相关标的 本周观点 相关标的：东阳光、寒武纪、海光信息、润泽科技、利通电子、豫能控股、协创数据、华丰科技、大位科技、网宿科 技、神州数码、云天励飞、润建股份、亿田智能、科华数据、中芯国际、华虹半导体、中科曙光、禾盛新材、奥飞数 据、优刻得、首都在线、云赛智联、瑞晟智能、浪潮信息、潍柴重机、欧陆通等。 风险提示 行业竞争加剧的风险；技术研发进度不及预期的风险；特定行业下游资本开支周期性波动的风险。 敬请参阅最后一页特别声明 1 Oracle 智算 ROI 兑现，腾讯云提价验证需求。1）2026 年 3 月 10 日，甲骨文发布 FY26Q3 业绩，营业收入、 营业利润、云业务收入均超预期，AI 基础设施建设收入大增 243%，通过创新客户预付款与自带硬件的交易模式 新增 290 亿美元合同，2026 财年三季度末公司 RPO 高达 5530 亿美元，算力延续高景气。2）腾讯云智能体开 发平台宣布自 2026 年 3 月 13 日起调整部分模型的计费策略，GLM 5、MiniMax 2.5、Kimi 2.5 等模型将结束免 费公测，混元系列模型涨价超 400%，云计算服务商开启涨价周期。 训推共振，算力需求极速释 ...

近日，芯思想研究院发布的《2025年全球专属晶圆代工TOP10》榜单显示，2025年晶圆代工行业整 体营收首次突破万亿大关，达到11485亿元，相较2024年实现25.46%的同比增长。 这一数字的背后，是全球数字化、智能化浪潮对芯片需求的持续攀升，也是晶圆代工模式在半导体产 业链中分工价值的进一步凸显。 | | | | | 2025年全球专属品圆代工TOP10 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年排名 2024年排名 | | 公司 | 总部 | 2024年 | 2024年市占率 | 2025年 | 2024年市占率 | 年增长率 | | 1 | J | 台积电TSMC | 中国台湾 | 6476 | 70.74% | 8528 | 74.25% | 31.69% | | 2 | 2 | 中心国际SMIC | 中国大陆 | ਟਵਰ | 6.22% | 680 | 5.92% | 19.51% | | ਤੇ | 3 | 联电UMC | 中国台湾 | 209 | 5.57% | 521 | 4.54% | ...

如果您希望可以时常见面，欢迎标星收藏哦~ 值得注意的是，2025年第4季硅光子(SiPho)、硅锗(SiGe)等server相关利基新型应用出货稳健成 长，助高塔（Tower）营收季增11.1%、上升至4.4亿美元，市占排名前进至第七名，超越世界先进 （Vanguard）与晶合国际（ Nexchip）。 世界先进2025年第4季则因DDIC订单转淡、PMIC主要客户跨厂验证问题影响出货，营收季减 1.6%至4.06亿美元，排第八名。 集邦科技今日发布最新晶圆代工产业研究，台积电受惠先进制程持续受惠于AI 伺服器用绘图处理 器（ GPU）、谷歌的张量处理器（TPU）及特殊应用IC（ASIC），供不应求，全球市占率冲破七 成达70.1%，持续坐稳晶圆代工龙头宝座。 集邦统计指出，2025全年前十大晶圆代工业者合计产值为1,695亿美元左右，年增26.3%，创下新 高。展望2026年，即便上半年有部分消费性产品提前备货，将稳定产能利用率，全年因记忆体价 格高涨导致主流终端出货承压、需求萎缩的阴霾笼罩，下半年订单与产能利用率仍有隐忧。 分析主要代工业者表现，2025年第四季TSMC晶圆出货量虽略减，但以iPhone ...

Core Viewpoint - The integrated circuit industry continues to maintain a high level of prosperity driven by demand for artificial intelligence, recovery in consumer electronics, and accelerated domestic substitution [1][3]. Group 1: Industry Performance - The 128 integrated circuit companies listed on the Sci-Tech Innovation Board are expected to achieve a revenue of 365.11 billion yuan, a year-on-year increase of 25%, and a net profit of 27.93 billion yuan, a year-on-year increase of 83% [1]. - Over 80% of these companies anticipate revenue growth, with 60% expecting an increase in net profit, and 12 companies turning losses into profits [1]. - The chip design segment leads the industry with a net profit growth rate of 268% [1]. Group 2: AI and Market Trends - In 2025, the commercial application of artificial intelligence is expected to accelerate, leading to a surge in demand for computing power, storage, and optical chips [3]. - The 76 chip design companies are projected to achieve a combined revenue of 163.10 billion yuan, a year-on-year increase of 32%, and a net profit of 13.7 billion yuan, a year-on-year increase of 268% [3]. - Companies like Cambricon, Moore Threads, and Muxi have seen significant revenue growth, with Cambricon achieving its first annual profit of 2.06 billion yuan [3]. Group 3: Storage and Optical Chips - The storage chip sector is entering a "super cycle" due to explosive demand for AI computing power, with companies like Lianqi Technology and Baiwei Storage expecting substantial profit increases [4]. - The optical chip market, represented by companies like Shijia Photon and Yuanjie Technology, has seen a combined revenue of 4.62 billion yuan, a year-on-year increase of 62%, and a net profit of 713 million yuan, a year-on-year increase of 419% [4]. Group 4: Manufacturing Capacity and Policy Support - The manufacturing sector is operating at full capacity, with companies like SMIC and Huahong achieving high utilization rates and significant revenue growth [7]. - The government has prioritized the integrated circuit industry as a key emerging pillar, promoting technological self-reliance and efficiency improvements [6]. Group 5: Mergers and Acquisitions - Mergers and acquisitions are becoming a vital strategy for the integrated circuit industry to enhance resource integration and competitiveness [9]. - Since the release of supportive policies, there have been 51 disclosed equity acquisitions in the integrated circuit sector, with a total transaction amount exceeding 77 billion yuan [9].

Core Viewpoint - The advanced process technology in the semiconductor foundry industry continues to benefit from high demand for AI server GPUs and Google TPUs, leading to strong shipment performance in Q4 2025. The overall revenue of the top ten global foundries increased by 2.6% quarter-over-quarter, reaching approximately $4.63 billion [2]. Summary by Sections Industry Overview - In Q4 2025, the total revenue of the top ten foundries reached approximately $46.25 billion, marking a 2.6% increase from the previous quarter and a 26.3% year-over-year growth, setting a new record for the year [3][5]. Company Performance - **TSMC**: In Q4 2025, TSMC's revenue grew by 2% to $33.72 billion, maintaining a market share of 70.4%. The increase was driven by the launch of flagship mobile products like the iPhone 17, which boosted 3nm wafer shipments and average selling prices (ASP) [6]. - **Samsung**: Samsung Foundry's revenue in Q4 2025 reached nearly $3.40 billion, a 6.7% increase quarter-over-quarter, transitioning from a loss to profitability. Its market share rose from 6.8% to 7.1% due to the contribution from 2nm new products [7]. - **SMIC**: SMIC's revenue in Q4 2025 was approximately $2.49 billion, up 4.5% from the previous quarter, benefiting from increased wafer shipments and a slight rise in ASP [8]. - **UMC**: UMC reported a revenue of about $1.99 billion in Q4 2025, a 0.9% increase, with stable orders from major clients maintaining capacity utilization [9]. - **GlobalFoundries**: GlobalFoundries experienced an 8.4% revenue growth in Q4 2025, reaching $1.83 billion, driven by increased demand for data center components [11]. - **HuaHong Group**: HuaHong Group's revenue in Q4 2025 was approximately $1.22 billion, a slight increase of 0.1%, supported by MCU and PMIC demand [12]. - **Tower**: Tower's revenue grew by 11.1% to $440 million in Q4 2025, aided by strong growth in silicon photonics and silicon germanium applications [13]. - **Vanguard**: Vanguard's revenue decreased by 1.6% to $406 million in Q4 2025, impacted by reduced DDIC orders and client validation issues [14]. - **Nexchip**: Nexchip's revenue fell by 5.3% to $388 million in Q4 2025, as some products were postponed to Q1 2026 [15]. - **PSMC**: PSMC's revenue in Q4 2025 was approximately $370 million, a 2% increase, driven by strong demand for memory foundry services [16].

上海冲出一家泛半导体行业软件IPO，估值45亿，中芯国际间接参投 原创 阅读全文 格隆汇新股 ...

格隆汇新股 上海冲出一家泛半导体行业软件IPO，估值45亿，中芯国际间接参投 原创 阅读全文 ...

Group 1 - Southbound funds net purchased Hong Kong stocks amounting to 34.48 billion HKD on March 11 [1][3] - The top net purchases included China National Offshore Oil Corporation (10.39 billion HKD), Alibaba-W (6.98 billion HKD), Geely Automobile (5.31 billion HKD), Xiaomi Group-W (1.59 billion HKD), Hua Hong Semiconductor (1.55 billion HKD), and SMIC (1.37 billion HKD) [1] - Notable net sales were observed in Tencent Holdings (24.35 billion HKD), ending its previous eight-day net buying streak, as well as China Construction Bank (8.26 billion HKD), Industrial and Commercial Bank of China (1.85 billion HKD), and Yangtze Optical Fibre and Cable (1.2 billion HKD) [1][4] Group 2 - Southbound funds have net purchased Alibaba for three consecutive days, totaling 20.3096 billion HKD [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00981 | 說明 | 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00981 | 說明 | 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發 ...