（文章来源：每日经济新闻） 每经AI快讯，1月27日，港股半导体板块拉升，上海复旦涨近7%，华虹半导体涨超2%，中芯国际涨逾 1%。 ...

港股半导体板块持续拉升，上海复旦涨超6%，ASMPT涨超4%，中芯国际、华虹半导体跟涨。 ...

Group 1 - Fudan Microelectronics experienced a 5.1% decline in stock price, reaching 81.51 yuan per share, with a trading volume of 1.518 billion yuan and a turnover rate of 3.36%, resulting in a total market capitalization of 67.141 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: FPGA and other products (37.04%), non-volatile memory (23.92%), security and identification chips (21.35%), smart meter chips (13.46%), IC testing services (4.15%), and rental income (0.09%) [1] Group 2 - Fudan Microelectronics is a significant holding in the portfolio of the Xinyi Fund, specifically the Xinyi SSE Sci-Tech Innovation Board Artificial Intelligence Index A (024750), which held 360,900 shares, accounting for 4.78% of the fund's net value, ranking as the seventh largest holding [2] - The fund has reported a floating loss of approximately 1.5806 million yuan as of the latest data [2] - The Xinyi SSE Sci-Tech Innovation Board Artificial Intelligence Index A fund was established on September 1, 2025, with a current scale of 214 million yuan and has achieved a year-to-date return of 18.34%, ranking 237 out of 5580 in its category [2]

Market Overview - The Hong Kong stock index showed mixed performance with the Hang Seng Index rising by 0.09% to 26,773.97 points, while the Hang Seng Tech Index fell by 1.31% to 5,721.82 points [1] - Major tech stocks experienced varied movements, with Alibaba down by 1.25%, Tencent up by 0.92%, and JD.com up by 1.39% [1] - Gold stocks led the rise in the metals sector, with companies like Lingbao Gold and Shandong Gold reaching new highs, while China Nonferrous Mining surged over 11% [1] - Oil stocks strengthened, with CNOOC rising by over 4% [1] - Commercial aerospace stocks generally declined, with Asia Pacific Satellite down over 8% [1] Corporate News - Road King Infrastructure (01098.HK) plans to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [2] - Asia Cement (00743.HK) expects a net profit of approximately 85.6 million yuan for 2025 [3] - Zijin Mining (02899.HK) announced the completion of the second phase of the Julong Copper Mine, which will become the largest copper mine in China [4] - Minmetals Capital (01141.HK) anticipates a net profit of 130 million to 170 million HKD for 2025, representing a year-on-year increase of 155.9% to 234.6% [4] - Everbright Securities (06178.HK) projects a revenue of 10.863 billion yuan for 2025, a year-on-year growth of 13.18%, with a net profit of 3.729 billion yuan, up 21.92% [4] - China Merchants Bank (03968.HK) reported a revenue of 337.532 billion yuan for 2025, with a slight increase of 0.01%, and a net profit of 150.181 billion yuan, up by 1.21% [4] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, with a net profit decrease of about 66.82% to 50.58% [4] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on AI-driven technological innovation and industrial upgrades in the Yangtze River Delta [5] - Xinda International Holdings (00111.HK) issued a profit warning, expecting a net profit of approximately 74 million to 82 million HKD [6] - Huadian International Power (01071.HK) reported a cumulative power generation of 262 million MWh for 2025, a decrease of about 6.99% year-on-year [7] - CNOOC Services (02883.HK) released a strategic guideline for 2026, expecting capital expenditure of approximately 8.44 billion yuan [8] - Sinopec (00386.HK) forecasts an oil production of 39.7 million tons for 2025, a slight increase of 0.2%, and a natural gas production of 41.253 billion cubic meters, up 4.02% [8] Institutional Insights - Galaxy Securities noted that the short-term interest rate cut expectations by the Federal Reserve have decreased, leading to a forecast of narrow fluctuations in the Hong Kong stock market [9] - The technology sector remains a long-term investment focus, benefiting from price increases in the supply chain, domestic substitution, and accelerated AI applications [9] - Consumption sectors are expected to continue benefiting from policy support, with attention needed on policy implementation and improvements in consumption data [9] - Dongxing Securities highlighted that the number of satellite launches in China is expected to accelerate by 2026, creating market opportunities in satellite manufacturing and rocket launches [10] - Guangfa Securities indicated that space photovoltaics are likely to benefit from the global commercial aerospace boom, with existing low-orbit satellite plans potentially creating nearly 10 GW of demand for space photovoltaics [10]

2025年，半导体行业的景气度呈现出明显的结构性分化，下游应用需求差异显著。公司营业收入实现增长，毛利率保持稳定，毛利较上年同期增加约人民 币2亿元至2.6亿元。 2025年，公司FPGA产品和MCU芯片在市场中表现良好，成为营收增长的重要支撑。其中，FPGA产品在有线无线通信、卫星通信、视频图像、工业控 制、人工智能以及特种高可靠等领域具有较好应用，公司产品竞争力较强，营收增长；安全与识别芯片各子线产品市场表现各异，在RFID与传感芯片的 带动下整体营收小幅增长；非挥发存储器市场竞争激烈，全年营收有所下降；MCU芯片受益于良好的市场布局和稳定的产品质量，在车规市场和白色家 电市场出货较上年快速增长。 公告明确，业绩变动主要源于部分产品下游需求变化及库存跌价损失增加约2.5亿元，同时供应链与客户需求变化推动研发费用较上年增加约1.8亿元，叠 加政府补助减少导致其他收益减少约0.9亿元。 1月23日，复旦微电发布2025年度业绩预告，全年营业收入仍实现稳步增长，预计达到39.3亿元至40.3亿元，同比增幅介于9.46%至12.25%之间，毛利率保 持稳定水平。 不过受多重因素影响，盈利指标出现同比下滑，其中归属 ...

本文源自：金融界AI电报 港股半导体概念走低，天数智芯跌超5%，英诺赛科跌超4%，中芯国际、兆易创新跌超3%，上海复旦、 华虹半导体跌超2%。 ...

Company News - China Merchants Bank (03968.HK) reported a revenue of 337.53 billion yuan for 2025, with a year-on-year growth of 0.01%; net profit reached 150.18 billion yuan, an increase of 1.21% year-on-year [6] - Everbright Securities (06178.HK) achieved a revenue of 10.863 billion yuan in 2025, reflecting a year-on-year growth of 13.18%; net profit was 3.729 billion yuan, up 21.92% year-on-year [7] - Shanghai Fudan (01385.HK) expects a revenue of approximately 3.93 billion to 4.03 billion yuan for 2025, representing a year-on-year increase of 9.46% to 12.25%; net profit is projected to be between 190 million to 283 million yuan, a decrease of about 66.82% to 50.58% year-on-year [7] - China Power International Development (01071.HK) reported a total power generation of 26.2 billion megawatt-hours for 2025, a year-on-year decline of approximately 6.99% [7] - China Life Insurance (02628.HK) plans to invest 4 billion yuan to establish a partnership focused on "technology innovation and industrial upgrading" in the Yangtze River Delta region; it also intends to contribute 8.492 billion yuan to establish a partnership with its subsidiary, focusing on investments in the elderly care industry [7] - Road King Infrastructure (01098.HK) intends to sell several property rights in the Road King New World commercial project in Ningbo for 100.3 million yuan [7] - China Metallurgical Group (01618.HK) forecasts a net profit of 1.3 billion to 1.6 billion yuan for 2025, a decrease of 76.28% to 80.73% year-on-year [8] Industry Trends - The toy, commercial aerospace, photovoltaic, and intelligent driving sectors are showing strong performance, while insurance and banking sectors continue to exhibit weakness [5]

Core Viewpoint - Fudan Microelectronics anticipates a revenue increase for 2025, but expects a significant decline in net profit due to structural changes in the semiconductor industry and varying demand across applications [1] Revenue and Profit Forecast - The company projects 2025 revenue to be between 3.93 billion and 4.03 billion RMB, representing a year-on-year increase of 9.46% to 12.25% [1] - Expected net profit attributable to shareholders is forecasted to be between 190 million and 283 million RMB, reflecting a year-on-year decrease of 66.82% to 50.58% [1] - Net profit after excluding non-recurring gains and losses is estimated to be between 125 million and 185 million RMB, indicating a year-on-year decline of 73.07% to 60.14% [1] Industry Insights - The semiconductor industry is experiencing significant structural differentiation in demand, with notable variations in downstream application needs [1] - Despite the overall revenue growth, the company maintains stable gross margins, with gross profit expected to increase by approximately 200 million to 260 million RMB compared to the previous year [1] Product Performance - FPGA products are showing strong applications in various fields such as wired and wireless communication, satellite communication, video imaging, industrial control, artificial intelligence, and high-reliability sectors, contributing to revenue growth [1] - The market performance of security and identification chips varies across subcategories, with overall revenue experiencing slight growth driven by RFID and sensor chips [1] - The non-volatile memory market is facing intense competition, leading to a decline in annual revenue [1] - MCU chips benefit from a solid market presence and stable product quality, with rapid growth in shipments in the automotive and white goods markets compared to the previous year [1] R&D and Other Income - R&D expenses for 2025 are expected to increase by approximately 180 million RMB, primarily due to changes in supply chain and customer demand [1] - Other income is projected to decrease by about 90 million RMB due to a reduction in government subsidies [1]

经济观察网复旦微电公告称，预计2025年归属于上市公司股东的净利润为1.90亿元至2.83亿元，比上年 同期减少66.82%至50.58%。业绩变动原因：半导体行业结构性分化，FPGA及MCU营收增长，但非挥发 存储器营收下降；战略备货导致存货跌价损失增加约2.5亿元，研发费用增加约1.8亿元，政府补助及增 值税加计抵减减少约0.9亿元。 ...

FPGA产品在有线无线通信、卫星通信、视频图像、工业控制、人工智能以及特种高可靠等领域具有较 好应用，公司产品竞争力较强，营收增长;安全与识别芯片各子线产品市场表现各异，在RFID与传感芯 片的带动下整体营收小幅增长;非挥发存储器市场竞争激烈，全年营收有所下降;MCU芯片受益于良好的 市场布局和稳定的产品质量，在车规市场和白色家电市场出货较上年快速增长。 复旦微电(688385.SH)发布2025年年度业绩预告，预计2025年度实现归属于母公司所有者的净利润约为 人民币1.9亿元至2.83亿元，与上年同期相比，将减少38,259.51万元到28,959.51万元，同比减少66.82% 至50.58%。 2025年，半导体行业的景气度呈现出明显的结构性分化，下游应用需求差异显著。公司营业收入实现增 长，毛利率保持稳定，毛利较上年同期增加约人民币2亿元至2.6亿元。 ...