来源：金融界 专利摘要显示，一种存储单元结构及存储单元结构的形成方法，其中结构包括：衬底；位于衬底上的位 线结构和源线结构，位线结构和源线结构之间具有第一开口；位于第一开口内的擦除栅结构，擦除栅结 构与位线结构之间具有第二开口；位于第二开口内的浮栅结构，浮栅结构与擦除栅结构之间具有第三开 口；位于第三开口内的控制栅结构，控制栅结构和位线结构之间具有暴露出浮栅结构的第四开口；位于 第四开口内的字线栅结构。擦除栅结构、浮栅结构、控制栅结构以及字线栅结构位于位线结构和源线结 构之间，实现存储单元结构中纵向的电子传输沟道，减少了存储单元结构在横向的尺寸。 金融界2025年7月26日消息，国家知识产权局信息显示，中芯国际集成电路制造(北京)有限公司;中芯国 际集成电路制造(上海)有限公司申请一项名为"存储单元结构及存储单元结构的形成方法"的专利，公开 号CN120379260A，申请日期为2024年01月。 中芯国际集成电路制造(上海)有限公司，成立于2000年，位于上海市，是一家以从事计算机、通信和其 他电子设备制造业为主的企业。企业注册资本244000万美元。通过天眼查大数据分析，中芯国际集成电 路制造(上海)有限 ...

Market Overview - The market experienced a rotation with strong performances in pharmaceuticals, real estate, and semiconductors throughout the day, indicating a lack of new hot topics for trading [1] - There was significant buying activity in the Sci-Tech Innovation Board, particularly in semiconductors, with stocks like Cambrian and Maolai Optical seeing gains of over 10% [1] - The overall market sentiment suggests a slow upward trend, with a trading volume exceeding 1.8 trillion, indicating a bull market atmosphere despite some stocks underperforming [1][2] Sector Performance - The technology sector, particularly semiconductors, is expected to lead the market, with the Sci-Tech 50 index rising by 2% after lagging behind other indices [3] - There is potential for the technology rally to extend beyond semiconductors to other segments such as AI and robotics, which have been dormant but are anticipated to benefit from future positive developments [4] - Conversely, traditional sectors like liquor, represented by cyclical stocks, are currently underperforming, with little market expectation for an upcoming important meeting [5] Investment Strategy - Investors are advised to avoid chasing high-profile stocks like those in Hainan and Mengtou, as these have already been priced in and may not yield further gains [2] - The current market is characterized by structural opportunities, and there is no need for panic about missing out on the bull market, as the focus should be on disciplined investment strategies [2] - The future of stocks like Cambrian raises questions about whether the recent interest is a one-time event or the beginning of a longer-term trend, with potential catalysts in AI and robotics to watch for [6]

Core Viewpoint - The market is experiencing a rotation of funds towards AI, semiconductors, and robotics, despite a general decline in major indices on July 25 [1][2]. Group 1: Market Performance - On July 25, both A-shares and Hong Kong stocks saw a decline, with major indices experiencing a small drop in the afternoon [2]. - The afternoon trading saw a significant increase in the AI ETF and robotics ETF, both rising over 1%, while the ChiNext 50 index surged over 2% [1][4]. - Notably, Cambrian's stock price increased by over 15%, marking it as a key player in the previous tech stock rally [1][4]. Group 2: Sector Rotation - The semiconductor sector in Hong Kong showed strength, with Hua Hong Semiconductor rising over 8% and SMIC and Shanghai Fudan both increasing by over 5% [4]. - The robotics sector in A-shares became active, with stocks like Rongtai Health hitting the daily limit and Weit New Materials rising over 10% [4]. - The market is witnessing a shift of funds from previous themes into technology sectors, indicating a potential new trend [4]. Group 3: Investment Outlook - Analysts suggest that the current market may be in a phase of healthy rotation rather than a new round of adjustment, with strong sector performance expected [5]. - The human-robot industry is at a critical juncture, with increasing demand driven by aging populations and rising labor costs, indicating a broad market potential [4]. - The probability of a rate cut by the Federal Reserve in September is estimated at 75%-85%, which could further influence market dynamics [6].

Core Points - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Central Enterprises 50 Index fell by 0.72%, closing at 1806.12 points with a trading volume of 93.634 billion yuan [1] - The Shanghai Central Enterprises 50 Index has increased by 2.24% over the past month, 6.69% over the past three months, and 2.24% year-to-date [1] - The index is composed of the top 50 listed companies controlled by the State-owned Assets Supervision and Administration Commission and the Ministry of Finance, based on average market capitalization and trading volume over the past year [1] Index Composition - The top ten weighted companies in the Shanghai Central Enterprises 50 Index are: China Merchants Bank (11.04%), Yangtze Power (7.04%), CITIC Securities (5.83%), Industrial and Commercial Bank of China (5.26%), Bank of Communications (4.15%), Agricultural Bank of China (3.94%), SMIC (3.63%), Beijing-Shanghai High-Speed Railway (3.29%), China Shenhua Energy (2.55%), and China State Construction Engineering (2.42%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the index includes: Finance (41.47%), Industry (22.86%), Public Utilities (10.67%), Energy (7.50%), Communication Services (6.37%), Information Technology (5.14%), Materials (3.42%), Consumer Discretionary (1.37%), and Real Estate (1.19%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples are prioritized for inclusion if they rank within the top 40, while existing samples ranked within the top 60 are generally retained [2]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][2]. Core Insights - The company is expected to benefit from an increase in industry demand driven by government subsidies in home appliances, automotive, and industrial sectors, leading to improved capacity utilization in domestic wafer fabs [6]. - The earnings forecast for the company has been raised by 7%, with projected net profits for 2025, 2026, and 2027 expected to be $740 million, $1.014 billion, and $1.276 billion respectively, reflecting year-on-year growth rates of 50%, 37%, and 26% [10][8]. - The company's stock is currently trading at a price-to-earnings (P/E) ratio of 50x, 37x, and 26x for the years 2025, 2026, and 2027 respectively, which supports the "Buy" rating [10][6]. Financial Performance - For Q1 2025, the company reported revenues of $2.25 billion, a year-on-year increase of 28%, and a net profit of $190 million, which is a significant increase of 162% year-on-year [10]. - The gross margin for Q1 2025 was reported at 22.5%, an increase of 8.9 percentage points compared to the same period last year [10]. - The company anticipates that its Q2 2025 performance may exceed initial guidance due to ongoing recovery in domestic consumption and demand from AI and consumer electronics [10]. Market Position - The company is positioned as a leading domestic wafer foundry, expected to benefit from the overall improvement in industry conditions and demand [6]. - The report highlights that the semiconductor manufacturing industry is a cornerstone of the digital economy, suggesting a positive outlook for the company's operational environment [10].

智通财经7月25日电，港股半导体板块走强，华虹半导体涨超8%，中芯国际、上海复旦涨逾5%。 ...

Core Viewpoint - Semiconductor industry is experiencing a recovery, and SMIC's stock has shown strong performance, with a current price of 50.7 HKD, up 4% [1] Technical Analysis - The stock price has stabilized above the 10-day moving average of 47.21 HKD and the 30-day moving average of 44.06 HKD, indicating a positive mid-term trend [1] - MACD has formed a golden cross, and the middle band of the Bollinger Bands is trending upwards, suggesting bullish momentum [1] - However, the RSI indicator at 73 indicates an overbought condition, and the Williams indicator shows a sell signal, suggesting a potential need for consolidation before challenging the resistance at 53.3 HKD [1] - Key support is at 46.7 HKD, with a potential drop to 43.4 HKD if this level is breached; resistance is at 53.3 HKD, with a breakthrough potentially leading to a challenge at 55.6 HKD [1] - Despite the bullish indicators, the momentum oscillators show divergence, indicating possible short-term volatility [1] Market Opportunities - Bullish strategies include UBS call options 15627 (strike price 58.93 HKD, 4.4x leverage) with the lowest premium, and UBS call options 13340 (strike price 58.05 HKD, 3.9x leverage) with the lowest implied volatility [6] - HSBC bull certificate 56886 (redemption price 43 HKD, 5.4x actual leverage) and UBS bull certificate 58014 (redemption price 43.1 HKD, 5.7x actual leverage) are also good choices for bullish strategies [6] - For bearish strategies, Societe Generale bear certificate 67110 (redemption price 55 HKD, 10.6x actual leverage) and UBS bear certificate 58475 (redemption price 54.5 HKD, 10.6x actual leverage) provide hedging options [6] Market Sentiment - There is market speculation on how long SMIC's current upward momentum can last amid the semiconductor industry's recovery [9] - Investors are considering whether the stock price will first test the support at 46.7 HKD or directly challenge the resistance at 53.3 HKD [9]

Core Viewpoint - The meeting between Chinese Premier Li Qiang and European Commission President Ursula von der Leyen emphasized the importance of strengthening China-Europe trade and investment cooperation, highlighting mutual benefits and the need for a collaborative approach in the face of global economic challenges [4][5]. Group 1: Trade and Investment Cooperation - Both Chinese and European business representatives expressed confidence in enhancing trade and investment cooperation, suggesting various opinions and recommendations for collaboration [2]. - Li Qiang noted that the historical context of 50 years of China-Europe relations shows that cooperation is the only correct choice, with bilateral trade and investment maintaining rapid growth [4]. - The strategic significance of China-Europe cooperation has increased due to disruptions in the international economic order, with a focus on expanding trade and investment to enhance economic resilience [4]. Group 2: Business Environment and Opportunities - Li Qiang encouraged Chinese and European enterprises to adopt an open attitude and deepen cooperation in industrial investment, joint research and development, and market expansion [5]. - The European side expressed a commitment to maintaining a fair and non-discriminatory business environment for Chinese companies operating in Europe, emphasizing the importance of mutual investment [5]. Group 3: Green Cooperation - A joint statement on climate change highlighted the importance of the China-Europe green partnership, focusing on accelerating global renewable energy deployment and promoting the flow of quality green technologies and products [6]. - The green transition is identified as a key area for cooperation, with both sides having a solid foundation and broad space for collaboration in this field [6]. Group 4: Industry Developments - CATL plans to introduce its energy storage systems to the EU and UK markets through a strategic partnership with Rolls-Royce, with a significant product launch scheduled for 2025 [7]. - Trina Solar has established a strong presence in the European market, with significant sales of energy storage systems, indicating a growing footprint in the region [7].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 25, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $800.00 billion 3. Baidu: $600.00 billion [3] - Other notable companies in the top 10 include: - JD.com: $482.47 billion - SMIC (Semiconductor Manufacturing International Corporation): $519.90 billion - Tencent Music: $328.83 billion [3][4] Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Li Auto: $316.74 billion - Xpeng Motors: $182.36 billion - NIO: $109.38 billion [4][5] - The rankings continue with companies such as: - New Oriental: $74.44 billion - Kingsoft: $61.55 billion - Perfect World: $38.92 billion [5]

Core Insights - The semiconductor industry has shown remarkable performance in the 2025 Fortune China 500 rankings, with 22 companies listed in the "Semiconductor and Electronic Components" category, of which 13 are primarily engaged in semiconductor business, and only two saw a decline in their rankings [1][5] Group 1: Semiconductor Industry Performance - TSMC ranked 35th in the Fortune China 500, up 20 places from last year, with a revenue of $90.167 billion in 2024, a year-on-year increase of 29.9%, and a net profit of $36.087 billion, up 31.9% [2][6] - The fastest-rising companies include Sunny Optical and Jiangsu Changjiang Electronics Technology, both improving by 72 places, with Sunny Optical's revenue reaching approximately 38.295 billion yuan, a 20.9% increase, driven by the recovery in the smartphone market and the rapid development of automotive intelligence [3][4] - Other notable companies include Lens Technology and Guangdong Lingyi iTech, both involved in AI glasses, with Lens Technology's revenue reaching 69.897 billion yuan, a 28.27% increase, and Lingyi iTech's revenue surpassing 44.2 billion yuan, a 29.56% increase [3][4] Group 2: Wafer Manufacturing Sector - The wafer manufacturing sector has seen significant advancements, with TSMC and SMIC ranking 35th and 291st respectively, with SMIC's revenue at $8.03 billion, a 27% increase [6][8] - North Huachuang has emerged as a leading A-share semiconductor company, achieving a net profit of 5.621 billion yuan, with a continuous growth rate exceeding 30% for ten consecutive years [6][7] - The global semiconductor manufacturing equipment market is projected to reach $125.5 billion by 2025, with a growth rate of 7.4%, driven by advancements in logic and memory sectors [7][8] Group 3: Strategic Decisions for Domestic Companies - Domestic wafer manufacturing companies face critical decisions on whether to fill the mid-to-low-end market gaps left by global competitors or to pursue high-end market shares [9] - The industry is warned against potential price wars as companies increase production capacity, emphasizing the need for high-value-added products to avoid structural overcapacity [8][9]