Core Viewpoint - Goldman Sachs reports that Hua Hong Semiconductor (01347) expects a 10% to 13% quarter-over-quarter revenue growth for Q3, with a gross margin forecast of 10% to 12%, indicating a positive outlook for the company's recovery [1] Revenue and Margin Guidance - Q3 revenue guidance aligns with Goldman Sachs and market expectations, while the gross margin guidance exceeds expectations by 1.1 and 1.8 percentage points, reflecting the company's optimistic recovery outlook [1] - The company implemented a price adjustment in Q2, with an increase in the single-digit percentage range, expected to impact Q3 and Q4 results [1] Capacity Expansion and Long-term Growth - Goldman Sachs maintains a positive view on Hua Hong's 12-inch capacity expansion, believing it will drive long-term growth and optimize 40nm and 55nm products [1] - Management anticipates that strong demand from the first half of the year will continue into the second half, with expectations for sustained capacity release from the second 12-inch fab [1] Earnings and Profit Forecast Adjustments - Based on Q3 guidance and Q2 performance, Goldman Sachs has reduced Hua Hong's 2025 earnings forecast by 23% and revenue forecast by 2%, while increasing gross margin forecast by 3% [1] - The operating loss forecast has been widened from $84 million to $104 million to reflect anticipated increased operating expenses from the second 12-inch fab, while net profit forecasts for 2026 to 2029 have been adjusted upward by 1% each year [1]

根据第三季指引及第二季业绩，高盛将华虹半导体2025年盈利预测下调23%，收入预测下调2%，但将 毛利预测上调3%，并将经营亏损预测从8,400万美元扩大至1.04亿美元，以反映第二座12英寸厂房营运 费用预期增加，而2026至2029年净利润预测则每年上调1%。 智通财经APP获悉，高盛发布研报称，华虹半导体(01347)第三季收入指引为按季增长10%至13%，毛利 率料达10%至12%，对比第二季为10.9%，收入指引大致符合该行及市场预测，而毛利率指引较该行及 市场预期高出1.1及1.8个百分点，反映公司对持续复苏的预期。该行对华虹12英寸产能扩张持正面看 法，认为将推动长期增长及40nm、55nm产品优化，维持"中性"评级，目标价上调至46.9港元。 管理层相信上半年强劲的需求将延续至下半年，预期第二座12英寸厂房的产能可持续释放。华虹半导体 第二季已实施价格调整，升幅为个位数百分比，预料相关影响将于第三及四季显现。 ...

展望全年，该行预期公司持续受益于AI相关需求，看好模拟芯片加速成长。另外，九厂扩产提速，该 行看好产能扩张带动收入，加上公司次季开始进行的价格调整或于第三、四季有所体现，认为价格上调 对收入和毛利率产生积极影响。该行维持对其"买入"评级，目标价由43港元上调至53港元。 华泰证券发表研究报告指，华虹半导体次季收入5.66亿美元，按年增长18.3%，按季增长4.6%，超过公 司指引中值的5.6亿美元；毛利率10.9%，按年增长0.4个百分点，按季增长1.7个百分点，超过公司指引 的7%至9%。展望第三季，公司指引收入6.2至6.4亿美元，中值按季增长11.3%，高于市场预期的6亿美 元；毛利率10%至12%，中值按季接近持平，高于市场预期的9.2%。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [7]. Core Insights - The semiconductor industry is experiencing a mixed performance, with significant growth in revenue but slower growth in shipment volumes. The global smartphone market revenue reached over $100 billion, a 10% year-on-year increase, while shipment volume only grew by 3% [2][28]. - Major companies like SMIC and Huahong Semiconductor reported strong earnings in Q2 2025, with SMIC's revenue at $2.209 billion, up 16.2% year-on-year, and Huahong's revenue at approximately $560 million, up 18.3% year-on-year [3][34][35]. - The AI chip index saw a notable increase of 4.66% this week, driven by significant stock price rises in companies like Nvidia and Broadcom [1][10]. Market Index Summary - The overseas AI chip index increased by 4.66% this week, with Nvidia and Broadcom stocks rising over 5% [1][10]. - The domestic AI chip index decreased by 0.6%, with notable stock performance from companies like 澜起科技, which rose by 11.19% [1][10]. - The server ODM index rose by 0.7%, but individual stock performances varied significantly, with Supermicro experiencing a decline of 21.26% [1][10]. - The storage chip index increased by 3.0%, with 东芯股份 seeing a substantial rise of 28.59% [1][10]. - The power semiconductor index rose by 2.9%, reflecting a positive trend in the sector [1][10]. Industry Data Summary - In Q2 2025, the global smartphone market revenue surpassed $100 billion for the first time, with an average selling price (ASP) of nearly $350, marking a 7% year-on-year increase [2][28]. - Apple accounted for 43% of the global smartphone market revenue in Q2 2025, with a 13% increase, while Samsung's revenue grew by 4% [2][28]. - The electronic information manufacturing industry in China saw a year-on-year increase of 11.1% in added value for the first half of 2025, outperforming the overall industrial and high-tech manufacturing sectors [2][31].

Market Overview - The Hang Seng Index rose by 0.19%, gaining 47 points to close at 24,906 points, while the Hang Seng Tech Index increased by 0.11% [1] - Early trading volume in Hong Kong stocks reached HKD 121.3 billion [1] Lithium Sector - Ningde Times confirmed the suspension of its lithium mine in Jiangxi, leading to significant gains in lithium stocks, with Tianqi Lithium rising by 15% and Ganfeng Lithium increasing by 19% [1] Automotive Sector - XPeng Motors saw a 6.43% increase, with its new P7 model achieving over 10,000 pre-orders in under 7 minutes, indicating strong institutional confidence in the company's sales growth [1] Food and Beverage Sector - Ajisen China reported a 9.4% increase in stock price, expecting to turn a profit of up to RMB 40 million in the first half of the year [1] Paper Industry - Lee & Man Paper saw a stock price increase of over 5%, with a 0.7% year-on-year growth in net profit for the first half of the year, as institutions anticipate a new round of supply clearance driven by new national standards [1] Pharmaceutical Sector - North Sea Kangcheng-B experienced a surge of over 32%, with the first prescription for its product successfully launched, and the company is actively communicating with medical insurance payment departments [1] Alcohol Sector - Zhenjiu Lidou's stock rose by over 2%, although product sales pressure affected its first-half performance, with expectations for improvement in the second half due to new product contributions [1] Aluminum Sector - Rusal's stock increased by 8.45%, amid market attention on the upcoming meeting between the US and Russian presidents regarding sanctions on Rusal [1] Semiconductor Sector - The US Department of Commerce began issuing export licenses for NVIDIA's H20 chips to mainland China, leading to declines in semiconductor stocks, with Hua Hong Semiconductor dropping over 4% and SMIC falling by 3% at one point, ultimately closing down 0.16% [1] Real Estate Sector - Shimao Group's stock fell by over 15%, with July contract sales decreasing by approximately 27% year-on-year [2]

Group 1 - The core viewpoint of the article indicates that both SMIC and Hua Hong Semiconductor have reported their Q2 2025 earnings, exceeding market expectations due to high capacity utilization driven by domestic demand [1] - Both companies forecast a sequential revenue growth of 6% and 11% for Q3 2025, respectively, suggesting a gradual recovery in semiconductor demand, although margin recovery may still be distant [1] - Citi's report highlights that the demand for foundry services in the backend process remains robust, but further growth will depend on significant margin improvements [1] Group 2 - Citi raised the target price for Hua Hong from HKD 39 to HKD 45, while maintaining the target price for SMIC at HKD 53, with a "neutral" rating for both companies [1]

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 ...

晨星研报表示，中国芯片代工厂商从本土化需求中获得的益处超出预期。美国关税对这些公司全年业绩 预期的损害没有市场担心的那么大，与此同时，在更高关税生效前的提前发货也让这些公司在第二季度 受益。中芯国际和华虹半导体对短期和长期前景的看法都比全球同行更为乐观。 ...

8月11日消息，芯片股多数下跌， 跌近6%，跌超4%，跌近2%。 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业绩。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%。 编辑/melody | 序號 | 代碼 | 名稱 | 最新價 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 01347 | 華虹未演體 | 41.420 | -5.86% | 13.6億 | 716.35億 | | 2 | 00085 | 中電華大科技 | ...

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。 ...