中芯国际联合首席执行官赵海军：产能仍然不足，到10月我们的产能仍将紧张。 ...

| 指数 涨跌 (%) | | --- | | 名称 | | ┣证指数 3640 0.16 4.8 1.86 | | 深证综指 2225 -0.05 7.24 2.28 | 2025 年 08 月 08 日 中 树国际 (688981) 点评：Q2 营收和毛利率皆超指引. Q3 軍回稳健增长 事件: 1) 公司港股公告 2025 年二季报, 实现营业收入 22.09 亿美元, YoY+16.2%, QoQ-1.7%,连续第四个季度超 20 亿美元,且高于指引 (QoQ-4%~-6%); 归母净利润 1.32 亿美元, YoY-19.5%; 毛利率 20.4% (QoQ-2.1pct)，其表现优于一季度指引区间（18%-20%）。公司 25H1 合计实现销售收入 44.6 亿美元, YoY+22%; 毛利率为 21.6%, YoY+7.6pct。 调整盈利预测,维持"买入"评级。根据公司 25Q3 指引及股本变化,我 们调整公司 2025-2027 年的归母净利润预测为 50.93/64.08/72.21 亿元 （原 53.29/67.94/76.66 亿）, 对应 2025-2027 年 A 股股价 PE 为 ...

中芯国际联合首席执行官赵海军：产能仍然不足，产能紧张状况将持续到10月份。经过几个月的时间，大家做了更有余地的安排，关税的影响可能会变得更小。原先我们担心的关税政策是否硬着陆并没有发生，至少在当下还没有发生。 ...

Group 1: Brain-Computer Interface Development - The Chinese government has issued implementation opinions to promote innovation in the brain-computer interface industry, focusing on the development of high-precision surgical robots for implanting brain-computer interfaces [1] - By 2027, breakthroughs in key technologies for brain-computer interfaces are expected, with the establishment of advanced technology, industry, and standard systems [1] - The industry aims to cultivate 2 to 3 globally influential leading enterprises and a number of specialized small and medium-sized enterprises by 2030 [1] Group 2: Southbound Capital Inflows - As of August 7, southbound capital has recorded a cumulative net purchase of 894.5 billion HKD, surpassing the total net purchase for the entire year of 2024 by 111% [2] - Southbound capital has seen net inflows for three consecutive trading days, with significant purchases in Tencent, Alibaba, and Xiaomi [2] - There has been a notable increase in investor inquiries regarding Hong Kong Stock Connect business this year [2] Group 3: RWA Registration Platform Launch - The RWA registration platform has officially launched in Hong Kong, initiated by the Hong Kong Web3.0 Standardization Association, aiming to facilitate the entire process of RWA asset tokenization [3] - Three Web3.0 standards have been established, including guidelines and technical specifications for RWA tokenization [3] Group 4: Central Bank Operations - The People's Bank of China will conduct a 700 billion CNY reverse repurchase operation on August 8, with a term of three months, to maintain ample liquidity in the banking system [4] Group 5: U.S. Manufacturing Sector Challenges - U.S. manufacturing is facing ongoing pressure due to uncertainties from tariff policies, with economic activities related to manufacturing shrinking since Trump's administration [5] - The ISM reported a manufacturing PMI of 48% for July, indicating contraction, while the unemployment rate has risen and job creation has fallen short of expectations [5] Group 6: Semiconductor Industry Update - Semiconductor manufacturer SMIC reported a 1.7% decline in Q2 sales revenue to 2.209 billion USD, with a projected revenue growth of 5% to 7% for Q3 [7] - The company achieved a 22% year-on-year increase in sales revenue for the first half of the year, with a gross margin improvement [7] Group 7: Central Bank Gold Reserves - The People's Bank of China has increased its gold reserves for nine consecutive months, with a total of 739.6 million ounces as of the end of July [9] - The central bank's strategy aims to diversify its foreign exchange reserves away from the U.S. dollar [9] Group 8: Early Childhood Education Funding - The Ministry of Finance is committed to supporting local governments in improving early childhood education funding mechanisms, emphasizing the importance of increased investment [8] - Recent government meetings have reiterated the need for sustained financial support for the development of early childhood education [8]

Industry News - The People's Bank of China has increased its gold reserves for the ninth consecutive month, with reserves reaching 73.96 million ounces (approximately 2300.41 tons) as of the end of July, marking a month-on-month increase of 60,000 ounces (approximately 1.86 tons) [3] - The Ministry of Industry and Information Technology, along with six other departments, has released implementation opinions to promote innovation and development in the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [3] - As of August 7, southbound funds have accumulated a net purchase of 894.528 billion Hong Kong dollars this year, exceeding the total for the entire year of 2024 by 111%, setting a new historical high [3] - The world's first fully integrated intelligent robot 4S store, Robot Mall, is set to officially open on August 8, providing functions similar to traditional car 4S stores, including sales, parts supply, after-sales service, and information feedback [3] Company News - Upwind New Materials announced a net profit of 29.9004 million yuan for the first half of the year, a year-on-year decrease of 32.91% [6] - SMIC reported second-quarter revenue of 2.21 billion USD, a year-on-year increase of 16%, and expects third-quarter revenue to grow by 5% to 7% quarter-on-quarter, with a gross margin between 18% and 20% [6] - Seres announced that its new energy vehicle sales in July reached 44,581 units, a year-on-year increase of 5.7% [12] - China Mobile reported a net profit of 84.2 billion yuan for the first half of the year, with an interim dividend of 2.75 Hong Kong dollars per share [12]

按一、二季度未经审核的财务数据，中芯国际上半年销售收入为44.6亿美元，同比增长22%；毛利率 21.4%，较去年同期提升7.6个百分点。 公司销售收入以地区分类看，第二季度中国区、美国区、欧亚区业务占比分别为84.1%、12.9%和3%， 与一季度数据基本持平。去年同期地区业务占比分别为80.3%、16%、3.7%。 回顾中芯国际联席CEO赵海军在5月第一季度业绩会上的分析，他认为，目前市场出现了很多新的因 素，但基本盘面与一季度相比并没有太大变化，客户也都在沉着应对，公司产能利用率也继续保持饱满 状态。 8月7日晚间，中芯国际发布2025年第二季度财报。据披露，二季度，公司整体实现销售收入22.09亿美 元，环比下降1.7%；毛利率为20.4%，环比下降2.1个百分点；产能利用率92.5%，环比增长2.9个百分 点。 "我们已经看到了各行业，包括工业和汽车领域触底反弹的积极信号，产业链在地化转换也继续走强， 更多的晶圆代工需求回流本土。关税政策出台后，中芯国际与供应商、国内外客户做了深入交流，结论 是实际对行业的直接影响非常小，影响小于一个百分点。半导体代工行业，在采购层面可以吸收掉关税 影响。"赵海军彼 ...

每经编辑｜金冥羽 8月7日晚间，国内两大半导体晶圆代工龙头中芯国际、华虹公司发布了第二季度业绩，两家公司第二季度销售收入均实现了同比高两位数的增长，盈利能 力得到大幅提升。 比收入增长更引人瞩目的是，两家晶圆厂在产能利用率上大幅提升，中芯国际接近满产，华虹公司利用率超过100%。 中芯国际：第二季度产能利用率为92.5% 产能利用率方面，第二季度为92.5%，环比今年一季度提升0.9个百分点。中芯国际第二季度月产能由2025年第一季的97万片折合8英寸标准逻辑，增加至 约99万片折合8英寸标准逻辑；第二季度折合8英寸标准逻辑的晶圆销售量环比提升4.3%。 业绩好于此前指引 中芯国际财报显示，今年第二季度，公司整体实现销售收入22.09亿美元，同比增长16.2%，环比下降1.7%；毛利率为20.4%，环比下降2.1个百分点。 尽管由于今年一季度中芯国际新建产线出现引起生产性波动的突发事件，且相关影响延续至第二季度，导致收入及毛利率环比下降，但降幅总体略优于此 前管理层给出的指引。 对比此前一季报中，中芯国际给出的二季度收入指引为环比下降4%到6%，其中，出货数量预计相对稳健，平均销售单价预计下降；毛利率指引为1 ...

Mergers and Acquisitions - Tengjing Technology has decided to terminate the acquisition of 100% shares of Xunke Communication due to changes in market conditions and difficulties in reaching an agreement on the transaction plan [1] Earnings Disclosure - Ganli Pharmaceutical reported a revenue of 2.067 billion yuan for the first half of 2025, representing a year-on-year increase of 57.18%, and a net profit of 604 million yuan, up 101.96% year-on-year [2] - Shangwei New Materials announced a revenue of 784 million yuan for the first half of 2025, a year-on-year increase of 12.50%, but a net profit of 29.90 million yuan, down 32.91% year-on-year [3] - SMIC reported a sales revenue of 2.209 billion USD for the second quarter of 2025, a quarter-on-quarter decrease of 1.7%, with a gross margin of 20.4%, down 2.1 percentage points quarter-on-quarter [4] Shareholding Changes - Babai Co. announced that its major shareholder, Guangzhou Yunmei Industrial Investment Partnership, plans to reduce its holdings by no more than 2% of the company's shares, equivalent to 223.08 million shares [5] - Xianheng International disclosed that its major shareholder, Goldman Sachs Asia, intends to reduce its holdings by no more than 3%, which amounts to 12.30 million shares [6] - Linuo Pharmaceutical Packaging announced that its shareholders plan to reduce their holdings by no more than 3%, totaling 697.87 million shares [7] Risk Events - Fangsheng Pharmaceutical announced that its actual controller, Zhang Qinghua, has been placed under residential surveillance starting from August 6, 2025 [8]

Group 1: China Mobile Financial Performance - China Mobile reported a net profit increase of 5.0% year-on-year, reaching 84.235 billion yuan [1] - Total revenue for the first half of 2025 was 543.769 billion yuan, a slight decrease of 0.5% compared to the previous period [1] - The company's operating profit was 107.073 billion yuan, reflecting a growth of 3.8% year-on-year [1] Group 2: Cash Flow and Assets - The net cash flow from operating activities decreased by 36.2% to 83.832 billion yuan, primarily due to accelerated payment processes [2] - Total assets amounted to 2,092.44 billion yuan, with a 0.9% increase from the previous period [2] - Accounts receivable rose by 39.7% to 1,058 billion yuan, attributed to increased receivables from government and enterprise clients [2] Group 3: Semiconductor Industry Performance - Huahong reported a net profit increase of 19.2% in Q2, driven by higher capacity utilization and average selling prices [3] - SMIC's Q2 net profit decreased by 29.5%, with a revenue guidance for Q3 indicating a 5% to 7% increase [5] - SMIC's Q2 revenue was 2,209.066 billion yuan, down 1.7% from Q1 [6] Group 4: IPO and Financing Activities - Guizhou Bibet's IPO registration was effective, aiming to raise 2.005 billion yuan for drug development and operational funding [7] - Suzhou Fengbei's IPO was approved, with projected revenues of 1.709 billion yuan for 2022 [8] - Blue Star Andisu's non-public stock issuance was approved, targeting 3 billion yuan for various projects [9] Group 5: Company-Specific Financial Results - Chengzhi's net profit decreased by 89.78% to 19.1256 million yuan, despite a revenue increase of 5.65% [12] - Boyuan Chemical's net profit fell by 38.57% to 743 million yuan, with a revenue decline of 16.31% [13] - Huate's net profit increased by 1.69% to 337 million yuan, with a revenue growth of 1.39% [14] Group 6: Market Trends and Challenges - Nanya's net profit increased by 57.69%, attributed to market expansion and product optimization [16] - Hewei Electric's net profit rose by 56.79%, with total assets increasing by 10.06% [17] - Shanghai Yizhong's core product sales surged by 487%, leading to a revenue increase of 31.48% [19]

【今日焦点】 中芯国际(00981.HK)二季度销售收入22.09亿美元 环比下降1.7% 中芯国际(00981.HK)公布2025年第二季度业绩，截至2025年6月30日止三个月，公司整体实现销售收入 22.09亿美元，环比下降1.7%；毛利率为20.4%，环比下降2.1个百分点；产能利用率92.5%，环比增长了 2.9个百分点。 根据一、二季度未经审核的财务资料，公司上半年销售收入为44.6亿美元，较去年同期增长22.0%；毛 利率21.4%，较去年同期提升7.6个百分点。 三季度，公司给出的收入指引为环比增长5%到7%，毛利率指引为18%到20%。 【重大事项】 赤峰黄金(06693.HK)：塞班矿山首次发现富金斑岩型金铜矿床 联众(06899.HK)与元罗卜将携手研发面向经典策略棋类游戏象棋的高水平人工智能AI 创业集团控股(02221.HK)与北京宜升签订战略合作协议 【财报业绩】 中国移动(00941.HK)上半年纯利增5.0%至842亿元 中期息每股2.75港元 美高梅中国(02282.HK)中期拥有人应占利润23.833亿港元 同比减少11.3% 华虹半导体(01347.HK)第二季母公司拥有 ...