Market Overview - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index fell 0.26% to 11128.67, and the ChiNext Index decreased by 0.38% to 2333.96 [4][3] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of over 100 billion yuan compared to the previous trading day [5] Sector Performance - Sectors that saw gains included local stocks from Xinjiang, rail transit equipment, hydropower, and electricity, while sectors such as multimodal AI, Huawei Ascend, semiconductors, and internet e-commerce experienced declines [7] - Specific stocks in the Xinjiang local sector surged, with over ten stocks including Xiyu Tourism and Bayi Steel hitting the daily limit [8] - The hydropower concept saw a rebound, with Shenwater Planning Institute hitting a 20% limit up, and several other stocks also performing well [9] - The rail transit equipment sector saw significant gains, with Jinying Heavy Industry and Xianghe Industrial both hitting the daily limit [10] Capital Flow - Main capital inflows were observed in machinery, electrical equipment, non-ferrous metals, and pharmaceutical sectors, while outflows were noted in computer, electronics, media, and banking sectors [12] - Notable inflows included Huayin Electric Power, Shanhe Intelligent, and Yingweike, with net inflows of 822 million yuan, 779 million yuan, and 627 million yuan respectively [13] - Conversely, significant outflows were seen in SMIC, Dongfang Wealth, and Great Wall Military Industry, with net outflows of 1 billion yuan, 855 million yuan, and 721 million yuan respectively [14] Institutional Insights - Guojin Securities noted that after three consecutive days of gains, the A-share market is experiencing a correction, but remains bullish on the outlook, citing the continued rise in average stock prices and the All A equal-weight index [16] - Huaxi Securities highlighted that the volume-price relationship from late July to early August resembles that of late February to early March, suggesting that the sustainability of the main narrative and trading volume will be key to assessing market momentum [16]

2025 年 08 月 08 日 中芯国际 (688981) —— Q2 营收和毛利率皆超指引，Q3 重回稳健增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 08 月 07 日 | | | --- | --- | | 收盘价（元） | 90.59 | | 一年内最高/最低（元） | 109.50/42.40 | | 市净率 | 4.8 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 180,125 | | 3,639.67/11,157.94 上证指数/深证成指 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.73 | | 资产负债率% | 32.81 | | 总股本/流通 A 股（百万） | 7,986/1,988 | | 流通 B 股/H 股（百万） | -/5,998 | 一年内股价与大盘对比走势： 08-07 09-07 10-07 11-07 12-07 01-07 02-07 03-07 04-07 05- ...

Group 1 - The core theme of the current market rally is driven by technology, with a clear "dual-driven" characteristic emerging, supported by multiple signals from trading behavior, capital flow, and institutional support [2][13][14] - The market is characterized by a "bottom-up" approach in an "incremental market" environment, leading to a structural market rally influenced by specific industry catalysts and micro signals [2][13][14] - The TMT (Technology, Media, and Telecommunications) sector is expected to continue to attract significant capital, with a notable increase in institutional holdings in TMT-related industries, reflecting a strong preference for technology investments [19][21] Group 2 - In the "incremental market" environment, the TMT sector is less likely to experience a "zero-sum" game, with strong performance expected from segments supported by solid fundamentals [4][47] - The semiconductor industry is currently in an early to mid-stage of a growth acceleration phase, driven by AI demand, with high-end chips like GPUs and HBM experiencing sustained growth [4][52][53] - The report highlights the importance of the semiconductor cycle, indicating that the current phase may lead to significant investment opportunities across various technology sectors [52][53] Group 3 - The investment logic under the technology growth resonance includes a focus on the Nvidia supply chain, particularly in the communication sector, and the potential for recovery in previously undervalued segments [5][62] - The report emphasizes the ongoing shift towards domestic chip manufacturing and the expected growth in AI applications, which are anticipated to drive performance in the semiconductor and related sectors [63][69] - The media sector is entering a new cycle of recovery, with the gaming sub-sector showing potential for high returns due to AI-driven content innovation and improved market conditions [72][78] Group 4 - The military industry is highlighted as having increased long-term investment value due to global military power restructuring, with a focus on areas such as drones and missile technology [79][80] - The report suggests that the military sector's performance is closely aligned with growth style investments, indicating a strong potential for capital appreciation in this area [84]

Core Viewpoint - SMIC's Q2 2025 performance is driven by "technology + localization," with a revenue of $4.456 billion, a 22% year-on-year increase, outperforming industry growth [4]. Financial Performance - Q2 revenue reached $2.209 billion, a 1.7% decrease quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points [6]. - For the first half of 2025, total revenue was $4.456 billion, a 22% increase year-on-year, with a gross margin of 21.4%, up 7.6 percentage points [6]. - Capital expenditure for the first half was $3.301 billion, with a cash flow from operations of $1.07 billion and an investment cash flow of -$1.56 billion [6]. - Q3 guidance indicates a revenue increase of 5%-7% quarter-on-quarter, with a gross margin forecast of 18%-20% [6]. Business Highlights and Strategic Direction - Continued breakthroughs in advanced processes of 28nm and below, with significant revenue growth in analog chips and CIS, the latter increasing by 20% quarter-on-quarter [8]. - 8-inch capacity utilization reached 92.5%, up 2.9 percentage points, with a monthly capacity of 991,000 equivalent wafers [8]. - Domestic clients are accelerating the replacement of overseas shares, particularly in network equipment, with storage controller demand rising alongside domestic storage manufacturers' expansion [8]. - Revenue from automotive electronics accounts for 5%-6%, with a target to increase this to 10%, and a verification cycle of approximately 30 months [8]. - The impact of U.S. tariff policies is expected to affect revenue by only 1.3%, mitigated by customer inventory buffers and localized supply chains [8]. Management Statements - CEO Zhao Haijun indicated that short-term growth in Q3 will be driven by smart home and industrial IoT sectors, while long-term automotive electronics capacity is expected to double by 2026 [8]. - CFO Wu Junfeng stated that product mix optimization could offset 2 percentage points of depreciation pressure on gross margin [8]. Investor Q&A Summary - The growth drivers for analog chips and CIS are primarily from market share gains and accelerated domestic substitution, alongside ongoing capacity shortages [9]. - October orders exceed capacity, with uncertainty in November and December, but the company expects minimal impact [9]. - North American revenue accounts for 12.9%, with proposed 100% tariffs expected to impact total revenue by approximately 1.3% [9]. - Q3 gross margin guidance is achievable by maintaining high capacity utilization (92%-93%) to dilute unit depreciation [9]. - The company has initiated production line construction focused on power management and third-generation semiconductors, with capacity currently tight [10].

每经AI快讯，8月8日，港股午后持续走低，恒指跌1%，恒生科技指数跌1.5%，中芯国际跌超7%。 （文章来源：每日经济新闻） ...

里昂发表研究报告指，中芯国际次季收入按季跌1.7%至22.1亿美元，好过公司指引的4至6%跌幅；毛利 率20.4%，高于18至20%的指引区间；净利润1.325亿美元，较市场预期低24%。公司指引第三季收入按 季升5至7%，以中位数6%增幅计，收入为23.4亿美元，较市场预期低1%；毛利率介乎18至20%，中位 数19%，较预期低2.1个百分点。该行维持中芯"跑赢大市"评级及目标价59.2港元不变。 ...

股 票 研 究 股票研究 /[Table_Date] 2025.08.08 晶圆代工行业龙头 25Q2 毛利率优于指引上限 [Table_Industry] 半导体 中芯国际及华虹半导体发布 25Q2 业绩 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 吴小沛(研究助理) | 021-23187269 | wuxiaopei@gtht.com | S0880125042240 | 本报告导读： 我们认为在工业及汽车需求修复下，晶圆代工产能利用率有望持续改善，叠加在 地化生产趋势确立，头部 Fab 有望实现业绩增长。 投资要点： [Table_Report] 相关报告 半导体《AI 发展潜力大，半导体自主可控是关 键》2025.07.24 半导体《景气提升，关注晶圆代工产能扩张及先 进封装稀缺性》2025.07.21 半导体《沐曦股份及摩尔线程科创板 IPO 受理》 2025.07.04 半导体《设置科创 ...

Summary of SMIC (0981.HK) 2Q25 Earnings Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Ticker**: 0981.HK - **Industry**: Semiconductor Foundry Key Financial Highlights - **2Q25 Revenue**: US$2.2 billion, representing a **16% YoY increase** and a **2% QoQ decrease**. This figure was **4% higher than Goldman Sachs estimates (GSe)** and **2% above Bloomberg consensus** [1][2] - **Gross Margin (GM)**: 20.4%, slightly above management's guidance and expectations, but down from **22.5% in 1Q25** and **13.9% in 2Q24** [1][2] - **Operating Profit**: US$151 million, which is **20% lower than GSe** and **13% below consensus estimates** [2] - **Net Profit**: US$132 million, a **30% QoQ decline** and **19% YoY decline**, but higher than GSe's estimate of US$105 million [2] - **Capex**: Increased to **US$1.9 billion** in 2Q25 from **US$1.4 billion** in 1Q25 [1] Capacity and Utilization - **Capacity**: Increased to **991k wpm (8'' equivalent)** in 2Q25, up from **973k wpm** in 1Q25 [2] - **Utilization Rate (UT)**: Improved to **92.5%** in 2Q25 from **89.6%** in 1Q25 [1][2] 3Q25 Guidance - **Revenue Guidance**: Expected to increase by **5% to 7% QoQ**, aligning with GSe and consensus estimates [1][6] - **Gross Margin Guidance**: Projected to be between **18% and 20%**, slightly lower than GSe (20.6%) and consensus (21.1%) [1][6] Investment Thesis - **Long-term Growth**: Positive outlook on SMIC's growth driven by increasing demand from local fabless customers. Anticipated recovery in margins due to improved UT rates [1][7] - **Valuation**: Shares are considered attractively valued as they trade below historical average P/E ratios. A **Buy rating** is maintained for SMIC [1][8] Price Target and Risks - **12-Month Price Target**: HK$63.70 for H-shares and Rmb160.00 for A-shares, based on a **36x 2028E P/E** and a **273% premium** over H-shares [8][11] - **Key Risks**: 1. Weaker-than-expected demand in smartphones and consumer electronics [9] 2. Slower-than-expected product diversification and capacity expansions [9] 3. Restricted access to certain equipment/material supply due to being on the US BIS Entity List [10] Conclusion - SMIC's performance in 2Q25 shows resilience with slight beats in revenue and gross margin despite a decline in net profit. The company is positioned for growth in the upcoming quarters, supported by local demand and capacity improvements. The investment outlook remains positive with a maintained Buy rating.

Overall Performance - Semiconductor Manufacturing International (SMIC) reported a revenue of $2.2 billion for Q2 2025, slightly above market expectations of $2.16 billion, but a 1.7% decrease from the previous quarter, with guidance indicating a further decline of 4-6% [1][14] - The gross margin for Q2 2025 was 20.4%, reaching the upper limit of the guidance range (18-20%) and exceeding market expectations of 19.7% [1][4] Revenue and Pricing Dynamics - The decline in revenue was primarily attributed to a decrease in average selling prices, despite a 4.3% increase in product shipment volume [3][17] - The average selling price per wafer decreased by 5.7%, influenced by a higher proportion of lower-priced 8-inch wafer shipments [3][17] Business Segment Performance - Revenue from the smartphone segment grew by only 1.7%, significantly lower than the double-digit growth seen in the past two years, while other segments like PC and consumer electronics experienced declines [2][24] - The company maintained over 80% of its revenue from the domestic market, driven by domestic substitution trends [2][7] Expenditure and Capital Investment - Operating expenses increased, with management expenses rising by 17.6% year-on-year, primarily due to higher factory setup costs [2][31] - Capital expenditure for the quarter was $1.885 billion, indicating a commitment to maintaining high levels of investment despite weak downstream demand [2][31] Future Guidance - For Q3 2025, SMIC expects revenue to increase by 5-7%, translating to $2.32-$2.36 billion, which is below market expectations of $2.37 billion [4][19] - The gross margin guidance for the next quarter is set at 18-20%, lower than the market expectation of 21.1% [4][22] Capacity Utilization and Market Trends - The capacity utilization rate for Q2 2025 was 92.5%, reflecting a slight recovery, primarily due to preemptive stocking of 8-inch wafers by customers [2][22] - The overall semiconductor market remains weak, with cautious outlooks from management regarding demand visibility in the second half of the year [7][9] Regional Revenue Distribution - The revenue from the China region accounted for 84.1% of total revenue, with a slight decline of 1.9% quarter-on-quarter [29][31] - The company’s revenue from the U.S. and Eurasia regions remained relatively low at 12.9% and 3%, respectively [29][31]

Core Viewpoint - The article discusses the performance of the Chinese stock market on August 8, 2025, highlighting the slight gains in major indices and the active sectors, particularly in hydropower, stablecoins, commercial aerospace, innovative pharmaceuticals, and liquid cooling servers, while noting a pullback in sectors like PEEK materials, AI agents, semiconductors, and robotics [3][4]. Market Performance - The Shanghai Composite Index closed at 3642.1 points, up 0.07% - The Shenzhen Component Index closed at 11173.87 points, up 0.14% - The ChiNext Index closed at 2347.83 points, up 0.21% [3][4]. Capital Flow - Major capital inflows were observed in sectors such as machinery, electric power, non-ferrous metals, and pharmaceuticals, while outflows were noted in computer, electronics, media, food and beverage, and banking sectors [8]. - Specific stocks with significant net inflows included Yingweike (16.56 billion), Shanhe Intelligent (13.08 billion), and Jihua Group (12.84 billion) [8]. Trading Volume - The trading volume in the two markets exceeded 1 trillion yuan for the 52nd consecutive trading day [9]. Sector Highlights - The hydropower sector saw notable gains, with Shanhe Intelligent hitting the daily limit, and other related stocks like Sheyan Institute and Deep Water Planning Institute also performing well [10][13]. - The electric power sector experienced a rise, with Huaguang Huaneng and Huayin Electric reaching the daily limit [13]. Stock Movements - Stocks such as Innovation Medical and Jihua Group reached their daily limit, while other stocks in the medical device sector also saw significant increases [17][21]. - The gas sector showed a short-term rise, with Hongtong Gas achieving four consecutive limits [19]. Economic Indicators - The People's Bank of China conducted a 122 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a net withdrawal of 40 billion yuan for the day [25]. - The RMB to USD exchange rate was adjusted down by 37 basis points, reported at 7.1382 [26].