2月25日，A股市场延续上冲，沪指涨0.91%，截至13:52，科创芯片ETF汇添富（588750）探底回升，放量涨超1%，反包昨日跌幅！资金强势涌入，科创芯 片ETF汇添富（588750）昨日吸金超1500万元。 科创芯片ETF汇添富（588750）标的指数成分股涨跌不一，拓荆科技涨超10%，中微公司涨超6%，华虹公司涨超3%，寒武纪涨超1%，海光信息、中芯国际 等微涨，澜起科技、芯原股份等回调。 | 序号 | 代码 | 名称 | 申万- | -级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 688008 | 澜起科技 | | 电子 | -3.30% | 10.05% | | 2 | 688041 | 海光信息 | | 电子 | 0.06% | 9.74% | | 3 | 688981 | 中芯国际 | | 电子 | 0.62% | 8.57% | | 4 | 688012 | 中微公司 | | 电子 | 6.05% | 7.76% | | ਟ | 688256 | 疾武纪-U | | 电子 | 1.11% | 6 ...

Core Viewpoint - The Hong Kong stock market opened higher on February 25, with the Hang Seng Technology Index rising nearly 1%, driven by gains in companies like Xpeng Motors, Hua Hong Semiconductor, Tencent Holdings, Alibaba, and SMIC [1] Valuation Insights - The current price-to-earnings ratio of the Hang Seng Technology Index is 21.49, which is at a historically low level since the index was launched, indicating sufficient margin of safety [1] - Galaxy Securities believes that the technology sector remains a key investment theme for the medium to long term, as the recent pullback has reduced valuation pressure on the index [1] Market Trends - The acceleration of AI model updates and the rapid deployment of AI applications are expected to support a rebound in the relevant sectors [1]

银河证券表示，港股科技板块仍是中长期投资主线，经历近期回调后估值压力下降，在AI大模型更新 加快、应用加速推进的背景下，板块有望反弹回升。同时，中东地缘风险升温、美国关税政策调整推升 避险情绪，贵金属、能源板块有望震荡上行；消费板块当前估值偏低，随着促消费政策加码，消费活力 逐步释放，板块仍具上涨空间。 华泰证券指出，美股短期AI主线分化对港股风险偏好影响中性，国内消费高频数据与 AI 模型已出现新 进展。短期建议关注三大方向：一是存储等半导体硬件；二是餐饮、创新药等景气改善的特色消费；三 是受益于内外电力系统升级改造的电气设备。 中金公司指出，港股回调源于美联储鹰派预期、AI资本开支回报质疑及制造业PMI偏弱的"三重压力"， 短期存在超调，有向上修复空间，但中期指数空间有限，机会在于必需零售、科技硬件等景气结构。 恒生指数高开0.58%，恒生科技指数涨0.86%。盘面上，半导体板块强势，华虹半导体、中芯国际涨近 2%；AI应用股走弱。 关于港股后市 中金公司指出，港股回调源于美联储鹰派预期、AI资本开支回报质疑及制造业PMI偏弱的"三重压力"， 短期存在超调，有向上修复空间，但中期指数空间有限，机会在于必需 ...

Core Viewpoint - China's leading chipmakers, including SMIC and Hua Hong Semiconductor, are planning to significantly increase their production of advanced semiconductors to meet the rising demand driven by artificial intelligence applications [1]. Group 1: Production Goals - SMIC, Hua Hong, and several Huawei-linked chipmakers are expanding or initiating production of chips utilizing the most advanced technologies, specifically targeting 7-nanometer (nm) and potentially 5-nm performance levels [1]. - China aims to increase its output of relatively advanced chips to 100,000 wafers within one to two years, up from less than 20,000 currently [1]. - An ambitious target has been set to add an additional 500,000 wafers of capacity by 2030 [1].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The evolution path of large models in the AI industry is becoming clearer, with a potential supply-demand imbalance in computing power [2]. - Significant upgrades to major AI models occurred around the Chinese New Year, with both domestic and international companies releasing important model updates, indicating a robust demand for advanced AI capabilities [4]. - The rise in computing power prices suggests a supply bottleneck, which may benefit the computing power supply chain in the long term [4]. Summary by Sections Investment Suggestions - The report suggests focusing on the following sectors for investment: - Computing and Storage: Cambrian, Haiguang Information, Moore Threads, Muxi Co., Zhaoyi Innovation, Baiwei Storage, Jucheng Co., and Lixin Micro [4]. - Advanced Manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics [4]. - Optical Communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Fiber Optics, Zhongtian Technology, Hengtong Optics, Huanyu Electronics, Jietu [4]. - PCB: Shennan Circuit, Huitian Technology, Pengding Holdings, Shenghong Technology [4]. - PCB Materials: Shengyi Technology, Nanya New Materials, Feiliwa, International Composites, China Materials Technology, Honghe Technology [4]. - Thermal Management and Power Supply: Invec, Shenling Environment, Jiewate, Magmi Tech, Oulu Tong [4]. Industry Developments - Major AI model upgrades were noted, including the release of models such as K2.5 by Moon's Dark Side, GLM-5 by Zhipu, and others from ByteDance and Alibaba, showcasing a competitive landscape in AI model development [4]. - The emergence of advanced AI agents and multi-modal applications is expected to drive productivity changes across various sectors, including business, legal, and financial applications [4]. - The report highlights the increasing efficiency of AI-generated content, with improvements in video generation capabilities, indicating a shift towards scalable development in industries like animation and gaming [4].

4Q25营收6.599亿美元，环比升3.9%，接近之前指引上限。毛利率13.0%，为之前指引（12-14%）中位 数，环比降0.5个百分点。管理层提到，部分产线计提折旧增加抵消ASP和运营效率上升。管理层指引 1Q26营收为6.5-6.6亿美元，指引毛利率13-15%。管理层称华虹五厂收购进展顺利，收购帮助公司增加 约4万片12寸55/40nm特殊工艺产能，协同效应优化销售网络，提高总体运营效率。 九厂产能加速放量，PMIC/MCU推到需求继续保持强劲 交银国际发布研报称，预测华虹半导体(01347)1Q26营业收入/毛利率分别为6.57亿美元/14.0%。考虑到 2027年公司或继续扩产确定性高，该行调整2026/27年收入到28.43/33.49亿美元（前值28.37/32.63亿美 元）。预测公司2026/27年毛利率分别为14.2%/16.2%（前值14.3%/16.8%）。该行乐见九厂加速落地和 继续扩产，维持买入评级，上调目标价到120港元，对应3.9倍2026年市净率。 交银国际主要观点如下： 4Q25营收接近指引上限 产能方面，截至2025年末产能为486kwpm 8英寸等效产能。该行计算九厂 ...

Core Viewpoint - The report from CMB International predicts that Huahong Semiconductor (01347) will achieve revenue of $655 million and a gross margin of 14.0% in Q1 2026, with a high certainty of continued capacity expansion in 2027 [1] Group 1: Financial Performance - Q4 2025 revenue reached $659.9 million, a 3.9% increase quarter-on-quarter, nearing the upper limit of previous guidance [1] - Gross margin for Q4 2025 was 13.0%, aligning with the median of the previous guidance range of 12-14%, but down 0.5 percentage points quarter-on-quarter [1] - Management has guided Q1 2026 revenue to be between $650 million and $660 million, with a gross margin forecast of 13-15% [1] Group 2: Capacity Expansion - As of the end of 2025, the capacity is projected to be 486 kWpm equivalent for 8-inch wafers, with an increase of 42 kWpm in 12-inch equivalent capacity from the new factory [2] - The management indicated that the first phase of the new factory is expected to achieve full production in less than two years, with total capacity projected to reach 83 kWpm by the end of 2026 [2] - The total investment for the first phase is $6.7 billion, with approximately $1.3 billion remaining for capacity expansion in 2026 [2] Group 3: Demand Outlook - The capacity utilization rate for 2025 is expected to be at a high of 106.1%, driven by strong demand for AI-related PMIC products and embedded NVM memory related to MCUs [2] - The overall demand is positively influenced by AI, with a spillover effect from the shortage of memory benefiting Huahong's logic and memory foundry business [2]

来源：新浪基金∞工作室 科创芯片ETF汇添富（588750）业绩比较基准为上证科创板芯片指数收益率，管理人为汇添富基金管理 股份有限公司，基金经理为孙浩，成立（2024-12-18）以来回报为78.38%，近一个月回报为5.60%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，科创芯片ETF汇添富（588750）开盘涨0.95%，报1.800元。科创芯片ETF汇添富（588750）重 仓股方面，中芯国际开盘涨0.94%，海光信息涨3.00%，寒武纪涨1.39%，澜起科技涨3.27%，中微公司 涨1.26%，拓荆科技涨0.92%，芯原股份涨3.45%，华虹公司涨0.16%，沪硅产业涨1.12%，东芯股份涨 0.91%。 ...

25Q4公司实现收入6.60亿美元，同比增长22.4%，环比增长3.9%，再创历史新高，主要系付运晶圆数量上升和ASP 提升。毛利率13.0%，同比提升1.6pct，主要系ASP提升及降本增效；环比减少0.5pct，主要系人工开支上升。月产 能达48.6万片（折合8寸，下同），环比增长1.8万片。产能利用率103.8%，产能增长的同时产能利用率持续满载。 ASP环比增长0.45%升至455.72美元；2025年公司已针对部分领域进行提价，预计2026年仍有提价空间。公司预计 26Q1收入约6.5-6.6亿美元，毛利率13-15%。 当前部分逻辑产能转向内存，逻辑产能供应减少，同时"在地化"制造趋势加强。华虹积极推进产能扩张，FAB9一 阶段产能已超预期完成建设，FAB5收购事项有序推进。FAB9B项目已于2026年1月开启招标，项目拟建设一条月 产能5.5万片的12英寸特色工艺生产线。项目工程竣工日期为2027年1月31日。 【方正电子丨华虹公司】特色工艺龙头加速产能扩张，产能利用率持续满载 25Q4公司实现收入6.60亿美元，同比增长22.4%，环比增长3.9%，再创历史新高，主要系付运晶圆数量上升和ASP ...

报告指，华虹半导体九厂产能加速放量，PMIC/MCU需求继续保持强劲。该行调整2026/2027年收入预 测到28.43/33.49亿美元，前值28.37/32.63亿美元；预测公司2026/2027年毛利率分别为14.2%/16.2%，前 值14.3%/16.8%。该行维持对其"买入"评级，上调目标价至120港元，对应3.9倍2026年市净率。 交银国际发表报告指，华虹半导体去年第四季营收6.599亿美元，按季升3.9%，接近之前指引上限；毛 利率13.0%，为之前指引(12-14%)中位数，按季降0.5个百分点。管理层指引今年首季营收为6.5-6.6亿美 元，毛利率13-15%。 ...