Chip stocks collectively declined in Hong Kong trading. As of press time, SHANGHAI FUDAN (01385) fell 6.03% to HK$33.64; HUA HONG SEMI (01347) dropped 5.07% to HK$49.46; SMIC (00981) declined 4.71% to HK$60.65; and SOLOMON SYSTECH (02878) fell 3.92% to HK$0.49.

On the news front, SMIC announced plans for an additional A-share issuance to acquire a 49% minority stake in SMIC North, though specific details of the scheme have yet to be determined. Minsheng Securities believes that SMIC's acquisition of SMIC North could significantly enhance the listed company's net profit attributable to shareholders. Additionally, this move will satisfy the exit needs of shareholders represented by the first phase of the National IC Fund.

The first phase of the National IC Fund holds a 32% stake as the single largest corporate shareholder. Having been established for nearly 11 years, the fund has already passed its recovery period in 2024 and is currently in its "extension period" with strong exit demands. Similarly, other shareholders have comparable needs.

For semiconductor wafer manufacturing project expansions, it is common practice to address funding requirements by introducing external financing for subsidiary projects. The listed company later completes the acquisition through a combination of share issuance and cash, thus completing the closed loop.

Furthermore, Alibaba's single-quarter AI and cloud capital expenditure reached 38.6 billion yuan, with a three-year plan to invest 380 billion yuan in AI infrastructure construction, driving expansion in computing power demand. BOC International notes that amid China-US technology friction and supply chain risks for NVIDIA, the strong demand from domestic cloud providers like Alibaba may shift toward domestic computing power. This represents an important catalyst for the domestic computing power sector, with IDC and computing power leasing segments of the industry chain also expected to benefit.