编辑/jayden 消息面上，晶圆代工龙头台积电9月10日公布的营收报告显示，公司2025年8月销售额3357.7亿元新台币，同比增长 33.8%，环比增长3.9%。台积电1—8月累计销售额2.43万亿元新台币，同比增长37.1%。此外，甲骨文日前公布了相 当积极的云业务展望，激发了人们对人工智能基础设施建设正在加速的希望。 港股芯片股早盘集体走高，截至发稿， 大涨超9%， 、 双双涨近6%， 涨近5%。 国投证券指出，今年上半年全球半导体行业保持高景气，中国板块表现突出。增长主要来自两大动力：AI算力需求 持续增长带动代工需求增加，以及设备、材料、零部件等环节国产替代加速。外部环境加速国产替代进程，内部方 面，半导体IPO与并购活跃，资本助力产业升级，龙头企业通过整合稀缺技术增强竞争力。展望下半年，行业将延 续"AI驱动+自主可控"双主线发展。 | 代碼 | 名稱 | 最新價 | 張跌額 | 漲跌幅 ◆ | 成交額 | 總市值 | | --- | --- | --- | --- | --- | --- | --- | | 02577 | 央話賽科 | 101.800 | +8.800 | +9.46% | ...

（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体板块持续走强，英诺赛科涨近8%，华虹半导体、中芯国际涨超 5%，上海复旦涨逾4%。 ...

（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体股集体拉升，英诺赛科涨超5%，华虹半导体涨超4%，中芯国际、 上海复旦涨近3%。 ...

Core Insights - The SW Electronics Index fell by 4.57% in the past week, underperforming the CSI 300 Index by 3.76 percentage points, with all six sub-sectors showing declines [1] - Innoscience reported significant growth in revenue and profitability for H1 2025, with sales reaching RMB 553 million, a 43.4% increase year-on-year, and a turnaround in gross margin from -21.6% to 6.8% [1] - The company's sales in AI and data center sectors grew by 180% year-on-year, marking it as one of the fastest-growing segments [1] Market Review - The global DRAM industry revenue increased by 17.1% quarter-on-quarter in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [2] - SK Hynix maintained the top market share at 38.7%, with Q2 revenue of USD 12.229 billion, a 25.8% increase [2] - Samsung's revenue grew by 13.7% to USD 10.35 billion, while Micron's revenue increased by 5.7% to USD 6.95 billion, with market shares of 32.7% and 22% respectively [2] Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery in 2025, with potential for profit recovery among related companies [3] - Focus on semiconductor design stocks with low PE/PEG ratios and real performance, including Zhongke Lanyun and Juxin Technology in AIOT SoC chips [3] - Recommendations also include attention to analog chips like Meixin Sheng and Nanchip Technology, as well as key materials companies such as Tongcheng New Materials and Dinglong Co. [3]

Core Insights - The SW Electronics Index declined by 4.57% in the week from September 1 to September 5, underperforming the CSI 300 Index by 3.76 percentage points [2] - Among the six sub-sectors, the performance was as follows: Electronic Chemicals II (-1.46%), Consumer Electronics (-2.43%), Optical and Optoelectronic (-2.82%), Components (-3.00%), Other Electronics II (-3.19%), and Semiconductors (-6.55%) [2] Company Performance - Innoscience reported significant growth in its financial and operational performance for the first half of 2025, achieving sales revenue of RMB 553 million, a 43.4% increase compared to the same period in 2024 [3] - The company's gross margin improved from -21.6% in 2024 to 6.8% in 2025, marking its first positive gross margin [3] - Sales in the AI and data center sector grew by 180% year-on-year, becoming one of the fastest-growing segments for Innoscience [3] - Innoscience became a domestic chip supplier for NVIDIA's 800V high-voltage direct current power architecture, with the partnership announced on July 31, 2025 [3] Industry Trends - The global DRAM industry revenue increased by 17.1% quarter-on-quarter in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [4] - SK Hynix maintained the top market share at 38.7%, with a revenue of USD 12.229 billion, a 25.8% quarter-on-quarter increase [5] - Samsung ranked second with a revenue of USD 10.35 billion, reflecting a 13.7% quarter-on-quarter growth [5] - Micron's revenue grew by 5.7% to USD 6.95 billion, ranking third in the market [5] Investment Recommendations - The electronic industry is rated as "overweight," with expectations of a comprehensive recovery in the semiconductor sector in 2025 [6] - Focus on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, including Zhongke Lanyun and Juchip Technology [6] - In the analog chip sector, attention is recommended for Meixin Sheng and Nanchip Technology [6] - For driving chips, consider Fengcai Technology and Xinxiangwei [6] - In the semiconductor key materials sector, focus on domestic replacement leaders such as Tongcheng New Materials, Dinglong Co., and Anji Technology [6] - For the silicon carbide industry chain, Tianyue Advanced is recommended [6]

Market Overview - The SW Electronics Index declined by 4.57% over the past week (09.01-09.05), underperforming the CSI 300 Index by 3.76 percentage points [1] - Among the six sub-sectors, the performance was as follows: Electronic Chemicals II (-1.46%), Consumer Electronics (-2.43%), Optical and Optoelectronic (-2.82%), Components (-3.00%), Other Electronics II (-3.19%), and Semiconductors (-6.55%) [1] Company Performance - Innoscience reported strong performance for H1 2025, with revenue reaching RMB 553 million, a 43.4% increase compared to the same period in 2024 [2] - The company's gross margin improved significantly from -21.6% in 2024 to 6.8% in 2025, marking its first positive gross margin [2] - Despite still facing substantial losses, the net loss narrowed from RMB 488 million in 2024 to a lesser extent in 2025, indicating a positive trend in profitability [2] - Sales in the AI and data center sectors surged by 180% year-on-year, becoming one of the fastest-growing segments for Innoscience [2] - The partnership with NVIDIA, announced on July 31, 2025, positions Innoscience as a domestic chip supplier for NVIDIA's 800V high-voltage direct current power architecture [2] Industry Insights - The global DRAM industry saw a quarter-on-quarter revenue increase of 17.1% in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [3] - SK Hynix maintained the top market share at 38.7%, with Q2 revenue growing by 25.8% to USD 12.229 billion [3] - Samsung ranked second with a revenue increase of 13.7% to USD 10.35 billion, while Micron's revenue grew by 5.7% to USD 6.95 billion, placing it third [3]

Core Viewpoint - The semiconductor sector is experiencing a rebound, driven by government initiatives and potential shifts in supply chain dynamics due to U.S. restrictions on foreign wafer fabs in China [1] Group 1: Market Performance - Notable gains in semiconductor stocks include InnoSilicon (02577) up 6.61% to HKD 97.6, SMIC (00981) up 3.57% to HKD 58, and Huahong Semiconductor (01347) up 2.19% to HKD 46.68 [1] Group 2: Government Initiatives - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry," focusing on enhancing efforts in CPU and AI server development, as well as promoting innovation in AI terminal applications [1] - The plan emphasizes the importance of "domestic goods for domestic use" and aims to increase policy support for key enterprises in the industry chain [1] Group 3: Supply Chain Dynamics - The U.S. plans to revoke TSMC's (Nanjing) VEU authorization, marking another restriction on foreign wafer fabs in China, following similar actions against Samsung and SK Hynix [1] - This situation is expected to open up opportunities for domestic memory chip suppliers and wafer foundries to gain market share [1] - As procurement difficulties for equipment increase, overseas wafer fabs may begin to seek domestic suppliers, benefiting companies in the domestic semiconductor equipment and materials sectors [1]

Group 1 - Chip stocks showed recovery in early trading, with notable increases: InnoCare (02577) up 6.61% to HKD 97.6, SMIC (00981) up 3.57% to HKD 58, and Huahong Semiconductor (01347) up 2.19% to HKD 46.68 [1][1][1] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Electronic Information Manufacturing Industry 2025-2026 Stable Growth Action Plan," emphasizing the need to strengthen efforts in CPU, high-performance AI servers, and hardware-software collaboration [1][1][1] - The plan encourages local innovation in AI terminal applications and aims to promote technological breakthroughs in key components, chips, and modules for 5G/6G [1][1][1] Group 2 - The U.S. plans to revoke TSMC's (Nanjing) VEU authorization, marking another restriction on foreign wafer fabs in China, following similar actions against Samsung and SK Hynix [1][1][1] - This revocation is expected to open a window for domestic semiconductor equipment and wafer foundry suppliers to increase their market share [1][1][1] - Due to increased difficulty in procuring equipment, overseas wafer fabs may start seeking domestic suppliers, which will benefit related companies in the domestic semiconductor equipment and materials industry [1][1][1]

Group 1 - Semiconductor stocks in Hong Kong experienced a significant rise, with Shun Tai Holdings and InnoCare rising over 5%, and SMIC increasing over 3% [1] - The semiconductor index reached 4111.486, up by 135.103 points or 3.40%, with a trading volume of 77.7064 million and a total transaction value of 4.089 billion [2] - The market capitalization of the semiconductor sector is approximately 689.704 billion, with a price-to-earnings ratio of 145.581 and a price-to-book ratio of 2.863 [2] Group 2 - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) revoked the "Verified End User" (VEU) authorization for TSMC's Nanjing plant, impacting Intel, Samsung, and SK Hynix in China [2] - The revocation means that suppliers to TSMC, Samsung, and SK Hynix in China will now need to apply for export licenses individually, increasing uncertainty in approval timelines [2] - The domestic market share for local memory chip suppliers and foundries is expected to rise due to the increased difficulty for TSMC, Samsung, and SK Hynix to procure high-end equipment and materials [3] Group 3 - Domestic advanced memory and logic foundries are expected to maintain strong expansion demand, leading to a significant increase in demand for domestic equipment [3] - By 2025, the growth in domestic wafer fab expansion demand, coupled with the need for domestic alternatives, is anticipated to accelerate growth in the semiconductor manufacturing, equipment, components, and materials sectors [3]

Core Viewpoint - In the first half of 2025, the company achieved a revenue of 553 million yuan, marking a year-on-year increase of 43.43%, while narrowing its net loss to 429 million yuan from a loss of 488 million yuan in the same period last year, indicating a significant improvement in financial performance [1]. Group 1: Financial Performance - The company reported a revenue of 553 million yuan in H1 2025, reflecting a year-on-year growth of 43.43% [1]. - The net loss for H1 2025 was 429 million yuan, an improvement from a loss of 488 million yuan in the same period last year [1]. - The gross margin turned positive at 6.8%, a significant increase of 28.4 percentage points from -21.6% in the same period last year [1]. Group 2: Market Position and Growth Drivers - The demand for artificial intelligence computing power, the rapid penetration of new energy vehicles, and the early-stage explosion of the humanoid robot industry are driving the company's growth [1]. - The company is the world's first IDM enterprise to achieve large-scale production of 8-inch GaN wafers, which is enhancing its market penetration in the power semiconductor sector [1]. - Collaborations with major companies such as STMicroelectronics, Midea, United Automotive Electronics, and NVIDIA are expected to provide strong momentum for revenue growth [1]. Group 3: Technological Advancements and Production Capacity - The company is a leading silicon-based GaN IDM manufacturer, with a monthly wafer capacity of 13,000 pieces and a yield rate exceeding 95% [3]. - Plans to expand monthly capacity to 20,000 wafers are in place, aiming to enhance production efficiency and meet customized client demands [3]. - Upgrades to the company's 3.0 generation process technology platform and new device platforms are expected to improve product performance and increase wafer output by over 30% [3]. Group 4: Investment Outlook - The company is positioned as the only supplier covering the full voltage spectrum of 15V-1200V for GaN power semiconductors, with applications in consumer electronics, data centers, new energy vehicles, and industrial power [4]. - Revenue forecasts for 2025-2027 have been raised to 1.542 billion, 2.992 billion, and 4.755 billion yuan, respectively, reflecting the rapid progress in high-end business layouts [4]. - The net profit forecast for the same period has been adjusted to -792 million, 196 million, and 978 million yuan, indicating a positive outlook for profitability [4].