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- ...

作者：金股通 截至8月12日午后一小时，主力资金流入前20的股票分别为：寒武纪U（19.14亿元）、中国长城（10.45 亿元）、新易盛（7.10亿元）、福日电子（5.66亿元）、中际旭创（5.42亿元）、浪潮信息（5.11亿 元）、海光信息（4.73亿元）、N广建科（4.18亿元）、赛力斯（4.10亿元）、通富微电（4.05亿元）、 神州泰岳（3.89亿元）、中电鑫龙（3.70亿元）、沃尔核材（3.57亿元）、海立股份（3.50亿元）、中芯 国际（3.31亿元）、工业富联（3.30亿元）、凯美特气（3.00亿元）、国盛金控（2.82亿元）、江特电机 （2.80亿元）、四方精创（2.66亿元）。 本文源自：金融界 ...

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].

8月12日午后，港股三大指数涨跌不一。A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数震 荡，持仓股中，快手、金蝶国际、哔哩哔哩、蔚来等跌幅居前，华虹、中芯国际、比亚迪电子等涨幅居 前，其中华虹、中芯国际午后均涨超5%。 （文章来源：每日经济新闻） 资金面上，截至8月11日，今年以来南向资金累计净流入已突破9000亿港元大关，刷新年度净流额历史 记录。港股热度不断攀升，资金积极布局科技板块。截至8月11日，恒生科技指数ETF（513180）近20 个交易日合计获净流入约36.25亿元。 今年以来，南向资金主要流向人工智能和新消费等核心资产。AI、新消费这两大赛道体现出新兴产业 的发展趋势和一定的稀缺性，有望进一步吸引资金加码，助推港股行情持续向好。公开信息显示，恒生 科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股深度聚焦AI产业链的 上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪等有望成为中国科技股"七巨头"。没有港 股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。（场外联接A/C： 013402/013403）。 ...

Core Viewpoint - The CVC (Corporate Venture Capital) landscape is experiencing differentiation, with a significant decline in investment activity since 2021, indicating a shift in market dynamics and investor sentiment [4][20][23]. Group 1: CVC Investment Overview - A total of 574 CVCs have executed 16,310 investment events, with a cumulative investment amount of 1.16 trillion yuan [4][13]. - In 2024, CVC investments dropped to under 1,000 events, totaling 48.247 billion yuan, representing less than half of both the number and amount compared to 2021 [4][20]. - 375 CVCs, accounting for 65.3% of the total, have not made any investments this year, while 90 CVCs have ceased investing since 2021, making up 15.7% of the total [20][21]. Group 2: CVC Establishment Trends - The majority of the 574 CVCs were established after 2010, with a peak of 76 new CVCs in 2015, followed by 59 and 62 in the subsequent years [6][9]. - The establishment peak can be attributed to the maturation of the venture capital market and the "Double Innovation" policy, which created more investment opportunities [10][11]. - Since 2017, the establishment of new CVCs has declined rapidly, with only three new CVCs established in 2024 [11][12]. Group 3: Investment Peaks - The first investment peak occurred in 2018, with 1,565 investment events totaling 161.404 billion yuan, driven by internet giants like Tencent and Alibaba [16][17]. - The second peak was in 2021, with 2,106 investment events amounting to 124.638 billion yuan, showcasing a more diverse range of active CVCs, including those from the automotive and semiconductor sectors [17][18]. Group 4: Current Investment Activity - In 2023, CVCs executed 1,404 investment events totaling 99.697 billion yuan, with projections for 2024 indicating a continuation of this trend [20]. - The top 20 CVCs have maintained a steady investment frequency, with several institutions making over 20 investments in 2024 [22].

Group 1 - The core viewpoint is that the semiconductor sector is experiencing a strong rally, with significant stock price increases among key players like Cambrian (20.00%) and Chipone (8.83%) [1] - The ChiNext 50 Enhanced ETF (588460) has risen by 2.13%, indicating positive market sentiment towards technology stocks [1] - Shanghai Securities predicts a comprehensive recovery in the electronic semiconductor industry by 2025, with an accelerated clearing of competitive landscape and a sustained recovery in industry profitability [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 54.16% of the index, highlighting the concentration of market power among leading companies [2] - The top ten stocks include major players such as SMIC, Haiguang Information, and Cambrian, which are critical to the index's performance [2] - The ChiNext 50 Index comprises 50 companies with significant market capitalization and liquidity, focusing on six strategic emerging industries [1][2]

华安证券近期在研报中指出，根据国际电子商情综合报道，TI将在8月启动新一波涨价，幅度超过6月， 重点涉及工控类、车载类以及算力相关芯片产品。若特定料号TI涨价幅度较大，且国产模拟芯片厂商愿 意维持价格(不跟进TI涨价)或进一步降价，则在一段时间验证后的新品量产中也可进行国产创新，TI目 前涨价将使得公司保障其现有财务表现但牺牲产品份额。 此外，近日，英伟达（NVIDIA）官网更新800V直流电源架构合作商名录，中国氮化镓（GaN）龙头企 业——英诺赛科成为其芯片供应商。8月1日晚间，英诺赛科证实，公司已于近日与英伟达达成合作，联 合推动800 VDC（800伏直流）电源架构在AI数据中心的规模化落地。 湘财证券指出，AI大模型的破圈及AI智能眼镜、AI手机等设备市占率的提升，带动端侧AI算力的需求 上行，驱动高性能以太网交换机、先进存储产品、GPU及边缘计算/端侧算力芯片等多种半导体硬件的 市场需求稳步增长。传统消费电子领域，智能手机、PC及IOT板块弱复苏态势延续，叠加国产化仍为大 势所趋，具有自主可控能力的半导体企业有望持续收益。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投 ...

格隆汇8月12日｜国信证券就中芯国际(0981.HK)发布研报称，公司二季度收入超指引上限，产能利用率 达92.5%，看好国内晶圆代工龙头中长期发展前景，预计公司2025-2027年归母净利润为5.76/7.92/9.26亿 美元，维持优于大市评级。 来源：格隆汇APP ...

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 ...