Core Viewpoint - SMIC has implemented a price increase of approximately 10% on certain production capacities due to rising demand from mobile applications and AI, alongside raw material cost increases [1] Semiconductor Industry Analysis - The semiconductor industry is experiencing growth driven by the AI wave, domestic substitution, and technological innovation, supporting the long-term development logic of the semiconductor sector [1] - The global semiconductor equipment market is entering a new expansion cycle, with equipment demand and domestic production rates expected to rise simultaneously [2] Market Segment Analysis - **Semiconductor Equipment and Materials**: This sector is a core area for domestic substitution, benefiting from the anticipated investments from the National Integrated Circuit Industry Investment Fund [2] - **Memory Chip Sector**: The industry is seeing an upward trend due to the reversal of the global memory cycle and massive demand from AI applications [3] - **Advanced Packaging and Chiplet Sector**: As chip manufacturing approaches physical limits, advanced packaging becomes crucial for enhancing system performance, presenting growth opportunities for industry chain companies [3] - **Automotive Electronics and Power Semiconductor Sector**: The demand for automotive-grade chips is experiencing rigid growth due to the long-term trends of electrification and intelligence in new energy vehicles [3] Company Overview - **SMIC (688981.SH)**: The largest and most advanced integrated circuit foundry in mainland China, benefiting significantly from the increase in domestic foundry demand [4] - **North Huachuang (002371.SZ)**: A leading domestic semiconductor equipment manufacturer with a strong platform advantage, playing a key role in domestic equipment substitution [4] - **Changdian Technology (600584.SH)**: The third-largest chip packaging and testing company globally, with a strong competitive edge in advanced packaging technologies [4] - **Haiguang Information (688041.SH)**: A key provider of high-end CPUs and DCUs in China, with products widely used in servers and workstations [4] - **Lanke Technology (688008.SH)**: An international leader in data processing and interconnect chip design, maintaining a leading position in DDR5 memory interface chips and actively developing AI chips [4]

Market Performance - The three major indices strengthened again, with the Shanghai Composite Index rising by 0.53%, the Shenzhen Component Index increasing by 0.88%, and the ChiNext Index up by 0.77%. The STAR Market 50 Index rose by 0.9%. Over 3,900 stocks in the two markets were in the green, with a total trading volume reaching approximately 1.88 trillion yuan [2] AI and Liquid Cooling Sector - AI power and liquid cooling concept stocks led the gains, with Zhongheng Electric (002364.SZ) and Maigemeite (002851.SZ) both rising by 10%, and Oulutong (300870.SZ) increasing by over 9%. Haibosi Chuang (688411.SH) saw significant gains. According to a report from Western Securities, NVIDIA's GTC conference in 2025 revealed that orders for Blackwell and Rubin are estimated at around 14 million GPUs for the next five quarters, with the liquid cooling market size for NVIDIA projected to be conservatively/optimistically around $6.9 billion/$9.7 billion by 2026. The domestic liquid cooling market is expected to see high growth opportunities due to the rapid increase in the adoption of AI super node integrated systems [3] Commercial Aerospace Sector - The commercial aerospace sector experienced a resurgence, with Chaojie Co., Ltd. (301005.SZ) rising by 20%, Shenjian Co., Ltd. (002361.SZ) achieving five consecutive trading limits, and Aerospace Power (600343.SH) increasing by 10%. Aerospace Development (000547.SZ) rose by over 9% [4] IPO and Reusable Rockets - The China Securities Regulatory Commission disclosed that Blue Arrow Aerospace's IPO counseling work has been officially completed, with China International Capital Corporation as the counseling institution. Open Source Securities stated that the large-scale application of commercial aerospace heavily relies on low-cost, high-frequency launch capabilities, with reusable rockets being key. China's recoverable rockets have entered the engineering verification stage, with multiple rocket types, including Blue Arrow's Zhuque-3 and Long March 12甲, undergoing intensive test flights. It is expected that the next three years will see a phase of simultaneous launching and iteration in commercialization [5] Photovoltaic Sector - The photovoltaic sector showed strong fluctuations, with perovskite battery stocks leading the gains. Dongfang Risen (300118.SZ) rose by over 10%, Junda Co., Ltd. (002865.SZ) hit the daily limit of 10%, and Saiwu Technology (603212.SH) and Maiwei Co., Ltd. (300751.SZ) also saw increases. Analysts noted that perovskite batteries possess core advantages such as ultra-lightweight, low cost, high radiation resistance, and flexibility, making them a revolutionary solution to address energy bottlenecks in space and support the scaling of the space economy [5] Semiconductor Sector - Semiconductor concept stocks were active, with Huahai Chengke (688535.SH) rising by 12.88%, Demingli (001309.SZ) increasing by over 9%, and both SMIC (688981.SH) and Chipone (688521.SH) also seeing gains. Reports indicated that SMIC has implemented price increases on some production capacities, with an increase of about 10%. Additionally, NVIDIA has informed Chinese customers that it plans to deliver its second-ranked AI chip, H200, to them in mid-February next year [6] Declining Sectors - The precious metals, liquor, and insurance sectors weakened, with Western Gold (601069.SH), Kweichow Moutai (600519.SH), and New China Life Insurance (601336.SH) all experiencing declines [7]

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index rising by 0.53%, the Shenzhen Component Index by 0.88%, and the ChiNext Index by 0.77% on December 24 [2] - Over 4,100 stocks in the market increased in value, with a total trading volume of approximately 1.9 trillion yuan, a decrease of 24.1 billion yuan compared to the previous trading day [2] Technical Analysis - The A-share market has broken through an important trading range, indicating a shift from a typical box-shaped fluctuation pattern observed since November 20 [2][4] - The average stock price across the A-share market has also shown a breakout, recovering losses incurred since November 18 [4] Sector Performance - The commercial aerospace sector has shown significant growth, with over 30 stocks closing at their daily limit or with gains of 10% or more [11] - Other strong sectors include power supply equipment and liquid cooling servers, with predictions indicating that the global liquid cooling market could reach $21.8 billion by 2027 [13] - The semiconductor industry is also performing well, with companies like SMIC implementing price increases of around 10% due to rising demand from mobile applications and AI [14] Investment Sentiment - Analysts from Dongguan Securities suggest that the current market conditions are favorable for optimistic positioning ahead of the spring market rally, driven by institutional reallocation and improved liquidity [8] - The focus for the short term will be on the selection of the new Federal Reserve chair and the implementation of domestic monetary and fiscal policies [8]

Core Viewpoint - The semiconductor equipment industry continues to show strong performance, with significant gains in related stocks and ETFs, reflecting a robust market environment for semiconductor companies [1][3]. Group 1: Market Performance - The semiconductor equipment ETF (561980) has seen a year-to-date increase of 64.76%, outperforming other major semiconductor indices [3]. - Key stocks such as Huahai Chengke and Tianyue Advanced have experienced notable price increases, with Huahai Chengke rising over 12% and Tianyue Advanced increasing over 7% [1]. Group 2: Market Capitalization Insights - As of mid-December 2025, 35 of the top 100 semiconductor companies globally are from Greater China, indicating a significant presence in the market [3]. - The market capitalization of semiconductor companies is subject to fluctuations, reflecting a complex interplay of industry variables rather than just short-term market sentiment [3]. Group 3: Valuation Changes - The valuation framework for semiconductor companies is evolving, particularly in the storage chip sector, where demand for HBM is surging, and in the GPU sector with companies like Moer Thread and Muxi entering the market [4]. - The shift from price-to-earnings (PE) to price-to-sales (PS) ratios indicates a market reassessment of growth potential and technological barriers [4]. Group 4: Future Growth Projections - The global semiconductor manufacturing equipment sales are projected to reach $133 billion in 2025, marking a 13.7% year-on-year increase, with continued growth expected in the following years [5]. - The semiconductor equipment ETF (561980) has a composition where nearly 60% is focused on equipment, with over 90% of the index comprising semiconductor equipment, materials, and integrated circuit design sectors [5].

Core Insights - The semiconductor equipment industry continues to show strong performance, with significant gains in related stocks and ETFs [1][3] Group 1: Market Performance - The semiconductor equipment ETF (561980) has seen a year-to-date increase of 64.76%, outperforming other major semiconductor indices [3] - Key stocks such as Huahai Chengke and Tianyue Advanced have risen by over 12% and 7% respectively, indicating robust market activity [1] Group 2: Market Capitalization - As of mid-December 2025, 35 of the top 100 semiconductor companies globally are from Greater China, accounting for approximately 35% of the total market capitalization [3] - The market capitalization of semiconductor companies is subject to fluctuations, reflecting a complex interplay of industry variables rather than just short-term market sentiment [3] Group 3: Industry Trends - The valuation system for semiconductor companies is undergoing significant changes due to the explosive growth in downstream markets like AI and automotive electronics [4] - The demand for high-bandwidth memory (HBM) is surging, and domestic GPU companies are accelerating capital operations through A+H share listings [4] - The global semiconductor manufacturing equipment sales are projected to reach $133 billion in 2025, marking a 13.7% year-on-year increase, with continued growth expected in the following years [4] Group 4: Investment Opportunities - The semiconductor equipment ETF (561980) focuses on the upstream sectors of the semiconductor industry, with nearly 60% of its index comprising equipment [4] - The top ten companies in this ETF, including Zhongwei Company and North Huachuang, represent nearly 80% concentration, making it an ideal tool for investing in a self-controlled semiconductor ecosystem [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：智通财经 半导体晶圆代工即将开启新一轮涨价。 《科创板日报》记者从多个独立信源了解到，中芯国际已向下游客户发布涨价通知，且此次涨价主要集 中于8英寸BCD工艺平台，涨价幅度在10%左右。 "我们已经接到了涨价通知，每家客户涨价情况不尽相同。"一家芯片上市公司人士向《科创板日报》记 者表示，"我们认为这样的涨价不可持续，后续我们公司还会与中芯国际方面进行进一步协商，看能否 争取到优惠空间。" 对此，中芯国际方面向《科创板日报》记者回应称："公司对媒体新闻不做回复和评价。" 《科创板日报》记者了解到，此次并非只有中芯国际一家公司上涨其代工价格。另一家平台型的芯片设 计企业从业者向《科创板日报》记者表示，他们近期已经接到中芯国际、世界先进（VIS）等供应商的 涨价通知，其中后者涨幅同样在10%左右，且主要是BCD平台。 BCD是一种单片集成工艺技术，这种技术能够在同一芯片上集成功率、模拟和数字信号处理电路，能 够大幅降低功率耗损，提高系统性能，节省电路的封装费用，并具有更好的可靠性。 其次，台积电（TSMC）收缩8英寸产能转移到高端制程 ...

半导体晶圆代工即将开启新一轮涨价。 《科创板日报》记者从多个独立信源了解到， 中芯国际已向下游客户发布涨价通知，且此次涨价主要集中于8英寸BCD工艺平台，涨价幅度 在10%左右。 "我们已经接到了涨价通知，每家客户涨价情况不尽相同。"一家芯片上市公司人士向《科创板日报》记者表示，"我们认为这样的涨价不可 持续，后续我们公司还会与中芯国际方面进行进一步协商，看能否争取到优惠空间。" 对此，中芯国际方面向《科创板日报》记者回应称："公司对媒体新闻不做回复和评价。" 《科创板日报》记者了解到，此次并非只有中芯国际一家公司上涨其代工价格。另一家平台型的芯片设计企业从业者向《科创板日报》记者 表示，他们近期已经接到中芯国际、世界先进（VIS）等供应商的涨价通知，其中后者涨幅同样在10%左右，且主要是BCD平台。 上述芯片设计公司人士表示，这一轮晶圆代工价格上涨有其背后的行业因素助推，因此"未来免不了其他几家主流的晶圆厂跟风涨价"。 就具体原因，据介绍，首先是AI基础设施投资处于热潮期，而AI服务器等产品需要大量电源芯片，导致占用了许多BCD产能。 BCD是一种单片集成工艺技术，这种技术能够在同一芯片上集成功率、模拟和数 ...

Core Viewpoint - Semiconductor industry is experiencing increased demand driven by mobile applications and AI, leading to price hikes in wafer foundry services, with SMIC implementing a 10% price increase on some capacities [1] Group 1: Price Increases and Demand - SMIC has raised prices on certain capacities by approximately 10%, with expectations for quick implementation [1] - The increase in demand for chips is attributed to the growth in mobile applications and AI, alongside rising raw material costs [1] - TSMC is consolidating its 8-inch capacity and plans to shut down some production lines by the end of 2027, which may lead to further price increases in wafer foundry services [1] Group 2: TSMC's Challenges - TSMC's mature process capacity utilization is impacted by the rise of China's mature processes, with its Kumamoto factory facing losses due to declining demand from major Japanese automakers [1] - TSMC's Kumamoto factory, which focuses on 28nm processes for automotive chips, has seen low capacity utilization and increasing losses [1] - TSMC plans to shift its future Kumamoto factory construction from 6nm to 2nm processes to cater to clients like NVIDIA and AMD for AI chips [1] Group 3: Capacity Utilization and Revenue Growth - SMIC's capacity utilization rose from 92.5% in Q2 to 95.8% in Q3, equating to a monthly capacity of one million 8-inch wafers [3] - Huahong Semiconductor also reported high utilization at 109.5% in Q3, shipping approximately 1.4 million 8-inch wafers [3] - Both companies experienced significant revenue growth in Q3, with SMIC reporting revenue of 17.162 billion yuan (up 6.9% quarter-on-quarter) and a net profit of 1.517 billion yuan (up 43.1% year-on-year) [3] - Huahong Semiconductor achieved a record high revenue of $635.2 million in Q3, reflecting a year-on-year growth of 20.7% [3] Group 4: Market Position and Future Outlook - By Q3 2025, SMIC is projected to hold a 5.1% market share, ranking third globally in wafer foundry sales, while Huahong Semiconductor is expected to rank sixth with a 2.6% market share [3] - SMIC's CEO noted that the industry is undergoing rapid changes, with ongoing inventory replenishment and increased output, despite a seasonal slowdown in Q4 [4] - The average selling price for SMIC's products increased by 3.8% quarter-on-quarter due to the complexity of products being shipped [4]

Core Insights - The electronic sector attracted over 21.1 billion in main capital inflow, leading among 31 Shenwan primary industries [1] - The electronic ETF (515260) saw a price increase of 1.68%, recovering the 60-day moving average and aiming for a third consecutive daily gain [1] Group 1: Sector Performance - In the PCB segment, Shengyi Technology rose over 9%, Pengding Holdings increased by 6%, and Dongshan Precision gained over 3% [3] - In the semiconductor sector, Hengxuan Technology and Shengbang Co. both increased by 6%, while Zhuosheng Micro rose over 3% [3] - In the consumer electronics category, Industrial Fulian rose over 4%, and GoerTek increased by over 3% [3] Group 2: Market Dynamics - Media reports indicate that SMIC has implemented a price increase of approximately 10% on some production capacities [3] - TSMC confirmed the consolidation of 8-inch production capacity and plans to shut down certain production lines by the end of 2027, potentially leading to price increases in the wafer foundry market [3] Group 3: Semiconductor Equipment Outlook - Guojin Securities states that semiconductor equipment is foundational to the semiconductor industry chain, with significant growth opportunities in domestic semiconductor equipment driven by storage expansion and self-sufficiency [4] - NVIDIA plans to deliver its H200 AI chip to Chinese customers by mid-February, with an expected shipment of 5,000 to 10,000 chip modules, translating to approximately 40,000 to 80,000 H200 chips [4] - The delivery of H200 chips is expected to stimulate demand across the entire industry chain, from upstream manufacturing to downstream computing services [4] Group 4: Future Trends - Huachuang Securities believes that AI is driving a value reshaping in the electronic industry chain, creating new growth opportunities [5] - The electronic ETF (515260) and its linked funds are designed to passively track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including AI chips, automotive electronics, 5G, and PCB [5] - The external environment is pushing China to achieve self-sufficiency in the semiconductor industry chain, with government policies supporting the rise of the electronic sector [5]

12月24日，超211亿主力资金涌入电子板块，板块吸金额高居31个申万一级行业首位！热门ETF方面， 荟聚电子板块核心龙头的电子ETF（515260）午后震荡走高，场内价格现涨1.68%，盘中收复60日均 线，冲击日线3连阳！ 细分方向来看，PCB（印制电路板）方面，生益科技涨超9%，鹏鼎控股上涨6%，东山精密涨逾3%；半 导体方面，恒玄科技涨逾6%，圣邦股份上涨6%，卓胜微涨超3%；消费电子方面，工业富联涨超4%， 歌尔股份涨逾3%。 图：电子ETF标的指数涨幅前10大成份股 | 序号 | 名称 | 涨跌幅 ▼ | 两日間 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 生益科技 | 9.85% | -- | 电子 | 元件 | 印制电路板 | 1761亿 | 32.51亿 | | 2 | 恒玄科技 | 6.12% money | | 电子 | 非导体 | 数字芯片设计 | 380亿 | 6.984Z | | 3 | 鵬県控股 | 6.00% mm v ...