截至2026年2月11日10:21，上证科创板半导体材料设备主题指数(950125)下跌0.78%。成分股方面涨跌互 现，耐科装备领涨2.20%，华峰测控上涨1.93%，华海清科上涨0.87%；神工股份领跌4.01%，芯源微下 跌3.26%，京仪装备下跌2.58%。科创半导体ETF(588170)下跌0.73%，最新报价1.76元。 截至2026年2月11日10:23，中证半导体材料设备主题指数(931743)下跌0.78%。成分股方面涨跌互现，广 立微领涨6.02%，有研新材上涨2.38%，华峰测控上涨2.26%；珂玛科技领跌3.61%，神工股份下跌 3.07%，芯源微下跌3.00%。半导体设备ETF华夏(562590)下跌0.78%，最新报价1.9元。 规模方面，科创半导体ETF近1周规模增长2.15亿元，实现显著增长，新增规模领先同类；半导体设备 ETF华夏最新规模达27.6亿元。 相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（60%）和半导体材料（25%）细 分领域的硬科 ...

赵海军认为，存储需求因为危机感，"大家有点慌张，这个需求被放大了。" 在此背景下，公司凭借在BCD、模拟、存储、MCU、中高端显示驱动等细分领域中的技术储备与领先 优势、客户的产品布局，在本轮行业发展周期中，仍能保持有利位置。公司将积极响应市场的紧急需 求，推动2026年收入继续增长。 尽管市场普遍处于淡季，但中芯国际交出了一份"淡季不淡"的成绩单：四季度销售收入24.89亿美元， 环比增长4.5%，产能利用率逆势攀升至95.7%。 2月11日，中芯国际联席CEO赵海军在业绩说明会上详细拆解了公司2025年第四季度业绩及未来展望。 面对复杂的半导体周期，赵海军重点阐述了AI需求对传统市场的"挤压效应"、产能利用率的超预期表现 以及高达81亿美元资本开支背后的逻辑。 AI强劲需求"挤压"中低端市场 电话会上，最令市场关注的是管理层对半导体需求结构变化的深度拆解。赵海军明确指出，人工智能 （AI）的爆发正在对传统消费电子供应链产生挤出效应。 赵海军指出，经过与产业链伙伴的广泛沟通，公司发现人工智能对于存储的强劲需求，"挤压了手机等 其他应用领域特别是中低端领域能拿到的存储芯片供应。" 这种挤压效应直接传导至终端厂 ...

Group 1: Market Performance - As of February 10, 2026, the Shanghai Composite Index rose by 0.13% to close at 4128.37 points, while the Shenzhen Component Index increased by 0.02% to 14210.63 points. The ChiNext Index fell by 0.37% to 3320.54 points [1] - In the overnight U.S. market, the Dow Jones Industrial Average increased by 0.10%, while the Nasdaq Composite Index decreased by 0.59% and the S&P 500 Index fell by 0.33%. The Philadelphia Semiconductor Index dropped by 0.68% [1] Group 2: Company News - Semiconductor manufacturer SMIC (688981.SH) reported a revenue of 17.813 billion yuan for Q4 2025, representing a year-on-year growth of 11.9%. The net profit attributable to shareholders was 1.223 billion yuan, up 23.2% year-on-year. However, total profit decreased compared to the previous year due to rising financial costs and declining investment income [2] - Jiangbolong (301308) indicated during an institutional survey that only a few companies globally can develop UFS4.1 products at the chip level. Their self-developed UFS4.1 products outperform comparable market products in terms of process, read/write speed, and stability. UFS4.1 is a high-end consumer storage product and is the preferred storage configuration for Tier 1 flagship smart terminal models, indicating a broad market potential [2] Group 3: Industry Insights - Donghai Securities projected that the combined capital expenditure of the four major U.S. CSPs will exceed 670 billion dollars in 2026, marking a significant year-on-year increase of over 60%. The demand for computing power is expected to experience explosive growth driven by the ongoing penetration of AI into end-user applications and the evolution of AIAgent technology [3] - The Sci-Tech Innovation Semiconductor ETF (588170) tracks the Shanghai Stock Exchange's semiconductor materials and equipment theme index, focusing on hard-tech companies in semiconductor equipment (60%) and materials (25%). The semiconductor equipment and materials industry is crucial for domestic substitution, benefiting from the AI revolution and advancements in lithography technology [3]

Group 1: Market Performance - The Shanghai Composite Index rose by 0.13% to close at 4128.37 points, while the Shenzhen Component Index increased by 0.02% to 14210.63 points. The ChiNext Index fell by 0.37% to 3320.54 points [1] - In the overnight U.S. market, the Dow Jones Industrial Average increased by 0.10%, while the Nasdaq Composite Index decreased by 0.59% and the S&P 500 Index fell by 0.33% [1] Group 2: Company News - SMIC (688981.SH) reported a revenue of 17.813 billion yuan for Q4 2025, a year-on-year increase of 11.9%. The net profit attributable to shareholders was 1.223 billion yuan, up 23.2% year-on-year. The decrease in total profit compared to the previous year was mainly due to increased financial expenses and decreased investment income [2] - Jiangbolong stated that only a few companies globally, including itself, have the capability to develop UFS4.1 products at the chip level. The UFS4.1 product, which is a high-end consumer storage solution, is expected to have a broad market space and is already on the verge of mass shipment [2] Group 3: Industry Insights - Donghai Securities projected that the capital expenditure of the four major CSPs in the U.S. is expected to exceed 670 billion dollars in 2026, representing a year-on-year increase of over 60%. The demand for computing power is anticipated to grow explosively due to the ongoing penetration of AI into end-user applications [3] - The Sci-Tech Innovation Semiconductor ETF (588170) tracks the semiconductor materials and equipment theme index, focusing on companies in the semiconductor equipment (60%) and materials (25%) sectors. This industry is crucial for domestic substitution and is expected to benefit from the AI revolution and advancements in lithography technology [3]

Core Viewpoint - Semiconductor foundry leader SMIC reported a revenue increase for Q4 2025 but faced margin pressure due to depreciation, with a significant stock price decline since October 2022 [1][2] Group 1: Financial Performance - For the full year 2025, SMIC achieved sales revenue of $9.327 billion, a year-on-year increase of 16.2%, and a net profit attributable to shareholders of $685 million, up 39.1% year-on-year [1] - In Q4 2025, SMIC reported sales revenue of $2.489 billion, a quarter-on-quarter increase of 4.5% and a year-on-year increase of 12.8%, with a net profit of $173 million, reflecting a significant year-on-year growth of 60.7% but a quarter-on-quarter decline of 9.9% [1] - The gross margin for Q4 2025 was 19.2%, down 2.8 percentage points from Q3, while capacity utilization remained high at 95.7% [1] Group 2: Future Guidance - SMIC provided guidance for 2026, expecting revenue growth to exceed the industry average, with capital expenditures remaining consistent with 2025 levels and a gross margin target of 18%-20% [1] - The revenue increase is attributed to higher wafer sales, improved capacity utilization, and optimized product mix, with an upward price adjustment for 8-inch processes due to surging demand [1] Group 3: Market Dynamics - Management indicated a decrease in orders for mid-to-low-end products, while orders related to AI, storage, and mid-to-high-end applications are on the rise [2] - The company is positioned as a significant component in various indices, including the Sci-Tech 50 and Hang Seng Technology Index, with notable holdings in related ETFs [2]

【长江电子杨洋团队】中芯国际2025Q4业绩点评：收入略超预期+利润延续增长，淡季指引不淡未来成长继续向 上 12025Q4财务情况： ▷ 销售收入24.89亿美元，环比+4.5%，同比+12.8%，延续上升趋势，超出此前指引的环比持平或增长+2%； ▷ 资本开支24.08亿美元，环比+0.5%，2025年全年资本开支81.0亿美元，大幅扩产支撑长期成长； 【长江电子杨洋团队】中芯国际2025Q4业绩点评：收入略超预期+利润延续增长，淡季指引不淡未来成长继续向 上 12025Q4财务情况： ▷ 销售收入24.89亿美元，环比+4.5%，同比+12.8%，延续上升趋势，超出此前指引的环比持平或增长+2%； ▷ 毛利率19.2%，处于指引18%~20%区间上限，环比-2.8pct，同比-3.4pct，主要受折旧增加影响； ▷ 净利润1.73亿美元，环比-9.9%，同比+60.7%，产品结构优化驱动盈利改善； ▷ 月产能达105.88万片（折合8吋），环比+3.5%，同比+11.7%，产能不断扩张； ▷ 毛利率19.2%，处于指引18%~20%区间上限，环比-2.8pct，同比-3.4pct，主要受折旧增加影响； ...

SMIC业绩出来了，还是比较超预期的。 我们上午发preview特意提醒了。 在市场情绪比较保守，不少领导觉得会miss的时候，我们坚定看多。 我们上午发preview特意提醒了。 在市场情绪比较保守，不少领导觉得会miss的时候，我们坚定看多。 国产算力肯定是要一揽子配置的，芯原股份很好，中芯国际也很好 SMIC业绩出来了，还是比较超预期的。 ...

【国联民生电子】中芯国际25Q4：悲观预期下的诸多亮点 【国联民生电子】中芯国际25Q4：悲观预期下的诸多亮点 相较于此前市场的悲观预期，公司在收入等方面仍取得了超预期增长，同时后续仍迎来成熟制程涨价+先进制 程扩产多重催化，公司作为国产算力中军，较此前高点已回撤22%，当前港股PB仅3.46x，当下建议积极布局 领导好，今日中芯公告25Q4业绩，此前市场对于Q4预期较为悲观，我们在preview中前瞻提示有望优于指引，整体 来看在收入、稼动率等方面存在诸多亮点，梳理核心要点如下： 25Q4 ➠营收：24.89亿美元，yoy+12.8%，qoq+4.5%大超此前指引0-2% ➠归母净利润：1.73亿美元，yoy+60.7%，qoq-9.9% ➠毛利率：19.2%，环比-2.8pct，同比-3.4pct 虽有环比下滑、但符合指引 ➠产能利用率：95.7%，环比减少0.1pct，同比+10.2pct ➠资本开支：24.1亿美元 领导好，今日中芯公告25Q4业绩，此前市场对于Q4预期较为悲观，我们在preview中前瞻提示有望优于指引，整体 来看在收入、稼动率等方面存在诸多亮点，梳理核心要点如下： 26Q1 25Q ...

【中泰电子丨中芯国际】多维度超预期！ ——25Q4营收24.89亿美元，同比+12.8%，环比+4.5%，此前指引环比持平到增长2%，超指引上限；归母净利1.73 亿美元，同比+60.7%，环比-9.9%；毛利率19.2%，同比-3.4pct，环比-2.8pct，此前指引18%~20%，高于指引中 值。 ——25Q4少数股东权益0.31亿美元，同比-81.3%，环比-75.3%；占净利润比例 【中泰电子丨中芯国际】多维度超预期！ ——25Q4智能手机占公司晶圆收入比重21.5%，环比Q3占比持平；此前市场担忧存储涨价挤压公司下游相关业 务，但Q4稼动率以及对Q1营收端的乐观指引超出市场预期。 ——25Q4营收24.89亿美元，同比+12.8%，环比+4.5%，此前指引环比持平到增长2%，超指引上限；归母净利1.73 亿美元，同比+60.7%，环比-9.9%；毛利率19.2%，同比-3.4pct，环比-2.8pct，此前指引18%~20%，高于指引中 值。 ——公司认为25年半导体产业链向本土化切换带来的重组效应贯穿全年，26年产业链回流的机遇与存储大周期带 来的挑战并存。 ——25Q4少数股东权益0.31亿美 ...

消息面上，ASMPT近日宣布，成功获得某主要客户的新订单，将提供两台搭载专有等离子主动氧化物 去除(AOR)技术的超细间距热压接(TCB)设备，用于芯片到晶圆(C2W)应用。这项成果进一步巩固了 ASMPT于先进封装市场的技术领导地位。 值得注意的是，中芯国际高管在业绩说明会上表示，2025年公司资本开支为81亿美元，高于年初预期， 主要是因为应对客户强劲需求、外部环境变化以及设备交付时间加长。在外部环境无重大变化的前提 下，中芯国际给出的2026年指引为：销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致 持平。 智通财经APP获悉，ASMPT(00522)早盘涨超8%，截至发稿，涨7.14%，报108.1港元，成交额1.51亿港 元。 ...