Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened down by 0.96% at 1.132 yuan on February 11 [1] - The major holdings of the Chip ETF experienced declines, with notable drops including Cambricon down 1.09%, SMIC down 1.89%, and GigaDevice down 1.69% [1] - The performance benchmark for the Chip ETF is the CSI Chip Industry Index return, with a total return of 14.40% since its establishment on July 27, 2021, and a one-month return of 0.56% [1]

赵海军预测，接下来存储器产能会增加，9个月后就能看到晶圆前端生产产能增加，这些产能会投放到消费类产品。 中芯国际（688981.SH）2月10日晚披露2025年第四季度业绩快报后，今日举办了业绩交流会，公司高管回应了存储缺货、产业链回流、部分产能涨价等问 题。 赵海军判断，接下来存储产能不足预计影响电脑及周边等，在手机库存偏高的情况下，预计上半年需求有一定程度的下降，公司于是将更多产能腾挪给供不 应求的领域，例如数据中心、电源、工业、汽车。在存储器相关的部分，公司感受到的需求非常急，目前已尽可能将产能转为MCU专用存储器或与存储相 关逻辑电路的部分。同时，与数据传输、端侧AI有关的电路需求也在增长。 至于中低端手机需求何时触底反弹，赵海军也作出了判断。"我经历过5轮存储周期，看到终端需求（一开始）可能被放大，就像缺少一张机票会同时去问国 航、东航、南航，售票处一下增加很多需求，但实际需求只有一张。现在大家有些慌张、焦虑，是因为需求被放大，推动价格上涨，中间商囤货议价。但 AI真正带来很多需求的部分是HBM（高带宽内存）、封装测试等，并非前端的晶圆都转去做HBM。"他表示。 赵海军预测，接下来存储器产能会增加， ...

2026.02. 11 本文字数：1155，阅读时长大约2分钟 作者 | 一财阿驴 11:31 A股午盘｜沪指涨0.22% 截至午盘，沪指涨0.22%，深成指跌0.07%，创业板指跌0.91%。科创综指跌0.48%。 沪指低开0.1%，深证成指低开0.17%，创业板指低开0.24%，科创综指低开0.33%。 盘面上，小金属、稀土永磁板块走强，油气、化工、造纸、固态电池板块涨幅居前；影视、文化传媒 板块调整，互联网电商、旅游及酒店等板块走弱。 沪深两市半日成交额1.3万亿，较上个交易日缩量949亿。全市场超2700只个股上涨。 10:53 港股AI应用股反复活跃，智谱涨近7%，金山云涨5.8%，哔哩哔哩涨5.5%。 10:49 油气股震荡上扬，中曼石油涨超7%，洲际油气、海油工程涨超4%，海油发展、中油工程、 中海油服等跟涨。 10:06 创业板指日内跌幅扩大至1%，CPO、文化传媒等板块跌幅居前。 10:03 港股智谱涨幅扩大至9.5%，报348港元，股价创历史新高。 09:50 沪深两市成交额突破5000亿，较上一日此时缩量超900亿。 09:44 影视股震荡下挫，横店影视、金逸影视跌停，海看股份、幸福蓝海 ...

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SMIC (00981) with a target price of HKD 134 for H-shares, implying a projected P/E ratio of 71.6x for 2028, and a target price of RMB 241.6 for A-shares, indicating a premium of 196% over H-share valuation, driven by domestic foundry customer demand growth and AI opportunities [1] Financial Performance - In Q4 of the previous year, SMIC's revenue increased by 4% quarter-on-quarter to USD 2.5 billion, exceeding both Goldman Sachs' and market expectations by 3%, and surpassing management's guidance of 0% to 2% growth [1] - The gross margin for the period was 19%, aligning with management's guidance of 18% to 20%, and generally matching Goldman Sachs' and market expectations [1] - Revenue growth was primarily attributed to a 1% quarter-on-quarter increase in wafer shipments and average selling prices, while the gross margin decreased from 22% in the previous quarter due to increased depreciation and amortization expenses [1] Management Guidance - For Q1 of this year, management expects revenue to remain flat quarter-on-quarter, which is in line with Goldman Sachs' forecast of 2% growth and market expectations [1] - The gross margin guidance for Q1 is maintained at 18% to 20%, slightly below Goldman Sachs' expectation of 21.7% and market expectations of 20.9% [1] - For the full year, management anticipates revenue growth to exceed the average of comparable peers, with capital expenditures expected to remain flat year-on-year; Goldman Sachs believes there is potential for upward revision in guidance [1]

2月11日，中芯国际(0981.HK)盘中一度跌4.61%至68.25港元。 消息面上，公司昨晚公布业绩显示，2025年第四季股东应占溢利1.73亿美元，虽然同比增长60.7%，但低于预期的1.83亿美 元。管理层交出今年第一季指引，预计销售收入按季持平，毛利率介乎18%至20%之间。在外部环境无重大变化的前提下， 公司对今年指引为销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致持平。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 ...

中芯国际(0981.HK)盘中一度跌4.61%至68.25港元。 本文源自：金融界AI电报 ...

格隆汇2月11日｜中芯国际(0981.HK)盘中一度跌4.61%至68.25港元。消息面上，公司昨晚公布业绩显 示，2025年第四季股东应占溢利1.73亿美元，虽然同比增长60.7%，但低于预期的1.83亿美元。管理层 交出今年第一季指引，预计销售收入按季持平，毛利率介乎18%至20%之间。在外部环境无重大变化的 前提下，公司对今年指引为销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致持平。 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index (950125) decreased by 0.68% as of February 11, 2026, with mixed performance among constituent stocks [1] - The China Securities Semiconductor Materials and Equipment Theme Index (931743) fell by 0.83%, also showing varied performance among its constituent stocks [1] - The Sci-Tech Semiconductor ETF (588170) experienced a decline of 0.79%, with a latest price of 1.76 yuan, while the Semiconductor Equipment ETF Huaxia (562590) dropped by 0.78%, priced at 1.9 yuan [1] Group 2 - The latest net inflow for the Sci-Tech Semiconductor ETF was 1.17 billion yuan, with a total of 50.67 million yuan accumulated over the last five trading days [2] - In contrast, the Semiconductor Equipment ETF Huaxia had a net inflow of 383.42 million yuan over the last 22 trading days, with 16 days showing net inflows totaling 1.273 billion yuan [2] - SMIC's co-CEO Zhao Haijun indicated that the shift towards localization in the semiconductor industry will have a restructuring effect throughout 2025, with rapid transitions in various segments [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The Semiconductor Equipment ETF Huaxia (562590) emphasizes semiconductor equipment (63%) and materials (24%), targeting the upstream of the semiconductor industry [3] - The semiconductor equipment and materials sector is crucial for domestic substitution, characterized by low domestic replacement rates and high ceilings for domestic alternatives, benefiting from the AI revolution and ongoing technological advancements [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华尔街见闻 尽管市场普遍处于淡季，但中芯国际交出了一份"淡季不淡"的成绩单：四季度销售收入24.89亿美元， 环比增长4.5%，产能利用率逆势攀升至95.7%。 2月11日，中芯国际联席CEO赵海军在业绩说明会上详细拆解了公司2025年第四季度业绩及未来展望。 面对复杂的半导体周期，赵海军重点阐述了AI需求对传统市场的"挤压效应"、产能利用率的超预期表现 以及高达81亿美元资本开支背后的逻辑。 具体来看，"8英寸利用率整体超满载，12英寸整体接近满载。" AI强劲需求"挤压"中低端市场 电话会上，最令市场关注的是管理层对半导体需求结构变化的深度拆解。赵海军明确指出，人工智能 （AI）的爆发正在对传统消费电子供应链产生挤出效应。 赵海军指出，经过与产业链伙伴的广泛沟通，公司发现人工智能对于存储的强劲需求，"挤压了手机等 其他应用领域特别是中低端领域能拿到的存储芯片供应。" 这种挤压效应直接传导至终端厂商。赵海军解释道，这使得相关领域的终端厂商面临存储芯片供应不足 和涨价的双重压力。"即使终端厂商可以通过涨价的方式来消化成本上涨的压力 ...

中芯国际给出的2026年第一季度指引显示，销售收入环比持平，毛利率在18%-20%之间。在外部环境无重大变化的前提下，中芯国际给出的2026年指引为： 销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致持平。 | | 2025 年 | 2025年 季度比较 | 2024 | | --- | --- | --- | --- | | | 第四季度 | 第三季度 | 第四季 | | 销售品圆(1) | 2,514,970 | 2,499,465 | 0.6% 1,991,76 | | 产能利用率(2) | 95.7% | 95.8% | 85.5 | 收入以地区分类，2025年第四季度中国区收入占比环比进一步提升至87.6%；从具体应用来看，2025年第四季度智能手机产品收入占比为21.5%，电脑与平 板产品收入占比为11.8%，消费电子收入占比为47.3%，互联与可穿戴产品收入占比为7.2%，工业与汽车收入占比为12.2%。 | 晶圆收入分析 | | | | | --- | --- | --- | --- | | | 2025 年 | 2025 年 | 2024 年 | | 以应用分类 | 第四季度 ...