Group 1 - Advanced process: Demand recovery, AI and mainstream consumption drive high growth [3][30] - Global foundry market revenue is expected to grow YoY by 27% in 2025, driven by GPU/ASIC demand and stable consumer electronics orders [6][30] - The advanced process segment is experiencing a significant increase in wafer consumption due to the complexity of high-end chips [7][9] Group 2 - Mature process: Strong expansion, localization, and specialty processes seek incremental growth [3][30] - Chinese fabs are benefiting from the recovery in consumption, with some wafer manufacturing prices increasing, indicating a shift away from price competition [31][33] - By 2030, China's mature process capacity is expected to exceed half of the global market share [34][41] Group 3 - Key targets and valuations: SMIC is maintaining an aggressive expansion pace, with plans for new factories and increased monthly capacity [55] - The domestic AI chip market in China is projected to grow over 60% by 2026, with local companies increasing their market share significantly [18][20] - The local supply chain is expected to strengthen as international IDM companies collaborate with domestic fabs, enhancing their technological capabilities [42][47]

科创50ETF（588000）追踪科创50指数，指数持仓电子行业69.39%，计算机行业4.88%，合计74.27%， 与当前人工智能、机器人等前沿产业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光 伏设备等多个细分领域，硬科技含量高，看好中国硬科技长期发展前景的投资者建议持续关注。 （文章来源：每日经济新闻） 消息面上，中国电信研究院联合产业伙伴成功完成业界首个面向国产算力的跨架构大模型推理技术验 证。通过启动"Triton统一跨架构推理框架"技术攻关，自研Triton跨架构编译器与统一大模型算子库，实 现了同一套算子源码在英伟达、昇腾、沐曦三类芯片上无缝运行，实现性能与适配效率的双重优化。 展望后市，西部证券指出，AI算力高景气将持续驱动通信行业2026年结构性机会。AI大模型进化与应 用渗透带动算力投入高增，产业链多环节供不应求，需求结构向推理端迁移，二线云厂入局、国产算力 崛起成新看点。同时低轨卫星互联网进入景气周期，与AI算力形成协同，共同打开行业增长空间。 12月17日午后，A股三大指数集体拉升，涨幅逐步扩大。科创50ETF（588000）午后同步上涨，涨幅扩 大为2.42%。盘面上， ...

Group 1 - The global Fab market is expected to grow by 27% year-on-year in 2025, driven by demand from GPU/ASIC and consumer electronics orders [3][9][23] - The advanced process is in an expansion phase, significantly boosted by AI demand, with the Chinese high-end AI chip market projected to grow over 60% in 2026 [3][23][26] - Domestic Fab manufacturers are focusing on mature processes, benefiting from the recovery of the domestic market, with a projected share of over 75% in global mature process capacity additions by 2026 [3][46][53] Group 2 - Key companies to watch include SMIC, Hua Hong Semiconductor, and Jinghong Integrated Circuit, which are positioned to benefit from local manufacturing and the expansion of production capacity [3][41][71] - The third phase of the National Big Fund has not yet entered large-scale project investments, but it is expected to become a capital expenditure increment for the Fab industry in 2026 [3][39][40] - The domestic supply chain is gradually proving itself, with companies like Cambrian and Huawei leading the way in local AI chip production and supply chain development [3][30][34]

摘要 存储需求预计 2026 年超供，2025 年 9 月现货价已大幅上涨，四季度 合约价涨幅预期上修，行业维持供不应求状态，2026 年 Q1 合约价预计 持续超预期，CSP 服务器存储器需求增速预计至少 30%。 存储行业大缺货背景下，长鑫存储和长江存储等国内企业扩产有望超预 期，逻辑先进制程扩产亦将受益，设备厂商如拓荆科技将受益于扩产带 来的额外订单，国产化率提升带来相应收益。 半导体设备指数今年以来增长显著，拓荆科技和微导纳米涨幅居前。9 月初以来，存储涨价催化及产品上市预期强化，相关公司股价进一步上 涨，预计长鑫和长江 2026 年扩产量约为 10-11 万片。 存储设备板块未来几年有望保持较高增速，订单确定性较高，对营收和 利润预测准确性提升。北方华创等公司 PE 较低，有望通过 EPS 增长推 动市值上升，年初设备板块胜率较高。 晶合集成主业稳健，各领域处于满载状态。CBA 和 CFA 技术发展有望 推动 DRAM 阵列与 CMOS 外围电路分离制造，产生外包需求，为晶合 集成等公司带来巨大机会，如 28 纳米节点代工可带来显著营收增量。 Q&A 2025 年存储行业的市场表现和未来预期如何？ ...

Core Viewpoint - The recent announcement by Moer Thread to manage idle fundraising of 7.5 billion yuan has attracted significant market attention, highlighting a trend among A-share companies, including those on the Sci-Tech Innovation Board, to utilize idle funds for cash management [1][2]. Group 1: Idle Fund Management in A-Share Market - Over the past three years, more than 110 A-share listed companies have reported annual idle cash management exceeding 5 billion yuan, including 14 companies from the Sci-Tech Innovation Board [1]. - Among the 12 Sci-Tech Innovation Board companies managing idle funds, 6 have amounts exceeding 5 billion yuan, with Moer Thread managing 7.5 billion yuan and Huahong managing 21 billion yuan [2]. Group 2: Regulatory Framework and Recent Changes - The China Securities Regulatory Commission (CSRC) has established regulations for the management of idle fundraising, which were revised and upgraded in June 2025 to enhance oversight [6][10]. - The latest regulations stipulate that idle funds can be managed through dedicated accounts, ensuring that cash management does not interfere with the normal investment plans of the fundraising [10]. Group 3: Industry Practices and Investor Concerns - Companies in the high-end computing sector often face long technical cycles, making the use of idle funds for cash management a common practice [4]. - There is a call from investors and industry insiders for more detailed disclosures regarding the management of idle funds to enhance transparency and protect investor interests [1][12].

进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为1856.33万元。 晶合集成12月12日大宗交易平台出现一笔成交，成交量9.69万股，成交金额335.47万元，大宗交易成交 价为34.62元。该笔交易的买方营业部为机构专用，卖方营业部为瑞银证券有限责任公司上海花园石桥 路证券营业部。 12月12日晶合集成大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 9.69 | 335.47 | 34.62 | 0.00 | 机构专 | 瑞银证券有限责任公司上海花园石 | | | | | | 用 | 桥路证券营业部 | （文章来源：证券时报网） 证券时报·数据宝统计显示，晶合集成今日收盘价为34.62元，上涨5.23%，日换手率为6.19%，成交额为 25.21亿元，全天主力资金净流入7644.75万元，近5日该股累计上涨12.18%，近5日资金合计净流入2.44 亿元。 两融数据显示，该股最新融资 ...

Dec. 12, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第三季全球晶圆代工产业持续受AI高效能运算(HPC)，和消费性电子新品主芯片与周边IC需求带动，以7nm(含) 以下先进制程生产的高价晶圆贡献营收最为显著，加上部分厂商得益于供应链分化商机，推升前十大晶圆代工厂第三季合计营收季增8.1%，接近451亿美 元。 TrendForce集邦咨询表示，由于预期2026年景气与需求将受国际形势影响，同时2025年中以来存储器逐季涨价、产能吃紧，供应链对2026年主流终端应用 需求转趋保守，即便车用、工控将于2025年底重启备货，预估第四季晶圆代工产能利用率成长动能将受限，前十大厂合计产值季增幅可能明显收敛。 | Ranking | Company | | Revenue | | Market Share | | | --- | --- | --- | --- | --- | --- | --- | | | | 3Q25 | 2Q25 | QoQ | 3Q25 | 2Q25 | | I | 台积电(TSMC) | 33,063 | 30,239 | 9.30% | 71.00% | ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-12-12 | 晶合集成 | 688249 | 34.62 | 335.47 | 9.69 | 机构专用 | 蒸肥佳含电圈器系 | | KO | 12月12日，晶合集成大宗交易成交9.69万股，成交额335.47万元，占当日总成交额的0.13%，成交价 34.62元，较市场收盘价34.62元持平。 ...

Core Insights - TrendForce reports that the global top ten foundry companies achieved a revenue increase of 8.1% quarter-on-quarter in Q3 2025, reaching $45.086 billion (approximately 318.586 billion RMB) [1][2] Group 1: Revenue and Market Share - TSMC remains the largest foundry with a revenue of $33.063 billion in Q3 2025, reflecting a 9.3% increase from the previous quarter and holding a market share of 71% [2] - Samsung follows with a revenue of $3.184 billion, showing a 0.8% increase and a market share of 6.8% [2] - SMIC reported a revenue of $2.382 billion, up 7.8%, maintaining a market share of 5.1% [2] - UMC's revenue reached $1.975 billion, increasing by 3.8%, with a market share of 4.2% [2] - GlobalFoundries had stable revenue at $1.688 billion, with a market share of 3.6% [2] - Huahong Group saw significant growth with a 14.3% increase in revenue to $1.213 billion, capturing a 2.6% market share [2] - The total revenue for the top ten foundries indicates a strong demand driven by AI HPC and new consumer electronics [2] Group 2: Future Outlook - For Q4 2025, TrendForce anticipates a more conservative outlook for the foundry industry due to international conditions and rising memory prices, which may limit growth momentum in capacity utilization [3] - Despite a potential rebound in demand from automotive and industrial control sectors, the overall revenue growth for the top ten foundries is expected to slow down significantly [3]

Core Insights - The 2025 Anhui Listed Companies High-Quality Development Forum highlighted the growth and performance of listed companies in Anhui province, showcasing a significant increase in the number of companies and their overall development capabilities [1][3]. Group 1: Company Growth and Performance - As of the end of November, Anhui has 186 listed companies, marking a nearly 50% increase since the end of the 13th Five-Year Plan, ranking 7th nationally and first in Central China [3]. - In the first 11 months of this year, Anhui added 5 new listed companies, ranking 5th in the country, with 12 new IPO applications and 21 companies in counseling, also ranking 4th nationally [3]. Group 2: Ranking of Comprehensive Development Ability - The 2025 Anhui Listed Companies series rankings evaluated companies based on comprehensive development ability, total investment scale, innovation capability, operational efficiency, and ESG performance [4]. - iFlytek ranked first in comprehensive development ability, followed by Jinghe Integration and Aiko Optoelectronics [5]. Group 3: Investment and Financing Scale - The total investment scale of listed companies in Anhui is steadily increasing, with Conch Cement, Anhui Construction, and Sunshine Power leading in total investment scale [6][7]. - Conch Cement has a total investment scale of 2270.46 billion, followed by Gujing Distillery at 379.80 billion and Anhui Construction at 1373.55 billion [7]. Group 4: Operational Efficiency - The operational efficiency of listed companies is crucial for revenue generation, with Shannon Chip, Koushijiao, and Gujing Distillery ranking highest in operational capability [8]. Group 5: Innovation Capability - Aiko Optoelectronics, Rena Intelligent, and Koweil ranked highest in innovation capability, indicating a steady improvement in the innovation capacity of Anhui listed companies [10][11]. Group 6: ESG Performance - Three companies achieved a comprehensive ESG score above 0.7, indicating strong performance in environmental, social, and governance metrics [12].