Group 1 - The core viewpoint of the articles highlights the financial performance and trading activities of SMIC, indicating a mixed sentiment in the market with significant trading volumes and fluctuations in financing and margin trading [1][2] Group 2 - As of August 11, SMIC's stock price increased by 0.35% with a trading volume of 2.424 billion yuan, while the net financing buy was negative at 661.94 thousand yuan [1] - The total financing and margin trading balance for SMIC reached 7.594 billion yuan, with financing balance accounting for 4.38% of the circulating market value, indicating a high level compared to the past year [1] - On the same day, SMIC's margin trading saw a repayment of 3,188 shares and a sell-off of 96,200 shares, with a total sell amount of 8.3686 million yuan, reflecting a high margin balance [1] Group 3 - For the first quarter of 2025, SMIC reported a revenue of 16.301 billion yuan, representing a year-on-year growth of 29.44%, and a net profit of 1.356 billion yuan, which is a significant increase of 166.50% year-on-year [2] - The number of shareholders for SMIC increased to 258,000, with an average of 8,042 circulating shares per person, indicating a slight decrease in individual holdings [2] - Major institutional shareholders have reduced their holdings, with notable decreases in shares held by various ETFs, reflecting a shift in institutional investment [2]

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 ...

中芯国际（00981.HK） 优于大市 二季度收入超指引上限，产能利用率达 92.5% 证券研究报告 | 2025年08月11日 2Q25 营收超指引上限，预计 3Q25 营收环比增长。公司 2Q25 实现销售收入 22.09 亿美元（YoY +16.2%，QoQ -1.7%），高于指引(QoQ -4%至-6%)上限， 晶圆收入占总收入的 94.6%；毛利率为 20.4%(YoY +6.4pct，QoQ -2.1pct)， 超指引(18%-20%)上限；归母净利润为1.32亿美元(YoY -19.5%，QoQ -29.5%)； 折旧摊销金额为 8.79 亿美元(YoY +10.2%，QoQ +1.5%)。公司预计 3Q25 营 收环比增长 5%-7%，毛利率为 18%-20%。原先公司担心的关税政策是否硬着 陆、市场刺激和急建库存是否透支了未来的需求，以及大宗商品需求是否在 新关税引起的价格上涨后衰退，这些目前并没有发生。 二季度产能利用率环比提高 2.9pct，创 3Q22 以来新高。公司 2Q25 付运折合 8 英寸晶圆 239 万片(YoY +13.2%，QoQ +4.3%)，产能利用率上升至 92.5 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7] Core Views - The company is expected to benefit from continuous channel inventory replenishment, with Q3 revenue guidance indicating a 5% to 7% quarter-on-quarter increase, with a midpoint of approximately $2.342 billion [4][35] - The company is positioned as a leading domestic wafer manufacturer, with advanced mature process technology, and is anticipated to see revenue growth driven by increased localization demand [6][41] Financial Summary - **Revenue Forecasts**: - 2023A: ¥45,250 million - 2024A: ¥57,796 million - 2025E: ¥65,991 million - 2026E: ¥76,048 million - 2027E: ¥86,672 million - **Year-on-Year Growth Rates**: - 2023A: -8.6% - 2024A: 27.7% - 2025E: 14.2% - 2026E: 15.2% - 2027E: 14.0% [1] - **Net Profit Forecasts**: - 2023A: ¥4,823 million - 2024A: ¥3,699 million - 2025E: ¥5,235 million - 2026E: ¥6,026 million - 2027E: ¥7,033 million - **Year-on-Year Growth Rates**: - 2023A: -60.3% - 2024A: -23.3% - 2025E: 41.5% - 2026E: 15.1% - 2027E: 16.7% [1] Q2 Performance Highlights - Q2 revenue was $2.209 billion, a quarter-on-quarter decrease of 1.7%, which was better than the initial guidance of a 4% to 6% decline, primarily due to channel inventory replenishment driven by policy impacts [2][12] - Gross margin for Q2 was 20.4%, which was better than the guidance of 18% to 20%, despite a quarter-on-quarter decline of 2.1 percentage points [2][13] - The company saw a 4.3% increase in wafer shipments in Q2, with an average selling price (ASP) declining by 6.3% due to an increase in the proportion of 8-inch wafer revenue [16][20] Q3 Guidance - The company expects Q3 revenue to increase by 5% to 7% quarter-on-quarter, with a midpoint of $2.342 billion, driven by continued channel inventory replenishment [4][35] - The gross margin guidance for Q3 is set at 18% to 20%, with a midpoint of 19%, reflecting a quarter-on-quarter decline of 1.4 percentage points [36] Market Demand and Segmentation - The automotive sector's revenue contribution is targeted to increase from approximately 5%-6% to 10% in the first phase, driven by rising demand for automotive chips [5][37] - The company is experiencing significant demand growth in network-related products, storage controllers, and mobile devices, benefiting from increased localization and higher silicon content in low-end mobile phones [5][37] Capital Expenditure - The company plans to maintain its capital expenditure for 2025 at a level comparable to 2024, with an expected annual increase of 50,000 pieces per month in capacity [38][40]

Summary of Conference Call Records Industry Overview - The global semiconductor industry is experiencing significant growth, particularly in advanced processes driven by AI demand, with TSMC expected to see a 30% year-over-year revenue increase, reflecting strong AI demand [2][3] - China's foundry capacity utilization is notably higher than overseas, primarily due to domestic substitution and the impact of tariffs, leading to a shift of design companies back to domestic foundries [2][3] - The semiconductor market is fragmented, with different countries adopting various strategies to respond to market changes [2][3] Company Performance SMIC (中芯国际) - SMIC's recent performance has led to stock price volatility, but the market has misinterpreted its financial results; the company is developing well despite a slowdown in gross margin and revenue growth [3][9] - For Q3, SMIC expects revenue growth of 5% to 7%, with ASP and shipment volume also projected to increase, although the guidance is conservative with gross margin expected between 18% and 20% [10][11] - Key factors affecting SMIC's market expectations include ASP, minority shareholder equity, and gross margin, which has declined from over 20% to current levels due to equipment depreciation [9][10] Hua Hong Semiconductor (华虹半导体) - Hua Hong Semiconductor exceeded expectations in Q2 with revenue and gross margin, and Q3 revenue is expected to grow by 11% quarter-over-quarter, significantly above industry levels [3][14] - Under new CEO Bai Feng, Hua Hong is expanding its process platform from 40/45nm to 28/22nm, with a focus on stabilizing prices in the mature process segment currently around 420 RMB [2][13] - Future growth drivers for Hua Hong include ASP recovery, expansion progress, and asset injection from the parent company, with a projected revenue growth of over 20% due to strong demand for AI-related power management chips [14] Market Trends - The semiconductor industry has seen significant gains this year, outperforming the Philadelphia Semiconductor Index and the Nasdaq, nearing historical highs [4] - Companies like Hynix, Micron, Nvidia, and Broadcom have shown particularly strong performance, with Nvidia's market cap reaching $4.4 trillion and Broadcom at $1.5 trillion [4] - WSTS forecasts good growth for AI-related IC chips, while non-integrated circuits like power semiconductors are still in decline [5][6] Challenges and Risks - China’s semiconductor industry faces challenges from export control policies and tariffs imposed by the U.S., which can impact companies like Zhongyin International [7] - The overall demand for MCU and analog chips remains weak despite their large market size, indicating potential risks for Chinese companies in these segments [6][7] Conclusion - The semiconductor industry is poised for growth driven by AI and domestic demand in China, with companies like SMIC and Hua Hong Semiconductor showing resilience and potential for recovery despite facing various market challenges and fluctuations in performance metrics [1][2][3][4][5][6][7][8][9][10][11][12][13][14]

8月11日，南下资金净买入港股3834.39万港元。 其中，净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 北水关注个股 小米集团今日微跌0.88%，连续5个交易日收绿。中金发表报告，预计小米集团第二季度收入将达1179.7 亿元，按年增长32.71%，经调整净利润101.8亿元，按年增长64.84%(包含电动车及创新业务3.6亿元亏 损)。该行将小米目标价下调9%至70港元，对应2025及2026年市盈率分别为34.4倍和25.1倍，潜在上行 空间29.6%，维持"跑赢行业"评级。 小鹏汽车今日大涨5.36%。小鹏汽车首款增程车型——小鹏X9增程版MPV已于8月8日进入工信部新一批 新车公示清单，这意味着该车距离上市愈来愈近。小鹏汽车CEO何小鹏、发文表示，首款"超级电动车 型"小鹏X9将会在第四季度正式推出。 信达生物今日跌1.42%。中信证券认为，2025年下半年医疗健康产业的业绩和估值修复趋势确定性较 高，同时分化 ...

据统计，南下资金已连续3日净买入小米，共计27.5701亿港元；连续5日净买入康方生物、共计11.8185 亿港元。(格隆汇) 格隆汇8月11日｜南下资金今日净买入港股3834.39万港元。其中： 净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 | | D. Hos mill | | | | 下载 文川 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心国际 | 0.1% | 0.47 | 32.68 Z | 中古国际 | 0.1% | -2.84 | 22.25 L | | 小米集团-W | -0.9% | 3.70 | 19.50亿 | 解讲控股 | 0.0% | -4.32 | 15.50 Z | | 腾讯控股 | 0.0% | 0.93 ...