里昂发布研报称，中芯国际(00981,688981.SH)第二季营收按季跌1.7%，高于指引但低于投资者预期。 第三季收入和毛利率指引目标低于市场预期，调低中芯2025至2027年盈利预测，中芯H股目标价由59.2 港元调低至58.8港元，A股目标价由119.8元人民币降至107.3元人民币，维持跑赢大市评级。 报告指，中芯认为最初对需求的忧虑并未发生，并预期会继续受惠于客户的占有率提升。之前产量波动 的影响正在减弱，应会带动第三季的平均售价上升。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q2 revenue declined by 1.7% quarter-on-quarter, which is above guidance but below investor expectations. The guidance for Q3 revenue and gross margin is lower than market expectations, leading to a downward revision of SMIC's profit forecasts for 2025 to 2027. The target price for SMIC's H-shares has been reduced from HKD 59.2 to HKD 58.8, and the target price for A-shares has been lowered from RMB 119.8 to RMB 107.3, while maintaining an outperform rating [1]. Group 1 - SMIC's Q2 revenue decline of 1.7% is above guidance but below investor expectations [1] - Q3 revenue and gross margin guidance are lower than market expectations [1] - Profit forecasts for SMIC for 2025 to 2027 have been revised downwards [1] Group 2 - Target price for SMIC's H-shares reduced from HKD 59.2 to HKD 58.8 [1] - Target price for SMIC's A-shares lowered from RMB 119.8 to RMB 107.3 [1] - The outperform rating for SMIC is maintained [1] Group 3 - SMIC believes initial concerns about demand have not materialized and expects to benefit from increased customer market share [1] - The impact of previous production fluctuations is diminishing, which is expected to drive up the average selling price in Q3 [1]

汇丰研究：维持中芯国际H股买入评级，升目标价至68港元。 ...

Investment Rating - The report emphasizes the importance of financial support for the integrated circuit industry as a key focus of national policy, indicating a positive investment outlook for this sector [1][2]. Core Insights - The integrated circuit industry is prioritized in the new industrialization strategy, reflecting its critical role in China's economic transformation and technological independence [1][2][5]. - The report highlights the structural challenges faced by traditional manufacturing and the need for targeted financial support to foster innovation and competitiveness in emerging industries [2][5][6]. - The introduction of the "Guiding Opinions on Financial Support for New Industrialization" aims to address the mismatch between long-term funding needs and short-term financing supply in the manufacturing sector, particularly for integrated circuits [8][9][15]. Summary by Sections Policy Context - The issuance of the financial support policy marks a significant step in implementing the new industrialization strategy, particularly during a period of economic transition and external challenges [2][5]. - The policy aims to enhance the financial ecosystem for key industries, with a specific focus on integrated circuits, to ensure sustainable development and resilience against risks [8][9]. Industry Overview - The global semiconductor market is projected to reach USD 620.2 billion in 2024, with China accounting for 30.1% of the market share, while U.S. companies hold 50% [9]. - Domestic companies have made progress in areas like 5G and AI chips, but overall market share remains below 20% [9][15]. - The report notes that the domestic semiconductor materials and equipment market is experiencing strong growth, driven by policy support and the need for supply chain security [9][11]. Financial Trends - In the first half of 2025, the semiconductor sector saw 395 financing events totaling CNY 27.553 billion, indicating a growing interest from investors in this strategic industry [18][19]. - The report highlights the role of the Science and Technology Innovation Board in facilitating IPOs for semiconductor companies, enhancing capital efficiency and industry impact [18][19]. Challenges and Opportunities - The integrated circuit industry faces significant challenges, including technological gaps with international leaders in advanced semiconductor equipment and processes [16][17]. - The report emphasizes the need for coordinated efforts between government and industry to overcome these challenges and achieve breakthroughs in technology and production capabilities [15][16].

Group 1 - The core viewpoint of the article indicates that both SMIC and Hua Hong Semiconductor have reported their Q2 2025 earnings, exceeding market expectations due to high capacity utilization driven by domestic demand [1] - Both companies forecast a sequential revenue growth of 6% and 11% for Q3 2025, respectively, suggesting a gradual recovery in semiconductor demand, although margin recovery may still be distant [1] - Citi's report highlights that the demand for foundry services in the backend process remains robust, but further growth will depend on significant margin improvements [1] Group 2 - Citi raised the target price for Hua Hong from HKD 39 to HKD 45, while maintaining the target price for SMIC at HKD 53, with a "neutral" rating for both companies [1]

Group 1 - Goldman Sachs reports that the revenue growth slowdown for SMIC in Q2 is temporary and agrees with the company's guidance of a quarterly revenue increase of 5% to 7% [1] - The company's gross margin guidance for the current quarter is between 18% to 20%, which is lower than Goldman Sachs' and market expectations of 20.6% and 21.1% respectively, due to increased depreciation and amortization [1] - Positive factors identified include stable capacity utilization, strong customer orders, and ongoing capacity expansion supporting the company's ability to capture demand and provide more complete products [1] Group 2 - Goldman Sachs maintains a positive outlook on SMIC, believing the company will benefit from increased demand for localized production and a higher proportion of 12-inch wafers in its product mix [1] - The firm has lowered its earnings per share forecast for the company by 1% for the years 2023 to 2027, reflecting adjustments in gross margin and operating profit margin assumptions due to ongoing depreciation and amortization increases from capacity expansion [1] - The investment rating for H-shares is maintained as "Buy," with a target price of HKD 63.7, based on a target price-to-earnings ratio of 36 times for 2028 [1]

晨星研报表示，中国芯片代工厂商从本土化需求中获得的益处超出预期。美国关税对这些公司全年业绩 预期的损害没有市场担心的那么大，与此同时，在更高关税生效前的提前发货也让这些公司在第二季度 受益。中芯国际和华虹半导体对短期和长期前景的看法都比全球同行更为乐观。 ...

Key Points - The main focus of the article is on the significant outflow of capital from specific stocks as of August 11, with detailed figures indicating the amount of money withdrawn from each stock [1][2] Group 1: Stock Outflows - The top stock with capital outflow is China Shipbuilding, with an outflow of 508 million yuan [1] - Ningbo Yunsen follows with an outflow of 431 million yuan [1] - Huayin Power experienced a capital outflow of 375 million yuan [1] - Other notable stocks with significant outflows include: - Changjiang Power (-328 million yuan) [1] - Northern Rare Earth (-321 million yuan) [1] - Tibet Tianlu (-278 million yuan) [1] - Xiyu Tourism (-270 million yuan) [1] - Furi Electronics (-263 million yuan) [1] - Light Media (-256 million yuan) [1] - Tianshan Shares (-225 million yuan) [1] - Shanghai Huguang (-209 million yuan) [1] - Shanhe Intelligent (-209 million yuan) [1] - China Heavy Industry (-190 million yuan) [1] - Zhongchao Holdings (-180 million yuan) [1] - SMIC (-173 million yuan) [1] - ST Huaton (-165 million yuan) [1] - AVIC Shenyang Aircraft (-150 million yuan) [1] - Sunshine Power (-143 million yuan) [1] - Guoji Precision (-141 million yuan) [1] - Zhangqu Technology (-139 million yuan) [1]

该行认为，中芯国际晶圆厂产能的折旧和摊销加快将继续影响集团毛利率，但更高的需求和产品结构的 改进可能会减轻这种影响。该行下调集团2025年盈测，主要是为了反映折旧摊提带来的持续影响。 建银国际发布研报称，中芯国际(00981)目前在中国半导体供应中发挥重要作用，尤其是在国际政策不 确定的情况下。此外，集团在新技术节点和平台开发方面亦进展顺利。因此，该行上调其H股目标价 15%，由54港元升至62港元。又因集团在内地先进晶片制造领域日益凸显的地位，维持"跑赢大盘"评 级。 报告表示，中芯国际第二季受惠于非产能利用率(UTR)的提升，季度收入及毛利率均超预期。同时， UTR强于预期且国内工业和汽车市场复苏良好。展望今年下半年，该行预计集团的UTR将略有下降， 2025年全年UTR将稳定在82.2%左右，但由第三季开始，平均售价将连续改善。 ...

该行认为，中芯国际晶圆厂产能的折旧和摊销加快将继续影响集团毛利率，但更高的需求和产品结构的 改进可能会减轻这种影响。该行下调集团2025年盈测，主要是为了反映折旧摊提带来的持续影响。 报告表示，中芯国际第二季受惠于非产能利用率(UTR)的提升，季度收入及毛利率均超预期。同时， UTR强于预期且国内工业和汽车市场复苏良好。展望今年下半年，该行预计集团的UTR将略有下降， 2025年全年UTR将稳定在82.2%左右，但由第三季开始，平均售价将连续改善。 智通财经APP获悉，建银国际发布研报称，中芯国际(00981)目前在中国半导体供应中发挥重要作用，尤 其是在国际政策不确定的情况下。此外，集团在新技术节点和平台开发方面亦进展顺利。因此，该行上 调其H股目标价15%，由54港元升至62港元。又因集团在内地先进晶片制造领域日益凸显的地位，维 持"跑赢大盘"评级。 ...