编辑/jayden 消息面上，晶圆代工龙头台积电9月10日公布的营收报告显示，公司2025年8月销售额3357.7亿元新台币，同比增长 33.8%，环比增长3.9%。台积电1—8月累计销售额2.43万亿元新台币，同比增长37.1%。此外，甲骨文日前公布了相 当积极的云业务展望，激发了人们对人工智能基础设施建设正在加速的希望。 港股芯片股早盘集体走高，截至发稿， 大涨超9%， 、 双双涨近6%， 涨近5%。 国投证券指出，今年上半年全球半导体行业保持高景气，中国板块表现突出。增长主要来自两大动力：AI算力需求 持续增长带动代工需求增加，以及设备、材料、零部件等环节国产替代加速。外部环境加速国产替代进程，内部方 面，半导体IPO与并购活跃，资本助力产业升级，龙头企业通过整合稀缺技术增强竞争力。展望下半年，行业将延 续"AI驱动+自主可控"双主线发展。 | 代碼 | 名稱 | 最新價 | 張跌額 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | --- | | 02577 | 央話賽科 | 101.800 | +8.800 | +9.46% | ...

Market Overview - The Hang Seng Index closed down 0.29% at midday on September 11, while the Hang Seng Tech Index fell by 0.09% [1] Sector Performance - The semiconductor sector showed strong performance, with SMIC rising over 6%, and Huahong Semiconductor and Shanghai Fudan both increasing nearly 6% [1] - Conversely, the pharmaceutical and automotive sectors experienced declines, with Hansoh Pharmaceutical dropping 9.18% and China Biologic Products falling 5.46% [1]

Group 1 - The core viewpoint of the news is the significant increase in the stock price of Huahong Semiconductor, which rose by 5.08% to 71.77 CNY per share, with a trading volume of 1.16 billion CNY and a turnover rate of 4.06%, leading to a total market capitalization of 124.42 billion CNY [1] - Huahong Semiconductor, established on January 21, 2005, and listed on August 7, 2023, is primarily engaged in specialty process wafer foundry services, offering a diverse range of platforms including embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - The company's revenue composition is heavily weighted towards integrated circuit wafer foundry services, accounting for 94.60% of total revenue, with other services contributing 4.78% and rental income at 0.62% [1] Group 2 - Jin Xin Fund has a significant position in Huahong Semiconductor, with its Jin Xin Transformation Innovation Mixed A Fund (002810) increasing its holdings by 137,000 shares in the second quarter, bringing the total to 330,000 shares, which represents 4.41% of the fund's net value [2] - The Jin Xin Transformation Innovation Mixed A Fund has achieved a year-to-date return of 30.62%, ranking 2130 out of 8175 in its category, and a one-year return of 89%, ranking 527 out of 7982 [2] - The fund managers, Huang Biao and Yang Chao, have demonstrated varying performance, with Huang achieving a best return of 116.46% and Yang a best return of 59.06% during their respective tenures [3]

Group 1 - The core viewpoint of the news is the performance and business profile of Huahong Semiconductor, which saw a stock price increase of 5.08% to 71.77 CNY per share, with a total market capitalization of 124.42 billion CNY [1] - Huahong Semiconductor, established on January 21, 2005, specializes in specialty process wafer foundry services, providing a diverse range of platforms including embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 94.60%, with other revenues from various sources [1] Group 2 - From the perspective of fund holdings, the Tongtai Tongxin Mixed A Fund (013657) has a position in Huahong Semiconductor, having reduced its holdings by 647 shares in the second quarter, now holding 893 shares, which represents 0.14% of the fund's net value [2] - The fund has a total scale of 29.86 million CNY and has achieved a year-to-date return of 3.63% [2] - The fund manager, Ma Yi, has a tenure of 11 years and 179 days, with the best fund return during his tenure being 47.12% [3]

Group 1 - Semiconductor stocks collectively rose in early trading, with notable increases in shares of Huahong Semiconductor (+5.15%), SMIC (+5.05%), Shanghai Fudan (+4.17%), and Hongguang Semiconductor (+3.64%) [1] - TSMC reported a revenue of NT$335.77 billion for August 2025, marking a year-on-year increase of 33.8% and a month-on-month increase of 3.9%. Cumulatively, TSMC's sales from January to August reached NT$2.43 trillion, reflecting a year-on-year growth of 37.1% [1] - Oracle's recent positive outlook on its cloud business has sparked optimism regarding the accelerated development of AI infrastructure [1] Group 2 - The global semiconductor industry maintained high prosperity in the first half of the year, with China's sector performing exceptionally well. Growth is primarily driven by two factors: the continuous increase in AI computing power demand leading to higher foundry demand, and the accelerated domestic substitution in equipment, materials, and components [1] - The external environment is accelerating the domestic substitution process, while internally, active semiconductor IPOs and mergers and acquisitions are facilitating capital-driven industry upgrades. Leading companies are enhancing their competitiveness through the integration of scarce technologies [1] - Looking ahead to the second half of the year, the industry is expected to continue its dual development trajectory driven by "AI and self-sufficiency" [1]

Group 1 - Semiconductor stocks collectively rose in early trading, with notable increases in companies such as Hua Hong Semiconductor (+5.15%), SMIC (+5.05%), Shanghai Fudan (+4.17%), and Hongguang Semiconductor (+3.64%) [1] - TSMC reported a revenue of NT$335.77 billion for August 2025, representing a year-on-year growth of 33.8% and a month-on-month increase of 3.9%. Cumulatively, TSMC's sales from January to August reached NT$2.43 trillion, up 37.1% year-on-year [1] - Oracle's positive outlook on cloud business has sparked optimism regarding the acceleration of AI infrastructure development [1] Group 2 - The global semiconductor industry maintained high prosperity in the first half of the year, with the Chinese sector performing exceptionally well. Growth is driven by two main factors: the continuous increase in AI computing power demand leading to higher foundry demand, and the accelerated domestic substitution in equipment, materials, and components [1] - The external environment is accelerating the domestic substitution process, while internally, semiconductor IPOs and mergers and acquisitions are active, with capital supporting industry upgrades. Leading companies are enhancing competitiveness through the integration of scarce technologies [1] - The industry is expected to continue its development along the dual main lines of "AI-driven + self-controllable" in the second half of the year [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.15%, Green Power Environmental (01330) at 69.21%, and China Shenhua (01088) at 67.95% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and Meituan-W (03690) saw the largest increases in holding amounts over the last five trading days, with increases of +8.316 billion, +3.294 billion, and +2.859 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -1.974 billion, Kuaishou-W (01024) at -1.353 billion, and China Telecom (00728) at -1.284 billion [3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.014 billion shares, representing 72.15% [1] - Green Power Environmental (01330) has a holding of 0.280 billion shares, representing 69.21% [1] - China Shenhua (01088) has a holding of 2.295 billion shares, representing 67.95% [1] Recent Increases in Holdings - Alibaba-W (09988) increased by +8.316 billion, with a change of +58.233 million shares [1] - Horizon Robotics-W (09660) increased by +3.294 billion, with a change of +32.610 million shares [1] - Meituan-W (03690) increased by +2.859 billion, with a change of +28.108 million shares [1] Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -1.974 billion, with a change of -73.655 million shares [3] - Kuaishou-W (01024) decreased by -1.353 billion, with a change of -18.241 million shares [3] - China Telecom (00728) decreased by -1.284 billion, with a change of -21.994 million shares [3]

Core Insights - The article highlights the net inflow and outflow of capital in the Hong Kong stock market, with specific focus on the top companies experiencing significant changes in capital flow [1][2]. Group 1: Net Inflow - Alibaba-W (09988) leads with a net inflow of 5.14 billion, representing a 25.60% increase in capital [2]. - Horizon Robotics-W (09660) follows with a net inflow of 1.375 billion, showing a 24.13% increase [2]. - Tencent Holdings (00700) has a net inflow of 1.076 billion, with an 8.04% increase [2]. - Other notable companies with significant inflows include BYD Company (01211) with 1.031 billion and WuXi Biologics (02269) with 542 million [2]. Group 2: Net Outflow - Pop Mart (09992) experiences the highest net outflow at -649 million, reflecting a -6.94% decrease [2]. - Kuaishou-W (01024) has a net outflow of -581 million, with a -13.67% decrease [2]. - Meitu Inc. (01357) sees a net outflow of -472 million, indicating a -24.59% decrease [2]. - Other companies with significant outflows include Xiaomi Group-W (01810) at -368 million and China Merchants Bank (03968) at -227 million [2]. Group 3: Net Inflow Ratio - The top net inflow ratio is held by Wisdom Hong Kong 100 (02825) at 100.00%, with a total inflow of 5.924 billion [3]. - Sinopec Kantons Holdings (00934) follows with a net inflow ratio of 72.10%, totaling 6.5044 million [3]. - Kunlun Energy (00135) has a net inflow ratio of 63.22%, with an inflow of 5.6388 million [3]. Group 4: Net Outflow Ratio - iFlytek Medical Technology (02506) leads in net outflow ratio at -48.28%, with an outflow of -13.4085 million [3]. - VTECH Holdings (00303) has a net outflow ratio of -45.83%, totaling -15.8089 million [3]. - NetDragon (00777) follows with a net outflow ratio of -45.72%, with an outflow of -41.1797 million [3].

国泰海通证券股份有限公司 关于华虹半导体有限公司 2025年半年度持续督导跟踪报告 重大事项提示 2025年上半年，华虹半导体有限公司（以下简称"华虹公司"或"公司"）营 业收入801,765.69万元，较上年同期上升19.09%；归属于上市公司股东的净利润 7,431.54万元，归属于上市公司股东的扣除非经常性损益的净利润5,539.18万元，分 别较上年同期下降71.95%、76.31%。 公司2025年上半年收入较2024年上半年上升，但归属于上市公司股东的扣除非 经常性损益的净利润有所下降，主要系子公司华虹半导体制造（无锡）有限公司投 产初期产能爬坡及公司整体研发投入较高所致。2025年上半年，公司生产经营正常， 不存在重大风险。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规 则》等有关法律法规的规定，国泰海通证券股份有限公司（以下简称"国泰海通" 或"保荐机构"）作为华虹公司持续督导工作的保荐机构，负责华虹公司上市后的 持续督导工作，并出具本持续督导跟踪报告。 | 工作内容 | 持续督导情况 | | --- | --- | | 1、建立健全并有效执行持续督导工作制度，并针对 ...

HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 (Incorporated in Hong Kong with limited liability) (Stock Code: 01347) （股份代號：01347） （於香港註冊成立之有限公司） 中期報告 2025 INTERIM REPORT DEFINITIONS In this interim report, unless the context otherwise requires, the following terms shall have the meanings set out below. | "Board" | the Board of Directors of the Company; | | --- | --- | | "China" or "the PRC" | the People's Republic of China, but for the purpose of this interim report | | | and for geographical reference only, exc ...