来源：新浪证券-红岸工作室 2月13日，中芯国际涨0.30%，成交额40.21亿元，换手率1.72%，总市值9354.97亿元。 异动分析 国家大基金持股+存储芯片+中芯国际概念+芯片概念 1、公司获得国家集成电路产业投资基金股份有限公司投资，持股比例占总股本比例为1.61%。 2、2025年9月12日互动易：公司代工MCU芯片和特殊存储芯片。 3、中芯国际是中国内地技术最先进、配套最完善、规模最大、跨国经营的集成电路制造企业集团。 4、中芯国际集成电路制造有限公司的主营业务是基于多种技术节点和技术平台的集成电路晶圆代工业 务，并提供设计服务与IP支持、光掩模制造等配套服务。公司的主要产品是集成电路晶圆代工、设计服 务与IP支持、光掩模制造。根据全球各纯晶圆代工企业最新公布的2024年销售额情况，中芯国际位居全 球第二，在中国大陆企业中排名第一。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入2.12亿，占比0.05%，行业排名7/173，连续2日被主力资金增仓；所属行业主力净流入 14.80亿，连续2日被主力资金增仓。 主力持仓 主力没有控盘，筹码 ...

Investment Rating - The report aligns with the views of CITIC Securities and maintains a positive outlook on SMIC, indicating that the company's performance is expected to meet market expectations [5][6]. Core Insights - SMIC's Q4 2025 performance and Q1 2026 guidance are in line with expectations, with a revenue increase of 4.5% quarter-on-quarter to $2.49 billion, surpassing the guidance of 0%-2% [6]. - The company anticipates that the supply of consumer electronic storage chips will ease within 9-12 months due to new capacity ramp-up and inventory release [7]. - Capital expenditures for 2026 are projected to remain flat at $8.1 billion, while depreciation expenses are expected to rise by 30% year-on-year [8]. Summary by Sections Financial Performance - Q4 2025 revenue reached $2.49 billion, with a gross margin of 19.2%, which is within the guidance range of 18%-20% [6]. - The Q1 2026 revenue guidance is expected to remain stable at $2.49 billion, with a gross margin forecasted between 18%-20% [6]. Capital Expenditure and Depreciation - Capital expenditures for 2025 were $8.1 billion, exceeding guidance due to strong customer demand and geopolitical uncertainties affecting equipment delivery [8]. - The company plans to increase its 12-inch wafer capacity by 40,000 pieces per month in 2026, while maintaining high capacity utilization to mitigate depreciation pressure [8]. Market Dynamics - The report highlights that SMIC will benefit from the deepening domestic substitution of mature and advanced process chips [9]. - Factors such as improved yield rates in advanced processes and progress in domestic deep ultraviolet lithography (DUV) are seen as catalysts for growth [10].

Group 1 - The core viewpoint of the news highlights the significant surge in Chinese AI model stocks, particularly with companies like Zhiyu and MiniMax experiencing substantial price increases, with Zhiyu rising over 130% in five trading days and MiniMax increasing over 40% in the same period [1] - The launch of new AI models such as GLM-5 by Zhiyu and Minimax 2.5 by MiniMax is expected to drive further interest and investment in the sector, with additional models from Alibaba and ByteDance anticipated to be released around the Chinese New Year [1] - Korean retail investors are actively purchasing Chinese AI model stocks, indicating a shift in investment preferences towards emerging technology companies, as evidenced by their buying patterns in the Hong Kong stock market [2][4] Group 2 - Data from the Korea Securities Depository shows that Korean investors have favored stocks like MiniMax and various ETFs related to Chinese technology and semiconductors, reflecting a strong interest in these sectors [2][3] - The Korean stock market has seen a remarkable increase, with the composite index rising by 130% since 2025, largely driven by a few major stocks like Samsung Electronics and SK Hynix, which have contributed significantly to the overall market performance [6][7] - The trend of Korean retail investors converting their currency to invest in foreign markets, including the Chinese stock market, has raised concerns about the depreciation of the Korean won, as highlighted by the Bank of Korea [10][11]

Group 1: Market Performance - The semiconductor and memory chip sectors in A-shares experienced significant gains, with stocks like Weidao Nano rising over 14% and Deep Technology hitting the daily limit [1][2] - In the Hong Kong market, semiconductor and chip stocks were also active, with Aixin Yuanzhi increasing by over 15% [3][4] Group 2: Financial Performance of Key Players - Kioxia reported a strong financial performance for Q3 of FY2025, achieving revenue of 543.6 billion yen, a year-on-year increase of 20.8% and a quarter-on-quarter increase of 21.3% [5][6] - The company expects operating profit for FY2025 to reach between 709.57 billion yen and 799.57 billion yen, significantly exceeding market expectations [7] Group 3: Market Trends and Demand - The demand for AI computing power is driving strong growth in the memory chip sector, with significant price increases expected for NAND flash memory [8] - The global semiconductor sales are projected to reach $791.7 billion in 2025, a 25.6% increase from 2024, with expectations of surpassing $1 trillion in 2026 [9] - The semiconductor equipment market is anticipated to grow, with TSMC planning capital expenditures of $52 billion to $56 billion in 2026, a substantial increase from $40.9 billion in 2025 [9]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential for significant growth in the coming months [6][44]. Core Insights - The report highlights a rapid release of computing power demand driven by the dual forces of training and inference, with 2026 identified as a pivotal year for this transition [6]. - Major internet companies are intensifying their competition in AI, leading to a surge in demand for high-quality, multi-modal models, which in turn is expected to drive substantial growth in computing power requirements [11][25]. - The supply side is expected to improve structurally, with domestic computing power resources becoming more abundant, thus supporting the anticipated demand explosion [6][32]. Summary by Sections 1. Rapid Release of Computing Power Demand - The "arms race" in large models continues unabated, with leading internet firms like ByteDance, Alibaba, and Tencent releasing new models with trillions of parameters, enhancing their competitive edge [11][12]. - The demand for inference computing power is rising at an unexpected rate, with significant user growth reported for AI applications, particularly the Doubao app, which reached 226 million monthly active users by December 2025, marking a year-on-year increase of over 200% [6][25]. 2. Supply Side Improvements and Domestic Production Acceleration - The approval of NVIDIA's H200 AI chips for the Chinese market is expected to alleviate computing power shortages for major internet firms, facilitating faster model iterations [32]. - Domestic computing power chips have reached a performance level that is now considered "good enough," with significant advancements in local chip development and deployment [33]. 3. Full-Chain Inflation in Domestic Computing Power - The report predicts that the computing power industry will enter a "full-chain inflation" cycle in 2026, with growth expected across various segments including AIDC, cloud services, and supporting power equipment [38]. - Major tech companies are projected to increase their capital expenditures significantly, with estimates suggesting that the four largest tech firms in Silicon Valley will spend up to $650 billion in 2026 [40]. 4. Related Companies - The report lists several companies as relevant to the industry, including Dongyangguang, Hanwha, Haiguang Information, Wangsu Technology, and others, indicating a broad spectrum of potential investment opportunities [4][44].

交银国际研究 公司更新 | 科技 | 收盘价 | | 目标价 | 潜在涨幅 | 2026 年 2 月 12 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 70.00 | 港元 91.00↓ | +30.0% | | | 中芯国际 (981 HK) | | | | | | 存储器涨价对需求影响或相对可控；维持买入 王大卫, PhD, CFA Dawei.wang@bocomgroup.com (852) 3766 1867 童钰枫 Carrie.Tong@bocomgroup.com (852) 3766 1804 财务数据一览 | 年结12月31日 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 收入 (百万美元) | 8,030 | 9,327 | 10,685 | 12,357 | 14,060 | | 同比增长 (%) | 27.0 | 16.2 | 14.6 | 15.6 | 13.8 | | 净利润 (百万美元) | 493 | 68 ...

Group 1 - The core viewpoint of the article highlights the performance of the Chip Leader ETF (516640), which opened down by 0.67% at 1.179 yuan on February 13 [1] - The major holdings of the Chip Leader ETF include companies such as Cambricon, SMIC, and Haiguang Information, with varying performance; for instance, Cambricon fell by 1.12%, while Northern Huachuang rose by 1.00% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Fortune Fund Management Co., Ltd., with a return of 18.79% since its inception on August 19, 2021, and a recent one-month return of -0.29% [1]

芯片ETF广发（159801）业绩比较基准为同期国证半导体芯片指数收益率，管理人为广发基金管理有限 公司，基金经理为曹世宇，成立（2020-01-20）以来回报为91.88%，近一个月回报为0.16%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月13日，芯片ETF广发（159801）开盘跌0.63%，报0.953元。芯片ETF广发（159801）重仓股方面，中 芯国际开盘跌0.30%，海光信息跌0.89%，寒武纪跌1.12%，北方华创涨1.00%，兆易创新涨0.00%，中微 公司跌0.63%，澜起科技跌0.78%，豪威集团跌0.42%，拓荆科技跌0.34%，长电科技跌1.35%。 ...

花旗发表报告， 中芯国际与华虹 半导体2025年第四季财报基本符合公司指引，惟2026年第一季展望略 低于预期。该行指，两家企业均将 人工智能与本土替代需求视为关键驱动力，双方将共同受益于中国 供应链本土化进程及终端市场需求的多元化发展。该行将中芯国际目标价由53港元上调至75港元，评 级"中性"；华虹半导体目标价由105港元上调至115港元，评级"买入"。 ...

科创芯片ETF汇添富（588750）业绩比较基准为上证科创板芯片指数收益率，管理人为汇添富基金管理 股份有限公司，基金经理为孙浩，成立（2024-12-18）以来回报为78.76%，近一个月回报为1.72%。 来源：新浪基金∞工作室 2月13日，科创芯片ETF汇添富（588750）开盘跌0.95%，报1.771元。科创芯片ETF汇添富（588750）重 仓股方面，中芯国际开盘跌0.30%，海光信息跌0.89%，寒武纪跌1.12%，澜起科技跌0.78%，中微公司 跌0.63%，拓荆科技跌0.34%，芯原股份跌2.78%，华虹公司跌0.73%，沪硅产业跌0.15%，东芯股份跌 0.80%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...