智通财经APP获悉，里昂发布研报称，中芯国际(00981,688981.SH)第二季营收按季跌1.7%，高于指引但 低于投资者预期。第三季收入和毛利率指引目标低于市场预期，调低中芯2025至2027年盈利预测，中芯 H股目标价由59.2港元调低至58.8港元，A股目标价由119.8元人民币降至107.3元人民币，维持跑赢大市 评级。 报告指，中芯认为最初对需求的忧虑并未发生，并预期会继续受惠于客户的占有率提升。之前产量波动 的影响正在减弱，应会带动第三季的平均售价上升。 ...

金融护航新型工业化，集成电路成政策重点 2025-08-11 导读：8 月 5 日，七部门联合印发《关于金融支持新型工业化的指导意见》，标志着国家层面对新型工业 化战略的金融支持进入实质落地阶段。在所有提及的产业链中，集成电路排名最前，充分显示了产业的重 要程度。目前，集成电路产业现状如何？为何政策高度关注？产业还有哪些未突破的重点领域？投融情 况如何？本文尝试分析和探讨。 政策加码新型工业化 2024 年 10 月，工业和信息化部在国务院新闻办发布会上明确表态，将加速制定出台《关于金融支持新 型工业化的指导意见》。2025 年 8 月，该政策正式出台，标志着国家层面对新型工业化战略的金融支持 进入实质落地阶段。该政策的酝酿与出台，正值中国经济面临内外多重挑战的关键时期。一方面，全球产 业链重构进程加快，高端制造与核心技术自主可控上升为国家战略核心；另一方面，国内经济转型压力凸 显，传统制造业面临产能过剩、效率低下等结构性难题，而新兴产业尚处培育期，亟需金融资源的精准支 持。在此背景下，政策文件的发布既是对"十四五"规划新型工业化战略的深化落实，更是对当前经济运行 中结构性矛盾的精准施策。 请务必阅读正文之后 ...

Group 1 - The core viewpoint of the article indicates that both SMIC and Hua Hong Semiconductor have reported their Q2 2025 earnings, exceeding market expectations due to high capacity utilization driven by domestic demand [1] - Both companies forecast a sequential revenue growth of 6% and 11% for Q3 2025, respectively, suggesting a gradual recovery in semiconductor demand, although margin recovery may still be distant [1] - Citi's report highlights that the demand for foundry services in the backend process remains robust, but further growth will depend on significant margin improvements [1] Group 2 - Citi raised the target price for Hua Hong from HKD 39 to HKD 45, while maintaining the target price for SMIC at HKD 53, with a "neutral" rating for both companies [1]

该行下调对公司今年至2027年每股盈利预测1%，反映毛利率及经营溢利率假设下调，基于产能增加导 致的折旧与摊销增加持续；对H股投资评级为"买入"，目标价63.7港元，为2028年目标市盈率36倍。 高盛发表报告，认为中芯国际第二季收入增长放缓属暂时性，并同意公司预计现季度收入按季升介乎 5%至7%指引。公司现季度介乎18%至20%毛利率指引，低于该行及市场预测分别20.6%及21.1%，基于 折旧及摊销增加。但该行见到正面因素，包括产能使用率稳固、客户订单强劲及持续产能扩张支持公司 捕捉需求并提供更完成产品。该行重申对中芯正面观点，认为将受惠本土化生产的需求增加及组合中12 吋晶圆占比增加。 ...

里昂发表报告指出，中芯国际第二季营收按季跌1.7%，高于指引但低于投资者预期。第三季收入和毛 利率指引目标低于市场预期。报告指，中芯认为最初对需求的忧虑并未发生，并预期会继续受惠于客户 的占有率提升。之前产量波动的影响正在减弱，应会带动第三季的平均售价上升。里昂调低中芯2025至 2027年盈利预测，H股目标价由59.2港元调低至58.8港元，A股目标价由119.8元降至107.3元，维持"跑赢 大市"评级。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The TMT sector experienced varied performance in the week of August 4-8, with Media up by 2.30%, Electronics by 1.65%, Communication by 1.30%, and Computers down by 0.41% [3] - The release of Google's Genie3 marks a significant breakthrough in AI simulation, featuring real-time interaction and long-term consistency, which is expected to benefit game development and film production in the short term, while providing high-quality training data for AI agents and robots in the long term [3] - OpenAI's GPT-5 has been launched with improved cost-effectiveness, showing enhanced accuracy in various tests compared to its predecessor, and is expected to accelerate AI penetration in programming and healthcare applications [3] - Anthropic's Claude Opus 4.1 has been released, showcasing upgrades in programming capabilities and solidifying its market leadership in AI programming with a projected 42% market share by mid-2025 [3] Weekly Market Review - The TMT sector's performance for the week included notable gains in sub-industries such as Brand Consumer Electronics (up 6.81%), Gaming III (up 5.96%), and Communication Cables and Accessories (up 4.43%), while sectors like Horizontal General Software and Printed Circuit Boards saw declines of -3.86% and -2.59% respectively [3][5] - The report includes detailed weekly performance metrics for various TMT sub-industries, highlighting the fluctuations in stock prices and market trends [7][10] Industry News and Key Company Announcements - Significant industry events include the 2025 ChinaJoy and the release of various AI models and applications by major companies, indicating a vibrant landscape for AI development and deployment [15][17] - Key company announcements include TSMC's sales growth of 25.8% year-on-year and the performance updates from major players like SMIC and Huahong Semiconductor, reflecting the ongoing advancements and competitive dynamics in the semiconductor industry [24][25]

里昂发表报告指，中芯国际第二季营收按季跌1.7%，高于指引但低于投资者预期。第三季收入和毛利 率指引目标低于市场预期。报告指，中芯认为最初对需求的忧虑并未发生，并预期会继续受惠于客户的 占有率提升。之前产量波动的影响正在减弱，应会带动第三季的平均售价上升。 里昂调低中芯2025至2027年盈利预测，H股目标价由59.2港元调低至58.8港元，A股目标价由119.8元降 至107.3元，维持"跑赢大市"评级。 ...

SMIC | Asia Pacific M Idea Limited impact from tariffs, while H20 ripple effect remains to be seen; EW Unchanged In-line Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research August 8, 2025 05:21 PM GMT Reaction to earnings Strong orders into 2H25 should ensure SMIC's UTR remains high, leading to a better top-line and GM outlook. However, rising opex could put pressure on earnings. Stay EW. Semi t ...

AI&半导体电话会：液冷渗透率提升，FAB 稳健成长 20250810 摘要 海外云厂商如微软、亚马逊和 Meta 持续增加对 AI 的投入，资本开支显 著上调，形成正向循环，微软 AI 云计算业务同比增长 27%，亚马逊全 年资本开支预计达 1,100 亿至 1,200 亿美元，Meta 将 2025 年资本开 支上调至 660 亿到 720 亿美元。 液冷技术市场前景乐观，维谛公司二季度营收同比增长 35%，订单收入 达 85 亿美元。英伟达发布 GV300 GPU，微软明确要求数据中心支持 液冷，中国台湾供应商奇宏等营收显著增长，数据中心冷却系统供不应 求。 数据中心采用液冷技术主要由功耗驱动，传统风冷接近极限，液冷能效 比更高。全球数据中心液冷渗透率预计从 2024 年的 14%提高到 2025 年的 20%以上，国内市场增长空间巨大。 2024 年全球液冷服务器市场中，浪潮信息、超聚变和宁畅占据前三位， 合计市场份额超过 70%。这些公司在液冷技术方面积累了较强的技术和 服务能力，产业生态协同完善。 Q&A 这些公司凭借其强大的研发能力和广泛的市场覆盖，在激烈竞争中保持领先地 位。 液冷技术在数据中 ...

Summary of SMIC (0981.HK) Conference Call Company Overview - **Company**: SMIC (Semiconductor Manufacturing International Corporation) - **Ticker**: 0981.HK - **Industry**: Semiconductor Foundry Key Points Financial Performance - **2Q25 Results**: Slightly beat estimates; net profit lower than consensus due to higher operating expenses and lower non-operating income [1][4] - **3Q25 Guidance**: Revenue expected to increase by 5% to 7% QoQ, indicating a recovery in growth [1][2] - **Gross Margin Guidance**: Expected to be between 18% and 20% for 3Q25, slightly lower than previous estimates [1][2] Capacity and Demand - **Utilization Rates**: High utilization rates supported by solid orders in analog products, CIS, and automotive sectors [2][3] - **Order Trends**: Management expects solid orders to continue, driving shipment expansions [2] - **8-inch Fabs**: Improvements in utilization rates driven by local Chinese customers, with a growing trend of providing manufacturing for overseas clients [3] Revenue and Earnings Revisions - **Earnings Revisions**: Adjustments made to 2025-2029 earnings estimates, primarily lowering gross margin and operating profit margin due to ongoing depreciation and amortization (D&A) [4][8] - **Revenue Projections**: Revenue for 2025 is projected at $9.24 billion, with a slight increase from previous estimates [8][24] Valuation and Price Target - **12-Month Price Target**: Maintained at HK$63.7 based on a 36x P/E ratio for 2028E earnings, discounted back to 2026E [9][20] - **A-Shares Price Target**: Unchanged at Rmb160.0, reflecting a 273% premium over H-shares [10][20] Risks and Challenges - **Key Risks**: 1. Weaker-than-expected demand in smartphones and consumer electronics [21] 2. Slower product diversification and capacity expansions [21] 3. Potential restrictions on access to equipment/materials due to U.S. regulations [21][22] Investment Thesis - **Long-Term Growth**: Positive outlook driven by local fabless customers' demand and gradual recovery in margins [23] - **Valuation**: Shares are considered attractively valued as they trade below historical average P/E ratios [23] Additional Insights - **Geopolitical Factors**: The company is adapting to geopolitical uncertainties by increasing local production capabilities [3] - **Market Position**: SMIC is the largest foundry in China, covering a wide range of technology nodes from 0.35um to 14nm [23] This summary encapsulates the essential insights from the conference call, highlighting SMIC's financial performance, capacity utilization, revenue projections, valuation, risks, and long-term growth potential.