股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 本月底法定/註冊股本總額： USD 42,000,000 FF301 致：香港交易及結算所有限公司 公司名稱: 中芯國際集成電路製造有限公司 呈交日期: 2026年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00981 | 說明 | 無 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.004 | USD | | 40,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | ...

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to supply chain constraints and rising raw material costs [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to a tighter supply-demand balance in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand for MLCC - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices for Korean MLCCs and leading manufacturers considering price hikes due to sustained high demand [31][32] - The supply-demand balance for high-end MLCCs is tight, with production rates at leading companies reaching 90-95%, indicating a potential for continued price increases [32] 3. Upstream Raw Material Price Increases and Semiconductor Price Trends - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply conditions [34] - Power semiconductors are also entering a new price increase phase, with companies like 新洁能 (New Clean Energy) announcing price hikes of at least 10% due to increased manufacturing costs [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the Shanghai and Shenzhen 300 index by 2.94 percentage points [37] - Year-to-date, the electronic sector has risen by 14.94%, again outperforming the broader index [37]

Investment Rating - The report maintains a "Buy" rating for SMIC (中芯国际) [7] Core Insights - TSMC's revenue reached a historic high of NT$3.8 trillion (approximately RMB 850 billion), supported by government subsidies totaling NT$151.422 billion from the US, Japan, Germany, and China [3] - The demand for T-glass is exceeding supply, which is becoming a critical factor limiting AI hardware development [4] - The semiconductor industry is experiencing a significant shift, with advanced process capacities becoming scarce resources as major tech companies compete for them [3] Industry Dynamics - The semiconductor sector saw a weekly increase of 2.19% in the Shenwan Semiconductor Index, reaching 8091.38 [13] - The semiconductor materials sector had the highest weekly increase of 7.47%, while the analog chip design sector had the lowest at 1.45% [16] - The overall market sentiment is positive, with significant inflows into electronic chemical products, while other electronic sectors experienced outflows [21] Company Focus and Earnings Forecast - Key companies to watch include SMIC, Hua Hong Semiconductor, Zhongcai Technology, and Honghe Technology [5] - SMIC's earnings per share (EPS) forecast for 2024, 2025E, and 2026E are 0.46, 0.63, and 0.77 respectively, with a PE ratio of 250.00, 182.54, and 148.93 [7] Global Semiconductor Sales - Global semiconductor sales reached USD 78.88 billion in December 2025, with a year-on-year growth of 37.1%, and China's sales accounted for 26.99% of the total [40]

Group 1 - The article discusses the proposed rule by the U.S. Federal Acquisition Regulation (FAR) Council to amend the Federal Acquisition Regulation to implement a semiconductor procurement ban related to specific Chinese companies [1] - The proposed regulation aims to restrict government agencies from acquiring semiconductor parts, products, or services traceable to certain Chinese firms, including those produced by companies like Zhongxin International and Changxin Storage [1] - The Semiconductor Industry Association (SIA) expressed opposition to the "Chip Security Act," emphasizing the need for a balanced approach to export controls and cautioning against untested and potentially impractical regulations [2] Group 2 - The SIA warns that hasty legislation imposing complex and costly security features could undermine global trust in U.S. semiconductor technology and hinder the export of American AI technology, ultimately weakening the country's global leadership and competitiveness [2] - The SIA is committed to collaborating with government agencies and stakeholders to prevent illegal transfers and misuse of semiconductor products, indicating readiness to work with Congress on effective risk mitigation strategies [2]

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to rising costs and supply chain constraints [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to tighter supply in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply-demand gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand Upward, MLCC Enters Price Increase Cycle - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices and leading manufacturers considering price hikes due to sustained high demand from AI applications [31][32] - The global high-end MLCC market is currently in a state of supply-demand imbalance, with utilization rates of leading manufacturers reaching 90%-95% [32] 3. Upstream Raw Material Price Increases + AI Demand Driving Semiconductor Price Increases - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply of 8-inch wafers [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the CSI 300 index by 2.94 percentage points, with a year-to-date increase of 14.94% [37]

证 券 研 究 报 告 行业周报 台积电营收创历史新高，T-glass供不 应求 半导体行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年03月03日 台积电 2025 年营收突破 3.8 万亿新台币（约合人民币 8500 亿 +），创历史新高；2024-2025 年合计获 各国政府补助 1514.22 亿新台币，成为美、日、德、中四大经济体争相用补贴争取的企业，各国通过资金 投入换取芯片产能与供应链安全，为台积电全球建厂提供了重要资金支撑。此外，台积电在全球范围内加速 建厂进度，面对关税威胁与地缘博弈的双重夹击，台积电通过在在中国台湾、美国、日本、中国大陆以及德 国等地区布局产能，巧妙地开启了去风险化进程。对于台积电而言，3nm、2nm甚至未来的1.6nm制程， 已经不再是试验性的技术指标，而是全球科技巨头争相抢购的稀缺资源。 T-glass供不应求，成为制约人工智能硬件的关键因素 随着人工智能芯片封装和基板尺寸的增大，以适应更高的计算能力（采用更多HBM内存和芯片组），支撑 它们的集成电路基板也必须随之增大，但必须谨慎操作，避免翘曲陷阱，因此需要使用低热膨胀系数（CTE） 的玻璃纤维。英伟达 ...

Core Viewpoint - The article discusses the tightening of U.S. procurement rules regarding semiconductor products from specific Chinese companies, indicating a significant shift in policy that could impact the global semiconductor industry [2][4]. Group 1: U.S. Procurement Rule Changes - The U.S. Federal Acquisition Regulation (FAR) Council proposed amendments to the FAR to implement a procurement ban on semiconductors from certain Chinese companies as per the National Defense Authorization Act for FY 2023 [2][4]. - The proposed rule prohibits federal agencies from acquiring semiconductor parts, products, or services traceable to specific Chinese enterprises, with stricter limitations on "critical systems" that extend to products designed or produced using these chips [4]. Group 2: Industry Response - The Semiconductor Industry Association (SIA) expressed opposition to the "Chip Security Act," emphasizing the need for careful consideration of new regulations that could harm the global trust in U.S. semiconductor technology and hinder AI technology exports [4]. - SIA's CEO John Neuffer highlighted concerns that rushed legislation could impose complex and costly security features that are untested, potentially undermining U.S. competitiveness in the semiconductor sector [4].

Core Insights - The global dedicated foundry market is projected to reach 1,148.5 billion RMB in 2025, marking a 25.46% increase from 2024, and is the first time it surpasses the 1 trillion RMB threshold [4]. Group 1: Market Overview - The top 10 dedicated foundries are expected to generate a total revenue of 1,105.6 billion RMB in 2025, reflecting a 26.12% growth compared to 2024, with a slight increase in market share by 0.52 percentage points [5]. - The overall revenue for dedicated foundries in 2025 is estimated at 1,148.5 billion RMB, with the top 10 accounting for 96.27% of the market share [5]. Group 2: Company Rankings and Performance - TSMC remains the leader in the dedicated foundry market, with a projected revenue of 852.8 billion RMB in 2025, up 31.69% from 2024, and an increased market share of 74.25% [5][6]. - SMIC ranks second with a revenue of 680 billion RMB, showing a growth of 19.51% and a market share of 6.22% [5][6]. - The third position is held by UMC, with a revenue of 521 billion RMB, reflecting a modest growth of 2.27% [5]. Group 3: Regional Insights - Among the top 10 dedicated foundries, four are based in mainland China, accounting for a combined market share of 10.44%, which is a decrease of 0.44 percentage points from 2024 [6]. - Taiwan's foundries hold a dominant market share of 80.68%, increasing by 2.15 percentage points from the previous year [6]. - The U.S. foundry GlobalFoundries has a market share of 4.21%, down 1.04 percentage points, while Israel's Tower has a market share of 0.95%, decreasing by 0.18 percentage points [6]. Group 4: Growth Drivers - TSMC's revenue growth is attributed to its advanced process technology and the Foundry 2.0 model, which integrates wafer manufacturing, advanced packaging, and testing, enhancing customer loyalty and competitive advantage [7]. - The net profit margin for TSMC is projected to reach 45% in 2025, indicating strong profitability [7]. - The years 2026 and 2027 are expected to be peak years for global foundry capacity expansion, with several companies, including SMIC and TSMC, planning to increase their production capacity [7].

Investment Rating - The report indicates a positive outlook for the industry, suggesting a "Buy" rating based on expected growth exceeding the market by over 15% in the next 3-6 months [63]. Core Insights - NVIDIA reported a strong Q4 2025 performance with earnings per share of $1.62, surpassing analyst expectations by 5.81%, and revenue of $68.127 billion, exceeding forecasts by 3.22% [2]. - AMD has made significant strides in AI chip competition, signing a multi-year agreement with Meta to provide up to 6GW of AI computing power, potentially worth over $60 billion [2][60]. - OpenRouter data shows that during the week of February 9-15, 2026, the token usage of Chinese models surpassed that of U.S. models for the first time, indicating a growing demand for domestic AI capabilities [3][52]. Summary by Sections Company Performance - NVIDIA's Q4 2025 revenue was $68.127 billion, a year-on-year increase of 73.21%, with a guidance of $78 billion for Q1 2026, exceeding analyst expectations [2]. - Xuchuang reported a full-year revenue of 38.24 billion yuan for 2025, with a Q4 revenue of 13.235 billion yuan, reflecting a robust year-on-year growth of 102% [2][10]. Market Trends - The server index increased by 3.65% this week, driven by AMD's agreement with Meta, highlighting the rising global demand for AI computing power [3][7]. - The optical module index rose by 4.84% this week, with NVIDIA's performance and guidance contributing to positive market sentiment despite concerns over competition [3][10]. Industry Developments - The IDC index increased by 2.41% this week, with significant growth in AI model usage in China, indicating a shift in the global AI landscape [3][13]. - The telecommunications sector saw a cumulative revenue of 1.75 trillion yuan in 2025, with a year-on-year growth of 0.7%, reflecting steady demand in the industry [4][16]. Future Outlook - The upcoming NVIDIA GTC conference is expected to unveil the next-generation Feynman chip, which will utilize a groundbreaking 1.6nm process technology, potentially catalyzing advancements in optical communication [2][10]. - The report suggests that 2026 may be a pivotal year for domestic AI capabilities, with local chip manufacturers aiming to significantly increase production using advanced technology [3][50].

Investment Rating - The report indicates a positive outlook for the industry, suggesting a "Buy" rating based on expected growth exceeding the market by over 15% in the next 3-6 months [63]. Core Insights - NVIDIA reported a strong Q4 2025 performance with earnings per share of $1.62, surpassing analyst expectations by 5.81%, and revenue of $68.127 billion, exceeding forecasts by 3.22% [2]. - The company provided optimistic guidance for Q1 2026, projecting revenue of $78 billion, which is above analyst expectations [2]. - AMD has made significant strides in AI chip competition by signing a multi-year agreement with Meta to provide up to 6GW of AI computing power, indicating a growing global demand for computing power [2][7]. - OpenRouter data shows that during the week of February 9-15, 2026, the token usage of Chinese models surpassed that of U.S. models for the first time, highlighting the rapid growth of AI capabilities in China [3][52]. Summary by Sections Server Sector - The server index increased by 3.65% this week and 3.39% for the month, driven by AMD's agreement with Meta for AI computing power [3][7]. Optical Modules - The optical module index rose by 4.84% this week and 4.14% for the month, with NVIDIA's performance and guidance exceeding expectations, although market reactions were muted due to competitive concerns [3][10]. IDC (Internet Data Center) - The IDC index increased by 2.41% this week and 2.44% for the month, with significant growth in token usage for Chinese AI models, indicating a robust demand for domestic AI infrastructure [3][13]. Telecommunications - Telecommunications revenue reached 1.75 trillion yuan in 2025, showing a year-on-year growth of 0.7%, with a notable increase in capital expenditures from major tech companies [4][16]. Investment Opportunities - The report suggests focusing on sectors such as servers and IDC driven by domestic AI development, as well as optical modules benefiting from overseas AI advancements [5].