（原标题：香港恒生指数收跌0.81% 中芯国际涨约11%） 人民财讯8月28日电，香港恒生指数收跌0.81%，恒生科技指数跌0.94%。美团跌超12%，中芯国际涨约11%，华虹半导体涨超8%。 ...

Investment Rating - The report suggests a positive investment outlook for the semiconductor foundry industry, particularly driven by AI and automotive electronics demand [5]. Core Insights - The semiconductor foundry industry is experiencing a significant growth phase, with global semiconductor sales expected to exceed $1 trillion by 2030, growing at a CAGR of 9% from 2025 to 2030 [4][39]. - TSMC dominates the foundry market with a 60% market share, while SMIC, Hua Hong Semiconductor, and others are emerging as key players in the Chinese market [47][52][58]. Summary by Sections Industry Overview - Wafer foundry refers to the manufacturing of semiconductor wafers for other IC design companies without engaging in design itself. It is a crucial segment of the semiconductor industry [3][10]. - The industry is characterized by high capital and technology intensity, with significant investments required for advanced process nodes [22][23]. Market Dynamics - The global semiconductor wafer capacity is projected to grow from 31.5 million wafers per month in 2024 to 33.7 million in 2025, with a growth rate of 6% and 7% respectively [4][37]. - The demand for chips is driven by sectors such as AI, HPC, and automotive electronics, leading to increased R&D investments in advanced process technologies [29][39]. Key Players in China - SMIC is a leading foundry in China, achieving significant revenue growth and technological advancements, including the production of 14nm FinFET technology [52][54]. - Hua Hong Semiconductor is recognized for its comprehensive specialty process platform, focusing on various technology segments [58]. - Jinghe Integrated Circuit has achieved global leadership in the LCD driver chip foundry market [65]. Competitive Landscape - The foundry market is characterized by a "one strong, many strong" competitive structure, with TSMC as the clear leader, followed by Samsung and SMIC [47]. - The report highlights the increasing market share of SMIC, which has risen to third place in the global foundry rankings [47][49]. Future Trends - The report anticipates continued growth in advanced processes (28nm and below) and specialty processes, driven by the rising demand for high-performance computing and AI applications [5][39]. - The foundry industry is evolving towards a "Foundry 2.0" model, which includes not only wafer manufacturing but also packaging, testing, and other integrated services [24].

人民财讯8月28日电，截至午间收盘，恒生指数跌0.66%，恒生科技指数跌1.04%。中芯国际涨超8%，华 虹半导体涨超4%；美团跌超10%，小鹏汽车跌超7%，阿里巴巴、京东集团、理想汽车跌超3%。 ...

Summary of Semiconductor Industry Conference Call Industry Overview - The conference call focuses on the **semiconductor industry in China**, particularly in the context of the **CHIPS Act** and its implications for capital expenditures (capex) and technology development [1][4][5]. Key Points Capital Expenditures (Capex) - China's semiconductor capex is projected to increase to **US$43 billion to US$46 billion** for the period **2025-2030**, up from previous estimates of **US$40 billion to US$44 billion** [4][16]. - A strong investment of **US$41 billion** was recorded in **2024**, representing a **19% year-over-year increase** [4][16]. - The investment focus is expected to shift towards **memory** and **advanced node technologies**, with local suppliers anticipated to contribute **26%** of wafer fabrication equipment procurement in **2025**, increasing to **36%** by **2030** [4][16]. Demand and Supply Chain Migration - The semiconductor supply chain in China is undergoing significant migration, with expansions in **CIS**, **automotive chips**, and **AI chips** [5]. - Local foundries and OSATs are enhancing their manufacturing technologies, driven by structural technology innovations and better services [5]. Lithography Demand - An estimated **2,261 additional lithography systems** will be required by **2035** to meet the projected chip demand in China, necessitating an investment of approximately **US$110 billion** [6][39]. - The breakdown of required lithography systems includes **212 EUVs**, **843 immersion DUVs**, and **2,564 dry DUV/UV systems** [39]. Market Dynamics - The semiconductor market in China is expected to see a **5% to 1%** growth in capex from **2025 to 2030**, driven primarily by foundries and memory players, which will account for about **80%** of the capex [16][22]. - Chinese semiconductor manufacturers are projected to capture **17%** of the semiconductor demand value in **2024**, increasing to **37%** by **2030** [33]. Equipment Market - The Wafer Fabrication Equipment (WFE) market in China is expected to reach **US$41 billion** by **2026**, with local suppliers increasing their market share from **17%** in **2024** to **36%** by **2027** [28][32]. - The growth in WFE revenues is attributed to the increasing semiconductor spending, with China expected to account for **37% to 38%** of global WFE spending in **2025-2027** [28]. Implications for Global Suppliers - US suppliers are expected to maintain a strong market share in China's WFE spending, despite facing challenges from local manufacturers and export controls [45]. - Japanese SPE manufacturers may see a gradual decline in their market share in China, although they will still benefit from the high capex environment [49]. Additional Insights - The semiconductor industry in China is characterized by a robust local ecosystem supported by ongoing technology development and a large home market [1][4]. - The demand for lithography systems is critical for meeting future chip production needs, highlighting the importance of investment in R&D and local manufacturing capabilities [6][39]. This summary encapsulates the key insights and projections regarding the semiconductor industry in China, emphasizing the growth in capital expenditures, the demand for advanced technologies, and the evolving dynamics of the supply chain.

Group 1 - Goldman Sachs maintains a "Neutral" rating on Hua Hong Semiconductor (01347) as there is no upward potential relative to the target price [1] - The firm has revised down its earnings forecasts for 2025 to 2029 by 33%, 11%, 4%, 2%, and 2% respectively, while increasing operating expense forecasts by 8%, 5%, 1%, 1%, and 1% [1] - The target price has been raised from HKD 46.9 to HKD 53.4, corresponding to a projected price-to-earnings ratio of 45.4 times for the next year [1] Group 2 - The long-term outlook for Hua Hong Semiconductor is positive due to increasing domestic localization demand, high capacity utilization, and ongoing expansion plans [1] - Short-term catalysts include continued capacity expansion plans and high capacity utilization supporting a recovery in average selling prices, which could support the company's stock price [1]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Hua Hong Semiconductor (01347) due to a lack of upside potential relative to the target price, while adjusting profit forecasts downward for 2025 to 2029 by 33%, 11%, 4%, 2%, and 2% respectively [1] Financial Projections - Operating expense forecasts have been raised by 8%, 5%, 1%, 1%, and 1% for the same period [1] - The target price has been increased from HKD 46.9 to HKD 53.4, implying a projected price-to-earnings ratio of 45.4 times for the next year [1] Long-term Potential - The company is viewed positively in the long term due to increasing domestic localization demand, high capacity utilization rates, and ongoing expansion plans [1] - Future plans include transitioning from 40nm to 28nm process technology [1] Short-term Catalysts - Expected short-term catalysts include continued capacity expansion plans and high capacity utilization supporting a recovery in average selling prices, which could support the company's stock price [1]

Core Viewpoint - Goldman Sachs expresses a positive long-term outlook on Hua Hong Semiconductor due to increasing domestic localization demand, high capacity utilization rates, ongoing expansion plans, and a future transition from 40nm to 28nm processes [1] Group 1: Company Performance - The firm anticipates short-term catalysts including continuous capacity expansion plans and high capacity utilization supporting a recovery in average selling prices, which will support the company's stock price [1] - Goldman Sachs has lowered its earnings forecasts for 2025 to 2029 by 33%, 11%, 4%, 2%, and 2% respectively, while increasing operating expense forecasts by 8%, 5%, 1%, 1%, and 1% [1] Group 2: Price Target and Rating - The target price for Hua Hong Semiconductor has been raised from HKD 46.9 to HKD 53.4, corresponding to a projected price-to-earnings ratio of 45.4 times for the next year [1] - Despite the positive outlook, the firm maintains a "Neutral" rating as the current stock price shows no upside potential relative to the target price [1]

Group 1 - The core point of the announcement is that Yimi Fund Management Co., Ltd. will adjust the valuation method for its funds holding the suspended stock "Huahong Company (code: 688347)" to the "index yield method" starting from August 25, 2025 [1] - The adjustment will remain in effect until the stock demonstrates active market trading characteristics, at which point the valuation will revert to using the closing price of the day without further announcement [1]

Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

Group 1 - The core point of the news is that Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to resolve industry competition issues as part of its IPO commitments [1][3]. - The acquisition involves issuing shares and cash payments, with the target being the equity corresponding to Huahong Semiconductor's competitive operations in the 65/55nm and 40nm processes [1][3]. - Huahong Semiconductor aims to enhance its competitive edge through resource synergy by acquiring Huahong Microelectronics, which has established a strong technical and management system since its inception in 2010 [3][4]. Group 2 - The SW Electronics Industry Index increased by 8.95% during the week of August 18-22, 2025, outperforming the CSI 300 Index, which rose by 4.18% [2]. - The top three sectors within the SW Electronics Industry Index were digital chip design (+16.36%), semiconductor equipment (+12.31%), and integrated circuit manufacturing (+11.12%) [2]. - The global wafer foundry market is projected to grow at a compound annual growth rate (CAGR) of 15.4% from 2020 to 2024, with the market size expected to reach $137.55 billion in 2024 [4][5]. Group 3 - Huahong Semiconductor focuses on differentiated process development and application in the 8-inch and 12-inch wafer foundry segments, providing a wide range of semiconductor manufacturing services [5]. - The company reported a revenue of $2.004 billion in 2024, with a CAGR of approximately 16.5% from 2019 to 2024, indicating stable revenue growth [5]. - The production and sales volume of wafers are expected to grow at CAGRs of 20.01% and 18.32%, respectively, from 2020 to 2024, with production and sales rates exceeding 100% in 2023 and 2024 [5]. Group 4 - The acquisition of Huahong Microelectronics is expected to enable Huahong Semiconductor to successfully integrate the 28nm process line, addressing a critical gap in automotive chip manufacturing [6]. - This strategic move is anticipated to enhance Huahong Semiconductor's competitive capabilities and break through valuation bottlenecks, making it a long-term investment opportunity [6].