本季度FPGA业务收入同比增长34.7%，订单主要来自28nmFPGA产品需求。公司28nmFPGA产品自2018 年研发成功后推出市场已有6年，下一代1xnmFinFET的FPGA产品预计2026年开始贡献收入，明年有望 继续扩大公司在FPGA产品的市场份额。此外，基于1xnmFinFET的可编程芯片(PSoC)产品在高可靠和工 控领域的应用也非常广泛，目前PSoC产品占FPGA业务收入的25%。展望2025财年，公司FPGA业务收 入有望实现同比38.6%的增长达到14.7亿元。 非挥发性存储业务收入同比增长44.1%，车规级MCU销量增长较快 智能电表产品本季度收入同比增长40.8%，其中智能家电及车规级MCU销量增长较快。得益于精确的成 本控制，该业务毛利率仍有增长空间。受存储涨价行情影响，Q3非挥发性存储业务收入同比增长 44.1%，其中高可靠产品占比70%。Q3安全识别业务收入同比增长15.5%，金融、社保卡等芯片销量增 长但目前市场竞争激烈，技术壁垒不强。 智通财经APP获悉，第一上海发布研报称，给予上海复旦(01385)"持有"评级，目标价45.00港元，本季 度28nmFPGA产品受市场竞争 ...

第一上海主要观点如下： 季度业绩摘要 第一上海发布研报称，给予上海复旦(01385)"持有"评级，目标价45.00港元，本季度28nmFPGA产品受 市场竞争影响量增价减，10亿门级产品2025年仅有小部分出货。但2026财年FPGA业务收入将逐步受益 于10逻辑亿门级产品出货量的提升。未来下游客户的FPGA芯片以及智能电表需求将驱动公司营收增 长。预计公司未来三年的收入CAGR为12.7%，对应净利润CAGR为25.8%。 非挥发性存储业务收入同比增长44.1%，车规级MCU销量增长较快 智能电表产品本季度收入同比增长40.8%，其中智能家电及车规级MCU销量增长较快。得益于精确的成 本控制，该业务毛利率仍有增长空间。受存储涨价行情影响，Q3非挥发性存储业务收入同比增长 44.1%，其中高可靠产品占比70%。Q3安全识别业务收入同比增长15.5%，金融、社保卡等芯片销量增 长但目前市场竞争激烈，技术壁垒不强。 风险提示 产品销售状况不及预期、产品价格调整、市场竞争加剧、研发进展不及预期、产能受限风险。 公司2025Q3实现收入11.9亿元，同比增长33.3%。各产品线营业收入分别为：安全与识别芯片2.4亿元 ...

Group 1 - The Hong Kong chip stocks experienced a general decline, with notable drops in companies such as Hua Hong Semiconductor, Tianyu Semiconductor, and InnoGrit, all falling over 3% [1] - ASMPT saw a decrease of over 2%, while Hongguang Semiconductor and SMIC dropped more than 1% [1] Group 2 - Hua Hong Semiconductor (01347) decreased by 3.73%, with a latest price of 69.700 and a total market value of 120.999 billion, showing a year-to-date increase of 221.94% [2] - Tianyu Semiconductor (02658) fell by 3.19%, with a latest price of 44.300 and a market value of 17.422 billion, reflecting a year-to-date decline of 23.62% [2] - InnoGrit (02577) dropped by 3.23%, with a latest price of 76.350 and a market value of 69.868 billion, showing a year-to-date increase of 144.32% [2] - ASMPT (00522) decreased by 2.22%, with a latest price of 77.100 and a market value of 32.209 billion, reflecting a year-to-date increase of 3.74% [2] - Hongguang Semiconductor (06908) fell by 1.96%, with a latest price of 0.500 and a market value of 0.0469 billion, showing a year-to-date decline of 25.37% [2] - SMIC (00981) decreased by 1.64%, with a latest price of 66.050 and a market value of 528.42 billion, reflecting a year-to-date increase of 107.70% [2] - Shanghai Fuzhi (01385) dropped by 1.29%, with a latest price of 39.920 and a market value of 32.791 billion, showing a year-to-date increase of 165.56% [2] - ZTE Corporation (00763) decreased by 1.16%, with a latest price of 27.180 and a market value of 130.016 billion, reflecting a year-to-date increase of 14.77% [2] - Beike Micro (02149) fell by 0.14%, with a latest price of 43.720 and a market value of 2.754 billion, showing a year-to-date increase of 60.74% [2]

| 代码 | 名称 | 现价 涨跌 涨跌幅 | | --- | --- | --- | | HSI | 恒生指数 | 25530.51 -10.27 -0.04% | | HSTECH 恒生科技 | | 5534.59 -46.51 -0.83% | | HSBIO | 恒生生物科技 | 15049.99 -43.04 -0.29% | | HSCEI | 恒生中国企业指数 | 8934.28 - 20.41 - -0.23% | | HSCI | 恒生综合指数 | 3902.14 - - 11.02 - - 0.28% | 12月11日，香港恒生指数收跌0.04%，恒生科技指数跌0.83%。 中兴通讯跌超13%。中兴通讯今日公告，公司已知悉近期新闻媒体针对本公司涉及美国《反海外腐败法》合规性调查的报道。公司正与美国司法部就有 关事项进行沟通，并将通过法律等手段坚决维护自身权益。公司反对一切形式的腐败行为，对任何可能相关的个人持零容忍态度。公司目前生产经营一切 正常。 编辑丨瑜见 半导体板块大跌，天域半导体跌6%，华虹半导体跌近5%，中芯国际、上海复旦跌超2%。 | 代码 | 名称 | 现价 | 涨跌幅 ▲ ...

摩根士丹利发布研报称，今年首三季，可编程化芯片(FPGA)企业表现稳固，其中上海复旦(01385)及紫 光国微（002049）(002049.SZ)收入分别同比升13%及15%。该行维持上海复旦"增持"评级，目标价由 32.8港元升至47.3港元;2025年每股盈利预测下调38%，主要因库存减值，同时将2026及27年预测分别上 调1%及4%，基于FPGA销售较强。 随着"十五五"规划于明年展开，政策强调专用设备智能化，该行预期专用FPGA领域的增长势头将持 续，订单能见度有望于明年第一季改善。短期而言，今年第三季订单按季下跌，当中合约负债金额按季 减少8%。该行预期两间公司第四季收入将轻微按季回落，但仍能保持同比增长。 另外，该行亦维持紫光国微"减持"评级，相信明年其将受惠于利好政策，但航天级FPGA技术仍落后于 上海复旦，且市场机会相对有限;目标价由50元升至57元人民币。 ...

另外，该行亦维持紫光国微"减持"评级，相信明年其将受惠于利好政策，但航天级FPGA技术仍落后于 上海复旦，且市场机会相对有限;目标价由50元升至57元人民币。 智通财经APP获悉，摩根士丹利发布研报称，今年首三季，可编程化芯片(FPGA)企业表现稳固，其中 上海复旦(01385)及紫光国微(002049.SZ)收入分别同比升13%及15%。该行维持上海复旦"增持"评级，目 标价由32.8港元升至47.3港元;2025年每股盈利预测下调38%，主要因库存减值，同时将2026及27年预测 分别上调1%及4%，基于FPGA销售较强。 随着"十五五"规划于明年展开，政策强调专用设备智能化，该行预期专用FPGA领域的增长势头将持 续，订单能见度有望于明年第一季改善。短期而言，今年第三季订单按季下跌，当中合约负债金额按季 减少8%。该行预期两间公司第四季收入将轻微按季回落，但仍能保持同比增长。 ...

Group 1 - Semiconductor stocks are mostly rising, with Hua Hong Semiconductor up 4.01% at HKD 79.1 and SMIC up 3.58% at HKD 72.25 [1] - According to the Semiconductor Industry Association (SIA), global semiconductor sales surged 33% year-on-year in October, reaching USD 71.3 billion (approximately RMB 504 billion), with DRAM sales skyrocketing by 90% [1] - The main driver behind this growth is the surge in demand driven by artificial intelligence (AI), leading to a shift in production capacity towards high-bandwidth memory (HBM) for AI accelerators, resulting in reduced wafer output for standard DRAM and 3D NAND [1] Group 2 - Dongguan Securities projects that AI will remain the main innovation line in the technology sector through 2026, benefiting various segments including computing power, storage, equipment, and advanced packaging [2] - Domestic AI chip companies have rapidly developed in recent years, achieving significant progress in domestic substitution, with companies like Moer and Muxi accelerating their capital market layouts [2] - The formation of a domestic computing power ecosystem is expected to accelerate, supported by internet companies like Tencent actively adapting to domestic computing power chips [2]

Group 1 - The core viewpoint of the news is that the semiconductor stocks in Hong Kong experienced a collective rise, driven by a significant increase in global semiconductor sales, particularly in the DRAM segment, due to the surge in demand from artificial intelligence (AI) applications [1][2] Group 2 - On December 8, Hong Kong semiconductor stocks saw notable increases, with Hua Hong Semiconductor rising by 4.4%, SMIC by 4%, Shanghai Fudan by over 3%, and others also showing gains [1] - According to the Semiconductor Industry Association (SIA), global semiconductor sales in October reached $71.3 billion, marking a 33% year-on-year increase, with DRAM sales soaring by 90% [1] - The Asia-Pacific region experienced a remarkable year-on-year sales growth of 59.6% in the semiconductor sector [1] Group 3 - The primary driver behind this growth is the escalating demand for AI, which has led to a shift in industry capacity towards high-bandwidth memory (HBM) for AI accelerators, resulting in reduced wafer output for standard DRAM and 3D NAND [1] - The ongoing AI infrastructure development is causing shortages in critical components like storage chips, which may lead to a sustained increase in DRAM prices through 2026 [1] - Counterpoint Research predicts that prices for advanced and traditional storage chips could rise by an additional 20% by early 2026 [1]

Group 1 - The core viewpoint of the news is that semiconductor stocks in Hong Kong have collectively risen, driven by a significant increase in global semiconductor sales, particularly in the DRAM segment, due to the surge in demand from artificial intelligence (AI) applications [1][2] Group 2 - Hong Kong semiconductor stocks saw notable increases, with Hua Hong Semiconductor rising by 4.4%, SMIC by 4%, and Shanghai Fudan by over 3% [1] - According to the Semiconductor Industry Association (SIA), global semiconductor sales in October reached $71.3 billion, marking a year-on-year increase of 33%, with DRAM sales soaring by 90% [1] - The Asia-Pacific region experienced a significant year-on-year sales growth of 59.6% [1] Group 3 - The primary driver behind this growth is the demand surge from AI, leading to a shift in industry capacity towards high-bandwidth memory (HBM) for AI accelerators, which has reduced the wafer output for standard DRAM and 3D NAND [1] - The current AI infrastructure boom is causing shortages in key components like storage chips, which may lead to a continued increase in DRAM average prices through 2026 [1] - Counterpoint Research predicts that prices for advanced and traditional storage chips could rise by another 20% by early 2026 [1]

每经AI快讯，港股芯片股多数走高。截至发稿，华虹半导体(01347.HK)涨4.01%，报79.1港元；中芯国 际(00981.HK)涨3.58%，报72.25港元；上海复旦(01385.HK)涨3.14%，报42.02港元。 ...