**A-share indices opened low but climbed higher, semiconductor sector surged dramatically, dominating A-shares with semiconductor materials equipment index soaring over 11%**

On the morning of September 24, A-share indices opened low but climbed higher, with the ChiNext index rising over 1.7%. By midday close, the Shanghai Composite gained 0.63%, the Shenzhen Component Index rose 1.11%, and the ChiNext index climbed 1.76%.

The Shanghai and Shenzhen markets recorded half-day trading volume exceeding 1.4 trillion yuan, down 288.5 billion yuan from the previous trading session. Individual stocks showed more gainers than losers, with 4,035 stocks rising, 68 stocks hitting daily limit up, and 1,218 stocks declining.

From a sector perspective, semiconductor stocks dominated A-shares, with semiconductor equipment, semiconductor wafers, semiconductor materials, Semiconductor Manufacturing International Corporation industrial chain, and lithography machine concept sectors all surging with gains exceeding 6%. Digital economy, animation and gaming, and artificial intelligence sectors also performed strongly. Coal sector notably retreated, while precious metals and catering tourism sectors weakened.

In Hong Kong stocks, the Hang Seng Index opened low but climbed higher during the morning session, with the Hang Seng Tech Index surging 2.19% in the half-day session, and the Hang Seng Index gaining 0.91%.

Among individual stocks, major tech stocks rose, with Alibaba gaining 6.4%, Kuaishou rising over 5%, and JD.com climbing over 2%. Semiconductor chip stocks showed significant gains, with leading company Semiconductor Manufacturing International Corporation rising over 7%, hitting a new historical high. Hua Hong Semiconductor and Shanghai Fudan also performed strongly.

**Semiconductor Sector Dominates A-shares** **SMIC A and H Shares Both Hit New Highs**

During the morning session, the semiconductor sector surged strongly, leading the market.

Semiconductor Manufacturing International Corporation A-shares surged 6.83%, trading at 137.29 yuan per share, with total market capitalization reaching 699.2 billion yuan, with stock price hitting a new historical high.

Semiconductor Manufacturing International Corporation H-shares rose over 7%, trading at 77.7 Hong Kong dollars per share, continuing to set new historical highs.

Recently, Goldman Sachs raised Semiconductor Manufacturing International Corporation H-share 12-month target price from 73.1 Hong Kong dollars to 83.5 Hong Kong dollars, stating that long-term demand growth prospects for Chinese AI chips will become clearer, benefiting leading domestic foundries like Semiconductor Manufacturing International Corporation. They raised Semiconductor Manufacturing International Corporation A-share 12-month target price from 160.1 yuan to 182.8 yuan, continuing to use a 238% A-H valuation premium for the A-share target price.

**Semiconductor Materials Equipment Index Surges** **Individual Stocks Trigger "Daily Limit Wave"**

During the morning session, the semiconductor materials equipment index surged over 11%.

Among individual stocks, Changchuan Technology recorded its second consecutive daily limit up. By midday, it traded at 96.32 yuan per share, with latest market capitalization at 60.7 billion yuan.

Will Semiconductor, Shengong Co., and Beijing Jingyizhuangbei hit 20cm daily limit up.

Semiconductor equipment leader Naura Technology hit 10cm daily limit up, trading at 460 yuan per share by midday, with total market capitalization reaching 333.6 billion yuan.

Etching equipment leader Advanced Micro-Fabrication Equipment hit 10cm daily limit up, trading at 308 yuan per share by midday, with total market capitalization reaching 192.9 billion yuan.

ACM Research Shanghai rose over 14%, trading at 187.98 yuan per share. ToppanMerrill Technologies rose over 12%, trading at 258 yuan per share. Longi Micro hit 10cm daily limit up.

**Lithography Machine Concept Stocks Strengthen**

During the morning session, the lithography machine index surged strongly, gaining 6%. Zhangjiang Hi-Tech and Toncheng New Material hit 10cm daily limit up.

Shanghai Xinyang and Nanda Optoelectronics rose over 13%, while Crystal Clear Electronic Material gained nearly 9%.

On the news front, at the opening ceremony of the 25th China International Industry Fair on September 23, the first batch of Shanghai pilot platform demonstration list was released, including photoresist and raw materials pilot platforms. This first batch of Shanghai municipal pilot platforms represents the beginning of Shanghai's pilot platform initiatives, with plans to further establish municipal pilot platforms across various fields. Public services and directions of pilot platforms will be publicly released to society, conducting pilot platform service matching to achieve pilot resource sharing.

Huaxin Securities believes that breakthroughs in lithography machine technology will drive upgrades in upstream materials, precision machinery and other supporting industries, accelerating the domestic substitution process for "bottleneck" materials like photoresist and optical components, forming an industrial upgrade pattern of "leading companies driving multi-point breakthroughs."

**Alibaba Major Announcement** **Hong Kong Stock Price Hits Four-Year High**

During the morning session, Alibaba Hong Kong shares rose 6.4%, trading at 169.6 Hong Kong dollars per share, hitting a new high since November 2021. Latest market capitalization stands at 3,234.7 billion Hong Kong dollars.

On September 24, Alibaba Cloud's Tongyi Qianwen Qwen large model official account announced that Alibaba launched Qwen3-Max—Alibaba's largest and most capable model to date. Currently, the preview version of Qwen3-Max-Instruct ranks third on the LMArena text leaderboard, surpassing GPT-5-Chat. The official version further enhances code capabilities and agent capabilities, achieving industry-leading levels across comprehensive benchmarks covering knowledge, reasoning, programming, instruction following, human preference alignment, agent tasks, and multilingual understanding.

On September 24, the 2025 Apsara Conference was held in Hangzhou. Alibaba Cloud Intelligence Group Chief Technology Officer Zhou Jingren revealed that as of now, Tongyi Qianwen has cumulatively released over 300 open-source models, covering full-scale and multi-modal models, with open-source model downloads exceeding 600 million.

Meanwhile, Alibaba Group CEO and Alibaba Cloud Intelligence Group Chairman and CEO Wu Yongming stated in his keynote speech that Alibaba's capital expenditure will increase beyond the 380 billion yuan baseline with additional investments. He also indicated that by 2032, the energy consumption scale of Alibaba Cloud's global data centers will increase 10-fold.

In February this year, Alibaba announced it would invest 380 billion yuan over the next three years to build cloud and AI hardware infrastructure.