Core Viewpoint - SMIC's Q2 2025 performance is driven by "technology + localization," with a revenue of $4.456 billion, a 22% year-on-year increase, outperforming industry growth [4]. Financial Performance - Q2 revenue reached $2.209 billion, a 1.7% decrease quarter-on-quarter, with a gross margin of 20.4%, down 2.1 percentage points [6]. - For the first half of 2025, total revenue was $4.456 billion, a 22% increase year-on-year, with a gross margin of 21.4%, up 7.6 percentage points [6]. - Capital expenditure for the first half was $3.301 billion, with a cash flow from operations of $1.07 billion and an investment cash flow of -$1.56 billion [6]. - Q3 guidance indicates a revenue increase of 5%-7% quarter-on-quarter, with a gross margin forecast of 18%-20% [6]. Business Highlights and Strategic Direction - Continued breakthroughs in advanced processes of 28nm and below, with significant revenue growth in analog chips and CIS, the latter increasing by 20% quarter-on-quarter [8]. - 8-inch capacity utilization reached 92.5%, up 2.9 percentage points, with a monthly capacity of 991,000 equivalent wafers [8]. - Domestic clients are accelerating the replacement of overseas shares, particularly in network equipment, with storage controller demand rising alongside domestic storage manufacturers' expansion [8]. - Revenue from automotive electronics accounts for 5%-6%, with a target to increase this to 10%, and a verification cycle of approximately 30 months [8]. - The impact of U.S. tariff policies is expected to affect revenue by only 1.3%, mitigated by customer inventory buffers and localized supply chains [8]. Management Statements - CEO Zhao Haijun indicated that short-term growth in Q3 will be driven by smart home and industrial IoT sectors, while long-term automotive electronics capacity is expected to double by 2026 [8]. - CFO Wu Junfeng stated that product mix optimization could offset 2 percentage points of depreciation pressure on gross margin [8]. Investor Q&A Summary - The growth drivers for analog chips and CIS are primarily from market share gains and accelerated domestic substitution, alongside ongoing capacity shortages [9]. - October orders exceed capacity, with uncertainty in November and December, but the company expects minimal impact [9]. - North American revenue accounts for 12.9%, with proposed 100% tariffs expected to impact total revenue by approximately 1.3% [9]. - Q3 gross margin guidance is achievable by maintaining high capacity utilization (92%-93%) to dilute unit depreciation [9]. - The company has initiated production line construction focused on power management and third-generation semiconductors, with capacity currently tight [10].

华西证券认为，AI在海外算力链持续业绩高增与指引抬高的背景下保持高位，中短期存在筹码切换的 波动压力，但长期看，在推理算力及模型迭代升级驱动下，算力全产业链仍处于行业早期成长阶段，建 议持续关注。 相关ETF：公开信息显示，科创半导体ETF（588170）跟踪上证科创板半导体材料设备主题指数，囊括 科创板中半导体设备（59%）和半导体材料（25%）细分领域的硬科技公司。半导体设备和材料行业是 重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导体 需求扩张、科技重组并购浪潮、光刻机技术进展。 截至2025年8月8日 13点43分，上证科创板半导体材料设备主题指数下跌0.96%。成分股方面涨跌互现， 新益昌领涨6.63%，中船特气上涨5.62%，华海诚科上涨1.69%；神工股份领跌4.33%，中芯国际下跌 4.02%，中科飞测下跌3.44%。科创半导体ETF（588170）下跌1.03%，最新报价1.06元。拉长时间看， 截至2025年8月7日，科创半导体ETF（588170）近1周累计上涨0.85%。流动性方面，科创半导体ETF （588170）盘中换手8.7%，成交368 ...

8月8日，A股市场震荡回调，科创芯片50ETF（588750）震荡走弱，截至13:37，跌2.17%，成交额超6100万元。 【科创芯片50ETF（588750）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 成交额 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 688256 | 寒武纪-U | 电子 | -0.86% | 31.90亿 | 10.60% | | 2 | 688981 | 中本国际 | 电子 | -3.55% | 32.52 Z | 9.84% | | 3 | 688041 | 海光信息 | 电子 | -0.05% | 14.62亿 | 9.07% | | 4 | 688008 | 澜起科技 | 电子 | -0.73% | 12.27亿 | 8.41% | | ટ | 688012 | 中微公司 | 电子 | 0.88% | 8.07亿 | 7.10% | | 6 | 688521 | 芯原股份 | 电子 | -3.22% | 5.89亿 | 2.81% | | 7 | 6881 ...

北美云厂商资本开支持续上行；AI芯片国产化率有望持续加速。（1）7月大部分美股科 技股披露了二季度财报，A股也部分披露了中期业绩预告，具体来看：1）北美头部云厂商 Q2云业务维持高增速，资本开支持续上行。谷歌2025Q2云收入同比大涨32%，资本开支 224.46亿美元（yoy+70.23%），上调全年资本开支100亿美元至850亿美元；微软2025Q2智 能云业务增长26%，资本开支170.79亿美元（yoy+23.11%），预计Q3资本开支将超过300亿 美元，远超市场预期；Meta二季度AI驱动核心广告业务增长21.5%，资本开支165.38亿元 （yoy+37.16%），同时上调全年资本开支下限20亿美元至660亿美元；亚马逊2025Q2云计算 业务同比增长17.5%，资本开支313.68亿元（yoy+91.35%），并计划2025全年投入超1000亿 美元资本性支出，大部分用于AI与云业务扩张。2）部分A股端侧AI企业中期业绩亮眼。乐 鑫科技预计上半年营收同比增加33%-36%，归母净利润同比增加65%-78%；瑞芯微预计上半 年营收同比增长约64%，净利润同比增长185%-195%。（2）近期，国 ...

股 票 研 究 股票研究 /[Table_Date] 2025.08.08 晶圆代工行业龙头 25Q2 毛利率优于指引上限 [Table_Industry] 半导体 中芯国际及华虹半导体发布 25Q2 业绩 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 舒迪(分析师) | 021-38676666 | shudi@gtht.com | S0880521070002 | | 吴小沛(研究助理) | 021-23187269 | wuxiaopei@gtht.com | S0880125042240 | 本报告导读： 我们认为在工业及汽车需求修复下，晶圆代工产能利用率有望持续改善，叠加在 地化生产趋势确立，头部 Fab 有望实现业绩增长。 投资要点： [Table_Report] 相关报告 半导体《AI 发展潜力大，半导体自主可控是关 键》2025.07.24 半导体《景气提升，关注晶圆代工产能扩张及先 进封装稀缺性》2025.07.21 半导体《沐曦股份及摩尔线程科创板 IPO 受理》 2025.07.04 半导体《设置科创 ...

Core Viewpoint - The report from Citi indicates that Huahong Semiconductor's Q2 revenue reached $566 million, showing a quarterly increase of 4.6%, nearing the upper limit of the company's guidance of $550 million to $570 million [1] Financial Performance - Gross margin for Q2 was 10.9%, an improvement of 1.7 percentage points from Q1, exceeding the guidance of 7% to 9% [1] - Capacity utilization increased by 5.6 percentage points to 108.3% [1] - Net profit was $8 million, a quarterly growth of 112.1%, but still below market expectations of $12.8 million [1] Market Outlook - Despite early inventory buildup in the first half of the year, demand in the second half is expected to be similar to the first half [1] - Price adjustments began in Q2, with expectations for average selling prices to see single-digit increases in the second half [1] Future Projections - The gross margin for Q4 is anticipated to maintain the level seen in Q3 [1] - The expansion of the 12-inch wafer fab (Fab 9) is progressing well, with new capacity expected to come online in 2027 [1] - Earnings forecasts for Huahong Semiconductor have been raised by 18% and 12% for 2026 and 2027 respectively, while the 2023 earnings forecast has been lowered by 31% due to increased tax [1] Investment Rating - The rating remains "Outperform" with the target price increased from HKD 36.9 to HKD 50.5 [1]

Overall Performance - Semiconductor Manufacturing International (SMIC) reported a revenue of $2.2 billion for Q2 2025, slightly above market expectations of $2.16 billion, but a 1.7% decrease from the previous quarter, with guidance indicating a further decline of 4-6% [1][14] - The gross margin for Q2 2025 was 20.4%, reaching the upper limit of the guidance range (18-20%) and exceeding market expectations of 19.7% [1][4] Revenue and Pricing Dynamics - The decline in revenue was primarily attributed to a decrease in average selling prices, despite a 4.3% increase in product shipment volume [3][17] - The average selling price per wafer decreased by 5.7%, influenced by a higher proportion of lower-priced 8-inch wafer shipments [3][17] Business Segment Performance - Revenue from the smartphone segment grew by only 1.7%, significantly lower than the double-digit growth seen in the past two years, while other segments like PC and consumer electronics experienced declines [2][24] - The company maintained over 80% of its revenue from the domestic market, driven by domestic substitution trends [2][7] Expenditure and Capital Investment - Operating expenses increased, with management expenses rising by 17.6% year-on-year, primarily due to higher factory setup costs [2][31] - Capital expenditure for the quarter was $1.885 billion, indicating a commitment to maintaining high levels of investment despite weak downstream demand [2][31] Future Guidance - For Q3 2025, SMIC expects revenue to increase by 5-7%, translating to $2.32-$2.36 billion, which is below market expectations of $2.37 billion [4][19] - The gross margin guidance for the next quarter is set at 18-20%, lower than the market expectation of 21.1% [4][22] Capacity Utilization and Market Trends - The capacity utilization rate for Q2 2025 was 92.5%, reflecting a slight recovery, primarily due to preemptive stocking of 8-inch wafers by customers [2][22] - The overall semiconductor market remains weak, with cautious outlooks from management regarding demand visibility in the second half of the year [7][9] Regional Revenue Distribution - The revenue from the China region accounted for 84.1% of total revenue, with a slight decline of 1.9% quarter-on-quarter [29][31] - The company’s revenue from the U.S. and Eurasia regions remained relatively low at 12.9% and 3%, respectively [29][31]

Core Viewpoint - The article discusses the advantages of domestic substitution in the biopharmaceutical supply chain, emphasizing stability, safety, and cost-effectiveness as key drivers for companies to adopt domestic products over imports [3][4]. Group 1: Domestic Substitution Advantages - The stability and safety of the supply chain are crucial for biopharmaceutical companies, especially during disruptions that could lead to production halts. Domestic sourcing mitigates risks associated with reliance on imported critical materials [3]. - Cost advantages are significant, with domestic chromatography media offering substantial price reductions compared to imported counterparts. This cost-effectiveness is enhanced when considering the overall supply chain, as companies often switch multiple related consumables to domestic options [3]. - Domestic suppliers provide localized technical support, collaborating closely with clients to optimize processes and improve product quality, which fosters a competitive environment focused on comprehensive technical solutions [3]. Group 2: Industry Trends - The trend towards domestic substitution in chromatography media is largely irreversible, with most companies moving from imported to domestic products, and only a few instances of switching between domestic brands [4]. - Large pharmaceutical companies adopt a mixed procurement strategy for chromatography media, balancing between single and multiple suppliers based on their process needs and risk management considerations [5]. - The primary business of the company, Saifen Technology (688758), focuses on the research, development, and production of liquid chromatography materials for drug analysis and purification, positioning itself as a high-tech enterprise with global sales capabilities [5].

导读： 三英精密2025上半年实现营业收入1.27亿元，同比增长25.27%；归属于挂牌公司股东的净利润达1300万元，同比大幅增长 76.99%。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 天津三英精密仪器股份有限公司（简称"三英精密"）近日发布2025年半年度报告，交出一份亮眼成绩单。报告显示， 公司上半年实现营业收入1.27亿元，同比增长25.27%；归属于挂牌公司股东的净利润达1300万元，同比大幅增长 76.99%。这一业绩增长主要得益于高端无损检测设备市场的持续升温，以及公司在手订单的高效转化。 核心业务表现亮眼 作为业绩增长的主要驱动力，三英精密产品类业务营收达1.21亿元，同比增长27.24%。值得关注的是，截至报告期 初，公司自产设备的在手订单（含增值税）已突破3亿元大关，达到3.08亿元。目前，部分订单已完成投产并顺利交 付，为下半年业绩持续增长奠定了坚实基础。 技术突破引领国产替代 三英精密深耕高端X射线无损检测领域，已成功打造多个具有国际竞争力的产品系列：nano Voxel系列X射线三维显 微成像检测系统（2 ...

1、整体业绩：收入&毛利率，双双下滑。中芯国际在 2025 年第二季度实现收入 22 亿美元，市场预期 21.6 亿美元，环比下滑 1.7%，指引区间环比下滑 4- 6%。 公司在 2025 年第二季度毛利率 20.4%，达到指引区间上限(18-20%)，市场一致预期(19.7%)。 本季度业绩环比下滑，主要是受到产线年度维修突发问题及设备改进的问题，以及 PC、智能家居及消费电子类下游市场需求回落的影响。 2、细观三大核心指标：收入、毛利率和产能利用率。收入端通过量价分拆，中芯国际本季度收入的下滑主要受产品均价降低的影响。 受 8 寸晶圆提前备货等因素影响，公司本季度 8 寸晶圆出货占比继续提升，结构性拉低了产品均价。公司本季度产品出货量环比增长 4.3%，而产品均价环 比下滑 5.7%。 中芯国际(00981,688981.SH) 北京时间 2025 年 8 月 7 日晚，港股盘后发布 2025 年度第二季度财报(截至 2025 年 6 月)，要点如下： 4、费用支出及资本开支：公司的经营费用主要来自于研发费用和管理费用，本季度研发费用同比持平，而管理费用同比增长 17.6%，是受工厂开办相关费 用增加影 ...