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].

从资金流向上来看，当日安徽国企改革板块主力资金净流出2691.67万元，游资资金净流出1665.75万元， 散户资金净流入4357.42万元。安徽国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688249 | 晶合隼成 | 2.671Z | 15.43% | -208.46万 | -0.12% | -2.64 Z | -15.31% | | 301217 | 铜冠铜箔 | 8652.13万 | 5.27% | -1.10亿 | -6.70% | 2359.11万 | 1.44% | | 000417 | 合百集团 | 6347.07万 | 8.93% | -3434.37万 | -4.83% | -2912.70万 | -4.10% | | 000630 | 铜陵有色 | 4269.35万 | 1.83% | 3598.36万 | 1.54% | -7867.71万 | -3.37 ...

智通财经APP获悉，12月6日，中国证监会公布境外发行上市备案补充材料要求公示(2025年12月1日— 2025年12月5日)。证监会要求晶合集成(688249.SH)补充说明设立及历次股权变动是否合法合规出具明 确结论性意见。据港交所9月29日披露，晶合集成向港交所主板提交上市申请书，中金公司为其独家保 荐人。 招股书显示，晶合集成是一家全球领先的12英寸纯晶圆代工企业。自2015年成立以来，始终致力于研发 并应用行业先进的工艺，为客户提供覆盖150nm至40nm制程、多种应用的工艺平台晶圆代工业务，并 稳定推进28nm平台发展。 同时，证监会要求其进一步说明发行人境内子公司是否存在《境内企业境外发行证券和上市管理试行办 法》第八条规定的不得境外发行上市的情形。说明发行人募集资金用途涉及境外投资所履行的相关审 批、核准或备案程序情况。说明发行人及下属公司经营范围和实际业务经营是否涉及《外商投资准入特 别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 ...