Group 1 - The company, Hongjing Optoelectronics, has a high capacity utilization rate currently [1] - The optical lens and module capacity expansion project is progressing in an orderly manner [1] - The capacity will be gradually released to meet the demands of both new and existing customers [1]

Group 1: Report Overview - Report Title: Pure Benzene & Styrene Daily Report [1] - Report Date: August 11, 2025 [2] - Report Author: R & D Department of Tonghui Futures [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Views - Pure Benzene: Supply increases slightly due to new installations, demand remains stable, inventory decreases slightly. The supply - demand situation may improve marginally in August - September, but the improvement is limited due to high hidden inventory and weak terminal consumption [4] - Styrene: Supply is sufficient, demand is weak, showing a pattern of increasing supply and decreasing demand. It will remain in oversupply in August - September, but the relatively strong price of pure benzene provides some support [5] Group 4: Daily Market Summary Fundamental Information - Price: On August 8, the styrene main contract closed down 0.84% at 7,235 yuan/ton, with a basis of 60 (+11 yuan/ton); the pure benzene main contract closed down 0.70% at 6,204 yuan/ton [3] - Cost: On August 8, Brent crude oil closed at $63.9/barrel (-$0.5/barrel), WTI crude oil closed at $66.4/barrel (-$0.5/barrel), and the spot price of pure benzene in East China was 6,107.5 yuan/ton (-37.5 yuan/ton) [3] - Inventory: Styrene sample factory inventory was 211,000 tons (-6,000 tons), a 2.71% MoM decrease; Jiangsu port inventory was 159,000 tons (-5,000 tons), a 3.05% MoM decrease; pure benzene port inventory was 163,000 tons (-7,000 tons), a 4.12% MoM decrease [3] - Supply: A new styrene plant in Shandong was put into operation, with overall stable supply. Weekly styrene output was 359,000 tons (-2,000 tons), and factory capacity utilization was 77.7% (-1.2%) [3] - Demand: The capacity utilization rates of downstream 3S varied. EPS capacity utilization was 43.7% (-10.6%), ABS was 71.1% (+5.2%), and PS was 55.0% (+1.7%) [3] Views - Pure Benzene: Supply increases slightly, demand is stable, and inventory decreases due to typhoon - affected arrivals. The supply - demand pattern may improve marginally in 8 - 9 months, but the improvement is limited [4] - Styrene: Supply is sufficient, demand is weak, and it is expected to remain in oversupply in 8 - 9 months. However, the strong pure benzene price provides support [5] Group 5: Industry Chain Data Monitoring Price Data - Styrene: The main contract price decreased by 0.84% to 7,235 yuan/ton, and the spot price increased slightly [7] - Pure Benzene: The main contract price decreased by 0.70% to 6,204 yuan/ton, and prices in different regions also showed slight declines [7] - Upstream: Brent crude oil and WTI crude oil prices decreased, while naphtha prices remained unchanged [7] Production and Inventory Data - Production: Styrene production decreased slightly to 359,000 tons, and pure benzene production increased to 446,000 tons [8] - Inventory: Styrene and pure benzene inventories all decreased [8] Capacity Utilization Data - Styrene: Capacity utilization decreased to 77.7% [9] - Pure Benzene Downstream: The capacity utilization of some products changed, such as a decrease in caprolactam and an increase in adipic acid [9] - Styrene Downstream: EPS capacity utilization decreased significantly, while ABS and PS increased [9] Group 6: Industry News - China's shale cracking raw material supply affects naphtha costs, with expected record - high naphtha imports in 2025 [10] - Global diesel shortage supports refinery profits, having a structural impact on the crude oil and chemical chain [10] - India accelerates petrochemical expansion to counter China's dominance [10] Group 7: Industry Chain Data Charts - The report provides charts on pure benzene price, styrene price, styrene - pure benzene spread, inventory, and capacity utilization [11][21][22]

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) reported a mixed performance for Q2 2025, with revenue growth but significant declines in net profit, raising concerns about operational efficiency [1][2][5]. Revenue Analysis - Q2 2025 revenue reached $2.209 billion, a year-on-year increase of 16.2% but a quarter-on-quarter decrease of 1.7% [8]. - The revenue breakdown by application shows smartphones at 25.2%, computers and tablets at 15%, consumer electronics at 41%, IoT and wearables at 8.2%, and industrial and automotive at 10.6% [5][6]. Profitability Metrics - Net profit for Q2 2025 was $132 million, down 19.5% year-on-year and down 29.5% quarter-on-quarter [1][8]. - Gross margin decreased to 20.4%, a decline of 2.1 percentage points from the previous quarter, attributed to a higher proportion of lower-margin consumer electronics orders [6][8]. Capacity and Utilization - Capacity utilization reached 92.5%, an increase of 2.9% from the previous quarter, with a total monthly capacity of 991,300 8-inch equivalent wafers [2][9]. - The company shipped 2.3902 million wafers in Q2 2025, reflecting a quarter-on-quarter increase of 4.3% and a year-on-year increase of 13.2% [9]. Operating Expenses - Operating expenses surged by 52.4% quarter-on-quarter to $299.1 million, driven by increased R&D and administrative costs [7][8]. - R&D expenses rose by 22.2% to $181.9 million, while administrative expenses increased by 26.5% due to new production line costs [7]. Market Position and Challenges - SMIC's market share in China remains strong, with 84.1% of revenue coming from the Chinese market, while the U.S. and Eurasia contributed 12.9% and 3%, respectively [6][9]. - The company faces challenges such as prolonged global inventory digestion, geopolitical supply chain fragmentation, and intensified price competition in mature process technologies [10].

Core Viewpoint - The recovery in industrial and automotive demand is expected to lead to continuous improvement in wafer foundry capacity utilization, with leading fabs likely to achieve performance growth [1] Industry View and Investment Recommendations - As industrial and automotive downstream sectors begin to replenish inventory, demand for BCD Analog is anticipated to grow, leading to an expected increase in wafer foundry capacity utilization in Q2 and the second half of the year. The industry is rated "Overweight" [2] - Semiconductor Manufacturing International Corporation (SMIC) reported Q2 2025 results with revenue of $2.209 billion, a year-on-year increase of 16.2% and a quarter-on-quarter decrease of 1.7%, exceeding previous guidance. The gross margin was 20.4%, up 6.5 percentage points year-on-year and down 2.1 percentage points quarter-on-quarter, also above the upper limit of guidance [2] - In Q2 2025, SMIC's capacity utilization rate was 92.5%, an increase of 2.9 percentage points quarter-on-quarter. For Q3 2025, the company expects revenue to increase by 5-7% quarter-on-quarter, with a gross margin range of 18-20% [2] - Hua Hong Semiconductor reported Q2 2025 results with revenue of $566 million, a year-on-year increase of 18.3% and a quarter-on-quarter increase of 4.7%, close to the upper limit of previous guidance. The gross margin was 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter, exceeding the upper limit of guidance [3] - Hua Hong's equivalent 8-inch capacity was 447,000 wafers per month at the end of Q2 2025, with shipments of approximately 1.305 million wafers, a year-on-year increase of 18% and a quarter-on-quarter increase of 6%. The capacity utilization rate was 108.3%, an increase of 5.6 percentage points quarter-on-quarter [3] - For Q3 2025, Hua Hong expects revenue in the range of $620-640 million, with a midpoint indicating an 11.3% quarter-on-quarter increase, and a gross margin range of 10-12%, with a midpoint indicating a 0.1 percentage point increase [3] Market Recovery and Capacity Utilization - According to TrendForce, the shipment of end markets such as smartphones, PCs/laptops, and servers is expected to recover year-on-year in 2025. Additionally, the automotive and industrial control sectors are anticipated to see replenishment demand after inventory corrections throughout 2024, which will support the capacity utilization of mature processes, projected to slightly increase to above 75% [4] - SMIC and Hua Hong Semiconductor both reported increased capacity utilization rates in Q2, reaching 92.5% and 108.3%, respectively. The overall capacity utilization rate for SMIC's 8-inch and 12-inch processes increased by 4.1%, exceeding 90% [4]

高盛发表研报指，中芯国际第二季收入按年增长16%，较该行及市场预期分别高出4%及2%，毛利率录 20.4%，略高于公司指引及市场预期，主要受惠于产能利用率提升至92.5%，对比首季为不足90%。第三 季集团收入指引为按季增长5%至7%，符合市场预期，毛利率维持18%至20%的指引，略低于高盛预期 的20.6%及市场预期21.1%。憧憬中国本土需求可带动长期增长，高盛维持中芯的"买入"评级，目标价 63.7港元，认为虽然定价竞争与折旧压力存在，但相信随产能利用率改善及12英寸厂量产，毛利率仍有 望逐步回升。 ...

Core Insights - SMIC reported Q2 sales revenue of $2.209 billion, a 1.7% decrease from the previous quarter, with a gross margin of 20.4%, down 2.1 percentage points [1] - The company's capacity utilization rate reached 92.5%, an increase of 2.9 percentage points from the previous quarter [1] - Despite a better-than-expected performance compared to the previous guidance of a 4% to 6% decline, the stock price fell over 3% for A-shares and over 5% for H-shares following the earnings release [1] Financial Performance - For the first half of the year, SMIC achieved sales revenue of $4.46 billion, a 22.0% increase year-over-year, with a gross margin of 21.4%, up 7.6 percentage points from the same period last year [1] - The Q3 revenue guidance is projected to grow by 5% to 7%, with a gross margin expected between 18% and 20% [1] Market Analysis - The increase in Q2 sales revenue was primarily driven by strong performance in the Chinese market and growth in the consumer electronics sector [2] - Revenue distribution for Q2 2025 showed that the Chinese market accounted for 84.1% of total revenue, up 3.8 percentage points year-over-year, while the U.S. and Eurasian markets saw declines [2] - In terms of application categories, the consumer electronics sector saw the most significant growth, increasing its share from 35.6% to 41%, while the smartphone sector experienced the largest decline, dropping from 32% to 25.2% [2] Production and Capacity - SMIC's wafer sales reached $2.39 billion in Q2, reflecting a 13.2% year-over-year increase and a 4.3% quarter-over-quarter increase [3] - The capacity utilization rate of 92.5% in Q2 2025 was an improvement from 85.2% in the same quarter last year and up from 89.6% in the previous quarter [3]

"但原先我们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，这些并没有发生，或者至少还没在当下发生。另外，由于公 司的整体产能供不应求，因此放缓的量并不会对公司的产能利用率产生明显影响。"赵海军说。 转自：证券时报 人民财讯8月8日电，8月8日，在2025年第二季度业绩说明会上，中芯国际联合CEO赵海军表示，四季度 是行业传统淡季，前三季度公司配合提拉出货，客户已经建立一定库存。虽然客户信心还是很强，但四 季度急单和提拉出货的情况会相对放缓，公司正在广泛收集客户的反馈，进行评估。 ...

8月8日，中芯国际AH股低开低走，截至发稿，中芯国际A股跌超3%，中芯国际H股跌超5%。 中芯国际AH股低开低走，截至发稿，中芯国际A股跌超3%，中芯国际H股跌超5%。 | | 2025 年 | 2025 年 | 季度比較 | 2024 年 | 年度比較 | | --- | --- | --- | --- | --- | --- | | | 第二季度 | 第一季度 | | 第二季度 | | | 收入 | 2.209.066 | 2.247.201 | -1.7% | 1.901.276 | 16.2% | | 鎖售成本 | (1.759.267) | (1.741.333) | 1.0% | (1.636.183) | 7.5% | | 毛利 | 449.799 | 505,868 | -11.1% | 265.093 | 69.7% | | 經營開支 | (299,122) | (196,297) | 52.4% | (177.953) | 68.1% | | 經營利潤 | 150.677 | 309.571 | -51.3% | 87.140 | 72.9% | | 其他收入·淨額 | 9.725 | 3 ...

Core Viewpoint - The company reported a solid performance for the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating strong demand for its products and effective market strategies [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.087 billion yuan, a year-on-year increase of 10.6% [1]. - The net profit attributable to shareholders reached 1.287 billion yuan, reflecting a year-on-year growth of 33.2% [1]. - The company’s gross profit margin improved to 34.3%, up by 0.5 percentage points year-on-year, driven by increased sales volume and a decline in some raw material prices [2]. Group 2: Business Segments - The food segment generated revenue of 5.382 billion yuan, a year-on-year increase of 8.8%, accounting for 31.5% of total revenue [1]. - The beverage segment reported revenue of 10.788 billion yuan, up 7.6% year-on-year, making up 63.1% of total revenue [2]. - Within the beverage segment, tea drinks, juices, and milk tea achieved revenues of 5.068 billion, 1.821 billion, and 3.398 billion yuan respectively, with year-on-year growth rates of 9.1%, 1.7%, and 3.5% [2]. Group 3: Market Strategy and Outlook - The company is focusing on consumer demand, enhancing product innovation, and expanding market channels to meet diverse consumer needs [2]. - The company expects to maintain a steady increase in net profit, projecting growth rates of 24.3%, 13.4%, and 11.7% for the years 2025 to 2027, reaching net profits of 2.3 billion, 2.61 billion, and 2.91 billion yuan respectively [3]. - The company’s strong product innovation capabilities and the increasing demand for convenient food and beverages are expected to drive growth in the near and medium term [3].

Core Viewpoint - The management of SMIC stated during a conference call that there has been no price increase, and the rise in average selling price (ASP) is due to full capacity, with no discounts on 12-inch wafers [2]. Group 1 - The company is not the first in the industry to raise prices, but it will follow if comparable peers do increase their prices [2]. - Management emphasized support for customers to maintain their market share while making price adjustments, indicating that current orders exceed production capacity [2].