中国经济网北京8月21日讯今日，信达澳亚基金管理有限公司发布关于旗下基金调整停牌股票估值方法 的提示性公告。 公告称，公司决定自2025年8月20日起，以中基协AMAC行业指数为计算依据，对旗下基金所持有的华 虹公司(股票代码：688347)采用"指数收益法"进行估值。 该公司将综合参考各项相关影响因素并与托管行协商，自上述股票复牌且其交易体现了活跃市场交易特 征后，恢复按市价估值法进行估值，届时不再另行公告。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年08月21日 基金管理人在开放日办理基金份额的申购和赎回，开放日为开放期内的每个工作日，具体办理时间为上 海证券交易所、深圳证券交易所的正常交易日的交易时间，但基金管理人根据法律法规、中国证监会的 要求或本基金合同的规定公告暂停申购、赎回时除外。 各销售机构开放日的具体办理时间详见销售机构发布的公告。若出现新的证券/期货交易市场、证券/期 货交易所交易时间变更或其他特殊情况，基金管理人将视情况对前述开放日及开放时间进行相应的调 整，但应在实施日前依照《信息披露办法》的有关规定在指定媒介上公告。 （2）开放期及业务办理时间 根据《基金合同》、《招募说明书》的规定，除法律法规或基金合同另有约定外，本基金办理申购与赎 回业务的开放期为自每个封闭期结束之后第一个工作日（含）起不少于5个工作日、不超过20个工作日 的期间。 本基金每一年开放一次。本基金最近一次封闭期为2024年08月23日至2025年08月22日。本基金本次办理 申购与赎回业务的开放期为2025年08月25日至2025年08月29日，共5个工作日。2025年08月30日起，本 基 ...

Core Viewpoint - Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to fulfill its IPO commitment and strengthen its position in the mature process semiconductor market [2][3][4]. Asset Integration - The acquisition aims to resolve the same-industry competition issue that was promised during Huahong Semiconductor's IPO application [3]. - The assets being acquired include those related to 65/55nm and 40nm processes, which are currently in the process of being separated [3][4]. - This move is part of a broader trend of mergers and acquisitions in the domestic semiconductor industry, aimed at optimizing resource allocation and enhancing competitive advantages [4]. Financial Performance - In Q2 2025, Huahong Semiconductor reported a sales revenue of $566 million, an 18.3% year-on-year increase, and a net profit attributable to the parent company of $8 million, up 19.2% year-on-year [7]. - The revenue from mature process technologies (65nm and below) accounted for 22.2% of total revenue, while 90nm and 95nm processes contributed 25.7% [6][8]. Market Dynamics - The semiconductor industry is experiencing a recovery, particularly in the mature process segment, driven by demand from sectors like automotive and industrial electronics [7][9]. - Consumer electronics remain the largest revenue source for Huahong Semiconductor, contributing $357 million in Q2, which is 63.1% of total revenue [8]. Strategic Focus - Huahong Semiconductor continues to focus on mature process technologies and has no immediate plans to delve into advanced process technologies [6][9]. - The company’s strategy allows it to avoid direct competition with major players like TSMC and SMIC, while maintaining a sustainable cash flow due to lower R&D costs compared to advanced process investments [9].

Core Viewpoint - Continued recommendation for AI computing power chain, domestic multi-phase controllers, and accelerated OCS industry progress [2] Market Performance - Shanghai Composite Index rose by 1.70%, electronic sector increased by 7.02%, with components up by 9.88% and optical optoelectronics up by 2.36% [2] - Concurrently, Hang Seng Tech, Philadelphia Semiconductor, and Taiwan Information Technology indices rose by 1.52%, 1.32%, and 0.72% respectively [2] AI Computing Power Chain - Recent strong growth in North American computing power has driven sentiment, particularly benefiting the switch and server industry chain due to changes in network architecture under the ASIC trend [2] - Supply chains have recently revised up the 2026 shipment expectations for NVIDIA's GB series products, indicating increasing profit elasticity in the server assembly segment [2] - TSMC expects sustained strong AI demand and a moderate recovery in non-AI demand, raising annual revenue growth expectations from around 25% to 30% [2] Semiconductor Industry Outlook - Domestic semiconductor manufacturers such as SMIC and Hua Hong are approaching saturation in Q2 2025, with optimistic order demand outlooks supporting continued high prosperity in the semiconductor sector [2] - Recommendations include companies like Industrial Fulian, Sai Microelectronics, Jiewa Technology, Hua Hong Semiconductor, and others [2] Price Increases in PCB Industry - Jintao announced a price increase for copper-clad laminates due to high raw material costs, which is expected to enhance revenue and profitability for related companies [3] - Companies like Shengyi Technology and Nanya New Materials saw stock price surges following the price increase announcement [3] AI Server Market Growth - TrendForce reports that NVIDIA's Blackwell GPU is expected to account for over 80% of high-end GPU shipments this year, with significant growth in AI server revenue anticipated [4] - Recommendations include companies such as Industrial Fulian, Huqian Technology, and others [4] Domestic Storage Market Recovery - SanDisk reported a 12% quarter-over-quarter revenue increase in Q4 FY2025, with a notable recovery in the storage market and improved competition dynamics [4] - Recommendations for domestic storage manufacturers include companies like Demingli, Jiangbolong, and others [4] Domestic Computing Power Platforms - Concerns over potential backdoors in NVIDIA's H20 have increased the importance of developing domestic computing power chips [5] - Recommendations for domestic computing power supply chains include companies like Cambrian, Aojie Technology, and others [5] Mobile Panel Market - The mobile panel market is expected to maintain high operating rates in Q3 2025, driven by traditional peak season demand [5] - Recommendations include companies like BOE and others [5]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][11]. Core Views - The report emphasizes the continued recommendation of the AI computing chain, domestic multi-phase controllers, and the acceleration of the OCS industry process. The electronic sector is expected to benefit from macro policy cycles, inventory cycles, and AI innovation cycles, leading to a valuation expansion trend in 2025 [1]. - The semiconductor industry remains optimistic, with TSMC raising its revenue growth forecast from approximately 25% to 30% due to strong AI demand and moderate recovery in non-AI demand [1]. - The report highlights the significant growth in the AI server business, with expectations of over 170% year-on-year revenue growth in the third quarter for AI servers [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.70%, while the electronic sector increased by 7.02%, with components up by 9.88% and optical electronics up by 2.36% in the past week [12]. - The report notes that the North American computing power surge has driven sentiment in related supply chains, particularly benefiting the switch and server industries [1]. Semiconductor Industry - The report discusses the impact of potential tariffs on chips by the U.S. government, emphasizing the trend towards semiconductor localization and recommending companies with strong reserves in mature processes [2]. - The report also mentions the optimistic outlook for domestic semiconductor manufacturers, with companies like SMIC and Huahong Semiconductor showing strong order demand [1][2]. PCB and Copper Clad Laminate Industry - The report notes a price increase in copper clad laminates due to high raw material costs, which is expected to enhance revenue and profitability for related companies [3]. - The demand for high-end PCBs is expected to surge due to the explosion of AI computing infrastructure, leading to significant growth for companies in this sector [3]. Storage Market - The storage market is showing signs of recovery, with SanDisk reporting a 12% quarter-on-quarter revenue increase and a significant rise in cloud business revenue [5]. - The report highlights the potential for domestic storage manufacturers to gain market share as Micron exits the mobile NAND market [8]. Key Investment Recommendations - The report recommends a focus on companies such as Industrial Fulian, Saiwei Electronics, and Huahong Semiconductor, among others, as part of the investment strategy in the electronic sector [1][10].

Summary of Conference Call Records Industry Overview - The domestic computing power sector is benefiting from policy implementation and overseas market trends, with an overall positive outlook for the second half of the year. There is potential for significant price increases from late August to the end of the year as major companies provide KPI guidance and mid-year financial reports [1][2][19]. Key Companies and Recommendations - **Cambricon (寒武纪)**: Recommended as a key player in the domestic GPU and ASIC segments. If the n+2 expansion proceeds smoothly by the second half of 2025, the expected capacity could reach over 600 billion, supporting a substantial market valuation [1][5]. - **New Yuan Co. (新元股份)**: Still presents investment opportunities in the second half of the year, particularly due to its collaboration with Alibaba and potential overperformance in film progress, which could lead to a strong stock price reaction [1][8]. - **Switch Chip Sector**: Expected to grow significantly, with domestic companies like Shenghe Communication (盛和通信) likely to see major catalysts. The market for non-NVIDIA computing chips is projected to reach approximately $3.8 billion by 2026 [1][10][11]. - **ZTE and Hua Hong Semiconductor**: Both companies have positive expectations for Q3 and Q4, with ZTE launching new technologies and products, indicating strategic importance [1][14]. Market Dynamics - The domestic computing power sector has shown significant market performance since June, driven by supply and demand changes and chip testing progress. The overall trend remains positive despite some fluctuations [2][19]. - The relationship between GPU and ASIC segments is characterized by shared growth opportunities, with both experiencing high demand and tight supply [6]. Financial Projections and Market Size - The market for PCIe switch chips is projected to grow significantly, with estimates suggesting a market size of approximately $3.8 billion by 2026, potentially doubling by 2027 as technology upgrades occur [11]. - **Yongxin Electronics (永新电子)**: Expected to benefit from advanced manufacturing and domestic GPU client integration, with projections indicating a potential market valuation of up to 400 billion if certain sales targets are met [18][21]. Investment Opportunities - The recent adjustment in the Hong Kong stock market provides a good opportunity for investors to reposition, particularly in companies like Hua Hong Semiconductor, which is expected to have significant future developments [15][16]. - The domestic advanced packaging sector, including companies like Yuxi Electronics (有锡电子) and Yongxin Electronics, is highlighted as having substantial growth potential due to their roles as suppliers to major GPU clients [20][21]. Conclusion - The domestic computing power sector is poised for growth, with several key players and segments showing promise. Investors are encouraged to focus on companies with strong strategic positions and potential catalysts for growth in the coming months [19].

Group 1: Huanhong Company Acquisition - Huanhong Company is planning to acquire controlling interest in Shanghai Huali Microelectronics to resolve internal competition issues and improve operational efficiency [2][3] - The acquisition will be conducted through a combination of issuing shares and cash payments, and it is classified as a related party transaction without changing the actual controller [2][3] - The acquisition targets Huali Micro's operations at the Huanhong Five Factory, which has overlapping competition in 65/55nm and 40nm process nodes [3] Group 2: China Shenhua Acquisition - China Shenhua is set to acquire 100% equity of 13 companies from the State Energy Group to address overlapping business issues and enhance company quality [4][5] - The acquisition includes various energy and coal-related companies, and it aims to fulfill the agreement to avoid competition with its controlling shareholder [5] - The recent "Merger Six Guidelines" policy has accelerated the asset integration among state-owned enterprises, facilitating smoother mergers and acquisitions [5][6] Group 3: Industry Trends - The trend of state-owned enterprise integration has been accelerating, with significant mergers such as Guotai Junan and Haitong Securities, and China Shipbuilding's acquisition of China Shipbuilding Heavy Industry [6] - The total transaction amount for the China Shipbuilding merger reached 115.15 billion, setting a record for A-share mergers in nearly a decade [6] - Other state-owned enterprises, including Sinochem Equipment and Huadian International, are also planning major acquisition schemes [6]

Group 1 - The core point of the announcement is that Dongfang Fund Management Co., Ltd. will adjust the valuation method for the suspended stock held by its funds, specifically for Huahong Company (688347) [1] - Starting from August 18, 2025, the valuation method for Huahong Company will change to the "index income method," using the AMAC industry index as the reference [1] - The fund will consider various influencing factors and negotiate with the custodian bank, and will revert to using the closing price for valuation once the stock demonstrates active market trading characteristics [1]

Group 1 - The core point of the article highlights the recent stock performance of Huahong Semiconductor, which saw a decline of 2.04%, trading at 47.14 yuan per share with a transaction volume of 1.303 billion yuan [1] - Huahong Semiconductor is recognized as a leading specialty foundry company, focusing on innovative processes for embedded/non-volatile memory, power devices, analog and power management, and logic and RF technologies [1] - The company operates three 8-inch wafer fabs in Shanghai and Zhangjiang, and one 12-inch fab in Wuxi, with a monthly production capacity of approximately 180,000 and 75,000 wafers respectively [1] Group 2 - As of mid-2025, Huahong Semiconductor reported total revenue of 7.925 billion yuan and a net profit of 83.7699 million yuan [1] - The company's products are widely used in emerging fields such as electric vehicles, green energy, and the Internet of Things [1] - Huahong Semiconductor offers customizable process options across various technology nodes ranging from 1.0 micron to 65/55 nanometers [1]

Core Viewpoint - Huahong Company is planning to acquire the controlling stake of Huali Micro through a combination of issuing shares and cash payments to resolve competition issues related to its IPO commitments [1][5]. Group 1: Acquisition Details - The acquisition target is the equity corresponding to the assets of Huahong's fifth factory, which operates in the same competitive space as Huali Micro in the 65/55nm and 40nm technology nodes [5][7]. - The transaction is currently in the planning stage, with Huahong Company in discussions with potential transaction parties, including Shanghai Huahong Group and several investment funds [5]. - Due to uncertainties surrounding the transaction, Huahong Company's stock will be suspended from trading starting August 18, 2025, for a period not exceeding 10 trading days [5]. Group 2: Production Capacity and Financial Performance - Huahong Group is a leading global foundry giant, with its factories including Huahong's first, second, third, and seventh plants, and Huali Micro's fifth and sixth plants [7]. - The fifth and sixth plants are fully automated 12-inch wafer fabs, with the fifth plant covering 65/55 and 40nm technology nodes [7]. - In Q2, Huahong Company reported a sales revenue of $566 million, an 18.3% year-over-year increase and a 4.6% quarter-over-quarter increase, with a gross margin of 10.9% [9]. - The company expects Q3 sales revenue to be approximately $620 million to $640 million, with a gross margin between 10% and 12% [9]. - Future revenue growth is anticipated from the ramp-up of the ninth plant's capacity, with plans to have it fully operational within 2-3 quarters [10]. Group 3: Future Capacity Planning - Huahong Company is also planning new capacity, with gradual production expected to begin in 2027 [11].