Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is the third-largest foundry globally, benefiting from the rise of domestic enterprises and the trend of localized manufacturing [1][11] - The semiconductor industry has long-term growth potential, characterized by cyclical and growth aspects, with global semiconductor sales expected to reach a record high of $791.6 billion in 2025 [2][34] - The company's revenue is projected to grow from $31 billion in 2017 to $93 billion in 2025, with a CAGR of 15% [20] - The company maintains a high capacity utilization rate, expected to reach 95.7% by Q4 2025, driven by the increasing demand from Chinese chip design companies [2][55] Financial Projections - Revenue and net profit forecasts for 2025 are $9.3 billion and $685 million, respectively, with a net profit CAGR of 18% from 2017 to 2025 [4][20] - The company’s gross margin is expected to be 21% in 2025, with over 90% of revenue coming from integrated circuit foundry services [23][29] - The company plans to increase its capital expenditure significantly, reaching $8.1 billion by 2025 to support capacity expansion [56][59] Market Dynamics - The company is positioned to benefit from the increasing number of Chinese chip design firms, which are expected to grow from 1,380 in 2017 to 3,901 by 2025, with a CAGR of 14% [43] - The demand for 12-inch wafers is rising, with their revenue share expected to increase to 77% by 2025, while the share of 8-inch wafers declines to 23% [29][31] - The global semiconductor sales are projected to continue double-digit growth into 2026, indicating a robust market environment [34]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 第 1 頁 共 7 頁 v 1.3.0 | 2). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | 32,561 | 0.00041 % | HKD | 0.031 | | | --- | --- | --- | --- | --- | --- | --- | | 而發行新股或轉讓庫存股份 - 涉及新股 | | | | | | | | 非本公司董事因行使根據2024年股份獎勵計劃(於2023年6月28日獲 | | | | | | | | 採納)所授予的限制性股票单位而發行的普通股股份 | | | | | | ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中芯國際集成電路製造有限公司 呈交日期： 2026年3月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 是 | | | | 證券代號 (如上市) | 00981 | 說明 港股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | | 已 ...

证券研究报告 | 2026年03月05日 2026年03月06日 中芯国际（00981.HK） 优于大市 第三大晶圆代工企业，受益本土企业崛起和本地化制造趋势 全球第三大晶圆代工企业，提供 8 英寸和 12 英寸晶圆代工与技术服务。公 司是全球第三大集成电路晶圆代工企业，向全球客户提供 8 英寸和 12 英寸 晶圆代工与技术服务。2025 年收入和净利润分别为 93 亿美元、6.85 亿美元， 预计 2026 年全年收入增幅高于可比同业平均值。公司超过 90%收入来自晶 圆制造代工，2025 年 12 英寸和 8 英寸占比分别为 77%和 23%；从晶圆制造的 下游构成来看，消费电子占比最高，2025 年为 43%，其次智能手机占比 23%， 电脑与平板占比 15%，工业与汽车占比 11%，互联与可穿戴占比 8%。 半导体具有长期成长性，分工合作成就晶圆代工和纯设计企业。中长期看， 全球半导体行业兼具周期性和成长性，每一轮均会超过上一轮的高点，2025 年销售额创年度新高，达 7916 亿美元，WSTS 预计 2026 年将继续保持两位数 增长。安靠、台积电开创封测、晶圆代工外包模式，半导体产业开启分工协 作 ...

4 March 2026 | 7:32PM HKT Equity Research SMIC (0981.HK): CEO visit: Solid upward trend on capex, migration, and growth We hosted a small group meeting with SMIC's CEO in Shanghai on Mar 4. Key discussions were about the semiconductor capacity expansion in China and the technology migration trend of China's semiconductor industry. Overall, management remains positive on China Semis Capex up-cycle driven by rising fabless with technology migration. We maintain our bullish view on SMIC with a Buy rating on A ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [4] Core Insights - The optical communication chip is identified as the core engine for optical interconnection, with domestic market share expected to increase significantly due to the low self-sufficiency rate in high-speed optical communication chips in China, currently only 7% in the 25G and above segment [1][2] - The report highlights the transition from module assembly to chip definition in the optical communication industry, emphasizing the importance of TIA and Driver chips in enhancing signal speed and reducing power consumption [1] - The evolution of XPO technology is projected to significantly increase the value of optical communication chips, as it removes the need for high-cost DSP chips, redistributing value to TIA and Driver components [2] Summary by Sections Industry Overview - The optical communication chip market is characterized by a stable global supplier competition landscape, with domestic chip capabilities expected to rise alongside the increasing market share of local optical module companies [2] Technological Advancements - The integration of advanced packaging and system architecture is set to open up new opportunities in optical interconnection, facilitating a shift from mid-range to chip-level interconnection markets [2] Investment Recommendations - The report suggests focusing on key companies involved in optical communication chip design and manufacturing, including companies like 优迅股份, 中晟微电子, MACOM, Semtech, MaxLinear, and 玏芯科技 for design, and Tower and 中芯国际 for manufacturing [3]

Core Viewpoint - The storage chip market is experiencing a significant price surge, driven by supply constraints and strategic decisions by major manufacturers, leading to a complex interplay of demand and supply dynamics [6][12][37]. Group 1: Market Dynamics - Since mid-last year, storage chip prices have skyrocketed, with some models increasing over tenfold [6]. - Major manufacturers like Samsung, Micron, and SK Hynix are exercising caution in their shipments, primarily supplying large clients and leaving smaller customers struggling to obtain chips [6][11]. - The price increase is causing downstream effects, with PC manufacturers raising prices by 500 to 1500 yuan for laptops and adjusting storage configurations to mitigate cost pressures [6][7]. Group 2: Price Trends - The price of DDR4 16Gb (2GX8) 3200 storage chips rose from $6.2 in June 2025 to nearly $77 by February 2026, illustrating the dramatic price escalation [9][10]. - The price structure in the storage industry consists of three tiers: chip prices, module/product prices, and end product prices, with the latter often not reflecting the same increases as chip prices due to manufacturers' strategies [9][22]. Group 3: Manufacturer Strategies - Major manufacturers are prioritizing high-margin products like HBM and DDR5 over traditional storage chips, leading to a structural reduction in the supply of general-purpose storage [13][18]. - The current market behavior of manufacturers is characterized by price increases, production cuts, and a focus on high-end customers, which is seen as a calculated supply restructuring rather than a reaction to immediate demand [12][13]. Group 4: Supply Chain Issues - The supply chain is experiencing a "rationing" effect, where manufacturers are limiting availability to create a perception of scarcity, further driving up prices [20][21]. - The market is currently facing a significant imbalance, with low inventory levels exacerbating the situation; for instance, DRAM inventory is at only 1.5 months, compared to a normal level of 2-2.5 months [34][36]. Group 5: Future Outlook - Predictions indicate that the price surge in storage chips will continue into the first half of 2026, with potential increases of 80-90% expected [37]. - The structural changes in the market, driven by AI demand and the prioritization of high-end products, suggest that the current high prices may persist until at least the end of 2026, with a potential turning point for HBM prices not expected until early 2028 [37].

Core Viewpoint - The 2026 Advanced Semiconductor Industry Conference aims to lead global innovation in new materials, focusing on key technologies and industry trends in the post-Moore era, driven by emerging industries such as AI, electric vehicles, and aerospace [2][21]. Event Overview - The event will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, covering an exhibition area of 50,000 square meters and expecting over 100,000 attendees [5][21]. - The conference will feature over 300 strategic and cutting-edge technology reports, showcasing innovations in AI, data centers, intelligent robotics, and more [21][23]. Key Themes and Forums - The conference will focus on third and fourth-generation semiconductors, advanced packaging, and system-level collaborative innovation [2][21]. - Major forums include: - Diamond Frontier Applications Forum - Ultra-Precision Processing Forum - Third and Fourth Generation Semiconductor Crystal Growth Forum [6][7][24]. Participating Organizations - The event is organized by DT New Materials and supported by various associations and institutions, including the Chinese Academy of Sciences and several industry alliances [4][21]. - Notable invited companies include Intel, NVIDIA, Huawei, and TSMC, among others from semiconductor, consumer electronics, and data center sectors [10][11]. Registration and Pricing - Registration fees are set at ¥3000 for enterprises and universities, with early bird prices available [12][14]. - Students can register for ¥1500, with additional discounts for group registrations [12][14]. Additional Information - The event will also include specialized forums on topics such as AI chip thermal management, power device thermal management, and advanced battery technologies [8][24]. - The conference aims to create a comprehensive platform for collaboration and procurement in the new materials sector [21][23].

Core Viewpoint - The article emphasizes the evolution of the integrated circuit industry in China from the "Sixth Five-Year Plan" to the "Fourteenth Five-Year Plan," highlighting its development, current status, and global competitive landscape, while identifying challenges and proposing strategies for the "Fifteenth Five-Year Plan" [1]. Group 1: Economic Long Wave Cycle - The world economy exhibits a 50-year long wave cycle, known as the Kondratiev cycle, with the fifth cycle driven by the information industry, particularly the integrated circuit sector [3][4]. - China's GDP has shown a steady increase since the late 20th century, with projections indicating that by 2035, China's GDP could reach approximately $33.8 trillion, potentially rivaling that of the United States [5][6][7]. Group 2: Integrated Circuit Industry Development - The integrated circuit industry in China has evolved significantly since the 1950s, with key milestones including the establishment of major companies like SMIC and the rapid growth of the industry post-2001 [19][20]. - The sales revenue of China's integrated circuit industry has increased dramatically, with projections for the "Fifteenth Five-Year Plan" indicating an average annual sales revenue of 104 billion yuan [20][22]. Group 3: Current Status and Challenges - The integrated circuit industry in China has achieved 100% self-sufficiency in critical areas related to national security, with significant advancements in electronic design automation (EDA) and chip design [28][30]. - Despite progress, the industry faces challenges such as fragmentation, lack of collaboration between upstream and downstream enterprises, and the need for improved data statistics and industry standards [50][51][52]. Group 4: Key Segments of the Integrated Circuit Industry - The EDA market is dominated by three major foreign companies, while domestic firms like Beijing Huada Jiutian Technology Co., Ltd. have made significant strides, ranking sixth globally [28][29]. - In chip design, domestic companies are increasingly competitive, with firms like HiSilicon and Unisoc leading in smartphone processor design [30][32]. - The manufacturing segment is represented by SMIC, which has achieved a global market share of 33% for chips with a process node of 28 nm or larger, ranking third globally [33]. - The packaging and testing segment is led by companies like Jiangsu Changjiang Electronics Technology Co., Ltd., which ranks third globally in revenue [34]. - The semiconductor equipment sector is witnessing a trend towards localization, with companies like North Huachuang Technology Group Co., Ltd. ranking sixth globally [35][36]. Group 5: Investment and Future Outlook - The National Integrated Circuit Industry Investment Fund has played a crucial role in supporting the industry's development, with significant capital allocations planned for the future [44][47]. - The article stresses the importance of addressing the challenges of small and fragmented enterprises, enhancing collaboration, and improving data accuracy to foster a more robust integrated circuit industry in China [50][52].

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 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) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 ...