LPR 连续 7 个月保持不变；资金面延续宽松，债市承压走弱 【内容摘要】12 月 22 日，资金面保持宽松态势；12 月 LPR 报价继续持稳，叠加股市上涨，债 市承压走弱；转债市场跟随权益市场延续上行，转债个券多数上涨；各期限美债收益率普遍上 行，主要欧洲经济体 10 年期国债收益率普遍上行。 一、债市要闻 （一）国内要闻 【LPR 连续 7 个月保持不变】12 月 22 日，央行授权全国银行间同业拆借中心公布，1 年期 LPR 为 3.00%，5 年期以上 LPR 为 3.50%，均与上月持平，连续 7 个月保持不变。 【李强主持召开国务院"十五五"规划《纲要草案》编制工作领导小组会议】12 月 22 日，中 共中央政治局常委、国务院总理李强主持召开国务院"十五五"规划《纲要草案》编制工作领 导小组会议，深入研究《纲要草案》编制工作。李强指出，目前《纲要草案》的编制已经有了 较好基础，下一步要集中力量、精益求精做好修改完善工作。要着眼于更好发挥规划引领作用， 紧紧围绕推动高质量发展这个主题来设定指标、安排政策、谋划项目，推动经济实现质的有效 提升和量的合理增长。 【关于地方政府债务风险问题整改，财政部、 ...

Core Viewpoint - Semiconductor companies, particularly SMIC, have implemented price increases of approximately 10% on certain production capacities due to rising demand driven by mobile applications and AI, alongside raw material cost increases [1] Group 1: Price Increases - SMIC has raised prices on some production capacities by about 10% [1] - Companies expect these price increases to be implemented soon [1] - The price hikes follow previous low prices for storage products, prompting wafer fabs to raise prices first [1] Group 2: Demand Drivers - Continuous growth in demand for mobile applications and AI has led to increased demand for semiconductor products [1] - The demand surge has resulted in rising utilization rates for SMIC and Huahong, nearing or exceeding full capacity [1] Group 3: Industry Context - TSMC has confirmed the consolidation of 8-inch production capacity and plans to shut down certain production lines by the end of 2027, which may also contribute to price increase expectations among wafer fabs [1]

Core Viewpoint - SMIC has implemented a price increase of approximately 10% on certain production capacities due to rising demand in the semiconductor industry, driven by mobile applications and AI needs, as well as increased raw material costs [1][2]. Group 1: Price Increase and Demand - SMIC has raised prices on some production capacities by about 10% [1]. - The price increase is expected to be implemented quickly, following prior increases in storage product prices due to low pricing [2]. - The demand for semiconductor products is growing, influenced by the continuous rise in mobile applications and AI, which has led to increased demand for wafers [2]. Group 2: Capacity Utilization and Production - SMIC's capacity utilization rate rose to 95.8% in Q3 2025, up from 92.5% in Q2 2025, indicating strong demand [5]. - The overall production capacity remains in a state of supply shortage, with shipments unable to fully meet customer demand [6]. - Hua Hong's overall capacity utilization rate reached 109.5% in Q3 2025, reflecting high operational efficiency [8]. Group 3: Financial Guidance - SMIC's revenue guidance for Q4 indicates a flat to 2% growth compared to Q3, with a gross margin forecast of 18% to 20% [7]. - The company expects its annual sales revenue to exceed $9 billion, marking a significant milestone in revenue scale [7].

Group 1 - The core point of the article is that SMIC announced the number of registered A-share shareholders as of September 30, 2025, which is 325,962 [1]

Group 1 - Core viewpoint: SMIC has implemented a price increase of approximately 10% on certain capacities due to rising demand in the semiconductor market driven by mobile applications and AI [1] - The price increase is expected to be executed soon, following previous price hikes in storage products due to low pricing [1] - Rising raw material costs are also cited as a contributing factor to the price increase [1] Group 2 - TSMC has confirmed the consolidation of its 8-inch capacity and plans to shut down certain production lines by the end of 2027, which may lead to price increase expectations among foundries [2] - Due to strong demand, the capacity utilization rates of SMIC and Huahong are continuously increasing and are nearing or exceeding full capacity [3]

Core Viewpoint - Semiconductor companies, including SMIC, are experiencing increased demand leading to price hikes and higher capacity utilization rates, with SMIC implementing a price increase of approximately 10% on certain capacities [1][7]. Group 1: Price Increases and Demand - SMIC has raised prices on some of its capacities by about 10% due to rising demand from mobile applications and AI, which has driven overall semiconductor product demand [2][8]. - The price increase is also influenced by rising raw material costs and the consolidation of TSMC's 8-inch capacity, which is expected to lead to further price hikes in the industry [9]. Group 2: Capacity Utilization and Production - SMIC's capacity utilization rate rose to 95.8% in Q3 2025, up from 92.5% in Q2 2025, indicating strong demand and near-full capacity operation [3][9]. - The company reported a total of 2,499,465 wafers sold in Q3 2025, with a monthly capacity of 1,022,750 wafers, reflecting a significant increase in production capabilities compared to previous quarters [10]. Group 3: Financial Guidance - For Q4 2025, SMIC has provided revenue guidance indicating a flat to 2% growth, with a gross margin forecast of 18% to 20%, consistent with Q3 guidance [4][11]. - The company anticipates its annual sales revenue to exceed $9 billion, marking a new milestone in revenue scale [4][11]. Group 4: Competitor Performance - Hua Hong's overall capacity utilization rate reached 109.5% in Q3 2025, an increase of 1.2 percentage points from the previous quarter, indicating robust operational performance [5][12]. - Hua Hong's three 8-inch wafer fabs continue to operate at high utilization rates, with its first 12-inch fab producing over 100,000 wafers consistently [6][12].

Group 1 - SMIC has implemented a price increase of approximately 10% on certain capacities, with expectations for quick execution due to previously low storage product prices [2] - The increase in demand for semiconductors is driven by the growth in mobile applications and AI, alongside rising raw material costs [2] - TSMC has confirmed the consolidation of 8-inch capacity and plans to shut down some production lines by the end of 2027, which may also lead to price increase expectations among foundries [3] Group 2 - SMIC's capacity utilization rate rose to 95.8% in Q3, up 3.3 percentage points from 92.5% in Q2, indicating a state of supply not meeting demand [4] - Despite the traditional off-season in Q4, SMIC expects revenue guidance to remain flat to a 2% increase, with a gross margin forecast of 18% to 20% [4] - SMIC anticipates annual sales revenue to exceed $9 billion, marking a new milestone in revenue scale [4] Group 3 - Hua Hong's overall capacity utilization rate reached 109.5% in Q3, an increase of 1.2 percentage points from the previous quarter [5] - Hua Hong's three 8-inch wafer fabs maintain high capacity utilization, while its first 12-inch fab has a capacity of 95,000 wafers, consistently exceeding 100,000 wafers in output [5] - A new 12-inch fab is ramping up production, with an expected capacity of over 40,000 wafers, and output has already surpassed 35,000 wafers [5]

深市港股通前十大成交活跃股中，成交额居首的是腾讯控股，成交金额20.41亿港元；其次是中芯国 际、阿里巴巴-W，成交金额分别为15.42亿港元、13.27亿港元。以净买卖金额统计，有6只股为净买 入，净买入金额最多的是中芯国际，净买入4.88亿港元，该股收盘平盘报收。净卖出金额最多的是中国 移动，净卖出4.93亿港元，收盘股价下跌1.02%。（数据宝） 12月23日港股通成交活跃股 代码 简称 类型 成交金额 （%） 09988 阿里巴巴-W 港股通(沪) 386301.58 136716.49 0.55 00700 腾讯控股 港股通(沪) 350723.39 -77778.12 -2.03 00941 中国移动 港股通(沪) 220411.88 -148210.95 -1.02 00700 腾讯控股 港股通(深) 204078.00 -31037.62 -2.03 00981 中芯国际 港股通(沪) 201939.78 -62929.00 0.00 06869 长飞光纤光缆 港股 通(沪) 170567.82 -4300.18 -5.13 01810 小米集团-W 港股通(沪) 164799.07 -108 ...

Core Viewpoint - The Hong Kong stock market saw a net inflow of 611 million HKD from Northbound trading on December 23, with significant buying in stocks like Alibaba and Meituan, while major sell-offs occurred in China Mobile and Tencent. Group 1: Northbound Trading Summary - Northbound trading recorded a net buy of 611 million HKD, with Shanghai Stock Connect showing a net sell of 582 million HKD and Shenzhen Stock Connect showing a net buy of 1.193 billion HKD [1] - The most bought stocks included Alibaba-W (09988), Meituan-W (03690), and Zijin Mining (02899) [1] - The most sold stocks included China Mobile (00941), Tencent (00700), and SMIC (00981) [1] Group 2: Stock-Specific Details - Alibaba-W (09988) had a net inflow of 1.359 billion HKD, driven by the launch of the AI DingTalk operating system [5] - Meituan-W (03690) received a net buy of 223 million HKD [7] - Zijin Mining (02899) saw a net buy of 111 million HKD, with Macquarie raising its target price by 75% to 40 HKD [5] - Tencent (00700) faced a net sell of 1.088 billion HKD [7] - China Mobile (00941) experienced a net sell of 1.975 billion HKD [7] - SMIC (00981) had a net sell of 141 million HKD, influenced by U.S. export regulations on AI chips [6]

智通财经APP获悉，2025年12月23日当天，阿里巴巴-W(09988)、腾讯控股(00700)、中国移动(00941)位 居沪港通（南向）成交额前3位，成交额分别为38.63 亿元、35.07 亿元、22.04 亿元；腾讯控股 (00700)、中芯国际(00981)、阿里巴巴-W(09988) 位居深港通（南向）成交额前3位，成交额分别为20.41 亿元、15.42 亿元、13.27 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 38.63 亿元 | +13.67 亿元 | | 腾讯控股(00700) | 35.07 亿元 | -7.78 亿元 | | 中国移动(00941) | 22.04 亿元 | -14.82 亿元 | | 中芯国际(00981) | 20.19 亿元 | -6.29 亿元 | | 长飞光纤光缆(06869) | 17.06 亿元 | -4300.18 万元 | | 小米集团-W(01810) | 16.48 亿元 | -1.09 亿元 | | 快手-W(01024) ...