今日早参 2026 年 2 月 13 日 宋亭亭 汽车行业首席研究员 邮箱： songtingting021619@htsc.com 何康 策略首席研究员兼金融工程首席研究 员 座机：021-28972202 邮箱：hekang@htsc.com 今日深度 汽车：摩托质价比破局时刻已至 本届米兰展上我们观察到，欧洲摩托市场的需求结构演变，以及外资二线品 牌的守成产品策略，正为中国品牌的强势突围提供契机。随着以隆鑫、春风 为代表的中国头部摩企在技术储备与渠道建设上完成质的积累，向欧洲出海 已跨越单纯的价格竞争阶段，步入以"质价比"重塑市场格局的新周期。中 国摩企凭借动总技术突破、智能化配置优势以及针对欧洲本土审美的定制化 设计，正于 300 至 800cc 黄金排量段及跨界细分市场建立明显优势，在欧洲 市场具备广阔增长空间。 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 风险提示：汇率波动风险、欧洲宏观经济下行风险、海运周期/费率波动风 险。 研报发布日期：2026-02-10 研究员 宋亭亭 SAC:S0570522110001 SFC:BTK945 陈诗慧 SAC:S0570524080 ...

Group 1 - The core viewpoint of the article highlights that on February 12, brokerage firms set target prices for listed companies, with 9 instances recorded, and 6 stocks showing target price increases exceeding 20% [1] - The companies with the highest target price increases based on the latest closing prices include SMIC, Kelun Pharmaceutical, and Yaxing Integration, with increases of 45.82%, 42.98%, and 34.30% respectively [1] - The sectors represented by these companies are semiconductor, chemical pharmaceuticals, and professional engineering [1]

【重要事项】 中芯国际：存储器、BCD供不应求都在涨价 协创数据：拟不超110亿元采购服务器，用于为客户提供云算力（核心股）服务 【投资&签约】 晶瑞电材：拟6亿元投建西部地区集成电路制造产业链配套关键材料综合基地 温州宏丰：拟定增募资不超过4.5亿元，用于锂电铜箔及电子铜箔扩产项目和半导体（核心股）蚀刻引 线框架项目 沪电股份：拟投资33亿元新建高端印制电路板生产项目，以满足高速运算服务器等中长期增量需求 联合光电：与灵智云创签署业务合作框架合同，为其提供机器人（核心股）产品的组装加工及相关服务 航天彩虹：参与电科蓝天IPO战略配售契合长期发展战略 翰博高新：参股公司芯东进拟收购资产布局湿电子化学品行业 中国交建：2025年新签合同额1.88万亿元 同比增长0.13% 中国中冶：1月新签合同额736.5亿元 胜宏科技：1.6T光模块PCB已实现产业化作业 智光电气：控股子公司获得2.1亿元储能（核心股）设备订单 特锐德：预中标1.37亿元EPC总承包工程 【业绩】 华虹半导体（核心股）：2025年第四季度销售收入达6.599亿美元 同比增长22.4% 潞安环能：1月商品煤销量同比增长16.8% 金橙子业绩快 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.27 CNY [4][11] Core Insights - The company reported Q4 revenue of 2.49 billion USD, exceeding its guidance, with a quarter-on-quarter growth of 12.8% and a year-on-year growth of 4.5% [10] - The company is expected to benefit from the ongoing domestic substitution in the supply chain, with a projected 18% year-on-year revenue growth from Chinese customers in 2025 [10] - The company is focusing on increasing the proportion of high-value-added products, with a 1.5% quarter-on-quarter growth in wafer revenue in Q4 2025 [10] Financial Forecast and Investment Recommendations - The forecasted net profit attributable to the parent company for 2025-2027 is 5.04 billion, 6.74 billion, and 8.04 billion CNY respectively, with adjustments made to gross margin and expense ratios [4][11] - The company’s revenue is projected to grow from 45.25 billion CNY in 2023 to 90.36 billion CNY in 2027, reflecting a compound annual growth rate [6][14] - The gross margin is expected to stabilize around 21.9% in 2025 and 2027, with net profit margins improving gradually [6][14]

【#中芯国际称存储器BCD供不应求都在涨价#[话筒]】中芯国际发布投资者关系活动记录表公告称：展 望2026年，产业链海外回流、国内客户新产品替代海外老产品的效应将持续下去，为国内产业链带来持 续的增长空间。在11月份业绩说明会上，有提到存储大周期对于产业和晶圆代工业的影响。这两个月， 我们与产业链伙伴广泛沟通，我们看到，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，使得这些领域的终端厂商面临着存储芯片供应量不足和涨价的 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，也会导致对终端产品的需求下降。以 上因素综合起来，使得晶圆厂收到的中低端订单减少，但与AI、存储、中高端应用相关的订单是增加 的。 中芯国际的存储器、BCD供不应求，都是在涨价的，友商部分成熟的产能不做了，市场上的供应量是 在下降的。我们看到大宗类别里的CIS、LCD Driver价钱都稳定下来了，如果是新的、迭代的、有竞争 力的产品价格是提升的。迭代速度快的，例如Wifi、LCD Driver、AMOLED Driver价格是成长的；不迭 代的标准产品价格就会下降一些。公司会在研发、工程 ...

Group 1 - The core viewpoint of the article highlights that the domestic industry chain will continue to experience growth due to the return of overseas supply chains and the replacement of old products by new domestic products by 2026 [1] - The strong demand for storage driven by artificial intelligence is squeezing the supply of storage chips for mid-to-low-end applications, leading to supply shortages and price increases for terminal manufacturers [1] - Orders related to AI, storage, and mid-to-high-end applications are increasing, while orders for mid-to-low-end products are decreasing due to the aforementioned factors [1] Group 2 - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in various segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [2] - The company plans to respond to urgent market demands and aims to continue revenue growth in 2026, with supply-demand dynamics leading to price increases for certain products [2] - The company prioritizes support for iterative products in R&D, engineering, and capacity to stabilize product prices and enhance control over average selling prices (ASP) [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION * 00981 於2026年2月12日舉行之臨時股東大會投票表決結果 董事會欣然宣佈，載於臨時股東大會（「臨時股東大會」）通告之建議決議案，已獲股東 於2026年2月12日舉行之臨時股東大會上以投票表決方式正式通過。 茲提述本公司日期為2026年1月28日之通函（「該通函」），內容有關（其中包括）： 除特別註明外，本公告所用詞彙與該通函所界定者具相同涵義。 臨時股東大會投票表決結果 董事會欣然宣佈，載於該通函所載附的臨時股東大會通告之建議決議案，已獲股東於 2026年2月12日舉行之臨時股東大會上以投票表決方式正式通過。 於臨時股東大會當日，已發行股份總數為8,000,504,003股股份（包括6,000,941,454股香港 股份，以及1,999,562,549股人民幣股份）。 * 僅供識別 - ...

Core Viewpoint - The outlook for 2026 indicates that the return of the supply chain overseas and the replacement of old products by new domestic products will continue to provide growth opportunities for the domestic industry chain [1] Group 1: Market Dynamics - The strong demand for artificial intelligence is impacting the supply of storage chips, particularly affecting the mid-to-low-end sectors, leading to supply shortages and price increases for terminal manufacturers [1] - Terminal manufacturers may raise prices to offset rising costs, which could subsequently reduce demand for end products [1] - Orders for mid-to-high-end applications related to AI and storage are increasing, while orders for mid-to-low-end applications are decreasing [1] Group 2: Company Positioning - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [1] - The company plans to respond actively to urgent market demands and aims to continue revenue growth into 2026 [1] Group 3: Pricing Trends - The relationship between supply and demand is reflected in the pricing of the company's storage and BCD products, which are currently in short supply and experiencing price increases [1] - Prices for established products in categories like CIS and LCD Driver have stabilized, while new, competitive products are seeing price increases [1] - The company will prioritize support for iterative products in R&D, engineering, and capacity to consolidate product pricing and enhance control over average selling prices (ASP) [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.27 CNY [4][11] Core Insights - The company reported Q4 revenue of 2.49 billion USD, exceeding guidance with a quarter-on-quarter growth of 12.8% and a year-on-year growth of 4.5% [10] - The company is expected to benefit from the ongoing domestic substitution in the supply chain, with a projected 18% year-on-year revenue growth from Chinese customers in 2025 [10] - The company is focusing on increasing the proportion of high-value-added products, with a 1.5% quarter-on-quarter growth in wafer revenue in Q4 [10] Financial Forecasts - The forecasted net profit attributable to the parent company for 2025-2027 is 5.04 billion, 6.74 billion, and 8.04 billion CNY respectively, with adjustments made to gross margin and expense ratios [4][11] - Revenue projections for 2023-2027 are 45.25 billion, 57.80 billion, 67.31 billion, 78.96 billion, and 90.36 billion CNY, reflecting a year-on-year growth of -9%, 28%, 16%, 17%, and 14% respectively [6][14] - The gross margin is expected to improve from 21.9% in 2023 to 23.2% in 2026 and 2027 [6][14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00981） 魯國慶 陳山枝 楊魯閩 黃登山 海外監管公告 本公告乃中芯國際集成電路製造有限公司（Semiconductor Manufacturing International Corporation,「本公司」）根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《上海市錦天城律師事務所關於2026年第一次臨 時股東大會的法律意見書》，僅供參閱。 承董事會命 中芯國際集成電路製造有限公司 公司秘書 / 董事會秘書 郭光莉 中國上海，2026 年 2 月 12 日 於本公告日期，本公司董事分別為： 執行董事 劉訓峰 非執行董事 獨立非執行董事 ...