Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 30.12 billion yuan, while the Sci-Tech Innovation Board saw a net inflow of 361 million yuan [1] - A total of 243 stocks had net inflows, while 344 stocks had net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 224 stocks rose, with two stocks, Shanghai Hejing and Cambricon, hitting the daily limit, while 359 stocks declined [1] - The top three stocks with the highest net inflow were Cambricon (1.977 billion yuan), Haiguang Information (371 million yuan), and SMIC (351 million yuan) [1] Continuous Fund Flow - There are 39 stocks with continuous net inflows for more than three trading days, with Longsoft Technology leading at nine consecutive days [2] - 145 stocks experienced continuous net outflows, with the most significant outflow from Starry Planet Graphite at 15 consecutive days [2] Top Fund Inflows - The top stocks by net inflow include: - Cambricon: 197.72 million yuan, 13.07% inflow rate, 20% increase [2] - Haiguang Information: 37.14 million yuan, 5.39% inflow rate, 2.13% increase [2] - SMIC: 35.10 million yuan, 7.21% inflow rate, 1.79% increase [2] Top Fund Outflows - The stocks with the highest net outflows include: - Sino Medical: 39 million yuan outflow, 2.36% increase [1] - Dongxin Technology: 24.5 million yuan outflow [1] - Zhong无人机: 22.2 million yuan outflow [1]

摩根大通发布研报称，正在调整对中芯国际(00981)的预测，以考虑到公司因去库存而导致的第四财季 增长放缓，以及由于折旧成本上升和缺乏均价上升的压力，虽然高端晶圆比例上升，但产量降低令毛利 持续受压。因此，小摩续予中芯国际"减持"评级，目标价为36港元。该行相信，由于公司将继续扩大28 纳米及以下晶圆产能，其未来2至3年的资本开支或仍保持高位，估计达70亿至75亿美元。该行预计，公 司于第四季去库存和CIS领域的竞争加剧，短期内可能抑制毛利和均价。 ...

以下文章来源于盐财经 ，作者任早羽 在冲到张家界旅游、扎堆上海c it y wa l k之后，韩国人又有了"新去处"：中国股票市场。 韩国证券存托结算院（KSD）旗下子公司SEIBr o的数据显示，以成交量为指标，截止至 7月25日，中国已经超越日本和欧盟，成为韩国投资者关注的第二大海外股票市场。 | 年份 | 欧盟 | 美国股票 | 日本股票 | 中国股票 | | --- | --- | --- | --- | --- | | | 成交额 | 成交额 | 成交额 | 成交额 | | 2023 | 3735.2 | 273206.46 | (3900.26 | 5630.38 | | 2024 | 7396.99 | 509958.06 | 17551.29 | 4081.12 | | 2025 | 4222.16 | 322440.59 [3772.31 | | 5513.64 | 据中国基金报统计，包括港股和A股在内的中国股票市场累计成交额已经达到57.64亿美 元，仅次于美国市场。 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 全球"赌徒" 。 作者 | 任早羽 来源 | 盐财经 (ID: nfc- ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 60.00, representing a potential upside of 23.20% from the current price of HKD 48.70 [3][5]. Core Insights - The semiconductor industry is experiencing a gradual recovery in downstream demand, which is driving a steady improvement in the company's fundamentals [3]. - The company is expected to achieve a revenue CAGR of 25.0% and a net profit CAGR of 90.0% over the next three years, supported by increasing demand from downstream clients and the urgency for domestic semiconductor alternatives [5][7]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 6,321.56 million, a decrease of 13.09% from the previous year, but projected to grow to USD 8,029.92 million in 2024, reflecting a 27.02% increase [4][7]. - The net profit attributable to shareholders for 2023 was USD 902.53 million, down 50.35% from 2022, with forecasts indicating a recovery to USD 851.73 million in 2025 and USD 1,277.34 million in 2026 [4][5]. - The company's earnings per share (EPS) for 2023 was USD 0.11, with projections of USD 0.16 in 2025 and USD 0.22 in 2026, indicating a significant recovery trajectory [5][7]. Market Position and Outlook - The company ranks as the third-largest wafer foundry globally, with a market share of 6% as of Q1 2025, and is expected to benefit from advancements in process technology and increased production capacity [5][7]. - The company anticipates a 5%-7% revenue growth in Q3 2025, with a projected revenue range of USD 23.2 billion to USD 23.6 billion, aligning with market expectations [5][7]. - The demand for AI-related products is expected to grow by over 10% in 2025, contributing to an increase in wafer shipments despite a slight decline in prices [5][7].

将投中网设为"星标⭐"，第一时间收获最新推送 574家CVC投出1.16万亿。 作者丨 宋梓翔 编辑丨 杨博宇 来源丨 超越 J Cuve 广受关注的CVC，正在走向分化。 过去几年，CVC凭借独特的资源背景和产业优势，成为一级市场活跃和稳定的资本供给方。投中嘉 川CVSource显示，自有记录以来，全市场574家CVC一共出手了16,310 起，投资规模合计1.16万 亿。是硬科技市场的主角之一。 以下文章来源于超越 J Curve ，作者宋梓翔 超越 J Curve . 用数据延伸你的阅读 但自2021年之后，CVC的投资也逐渐下滑。2024年，CVC投资数量降至不足1000起，投资总金额 482.47亿元，不论是投资数量还是金额，都降至2021年一半以下。 而且，今年有375家CVC迟迟未出手，占到574家的65.3%。有90家CVC，在2021年之后就停止了 投资，占到CVC总数的15.7%。 去年我在成都调研采访时，有投资人就反馈说，CVC的投资业绩未必有市场期待的那么高，创业 者"更不应该迷信CVC的产业优势"。投中嘉川在《中国企业风险投资数据报告（2025年H1）》中 披露的上述数据，从侧面印证 ...

机构分析指出： 需求侧：全球AI产品迭代推高Tokens消耗，谷歌6月月度处理Tokens接近"1千万亿"（约980万亿），较5月翻倍；国内字节"豆包"5月底日均Tokens超16.4万 亿、同比放量137倍。更多tokens消耗有望反哺云端推理算力需求，新一轮增长逻辑形成闭环，算力需求将持续提升，云厂商加速扩容。 供给侧：国内"芯片—系统—生态"协同推进。华为今日在沪论坛预告发布推理"黑科技"，发布一项突破性技术，旨在通过硬件架构重构与软件智能调度协同 ；前期华为宣布CANN全面开源，Ascend"384超节点"在多地示范；百度昆仑芯P800亮相三万卡集群，云端推理吞吐与性价比改善，支撑国产算力栈完善。 截至2025年8月12日 13:32，中证半导体产业指数(931865)强势上涨2.89%，成分股上海合晶(688584)上涨20.00%，寒武纪(688256)上涨20.00%，上海新阳（维 权）(300236)上涨5.59%，中巨芯(688549)，芯源微(688037)等个股跟涨。半导体产业ETF(159582)一度涨超3%，现上涨2.78%，最新价报1.52元。拉长时间 看，截至2025年8月11日 ...

8月12日，三大股指午后持续拉升，其中芯片板块持续上行。截至下午13:30，芯片ETF(159995)涨3.17%。相关成分股中，寒武纪涨20.00%、海光 信息涨3.84%、中芯国际涨2.73%，北方华创、兆易创新、豪威集团等小幅跟涨。 消息面上，市场再度传出 DeepSeek-R2发布的时间窗口，预计发布时间窗口为2025年8月15日至8月30日。市场期盼DeepSeek-R2已经有一段时间， 在ChatGPT-5发布之后，市场对此的预期更盛。一度成为A股"市场标杆"的寒武纪亦于DeepSeek-R2的传闻中爆发，午后拉升至涨停。 展望后市，金元证券指出，在当前半导体供应链本土化加速的背景下，投资者需要把握三条主线：一是聚焦中芯国际在成熟制程和特色工艺领域 的持续增长机会；二是关注国产半导体设备及材料企业的配套发展机遇；三是留意国内芯片设计公司供应链本土化带来的产业链协同效应。 ...

Group 1 - The China Securities Consumer Electronics Theme Index (931494) has risen by 2.18% as of August 12, 2025, with notable increases in constituent stocks such as Cambrian (688256) up 20.00%, Chipone (688521) up 7.43%, and Industrial Fulian (601138) up 7.21% [1] - The Consumer Electronics ETF (561600) has increased by 2.12%, with the latest price reported at 0.92 yuan [1] - The index tracks 50 listed companies involved in component production and brand design in the consumer electronics sector, reflecting the overall performance of these securities [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the China Securities Consumer Electronics Theme Index account for 51.57% of the index, including Luxshare Precision (002475), SMIC (688981), BOE Technology (000725), and Cambrian (688256) [1]

中芯国际和华虹半导体扩大涨幅。 ...

时隔十年，A股融资余额再次站上2万亿元。 Wind数据显示，8月11日，A股融资余额增加168.41亿元。截至8月11日，A股融资余额报20122亿元，创2015年7月2日以来新高。从存量情况来看，电子行业 融资余额居前，达2327.87亿元；融资余额最大的股票为东方财富，达235.74亿元。 行业板块方面，截至8月11日，申万一级31个行业中，电子、非银金融、计算机行业融资余额居前，分别为2327.87亿元、1633.77亿元、1540.81亿元，医药 生物、电力设备、机械设备、汽车行业融资余额均超1000亿元。 来源：Wind 个股方面，东方财富、中国平安、贵州茅台融资余额居前，分别为235.74亿元、221.71亿元、166.13亿元，比亚迪、中信证券、长江电力融资余额均超100亿 元。 融资余额前十股票 | 证券代招 | 证券简称 | | | | | --- | --- | --- | --- | --- | | | | 融资融券余额(万元) | J 副台灣領(元) | 能完美时向元 | | 300059.SZ | ：东方财富 | 2.360.404.92 | 2.357.372.40 | 3.032 ...