Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [1][37]. Core Insights - TSMC has raised its revenue growth forecast for 2025 from approximately 25% to around 30%, driven by strong AI demand and a moderate recovery in non-AI demand [2][4]. - The semiconductor sector is experiencing high demand, particularly in AI and domestic growth opportunities, with recommendations for companies like SMIC, Huahong Semiconductor, and others [2]. - The PCB industry is facing a shortage of high-end materials, which is expected to sustain high growth in quarterly performance due to increased demand from AI servers and network devices [3]. - The approval of H20 chip exports to China is anticipated to benefit the computing power supply chain significantly, with a focus on AI infrastructure as a key investment theme [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.69%, while the electronic sector increased by 2.15%, with components up by 9.36% and semiconductors by 0.42% over the past week [11]. Company Performance - TSMC reported Q2 2025 revenue of $30.07 billion, exceeding guidance, with a year-over-year increase of 44.4% and a quarter-over-quarter increase of 17.8% [2]. - The report highlights a strong performance from companies like Industrial Fulian, Longsys Technology, and others, with a focus on AI computing and innovation [1][2]. Investment Recommendations - The report recommends a range of companies across different segments, including Industrial Fulian, Xiaomi Group, and others in the semiconductor and PCB sectors, indicating a positive outlook for 2025 [1][9][10].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has seen significant growth since its inception, with the number of semiconductor companies listed increasing from 4 to 109, and the total market capitalization surpassing 3 trillion yuan by July 2025 [1][3] - The semiconductor sector has become a core component of the STAR Market, accounting for 37.6% of the total market value, highlighting its importance in the context of China's technological ambitions [1][3] Industry Overview - The STAR Market has achieved a full-chain breakthrough in the semiconductor industry, with domestic companies making significant advancements in various segments, including wafer manufacturing, chip design, and equipment [2][3] - Major players in the semiconductor industry include SMIC, Cambrian, and Zhongwei, with a well-formed industry chain matrix emerging over the past six years [3] Financial Performance - Semiconductor companies on the STAR Market have raised over 310 billion yuan through IPOs and private placements, with an average R&D investment ratio of 19.6%, significantly higher than the A-share average of 12.38% [4] - Companies like Cambrian and Lexin Technology have reported substantial revenue growth, with Cambrian expecting a 58.17% increase in revenue for the first half of 2025 [5][6] AI Impact - The rapid development of the AI industry is driving demand for semiconductor products, with companies experiencing increased orders for AI-related chips and manufacturing equipment [7] - The AI boom is expected to create a massive market for AI chips, with companies like Cambrian seeing a surge in demand for their cloud training chips [7] Policy Developments - The STAR Market is introducing new policies, including the "1+6" measures aimed at supporting high-potential tech companies, particularly those in the semiconductor sector [8] - The establishment of a growth layer within the STAR Market is designed to assist technology companies that are not yet profitable but have significant breakthroughs and commercial potential [8]

A 股代码：688981 A 股简称：中芯国际 公告编号：2025-017 港股代码：00981 港股简称：中芯国际 中芯国际集成电路制造有限公司 首次授予部分第四个归属期及 预留授予部分第三个归属期符合归属条件的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 限制性股票拟归属数量：1,120.82 万股（首次授予部分 983.59 万股、预 留授予部分 137.23 万股） ? 归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 7,565.04 万股，约占公司 2021 年 科创板限制性股票激励计划（以下简称"激励计划"）草案公告时公司股本总额 告时公司股本总额的 0.85%；预留 811.52 万股，约占激励计划草案公告时公司股 本总额的 0.10%。 （3）授予价格：20 元/股，即满足授予条件和归属条件后，激励对象可以每 股 ...

Group 1: Overview of "China Shock 2.0" - The concept of "China Shock 2.0" highlights China's advancements in high-tech sectors, posing unprecedented challenges to the U.S. [2][4] - The transition from "China Shock 1.0," which focused on low-end manufacturing, to "2.0," which targets high-tech industries, marks a significant shift in global economic dynamics [6][8] - Key high-tech areas affected include aerospace, artificial intelligence, telecommunications, semiconductors, robotics, nuclear energy, quantum computing, biomedicine, solar energy, and battery technology [6][8] Group 2: Economic and Technological Impact - China's rapid rise in the global value chain is attributed to its technological progress and industrial upgrades, leading to a reassessment of U.S. strategies [4][12] - The shift in focus from low-cost labor to technology-intensive industries requires long-term R&D investment and skilled talent [8][10] - China's electric vehicle industry has emerged as a global leader, with companies like BYD and CATL driving innovation and market share [8][10] Group 3: Policy and Strategic Shifts - The role of local governments and private enterprises has become central in driving China's industrial policy, moving from short-term growth to nurturing strategic emerging industries [10][12] - The competitive landscape has evolved, with Chinese firms like DJI and LONGi Green Energy demonstrating significant advancements in their respective fields [8][10] Group 4: Global Competition and Standards - China's dominance in 5G technology and its control over rare earth resources are critical components of "China Shock 2.0," enhancing its global influence [14][21] - The shift in technological leadership is evident, with China leading in 57 out of 64 frontier technologies by 2023, compared to only 7 for the U.S. [12][19] Group 5: U.S. Response and Strategic Recommendations - The U.S. response has primarily relied on tariffs, which have proven to be ineffective against China's high-tech advancements [17][22] - Recommendations for the U.S. include forming alliances, allowing Chinese firms in non-sensitive sectors, maintaining policy continuity, and improving reemployment systems for affected workers [17][22]

Group 1 - The core viewpoint of the article highlights the decline in fund sizes managed by prominent fund managers Zhang Kun and Xie Zhiyu during the second quarter, with Zhang's total fund size dropping to 55.047 billion yuan, a decrease of 5.775 billion yuan, and Xie's fund size at 39.266 billion yuan, down by approximately 446 million yuan [2] - Zhang Kun remains heavily invested in the consumer and technology sectors, increasing holdings in liquor stocks such as Wuliangye and Luzhou Laojiao, while reducing positions in Tencent Holdings and China Merchants Bank [2][3] - Xie Zhiyu has made new investments in Hong Kong innovative drug companies, including Innovent Biologics and Nuo Cheng Jianhua, while also increasing positions in his funds [2][12] Group 2 - Zhang Kun expressed that the pessimistic expectations in the market will eventually be broken, indicating that a sign of this would be when long-term government bond yields no longer remain at low levels that do not match economic development prospects [12] - Xie Zhiyu noted that the consumer sector is benefiting from an acceleration in policy subsidies, particularly in new consumption areas represented by tea drinks and trendy toys, although he cautioned that demand growth may face challenges in the second half of the year due to base effect declines [18] - The report indicates that Zhang Kun's flagship fund, E Fund Blue Chip, saw a decrease in size from 38.908 billion yuan to 34.943 billion yuan, with a stable stock position of 93.06% [3][5]

部分限制性股票的公告 A 股代码：688981 A 股简称：中芯国际 公告编号：2025-018 港股代码：00981 港股简称：中芯国际 中芯国际集成电路制造有限公司 关于作废处理 2021 年科创板限制性股票激励计划 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、公司 2021 年科创板限制性股票激励计划已履行的决策程序和信息披露 情况 1、2021 年 5 月 19 日，公司召开董事会会议审议通过了《关于公司<2021 年科创板限制性股票激励计划（草案）>及其摘要的议案》、《关于公司<2021 年 科创板限制性股票激励计划实施考核管理办法>的议案》、《关于提请股东大会授 权董事会办理科创板股权激励相关事宜的议案》等议案。 2、2021 年 6 月 8 日至 2021 年 6 月 17 日，公司对本激励计划首次授予部分 激励对象名单进行了公示。在公示期限内，公司个别员工向公司询问了激励对象 确定规则、流程等情况。公司就员工相关疑问进行了解释和说明，相关疑问已得 到有效解决。截至公示期满，公司未收到其他意见。2021 ...

| | | 中芯国际集成电路制造有限公司 2021 年科创板限制性股票激励计划 首次授予部分第四个归属期及 预留授予部分第三个归属期符合归属条件的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划方案及履行的程序 1、本次股权激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 7,565.04 万股，约占公司 2021 年 科创板限制性股票激励计划（以下简称"激励计划"）草案公告时公司股本总额 790,006.4794 万股的 0.96%。其中首次授予 6,753.52 万股，约占激励计划草案公 告时公司股本总额的 0.85%；预留 811.52 万股，约占激励计划草案公告时公司股 本总额的 0.10%。 （3）授予价格：20 元/股，即满足授予条件和归属条件后，激励对象可以每 股 20 元/股的价格购买公司向激励对象增发的公司 A 股普通股股票。 1 限制性股票拟归属数量：1,120.82 万股（首次 ...

证券简称：中芯国际 证券代码：688981 上海荣正企业咨询服务（集团）股份有限公司 关于 中芯国际集成电路制造有限公司 2021 年科创板限制性股票激励计划 首次授予部分第四个归属期及 预留授予部分第三个归属期归属条件成就 之 独立财务顾问报告 2025 年 7 月 | 目 录 | | --- | | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、独立财务顾问意见 6 | | （一）本次限制性股票激励计划的审批程序 6 | | （二）本次限制性股票激励计划首次授予部分第四个归属期归属条件的成就 | | 情况 7 | | （三）本次限制性股票激励计划预留授予部分第三个归属期归属条件的成就 | | 情况 9 | | （四）本次归属的具体情况 11 | | （五）结论性意见 13 | | 五、备查文件及咨询方式 14 | | （一）备查文件 14 | | （二）咨询方式 14 | 一、释义 1、上市公司、公司、中芯国际：指中芯国际集成电路制造有限公司。 2、限制性股票激励计划、本激励计划、《激励计划（草案）》：指《中芯 国际集成电路制造有限公司 2021 年科创板限制性 ...

上海兰迪律师事务所 关于中芯国际集成电路制造有限公司 www.landinglawyer.com 2021 年科创板限制性股票激励计划 首次授予部分第四个归属期及预留授予部分第三个归属期 归属条件成就暨作废部分限制性股票的 法 律 意 见 书 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼(20082) 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 上海兰迪律师事务所 关于中芯国际集成电路制造有限公司 2021 年科创板限制性股票激励计划首次授予部分第四个归属期 及预留授予部分第三个归属期归属条件成就 暨作废部分限制性股票的法律意见书 致:中芯国际集成电路制造有限公司 上海兰迪律师事务所接受中芯国际集成电路制造有限公司(以下简称"中芯 国际"或"公司",证券代码为 688981）的委托,为公司实施 2021 年科创板限 制性股票激励计划所涉及的相关事 ...

对资本市场嗅觉灵敏的韩国股民，一出手就爆了！ 韩国证券存托结算院（KSD）最新数据显示，以成交额计，今年以来截至7月17日，中国位列韩国股民最喜爱的海外市场的第二名，仅次于美国。 韩国股民扫货中国股市，哪些中国股票最受他们欢迎呢？名单来了！ 据报道，韩国股民尤其热衷买港股。截至7月18日，韩国股民持有金额最多的港股为小米集团-W。 另外，中国政策层面的一系列利好出台，赚钱效应持续增强，更添海外投资者的信心。高盛、德银等华尔街大行自2月初起相继看多中国资产，上调评级或 大盘目标价，进一步坚定了韩国投资者的信心。尤其在全球科技竞争背景下，中国在人工智能领域的突破，叠加5G、大数据等技术发展，让AI相关产业增 长潜力凸显，成为韩国资金布局的重要方向。 数据显示，截至7月18日，韩国股民持股市值排名前10的港股为小米集团-W、腾讯控股、阿里巴巴-W、中芯国际、宁德时代、泡泡玛特、比亚迪股份、天 齐锂业、赣锋锂业、GLOBAL。 文丨记者 林丽爱 具体数据如下：韩国股民持有小米集团-W市值2.51亿美元、腾讯控股市值2.17亿美元、阿里巴巴-W市值1.76亿美元、中芯国际市值为9235万美元、宁德时代 市值8333万美 ...