如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自EET，谢谢。 半导体行业正在经历一段剧烈的动荡时期，英特尔可能会被拆分并出售给博通和/或台积电，Arm 崛起成为芯片制造商，地缘政治紧张局势加剧。这一重大转变将对半导体供应链、行业内的力量平 衡以及技术创新的未来产生深远影响。 英特尔的衰落和潜在收购 巴塞罗那超级计算中心 (BSC) 主任马特奥·瓦莱罗 (Mateo Valero) 在接受采访时指出，英特尔传 统上是自行设计和制造芯片的。现在，只有三星和英特尔设计芯片并拥有自己的半导体工厂。其余 的都是"无晶圆厂"，依靠技术更先进的代工厂，例如台积电。他还指出，格芯 (Global Foundries，原 AMD) 已经落后，专注于为汽车行业生产更大的晶体管。瓦莱罗表示，关键在 于"谁拥有高科技代工厂"。 供应链脆弱性和地缘政治考虑 半导体供应链的复杂性和国际一体化程度日益凸显。《芯片战争：争夺全球最关键技术》一书作者 克里斯·米勒在与 Arm 首席执行官雷内·哈斯对话时表示，美国曾经在半导体领域实现了垂直整 合，但随着技术变得越来越复杂，一家公司不可能专注于所有领域。 米勒认为，拥有国际一体化的供 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Viewpoints - The demand for AI computing power is expected to support the prosperity of the domestic chip industry chain, with significant growth anticipated in various application areas [2][3] - SMIC's Q4 2024 gross margin exceeded guidance, and its revenue outlook for Q1 2025 is above the industry average, indicating a positive trend for the company and the sector [2][3] - The expansion of domestic AI applications is likely to drive demand for data center computing power and smart hardware, maintaining a favorable industry outlook [3][4] Summary by Sections Market Review - The Shenwan Electronics Industry Index rose by 0.27% last week, ranking 21st among 31 industries, underperforming the CSI 300 Index by 0.92% [12][18] - For the month of February (1st to 14th), the index increased by 6.43%, ranking 4th among industries, outperforming the CSI 300 Index by 3.24% [12] - Year-to-date, the index has risen by 6.15%, ranking 6th and outperforming the CSI 300 Index by 6.05% [12] Company Performance - SMIC reported Q4 2024 sales revenue of 15.917 billion yuan, a year-on-year increase of 31.0%, with a gross margin of 22.6% [2][27] - The company expects Q1 2025 revenue growth of 6-8% and a gross margin of 19-21%, indicating a positive outlook compared to industry averages [3][31] - The capital expenditure for 2024 is projected at $7.33 billion, with a production capacity utilization rate of 85.5% in Q4 2024, up 8.7 percentage points year-on-year [2][27] Industry Dynamics - The integration of AI capabilities into consumer applications is accelerating, with major companies like Apple and Tencent adopting AI models, which is expected to boost demand for domestic computing and storage chips [4][32] - The semiconductor industry is experiencing a shift towards domestic manufacturers for high-performance chips due to previous semiconductor bans, benefiting local foundries and equipment manufacturers [3][4] - The report suggests focusing on companies within the AI supply chain and domestic electronics sectors, including Haiguang Information, ZTE, and others [4][32]

Investment Rating - The report suggests a positive outlook for the electronics sector, highlighting a moderate recovery in demand and recommending focus on specific investment themes such as AIOT and AI-driven technologies [4][5]. Core Insights - The report emphasizes that major foundries like SMIC and Hua Hong have shown strong performance in Q4 2024, with SMIC achieving a revenue of $2.207 billion, a year-on-year increase of 31.52%, and Hua Hong reporting $539.2 million, an 18.4% increase [4][10]. - Upcoming product launches from Apple, including the iPhone SE4, are expected to drive interest in the supply chain and AI-related sectors [4][11]. - The overall electronics industry is experiencing a mild recovery, with specific focus on four main investment themes: AIOT, AI-driven technologies, equipment materials, and consumer electronics [4][5]. Summary by Sections Company Performance - SMIC's Q4 2024 revenue reached $2.207 billion, with a gross margin of 22.6%, marking a 6.2 percentage point increase year-on-year. The total revenue for 2024 was $8.03 billion, a 27.02% increase from the previous year [4][9]. - Hua Hong's Q4 2024 revenue was $539.2 million, with a gross margin of 11.4%. The total revenue for 2024 was $2.004 billion, a decrease of 12.3% year-on-year due to ASP declines [4][10]. Market Trends - The report notes that 40.2% of SMIC's Q4 revenue came from consumer electronics, with smartphones, computers, and tablets contributing 24.2% and 19.1% respectively [4][9]. - The electronics sector underperformed the broader market, with the Shenwan Electronics Index rising only 0.27% compared to a 1.19% increase in the CSI 300 Index [4][21]. Investment Recommendations - The report recommends focusing on the AIOT sector, highlighting companies such as Espressif Technology and Rockchip, as well as AI innovation-driven companies like Cambricon and Loongson Technology [4][5]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, with specific companies like China Shipbuilding Gas and Huate Gas being of interest [5].

私募、基础设施基金上涨，黑石三季度业绩超预期。 今年第三季度黑石集团（BX.N）可分配给股东的收入同比增长 6% 至 13 亿美元。旗下私募股权基 金和基础设施基金表现强劲，分别上涨 6.3% 和 5.5%，推动基金价值上涨、幅度为三年来最高。盈 利指标超预期外，黑石资管规模创纪录、为 1.1 万亿美元。本季度，黑石还以 160 亿美元的企业价 值收购澳大利亚数据运营商 AirTrunk，是今年规模最大的一笔杠杆收购。 雀巢销量不及预期，正在精简组织架构。 雀巢（NESN.S）今年前三个季度销售额同比降 2.4% 至 671 亿瑞士法郎（约为 5521 亿元），各地 区销售额均同比降低。业绩不及预期的原因除了俄乌冲突后谷物、能源等成本变高之外，CEO 傅 乐宏还提到消费需求减弱，预期持续疲软，第四季度将进一步去库存。雀巢还在经历组织架构和执 行董事会的变动，为了 "提升集团绩效和加速转型"。 中国市场疲软，保乐力加季度表现低于预期。 烈酒公司保乐力加（PERP.PA）旗下有马爹利干邑和绝对伏特加等品牌。在截至 9 月底的财季里， 保乐力加销售额同比下降 5.9% 至 27.83 亿欧元。和 LVMH 集团一样 ...

阿里、拼多多、京东同一天启动 "双 11"。 2024 年，阿里淘天（9988.HK）、拼多多（PDD.O）、京东 (9618.HK）一起在 10 月 14 日开始今 年的 "双 11" 活动。去年三大电商平台的 "双 11" 分别从 10 月 24 日、23 日和 20 日开始。现在，三 个电商的应用图标都标上了 "11.11"，其中拼多多 iOS 应用是 10 月 14 日更新的，第一条说明就是 "拼多多 11.11 大促，快来领大促优惠券"。前一天，阿里集团副总裁、天猫事业部总裁家洛 在媒体 沟通会上说，今年 "双 11" 背负更多商家和平台期待。 SpaceX 抓住星舰。 上个周末，SpaceX 成功完成了星舰第五次测试飞行，火箭从得州发射，经过大约一个小时后坠于 印度洋。这也是其第二次成功发射、飞行和再入大气层。但这次发射最被值得记录的，是火箭助推 器在将星舰送入太空后，返回地球时被发射塔伸出的两只巨型机械臂抓住。宛如科幻片。 比亚迪在巴黎车展抨击欧盟关税。 比亚迪（002594.SZ）执行副总裁李柯在巴黎车展上说，欧洲消费者的电动车心智还需要教育，问 题主要在于价格高，而欧盟征收关税最终由消费者买 ...