8月11日早盘，港股三大指数盘中大幅震荡。盘面上，锂电池概念股强势上扬，半导体股走弱。A股同 赛道规模最大的恒生科技指数ETF（513180）跟随指数震荡，持仓股中，小鹏汽车、蔚来、阿里巴巴等 涨幅居前，华虹半导体、金蝶国际、携程集团、快手等领跌，其中华虹半导体一度跌超5%。 消息面上，8月7日，华虹半导体公布2025年第二季度业绩。其中，公司第二季度销售收入5.66亿美元， 同比增长18.3%，环比增长4.6%；毛利率10.9%，同比上升0.4个百分点，环比上升1.7个百分点。华虹半 导体表示，2025年需求预计延续2024年下半年以来的复苏态势，关税对需求影响有限。2025年第三季度 预计销售收入约在6.2亿美元至6.4亿美元之间，预计毛利率约在10%至12%之间。 多家券商对于华虹半导体后期表现持较乐观态度。华泰证券指出，展望全年：1）华虹半导体持续受益 AI相关需求，看好模拟芯片加速成长；2）九厂扩产提速，看好产能扩张增厚收入；3）Q2开始进行的 价格调整或在Q3/Q4有所体现，看好价格调涨对收入和毛利率产生积极影响。光大证券认为，1） 2H2025营收持续较快增长，主要受12英寸产能释放节奏明确，下 ...

Group 1 - The core viewpoint of the article is that Chinese chip foundries are benefiting more than expected from domestic demand, and the impact of U.S. tariffs on their annual performance is less severe than market concerns suggest [1] - The early shipments before the implementation of higher tariffs have positively impacted these companies in the second quarter [1] - Both SMIC (Semiconductor Manufacturing International Corporation) and Hua Hong Semiconductor are more optimistic about their short-term and long-term prospects compared to their global peers [1]

Group 1 - The semiconductor stocks experienced a significant decline, with an average drop of nearly 6%, with some stocks falling over 4% and others close to 2% [1] - Notable declines included Huahong Semiconductor down 5.86% with a market cap of 71.635 billion, and China Electric Power Technology down 4.42% with a market cap of 3.512 billion [2] - The overall market sentiment appears negative for semiconductor stocks, reflecting broader industry challenges [1] Group 2 - SMIC reported a net profit of $132 million for Q2, a year-on-year decrease of 19.5% and a quarter-on-quarter decrease of 29.5% [3] - SMIC's revenue guidance for Q3 indicates a potential growth of 5% to 7%, with a gross margin forecast of 18% to 20% [3] - Huahong Semiconductor reported Q2 sales revenue of $566 million, a year-on-year increase of 18.3%, and a net profit attributable to shareholders of $7.952 million, up 19.2% year-on-year and 112.1% quarter-on-quarter [3] Group 3 - Following a meeting between NVIDIA CEO Jensen Huang and President Trump, the U.S. Department of Commerce began issuing export licenses for NVIDIA's H20 chips to mainland China [2] - The Industrial Security Bureau under the Department of Commerce has granted NVIDIA the export license for the H20 chips [2]

建银国际发布研报称，维持华虹半导体(01347)"跑赢大市"评级，因为该行相信在本土化趋势以及工业 和汽车市场改善下，华虹半导体将迎来复苏。该行将该公司的目标市净率从1.2倍上调至1.7倍，目标价 从36港元上调39%至50港元，仍基于2025年预期市净率。 报告指，2025年第二季收入为5.66亿美元，同比增18%，按季增5%，符合公司指引和机构共识。受产能 利用率(UTR)上升及需求回暖推动，晶圆出货量较上季成长6%，平均售价较上季小幅下降1%。毛利率 (GPM)为10.9%，高于公司指引的上限(7%-9%)，主要得益于UTR好于预期，以及产品组合变化。 ...

智通财经APP获悉，建银国际发布研报称，维持华虹半导体(01347)"跑赢大市"评级，因为该行相信在本 土化趋势以及工业和汽车市场改善下，华虹半导体将迎来复苏。该行将该公司的目标市净率从1.2倍上 调至1.7倍，目标价从36港元上调39%至50港元，仍基于2025年预期市净率。 报告指，2025年第二季收入为5.66亿美元，同比增18%，按季增5%，符合公司指引和机构共识。受产能 利用率(UTR)上升及需求回暖推动，晶圆出货量较上季成长6%，平均售价较上季小幅下降1%。毛利率 (GPM)为10.9%，高于公司指引的上限(7%-9%)，主要得益于UTR好于预期，以及产品组合变化。 ...

芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌2.55%，报47.42港元； 中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44港元。 消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 智通财经APP获悉，芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌 2.55%，报47.42港元；中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44 港元。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

Core Viewpoint - Morgan Stanley has lowered its full-year earnings per share forecast for Hua Hong Semiconductor by 10% to reflect fluctuations in the tax rate and minority interests in Q2 [1] Group 1 - The increase in 12-inch wafer prices has led to an expansion in gross margin, prompting the bank to raise its earnings per share forecasts for 2026 and 2027 by 3% and 2% respectively [1] - The target price for Hua Hong Semiconductor has been adjusted from HKD 34 to HKD 38, maintaining a rating of "in line with the market" [1]

Core Viewpoint - The report from CMB International indicates a positive trend in the gross margin of Huahong Semiconductor (01347), predicting a rebound in gross margin to 11.5% in Q3 2025, following a recovery in product prices and strong demand for PMIC products [1][2] Group 1: Financial Performance - The company reported revenue of $566 million in Q2 2025, slightly exceeding the median guidance and expectations, with a gross margin of 10.8%, surpassing the upper limit of guidance [1] - The revenue forecast for 2025/26 has been raised to $2.41 billion and $2.87 billion, respectively, from previous estimates of $2.29 billion and $2.77 billion [1] - The gross margin forecast for 2025 has been increased to 10.8%, up from 9.2% [1] Group 2: Operational Insights - Management highlighted that the improvement in gross margin is primarily due to increased capacity utilization, initial cost control effects, and stabilization in product prices [1] - The company has adjusted prices in Q2 2025, with overall price increases in the single digits, expected to be more evident in Q3 and Q4 2025 [1] - The guidance for Q3 2025 revenue is set between $620 million and $640 million, with a gross margin of 10-12%, all exceeding previous expectations [1] Group 3: Market Demand and Capacity - The demand for PMIC products has surged, with a year-on-year growth of 59.5%, and the revenue share from analog/PMIC platforms has increased to 28.5%, up 7.4 percentage points year-on-year [2] - Management noted that the demand for related BCD platforms could be double the previous supply capacity [2] - The company expects to complete 80-90% of the capacity installation at the ninth factory by the end of 2025, with full completion by mid-2026 [2] Group 4: Production Capacity Projections - The company has completed a monthly capacity ramp-up of 25,000 wafers in the first half of 2025, with an updated forecast to reach 50,000 wafers per month by the end of 2025 [2] - The ramp-up rate is expected to be faster than previously predicted, with plans to achieve all 83,000 wafers of planned capacity by Q3 2026 [2] - The majority of PMIC products are 12-inch, which may help stabilize the average selling price (ASP) [2]

摩根士丹利发布研报称，由于2025年第二季度税率波动及少数股东权益的影响，将华虹半导体 (01347)2025年每股盈测下调10%。同时，受惠于12英寸晶圆价格上涨推动的毛利率扩大，将2026-2027 年每股盈测分别上调3%和2%。基于上述每股盈利预测的变动，大摩基于模型从2025年，调整至2025年 下半年至2026年上半年，并上调目标价11.8%，由34港元升至38港元，维持"与大市同步"评级。 ...