每经AI快讯，11月18日，港股半导体股盘初拉升，华虹半导体涨近3%，中芯国际涨2%。 （文章来源：每日经济新闻） ...

来源：新浪证券-红岸工作室 资料显示，中芯国际集成电路制造有限公司位于上海市浦东新区张江路18号,香港中环康乐广场8号交易 广场1期29楼，成立日期2000年4月3日，上市日期2020年7月16日，公司主营业务涉及提供0.35微米至14 纳米多种技术节点、不同工艺平台的集成电路晶圆代工及配套服务。主营业务收入构成为：集成电路晶 圆代工93.83%，其他6.17%。 中芯国际所属申万行业为：电子-半导体-集成电路制造。所属概念板块包括：IGBT概念、集成电路、大 基金概念、半导体、中芯国际概念等。 截至9月30日，中芯国际股东户数33.62万，较上期增加33.27%；人均流通股6134股，较上期减少 25.41%。2025年1月-9月，中芯国际实现营业收入495.10亿元，同比增长18.22%；归母净利润38.18亿 元，同比增长41.09%。 机构持仓方面，截止2025年9月30日，中芯国际十大流通股东中，易方达上证科创板50ETF（588080） 位居第五大流通股东，持股5730.50万股，相比上期减少1650.36万股。华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股5599.90万 ...

港股半导体股盘初拉升，华虹半导体涨近3%，中芯国际涨2%。 ...

Core Viewpoint - Jianyin International has raised the target price for SMIC's H-shares (00981.HK) from HKD 62 to HKD 87, maintaining an "Outperform" rating, while the target price for SMIC's A-shares is increased by 40% from RMB 90 to RMB 126, with a "Neutral" rating maintained [1] Group 1: Analyst Ratings - Three investment banks have given a "Buy" rating for SMIC in the last 90 days, with an average target price of HKD 83.33 [1] - The latest report from Jiangyin International Securities Co., Ltd. gives a "Buy" rating for SMIC with a target price of HKD 90 [1] - Detailed ratings from various investment banks include: - Jiangyin International Securities: Buy, target price HKD 90.00 - Guosen Securities: Outperform - Huatai Securities: Accumulate, target price HKD 87.00 - Caifeng Securities: Increase - CITIC Securities: Buy, target price HKD 73.00 - Shouchuang Securities: Buy - Huatai International Securities: Hold [1] Group 2: Company Metrics - SMIC's market capitalization in Hong Kong is HKD 441.039 billion, ranking first in the semiconductor industry [2] - Key performance indicators for SMIC compared to industry averages: - ROE: 2.79% (Industry average: 2.79%), Rank: 8 out of 16 - Market capitalization: HKD 441.039 billion (Industry average: HKD 37.308 billion), Rank: 1 out of 16 - Revenue: HKD 88.35 billion (Industry average: HKD 41.88 billion), Rank: 3 out of 16 - Net profit margin: 10.55% (Industry average: -63.15%), Rank: 2 out of 16 - Gross profit margin: 21.45% (Industry average: 26.14%), Rank: 8 out of 16 - Debt ratio: 33.78% (Industry average: 94.56%), Rank: 7 out of 16 [2]

Group 1 - The semiconductor ETF (159813) opened down 0.19% at 1.070 yuan on November 18 [1] - Major holdings in the semiconductor ETF include: Cambrian (up 0.22%), SMIC (down 0.11%), Haiguang Information (down 0.35%), Northern Huachuang (down 0.19%), Lanke Technology (down 0.33%), Zhaoyi Innovation (down 1.07%), Zhongwei Company (down 0.87%), OmniVision (up 0.01%), Changdian Technology (down 0.19%), and Unisoc (down 0.46%) [1] - The performance benchmark for the semiconductor ETF is the National Securities Semiconductor Chip Index return, managed by Penghua Fund Management Co., Ltd. [1] Group 2 - Since its establishment on April 17, 2020, the semiconductor ETF has returned 60.80%, while its return over the past month is -1.63% [1]

Core Viewpoint - The Chip ETF Fund (159599) opened at a decline of 0.35%, indicating a slight downturn in the semiconductor sector [1] Fund Performance - The Chip ETF Fund (159599) has a performance benchmark of the CSI Chip Industry Index return rate [1] - Since its establishment on April 19, 2024, the fund has achieved a return of 98.05% [1] - Over the past month, the fund has experienced a return of -1.19% [1] Major Holdings Performance - Major stocks within the Chip ETF Fund include: - SMIC (中芯国际) opened down 0.11% - Cambricon (寒武纪) increased by 0.22% - Haiguang Information (海光信息) decreased by 0.35% - Northern Huachuang (北方华创) fell by 0.19% - Lattice Semiconductor (澜起科技) dropped by 0.33% - Zhaoyi Innovation (兆易创新) declined by 1.07% - Zhongwei Company (中微公司) decreased by 0.87% - OmniVision (豪威集团) slightly increased by 0.01% - Chipone (芯原股份) fell by 1.15% - JCET (长电科技) decreased by 0.19% [1]

Core Viewpoint - On November 17, a total of 13 target price adjustments were made by brokerages for listed companies, with notable increases in target prices for Kangguan Technology, Kede CNC, and Honglu Steel Structure, showing target price increases of 44.60%, 43.03%, and 37.73% respectively, across the optical optoelectronics, general equipment, and professional engineering industries [1][3]. Group 1: Target Price Increases - Kangguan Technology received a target price of 32.00 yuan with a target price increase of 44.60% [3] - Kede CNC was assigned a target price of 86.95 yuan, reflecting a 43.03% increase [3] - Honglu Steel Structure has a target price of 24.42 yuan, indicating a 37.73% increase [3] - Other companies with significant target price increases include Zhongxin International with a target price of 159.30 yuan (35.42% increase) and Sinopec with a target price of 7.60 yuan (31.49% increase) [3] Group 2: Brokerage Recommendations - A total of 51 listed companies received brokerage recommendations on November 17, with Aotewei and Kede CNC each receiving 2 recommendations [4][5] - Aotewei's closing price was 42.55 yuan, while Kede CNC's closing price was 60.79 yuan [5] Group 3: Rating Adjustments - On November 17, brokerages raised ratings for 2 companies, including Sinopec's rating upgraded from "Hold" to "Buy" by Huatai Securities, and Hongyuan Electronics' rating upgraded from "Hold" to "Buy" by CITIC Securities [4] - One company, Honglu Steel Structure, had its rating downgraded from "Strong Buy" to "Recommended" by Huachuang Securities [4] Group 4: First Coverage - On November 17, brokerages initiated coverage on 7 companies, including Wan Energy Power with an "Accumulate" rating from China Merchants Securities, and Hengyin Technology with an "Accumulate" rating from Zhongyou Securities [7][8] - Other companies receiving first coverage include Jinlei Co. with a "Buy" rating, Zhaoyan Pharmaceutical with an "Accumulate" rating, and Weisheng Information with a "Recommended" rating [8]

智通财经APP获悉，建银国际发布研报称，将中芯国际H股(00981)目标价由62港元，调高至87港元，维 持"跑赢大市"的投资评级;而中芯国际A股的目标价90元人民币，调高40%至126元人民币，投资评级维 持"中性"。 该行指，中芯国际目前在中国半导体供应链中扮演重要角色，尤其是在国际政策不明朗的情况下。此 外，该公司在新技术节点和平台开发方面取得了稳步进展。其不断提升的竞争力和在专业技术领域的能 力进一步巩固了其作为供应链改革主要受益者的地位。因此，该行将H股的目标市账率从3.0倍上调至 4.0倍。 建银国际表示，中芯国际新晶圆厂产能的加速折旧和摊提将继续影响毛利率，但更高的单位交易率和产 品组合的最佳化可能会缓解这种影响。该行将2025/2026/2027年的盈利预测分别上调19%/4%/9%，主要 原因是毛利率高于预期以及营运支出降低。该行的每股账面价值预测分别上调了0.5%/0.6%/0.9%。 ...

该行指，中芯国际目前在中国半导体供应链中扮演重要角色，尤其是在国际政策不明朗的情况下。此 外，该公司在新技术节点和平台开发方面取得了稳步进展。其不断提升的竞争力和在专业技术领域的能 力进一步巩固了其作为供应链改革主要受益者的地位。因此，该行将H股的目标市账率从3.0倍上调至 4.0倍。 建银国际表示，中芯国际新晶圆厂产能的加速折旧和摊提将继续影响毛利率，但更高的单位交易率和产 品组合的最佳化可能会缓解这种影响。该行将2025/2026/2027年的盈利预测分别上调19%/4%/9%，主要 原因是毛利率高于预期以及营运支出降低。该行的每股账面价值预测分别上调了0.5%/0.6%/0.9%。 智通财经APP获悉，建银国际发布研报称，将中芯国际H股(00981)目标价由62港元，调高至87港元，维 持"跑赢大市"的投资评级;而中芯国际A股的目标价90元人民币，调高40%至126元人民币，投资评级维 持"中性"。 ...

Group 1 - The semiconductor industry is experiencing high demand, with SMIC reporting a capacity utilization rate of 95.8% in Q3, indicating a supply-demand imbalance and sustained high prices for products like NOR/NAND Flash and MCUs [2] - Major technology stocks are under pressure, with significant declines in companies such as Dell Technologies (over 8%) and AMD (over 6%), while NVIDIA, a key player in AI, is set to release its earnings report soon, contributing to market stress [2] - Morgan Stanley has downgraded several equipment manufacturers due to expected profit compression from rising storage chip prices and continued price increases into 2026, impacting OEMs and ODMs [2] Group 2 - The semiconductor industry is expected to continue its positive trajectory, driven by AIGC and improving downstream consumer demand, alongside a rapid domestic semiconductor localization process in China [3] - There is a surge in mergers and acquisitions within the domestic semiconductor sector, as companies position themselves for growth and advancement in the industry [3] - Relevant ETFs, such as the Sci-Tech Semiconductor ETF (588170), focus on semiconductor equipment and materials, highlighting the importance of domestic substitution in these sectors, which are benefiting from the AI revolution and technological advancements [3]