格隆汇12月29日｜中芯国际公告，中芯南方的注册资本将由65亿美元增加至100.77亿美元。中芯控股、 国家集成电路基金、国家集成电路基金二期、国家集成电路基金三期、上海集成电路基金、上海集成电 路基金二期、泰新鼎吉、先导集成电路基金将分别持有中芯南方41.561%、9.392%、14.885%、 8.361%、7.939%、11.253%、5.545%及1.063%股权。 ...

中芯国际公告，公司拟向国家集成电路产业投资基金股份有限公司、北京集成电路制造和装备股权投资 中心(有限合伙)、北京亦庄国际投资发展有限公司、中关村发展集团股份有限公司、北京工业发展投资 管理有限公司发行5.47亿股股份购买其所持有的中芯北方集成电路制造(北京)有限公司49.00%股权。交 易价格为406.01亿元。本次交易不会导致公司控制权变更。交易对方所获股份锁定期为自股份发行结束 之日起12个月。本次交易完成后，中芯北方将成为公司的全资子公司。 ...

SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中芯國際集成電路製造有限公司* 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分內容 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。 （於開曼群島註冊成立之有限公司） （股份代號：00981） 須予披露的交易及關連交易 有關訂立中芯南方新合資合同及新增資擴股協議 I. 訂立新合資合同及新增資擴股協議 茲提述本公司日期為2020年5月15日的公告及日期為2020年6月6日的通函，內容有 關（其中包括）中芯控股與國家集成電路基金、國家集成電路基金二期、上海集成電 路基金及上海集成電路基金二期訂立合資合同及增資擴股協議，據此：(i)中芯南方 註冊資本由35億美元增加至65億美元；及(ii)中芯控股、國家集成電路基金、國家 集成電路基金二期、上海集成電路基金及上海集成電路基金二期分別持有中芯南方 38.515%、14.562%、23.077%、12.308%及11.538%股權。 於2025年12月29日 ...

Core Viewpoint - The semiconductor industry is experiencing a significant price increase across both mature and advanced processes, driven by structural supply-demand imbalances and rising costs, particularly influenced by the AI industry's growth [2][4][5]. Group 1: Price Increases - SMIC has officially notified downstream customers of a price increase of approximately 10% for 8-inch BCD process foundry services, with multiple chip companies confirming receipt of this notice [2]. - Taiwan's World Advanced Semiconductor has followed suit with a similar 10% price increase for the same process, indicating a clear industry-wide trend [2]. - TSMC plans to implement a series of price increases for advanced processes below 5nm starting January 2026, with an average increase of 3%-5% over four years [2]. Group 2: Supply-Demand Dynamics - The current price surge is attributed to a long-term structural imbalance between supply and demand, with explosive growth in demand, particularly from the AI sector, being a key driver [4]. - The demand for power management chips in AI servers has surged, leading to a critical shortage of related production capacity, particularly for BCD processes [4]. - TrendForce's research indicates that by the second half of 2025, driven by AI demand, wafer foundries' capacity utilization rates are expected to remain higher than previously anticipated, with some manufacturers performing better in Q4 than in Q3 [4]. Group 3: Supply Constraints - TSMC is actively reducing its 8-inch mature process capacity to focus on high-value advanced processes, planning to shut down some production lines by the end of 2027, which exacerbates the supply constraints in the mature process segment [5]. - Domestic foundries are operating at full capacity, with SMIC achieving a capacity utilization rate of 95.8% and a monthly output of over 1 million 8-inch wafers [5]. - Huahong Semiconductor's capacity utilization rate has reached 109.5%, indicating an overworked state, which provides a strong basis for price increases [5]. Group 4: Cost Pressures - The cost of raw materials, particularly metals like gold and copper, remains high, with leading silicon wafer companies raising prices by an average of 12% in late December, directly increasing wafer manufacturing costs [5]. - Rising energy and labor costs further compress profit margins for foundries, making price increases a necessary response to maintain profitability [5].

Group 1 - The main point of the news is that the net outflow of capital in the Shanghai and Shenzhen markets reached 60.795 billion yuan, with the Sci-Tech Innovation Board experiencing a net outflow of 3.767 billion yuan [1] - A total of 182 stocks on the Sci-Tech Innovation Board saw net inflows, while 416 stocks experienced net outflows [1] - Among the stocks with significant net inflows, Han's Laser (寒武纪-U) led with a net inflow of 1.459 billion yuan, followed by Chipone (芯原股份) and Zhenray Technology (臻镭科技) with net inflows of 388.5 million yuan and 220 million yuan respectively [1] Group 2 - C Jianxin (C健信) had the highest net outflow among stocks listed for five days, with a net outflow of 65.0949 million yuan [2] - There are 37 stocks that have seen continuous net inflows for more than three trading days, with Aolaide (奥来德) leading at 11 consecutive days of net inflow [2] - The stock with the most extended net outflow is Dameng Data (达梦数据), which has seen 16 consecutive days of net outflow [2] Group 3 - The top stocks by net inflow include Han's Laser (寒武纪-U) with 1.459 billion yuan, Chipone (芯原股份) with 388.5 million yuan, and Zhenray Technology (臻镭科技) with 220 million yuan [3] - Other notable stocks with significant net inflows include Zhongxin International (中芯国际) with 191.2 million yuan and Huafeng Technology (华丰科技) with 179.4 million yuan [3] - Stocks with notable net outflows include Shijia Photon (仕佳光子) with 368 million yuan and Lankai Technology (澜起科技) with 364 million yuan [1][3]

Price Increases in the Chip Industry - The chip industry is experiencing a significant price increase trend, with various manufacturers announcing price hikes due to rising raw material costs and supply chain pressures [3][4] - Major companies such as TSMC, SMIC, Samsung, and Micron have implemented or are expected to implement price increases across their product lines [12][13][14][19] Raw Material and PCB Price Increases - Jiantek announced a second price increase in December, raising prices for its copper-clad laminates by 5% to 10% due to escalating raw material costs [9] - Nanya Plastics raised prices for all CCL products and PP by 8% starting November 20, citing increases in copper prices and other raw materials [10] Semiconductor Price Adjustments - TSMC has informed clients of a price increase for advanced technology nodes (5nm to 2nm) over the next four years, with expected increases of 8% to 10% for 5nm and up to 50% for 2nm wafers [12] - SMIC has raised prices for some of its production capacity by approximately 10% [13] Memory Chip Price Surge - Samsung has notified clients of a price increase for DRAM and NAND Flash products, with increases of 15% to 30% for certain DRAM types and 5% to 10% for NAND products [14] - Micron has announced a price increase of 20% to 30% for its storage products, effective from September 12 [16] Passive Component Price Increases - Multiple passive component manufacturers have joined the price increase trend, with companies like KEMET and Yageo announcing price hikes of 20% to 30% due to raw material cost pressures [30][33] - Panasonic has raised prices for certain tantalum capacitor models by 15% to 30% [35] Power Device Price Adjustments - China Resources Microelectronics confirmed a price increase for some IGBT products, driven by rising raw material costs and strong order performance [45] - Jingdao Microelectronics has raised prices for certain product series by 10% to 15% due to the increase in raw material prices [46] End-User Impact - Major PC manufacturers like Lenovo, Dell, and HP are planning to raise prices by up to 20% due to ongoing storage price increases [66] - Several smartphone manufacturers have paused procurement of storage chips, facing challenges with rising prices from suppliers [68]

Core Manufacturing Segment: The Foundation of Domestic Substitution - The manufacturing segment is the heavy asset core of the storage industry, responsible for key processes such as chip lithography and etching, and is a critical breakthrough area for domestic substitution [3] - Domestic companies have achieved large-scale production in the two main storage fields of 3D NAND and DRAM, forming a "fourth pole" in the global market [3] Key Companies in Core Manufacturing - **Yangtze Memory Technologies Co., Ltd. (YMTC)**: The only domestic IDM company focused on integrated design and manufacturing of 3D NAND flash, with a global NAND market share expected to reach 13% by 2025 [4] - **Changxin Memory Technologies (CXMT)**: The largest and most advanced DRAM manufacturer in China, with a focus on 19nm process technology and significant revenue growth in Q3 [5] - **Fujian Jinhua Integrated Circuit Co., Ltd.**: Focuses on niche DRAM markets, providing cost advantages in mid-to-low-end applications [6] - **Newport Semiconductor**: A leading manufacturer of specialty process storage chips, focusing on NOR Flash and special storage for critical fields [7] - **SMIC**: A leading global integrated circuit foundry, providing core support for storage chip foundry services [8] - **Huahong Semiconductor**: A core enterprise for specialty process storage chip foundry, with leading yield control levels [10] Chip Design Segment: The Core Engine of Technological Innovation - The design segment is the technological core of the industry chain, responsible for storage chip architecture design, circuit layout, and functional definition [12] - Domestic companies have achieved technological breakthroughs in NOR Flash, niche DRAM markets, and storage control chips, with some products reaching international mainstream levels [12] Key Companies in Chip Design - **Lanke Technology**: A leading global memory interface chip design company, with a total market value expected to reach 138.58 billion yuan by 2025 [13] - **GigaDevice Semiconductor**: A leader in NOR Flash and niche DRAM design, with a total market value of 151.58 billion yuan by 2025 [14] - **Unisoc**: A top-tier provider of storage technology products and services, with significant economic benefits from its fourth-generation SeDRAM technology [15] - **Dongxin Technology**: A rare Fabless company providing NAND, NOR, and DRAM design solutions [16] - **Daqin Technology**: A leader in automotive-grade storage and SRAM/DRAM design, benefiting from the explosion of smart automotive storage demand [17] Module Integration Segment: The Key Bridge Connecting Chips and Terminals - The module segment integrates chips with main control and interface components to form products like SSDs, UFS, and eMMC, which are core to meeting terminal demands [26] - Benefiting from the growth of AI smartphones, AI PCs, and AI servers, this segment is crucial for the storage industry [26] Key Companies in Module Integration - **Jiangbolong**: A leading third-party storage module company with significant revenue growth and a total market value of 111.87 billion yuan [27] - **Baiwei Storage**: Focused on embedded storage and PCIe SSD modules, with leading market share in embedded storage products [28] - **Demingli**: An integrated company providing domestic storage main control chips and module solutions [29] - **Langke Technology**: A well-known consumer storage module company with a stable market share [30] - **Jintai Technology**: A company developing both consumer and industrial-grade storage modules [31] Supporting Services and Specialty Fields: Important Support for the Industry Ecosystem - Supporting service companies provide full-chain support for the storage industry, including storage system solutions, testing equipment, and security storage [42] - Specialty field companies focus on niche scenarios, forming differentiated competitive advantages [42] Key Companies in Supporting Services - **Tongyou Technology**: A leading provider of enterprise-level storage system solutions, focusing on data center and cloud computing [43] - **Hangyu Micro**: A provider of storage and computing solutions for aerospace, with products suitable for space scenarios [44] - **Hualan Micro**: A provider of security storage and storage interface chip solutions, making significant progress in domestic security storage interface chip substitution [45] - **Hongshan Technology**: A provider of enterprise-level storage systems and data management solutions [46] - **Zeshi Technology**: A provider of storage chip and module testing equipment, supporting domestic storage enterprises [47] 2025 Storage Industry Development Summary - By 2025, China's storage industry has built a complete ecosystem covering "manufacturing-design-module-support services," with core companies achieving breakthroughs in technology and market share [58] - Leading companies like Yangtze Memory and Changxin Memory are pushing domestic storage to occupy an important position in the global market [58] - The "super cycle" of the storage industry will continue to evolve, with domestic companies accelerating breakthroughs in high-end fields such as HBM, 3D stacking, and secure storage [59]

Core Viewpoint - The AI sector remains active, with significant movements in related ETFs, particularly the AI-focused ETF from Huatai-PineBridge, which has seen a notable increase in trading volume and price [1][6]. Group 1: Market Performance - The AI-focused ETF from Huatai-PineBridge (589560) surged by 2.05%, marking its sixth consecutive increase, with trading volume surpassing the previous day's total [1]. - The Sci-Tech Chip 50 ETF (588750) rose by 1%, recovering from the previous day's decline [1]. - Key stocks in the sector, such as Yuanjie Technology and Chip Origin, saw increases exceeding 7%, while others like Cambricon and SMIC also posted gains [4][5]. Group 2: Industry Trends - Semiconductor companies, including SMIC and World Advanced, have issued price increase notices to downstream clients, particularly for the 8-inch BCD process, with price hikes around 10% [6]. - The National Venture Capital Guidance Fund was launched on December 26, emphasizing a long-term investment strategy in hard technology, aiming to leverage significant fiscal resources to attract social capital [6]. - The recent National Financial Work Conference highlighted the importance of supporting technological innovation and the integration of industry innovation, aiming to cultivate new growth drivers by 2026 [6]. Group 3: Semiconductor Cycle - The semiconductor industry is entering a new upward cycle, driven by sustained demand for AI computing power, with high demand for GPUs, HBM, and advanced packaging [7]. - The current cycle differs from previous ones, as AI has introduced a high-growth demand that raises the ceiling for industry needs and extends the duration of the cycle [7]. - The semiconductor sector is expected to transition from "repairing expectations" to "verifying prosperity," with a focus on AI core beneficiaries [7]. Group 4: AI Chip Market - The global AI computing chip market is projected to exceed $370 billion by 2026 and $460 billion by 2027, driven by significant capital expenditures from major tech companies [11]. - The shortage of chips continues, particularly in memory and optical chips, with supply-demand imbalances expected to persist into 2026 and beyond [16]. - Domestic AI chip manufacturers are making significant progress, with a notable increase in self-sufficiency expected by 2028 [17]. Group 5: Investment Opportunities - The Sci-Tech Chip 50 ETF (588750) is highlighted for its strong growth potential, with a projected net profit growth rate of 97% for the full year of 2025, significantly outpacing peers [25]. - The ETF's index focuses on high-tech upstream and midstream segments of the chip industry, indicating a higher "chip content" and growth elasticity compared to other indices [22][25]. - Investors are encouraged to consider the Sci-Tech Chip 50 ETF for exposure to the core segments of the semiconductor industry, benefiting from the ongoing AI-driven market dynamics [26][27].

Core Viewpoint - The A-share market experienced a volatile increase last week, with both the margin trading balance and financing balance reaching historical highs on December 25, 2023, at 25,433.30 billion yuan and 25,264.62 billion yuan respectively [1]. Industry Summary - Among the 31 industries tracked, 19 saw an increase in financing balance, with the electronics, power equipment, and machinery sectors leading in net financing inflows of 11.02 billion yuan, 9.74 billion yuan, and 5.31 billion yuan respectively [1]. - Conversely, 12 industries experienced a decrease in financing balance, with non-bank financials, computers, and retail sectors showing the highest net outflows of 1.53 billion yuan, 629 million yuan, and 558 million yuan respectively [1]. Individual Stock Summary - A total of 168 stocks saw net purchases exceeding 100 million yuan, with the top ten stocks being Sunlight Power, Zhongji Xuchuang, Industrial Fulian, Hanwha U, Yingweike, Aerospace Development, Zhaoyi Innovation, SMIC, Goldwind Technology, and Xinyi Communication, which received net inflows of 2.807 billion yuan, 1.486 billion yuan, 1.193 billion yuan, 961 million yuan, 950 million yuan, 855 million yuan, 818 million yuan, 802 million yuan, 696 million yuan, and 666 million yuan respectively [4]. - All top ten stocks with increased financing saw price increases, with Xinyi Communication rising over 34% [4]. Financing Balance Changes - The financing balance for the electronics sector was reported at 38,137.99 million yuan, with a net inflow of 1,102.17 million yuan [3]. - The power equipment sector had a financing balance of 22,617.76 million yuan, with a net inflow of 973.96 million yuan [3]. - The machinery sector's financing balance stood at 13,601.83 million yuan, with a net inflow of 531.21 million yuan [3].

Group 1 - The core viewpoint of the news is the strong performance of the A+H semiconductor industry chain in the Hong Kong stock market, with significant gains in various companies and the launch of the first ETF focused on the Hong Kong chip industry [1][3]. Group 2 - In the early trading session on December 29, stocks such as UBTECH and Shanghai Fudan rose over 10%, while Jiantao Laminates increased by over 7%, and Huahong Semiconductor and Fourth Paradigm gained over 2% [1]. - The first ETF focusing on the "Hong Kong chip" industry chain (159131) opened strong and is expected to continue its upward trend, with a real-time transaction amount exceeding 300 million CNY [1]. - The ETF is designed to track the "China Securities Hong Kong Stock Connect Information Technology Comprehensive Index," with a composition of 70% hardware and 30% software, including 42 Hong Kong tech companies [3]. - Notably, the ETF has significant weightings in companies such as SMIC (20.48%), Xiaomi Group-W (9.53%), and Huahong Semiconductor (5.80%), excluding major internet firms like Alibaba and Tencent [3]. - The IPO of Wallen Technology, the first GPU company listed in Hong Kong, has started, aiming to raise up to 4.85 billion HKD, with a subscription amount of 260.7 billion HKD, indicating strong demand [1][3].