消息面上，（1）量子科技侧，工信部公示量子信息标准化技术委员会筹建方案，加速推动量子科技产 业规范化、规模化发展，重点对业务范畴与标准方向、组织架构、工作计划进行部署。（2）商业航天 侧，国家航天局于近期发布《推进商业航天高质量安全发展行动计划》，12月3日朱雀三号首飞取得阶 段性成功，国内可复用火箭迈出关键一步。随着可复用火箭推动单位重量发射成本大幅降低，国内庞大 低轨卫星星座组网需求有望加速落地。同时，地方积极推进商业航天产业生态落地，北京、上海等多地 密集布局。此外，CPO概念板块持续走强带动光通信产业链上行。 科创100ETF成分股中源杰科技作为光芯片供应商显著受益于行业景气度提升，单日涨幅达12.98%，东 芯股份、国盾量子等半导体及量子通信标的同步上涨，反映市场对算力基础设施硬件的需求传导。同 时，诸如国盾量子等商业航天相关成分股也有所上涨。截至2025年12月8日 10:10，上证科创板100指数 (000698)强势上涨，成分股源杰科技(688498)上涨13.69%，国盾量子(688027)上涨8.20%，复旦微电 (688385)上涨4.83%，信科移动(688387)，华丰科技(6886 ...

内容概要：近年来，中国高纯铟行业得到快速发展，成为半导体材料、光伏产业以及电子器件制造等领 域的重要支撑。数据显示，2021-2022年中国高纯铟行业市场规模呈现上升趋势，但2023年半导体市场 进入深度去库存周期，叠加消费电子市场持续低迷，导致高纯铟需求下滑，市场规模同比下降25%；随 后2024年高纯铟行业市场需求逐渐恢复，市场规模达到20亿元，同比上涨6%。预计未来在高端制造和 新能源产业持续扩张的带动下，高纯铟行业市场规模将继续保持增长趋势。特别是在半导体材料领域， 随着5G通信、人工智能和数据中心建设的加速推进，对高纯铟的依赖程度进一步加深。 相关上市企业：锡业股份（000960）、豫光金铅（600531）、锌业股份（000751）、株冶集团 （600961）、华虹公司（688347）、捷捷微电（300623）、苏州固锝（002079）、华润微（688396）、 派瑞股份（300831）等。 相关企业：南京中锗科技有限责任公司、东方电气（乐山）峨半高纯材料有限公司、云南锡业集团(控 股)有限责任公司、广东先导稀材股份有限公司、广西铟泰科技有限公司、株洲科能新材料股份有限公 司等。 关键词：高纯铟行业 ...

Investment Rating - The report assigns a neutral rating to Huahong Semiconductor with a target price of HK$80.00 [4][5]. Core Insights - Huahong Semiconductor has initiated price increases for its 12-inch foundry services since Q2 2025, driven by full capacity utilization, with plans for further significant price hikes in 2026 [1]. - The company aims to reduce production cash costs by 5-10% by 2026, following cost-cutting measures implemented under the new president [1]. - The gross margin for the 12-inch foundry business turned positive in Q1 2025 and improved to 10% in Q3, with a target to reach 15% despite high depreciation costs [1]. - The company is optimizing its revenue structure by focusing on microcontroller units (MCUs) and smart card chips, benefiting from the growing demand for data center power chips [2]. - Huahong's first 12-inch fab has a current monthly capacity of 100,000 wafers, with plans for additional fabs to enhance production capabilities [3]. Financial Projections - Revenue is projected to decline from US$2,475 million in 2022 to US$2,004 million in 2024, before rebounding to US$3,033 million in 2026 [7]. - The net profit is expected to increase from US$75 million in 2025 to US$147 million in 2026, reflecting a recovery in profitability [7]. - The estimated gross margin for 2026 is forecasted at 13.6%, slightly above the 12.0% expected for 2025 [1]. Market Context - Huahong Semiconductor is the second-largest foundry in mainland China, primarily serving the domestic market, which is expected to contribute 82% of its revenue in 2024 [10]. - The company is also leveraging the trend of localization by serving European IDM clients like STMicroelectronics and Infineon [2].

Core Points - Huahong Semiconductor (Wuxi) Co., Ltd. has obtained a patent titled "Image Sensor and Method for Forming Image Sensor," with the authorization announcement number CN114156299B, applied for on December 2021 [1] - The company was established in 2017 and is located in Wuxi City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The registered capital of Huahong Semiconductor (Wuxi) Co., Ltd. is approximately 253.69 million USD [1] - The company has made investments in one external enterprise, participated in 2,944 bidding projects, and holds 1,898 patent records, along with 117 administrative licenses [1]

12月5日早盘，港股芯片产业链再度走强，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF （159131）场内价格震荡攀升，现涨1.07%，实时成交额超4000万元。从技术面来看，港股信息技术 ETF（159131）日K出现MACD金叉形态，或为上涨趋势信号。 | | | 分野 15日 1分 5分 15分 30分 60分 日 周 月 * | | | | 19 Chicks Child 7,40 Microsoft Color Color Color Concession of Concession of Concessful of September of | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.94 | | | | 159131[精股值想技术ETF] 11:09 价 0.943 温跌 0.010(1.07%) 均价 0.935 威交量 8085 IOPV 0.9435 | | | | E | | 0.943 +0.010 +1.07% | | | | | | | | ...

截至发稿，华虹半导体(01347.HK)跌3.48%、上海复旦(01385.HK)跌2.01%、中芯国际(00981.HK)跌 1.50%。 ...

Market Overview - On December 4, A-shares showed mixed performance with the Shanghai Composite Index down 0.06% at 3875 points, while the Shenzhen Component Index rose by 0.4% and the ChiNext Index increased by 1.01% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.55 trillion yuan, a decrease of 121 billion yuan compared to the previous trading day [1] Sector Performance - The robotics sector experienced a surge, with stocks like Hengerdai, Haichang New Materials, and Huawu Co. hitting the 20% daily limit up [4][5] - The commercial aerospace concept also strengthened, with multiple stocks including Dahua Intelligent and Sichuan Jinding reaching their daily limit [7] - The semiconductor sector saw gains, with Hongwei Technology rising over 9% [9][10] - The film and cinema sector rallied, with Bona Film Group increasing by over 9% [11][12] - The Hainan sector faced declines, with stocks like Roniu Mountain and Hainan Ruize hitting the daily limit down [13][14] - The liquor sector weakened, with companies like Shede Liquor and Luzhou Laojiao dropping over 3% [15][16] Key Stock Movements - Notable gainers in the robotics sector included: - Hengerdai: +20.01% at 58.60 yuan - Haichang New Materials: +19.99% at 25.57 yuan - Huawu Co.: +19.96% at 11.24 yuan [5][8] - In the commercial aerospace sector, Haichang New Materials and Huawu Co. also saw significant increases [7] - The semiconductor sector's notable performers included: - Hongwei Technology: +9.55% at 28.00 yuan - Zhongke Blue News: +8.90% at 158.53 yuan [10] - In the film sector, Bona Film Group rose by 9.06% to 8.55 yuan [12] Future Outlook - UBS China strategists expect the A-share market to continue its upward trend, projecting an increase in earnings growth to 8% in 2026, up from 6% in 2025 [19]

12月4日，A股科技板块反弹！科创芯片50ETF（588750）一度涨超2%，成交额大幅放量，盘中成交额超1.18亿元，已赶超昨日全天成交额，交投 显著活跃！ 科创芯片50ETF（588750）标的指数成分股多数冲高，光模块（CPO）、光芯片大涨，源杰科技涨超6%，拓荆科技涨超5%，华虹公司等涨超 4%，中微公司涨近4%%，海光信息、中芯国际等涨超1%，寒武纪、芯原股份等微涨。 | 序号 | 代码 | 名称 | 申万―级行业 | 涨跌幅 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 688041 | 海光信息 | 曲子 | 1.55% | 10.45% | | 2 | 688556 | 寒武纪-U | 电子 | 0.61% | 9.03% | | 3 | 688981 | 中本国际 | 电子 | 1.76% | 8.83% | | 4 | 688008 | 澜起科技 | 曲子 | 0.85% | 8.81% | | 5 | 688012 | 中微公司 | 电子 | 4.06% | 7.62% | | 6 | 688521 | 芯原股份 | 电子 ...

Core Viewpoint - Huahong Semiconductor has shown significant stock performance with a year-to-date increase of 131.63%, despite recent fluctuations in the short term [2] Group 1: Stock Performance - As of December 4, Huahong's stock price rose by 2.09% to 107.64 CNY per share, with a trading volume of 489 million CNY and a turnover rate of 1.13%, resulting in a total market capitalization of 186.86 billion CNY [1] - The stock has experienced a 1.05% increase over the last five trading days, a 15.42% decrease over the last 20 days, and a 38.19% increase over the last 60 days [2] Group 2: Financial Performance - For the period from January to September 2025, Huahong achieved a revenue of 12.583 billion CNY, representing a year-on-year growth of 19.82%, while the net profit attributable to shareholders decreased by 56.52% to 251 million CNY [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of Huahong's shareholders increased by 30.97% to 49,000, with an average of 0 circulating shares per shareholder [3] - The company has distributed a total of 258 million CNY in dividends since its A-share listing [4] - Notable institutional shareholders include Galaxy Innovation Mixed A and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, with the latter reducing its holdings by 427,700 shares [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11月30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12月3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 | | | 1,328,093,768 | | 0 | | 1,328,093,768 | | 增加 / 減少 (-) | | | 155,728 | | | | | | 本月底結存 | | | 1,328,249,496 | ...