Core Points - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries (932266) increased by 1.29% to 1385.44 points, with a trading volume of 17.697 billion yuan [1] - Over the past month, the index has risen by 0.06%, but it has decreased by 6.50% over the last three months and by 2.14% year-to-date [1] Index Composition - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with high growth potential from the strategic emerging industries [1] - The top ten weighted stocks in the index are: BOE Technology Group (10.05%), Northern Rare Earth (9.58%), Shengyi Technology (5.5%), Hu Silicon Industry (4.69%), China Power (4.0%), AVIC Chengfei (3.93%), Huahong Semiconductor (3.33%), Shenghe Resources (2.85%), Chipone Technology (2.71%), and Dingsheng Technology (2.63%) [1] - The index's market composition shows that the Shanghai Stock Exchange accounts for 57.33%, the Shenzhen Stock Exchange for 42.50%, and the Beijing Stock Exchange for 0.17% [1] Industry Breakdown - The industry composition of the index includes: Information Technology (40.79%), Industrials (32.22%), Materials (19.09%), Communication Services (3.41%), Healthcare (2.55%), Consumer Staples (1.58%), and Utilities (0.37%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

恒生科技指数转涨，恒指接近转涨，此前均跌超1%。华虹半导体涨超6%，中芯国际涨超5%。 ...

公司报告 | 首次覆盖报告 华虹公司（688347） 证券研究报告 涨价、扩产、收购，华虹进入成长新阶段 华虹半导体：大陆特色工艺代工龙头。华虹半导体的历史可以追溯到 1997 年成立 的华虹 NEC，目前公司已发展为全球领先的特色工艺纯晶圆代工企业，专注于嵌入 式/独立式非易失性存储器、功率器件、模拟与电源管理和逻辑与射频等特色工艺 技术的持续创新，产品广泛应用于新能源汽车、绿色能源、物联网等新兴领域。 我们基于以下三点看好华虹公司的长期发展： 1. 看好新一轮涨价周期对公司盈利水平的带动： 满产叠加成本上升，公司或开启新一轮涨价周期。根据公司公告，华虹半导体 1Q25 总体产能利用率达到 102.7%，产线处于满产状态，二三季度进入传统旺季，预计市 场需求日趋旺盛。同时 4 月以来中美关税持续变动，半导体制造所需原材料和设备 的获得成本或有提升，增加了成本端的压力。在供需紧张和成本上升的双重作用下， 我们预计晶圆代工行业普遍存在涨价预期。华虹半导体作为特色工艺代工龙头，具 备较强的定价能力，有望通过产品涨价来转嫁成本压力，提升盈利水平。 2. 看好 9 厂扩产提供的成长性： 9 厂或带来 12.77 亿美 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -29% -20% -11% -2% 7% 16% 25% 34% 43% 52% 华虹公司 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 46.78 | | --- | --- | | 总股本/流通股本（亿股）17.26 | / 3.91 | | 总市值/流通市值（亿元）808 | / 183 | | 52 周内最高/最低价 | 60.28 / 27.08 | | 资产负债率(%) | 28.7% | | 市盈率 | 212.64 | | | 香港中央结算(代理人) | | 第一大股东 有 | 限 公 司 (HKSCC | | NOMINEES | LIMITED) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 华虹公司(688347) 我 们 预 计 公 司 2025/2026/2027 年 分 别 实 现 收 入 166.9 ...

Summary of the Conference Call for Huahong Company Industry and Company Overview - The conference call pertains to Huahong Company, which operates in the semiconductor industry, specifically focusing on 12-inch wafer manufacturing and related products [2][3][4]. Key Points and Arguments Capacity Expansion and Production - Huahong's 12-inch wafer factory has rapidly expanded capacity, with the first factory producing over 100,000 wafers, and another factory ramping up to a target of 83,000 wafers per month by 2026 [2][3]. - The company reported a 100% utilization rate across all platforms, with strong performance in industrial semiconductors, IGBT, and AI power management products [2][3]. Pricing Strategy and Gross Margin Improvement - The company has implemented a price increase strategy aiming for at least a 10% price hike in 2025, with a goal to achieve a gross margin of 40% by 2027 [2][5]. - The overall gross margin is expected to turn positive and gradually increase to 10% [5]. Market Demand and Stability - Demand in the consumer electronics sector is stable, while the industrial sector is recovering, and automotive electronics remain stable [6]. - The renewable energy sector, including wind and solar storage and electric vehicles, is stable but recovering slower than the industrial sector [7]. International Orders and Collaborations - Orders from overseas clients, particularly from Europe and the U.S., remain stable, with a notable collaboration with STMicroelectronics for 40nm MCU production expected to start mass production in Q4 2025 [8]. - The company is also in discussions with other large enterprises like IBM for potential collaborations [8]. Competitive Landscape - Huahong is aware of the rapid expansion of competitors like Chipone Integrated Circuit-U but remains focused on its development strategy, emphasizing technological advancement and efficiency [9][10]. - The company does not view Chipone's low-price strategy as a threat due to its technological superiority and plans to continue innovating in the information technology sector [10]. Acquisition and Future Plans - The acquisition of Huahong's fifth factory is progressing as planned, with expectations to complete it within a year [11]. - The company plans to invest $2 billion in equipment procurement in 2025 and an additional $1 billion in 2026 to complete the overall planning of the 12-inch wafer factory [4][14]. Product Pricing Trends - The price of 8-inch wafers has decreased, while the price of 12-inch wafers has increased, with a comprehensive price increase of approximately 10% planned for 2025 [15]. Future Product Development - The company is focusing on developing 28nm and 22nm technologies, with a strong emphasis on advancing its product offerings in the MCU segment [17]. - The 40nm MCU project, in collaboration with STMicroelectronics, is expected to enter mass production in Q4 2025, significantly enhancing revenue from the European market [17]. Market Demand for Specific Products - The demand for high-voltage IGBT is recovering well and is expected to continue growing [20]. - The analog and power management business has shown strong performance, particularly in the North American market, with expectations for sustained growth in the second quarter and the latter half of the year [18]. Additional Important Information - The company is not locking in any customers for new production capacity but has seen significant demand from new products and clients [13]. - The gross margin target for 8-inch products is also set to increase to 40%, primarily through price increases and product mix optimization [19].

| 股代码：688347 | A | A 股简称：华虹公司 | 公告编号：2025-016 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 投资者鑫芯（香港）投资有限公司保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少√ | | --- | --- | --- | | 权益变动前合计比 | 7.26% | | | 例 | | | | 权益变动后合计比 | 5.94% | | | 例 | | | | 本次变动是否违反 | | | | 已作出的承诺、意 | 是□ | 否√ | | 向、计划 | | | | 是否触发强制要约 | 是□ | 否√ | | 收购义务 | | | 一、信息披露义务人及其一致行动人的基本信息 | 信息披露义务 | ...

重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少√ | | --- | --- | --- | | 权益变动前合计比 | 7.26% | | | 例 | | | | 权益变动后合计比 | 5.94% | | | 例 | | | | 本次变动是否违反 | | | | 已作出的承诺、意 | 是□ | 否√ | | 向、计划 | | | | 是否触发强制要约 | 是□ | 否√ | | 收购义务 | | | | 股代码：688347 | A | A 股简称：华虹公司 | 公告编号：2025-016 | | --- | --- | --- | --- | | 港股代码：01347 | | 港股简称：华虹半导体 | | 华虹半导体有限公司 关于持股 5%以上股东权益变动触及 1%刻度 的提示性公告 投资者鑫芯（香港）投资有限公司保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司于近日收到投资者鑫芯（香港）投资有限公司（以下简称"鑫芯香港 ...

Core Insights - The global wafer foundry industry experienced a 5.4% quarter-over-quarter decline in total revenue for Q1 2025, amounting to $36.403 billion, but showed a significant year-over-year growth of 24.8% [1] - The traditional seasonal slowdown in the wafer foundry industry was somewhat mitigated this year due to uncertainties in international conditions prompting downstream customers to stock up inventory and China's ongoing trade-in policy [1] Industry Performance - Despite facing seasonal challenges, the wafer foundry industry demonstrated resilience, with expectations for revenue growth in Q2 2025 driven by the launch of new smartphone models and stable demand from AI and HPC sectors [4] - The top ten global wafer foundries accounted for 97% of the market share in Q1 2025, with a total revenue of $36.403 billion [2] Company Rankings - TSMC led the market with a revenue of $25.517 billion in Q1 2025, despite a 5.0% decline from Q4 2024, maintaining a market share of 67.6% [2] - Samsung's revenue fell by 11.3% to $2.893 billion, resulting in a market share of 7.7% [2] - SMIC reported a slight revenue increase of 1.8% to $2.247 billion, raising its market share to 6.0% [2] - Vanguard's capacity utilization was above average due to customer stockpiling, while Tower Semiconductor faced significant seasonal impacts and did not benefit from China's subsidy policies [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年5月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華虹半導體有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2025年6月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01347 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,318,385,353 | | 0 | | 1,318,385,353 | | 增加 / 減少 ...

Core Insights - The Chinese semiconductor materials industry is facing both strategic opportunities and transformation challenges amid a global semiconductor industry restructuring [1] - The report by Deloitte outlines the upgrade path for the semiconductor materials industry driven by policy incentives, technological breakthroughs, and emerging market demands [1] Group 1: Policy and Market Opportunities - The domestic semiconductor materials sector is experiencing significant growth opportunities due to downstream capacity expansion and localization policies [2] - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a scale exceeding 300 billion yuan, is injecting vital support into the industry [2] - Tax incentives, such as income tax reductions and R&D expense deductions, are helping companies lower operational costs [2] - The construction of 12-inch wafer fabs by companies like SMIC and Hua Hong Semiconductor is accelerating the upgrade of the semiconductor materials industry [2] Group 2: Emerging Market Demands - There is a surging demand for high-performance semiconductor materials in sectors like electric vehicles, 5G communication, and AI [2] - The application of silicon carbide (SiC) in electric vehicle inverters is witnessing continuous growth [2] Group 3: Competitive Landscape and Challenges - The pressure from U.S. tariffs is pushing companies to shift towards local supply chains, creating space for domestic materials [3] - Domestic mature process materials, such as silicon carbide wafers, are priced at only one-third of international counterparts, attracting global orders to China [3] - The semiconductor materials industry faces long R&D and industrialization cycles, with initial high depreciation costs impacting short-term profitability [3] Group 4: Future Market Projections - The semiconductor materials market is expected to exceed its 2022 size by 2025, driven by emerging applications in electric vehicles, smart driving, AI, and green energy [4] - The global silicon carbide materials market is projected to surpass 6 billion USD by 2025, with automotive applications accounting for over 30% [5] Group 5: Technological Advancements - Key breakthroughs in areas like photoresists and wet electronic chemicals are anticipated within the next three to five years [5] - The National Integrated Circuit Industry Investment Fund Phase III has earmarked over 50 billion yuan for critical material R&D and industrialization [5] - Domestic companies are achieving technological breakthroughs in high-end wet electronic chemicals, such as electronic-grade phosphoric acid and sulfuric acid [5] Group 6: Market Entry and Global Expansion - The rapid development of the domestic semiconductor industry is creating more market space for new entrants, particularly in low localization sectors like photoresists and electronic specialty gases [6] - To penetrate international markets, companies need to overcome high-end material challenges and establish certification barriers while expanding global resource layouts [6]