金融界6月3日消息，上证指数低开高走，中证香港300内地高贝塔指数 (H300CNHB，H30237)报890.07 点。 从中证香港300内地高贝塔指数持仓样本的行业来看，金融占比23.18%、房地产占比21.15%、医药卫生 占比17.57%、可选消费占比16.75%、信息技术占比10.39%、通信服务占比4.34%、原材料占比2.82%、 主要消费占比1.91%、工业占比1.88%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别是每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对中证香港策略指数系列进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理，参照计算与维护细 则处理。 本文源自：金融界 作者：行情君 数据统计显示，中证香港300内地高贝塔指数近一个月上涨0.64%，近三个月下跌6.38%，年至今上涨 7.28%。 据了解，中证香港策略指数系列从多种策略投资的角度反映了在香港交易所上市证券的整体表现。该指 数以200 ...

港股芯片股部分走强，上海复旦(01385.HK)涨超6%，地平线机器人(09660.HK)涨超5%，华虹半导体 (01347.HK)涨超2%，中芯国际(00981.HK)涨超1%。 ...

Group 1 - The semiconductor sector in Hong Kong is experiencing a strong rebound, with notable gains in several companies [1] - Hua Hong Semiconductor (01347.HK) has seen an increase of over 3% [1] - SMIC (00981.HK) has risen nearly 2%, while other companies like Jingmen Semiconductor (02878.HK) and Shanghai Fudan (01385.HK) are also following the upward trend [1]

Main Business - Huahong Semiconductor is a leading semiconductor manufacturing company in China, focusing on specialty process wafer foundry with 8-inch and 12-inch wafer production lines, covering key technologies such as power devices, embedded storage, and analog & RF [1] - In Q1 2025, the company achieved revenue of 3.913 billion RMB, a year-on-year increase of 18.66%, highlighting its critical position in the semiconductor industry chain [1] Q1 2025 Performance - Despite facing cyclical industry adjustments and international supply chain fluctuations, Huahong Semiconductor maintained stable operations. Key financial data includes: - Revenue: 3.913 billion RMB in Q1 2025, up from 3.297 billion RMB in Q1 2024, a growth of 18.66% [2] - Net profit attributable to shareholders: 23 million RMB in Q1 2025, down from 222 million RMB in Q1 2024, a decline of 89.73% [2] - R&D investment: 477 million RMB in Q1 2025, up from 348 million RMB in Q1 2024, an increase of 37.21% [2] - Net cash flow from operating activities: 361 million RMB in Q1 2025, down from 444 million RMB in Q1 2024, a decrease of 18.57% [2] Profit Pressure and Cash Flow Management - The significant decline in net profit is primarily due to increased R&D investment (12.19% of revenue), foreign exchange losses, and reduced tax credits [3] - Although operating cash flow decreased year-on-year, it remained positive, supporting long-term technological investments [3] Core Competitiveness Analysis - Huahong Semiconductor possesses differentiated technological advantages in power semiconductors (e.g., IGBT) and MCUs, with a focus on continuous R&D [4] - The company has mastered optimized processes from 55nm to 90nm mature technology nodes, catering to high-end market demands such as automotive electronics and industrial control [4] - The smooth ramp-up of the 12-inch production line lays a foundation for future revenue growth [4] Full Industry Chain Collaboration - The company has established strategic partnerships with leading domestic and international design firms and end manufacturers, forming a closed loop of "design-foundry-application" [5] - In Q1 2025, Huahong Semiconductor secured new orders worth approximately 5.5 to 5.7 billion USD (about 39.6-41.1 billion RMB), reflecting customer recognition of its supply chain stability [5] International Capacity Layout - Huahong Semiconductor has built a global delivery network based on production bases in Shanghai and Wuxi. As of the end of Q1, the company's total assets reached 86.889 billion RMB, with fixed assets accounting for 34.7% [6] Development Dynamics and Market Outlook - The company is accelerating the mass production of its 12-inch production line, with total capital expenditure expected to exceed 3.6 billion RMB in 2025 [7] - The new production line will focus on automotive-grade chips and other high-value-added products, further optimizing the gross margin structure [7] - To counter rising raw material costs, the company is implementing cost reduction and efficiency enhancement measures, with management expenses decreasing by 6.8% year-on-year to 181 million RMB in Q1 [8] Policy and Market Opportunities - With the Chinese "14th Five-Year Plan" for the integrated circuit industry gaining momentum, Huahong Semiconductor, as a key supported enterprise of the National Integrated Circuit Industry Investment Fund II (holding 2.8%), is expected to seize opportunities in the domestic substitution wave [9] - The company is leveraging its technological depth to navigate industry changes, with short-term profit pressures not altering its long-term growth logic [9] - As capacity is released and product mix is optimized, Huahong Semiconductor is anticipated to achieve performance recovery in the second half of 2025, solidifying its position as a leading wafer foundry in China [9]

【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 光大证券(601788)研报指，在医疗康复领域，外骨骼机器人主要应用于三大场景：1)脊髓损伤修复、2) 脑卒中偏瘫康复、3)老龄化辅助。全球外骨骼机器人市场正进入高速增长期，根据Grand View Research 数据显示，2024年市场规模达18亿美元，预计2030年将突破120亿美元，年复合增长率28%。叠加中 国"十四五"规划将外骨骼纳入高端医疗装备重点发展领域，多地医保已将部分康复型外骨骼纳入报销范 围，光大证券认为外骨骼机器人在医疗康复领域的商业化有望加速落地。(格隆汇) (责任编辑：宋政 HN002) 格隆汇5月20日｜港股机器人概念股普遍上涨，其中，国华、小米、盛业、德昌电机控股涨超2%，速腾 聚创、中芯国际、华虹半导体涨超1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 0 ...

恒生科技指数涨幅扩大至1%。小米涨3.7%领涨恒生科技指数成分股，理想汽车、华虹半导体、京东健 康、阿里巴巴等涨逾2%。 ...

5月19日上榜港股通成交活跃榜个股中，三生制药为近一个月首次上榜。 证券时报·数据宝统计显示，5月19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 378.81亿港元，占当日港股通成交金额的44.83%，净买入金额38.58亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为98.74亿港元，成交金额居首；其次是小米集团-W、腾讯控 股，成交金额分别为88.56亿港元、51.58亿港元。 以上榜次数统计，5月19日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、美团-W等，近一个 月均上榜17次，最受港股通资金关注。 三生制药为近一个月首次上榜，当日港股通成交额为18.13亿港元，成交净买入4.01亿港元，该股当日收 盘上涨13.81%。（数据宝） 5月19日港股通成交活跃股榜单 | 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 | 51.5 ...

Group 1 - Semiconductor stocks in Hong Kong, particularly Hua Hong Semiconductor (01347), have shown a rebound after a four-day decline, with a current price increase of 4.18% to HKD 31.15 [1] - Despite the rebound, the stock price remains below the Bollinger Band midline (HKD 34.28) and is testing important support levels on the weekly chart (HKD 31.35) [1] - Technical indicators present mixed signals, with key support levels at HKD 29.4 and HKD 26.4, while resistance levels are at HKD 33.8 and HKD 35.9 [3] Group 2 - The market sentiment is low, with many investors expecting the stock price to drop to the range of HKD 29-20, while a minority believes it could rise to HKD 33 [3] - In the derivatives market, Citigroup's call option (28354) is highlighted as an attractive bullish choice with a strike price of HKD 36.36 and a leverage of 3 times [3] - Other notable call options include Huatai's (16555) with a 3.2 times leverage and a current increase of 9.52%, and JPMorgan's (29035) with a higher strike price of HKD 38.93 and a leverage of 3.47 times [3] Group 3 - Bullish and bearish certificates are available, with JPMorgan's bullish certificate (55757) offering a leverage of 7.3 times and a recovery price of HKD 29, suitable for aggressive investors [6] - Conversely, JPMorgan's bearish certificate (55767) provides a leverage of 5.1 times with a recovery price of HKD 35.5, appealing to investors looking to short while managing risk [6]

Group 1 - The Hang Seng Tech Index turned positive in the late trading session [1] - Hua Hong Semiconductor (01347.HK) and Meituan (03690.HK) led the gains among constituent stocks [1]

Summary of Hua Hong Semiconductor Conference Call Company Overview - **Company**: Hua Hong Semiconductor - **Industry**: Semiconductor Manufacturing - **Market Position**: Second largest wafer foundry in mainland China, with both 8-inch and 12-inch production lines [doc id='13'][doc id='14'] Key Points and Arguments Financial Performance and Forecasts - **Stock Performance**: Hua Hong's stock price has increased by 46% year-to-date, reaching a valuation of 1.1 times the dynamic price-to-book ratio, which is within its historical range of 0.6-1.7 times [doc id='2'][doc id='14'] - **Revenue Growth**: Projected revenue growth of 14% for 2025, with a slight adjustment of 10% to 11% for 2026 due to faster capacity ramp-up [doc id='4'][doc id='27] - **Earnings Per Share (EPS)**: EPS forecast for 2025 has been reduced from $0.02 to $0.01, and for 2026 from $0.01 to -$0.002 [doc id='4'][doc id='27'] Margin and Profitability Concerns - **Gross Margin Decline**: Expected gross margin to decline significantly from 21.9% (2022-2024 average) to 8.3% in 2025 and 7.0% in 2026 due to increased depreciation costs from the expansion of the 12-inch foundry [doc id='3'][doc id='11'] - **Operating Losses**: Anticipated operating losses of $153 million in 2025 and $179 million in 2026, with operating margins of -6.7% and -7.0% respectively [doc id='27'] Competitive Landscape - **Market Position**: Hua Hong is smaller compared to competitors like SMIC, which has a projected ROE of 9.3% compared to Hua Hong's expected -0.3% [doc id='2'][doc id='14'] - **Pricing Pressure**: The wafer prices for Hua Hong's 55/90nm processes are $1,000, significantly lower than the industry average of $1,500, indicating competitive pressure in the mature process foundry segment [doc id='2'][doc id='14'] Expansion Plans - **Capacity Expansion**: The expansion of the second 12-inch foundry in Wuxi is crucial for increasing capacity but will lead to higher depreciation costs, impacting margins in the short term [doc id='3'][doc id='11] - **Long-term Outlook**: While the expansion is essential for future growth, the immediate impact on margins and profitability is concerning, especially in a weak wafer price environment [doc id='3'][doc id='11'] Valuation and Rating Changes - **Rating Downgrade**: The rating has been downgraded from Neutral to Sell, with a target price set at HK$20, reflecting concerns over future profitability and ROE [doc id='5][doc id='12'] - **Valuation Metrics**: Current valuation at 1.1 times price-to-book ratio is expected to decline, with a target based on a more conservative 0.7 times dynamic price-to-book ratio [doc id='5'] Additional Important Insights - **Industry Supply-Demand Dynamics**: The semiconductor industry may see a slight improvement in supply-demand balance starting in 2025, but competition in low-end MCU segments remains intense [doc id='10'] - **Long-term Risks**: The potential for overcapacity in mature process foundries is projected to reach 15% in 2025 and 17% in 2026, which could further pressure margins [doc id='10'] This summary encapsulates the critical insights from the conference call regarding Hua Hong Semiconductor's financial outlook, competitive positioning, and strategic initiatives.