每经AI快讯，1月27日午后，半导体晶圆代工龙头华虹公司涨超8%，再创历史新高，总市值突破2000亿 元。 （文章来源：每日经济新闻） ...

半导体板块进一步走强，华虹公司、盛科通信盘中创新高，华天科技午后涨停，恒烁股份、国民技术涨 幅居前。 ...

Core Insights - The article highlights the strong performance of the Sci-Tech Innovation Board Chip Index, which has achieved a cumulative increase of over 161% since its base date, with an annualized return of 17.93%, significantly outperforming similar indices such as the Sci-Tech Innovation Entrepreneur Semiconductor and the National Chip Index [3][12][13]. Performance Metrics - The Sci-Tech Chip Index has a higher annualized Sharpe ratio and lower maximum drawdown compared to its peers, indicating a better risk-reward profile [3][12]. - The maximum drawdown for the Sci-Tech Chip Index is less severe at -56.81%, compared to -60.05% for the Sci-Tech Innovation Entrepreneur Semiconductor Index [4][12]. Industry Composition - The index is heavily weighted towards integrated circuits, which account for 72.77% of its composition, significantly higher than other similar indices [6][14]. - The index includes companies involved in semiconductor materials, equipment, design, manufacturing, packaging, and testing, reflecting the overall performance of the representative chip industry on the Sci-Tech Innovation Board [14][15]. Financial Growth - The index's net profit attributable to shareholders surged by 94.22% year-on-year, leading among similar indices [17]. - The R&D investment in the chip industry on the Sci-Tech Innovation Board exceeded 119.7 billion yuan, with an R&D intensity of 11.22%, far surpassing the overall A-share market level of 2.16% [7][17]. Top Holdings - The top ten weighted stocks in the index include: - Zhongke International (10.36%) - Haiguang Information (10.05%) - Cambricon Technologies (9.45%) - Lattice Semiconductor (7.73%) - Zhongwei Company (6.85%) [14][18].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index fell by 1.14% as of January 26, 2026, with mixed performance among constituent stocks, where Chipone Technology led with a 10.01% increase [1] - Samsung Electronics has raised the price of its NAND flash memory by more than 100% in the first quarter of this year, significantly exceeding market expectations, and is currently negotiating a new round of NAND pricing with clients for the second quarter, with expectations of continued price increases [1] - Zhongshan Securities forecasts that the AI-related industry will maintain a favorable outlook in 2026, with accelerated domestic production expected to create opportunities in the domestic semiconductor industry, and predicts over 40% growth in capital expenditure from cloud computing giants [1] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index as of December 31, 2025, include SMIC, Haiguang Information, Cambricon, and others, accounting for a total of 57.76% of the index [1] - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, serving as a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [3]

Summary of Conference Call on China's Semiconductor Production Equipment (SPE) Imports Industry Overview - **Industry**: Semiconductor Production Equipment (SPE) - **Key Focus**: China's SPE imports, particularly lithography equipment, and their implications for capacity expansion in tier-1 cities Key Points SPE Import Trends - China's SPE imports rebounded significantly in December 2025, increasing by **95% MoM** but down **9% YoY** from the previous year's high base due to geopolitical uncertainties [1] - Total SPE imports for Q4 2025 were **US$9.3 billion**, a **1% decrease** from the previous quarter, while annual imports for 2025 reached **US$34.7 billion**, marking a **3% increase** YoY [1] Lithography Equipment Insights - Lithography imports surged to **US$2.3 billion** in December 2025, representing a **59% increase YoY** and **222% increase MoM**, accounting for **55%** of total SPE imports [2][1] - The average cost per unit of lithography equipment imported was **US$75 million** for Shanghai, **US$95 million** for Beijing, and **US$46 million** for Guangdong, indicating strong demand in these regions [3] Regional Performance - The Netherlands emerged as the top exporter of SPE to China in December 2025, while imports from Japan continued to decline, down **38% YoY** [2] - Major cities like Shanghai, Beijing, and Guangdong showed robust lithography import values, suggesting accelerated capacity expansion by local fabs such as SMIC and Hua Hong [3] Capital Expenditure (Capex) Outlook - Evidence suggests solid capex demand in tier-1 cities, supported by local government plans to invest in the semiconductor and AI industries [3] - Expectations for China's WFE spending in 2026 could exceed previous estimates, with projected growth of **10% YoY** driven by advanced logic and memory capacity expansion projects [4] Investment Recommendations - Top investment picks include **NAURA** (rated Buy) and **ACMR Shanghai** [4] Risks and Opportunities - **Downside Risks**: Include potential worsening macroeconomic conditions, intensified geopolitical tensions, and slower-than-expected R&D progress [52] - **Upside Risks**: Include faster-than-expected recovery in end-demand and potential technological breakthroughs by China's WFE vendors [53] Government Initiatives - The 15th Five-Year Plans from major provinces emphasize commitments to enhancing semiconductor capabilities and AI development, which may positively impact WFE demand in the long term [51] Additional Insights - The strong performance of lithography imports indicates a shift in spending patterns, with lithography now accounting for a significantly higher percentage of total WFE spending than the historical norm of **20-25%** [2] - The average selling price (ASP) of lithography units reflects the high value and demand for advanced semiconductor manufacturing capabilities in China [3] This summary encapsulates the key insights and trends from the conference call regarding China's semiconductor production equipment imports and the broader implications for the industry.

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，华虹半导体制造（无锡）有限公司；华虹半导体（无锡）有限公司申请一项 名为"一种预测焦点偏移的方法"的专利，公开号CN121398493A，申请日期为2025年9月。 专利摘要显示，本申请公开了一种预测焦点偏移的方法，包括：提供第一器件，第一器件表面形成有第 一多晶硅和第二多晶硅；确定第一多晶硅的第一厚度H1和第二多晶硅的第二厚度H2；确定第一器件中 的第一多晶硅的覆盖率C1和第二多晶硅的覆盖率C2；基于第一器件进行设计变更，以得到第二器件； 获取第二器件相对于第一器件的第一多晶硅覆盖率变化值∆C1、第二多晶硅覆盖率变化值∆C2；根据第 一厚度H1、第二厚度H2、第一多晶硅覆盖率变化值∆C1、第二多晶硅覆盖率变化值∆C2，得到零点平 面偏移量∆L；基于零点平面偏移量∆L，得到焦点偏移量∆F。本申请通过上述方案，能够在设计阶段预 测并补偿焦点偏移量，确定器件间焦点的变化，改善工艺窗口。 天眼查资料显示，华虹半导体制造（无锡）有限公司，成立于2022年，位于无锡市，是 ...

Summary of Hua Hong's Conference Call Company Overview - **Company**: Hua Hong (1347.HK) - **Industry**: Semiconductor Foundry Key Points and Arguments 1. **Growth Opportunities**: - Hua Hong is expected to benefit from structural growth opportunities due to clients' increasing preference for local foundries and the rising market share of Chinese fabless companies in the global supply chain [1][4] - The semiconductor industry in China is experiencing improving supply and demand dynamics, which supports Hua Hong's growth [1][5] 2. **Capacity Expansion**: - Hua Hong is ramping up capacity with the next fab targeting 28/22nm process nodes, which is anticipated to lead to long-term increases in average selling prices (ASP) [1][9] - Current capacity has reached 129k wafers per month, with plans for further expansion [9] 3. **UT Rate and ASP Improvement**: - The utilization (UT) rates for Hua Hong's 12" and 8" fabs are reported to be at elevated levels, indicating strong operational performance [4] - The improvement in UT rates is expected to support pricing enhancements, contributing to stronger earnings per share (EPS) growth potential [1][2] 4. **Earnings Revisions**: - Earnings forecasts for 2027-2029 have been revised upward by 1% due to a higher revenue outlook, reflecting anticipated demand for specialty technology chips [10] - Revenue projections for 2025E, 2026E, 2027E, 2028E, and 2029E are $2,397 million, $3,214 million, $4,037 million, $4,673 million, and $5,393 million respectively [11] 5. **Valuation and Price Target**: - The 12-month target price has been raised to HK$134, based on a target P/E of 78.1x for 2028E, reflecting a positive outlook driven by sustainable scale expansion and technology migration [1][25] - The target price represents a 26.7% upside from the current price of HK$105.80 [27] 6. **Risks**: - Key risks include weaker-than-expected end-market demand, slower ramp-up of the 12" fab, and uncertainties surrounding US-China trade relations [26] Additional Important Information - **Market Position**: Hua Hong is positioned as a leading foundry in China, focusing on specialty technologies across various end-markets including consumer electronics, communication, computing, and automotive [23] - **Financial Metrics**: - Gross margin is projected to improve from 11.8% in 2026E to 22.2% in 2029E [11] - Operating income is expected to turn positive by 2026E, reaching $173 million [11] This summary encapsulates the critical insights from the conference call regarding Hua Hong's growth prospects, operational performance, financial outlook, and associated risks.

Core Viewpoint - Goldman Sachs reports that Huahong Semiconductor (01347), as a leading foundry in China, is expected to benefit directly from the demand recovery trend, with solid gross margin improvement and optimized capacity utilization indicating stronger earnings per share growth potential [1] Group 1: Company Performance - Goldman Sachs maintains a "Buy" rating on Huahong Semiconductor and raises the target price from HKD 117 to HKD 134 [1] - The company is anticipated to remain on an upward trend, supported by factors such as customer preference for local foundries and the increasing market share of fabless companies in the global supply chain [1] - The semiconductor industry's supply-demand relationship in China is improving, contributing to structural growth opportunities [1] Group 2: Capacity and Revenue Outlook - With the next factory advancing to the 28/22nm process node, capacity is expected to continue expanding, indicating a long-term upward trend in average selling prices [1] - Recent signs of price increase momentum have led Goldman Sachs to raise Huahong's earnings forecasts for 2027 to 2029 by 1%, based on a more optimistic revenue outlook [1] - Revenue growth is projected to be stronger due to the demand for specialized technology chips, such as power management ICs and image sensors, benefiting from the growth of AI servers and AI smart edge devices [1] - With sustained high capacity utilization, there is more room for Huahong to optimize its order structure, leading to stronger revenue and profit performance [1]

Core Viewpoint - Goldman Sachs has issued a report indicating that Hua Hong Semiconductor (01347), as a leading foundry in China, is expected to benefit directly from the recovery in demand, with improved gross margins and optimized capacity utilization showing stronger potential for earnings per share growth [1] Group 1: Company Performance - Goldman Sachs maintains a "Buy" rating on Hua Hong Semiconductor and has raised the target price from HKD 117 to HKD 134 [1] - The company is anticipated to remain on an upward trend, supported by factors such as customer preference for domestic foundries and the increasing market share of fabless companies in the global supply chain [1] - The semiconductor industry's supply-demand dynamics in China are improving, and the expansion of capacity as the next factory moves towards the 28/22nm process node indicates a long-term upward trend in average selling prices [1] Group 2: Financial Projections - Recent signs of price increase have led Goldman Sachs to adjust its earnings forecasts for Hua Hong from 2027 to 2029 upwards by 1%, based on a more optimistic revenue outlook [1] - Revenue projections for 2027 to 2029 have been revised up by 1% to 2%, with expectations of stronger growth driven by demand for specialized technology chips, such as power management ICs and image sensors, benefiting from the growth of AI servers and AI edge devices [1] - With sustained high capacity utilization, there is more room for Hua Hong to optimize its order structure, leading to stronger revenue and profit performance [1]

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]