国信证券：Q2收入超指引上限，维持中芯国际优于大市评级。 ...

2025开年以来港股市场表现活跃，主要指数涨势喜人。公募机构对港股的关注度显著提升，不仅主 动权益类基金、QDII基金积极布局港股，一些"固收+"基金也大举配置港股，向港股市场要收益。数据 显示，多只"固收+"基金对港股的持仓接近了合同规定的港股投资比例上限，得益于"纯债资产打底""港 股红利防御"和"科技龙头增厚"的三重配置优势，这些"固收+"基金近期普遍取得了不错的业绩。 "固收+"产品含"港"量提升 2025开年以来，港股市场表现亮眼。Wind数据显示，截至3月20日，恒生指数和恒生科技指数年内 涨幅分别超过20%和30%。 港股市场的潜在上行空间吸引了主动权益类基金和QDII基金的关注，截至去年底，在港交所挂牌 的腾讯控股成为公募基金第二大重仓股，小米集团、中芯国际等港股标的也成为公募基金增持较多的品 种；QDII基金也日益展现出配置重点转向港股的趋势。 "固收+"基金同样也在投资范围内积极配置港股。数据显示，截至去年底，全市场二级债基合计持 有的港股市值达到54.2亿元。从基金管理人来看，二级债基港股持仓市值最高的是广发基金，旗下相关 产品合计持有港股市值达7.89亿元。 从单只基金来看，7只二级债 ...

Core Insights - The semiconductor industry is experiencing a strong upward trend, with significant gains in key indices and ETFs, driven by AI-related developments and market sentiment [2][5][6] Market Performance - The China Securities Semiconductor Industry Index rose by 2.89% as of August 12, 2025, with notable individual stock performances, including Shanghai Hejing and Cambricon, both up by 20% [2] - The Semiconductor Industry ETF saw a 2.78% increase, with a recent price of 1.52 yuan, and a one-month cumulative increase of 2.93% [2] - The STAR Market Chip Index increased by 3.78%, with similar strong performances from key stocks [5] Liquidity and Trading Activity - The Semiconductor Industry ETF had a turnover rate of 13.05% and a trading volume of 23.71 million yuan, indicating active market participation [2] - The STAR Market Chip ETF had a turnover rate of 8.7% and a trading volume of 16.55 million yuan [5] Demand and Supply Dynamics - Global AI product iterations are driving up token consumption, with Google processing nearly 1 trillion tokens in June, doubling from May [7] - Domestic companies like Huawei and Baidu are advancing their AI capabilities, with Huawei previewing breakthrough technologies at a recent forum [7] Investment Trends - Upcoming AI industry conferences in September and October are expected to enhance industry communication and attract capital [7] - The semiconductor sector is poised to replicate overseas trends, with increasing domestic applications and self-developed chips [8] Sector Analysis - AI and high-performance computing remain core growth drivers, with strong demand for HBM and AI chips [9] - The semiconductor industry is expected to see price increases in storage markets, particularly for NAND Flash and DDR products [9] ETF Performance Metrics - The Semiconductor Industry ETF has seen a significant increase in scale and shares, with a one-week scale growth of 6.83 million yuan and a share increase of 6 million [10] - The ETF has achieved a one-year net value increase of 41.44% and a historical holding probability of 100% for one-year profitability [10] Risk and Fee Structure - The management fee for the Semiconductor Industry ETF is 0.50%, with a custody fee of 0.10%, among the lowest in comparable funds [13] - The tracking error for the ETF is 0.012%, indicating high tracking precision [14]

Core Viewpoint - The semiconductor sector is experiencing a significant rally, driven by anticipation surrounding the release of DeepSeek-R2, with key stocks like Cambricon Technologies seeing substantial gains [1] Group 1: Market Performance - Major stock indices continued to rise, with the semiconductor ETF (159995) up by 3.17% as of 13:30 [1] - Notable gains among component stocks include Cambricon up 20.00%, Haiguang Information up 3.84%, and SMIC up 2.73% [1] - Other stocks such as Northern Huachuang, Zhaoyi Innovation, and OmniVision also experienced slight increases [1] Group 2: Anticipation of DeepSeek-R2 - The expected release window for DeepSeek-R2 is between August 15 and August 30, 2025, which has heightened market expectations following the release of ChatGPT-5 [1] - Cambricon, once a market benchmark in A-shares, surged to its daily limit amid rumors surrounding DeepSeek-R2 [1] Group 3: Investment Opportunities - Jin Yuan Securities highlights three main investment themes in the context of accelerating domestic semiconductor supply chain localization: 1. Focus on SMIC's growth opportunities in mature processes and specialty technologies 2. Attention to the development opportunities for domestic semiconductor equipment and materials companies 3. Monitoring the synergistic effects brought by supply chain localization among domestic chip design companies [1]

8月10日，晶圆代工双雄中芯国际和华虹半导体纷纷发布了2023年第二季度业绩。财报显示，第二季 度，中芯国际销售收入15.6亿美元，同比下降18%；公司拥有人应占利润4.03亿美元，同比下降21.7%； 毛利率20.3%，同比下降19.1个百分点。 第二季度，华虹半导体销售收入6.314亿美元，同比上升1.7%；母公司拥有人应占溢利0.785亿美元，同 比下降6.4%；毛利率27.7%，同比下降5.9个百分点，高于上季度指引。 与今年第一季度相比，中芯国际、华虹半导体的毛利率水平分别下降0.5、4.4个百分点，显示多类消费 电子产品需求疲弱下，产业链上的代工厂盈利能力仍备受挑战。不过，有市场研究机构预计今年下半年 起手机等消费电子需求有望出现复苏迹象，这或带动相关代工厂盈利能力改善。 代工厂业绩遇寒 何时回暖？ 晶圆代工厂经营情况与下游需求息息相关。今年以来，手机、PC等消费电子消费萎靡，是多家晶圆代 工厂业绩走弱的一大背景。 据行业分析机构Counterpoint数据，今年第二季度，全球PC出货量年同比下降15%，全球PC出货量全球 智能手机销量年同比下降8%、环比下降5%。 后市看，消费电子市场出现一些积 ...

截至2025年8月12日 13:17，国证半导体芯片指数(980017)强势上涨3.40%，成分股寒武纪(688256)20cm 涨停，海光信息(688041)上涨4.78%，通富微电(002156)上涨4.08%，中芯国际(688981)，瑞芯微(603893) 等个股跟涨。芯片ETF龙头(159801)上涨3.34%。 流动性方面，芯片ETF龙头盘中换手3.57%，成交1.18亿元。拉长时间看，截至8月11日，芯片ETF龙头 近1年日均成交7729.13万元。 东海证券认为，电子行业需求处于温和复苏阶段，存储芯片价格自2025年2月起波动回升，DDR4价格 已升至2022年高点，NANDFlash合约价格涨势延续至6月。全球纯半导体代工收入预计同比增长17%，3 纳米节点收入同比增超600%，先进制程需求受AIPC、HPC等推动。 上海证券表示，电子半导体行业预计2025年将迎来全面复苏，产业竞争格局加速出清修复，盈利周期和 相关公司利润有望持续改善。AIOT SoC芯片、模拟芯片、驱动芯片领域均值得关注，其中AIOT SoC芯 片和模拟芯片市场需求强劲，驱动芯片技术创新活跃。半导体关键材料国产创新逻辑明 ...

科创芯片ETF南方(588890)紧密跟踪上证科创板芯片指数，上证科创板芯片指数从科创板上市公司中选 取业务涉及半导体材料和设备、芯片设计、芯片制造、芯片封装和测试相关的证券作为指数样本，以反 映科创板代表性芯片产业上市公司证券的整体表现。指数前十大权重股分别为寒武纪、中芯国际、海光 信息、澜起科技、中微公司、芯原股份、沪硅产业、恒玄科技、华海清科、思特威。 半导体ETF南方(159325)紧密跟踪中证半导体行业精选指数，中证半导体行业精选指数从半导体行业中 选取50只规模较大、盈利能力较好、研发投入较高且具备一定成长潜力的上市公司证券作为指数样本， 反映半导体行业内兼具代表性与可投资性的上市公司证券的整体表现。指数前十大权重股分别为中芯国 际、寒武纪、北方华创、海光信息、豪威集团、澜起科技、中微公司、兆易创新、长电科技、紫光国 微。 相关产品： 科创芯片ETF南方(588890)；半导体ETF南方(159325)。 相关ETF——科创芯片ETF南方(588890)午后急升涨超4%，半导体ETF南方(159325)涨超3%，换手率高 企，市场交投活跃，成交额迅速走阔。 截至8月11日，科创芯片ETF南方(58 ...

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]

每经AI快讯，中芯国际涨幅扩大至5.03%，报51.15港元，成交额32.41亿港元，换手率1.09%，总市值 5021.75亿港元。 ...

中芯国际和华虹半导体扩大涨幅。 ...