经济观察网 中芯国际近期公告及行业分析显示，2026年公司经营与行业环境将面临机遇与挑战并存。 公司预计2026年销售收入增幅将高于全球同业，资本开支计划与2025年（81亿美元）大致持平。短期来 看，公司对2026年第一季度的指引为销售收入环比持平，毛利率介于18%至20%之间。 公司项目推进 公司计划在2026年新增折合12英寸约4万片月产能，延续高投入节奏。行业层面，AI服务器、电源管理 芯片等需求增长导致部分成熟制程产能紧缺，中芯国际已于2025年12月对8英寸BCD工艺提价约10%， 预计2026年晶圆代工价格可能进一步传导至12英寸制程。 行业政策与环境 管理层强调，2026年将面临产业链回流带来的机遇与存储芯片周期波动的挑战。消费电子领域需求结构 性分化，AI、汽车电子等高端订单增长，而中低端订单可能承压。 财务状况 高资本开支导致折旧压力上升，公司预计2026年折旧费用同比增加约三成，将通过提升产能利用率 （2025年全年平均93.5%）和优化产品组合对冲影响。 战略推进 2025年末完成对中芯北方的全资收购（406亿元交易），预计2026年将进一步整合12英寸成熟工艺产 能，强化国产供应链地 ...

Group 1 - The core viewpoint of the article highlights the performance of the Chip ETF Huatai Fu (516920), which opened down by 0.95% at 1.143 yuan on February 13 [1] - The major holdings of the Chip ETF include companies such as Cambricon, which opened down by 1.12%, and SMIC, which fell by 0.30% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return rate, managed by Huatai Fu Fund Management Co., Ltd., with a return of 15.53% since its establishment on July 27, 2021, and a recent one-month return of -0.33% [1] Group 2 - The article lists the performance of various stocks within the ETF, including Haiguang Information down by 0.89%, Northern Huachuang up by 1.00%, and Ziguang Guowei down by 0.83% [1] - The article emphasizes the importance of cautious investment due to market risks, although it does not provide specific investment advice [1]

这些议员认为，现有管控仍存在漏洞：部分海外生产的 "卡脖子设备"（如ASML的先进光刻系统、 TEL 的高端刻蚀与沉 积设备），仅在销往特定中国实体时受限，并未实施覆盖全中国的禁令。 他们指出，设备一旦进入中国，后续监管便难以落实 —— 核查访问需经中方主管部门批准，流程耗时数周乃至数月，且核 查全程处于监管之下。这使得中芯国际（SMIC）等中国企业仍能借助先进制造设备推进工艺研发。 信函中写道： "我们敦促美国政府推动盟友，对关键卡脖子半导体制造设备及零部件实施 覆盖全中国的出口管控 ，即所有 中国无法自主生产的设备与零部件均纳入限制范围。相关沟通应设定明确合理的期限，若期限内未达成目标，美国应做好 自行填补管控漏洞的准备，包括禁止在销往中国的卡脖子设备生产中使用源自美国的零部件。 " 信函还提及， 晶圆制造设备的 维保服务 也需进一步收紧监管。当前维保服务虽受出口管控规则约束，但已获批采购方安 装的受限先进设备，仍可获得维保支持。由于这类设备需持续维护与技术支持才能正常运行，限制维保服务或可缩短已落 地设备的实际使用寿命。 信函结尾称： "美国保住半导体优势的窗口期正在收窄。我们要求政府在一个月内进行简报 ...

中航西飞 皖维高新 中芯国际 巨星科技 隆鑫通用 伟隆股份 分时图 日K线 周K线 月K线 30.37 0.31 1.03% 2.26% 1.50% 0.77% 0.00% 0.77% 1.50% 2.26% 29.38 29.61 29.83 30.06 30.29 30.51 30.74 09:30 10:30 11:30/13:00 14:00 15:00 10万 57万 104万 151万 从券商推荐家数来看，2月12日有20家上市公司得到券商推荐，其中拓普集团（601689）、中国中免（601888）各获得 2家推荐，皖维高新（600063）等获得1家推荐。 | | | 02月12日券商推荐家数排名 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 收盘价(元) | 评级券商数量 | 行业 | | 601689 | 拓普集团 | 72.52 | 2 | 汽车零部件 | | 601888 | 中国中免 | 94.17 | 2 | 旅游零售 | | | | 日期:02月12日,南财投研通×21快讯制图 | | | 首次覆盖方面，2月12日券商共给 ...

Core Viewpoint - The semiconductor design sector in the STAR Market is experiencing significant growth, with key stocks showing strong performance and an increase in ETF investments, driven by rising demand and pricing in the memory and storage markets [1][2]. Group 1: Market Performance - The STAR Market Chip Design Theme Index (950162) rose by 1.10% as of February 13, 2026, with notable increases in constituent stocks such as Shengke Communication (+10.18%) and Jiewate (+6.45%) [1]. - The E Fund STAR Chip Design ETF (589030) increased by 0.94%, with a recent price of 1.07 yuan, and has seen a cumulative increase of 6.74% over the past week [1]. - The ETF recorded a turnover rate of 2.01% during the trading session, with a total transaction volume of 9.3767 million yuan [1]. Group 2: Fund Growth and Inflows - The E Fund STAR Chip Design ETF has seen a significant increase in scale, growing by 1.7171 million yuan over the past two weeks, ranking second among comparable funds [1]. - The ETF's share count increased by 14.1 million in the past month, also ranking second among comparable funds [1]. - Over the last ten trading days, the ETF attracted a total of 10.7451 million yuan in inflows [1]. Group 3: Industry Insights - According to TrendForce, DRAM contract prices have risen by over 40% in Q4 2025, with further increases expected in Q1 2026, particularly in the DDR4 market due to supply-demand imbalances [2]. - Wanlian Securities highlights the ongoing AI wave driving demand for key hardware components, suggesting that storage and PCB sectors are in an expansion cycle, with potential growth in AI consumer electronics [2]. - The E Fund STAR Chip Design ETF has achieved an 80.00% weekly profit percentage and a 77.78% monthly profit probability since its inception [2]. Group 4: Fee Structure and Index Composition - The management fee for the E Fund STAR Chip Design ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [3]. - The STAR Market Chip Design Theme Index primarily includes companies involved in chip design, with digital chip design accounting for 76.8% of the index weight, benefiting from industry uptrends [3]. - As of January 30, 2026, the top ten weighted stocks in the index account for 58.7% of the total index, including companies like Lanqi Technology and Haiguang Information [3].

中芯国际 2025 年第四季度营业利润（OP）超出预期，2025 全年公司新增 4.9 万片 / 月 12 英寸产能，同时维持 较高产能利用率，这主要得益于 AI 趋势下需求攀升、供应链重组机遇及 "本土生产服务本土"模式的推动。 展望 2026 年，公司增长将依托国内客户需求增加、产能持续扩张以及产品结构优化 —— 高毛利产品（如存 储、BCD 工艺相关产品）需求增速将超过传统产品，高盛看好其产能持续扩张及 中芯国际 2025 年第四季度营业利润（OP）超出预期，2025 全年公司新增 4.9 万片 / 月 12 英寸产能，同时维持 较高产能利用率，这主要得益于 AI 趋势下需求攀升、供应链重组机遇及 "本土生产服务本土"模式的推动。 展望 2026 年，公司增长将依托国内客户需求增加、产能持续扩张以及产品结构优化 —— 高毛利产品（如存 储、BCD 工艺相关产品）需求增速将超过传统产品，高盛看好其产能持续扩张及先进技术迁移前景，维持 "买入" 评级。 产能扩张方面 2025 年第四季度中芯国际资本开支达 24 亿美元（环比 + 1%），全年资本开支 81 亿美元（同比 + 11%），高 于管理层此前预期的 ...

Summary of Conference Call on SMIC (Semiconductor Manufacturing International Corporation) Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Industry**: Semiconductor Manufacturing Key Points Capacity Expansion - In Q4 2025, SMIC's operating profit exceeded expectations, with the company adding 49,000 12-inch wafers per month for the entire year of 2025, while maintaining a high capacity utilization rate. This growth is attributed to the rising demand driven by AI trends, supply chain restructuring opportunities, and the "local production for local consumption" model [1] - For 2025, capital expenditures reached $2.4 billion, a 1% increase quarter-over-quarter, and $8.1 billion for the year, an 11% increase year-over-year, surpassing management's previous expectations of flat growth. This increase is primarily due to strong end-user demand and early equipment deliveries [2] - High demand for AI-related products, including domestic GPUs, data center power semiconductors, and edge AI device chips, is expected to drive capital expenditures to $9 billion in 2026, an 11% year-over-year increase [2] Revenue Growth - Revenue growth in 2026 will be primarily driven by AI and domestic demand. Despite rising storage costs leading to reduced orders from smartphone and consumer electronics clients, growth in AI and mid-to-high-end product orders is expected to offset this impact. Key areas of demand growth include storage-related semiconductors, data center connectivity (optical/electrical), and BCD process power semiconductors [3] - Management anticipates that domestic fabless companies will continue to gain market share in areas such as analog, source information, display drivers, CIS, storage, and MCUs. The target for Q1 2026 is to maintain capacity utilization at the Q4 2025 level of 95.7%, which is deemed achievable under solid demand support [3] Profitability Adjustments - Following the Q4 2025 performance and Q1 2026 guidance, net profit expectations for 2026-2029 have been revised down by 10%-14%, primarily due to adjustments in non-operating components. Revenue, gross margin, and operating profit expectations remain largely unchanged [4] - Although Q4 2025 operating profit exceeded expectations, net profit fell short due to higher-than-expected interest expenses and tax rates. Goldman Sachs has adopted a more cautious stance on non-operating components, particularly regarding interest rate assumptions, leading to the downward revision of net profit expectations [4]

Vi e w p o i n t | 12 Feb 2026 14:28:55 ET │ 20 pages Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com | | | | | | | | | | | | | | | | Current Fiscal Year | | Next Fiscal Year | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | Short | | | | | | | | | | | | | | | | | | Rating | | Term | Target Price | | | | | | EPS | | EPS | | | Company | Ticker | Ccy | Price | Mkt Cap | Date & | Old | New | View | Old | New ESPR (%) | ...

Industry Overview - The Shenzhen Municipal Bureau of Industry and Information Technology has issued the "Artificial Intelligence + Advanced Manufacturing Action Plan (2026-2027)", aiming to promote the application of AI technology in key areas of the semiconductor industry, enhancing efficiency in chip design and software coding [1] - The plan focuses on developing high-performance, energy-efficient SoC chips for various AI terminal demands, including AI smartphones and intelligent robots, and supports the domestic replacement of automotive-grade AI chips for the new energy vehicle market [1] Company Updates - SMIC announced that its memory and BCD products are in high demand, leading to price increases [2] - Hua Hong Semiconductor reported a record high sales revenue of $659.9 million in Q4, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 3.9%. The gross margin was 13.0%, up 1.6 percentage points year-on-year but down 0.5 percentage points quarter-on-quarter. The company expects Q1 2026 sales revenue to be between $650 million and $660 million, with a gross margin of 13% to 15% [2] - Aerospace Zhizhuang stated that it has provided chips for the GW-A2 constellation but is unclear about the specific launch mission's usage. The company cannot estimate the impact of the launch on its Q1 2026 operations [2] - Debon Securities noted that the semiconductor upstream sector showed overall growth in 2025, with semiconductor equipment performing better than materials and components, and packaging and testing outperforming wafer foundry [2] Related ETFs - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The Semiconductor Equipment ETF (Hua Xia, 562590) also emphasizes semiconductor equipment (63%) and materials (24%), benefiting from the demand surge driven by the AI revolution and advancements in lithography technology [3]

2026年2月12日，截至收盘，沪指涨0.05%，报收4134.02点；深成指跌1.44%，报收13952.71点；创业板 指跌1.55%，报收3260.28点。科创半导体ETF（588170）涨0.06%，半导体设备ETF华夏（562590）涨 0.47%。 隔夜外盘：截至收盘，道琼斯工业平均指数跌1.20%；纳斯达克综合指数跌1.75%；标准普尔500种股票 指数跌1.23%。费城半导体指数跌0.06%，恩智浦半导体跌3.03%，美光科技涨0.88%，ARM跌2.47%， 应用材料跌3.38%，微芯科技跌2.27%。 3.华虹半导体在港交所公告称，第四季度销售收入再创历史新高，达6.599亿美元，同比增长22.4%，环 比增长3.9%。毛利率13.0%，同比上升1.6个百分点，环比下降0.5个百分点。母公司拥有人应占利润 1750万美元，上年同期为亏损2520万美元，上季度为利润2570万美元。华虹半导体预计2026年第一季度 销售收入约在6.5亿美元至6.6亿美元之间，毛利率约在13%至15%之间。 4.航天智装在互动平台表示，公司为GW-A2星座提供了芯片，但不清楚具体发射任务的使用情况，目前 公司2 ...