Group 1 - Southbound funds net bought HKD 6.271 billion in Hong Kong stocks today [1] - Notable net purchases include Alibaba-W at HKD 730 million, Tracker Fund at HKD 683 million, and Xiaomi Group-W at HKD 472 million [1] - Southbound funds have net bought Tencent for 12 consecutive days, totaling HKD 6.47567 billion [1] Group 2 - Significant net sales were observed in SMIC at HKD 426 million, Hua Hong Semiconductor at HKD 335 million, and Hutchison China MediTech at HKD 158 million [1] - Alibaba-W has seen net purchases for 5 consecutive days, amounting to HKD 3.33906 billion [1]

Core Insights - The computing power industry is experiencing significant growth driven by AI demand and domestic substitution, with many companies reporting impressive earnings for the first half of 2025 [2][14] - The semiconductor market is thriving, with a global market size reaching $346 billion in the first half of 2025, reflecting an 18.9% year-on-year increase [4] Semiconductor Industry - Domestic chip companies are benefiting from AI-driven demand and domestic substitution, leading to strong performance in the first half of 2025 [3] - For instance, 澜起科技 (Lanke Technology) expects revenue of approximately 2.633 billion yuan, a year-on-year increase of about 58.17%, with net profit projected to grow by 85.5% to 102.36% [5][6] - 中芯国际 (SMIC) reported a revenue of $4.46 billion, a 22% year-on-year increase, with a gross margin of 21.4%, up 7.6 percentage points [8] Optical Module Sector - The demand for high-speed optical modules is surging, driven by the expansion of data centers and the deployment of 5G networks [9] - 中际旭创 (Inspur) anticipates a net profit of 3.6 to 4.4 billion yuan, representing a year-on-year increase of 52.64% to 86.57% [9][10] - 新易盛 (NewEase) expects a net profit of 3.7 to 4.2 billion yuan, with a staggering year-on-year growth of 327.68% to 385.47% [10] Liquid Cooling Technology - The liquid cooling market is projected to grow at a compound annual growth rate of 59% from 2022 to 2027, driven by the increasing demand for high-density computing solutions [12] - By 2027, the market size for liquid cooling data centers in China is expected to exceed 100 billion yuan [12] Overall Industry Performance - The overall performance of the computing power industry in the first half of 2025 highlights the technological explosion of the AI era and the acceleration of domestic substitution [14] - Companies across the computing power supply chain are providing essential support for the global digitalization process, despite challenges related to technological iteration and market differentiation [14][15]

如果您希望可以时常见面，欢迎标星收藏哦~ 作为国际主要半导体代工制造商及中国大陆集成电路制造业领导者，中芯国际集成电路制造有限公 司（以下简称中芯国际）于 2025 年 8 月 7 日公布了截至 6 月 30 日止三个月的未经审核综合经 营业绩，同时在8月8日举行了财报业绩说明会。 会上，中芯国际联合CEO赵海军表示，主要由于在国内外政策变化的影响下，渠道加紧备货补库 存，公司也积极配合客户保证出货，今年第二季度公司出货量保持增长。 业绩概览：环比微降，同比大幅增长 赵海军在业绩说明会上坦言，本季度平均销售单价环比下降 6.4%，但销售片数环比增长 4.3% 至 239 万片（折合 8 英寸标准逻辑晶圆），"在国内外政策变化的背景下，渠道加紧备货补库存，我 们积极配合客户保证出货，这种情况一直持续到三季度。" 收入结构：中国区为核心市场，消费电子贡献最大 从地区分布看，中芯国际中国区收入占比 84.1%，继续稳居主导；美国区占比 12.9%，同比略有 下降；欧亚区占比 3.0%，保持稳定。 在应用领域中，消费电子收入占比最高，达 41.0%，为主要增长动力；智能手机占比 25.2%，同 比下降，反映整体市场趋 ...

Market Overview - The A-share market experienced a slight pullback today, with the Shanghai Composite Index down 0.12% closing at 3635.13 points, the Shenzhen Component down 0.26% at 11128.67 points, and the ChiNext Index down 0.38% at 2333.96 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 171.02 billion yuan, a decrease of 115.3 billion yuan compared to the previous day [2][3] Sector Performance - The market showed a stable sentiment despite the overall decline, with individual stocks experiencing mixed performance. The cement and building materials sector led the gains with an increase of 2.83%, followed by transportation equipment at 2.81%, engineering machinery at 2.13%, and engineering construction at 1.70% [3] - The Yajiang concept stocks rose overall by 2.69%, with notable performers including Shanhai Intelligent, which hit the daily limit up with a gain of approximately 10% [4] Yajiang Concept Analysis - The Yajiang concept index started at 1240 points, peaked at 1354 points, dropped to 1230 points yesterday, and rebounded by 30 points today to close at 1263 points. This indicates that investors in this concept were largely trapped before today's rebound [4] - The trading volume for the Yajiang sector was about 52.2 billion yuan, an increase from 41.5 billion yuan the previous day, but still less than half of the volume during previous highs [4][5] Weighting Stocks Impact - Major weighted stocks, particularly in the banking and insurance sectors, contributed to the index's decline. Notably, companies like BYD, Dongfang Caifu, and Luxshare Precision collectively dragged down the Shenzhen Component by 10.37 points [5] AI Sector Reaction - Following the announcement of new AI models by OpenAI and Google, related stocks in the A-share market did not see an increase but instead experienced a collective decline, indicating market fatigue towards AI concepts [6] Speculative Stocks - Speculative stocks, referred to as "妖股," showed varied performance, with some like Shangwei New Materials dropping by 5.5% and others like Changcheng Military Industry fluctuating in price. The term "击鼓传花" was used to describe the current speculative behavior in the market, suggesting a potential for increased regulatory scrutiny [7]

Core Viewpoint - The recovery in industrial and automotive demand is expected to lead to continuous improvement in wafer foundry capacity utilization, with leading fabs likely to achieve performance growth [1] Industry View and Investment Recommendations - As industrial and automotive downstream sectors begin to replenish inventory, demand for BCD Analog is anticipated to grow, leading to an expected increase in wafer foundry capacity utilization in Q2 and the second half of the year. The industry is rated "Overweight" [2] - Semiconductor Manufacturing International Corporation (SMIC) reported Q2 2025 results with revenue of $2.209 billion, a year-on-year increase of 16.2% and a quarter-on-quarter decrease of 1.7%, exceeding previous guidance. The gross margin was 20.4%, up 6.5 percentage points year-on-year and down 2.1 percentage points quarter-on-quarter, also above the upper limit of guidance [2] - In Q2 2025, SMIC's capacity utilization rate was 92.5%, an increase of 2.9 percentage points quarter-on-quarter. For Q3 2025, the company expects revenue to increase by 5-7% quarter-on-quarter, with a gross margin range of 18-20% [2] - Hua Hong Semiconductor reported Q2 2025 results with revenue of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.7%, close to the upper limit of previous guidance. The gross margin was 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, exceeding the upper limit of guidance [3] - Hua Hong's equivalent 8-inch capacity was 447,000 wafers per month at the end of Q2 2025, with shipments of approximately 1.305 million wafers, a year-on-year increase of 18% and a quarter-on-quarter increase of 6%. The capacity utilization rate was 108.3%, an increase of 5.6 percentage points quarter-on-quarter [3] - For Q3 2025, Hua Hong expects revenue in the range of $620-640 million, with a midpoint indicating an 11.3% quarter-on-quarter increase, and a gross margin range of 10-12%, with a midpoint indicating a 0.1 percentage point increase [3] Market Recovery and Capacity Utilization - According to TrendForce, the shipment of end markets such as smartphones, PCs/laptops, and servers is expected to recover year-on-year in 2025. Additionally, the automotive and industrial control sectors are anticipated to see replenishment demand after inventory corrections throughout 2024, which will support the capacity utilization of mature processes, projected to slightly increase to above 75% [4] - SMIC and Hua Hong Semiconductor both reported increased capacity utilization rates in Q2, reaching 92.5% and 108.3%, respectively. The overall capacity utilization rate for SMIC's 8-inch and 12-inch processes increased by 4.1%, exceeding 90% [4]

港股今日震荡走软，三大指数盘中均一度跌超1%，恒指再度失守两万五关口，并止步四连涨。截止收 盘，恒生指数跌0.89%或222.81点，报24858.82点，全日成交额为2067.2亿港元；恒生国企指数跌 0.96%，报8895.28点；恒生科技指数跌1.56%，报5460.3点。全周来看，恒指累涨1.43%，国指累涨 1.03%，恒科指累涨1.17%。 中银国际指出，香港股票市场流动性持续充裕，今年以来交易额上升。预计今年下半年内地投资者通过 南向交易对香港上市股票的强劲需求将持续，主要得益于高质量科技/高端制造股票的选择、港股的估 值吸引及股息较高。该行预测2025年内地-香港南向交易净流入将达1.2万亿元人民币，高于2024年的 7440亿元人民币及2023年的2894亿元人民币。 蓝筹股表现 中芯国际(00981)领跌蓝筹。截至收盘，跌8.19%，报48.66港元，成交额108.62亿港元，拖累恒指30.81 点。中芯国际二季度业绩显示，该集团取得收入22.09亿美元，同比增加16.2%，环比减少1.7%；归母净 利润1.32亿美元，同比下降19.5%。展望第三季度，中芯国际给出的收入指引为环比增长5% ...

Market Overview - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index fell 0.26% to 11128.67, and the ChiNext Index decreased by 0.38% to 2333.96 [4][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of over 100 billion yuan compared to the previous trading day [5] Sector Performance - Sectors that saw gains included local stocks from Xinjiang, rail transit equipment, hydropower, and electricity, while sectors such as multimodal AI, Huawei Ascend, semiconductors, and internet e-commerce experienced declines [7] - Specific stocks in the Xinjiang local sector surged, with over ten stocks including Xiyu Tourism and Bayi Steel hitting the daily limit [8] - The hydropower concept saw a rebound, with Shenwater Planning Institute hitting a 20% limit up, and several other stocks also performing well [9] - The rail transit equipment sector saw significant gains, with Jinying Heavy Industry and Xianghe Industrial both hitting the daily limit [10] Capital Flow - Main capital inflows were observed in machinery, electrical equipment, non-ferrous metals, and pharmaceutical sectors, while outflows were noted in computer, electronics, media, and banking sectors [12] - Notable inflows included Huayin Electric Power, Shanhe Intelligent, and Yingweike, with net inflows of 822 million yuan, 779 million yuan, and 627 million yuan respectively [13] - Conversely, significant outflows were seen in SMIC, Dongfang Wealth, and Great Wall Military Industry, with net outflows of 1 billion yuan, 855 million yuan, and 721 million yuan respectively [14] Institutional Insights - Guojin Securities noted that after three consecutive days of gains, the A-share market is experiencing a correction, but remains bullish on the outlook, citing the continued rise in average stock prices and the All A equal-weight index [16] - Huaxi Securities highlighted that the volume-price relationship from late July to early August resembles that of late February to early March, suggesting that the sustainability of the main narrative and trading volume will be key to assessing market momentum [16]

2025 年 08 月 08 日 中芯国际 (688981) —— Q2 营收和毛利率皆超指引，Q3 重回稳健增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 07 日 | | | --- | --- | | 收盘价（元） | 90.59 | | 一年内最高/最低（元） | 109.50/42.40 | | 市净率 | 4.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 180,125 | | 3,639.67/11,157.94 上证指数/深证成指 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.73 | | 资产负债率% | 32.81 | | 总股本/流通 A 股（百万） | 7,986/1,988 | | 流通 B 股/H 股（百万） | -/5,998 | 一年内股价与大盘对比走势： 08-07 09-07 10-07 11-07 12-07 01-07 02-07 03-07 04-07 05- ...

Group 1 - The core theme of the current market rally is driven by technology, with a clear "dual-driven" characteristic emerging, supported by multiple signals from trading behavior, capital flow, and institutional support [2][13][14] - The market is characterized by a "bottom-up" approach in an "incremental market" environment, leading to a structural market rally influenced by specific industry catalysts and micro signals [2][13][14] - The TMT (Technology, Media, and Telecommunications) sector is expected to continue to attract significant capital, with a notable increase in institutional holdings in TMT-related industries, reflecting a strong preference for technology investments [19][21] Group 2 - In the "incremental market" environment, the TMT sector is less likely to experience a "zero-sum" game, with strong performance expected from segments supported by solid fundamentals [4][47] - The semiconductor industry is currently in an early to mid-stage of a growth acceleration phase, driven by AI demand, with high-end chips like GPUs and HBM experiencing sustained growth [4][52][53] - The report highlights the importance of the semiconductor cycle, indicating that the current phase may lead to significant investment opportunities across various technology sectors [52][53] Group 3 - The investment logic under the technology growth resonance includes a focus on the Nvidia supply chain, particularly in the communication sector, and the potential for recovery in previously undervalued segments [5][62] - The report emphasizes the ongoing shift towards domestic chip manufacturing and the expected growth in AI applications, which are anticipated to drive performance in the semiconductor and related sectors [63][69] - The media sector is entering a new cycle of recovery, with the gaming sub-sector showing potential for high returns due to AI-driven content innovation and improved market conditions [72][78] Group 4 - The military industry is highlighted as having increased long-term investment value due to global military power restructuring, with a focus on areas such as drones and missile technology [79][80] - The report suggests that the military sector's performance is closely aligned with growth style investments, indicating a strong potential for capital appreciation in this area [84]

Core Viewpoint - SMIC's Q2 2025 performance is driven by "technology + localization," with a revenue of $4.456 billion, a 22% year-on-year increase, outperforming industry growth [4]. Financial Performance - Q2 revenue reached $2.209 billion, a 1.7% decrease quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points [6]. - For the first half of 2025, total revenue was $4.456 billion, a 22% increase year-on-year, with a gross margin of 21.4%, up 7.6 percentage points [6]. - Capital expenditure for the first half was $3.301 billion, with a cash flow from operations of $1.07 billion and an investment cash flow of -$1.56 billion [6]. - Q3 guidance indicates a revenue increase of 5%-7% quarter-on-quarter, with a gross margin forecast of 18%-20% [6]. Business Highlights and Strategic Direction - Continued breakthroughs in advanced processes of 28nm and below, with significant revenue growth in analog chips and CIS, the latter increasing by 20% quarter-on-quarter [8]. - 8-inch capacity utilization reached 92.5%, up 2.9 percentage points, with a monthly capacity of 991,000 equivalent wafers [8]. - Domestic clients are accelerating the replacement of overseas shares, particularly in network equipment, with storage controller demand rising alongside domestic storage manufacturers' expansion [8]. - Revenue from automotive electronics accounts for 5%-6%, with a target to increase this to 10%, and a verification cycle of approximately 30 months [8]. - The impact of U.S. tariff policies is expected to affect revenue by only 1.3%, mitigated by customer inventory buffers and localized supply chains [8]. Management Statements - CEO Zhao Haijun indicated that short-term growth in Q3 will be driven by smart home and industrial IoT sectors, while long-term automotive electronics capacity is expected to double by 2026 [8]. - CFO Wu Junfeng stated that product mix optimization could offset 2 percentage points of depreciation pressure on gross margin [8]. Investor Q&A Summary - The growth drivers for analog chips and CIS are primarily from market share gains and accelerated domestic substitution, alongside ongoing capacity shortages [9]. - October orders exceed capacity, with uncertainty in November and December, but the company expects minimal impact [9]. - North American revenue accounts for 12.9%, with proposed 100% tariffs expected to impact total revenue by approximately 1.3% [9]. - Q3 gross margin guidance is achievable by maintaining high capacity utilization (92%-93%) to dilute unit depreciation [9]. - The company has initiated production line construction focused on power management and third-generation semiconductors, with capacity currently tight [10].