半导体设备零部件迎来新一轮 fab 扩产周期，板块如何布 局？20251227 摘要 全球存储芯片市场处于高景气周期，价格持续超预期上涨，利好国内存 储厂商如长江存储和长鑫存储。若明年存储芯片价格维持高位，大规模 扩产将缩短投资回收期，预计明年将是国内存储扩产大年。 随着国产 AI 芯片出货量增加和先进制程需求高峰期到来，2026 年半导 体设备市场前景看好。今年年底至明年初是下单半导体设备的关键时期， 当前仍是布局半导体上游设备及零部件环节的核心时期。 中芯国际已完成 SN1 工厂 3.5 万片/月的扩产计划，SN2 工厂计划继续 扩产 3.5 万片/月。华虹公司 7 号和 9 号工厂今年已分别爬产并投产 4 万 片/月，9 号工厂剩余 4 万片将在明年投出，明年扩产增速较高。 长江存储和长鑫存储的月产能分别为 13 万片和 20 多万片，目标是追赶 海力士 50 万/月及美光 30 万/月的水平。未来几年，两家公司需分别扩 产 20 多万及 10 多万月度规模，国内存储厂商的扩展弹性显著大于逻辑 制造商。 拓荆科技、中微公司、华海清科、北方华创等公司具有较高确定性。中 科飞测与精测电子在量检测环节表现突出 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 特此公告。 一、本次交易的基本情况 华虹半导体有限公司（以下简称"公司"）拟通过发行股份及支付现金的方式购买上海华力微电子有限公 司（以下简称"华力微"）股权并募集配套资金（以下简称"本次交易"）。本次交易完成后，华力微将成 为公司的控股子公司。本次交易预计构成关联交易，但不构成重大资产重组及重组上市。 二、本次交易进展情况 自本次交易预案披露以来，公司及相关各方积极推进本次交易的各项工作。公司将于近期召开董事会审 议本次发行股份及支付现金购买资产的相关事项，并按照法律、法规的要求披露相关文件。 三、风险提示 本次交易尚需履行多项审批程序方可实施，包括但不限于再次召开董事会审议本次交易方案、召开股东 大会审议批准本次交易方案、香港证监会及联交所必要的审批程序、上海证券交易所审核通过及中国证 券监督管理委员会同意注册等。本次交易能否通过上述审批及最终取得批准或同意注册的时间均存在不 确定性，敬请广大投资者理性投资，注意投资风险。 根据上海证券交易所的相关规定，经公司申请，公司股 ...

Core Insights - The report highlights a continued slowdown in corporate profits, with the cumulative profit of large-scale industrial enterprises in China showing a year-on-year increase of only 0.1% from January to November 2025, down from 1.9% in the previous period [3] - The report suggests that the current economic environment is characterized by a weak demand, necessitating further policy support to stimulate internal demand and address rising inventory levels [6][25] - The report emphasizes the importance of the upcoming spring market rally, suggesting a dual focus on technology and cyclical sectors for investment strategies [12] Macro Economic Analysis - The cumulative operating revenue of large-scale industrial enterprises from January to November 2025 increased by 1.6%, a slight decrease from the previous year's 1.8% [3] - November's profit margin saw a significant decline, with a year-on-year drop of 13.1%, indicating a challenging environment for industrial profitability [4] - The report notes that the inventory-to-sales ratio has risen significantly, indicating a need for policy intervention to stimulate demand [6] Industry Insights Chemical Industry - The report indicates an overall upward trend in the polyester industry chain, driven by rising prices of PX and PTA, with PX prices increasing by 6.97% and PTA by 8.95% as of December 26, 2025 [35] - The report highlights the importance of the "anti-involution" policy in supporting price stability and profitability within the chemical sector [36] Real Estate - The report notes a month-on-month increase in new and second-hand housing transaction areas, with Beijing further optimizing housing purchase restrictions [40] - The report indicates that various policies aimed at stabilizing the real estate market are beginning to take effect, contributing to a gradual recovery in housing prices [41] Electronics - The electronics sector is experiencing a high level of prosperity, with significant price increases expected in storage components, driven by strong demand and supply constraints [46][49] - The report highlights the positive performance of semiconductor stocks, with notable increases in stock prices for major players like SK Hynix and Micron [46] Biotechnology - The report discusses the upcoming IPO of Rebio Biotech, which focuses on innovative siRNA technology platforms for treating chronic diseases and cancers [52][54] - The company has established multiple clinical research pipelines and has secured significant partnerships with major pharmaceutical firms, indicating strong growth potential [55]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 HUA HONG SEMICONDUCTOR LIMITED 華虹半導體有限公司 （於香港註冊成立之有限公司） （股份代號：01347） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列華虹半導體有限公司（「本公司」）於上海證券交易所網站刊發的《華虹半導 體有限公司關於發行股份及支付現金購買資產並募集配套資金暨關聯交易事項的 進展公告》，僅供參閱。 承董事會命 華虹半導體有限公司 董事會主席、總裁兼執行董事 白鵬先生 中國上海，二零二五年十二月二十八日 於本公告日期，本公司董事分別為： 執行董事： 白鵬 （董事會主席及總裁） 非執行董事： 葉峻 孫國棟 陳博 熊承艷 獨立非執行董事： 張祖同 王桂壎太平紳士 封松林 A 股代码：688347 A 股简称：华虹公司 公告编号：2025-035 港股代码：01347 港股简称：华虹半导体 华虹半导体有限公司 关 ...

| A | 股代码：688347 | A | 股简称：华虹公司 | 公告编号：2025-035 | | --- | --- | --- | --- | --- | | 港股代码：01347 | | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本次交易的基本情况 华虹半导体有限公司（以下简称"公司"）拟通过发行股份及支付现金的方 式购买上海华力微电子有限公司（以下简称"华力微"）股权并募集配套资金 （以下简称"本次交易"）。本次交易完成后，华力微将成为公司的控股子公司。 本次交易预计构成关联交易，但不构成重大资产重组及重组上市。 】 【 】 司股票复牌的公告》（公告编号：2025-025）。 2025 年 9 月 30 日、2025 年 10 月 31 日、2025 年 11 月 29 日，公司分别披露 了《关于发行股份及支付现金购买资产并募集配套资金暨关联交易事项的进展公 告》（公告编号：2 ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.99%), Gree Power Environmental (70.09%), and Da Zhong Public Utilities (68.82%) [1] - Tencent Holdings, Xiaomi Group-W, and Alibaba-W have seen the largest increases in stockholding amounts over the last five trading days, with increases of +1.201 billion, +1.001 billion, and +892 million respectively [1] - The companies with the largest decreases in stockholding amounts over the last five trading days include China Mobile (-2.320 billion), Yingfu Fund (-1.467 billion), and China Petroleum & Chemical Corporation (-364 million) [2] Stockholding Ratio Rankings - China Telecom (00728) holds 9.990 billion shares, representing 71.99% [1] - Gree Power Environmental (01330) holds 0.283 billion shares, representing 70.09% [1] - Da Zhong Public Utilities (01635) holds 0.367 billion shares, representing 68.82% [1] - Other notable companies in the top rankings include Kai Sheng New Energy (67.96%) and Tianjin Chuangye Environmental Protection (67.10%) [1] Recent Increases in Stockholding - Tencent Holdings (00700) saw an increase of +1.201 billion, with a change of +1.9922 million shares [1] - Xiaomi Group-W (01810) increased by +1.001 billion, with a change of +25.5161 million shares [1] - Alibaba-W (09988) increased by +892 million, with a change of +6.1091 million shares [1] - Other companies with significant increases include Hong Kong Exchanges (6.48 billion) and Changfei Optical Fiber (6.09 billion) [1] Recent Decreases in Stockholding - China Mobile (00941) experienced a decrease of -2.320 billion, with a change of -28.0154 million shares [2] - Yingfu Fund (02800) decreased by -1.467 billion, with a change of -56.4370 million shares [2] - China Petroleum & Chemical Corporation (00857) decreased by -364 million, with a change of -44.7216 million shares [2] - Other companies with notable decreases include China Pacific Insurance (-350 million) and Innovent Biologics (-293 million) [2]

Core Viewpoint - The Hang Seng Index rose by 0.17% on December 24, with southbound capital recording a total transaction amount of HKD 457.99 billion, resulting in a net sell of HKD 11.75 billion [1] Group 1: Southbound Capital Transactions - Southbound capital transactions included a total of HKD 169.12 billion for the Shenzhen Stock Connect, with a net sell of HKD 6.24 billion, and HKD 288.87 billion for the Shanghai Stock Connect, with a net sell of HKD 5.52 billion [1] - The most active stock for southbound capital was SMIC, with a total transaction amount of HKD 46.18 billion and a net buy of HKD 4.91 billion, closing up by 3.12% [1][2] - Other notable stocks included Alibaba and Tencent, with transaction amounts of HKD 30.19 billion and HKD 16.71 billion, respectively, both experiencing net sells of HKD 2.88 billion and HKD 6.11 billion [1][2] Group 2: Individual Stock Performance - The stocks with the highest net buy amounts included Agricultural Bank with HKD 1.75 billion and Hua Hong Semiconductor with HKD 1.06 billion [1] - China Mobile had the highest net sell amount at HKD 7.11 billion, closing down by 0.06% [1][2] - The stock with the longest consecutive net buy days was CSPC Pharmaceutical, with a total net buy of HKD 2.12 billion over three days [2]

12月24日，A股的存储芯片板块卷土重来，华海诚科（688535.SH）涨12.88%，德明利（001309.SZ）涨超9%，中芯国际 （688981.SH）、香农芯创（300475.SZ）、北京君正（300223.SZ）、江波龙（301308.SZ）、佰维存储（688525.SH）、普 冉股份（688766.SH）、恒烁股份（688416.SH）均录得上涨。港股方面，中芯国际(00981.HK)、华虹半导体(01347.HK)亦 表现不俗。 消息面，据韩国《朝鲜日报》消息，三星电子、SK海力士等存储供应商已上调明年HBM3E价格，涨幅接近20%。 供应方面，存储厂商预计明年第六代HBM（即HBM4）需求将增加，加大对其产能投入，导致HBM3E产能遭到积压。需求 方面，除了英伟达之外，来自谷歌、亚马逊等公司的订单量也大幅增加。 业内人士指出，本轮存储产品的涨价潮或超出市场预期。相关存储芯片产商的未来业绩有望大幅抬升，股价表现有望再超 预期。 摩根士丹利预测，鉴于明年存储领域可能出现供需失衡，内存芯片行业将迎来 "超级周期"。市场需求高企的背景下，存储 芯片行业也开始出现供不应求、涨价、转变订货模式等一系列连锁 ...

趋势上，南向资金已连续9日净卖出中国移动，累计约72亿港元。 投资要点 中芯国际今日涨3.12%，资金前5日减持374万股，短线仍以流出为主。 华虹半导体今日涨1.64%，资金前5日减持602万股，短线仍以流出为主。 腾讯控股今日涨0.17%，资金前5日加仓307万股，短线仍有回流迹象。 中国移动今日跌0.06%，资金前5日加仓万股，短线延续流出趋势。 注：由于港交所T+2结算，实际为截至两日前的近5日数据 智通财经12月24日讯（编辑 冯轶）据Wind数据显示，南向资金今日半日成交约457.99亿港元，约占恒指成交总额的49.51%。 港股今日横盘震荡，南向资金全天净卖出约11.75亿港元。其中，沪港股通净流出约5.51亿港元，深港股通净流出约6.24亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：中芯国际(00981.HK)4.91亿港元；华虹半导体(01347.HK)1.06亿港元。 大幅净流出：腾讯控股(0700.HK)6.11亿港元；中国移动(00941.HK)7.11亿港元。 | 港股通速递(南向) | | | | | --- | --- | --- | --- | | 沪市港股通（ ...

Group 1 - On December 24, 2025, SMIC (00981), Alibaba-W (09988), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 2.939 billion, 1.946 billion, and 1.041 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) also ranked as the top three companies by trading volume, with transaction amounts of 1.678 billion, 1.074 billion, and 0.916 billion respectively [1][2] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included SMIC (00981) with a net buying amount of 65.43 million, while Alibaba-W (09988) and China Mobile (00941) had net selling amounts of 1.57 billion and 513 million respectively [2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981) had a net buying amount of 425 million, while Alibaba-W (09988) and Tencent Holdings (00700) recorded net selling amounts of 1.31 billion and 553 million respectively [2]