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outflow of capital from specific stocks as of August 11, with detailed figures indicating the amount of money withdrawn from each stock [1][2] Group 1: Stock Outflows - The top stock with capital outflow is China Shipbuilding, with an outflow of 508 million yuan [1] - Ningbo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。 ...

里昂发表报告指出，中芯国际第二季营收按季跌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。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。里昂调低中芯2025至 2027年盈利预测，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元降至107.3元，维持"跑赢 大市"评级。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The TMT sector experienced varied performance in the week of August 4-8, with Media up by 2.30%, Electronics by 1.65%, Communication by 1.30%, and Computers down by 0.41% [3] - The release of Google's Genie3 marks a significant breakthrough in AI simulation, featuring real-time interaction and long-term consistency, which is expected to benefit game development and film production in the short term, while providing high-quality training data for AI agents and robots in the long term [3] - OpenAI's GPT-5 has been launched with improved cost-effectiveness, showing enhanced accuracy in various tests compared to its predecessor, and is expected to accelerate AI penetration in programming and healthcare applications [3] - Anthropic's Claude Opus 4.1 has been released, showcasing upgrades in programming capabilities and solidifying its market leadership in AI programming with a projected 42% market share by mid-2025 [3] Weekly Market Review - The TMT sector's performance for the week included notable gains in sub-industries such as Brand Consumer Electronics (up 6.81%), Gaming III (up 5.96%), and Communication Cables and Accessories (up 4.43%), while sectors like Horizontal General Software and Printed Circuit Boards saw declines of -3.86% and -2.59% respectively [3][5] - The report includes detailed weekly performance metrics for various TMT sub-industries, highlighting the fluctuations in stock prices and market trends [7][10] Industry News and Key Company Announcements - Significant industry events include the 2025 ChinaJoy and the release of various AI models and applications by major companies, indicating a vibrant landscape for AI development and deployment [15][17] - Key company announcements include TSMC's sales growth of 25.8% year-on-year and the performance updates from major players like SMIC and Huahong Semiconductor, reflecting the ongoing advancements and competitive dynamics in the semiconductor industry [24][25]

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 also lower than market expectations [1] Group 1: Financial Performance - SMIC's Q2 revenue decline of 1.7% is noted, which is higher than the company's guidance but lower than what investors anticipated [1] - The company believes that initial concerns regarding demand have not materialized and expects to benefit from an increase in customer market share [1] - The impact of previous production fluctuations is diminishing, which is expected to lead to an increase in average selling prices in Q3 [1] Group 2: Forecast Adjustments - Credit Lyonnais has lowered its profit forecasts for SMIC for the years 2025 to 2027 [1] - The target price for SMIC's H-shares has been adjusted from HKD 59.2 to HKD 58.8, while the target price for A-shares has been reduced from CNY 119.8 to CNY 107.3 [1] - Despite the adjustments, Credit Lyonnais maintains a "Outperform" rating for SMIC [1]

芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌2.55%，报47.42港元； 中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44港元。 消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

消息面上，据报道称，英伟达CEO黄仁勋于当地时间8月6日赴白宫拜会美国总统特朗普后，美国商务部 开始向英伟达发放H20芯片出口至中国大陆的许可证。一位美国官员表示，商务部辖下负责出口管制的 工业安全局已经向英伟达发放了H20对华出口许可证。 智通财经APP获悉，芯片股跌幅居前，华虹半导体(01347)跌8.05%，报40.46港元；中芯国际(00981)跌 2.55%，报47.42港元；中电华大科技(00085)跌4.97%，报1.72港元；上海复旦(01385)跌2.12%，报30.44 港元。 此前，中芯、华虹披露了第二季度财报。中芯国际二季度归母净利润方实现1.32亿美元，同比下降 19.5%，环比下降29.5%。展望第三季度，中芯国际给出的收入指引为环比增长5%到7%，毛利率指引为 18%到20%。此外，华虹半导体二季度销售收入5.66亿美元，同比增加18.3%；母公司拥有人应占利润 795.2万美元，同比增加19.2%，环比增长112.1%。 ...

| 688231 | 隆达 | 11408.69 | 13.68 | 0.00 | | -3.20 | | --- | --- | --- | --- | --- | --- | --- | | | 股份 | | | | | | | 688325 | 赛微 微电 | 24298.13 | 13.60 | 0.00 | | 0.32 | | 688067 | 爱威 | 5158.93 | 12.01 | 0.00 | | 7.25 | | | 科技 | | | | | | | 688683 | 莱尔 科技 | 12461.62 | 11.99 | 0.00 | | 3.24 | | 688010 | 福光 股份 | 12990.28 | 11.77 | 0.00 | | -5.79 | | 688479 | 友车 科技 | 4977.44 | 11.69 | 0.00 | | 0.77 | | 688498 | 源杰 科技 | 45505.27 | 11.41 | 144.62 | -1.73 | 4.66 | | | 科思 | | | | | | | 688788 | 科技 | 36379.01 | 11.1 ...