established with Registered Capital of 1 Billion Yuan

Chinese Government Supports Domestic Chipmakers in Expanding Advanced Chip Production

CMBI Raises Target Price for Huahong Semiconductor to HKD120

Guohai Securities Maintains Buy Rating for Huahong Semiconductor

Guohai Securities Sees Strong Growth Prospects for Huahong Semiconductor

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ISDN HOLDINGS

APEX ACE HLDG

MOST KWAI CHUNG

SHANGSHAN GOLD

NICHE-TECH SEMI

PAN ASIA DATA H

RIZHAO PORT JR

JOY SPREADER

RICH GOLDMAN

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The HSI weakened as tech stocks like Tencent fell, while BYD and handset-related stocks showed resilience. The index closed down 52 points at 25,925. The market is reacting to US-Iran negotiations and fluctuating US Treasury yields. Notably, SMIC and HUA HONG SEMI surged, while major players like Alibaba and JD.COM declined. Despite a weak market breadth, BYD outperformed with a 4.7% rise. Total market turnover reached HKD251.634 billion, with significant short selling activity observed.

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HUA HONG SEMI

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Guotai CSI Semiconductor Material Equipment Theme ETF

Guotai CES Semiconductor Chip Industry ETF

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FL2 CSOP HSI

Invesco Semiconductors ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

FI CSOP HSI

VanEck Semiconductor ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

China Southern Hang Seng ETF

Guotai CSI All Share Integrated Circuit ETF

China Southern CSI Semiconductor Industry Custom ETF

Direxion Semicon Bull 3X

FI2 CSOP HSI

First Trust Nasdaq Food & Semicon

ISHARESHSI

SPDR S&P Semicon

ChinaAMC Guozheng Semiconductor Chip ETF

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

SMIC

BYD COMPANY

BYD Company Limited

TENCENT

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Tencent Holdings Limited

Taiwan Semiconductor

Tencent

HSI Weakens as Chips, Handset Equipment and BYD Buck Trend

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0427 | Dolphin Research Focus: 🐬 Macro/Industry1) Last week, DeepSeek surprise-launched its flagship foundation model DeepSeek-V4 and fully open-sourced it, a key market catalyst. With AI advances as a tailwind, semis extended gains today: the Hong Kong Semiconductor Index jumped 5%+, led by SMIC and Hua Hong Semiconductor.The new model is tuned for domestic compute and pursues a non-CUDA stack, expanding edge-AI use cases and sustaining demand for local chips. Flows continue to pile into themes of self-reliant compute and domestic substitution...

DeepSeek-V4 open-sourced, igniting the AI compute supply chain; Tencent's QClaw rolls out a major update | Daily News Recap

CLSA reports that the demand for domestic AI chips is expected to rise due to a shortage of high-end chips in China, particularly for inference applications. The localization rate of domestic AI chips is projected to increase from 30-40% in 2025 to 60-70% by 2030. CLSA is optimistic about the growth of AI chip manufacturers and has set target prices for several companies, including SMIC and Hua Hong Semiconductor, all rated as Outperform.

BIREN TECH

JCET

GIGADEVICE

SMIC HK SDR 5to1

CLSA Expects Domestic AI Chips to Benefit from Computing Power Shortage, Substitution Process to Accelerate

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CLSA's report highlights the smooth expansion of China's advanced process capacity, following the release of DeepSeek's V4-Pro and V4-flash models. Texas Instruments and Intel exceeded Q1 expectations, indicating a recovery in analog chip demand. The report anticipates continued price increases driven by AI model development and chipset localization. CLSA maintains an "Outperform" rating on SMIC and Hua Hong Semiconductor, with target prices set at HKD93.3 and HKD129.5, respectively.

DeepSeek

Texas Instruments

Intel

CLSA: DeepSeek Model Highlights Smooth Expansion of China's Advanced Process Capacity; Remains Positive on SMIC  and Hua Hong Semiconductor

Semiconductor Manufacturing International Corporation (SMIC) shares surged 7% to HKD 68.8, while Hua Hong Semiconductor gained 3.42% to HKD 111.8, following a CLSA report highlighting strong demand for analog chips and AI chip localization. CLSA maintains an Outperform rating for both companies, with target prices set at HKD 93.3 for SMIC and HKD 129.5 for Hua Hong. The report indicates that local wafer foundries are expected to benefit significantly from the ongoing demand and advancements in China's semiconductor industry.

SMIC  Surges 7%, Hua Hong Semiconductor Gains 3% as CLSA Says Chinese Foundries to Benefit from Strong Demand and AI Chip Localization

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Hong Kong's optical communications sector has started strong, with significant stock price increases. Yangtze Optical Fibre and Cablerose over 7%, and Inno-Tech Holdingsincreased by more than 4%. Other companies like Hua Hong Semiconductor, Joyson Electronics, and Cambridge Industries Groupalso reported gains.

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STOCKS | Hong Kong Optical Communications Sector Sees Early Gains

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HUA HONG SEMI(01347) rose 15.18%, with a trading turnover 8.5 Billion HKD, and a year-to-date rose 45.5%. SMIC(00981) rose 10.01%, with a trading turnover 12.4 Billion HKD, and a year-to-date fell 10%. MINIMAX-W(00100) fell 9.44%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 371.2%. KNOWLEDGE ATLAS(02513) fell 9.05%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 704.6%.

- The Hang Seng Index rose by 0.24%, with a year-to-date gain of 1.4%, while the Hang Seng Tech Index increased by 0.75%, but is down 11.1% for the year.  
- Hua Hong Semiconductor (01347) saw a significant increase of 15.18%, with a trading volume of HKD 84.7 billion and a year-to-date gain of 45.5%.  
- In contrast, MINIMAX-W (00100) fell by 9.44% despite a remarkable year-to-date gain of 371.2%, while SMIC (00981) dropped by 10% year-to-date, marking a 10.01% increase today.

Daily Top

ILUVATAR COREX

GANFENGLITHIUM

OMNIVISION

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Top 5 HK Stock Gainers/Losers (>100B) (4.24)

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GUOXIA TECH(02655) rose 33.79%, with a trading turnover 1.9 Billion HKD, and a year-to-date fell 10.4%. PRODUCTIVE TECH(00650) rose 27.71%, with a trading turnover 57.5 Million HKD, and a year-to-date rose 181.9%. HUA HONG SEMI(01347) rose 15.18%, with a trading turnover 8.5 Billion HKD, and a year-to-date rose 45.5%.

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CHINA SANJIANG

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Top 10 HK Stock Gainers (4.24)

DeepSeek has launched its V4 Flash and V4 Pro models, enhancing its AI capabilities with a new Hybrid Attention Architecture and a 1 million-token context window. This upgrade aims to improve performance while maintaining cost-efficiency. Following the announcement, Chinese chip stocks surged, with Semiconductor Manufacturing International Corp. rising 9.4% and Hua Hong Semiconductor up 13%. DeepSeek is also in discussions for funding with Tencent and Alibaba, despite ongoing scrutiny over its use of Nvidia hardware.

GuruFocus

DeepSeek Unveils V4 Models, Lifts China Chip Stocks Up To 13%

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The HSI closed higher today, reversing earlier losses despite declines in software stocks and rising oil prices. The index opened lower but rebounded to close at 25,978, up 62 points. Notable gains were seen in semiconductor stocks SMIC and Hua Hong, while AI-related stocks faced pressure. The market is closely monitoring US-Iran negotiations, with a net inflow of HKD3.46 billion in southbound funds. Overall, 1,113 stocks declined, with a slight improvement in market breadth among HSI constituents.

HG SEMI

HSI Reverses to Gain; SMIC and Hua Hong Rally; AI Stocks Under Pressure

The Hong Kong stock market saw a rebound, with the HSI closing up 62 points at 25,978. Semiconductor shares surged, particularly SMIC, which jumped 10%, and HUA HONG SEMI, which rose 15.2%. Total market turnover reached HKD236.723 billion. Other tech stocks had mixed performances, with some AI-related stocks declining significantly. Notably, Tencent's shares slipped 0.4% after launching its Hunyuan Hy3 preview version. Overall, the market showed resilience amid fluctuations in various sectors.

HSI Ends Up 62 pts; Chips Leap; SMIC Jumps Up 10%

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During the trading session, the Hong Kong stock market maintained a fluctuating upward trend, with the index at a high level. The semiconductor sector saw active trading, with core stocks such as GUOXIA TECH and HUA HONG SEMI rising strongly, driving capital to flow actively into the industry. The trends related to AI chips and domestic computing power catalyzed significant market structural differentiation, with investors focusing on popular sectors such as technology and consumption. The activity level of capital increased, leading to a substantial rise in popular stocks

- The Hong Kong stock market showed moderate gains, with the Hang Seng Index rising 0.24% to 25,978.48 points.  
- Semiconductor stocks surged due to strong interest in AI chips, with Hua Hong Semiconductor up 15.93% and SMIC rising 9.24%.  
- Market volatility is increasing amid cautious investor sentiment regarding macroeconomic data and external risks, with significant attention on tech and consumer sectors.

LB Select

CONCORD NE

Hong Kong stocks intraday | Three major indices fluctuate, semiconductor sector leads the rise, GUOXIA TECH surges 26.05%

HUA HONG SEMI rose 16.78%; SMIC rose 8.21%, with a transaction volume of HKD 9.331 billion; Montage Technology rose 0.61%, with a transaction volume of HKD 566 million; Tianshu Zhixin rose 8.77%, with a transaction volume of HKD 516 million; Zhaoyi Innovation fell 1.02%, with a market value of HKD 313.4 billion

HK Movers

Hong Kong Stock Movement: HUA HONG SEMI rises 16.78%, large transactions and AI benefits boost market confidence recovery

Today’s Key News Recap

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Today’s CPI coming in below expectations definitely helps the liquidity narrative. Softer inflation reduces pressure on yields and gives the market room to price in a more dovish path. That’s supportive for risk assets, especially long-duration tech. That said, one print doesn’t make a full pivot. Markets usually need a trend of cooling data before calling it a true liquidity turn. It’s a positive start, but confirmation still matters.

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Market Shocks: AI, Cisco, Rates

AI remains a long term bull but near term earnings uncertainty is fueling and sharper pullbacks rather than a straight line rallyMargins are key now expect short term volatility and selective dipsFocus on profitable AI infra, energy and select financials

We are indeed entering an 'AI volatility phase,' rather than a pure AI bull market. This perspective is the right mindset.

with rate cuts potentially delayed to July, the bank stocks have been granted a reprieve from the net interest margin compression concern.

AI's disruptions are now spreading into more bread and butter, brick and mortar sectors. Hopefully this will strengthen the AI companies, and eventually, the whole US economy, benefiting all.

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Markets are overvalued and needs a breather so whatever the narrative is, it looks like a pullback is due.

Crypto winter is coming, everyone get ready and follow the trend. Do not fight the market!

BP#HUAHORC2610C(63881.HK)

HSI Weakens as Chips, Handset Equipment and BYD Buck Trend

DeepSeek-V4 open-sourced, igniting the AI compute supply chain; Tencent's QClaw rolls out a major update | Daily News Recap

CLSA Expects Domestic AI Chips to Benefit from Computing Power Shortage, Substitution Process to Accelerate

CLSA: DeepSeek Model Highlights Smooth Expansion of China's Advanced Process Capacity; Remains Positive on SMIC and Hua Hong Semiconductor

SMIC Surges 7%, Hua Hong Semiconductor Gains 3% as CLSA Says Chinese Foundries to Benefit from Strong Demand and AI Chip Localization