Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company maintains high capacity utilization, with a focus on the incremental space brought by the localization of mature processes [4] - The company reported sales revenue of $539.2 million in 4Q24, an increase of 18.4% year-over-year and 2.4% quarter-over-quarter, aligning with guidance [1] - The gross margin for 4Q24 was 11.4%, up 7.4 percentage points year-over-year, slightly exceeding the guidance of 9%-11% [1] - The company expects 1Q25 revenue to be between $530 million and $550 million, with a gross margin of 11%-13% [1] Summary by Sections Financial Performance - In 4Q24, the company achieved a gross margin of 11.4% and net profit was impacted by exchange losses and increased operational costs [1] - The company’s capital expenditure in 4Q24 was $1.506 billion, primarily for 12-inch capacity expansion [4] - The projected net profits for 2025-2027 are $107 million, $168 million, and $231 million respectively [4] Production and Capacity - As of the end of 4Q24, the company had a monthly capacity equivalent to 391 thousand 8-inch wafers, with wafer shipments of 1,213 thousand 8-inch wafers, a year-over-year increase of 27.5% [2] - The capacity utilization rate was 103.2%, showing a year-over-year increase of 19.1 percentage points [2] Market Demand - The demand from downstream applications remains stable, with independent non-volatile memory revenue increasing by 57% quarter-over-quarter [3] - Revenue from 12-inch wafers grew by 40.2% year-over-year, while 8-inch wafer revenue saw a slight increase of 0.6% [2][3] Strategic Insights - The company is positioned to benefit from the acceleration of localization in mature processes, with a significant portion of its revenue coming from power devices and analog management [4] - The company has established itself as a preferred foundry for overseas clients, which is expected to support its 12-inch capacity expansion and profitability [4]

Group 1: Market Overview - Northbound trading recorded a net buy of HKD 23.09 billion, with HK Stock Connect (Shanghai) contributing HKD 5.08 billion and HK Stock Connect (Shenzhen) contributing HKD 18.01 billion [1] - The most net bought stocks included Alibaba-W (09988), Tencent (00700), and Meituan-W (03690) [1][4] - The most net sold stocks were Yingfu Fund (02800), Xiaomi Group-W (01810), and CNOOC (00883) [1] Group 2: Stock Performance - Alibaba-W saw a net inflow of HKD 3.11 billion, with total trading volume of HKD 41.78 billion [2] - Xiaomi Group-W experienced a net outflow of HKD 6.15 billion, with total trading volume of HKD 35.74 billion [2] - Tencent recorded a net inflow of HKD 819.94 million, with total trading volume of HKD 31.70 billion [2] Group 3: Sector Insights - Morgan Stanley's report indicates that the impact of the US-China trade war on Chinese internet companies is mostly indirect, with an estimated effect on online consumption being less than 0.5% [4] - HSBC's research suggests that while the Chinese internet sector may experience volatility due to trade tensions, the direct impact from tariff policies is limited [4] Group 4: Company-Specific Developments - Giant Bio (02367) received a net buy of HKD 4.16 billion, planning to raise approximately HKD 22.94 billion through a discounted share placement for business development and working capital [5] - Pop Mart (09992) saw a net buy of HKD 2.27 billion, with a focus on global organizational restructuring to enhance its international strategy [5] - Xiaomi Group-W's recent financing plans include a HKD 425 billion share placement and a HKD 200 billion bond project, leading to significant net selling [7] Group 5: Commodity and Semiconductor Sector - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) received net buys of HKD 1.97 billion and HKD 615 million respectively, amid favorable domestic policies [6] - The price of gold has reached a historical high of USD 3,350 per ounce, benefiting companies like Chifeng Jilong Gold Mining (06693) which saw a net buy of HKD 1.82 billion [6]

(责任编辑：宋政 HN002) 格隆汇4月17日｜港股半导体股普遍活跃，其在，华虹半导体涨超4%，先思行涨3.7%，中芯国际涨超 3%，晶门半导体、上海复旦、中电华大科技跟涨。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01347 | 华虹半导体 | 36.450 | 4.14% | | 00595 | 先思行 | 0.420 | 3.70% | | 00981 | 中芯国际 | 46.800 | 3.08% | | 02878 | 晶门半导体 | 0.410 | 2.50% | | 01385 | 上海复日 | 26.250 | 2.94% | | 00400 | 硬蛋创新 | 1.300 | 1.56% | | 00085 | 中电华大科技 | 1.390 | 1.46% | | 0257 ...

恒生科技指数涨幅扩大至1%。华虹半导体、蔚来涨超4%。 ...

恒生科技指数跌超2%，恒生跌幅扩大至0.9%。半导体板块逆势走强，华虹半导体涨超6%。 ...

4月15日南向资金成交活跃股 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有美团-W、中国 海洋石油、泡泡玛特，连续净买入天数分别为8天、8天、3天。以其间净买入金额统计，净买入金额最 多的是美团-W，合计净买入为52.06亿港元，其次是中国海洋石油合计净买入为37.98亿港元，泡泡玛特 合计净买入为7.12亿港元。（数据宝） | 代码 | 简称 | 成交金额 | 成交净买入 | 今日涨跌幅 (%) | | | --- | --- | --- | --- | --- | --- | | | | (万港元) | (万港元) | | | | 02800 | 盈富基金 | 85491.47 | 79187.25 | | 0.18 | | 00700 | 腾讯控股 | 462628.13 | 74791.35 | | 0.44 | | 03690 | 美团-W | 154323.45 | 52397.12 | | 0.62 | | 00941 | 中国移动 | 130224.82 | 40332.23 | | 1.47 | ...

4月14日上榜港股通成交活跃榜个股中，香港交易所为近一个月首次上榜。 证券时报·数据宝统计显示，4月14日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 482.42亿港元，占当日港股通成交金额的42.81%，净买入金额16.32亿港元。 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 75.51 | -1.35 | 20 | 454.000 | 2.39 | | 00981 | 中芯国际 | 62.57 | -0.16 | 20 | 47.500 | 1.71 | | 01810 | 小米集团 W | 142.81 | 1.79 | 20 | 43.200 | -2.37 | | 09988 | 阿里巴巴 W | 92.00 | 1.71 | 20 | 108.200 | 5.05 | | 03690 | 美团-W | 22.94 | 0 ...

Summary of Key Points Core Viewpoint - On April 14, the Hang Seng Index rose by 2.40%, with southbound funds recording a total transaction amount of HKD 112.70 billion, resulting in a net inflow of HKD 5.78 billion [1]. Group 1: Southbound Fund Activity - The total transaction amount for southbound funds was HKD 1,126.99 million, with buy transactions amounting to HKD 592.39 million and sell transactions at HKD 534.59 million, leading to a net buy of HKD 57.80 million [1]. - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 430.30 million, with a net buy of HKD 2.60 million, while the Shanghai Stock Connect recorded a total transaction amount of HKD 696.69 million and a net buy of HKD 55.20 million [1]. Group 2: Active Stocks - The most actively traded stock by southbound funds was Xiaomi Group-W, with a total transaction amount of HKD 142.81 million, followed by Alibaba-W and Tencent Holdings with transaction amounts of HKD 92.00 million and HKD 75.51 million, respectively [1]. - The stock with the highest net buy was WuXi Biologics, with a net buy amount of HKD 4.74 million, and its closing price increased by 6.32% [1]. - China National Offshore Oil Corporation had a net buy of HKD 2.86 million, while Pop Mart recorded a net buy of HKD 2.42 million [1]. Group 3: Continuous Net Buying - Seven stocks, including China National Offshore Oil Corporation, Hua Hong Semiconductor, and Xiaomi Group-W, appeared on both the Shenzhen and Shanghai Stock Connect active stocks list [2]. - Xiaomi Group-W, Meituan-W, and China National Offshore Oil Corporation had continuous net buying for 8 days, 7 days, and 7 days, respectively [2]. - Alibaba-W had the highest cumulative net buy amount of HKD 113.48 million, followed by Xiaomi Group-W with HKD 97.54 million and Meituan-W with HKD 46.82 million [2].

智通财经4月14日电，南向资金今日净买入57.80亿港元。其中，中国海洋石油、华虹半导体分别合计获 净买入约2.86亿港元、1.91亿港元；腾讯控股遭净卖出约1.35亿港元。 南向资金今日净买入约58亿港元 中国海洋石油获净买入居前 ...

Group 1 - The U.S. Customs announced a waiver for certain products from tariffs imposed under the "reciprocal tariffs" executive order, including computers, semiconductor components, smartphones, GPUs, routers, displays, and storage devices [1][3] - Products manufactured or assembled in China, such as iPhones, PCs, servers, and semiconductors, will not be subject to the previously increased tariffs of up to 125% [2][3] - The tariff exemption aims to alleviate price pressures on U.S. consumers and reduce the impact on the technology sector, as many consumer electronics are not produced domestically [3] Group 2 - The tariff relief is expected to ease supply chain pressures, lower trade costs for related industries, enhance export competitiveness, and boost market confidence, positively impacting the valuation of technology and electronics manufacturing sectors [3] - Key companies that may benefit include semiconductor leader SMIC, memory chip manufacturer Hua Hong Semiconductor, consumer electronics giant Sunny Optical, AAC Technologies, and smart terminal OEM BYD Electronics [3]