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 ...

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [8] Core Insights - The semiconductor industry continues to show optimistic growth trends driven by AI and high-performance computing, with strong demand for HBM, AI chips, and edge AI hardware [2][19] - The storage market is expected to see sustained price increases in the second half of the year, with strong demand for HBM and DDR5, while DDR4 supply remains tight [2][19] - Foundry services are optimistic, with expectations of price increases and capacity expansion, particularly for companies like Huahong and SMIC [2][19] Summary by Sections 1. Overseas Leaders and Domestic Foundry Performance - AI and high-performance computing remain core growth drivers, with strong demand for HBM and AI chips [2] - NAND Flash market is expected to see price increases due to production cuts and strong AI demand [2][19] - Foundry sector shows optimism with price increases and capacity expansion, particularly for Huahong and SMIC [2][19] 2. Wafer Manufacturing - SMIC's Q2 capacity utilization was 92.5%, with a revenue of $2.209 billion, expected to grow by 5%-7% in Q3 [3][20] - Huahong's Q2 revenue was $566.1 million, with a capacity utilization of 108.3% and a strong demand for power devices [3][20] - TSMC's revenue in July reached NT$323.166 billion, with strong AI chip demand and advanced process capacity remaining tight [3][20] 3. IDM and Advanced Logic Chips - Intel's Q2 revenue was $12.9 billion, with a net loss of $2.92 billion, while Qualcomm's Q3 net profit was $2.666 billion, driven by automotive and IoT business [4][30] - AMD's Q2 net profit surged to $872 million, with strong client segment performance, while MediaTek's Q2 revenue was NT$150.336 billion [4][30] 4. Storage Chips - Samsung's Q2 storage revenue was 21.2 trillion KRW, with HBM3E sales increasing to over 80% of total HBM sales [5][50] - SK Hynix's Q2 revenue was 22.232 trillion KRW, with a net profit of 6.996 trillion KRW, driven by strong NAND and DRAM demand [5][56] 5. Analog Chips - Texas Instruments reported Q2 revenue of $4.45 billion, with a net profit of $1.3 billion, driven by stable industrial and automotive demand [5][18] 6. IP Licensing and Design Services - Arm's FY2026 Q1 revenue was $1.053 billion, driven by demand from AI and data centers [5][18] 7. Overall Industry Outlook - The global semiconductor market is expected to maintain optimistic growth in 2025, driven by AI and domestic substitution efforts [6][19] - The storage sector is projected to see significant price increases in Q3 2025, with strong quarterly performance from leading companies [6][19]

报告指，尽管领先晶片组合有所增加，但毛利率疲软且定价持平，该行对此保持谨慎。该行调整预期， 以反映库存去化导致2025年第四季增长放缓，以及折旧成本上升导致毛利率持续承压，尽管高端晶圆组 合因良率下降而有所提升，但平均售价却没有上涨。 智通财经APP获悉，摩根大通发布研报称，中芯国际(00981)毛利率持续承压，维持该股"减持"评级，目 标价由32港元上调至36港元，随着公司继续扩大28纳米及以下晶圆产能，未来2-3年资本支出可能仍将 保持高位，该行估计为70亿至75亿美元。短期内，该行认为2025年第四季库存去化和CIS市场竞争加剧 可能会抑制利润率和平均售价。 ...

消息面上，花旗研报指出，中芯国际与华虹半导体已公布2025年第二季度业绩。受惠于国内内包需求推 动的高产能利用率(UTR)，两家公司收入与毛利率均超出市场预期。在定价环境改善及产能利用率持续 高企的背景下，尽管上半年存在提前拉货影响，中芯国际与华虹半导体分别预测2025年第三季度收入按 季增长6%和11%(按中位数计算)，显示半导体需求逐步复苏，但毛利率复苏可能仍遥远。 此外，交银国际发布研报称，看好中芯国际国产晶圆代工产的龙头地位，认为集团或持续受益于关键半 导体产品的国产代替趋势。建银国际则相信在本土化趋势以及工业和汽车市场改善下，华虹半导体将迎 来复苏。 智通财经APP获悉，芯片股早盘回暖，中芯国际(00981)涨3.18%，报50.25港元；华虹半导体(01347)涨 3.02%，报43.66港元；中电华大科技(00085)涨1.73%，报1.74港元；上海复旦(01385)涨0.33%，报30.72 港元。 ...

该行测算，中芯上半年新增12英吋月产能1.9万片，预测第三季继续新增1.1万片月产能，平均售价虽高 于次季，但仍略低于首季；预测中芯2025及2026年收入分别达92.9亿和110亿美元，毛利率为20.5%和 21%。该行保持之前对公司目前的估值水平或充分反映基本面的看法，维持"中性"评级，H股目标价由 45港元微升至47港元，对应2.1倍2026年市净率。 交银国际表示，中芯国际次季业绩强于指引，收入按季降1.7%，毛利率20.4%，高于该行预期和指引上 限。该行认为驱动公司业绩好于预期的主要因素是8英吋产品的增长。管理层指引第三季收入恢复按季 增长5%至7%，而毛利率18%至20%的指引与管理层之前给出的次季指引一致。管理层提到前三季度客 户或已经提前建立库存，预计第四季急单和备货需求或放缓，但至少到10月公司产能依旧供不应求，管 理层将继续收集客户反馈以评估。 ...

证券时报·数据宝统计显示，截至8月11日，科创板两融余额合计1817.23亿元，较上一交易日增加8.50亿 元。连续21个交易日增加。其中，融资余额合计1810.94亿元，较上一交易日增加8.26亿元；融券余额合 计6.29亿元，较上一交易日增加2392.14万元。 科创板融资余额较前一交易日增加8.26亿元，融券余额增加2392.14万元。301股融资余额环比增加，193 股融券余额环比增加。 | 代码 | 简称 | 最新融资余额 | 融资余额环比增 | 最新融券余额 | 融券余额环比增 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | | (万元） | 减（%） | (万元） | 减（%） | （%） | | 688551 | 科威 | 9864.50 | 43.46 | 33.70 | -11.95 | 6.48 | | | 尔 | | | | | | | 688130 | 晶华 | 6280.48 | 26.35 | 0.00 | | 0.32 | | | 微 | | | | | | | 688157 | 松井 | 11036.24 | ...

Core Viewpoint - The company reported a revenue of $2.209 billion for Q2 2025, showing a year-over-year increase of 16.2%, which exceeded both the company's previous guidance and market expectations [3] Group 1: Financial Performance - Q2 2025 gross margin was 20.4%, up 6.5 percentage points year-over-year, and above the company's guidance range of 18%-20% [3] - Net profit for Q2 2025 was $147 million, with a year-over-year decrease of 19.5% [3] - The company expects Q3 2025 revenue to grow by 5%-7% quarter-over-quarter, driven by increased wafer shipments and product structure adjustments [3] Group 2: Orders and Market Demand - The company has a robust order backlog extending to October 2025, indicating a supply-demand imbalance [4] - The impact of tariffs on revenue is estimated to be within 1.3%, as customers have made advance arrangements [4] - The automotive and industrial sectors contributed 10.6% to Q2 2025 revenue, with a significant increase in automotive electronics shipments [4] Group 3: Capacity and Production - The overall utilization rate for Q2 2025 was 92.5%, reflecting a quarter-over-quarter increase of 2.9 percentage points [5] - The company is expanding and relocating production lines to meet strong demand for 8-inch wafers, driven by both domestic and overseas customers [5] - The company is implementing new technologies and processes, such as GaN and SiC, to enhance production capabilities [5] Group 4: Future Guidance - The company anticipates improved product structure and ASP in Q3 2025, following a resolution of previous production fluctuations [6] - The guidance for Q3 2025 gross margin is set at 18%-20%, influenced by increased depreciation costs due to rapid capacity expansion [6] - The company remains optimistic about its long-term growth trajectory, supported by ongoing capacity expansion and technological advancements [6]

Group 1: A-Share Market Activity - The A-share market has seen increased trading activity, with the Shanghai Composite Index surpassing 3600 points, indicating a positive market cycle driven by profit effects [3][4] - Since July, there has been a significant inflow of funds into industry-themed ETFs, with active equity fund issuance showing a notable recovery [3][4] - Institutional positions have been continuously increasing, becoming a crucial support for the market rally [3][7] Group 2: ETF Inflows - Industry-themed ETFs have attracted substantial capital, particularly in three main areas: dividend-themed ETFs, AI sector ETFs, and ETFs related to policies aimed at reducing competition [4][5][6] - Notable inflows include 39.45 billion RMB into the Southern S&P China A-Share Large Cap Dividend Low Volatility ETF and 30.54 billion RMB into the Huatai-PB CSI Dividend Low Volatility ETF since July [4] - The surge in industry-themed ETF sizes often correlates with improved market activity and the formation of consensus on market themes [4][5] Group 3: Active Equity Funds - Active equity funds have experienced a resurgence, with an average annual return exceeding 14% and several products doubling in net value [6][7] - Seven active equity funds launched since July have raised over 1 billion RMB each, with the largest being the Dacheng Insight Advantage Mixed Fund at 2.461 billion RMB [6] - The second batch of floating management fee funds is also being launched, potentially driving further growth in the active equity fund market [6] Group 4: Institutional Investment Sentiment - Institutions have been increasing their positions, with average stock fund positions reaching approximately 90.55% as of August 8, reflecting a bullish outlook [7][8] - Major public funds, such as Southern Fund, have committed over 230 million RMB to their own equity funds, indicating confidence in the long-term stability of the capital market [8] - Analysts believe that the A-share market is currently in a favorable position for long-term investment, with expectations of continued inflows of capital [8][9] Group 5: Hong Kong Market Dynamics - There is a significant shift in global asset allocation, with a notable influx of capital into the Hong Kong market, which has become a favored destination for global investors [10][11] - As of August 11, net inflows from southbound funds into Hong Kong exceeded 800 billion RMB, surpassing the total for the entire year of 2024 [11] - The Hong Kong market is seen as a bridge for investing in China, with many private equity firms increasing their allocations to Hong Kong stocks while reducing exposure to U.S. equities [10][13] Group 6: Investment Opportunities in Hong Kong - The technology sector remains a key focus for institutional investors, with major stocks like Tencent and Alibaba seeing high trading volumes [17][18] - High-dividend stocks and new consumption sectors are also attracting attention, with significant net purchases in financials and consumer discretionary sectors [18] - The emergence of new core assets in China, driven by economic transformation, is expected to attract more global capital into the Hong Kong market [18]

[Table_Reportdate] 2025年08月11日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 1. 北美云厂商资本开支持续扩张， AI算力需求强劲——电子行业周报 （2025/7/28-2025/8/3） 子行业周报2025/6/2-2025/6/8 2. 谷歌2025Q2云收入高增，WAIC 2025推动AI规范治理与产业加速— —电子行业周报（2025/7/21- 2025/7/27） ——电子行业周报2025/8/4-2025/8/10 [table_main] 投资要点： 业 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 行 电 子 1 ➢ 电子板块观点：中芯国际、华虹发布二季度财报，整体业绩表现优于指引，产能利用率 高企， ...

证券研究报告 | 2025年08月11日 电子行业周报 优于大市 GB 系列机柜出货预期有所上修，晶圆代工订单展望乐观 半导体维持高景气，看好模拟及存储左侧布局良机。过去一周上证上涨 2.11%，电子上涨 1.65%，子行业中消费电子上涨 4.27%，元件下跌 1.59%。 同期恒生科技、费城半导体、台湾资讯科技上涨 1.17%、2.72%、2.90%。近 期在北美算力强势上涨的带动下，相关映射链条成为主要情绪拉动点，尤其 是受益于 ASIC 趋势下网络架构的变化而带来显著增量的交换机及服务器产 业链。一方面，供应链近期陆续上修 2026 年英伟达 GB 系列产品出货预 期，算力链业绩高增长趋势再强化；另一方面，台积电预计 AI 需求持 续强劲，非 AI 需求温和复苏，将年收入增速预期由 25%左右上调到 30% 左右；与此同时，中芯、华虹 2Q25 稼动率趋近饱和，订单需求展望乐 观，佐证半导体高景气延续。建议关注基本面趋势逐季强化、有较强品类 扩张及国产替代预期的模拟 IC 及存储模组。当下时点仍坚定看好 25 年电子 板块在"宏观政策周期、产业库存周期、AI 创新周期"共振下的"估值扩张" 行情，坚定推 ...