需求方面，中芯管理层指BCD工艺、储存器及储存器相关产品的需求持续强劲，供不应求，并已于 2025年实现价格上调。其他产品领域如CIS及LCD驱动芯片，由于行业产能被调配至BCD及其他高需求 领域，价格正趋于稳定。该行上调中芯2026至2029年收入预测4%，以反映更大的本土化机遇及更佳的 供需格局，同时下调盈利预测8%至18%，以反映更高的折旧负担；维持"中性"评级，目标价为76港 元。 瑞银发表研报指，中芯国际去年第四季盈利按季增4.5%，表现优于常规季节性，并高于指引及市场预 期，主要受惠于晶圆出货量及混合产品均价轻微上升。其他收入因临近年底光罩出货而按季增64%。毛 利率为19.2%，符合18%至20%的指引，但低于市场预期的20%。毛利率因折旧费用上升而按季下跌2.8 个百分点。 ...

摩根士丹利发表研报指，中芯国际在结构上处于有利位置，可受惠于内地人工智能运算能力建设，有助 于抵销消费需求的周期性波动。该行维持公司"增持"评级，续予目标价80港元。大摩表示，中芯国际引 指今年首季收入按季持平，毛利率为18%至20%，略低于预测，反映部分面向消费者的客户在存储器价 格上行周期中持谨慎态度，并对终端需求可见度感到忧虑。该行认为，中芯国际是中国本地人工智能 GPU供应链的关键推动者。此外，随着晶圆利用率维持高位，且均价呈上升趋势，相信公司可吸收部分 因持续扩产而上升的折旧成本。 ...

Group 1 - The core point of the article highlights the performance of the Chip ETF (159995), which opened with a gain of 0.68% at 1.913 yuan on February 12 [1] - The major holdings of the Chip ETF include companies such as SMIC, Haiguang Information, and Cambrian, with respective opening gains of 0.47%, 1.96%, and 0.10% [1] - The performance benchmark for the Chip ETF is the National Securities Semiconductor Chip Index return, managed by Huaxia Fund Management Co., with a return of 89.97% since its inception on January 20, 2020, and a near-term return of -0.05% over the past month [1]

Group 1 - The semiconductor ETF (159813) opened with a gain of 0.57%, priced at 1.225 yuan [1] - Key holdings in the semiconductor ETF include: - SMIC up 0.47% - Haiguang Information up 1.96% - Cambrian up 0.10% - North Huachuang up 0.53% - Zhaoyi Innovation up 2.08% - Zhongwei Company up 0.62% - Lanke Technology up 1.05% - OmniVision up 0.03% - Tuojing Technology up 0.89% - Changdian Technology up 0.67% [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has achieved a return of 82.59% [1] - The ETF has experienced a slight decline of 0.02% over the past month [1]

里昂发布研报称，现予中芯国际(00981) H股目标价93.3港元，中芯国际(688981.SH)A股目标价152元人 民币，均予"跑赢大市"评级。 中芯国际2025年第四季收入按季升4.5%至24.9亿美元，超越0%至2%的增长指引。期内毛利率为 19.2%，约处于18%至20%指引区间的中值。平均售价按季上升1%至每片晶圆914美元。 公司指引2026年首季收入按季持平，符合市场预期；而毛利率指引为18%至20%，略低于市场预期的 20.9%。公司预期2026年全年收入增长将高于行业平均水平，资本开支指引则大致与2025年81亿美元持 平。 ...

公司指引2026年首季收入按季持平，符合市场预期；而毛利率指引为18%至20%，略低于市场预期的 20.9%。公司预期2026年全年收入增长将高于行业平均水平，资本开支指引则大致与2025年81亿美元持 平。 智通财经APP获悉，里昂发布研报称，现予中芯国际(00981) H股目标价93.3港元，中芯国际 (688981.SH)A股目标价152元人民币，均予"跑赢大市"评级。 中芯国际2025年第四季收入按季升4.5%至24.9亿美元，超越0%至2%的增长指引。期内毛利率为 19.2%，约处于18%至20%指引区间的中值。平均售价按季上升1%至每片晶圆914美元。 ...

By Karen Freifeld and Jasper Ward WASHINGTON, Feb 11 (Reuters) - The U.S. Department of Commerce on Wednesday announced a $252 million settlement with ‌Applied Materials for illegally exporting chipmaking equipment to China's top chipmaker ‌Semiconductor Manufacturing International Corp. In 2023, Reuters exclusively reported that Applied Materials was under U.S. criminal ​investigation for producing semiconductor equipment in Massachusetts, then shipping the equipment to a subsidiary in South Korea, befo ...

证券研究报告 | 2026年02月10日 2026年02月11日 中芯国际（00981.HK） 优于大市 四季度收入超指引上限，预计 2026 年增速高于可比同业均值 4Q25 营收超指引上限，预计 2026 年收入增幅高于可比同业均值。公司 4Q25 实现销售收入 24.89 亿美元（YoY +12.8%，QoQ +4.5%），高于指引(QoQ 0%-2%) 上限，续创季度收入新高，晶圆收入占总收入的 92.4%；毛利率因折旧增加 降至 19.2%(YoY -3.4pct，QoQ -2.7pct)，符合指引；归母净利润为 1.73 亿 美元(YoY +60.7%，QoQ -10.0%)。预计 1Q26 营收环比持平，毛利率为 18%-20%， 2026 年全年收入增幅高于可比同业平均值。 四季度产能利用率环比基本持平，预计 2026 年资本开支与 2025 年持平。公 司 4Q25 付运折合 8 英寸晶圆 251 万片(YoY +26.3%，QoQ +0.6%)，产能利用 率为 95.7%(YoY +10.2pct，QoQ -0.1pct)。在晶圆收入中 12 英寸晶圆贡献 77.2%，8 英寸晶圆贡献 2 ...

Economic Indicators - In January, China's CPI rose by 0.2% year-on-year, down from 0.8% in the previous month, while the core CPI, excluding food and energy, increased by 0.8% [2] - The PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth, with a year-on-year decline of 1.4%, a reduction in the decline compared to the previous month [2] - The recent base period adjustment had a minimal impact on CPI and PPI, averaging about 0.06 and 0.08 percentage points respectively [2][3] Real Estate Market - In January, the average price of second-hand residential properties in 100 cities fell by 0.85% month-on-month and 8.67% year-on-year, while major cities like Shanghai and Shenzhen saw transaction volumes increase [4] - Beijing's second-hand home transactions were 15,000 units, down 12.3% month-on-month but up 20.8% year-on-year, indicating a mixed market response [4] - Despite some recovery in transaction volumes, the overall market remains in a price-for-volume situation, with a nationwide recovery expected to take longer [5] Automotive Industry - In January, China's automotive production and sales reached 2.45 million and 2.346 million units respectively, with a slight year-on-year production increase of 0.01% and a sales decline of 3.2% [6] - New energy vehicle sales were stable, with production and sales of 1.041 million and 945,000 units, reflecting year-on-year growth of 2.5% and 0.1% respectively [6] - The automotive export market showed strong growth, with 302,000 new energy vehicles exported, doubling year-on-year [6][7] Technology and AI - The daily active users of the Qianwen App surged by 727.7% to 58.48 million on the first day of its promotional campaign, significantly narrowing the gap with competitors [8] - Byte's Doubao has taken a more cautious approach in the "red envelope war," focusing on differentiated product positioning, which has helped establish a user base [9] - Semiconductor manufacturer SMIC reported a 23.2% increase in net profit for Q4 2025, driven by demand recovery and domestic orders, with a revenue of 17.813 billion yuan [10][11] Consumer Brands - FountainVest Partners is considering selling its Chinese franchise operator CFB Group, which operates over 1,800 stores for brands like DQ and Papa John's, reflecting a trend of international brands reassessing their Chinese operations [12] - The sale of control over these brands is seen as a strategic move to adapt to changing consumer preferences in China, rather than a withdrawal from the market [12][13] Satellite Internet - Amazon received approval to deploy 4,500 satellites as part of its plan to expand its satellite constellation to compete with SpaceX, aiming to provide satellite internet services [14][15] - The deployment is part of Amazon's strategy to integrate its existing cloud services with satellite technology, potentially enhancing its service offerings [14]

长江商报消息●长江商报记者 江楚雅 集成电路制造领军企业中芯国际（688981.SH、00981.HK）业绩稳定增长。 2月10日晚间，中芯国际发布2025年第四季度及全年业绩快报。公司2025年全年平均产能利用率 93.5%，同比提升8个百分点；实现营业收入673.23亿元，同比增长16.5%；实现归母净利润50.41亿元， 同比大增36.3%，营收与利润双双刷新历史纪录。 面向2026年，中芯国际释放积极信号。公司预计，2026年全年销售收入增幅将高于可比同业平均水平， 资本开支与2025年大致持平，扩产节奏保持稳健。2025年，中芯国际资本开支达81亿美元，新增约5万 片12英寸产能；2026年预计再新增折合12英寸约4万片月产能。 产能扩张稳步推进，支撑增长目标落地。2025年中芯国际新增约5万片12英寸产能，2026年预计再新增 折合12英寸约4万片月产能。受外部设备交付节奏影响，产能释放呈现渐进式节奏，但长期扩产方向不 变。随着产能稳步释放与产品结构持续升级，公司有望在BCD、模拟、存储、MCU、显示驱动等优势 赛道持续扩大份额。 量价齐升驱动业绩高增 2025年，中芯国际交出亮眼成绩单。 根据业 ...