港股半导体股盘初拉升，华虹半导体涨近3%，中芯国际涨2%。 ...

中芯国际港股市值4410.39亿港元，在半导体行业中排名第1。主要指标见下表： | 指标 | 中芯国际 | 未曾体 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | 2.79% | 2.79% | 8 16 | | 港股流通市值 | 4410.39亿 | 373.08亿 | 1 16 | | 营业收入 | 88.35 Z | 41.88 乙 | 3 16 | | 净利率 | 10.55% | -63.15% | 2 16 | | 毛利率 | 21.45% | 26.14% | 8 16 | | 员债率 | 33.78% | 94.56% | 7 16 | 建银国际发布研报称，将中芯国际H股(00981.HK)目标价由62港元，调高至87港元，维持"跑赢大市"的 投资评级;而中芯国际A股的目标价90元人民币，调高40%至126元人民币，投资评级维持"中性"。 投行对该股的评级以买入为主，近90天内共有3家投行给出买入评级，近90天的目标均价为83.33港元。 交银国际证券有限公司最新一份研报给予中芯国际买入评级，目标价90港元。 机构评级详情见下表： | 股票代码 ...

Group 1 - The semiconductor ETF (159813) opened down 0.19% at 1.070 yuan on November 18 [1] - Major holdings in the semiconductor ETF include: Cambrian (up 0.22%), SMIC (down 0.11%), Haiguang Information (down 0.35%), Northern Huachuang (down 0.19%), Lanke Technology (down 0.33%), Zhaoyi Innovation (down 1.07%), Zhongwei Company (down 0.87%), OmniVision (up 0.01%), Changdian Technology (down 0.19%), and Unisoc (down 0.46%) [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 returned 60.80%, while its return over the past month is -1.63% [1]

Core Viewpoint - The Chip ETF Fund (159599) opened at a decline of 0.35%, indicating a slight downturn in the semiconductor sector [1] Fund Performance - The Chip ETF Fund (159599) has a performance benchmark of the CSI Chip Industry Index return rate [1] - Since its establishment on April 19, 2024, the fund has achieved a return of 98.05% [1] - Over the past month, the fund has experienced a return of -1.19% [1] Major Holdings Performance - Major stocks within the Chip ETF Fund include: - SMIC (中芯国际) opened down 0.11% - Cambricon (寒武纪) increased by 0.22% - Haiguang Information (海光信息) decreased by 0.35% - Northern Huachuang (北方华创) fell by 0.19% - Lattice Semiconductor (澜起科技) dropped by 0.33% - Zhaoyi Innovation (兆易创新) declined by 1.07% - Zhongwei Company (中微公司) decreased by 0.87% - OmniVision (豪威集团) slightly increased by 0.01% - Chipone (芯原股份) fell by 1.15% - JCET (长电科技) decreased by 0.19% [1]

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]

智通财经APP获悉，建银国际发布研报称，将中芯国际H股(00981)目标价由62港元，调高至87港元，维 持"跑赢大市"的投资评级;而中芯国际A股的目标价90元人民币，调高40%至126元人民币，投资评级维 持"中性"。 该行指，中芯国际目前在中国半导体供应链中扮演重要角色，尤其是在国际政策不明朗的情况下。此 外，该公司在新技术节点和平台开发方面取得了稳步进展。其不断提升的竞争力和在专业技术领域的能 力进一步巩固了其作为供应链改革主要受益者的地位。因此，该行将H股的目标市账率从3.0倍上调至 4.0倍。 建银国际表示，中芯国际新晶圆厂产能的加速折旧和摊提将继续影响毛利率，但更高的单位交易率和产 品组合的最佳化可能会缓解这种影响。该行将2025/2026/2027年的盈利预测分别上调19%/4%/9%，主要 原因是毛利率高于预期以及营运支出降低。该行的每股账面价值预测分别上调了0.5%/0.6%/0.9%。 ...

该行指，中芯国际目前在中国半导体供应链中扮演重要角色，尤其是在国际政策不明朗的情况下。此 外，该公司在新技术节点和平台开发方面取得了稳步进展。其不断提升的竞争力和在专业技术领域的能 力进一步巩固了其作为供应链改革主要受益者的地位。因此，该行将H股的目标市账率从3.0倍上调至 4.0倍。 建银国际表示，中芯国际新晶圆厂产能的加速折旧和摊提将继续影响毛利率，但更高的单位交易率和产 品组合的最佳化可能会缓解这种影响。该行将2025/2026/2027年的盈利预测分别上调19%/4%/9%，主要 原因是毛利率高于预期以及营运支出降低。该行的每股账面价值预测分别上调了0.5%/0.6%/0.9%。 智通财经APP获悉，建银国际发布研报称，将中芯国际H股(00981)目标价由62港元，调高至87港元，维 持"跑赢大市"的投资评级;而中芯国际A股的目标价90元人民币，调高40%至126元人民币，投资评级维 持"中性"。 ...

Group 1 - The semiconductor industry is experiencing high demand, with SMIC reporting a capacity utilization rate of 95.8% in Q3, indicating a supply-demand imbalance and sustained high prices for products like NOR/NAND Flash and MCUs [2] - Major technology stocks are under pressure, with significant declines in companies such as Dell Technologies (over 8%) and AMD (over 6%), while NVIDIA, a key player in AI, is set to release its earnings report soon, contributing to market stress [2] - Morgan Stanley has downgraded several equipment manufacturers due to expected profit compression from rising storage chip prices and continued price increases into 2026, impacting OEMs and ODMs [2] Group 2 - The semiconductor industry is expected to continue its positive trajectory, driven by AIGC and improving downstream consumer demand, alongside a rapid domestic semiconductor localization process in China [3] - There is a surge in mergers and acquisitions within the domestic semiconductor sector, as companies position themselves for growth and advancement in the industry [3] - Relevant ETFs, such as the Sci-Tech Semiconductor ETF (588170), focus on semiconductor equipment and materials, highlighting the importance of domestic substitution in these sectors, which are benefiting from the AI revolution and technological advancements [3]

Investment Rating - The report maintains a "Buy" recommendation for the semiconductor sector, highlighting the upward trend in storage and related industries due to increased demand from AI and expansion in production lines [18][19]. Core Insights - The semiconductor industry is experiencing a significant upturn, driven by AI-related demand and the expansion of domestic production lines, particularly in advanced logic and storage sectors. The report emphasizes the importance of monitoring key components in the semiconductor index and related sectors [18][19]. - Notable companies like NVIDIA and AMD are optimistic about AI prospects, with NVIDIA projecting $500 billion in revenue from upcoming product lines over the next five quarters. AMD reported record revenue in Q3 2025, with expectations of over 60% CAGR in data center business [18][19]. - The report indicates a comprehensive increase in storage prices, particularly in DRAM and NAND, with significant price hikes observed in October 2025, driven by AI server demand [5][11]. Summary by Sections 1. Industry Overview - The semiconductor industry index decreased by 5.96% in October 2025, underperforming compared to the Philadelphia Semiconductor Index and Taiwan Semiconductor Index, which increased by 13.48% and 14.38%, respectively [33]. 2. Demand Side - The global smartphone shipment increased by 2.6% year-on-year in Q3 2025, while PC shipments rose by 9.4%. The wearable market saw significant growth, particularly in AI glasses, although growth is expected to slow in the latter half of the year [2][3]. 3. Supply Side - Capacity utilization rates are recovering, with TSMC reporting strong demand for AI data centers. SMIC's capacity utilization reached 95.8%, indicating a robust supply-side response to increasing demand [4][10]. 4. Price Trends - Since Q3 2025, DRAM and NAND prices have risen significantly, with October showing accelerated price increases. DDR4 and DDR5 products saw price hikes of 102.6% and 40.4%, respectively, due to supply-demand imbalances [5][11]. 5. Sales Performance - Global semiconductor sales reached $64.97 billion in September 2025, marking a year-on-year increase of 25.1% and a month-on-month increase of 7.0% [5][9]. 6. Investment Recommendations - The report suggests focusing on sectors benefiting from the ongoing upcycle in storage, equipment, and materials, as well as optimistic demand forecasts in the computing power sector. Specific companies to watch include domestic chip manufacturers and those benefiting from AI server demand [18][19].

Core Insights - On November 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively [1][3] Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan, reflecting a 44.60% increase [3] - Kede CNC's target price is set at 86.95 yuan, indicating a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, with a 37.73% increase [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - Two companies had their ratings upgraded on November 17, including China Petroleum, which was upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics, upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - Seven companies received initial coverage on November 17, including Waneng Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co., Ltd. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [7][8]