来源：朝阳永续 3)资本开支和营收增长：2025年资本开支为81亿美元，高于预期，2026年预计销售收入增幅高于同业平 均值，资本开支与2025年大致持平。 1. 中芯国际全年业绩预期怎么样？ 截至2026年02月27日，根据朝阳永续季度业绩前瞻数据： 分业务来说： 1)产业链本土化切换：中芯国际受益于产业链向本土化切换带来的重组效应，特别是在模拟类电路、显 示驱动、摄像头、存储等领域。 2)产能利用率和扩产：公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，同时在BCD、模 拟、存储、MCU、中高端显示驱动等细分领域加速验证并扩产上量。 预测营业收入751.11~812.80亿元；预测净利润50.53~74.49亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 2. 中芯国际最新卖方观点 中邮证券认为：中芯国际在25Q4季度表现出淡季不淡的销售趋势，销售收入达到24.89亿美元，环比增 长4.5%。公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，得益于产业链向本土化切换带 来的重组效应。公司在BCD、模拟、存储、MCU、中高端显示驱动等 ...

Core Insights - Tesla's Shanghai Gigafactory exported over 35,000 vehicles in October 2025, marking the highest monthly export record in two years, with Model Y exports increasing by 214% year-on-year [2] - The Shanghai Gigafactory has achieved significant milestones, including the production of its 5 millionth battery pack and the 3 millionth vehicle, with exports reaching 1 million units [2] - The localization rate of the supply chain at the Shanghai Gigafactory has risen to 95%, up from 30% at the end of 2019 [2] Production and Sales Data - In October 2025, Tesla's electric vehicle sales in China (including exports) reached 61,497 units [3] - Tesla's global sales in Q3 reached a record high of 497,000 vehicles, driven by a surge in U.S. consumer purchases before the expiration of an electric vehicle tax credit [3] - The Shanghai Gigafactory currently produces approximately 2,500 Model Y vehicles per week [2] Market Challenges - Tesla's sales in Europe have faced challenges, with significant declines in countries like Sweden, where new registrations fell by 89% year-on-year [3] - In France, Tesla's new vehicle registrations increased by 2.4% in October, but this growth is based on a low base from the previous year, where sales had dropped by 47% [3]