In October, the STAR 50 Index fell 24.13%, with share prices under pressure, yet constituent companies were actively buying back shares.
According to Wind data, a total of 19 constituent companies of the STAR 50 Index had buyback plans in October, of which 13 newly disclosed buyback plans or proposals during the month, with a combined planned buyback ceiling of 8.11 billion yuan, and 1.907 billion yuan already repurchased.
In October, 13 companies newly disclosed buyback plans. Since the start of October, constituent companies of the STAR 50 Index have disclosed wave after wave of buyback plans. According to Wind data, throughout October, 13 companies newly disclosed buyback plans with a combined planned buyback ceiling of 4.68 billion yuan, and as of November 3, 383 million yuan had already been repurchased. In addition, six companies including Zhongkong Technology and United Imaging Healthcare already had buyback plans before October, with a combined planned buyback ceiling of 3.43 billion yuan. Among them, Ninebot proposed on October 27 to raise its original buyback ceiling from 300 million yuan to 700 million yuan, pending shareholder meeting approval; Zhongkong Technology repurchased approximately 163 million yuan during October, completing its buyback plan. As of November 3, the aforementioned plans had repurchased 1.524 billion yuan, with execution progress exceeding 40%.
Overall, a total of 19 constituent companies of the STAR 50 Index had buyback plans in October, with a combined planned buyback ceiling of 8.11 billion yuan and 1.907 billion yuan already repurchased, representing execution progress of approximately 24%.
Table: STAR 50 Index Constituent Companies' Buyback Plans 鈥?First Announcement Date, Company, Planned Buyback Ceiling (100 million yuan), Repurchased Amount (100 million yuan) (2025): October 25 鈥?Zhongkong Technology, 10.0, 5.00 (completed); April 21 鈥?United Imaging Healthcare, 6.0, 2.83; April 28 鈥?Canadian Solar, 6.0, 3.65; June 6 鈥?Ninebot, 7.0 (proposed increase), 2.43; June 29 鈥?Kingsoft Office, 5.0, 1.15; August 14 鈥?Roborock, 0.3, 0.18; October 8 鈥?Allist, 2.0, 1.34; October 16 鈥?Piotech, 3.0, 0.50; October 16 鈥?Biwin Storage, 2.5, 鈥? October 19 鈥?Montage Technology, 5.0, 1.00; October 19 鈥?Hygon Information, 8.0, 鈥? October 19 鈥?GalaxyCore, 3.0, 鈥? October 20 鈥?Shengyi Electronics, 2.0, 0.70; October 20 鈥?Hwatsing Technology, 1.0, 鈥? October 28 鈥?Nexchip, 8.0, 鈥? October 29 鈥?MetaX, 2.0, 鈥? October 30 鈥?Hua Hong Semiconductor, 5.0, 鈥? October 30 鈥?AMEC, 5.0, 鈥? October 30 鈥?VeriSilicon, 0.3, 0.29 (completed). Total: 8.11, 1.907. Data source: Wind, as of November 3, 2026.
What signals are industrial capital players sending?
This round of buybacks is mainly concentrated in the semiconductor and AI computing power chain, involving companies such as Hygon Information, Montage Technology, AMEC, Hua Hong Semiconductor, and Piotech, covering chip design, semiconductor equipment, storage, PCB and other sub-sectors. In terms of buyback purposes, Biwin Storage, Ninebot and others plan to use repurchased shares for cancellation and capital reduction, while Piotech, Montage Technology and others plan to use them for equity incentives or employee stock ownership. The essence of a buyback is a listed company purchasing its own shares. More noteworthy is that industrial capital is willing to act at current levels, indicating positive judgment on orders, capacity, and cash flow, sending a signal of confidence in the long-term development of domestic hard technology.
In addition, October industrial capital buybacks resonated with third-quarter earnings delivery. According to Wind data, as of November 3, constituent companies of the STAR 50 Index that had disclosed third-quarter reports showed combined revenue of 456.7 billion yuan, up 10.9% year-on-year; combined net profit attributable to parent companies of 46.91 billion yuan, up 133.1% year-on-year, with profitability significantly improved. Specifically, Cambricon reported net profit attributable to parent companies of 3.715 billion yuan for the first three quarters, up 131.5% year-on-year; AMEC reported net profit attributable to parent companies of 4.13 billion yuan, up 241.3% year-on-year; Hygon Information reported net profit attributable to parent companies of 2.85 billion yuan, up 45.2% year-on-year.
Table: Top Ten Constituent Stocks of the STAR 50 Index 鈥?Abbreviation, Weight (%), SW Level-3 Industry: Cambricon, 11.2, digital chip design; SMIC, 8.5, integrated circuit manufacturing; Montage Technology, 7.9, digital chip design; AMEC, 6.9, semiconductor equipment; Hygon Information, 6.8, digital chip design; Piotech, 3.9, semiconductor equipment; Yuanjie Technology, 3.3, discrete devices; Hwatsing Technology, 3.1, semiconductor equipment; United Imaging Healthcare, 2.7, medical equipment; Hua Hong Semiconductor, 2.7, integrated circuit manufacturing. Total: 57.0. Data source: Wind, as of October 30, 2026.
It should be noted that the buyback ceiling is the maximum amount a company intends to invest, not a commitment. The actual execution amount depends on share price, window periods, and funding arrangements, and may only be partially completed. On one side are industrial capital buybacks, and on the other is earnings delivery, constituting the two sides of the STAR 50 Index today. For index investors, company buybacks do not change the index's investment logic, but they release industrial capital signals. For investors optimistic about domestic computing power and semiconductor self-sufficiency, E Fund STAR 50 ETF (588080) tracks the STAR 50 Index and can serve as a tool for participating in hard technology investment as a basket. Investors without a securities account can look into the E Fund SSE STAR 50 ETF Feeder Fund (A/C/Y: 011608/011609/022895). According to 2026 interim report data, the fund's total number of holders across all share classes exceeded 1 million, ranking first among ETF feeder funds tracking the STAR 50, and it is the only STAR 50 ETF feeder fund with more than one million holders.
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