A-shares, Hong Kong stocks, and US chip stocks see rare simultaneous surge, SMIC A-shares hit the 20cm daily limit up

SMIC's A-shares surged by the daily limit of 20cm in the afternoon, with a turnover of 25 billion yuan. A-shares such as Hua Guang Information, Cambricon Technologies, Huahai Qingke, Camtek, Longtu Optoelectronics, and Dinglong Stock hit historical highs. The semiconductor sector in the Hong Kong stock market continued to rise in the afternoon, with HG SEMI surging by over 30% at one point, SMIC surging by over 10% at one point, and Solomon Systech following the uptrend.

It is worth mentioning that recently, chip stocks in the U.S. have performed well. Taiwan Semiconductor, also engaged in wafer manufacturing, has been on a continuous rise, with a market value exceeding $960 billion, currently priced at $186, just a step away from its historical high of $192.7. Leading company NVIDIA has continued to soar, rising by 4% overnight to once again surpass $130 per share, with a market value reaching a staggering $3.26 trillion.

Institutional Views

East Securities believes that there is a strong demand for overseas computing power, and domestic computing power is expected to receive greater policy support. NVIDIA CEO Jensen Huang confirmed after-hours on October 2 that the Blackwell architecture chip has been fully put into production and customer demand is strong. Looking at the domestic perspective, after the financial policy, the intensification of fiscal policy has become a relatively consistent expectation. The computing power industry is an important foundation for the development of the artificial intelligence industry and a crucial infrastructure for the entire society in the future. If fiscal policy intensifies in the future, there is no doubt that this field will become one of the core directions of policy support.

OpenAIO1 has elevated large model logical reasoning capabilities to new heights. On September 12, OpenAI released the O1 model, which achieved significant progress in complex reasoning tasks using reinforcement learning, representing a new level of AI capabilities. The introduction of the O1 model will help alleviate investors' concerns about the speed of model iteration, and the unlocking of complex reasoning will bring possibilities to many large model applications, including code generation, intelligent agent applications, and vertical industry applications. Additionally, if fiscal policy intensifies in the future, AI is also expected to become a key area of policy support.

Policy expectations for data elements are becoming increasingly clear. The Third Plenary Session of the Twentieth Central Committee identified data elements as an important part of building a unified national market. At the previous Guiyang Big Data Expo, leaders of the National Bureau of Statistics also revealed that policies related to data elements will be released soon. On September 28, the Bureau of Statistics issued the "Guiding Opinions on Promoting the High-Quality Development of the Data Industry (Draft for Soliciting Opinions)," mentioning the improvement of the mechanism for forming enterprise data rights, strengthening the development and utilization of enterprise data resources, and improving the mechanism for distributing enterprise data benefits. With the gradual release of the heavyweight policies on data elements, the industrial process is expected to accelerate