（文章来源：每日经济新闻） 每经AI快讯，10月10日，港股半导体股持续走弱，中芯国际跌超5.5%，上海复旦、英诺赛科跌4%，晶 门半导体跌超3%，华虹半导体跌2.5%。 ...

Group 1 - Chip concept stocks weakened in early trading, with companies like SMIC, Haiguang Information, Hengxuan Technology, and Chipone falling over 6% [1] - The related ETFs for innovative chips dropped more than 4% due to market influences [1] Group 2 - Various innovative chip ETFs experienced significant declines, with the Guotai ETF down 4.84% to 1.612, and other ETFs like 588200 and 588290 also showing declines of 4.80% and 4.76% respectively [2] - Analysts noted that as AI models evolve, the commercial models for AI applications are becoming clearer, with the release of Sora 2.0 introducing social attributes that broaden OpenAI's monetization channels [2] - OpenAI has secured orders for storage and GPU components from Samsung, SK Hynix, and AMD, indicating a strengthened certainty in the demand for AI infrastructure, which is expected to benefit the related computing power industry chain in the future [2]

Core Viewpoint - The Sci-Tech Chip ETF FuGuo (588810) opened down 1.45% at 1.829 yuan, reflecting a decline in its major holdings and overall market sentiment [1] Group 1: ETF Performance - The Sci-Tech Chip ETF FuGuo (588810) has a performance benchmark of the Shanghai Stock Exchange Sci-Tech Board Chip Index return rate [1] - Since its establishment on December 30, 2024, the fund has achieved a return of 85.38% [1] - The fund's return over the past month is reported at 34.87% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down 2.91% - Haiguang Information (海光信息) down 2.30% - Cambricon (寒武纪) down 2.31% - Lattice Technology (澜起科技) down 1.96% - Zhongwei Company (中微公司) down 1.40% - Chipone (芯原股份) down 3.88% - Hu Silicon Industry (沪硅产业) down 2.94% - Hengxuan Technology (恒玄科技) down 2.54% - SiTewave (思特威) down 2.05% - Huahai Qingke (华海清科) down 2.08% [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | -5.57% | 78.850 | 6307.97亿 | 147.96% | | 01347 | 华虹半导体 | -5.75% | 80.300 | 1393.57亿 | 270.90% | | 02878 | 晶门半导体 | -5.08% | 0.560 | 13.99亿 | 13.13% | | 01385 | 上海复日 | -4.30% | 43.200 | 354.86 Z | 187.38% | | 06939 | 美佳音控股 | -3.39% | 0.570 | 2.96亿 | 25.27% | | 00522 | ASMPT | -2.99% | 92.5 ...

A股中芯国际登上了热搜，就是因为有多家券商将其两融折算率均调降为0，原因是根据沪深交易所2023年修订的《融资融券交易实施细则》中的规则，当 静态市盈率在300倍以上或者为负数的时候，股票的两融折算率为零，而国庆长假前的最后一个交易日，中芯国际的静态市盈率刚好过了300倍。 对这个现象其实再正常不过了，只是中芯国际目前的涨势比较明显，也很容易吸引市场眼球，所以折算率调整为零会受到市场极大的关注，未来随着股价的 回落，到时候静态市盈率回到300倍以下时，折算率还会恢复正常的。 只是这件事会让市场情绪受到一些影响，大家的理解可能会超出正常的范围，之所以将折算率调整为零，坦率的说，还是之前股价涨幅太大了，而这也预示 着风险，换句话说此时拿折算率出来说事，多少有点降温的意思，毕竟从目前的市场氛围看，芯片的资金集中度确实太高了，从节前的大幅度上涨，到了昨 天开盘的再次飙升，而这无疑在进一步累计风险。 如此看来，无论中芯国际的折算率调整为零带来的影响有限或者说没啥负面冲击，我认为都应该对当前处在高位的科技股有所警示，防范未来的风险比收益 要更为重要。 当然，从中期的角度我依然看好大科技，尤其是芯片以及储能等行业基本面的改 ...

最后说贵州茅台，业绩"稳"就是最大的亮点。三季度预告里，营收同比增10%-12%，净利润增11%-13%，增速和二季度差不多，但细节里有惊喜——直销渠 道营收增了25%，占比提到38%，比二季度高了2个百分点，这意味着利润率还能往上走，毕竟直销比经销赚得多。机构持仓方面，社保基金和险资基本没 动，持仓比例和二季度持平，北向资金也只是小幅调了1%，这种"大机构稳拿不动"的状态，正好符合咱们把它当"底仓"的需求，不用怕市场震荡出幺蛾 子。 各位朋友，我是帮主郑重，知道大家看金股不光看逻辑，更要"业绩实不实、机构认不认"——这就把中芯国际、药明康德这些核心标的，近期业绩预告和机 构持仓变化扒得明明白白，咱们看长线也能更踏实。 先看中芯国际，业绩预告里藏着"稳信号"。最新三季度预告显示，营收同比增12%-15%，净利润增8%-10%，虽然增速不算特别猛，但关键在"超预期"—— 市场原本预估净利润增速顶多5%，能超预期靠的就是28nm成熟制程产能拉满，这部分业务营收占比已经提到42%，比二季度又高了3个百分点，说明之前说 的"订单排到2026年"不是虚的。再看机构持仓，三季度公募基金增持了1.2亿股，社保基金也加了20 ...

Core Viewpoint - The Hang Seng Technology Index and the Hang Seng Index experienced significant declines, indicating a bearish sentiment in the market [1] Company Performance - SMIC (Semiconductor Manufacturing International Corporation) saw a drop of over 5.5% [1] - NIO and Xpeng Motors both fell nearly 5% [1] - Baidu Group and Hua Hong Semiconductor declined by more than 3% [1] - Xiaomi Group and Bilibili experienced a decrease of over 2% [1]

Core Viewpoint - Semiconductor stocks continue to decline, with significant drops in major companies like SMIC and Hua Hong Semiconductor, attributed to adjustments in margin financing rates due to high static P/E ratios [1] Group 1: Stock Performance - SMIC (00981) fell by 5.03%, trading at HKD 79.3 [1] - Hua Hong Semiconductor (01347) decreased by 4.11%, trading at HKD 81.7 [1] - Shanghai Fudan (01385) dropped by 2.84%, trading at HKD 43.86 [1] - ASMPT (00522) declined by 2.46%, trading at HKD 93 [1] Group 2: Margin Financing Adjustments - Several brokerages adjusted the margin financing rates for SMIC from 0.7 to 0.00 and for Bawen Storage from 0.5 to 0.00 [1] - The adjustment to a zero financing rate is a unified action by brokerages due to the static P/E ratios exceeding 300 [1] Group 3: Market Outlook - Citigroup reported that despite a 34% valuation premium in the semiconductor index, the AI effect supports a reasonable valuation due to high growth rates, indicating potential for further upward movement in the semiconductor cycle [1] - Goldman Sachs anticipates that with the development of domestic AI solutions, SMIC and Hua Hong Semiconductor are expected to become leading foundries in China and benefit in the long term [1]

格隆汇10月10日｜今日A股低开低走，半导体板块全线回调，佰维存储大跌10%，晶合集成跌超9%，中 芯国际跌超6%，科创50ETF、芯片ETF均跌逾3%，但资金逆势抄底，芯片ETF盘中预估涌现2.52亿元的 净买盘。 资金近期持续狂买半导体主题ETF，如"半导体含量超50%"的科创50ETF近5日合计净流入5.37亿元，芯 片ETF近10日合计净流入6.49亿元。科创半导体ETF近10日合计净流入额高达17亿元。 从行情走势来看，在国产替代和存储涨价周期的双重刺激下，昨日早盘半导体板块全线爆发，午后因融 资融券业务规则消息跳水，但鉴于该则规定是2016年以来就存在的明文规定，更多是获利盘兑现导致的 板块波动。 "半导体含量超50%"科创大盘代表：科创50ETF(588000)，-3.77%，权重股包括中芯国际(半导体制造龙 头)、海光信息( CPU及DCU芯片领军企业)、寒武纪(AI芯片)等。 聚焦半导体国产替代设备+材料：科创半导体ETF(588170)，-2.69%，成份股涵盖中微公司（刻蚀设 备）、拓荆科技（薄膜沉积设备）、华海清科（CMP设备）、沪硅产业（300mm硅片）、天岳先进 （碳化硅衬底）。 ...

Core Viewpoint - Semiconductor stocks continue to decline, with significant drops in share prices for major companies like SMIC and Hua Hong Semiconductor, attributed to adjustments in margin financing rates due to high static P/E ratios [1] Group 1: Stock Performance - SMIC (00981) fell by 5.03% to HKD 79.3 [1] - Hua Hong Semiconductor (01347) decreased by 4.11% to HKD 81.7 [1] - Shanghai Fudan (01385) dropped by 2.84% to HKD 43.86 [1] - ASMPT (00522) declined by 2.46% to HKD 93 [1] Group 2: Margin Financing Adjustments - Several brokerages have adjusted the margin financing rates for SMIC from 0.7 to 0.00 and for Bawen Storage from 0.5 to 0.00 [1] - The adjustment to a zero financing rate is a unified action by brokerages due to the static P/E ratios exceeding 300 [1] Group 3: Market Outlook - Citigroup reported that despite a 34% valuation premium in the semiconductor index, the high growth rates supported by AI effects make valuations reasonable, indicating potential for further upward movement in the semiconductor cycle [1] - Goldman Sachs anticipates that with the development of domestic AI solutions, SMIC and Hua Hong Semiconductor are expected to become leading foundries in China and benefit in the long term [1]