机构：第一上海 研究员：曹凌霁/韩啸宇 业绩摘要：2025Q3 公司收入23.8 亿美元，同比增长9.7%，环比增长7.8%，基本符合一致预期的23.5 亿 美元。本季度公司产能环比增长3.2万片至102.3 万片等效8 寸晶圆，产能利用率为95.8%，环比增加 3.3pct。晶圆ASP 达913 美元，同比下滑5.5%，环比增长4.4%。公司的毛利率22.0%，环比增长1.6pct。 归母净利润同比增长28.9%至1.9 亿美元，每股盈利0.02 美元。公司指引2025Q4 收入环比增长0%-2%至 23.8-24.3 亿美元，中值基本符合彭博一致预期，毛利率介于18%-20%，中值略低于一致预期的19.4%。 消费电子市场需求回暖，2025 财年AI 需求增速超10%：本季度8 英寸和12 英寸晶圆收入环比分别增长 2.7%/8.9%，其中晶圆付运量环比增长4.6%至249.9 万片，平均晶圆ASP 环比增长4.4%至931 美元/片。 下游应用方面，消费电子收入环比增长19.4%，主要系国内客户的市场份额提升叠加出口需求增长；智 能手机收入环比下滑4.7%，主要系部分订单因供不应求暂时延迟叠加行业竞争激 ...

2025年第三季度全球晶圆代工行业又有新变化。 近期，中国大陆晶圆代工"双雄"中芯国际（688981.SH）和华虹半导体（688347.SH）都发布了今年第三 季度财报，两者当季营收都创下新高，分别为23.82亿美元（同比增长9.7%）、6.35亿美元（同比增长 20.7%）。中国台湾晶圆代工龙头台积电也创下了331亿美元营收纪录。 "2025年第三季度财报显示，全球晶圆代工厂业绩实现普遍增长，产能利用率维持高位，行业需求的稳 步释放推动了晶圆出货量与平均售价同步走高，构成营收增长的核心支撑。"天使投资人、资深人工智 能专家郭涛告诉《中国经营报》记者。他还提到，晶圆代工行业头部厂商聚焦先进制程突破，中小厂商 则深耕特色工艺赛道，而计算、汽车等高端领域的需求爆发，成为行业共同的增长引擎。 记者注意到，当下晶圆代工行业成熟制程（如28nm及以上）的市场格局调整加剧，近期备受瞩目。今 年10月，市场消息传出，聚焦成熟制程的联电（UMC）正要求其供应商自2026年起至少提出15%的降 价方案；台积电正计划逐步将40—90nm区间的成熟制程订单外包给子公司世界先进。 据了解，当前市场火热的存储芯片主要采用成熟制程，除了 ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 33.45 亿元 | -5.20 亿元 | | 盈富基金(02800) | 27.09 亿元 | +26.95 亿元 | | 阿里巴巴-W(09988) | 26.28 亿元 | +8.81 亿元 | | 腾讯控股(00700) | 18.13 亿元 | +7.55 亿元 | | 中芯国际(00981) | 15.23 亿元 | -3364.83 万元 | | 南方恒生科技(03033) | 9.69 亿元 | +8.88 亿元 | | 小鹏汽车-W(09868) | 6.81 亿元 | +2.30 亿元 | | 华虹半导体(01347) | 6.40 亿元 | -614.67 万元 | | 恒生中国企业(02828) | 6.35 亿元 | +6.00 亿元 | | 赣锋锂业(01772) | 6.12 亿元 | -2587.36 万元 | 2025年11月20日当天，小米集团-W(01810)、盈富基金(02800)、阿里巴巴-W(09988)位居沪港通 ...

Group 1: Market Overview - Northbound capital net bought 15.992 billion HKD in the Hong Kong stock market on November 20, with net purchases of 7.808 billion HKD through the Shanghai-Hong Kong Stock Connect and 8.184 billion HKD through the Shenzhen-Hong Kong Stock Connect [1] - The most net bought stocks include the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba-W (09988) [1] Group 2: Stock Performance - Xiaomi Group-W had a net inflow of 4.976 billion HKD, with a buy amount of 2.445 billion HKD and a sell amount of 2.531 billion HKD [2] - Alibaba-W received a net purchase of 1.067 billion HKD, with the launch of its AI assistant app, Qianwen, aimed at enhancing its AI application layout [5] - Tencent Holdings had a net inflow of 8.39 billion HKD, supported by better-than-expected Q3 results and a strong AI growth strategy [6] Group 3: Sector Insights - The semiconductor sector showed divergence, with Hua Hong Semiconductor (01347) receiving a net inflow of 2.97 billion HKD, while SMIC (00981) faced a net outflow of 189.6 million HKD [5] - Ganfeng Lithium (01772) experienced a net outflow of 504.9 million HKD, with a downgrade from Daiwa, citing an expected oversupply in the lithium market [6]

Core Insights - Since 2025, the Hong Kong stock market, led by technology and innovative pharmaceuticals, has been on the rise, with the Hang Seng Technology Index reaching a recent high of 6715.46 on October 2, and the Hang Seng Index showing a gain of over 30% [1][3] - However, in less than two months, the Hang Seng Technology Index has experienced a continuous adjustment, with a maximum drawdown exceeding 15%, and a recent five-day losing streak [1][3] - Despite the market pullback, southbound capital has accelerated its inflow, with a net purchase exceeding 1.3 trillion HKD this year, and cumulative net inflow surpassing 5 trillion HKD, setting a historical record [1][7] Market Dynamics - The recent pullback in the Hong Kong stock market's technology sector is attributed to multiple factors, including persistent concerns over an "AI bubble," a cooling concept of interest rate cuts by the Federal Reserve, and escalating tariff conflicts, which have led to a systematic devaluation of technology stocks [3][4] - Additionally, as the year-end approaches, there is a shift in investment focus towards dividend-paying assets like banks and non-bank financials, rather than high-volatility technology stocks [4] Financial Performance - Nvidia's strong Q3 earnings report, showing a revenue of 57 billion USD (up 62% year-on-year) and a Q4 revenue outlook of approximately 65 billion USD, may help alleviate market concerns regarding the "AI bubble" [5] - Major Hong Kong technology companies have also reported robust Q3 earnings, indicating resilience in the face of global economic disruptions, with highlights including Tencent's revenue of 192.9 billion CNY (up 15%) and Xiaomi's revenue of 113.12 billion CNY (up 22.3%) [6][5] Investment Outlook - Looking ahead to 2026, several institutions remain optimistic about the mid-to-long-term prospects of the Hong Kong technology and internet sectors, driven by the AI wave and supportive policies [7] - The inflow of southbound capital is unprecedented, with insurance and public funds driving a dual strategy of "technology growth + high dividend yield" [7][8] - The Hang Seng Technology Index is currently at a historical low valuation, with a PE ratio of 23.09, significantly lower than the Nasdaq's 42.5, indicating a strong value proposition for long-term investors [9][8] ETF Performance - The inflow of funds has led to a rise in the scale of related ETFs, with the Hang Seng Technology Index ETF exceeding 46 billion CNY and the Hang Seng Internet ETF nearing 34 billion CNY [8][9] - The current market environment, characterized by improving liquidity and low valuations, presents a favorable opportunity for long-term investment in Hong Kong's technology sector [10]

所以，本人投资得多，收获就多，这个眼红不了的。 | 品牌 | 研发总费用(亿/人民币) | | | --- | --- | --- | | 腾讯 | 620 | | | 比亚迪 | 438 | | | 小米 | 235 | | | 宁德时代 | 151 | | | 美的 | 129 | | | 格力 | 95 | | | 极気 | 77 | | | 小鹏 | 66 | | | 赛力斯 | 51 | | | 中芯国际 | 38 | 念@数码八叔 | 中国上市科技企业 2025前三季度研发投入前十的公司出炉，分别是：腾讯、比亚迪、小米、宁德时代、美的、格力、极氪、小鹏、赛力斯、中芯 国际。 ...

Group 1: Global Chip Industry Developments - Microsoft and Nvidia plan to invest $15 billion in AI startup Anthropic, which will purchase $30 billion worth of computing power from Microsoft's Azure cloud platform [1] - US semiconductor manufacturer GlobalFoundries announced the acquisition of silicon photonics wafer foundry AMF, positioning itself to become the largest silicon photonics chip manufacturer by revenue [1] - Chip design giant Arm announced the integration of Nvidia's NVLink Fusion high-speed interconnect into its Neoverse platform, strengthening the collaboration between the two companies [1] Group 2: Domestic Semiconductor Market Insights - The 22nd China International Semiconductor Expo (IC China 2025) will be held from November 23 to 25 in Beijing, aligning with the "14th Five-Year Plan" to enhance technological innovation and ensure supply chain stability [1] - China Galaxy noted that the rapid development of strategic emerging industries such as digital economy, AI, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips [1] Group 3: Flash Memory Price Surge - Following significant price increases in DRAM, flash memory prices have also surged, with Flash Wafer prices rising by up to 38.46% as of November 19 [2] - Guosen Securities highlighted strong AI demand leading to supply shortages and price increases in storage chips and other components, suggesting that the market may be underestimating the sustainability of demand for domestic computing and storage capabilities [2] Group 4: Electronic Sector Performance - The electronic ETF (515260) saw early gains of over 2% before a market pullback, indicating strong buying interest despite a current decline of 0.47% [2] - Key stocks in the electronic sector, such as Huadian Co. and Wentai Technology, led gains of over 2%, while companies like Zhongwei and Beifang Huachuang experienced declines of over 3% [4] Group 5: Electronic ETF Characteristics - The electronic ETF (515260) tracks the electronic 50 index, focusing on semiconductor and consumer electronics sectors, with significant holdings in PCB, AI chips, automotive electronics, and 5G [5] - The ETF's composition includes a 44.63% weight in Apple supply chain stocks, benefiting from the anticipated strong performance of the iPhone 17 [5] - External pressures are pushing China towards achieving self-sufficiency in the semiconductor industry, with AI reshaping consumer electronics and receiving strong policy support [5]

资料显示，中芯国际集成电路制造有限公司位于上海市浦东新区张江路18号,香港中环康乐广场8号交易 广场1期29楼，成立日期2000年4月3日，上市日期2020年7月16日，公司主营业务涉及提供0.35微米至14 纳米多种技术节点、不同工艺平台的集成电路晶圆代工及配套服务。主营业务收入构成为：集成电路晶 圆代工93.83%，其他6.17%。 截至9月30日，中芯国际股东户数33.62万，较上期增加33.27%；人均流通股6134股，较上期减少 25.41%。2025年1月-9月，中芯国际实现营业收入495.10亿元，同比增长18.22%；归母净利润38.18亿 元，同比增长41.09%。 机构持仓方面，截止2025年9月30日，中芯国际十大流通股东中，易方达上证科创板50ETF（588080） 位居第五大流通股东，持股5730.50万股，相比上期减少1650.36万股。华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股5599.90万股，相比上期减少3972.76万股。华夏上证50ETF （510050）位居第七大流通股东，持股3797.30万股，相比上期减少103.16万股。华泰柏瑞沪深30 ...

沪指4000点关口拉锯震荡，存储芯片领域涨价潮愈演愈烈。上游半导体设备ETF（561980）最近5个交 易日内连续"吸金"、区间累计净流入2.11亿元，年内份额增幅高达96.6%，最新规模27.50亿元。 昨日，市场调查机构Counterpoint Research发布报告，指出2025年年初内存价格已有50%的价格上涨， 第四季度预计上涨30%，明年初可能还会上涨20%。 同时，Counterpoint Research 发布的报告显示，英伟达（Nvidia）计划在其人工智能（AI）服务器中采 用手机级内存芯片，这一举措可能导致 2026 年末服务器内存价格翻倍。 相关指数方面，截至11月19日，中证半导年内涨幅达53.42%、区间最大上涨超80%，在半导体材料设 备、中华半导体芯片、芯片产业、国证芯片等主流半导体指数中位居第一，弹性表现突出。 西部证券认为，存储领域迎来"价格周期"和"产品迭代周期"共振，资本开支有望超预期高斜率增长，或 带动上游设备公司订单持续增长。 | 序号 | 证券代码 | 证券名称 | 最大上涨 : | 区间涨跌幅 ÷ | | | --- | --- | --- | --- | - ...

申港证券近日发布电子行业研究周报：根据中芯国际公告和腾讯科技，中芯国际25Q3实现营收23.82亿 美元、环比增长7.8%，超出此前指引。毛利率22.0%、环比上升1.6个百分点，高于此前指引。产能利用 率上升至95.8%、环比增长3.3个百分点，25Q3月产能超过100万片。 以下为研究报告摘要： 存储大厂频传提价，产业2026年资本支出或对位元产出支撑有限，供需紧张局面有望延续。根据芯智讯 和DigiTimes，近期闪迪将其11月NAND Flash闪存合约价格提高50%，公司在9月已宣布对NAND Flash 合约价调涨10%，涨价对下游存储供应链带来冲击，促使创见、宜鼎和宇瞻科技等存储模组制造商暂停 出货并重新评估报价。本月三星电子将某些DRAM芯片（DDR5）的价格相比9月份上涨60%。 TrendForce集邦咨询调查显示，随着存储器平均销售价格持续提升，DRAM与NAND Flash后续的资本支 出将会持续上涨，但对于2026年的位元产出增长支撑有限。DRAM和NAND Flash产业的投资重心正逐 渐转变，从单纯地扩充产能，转向制程技术升级、高层数堆栈、混合键合以及HBM等高附加价值产 品。S ...