2025年10月15日 证券研究报告 | 洁净室工程专题报告 AI基建的刚需环节，全球建设需求快速增长 行业研究 · 专题报告 建筑装饰·专业工程 投资评级：优于大市（维持） | 证券分析师：任鹤 | 证券分析师：朱家琪 | | --- | --- | | 010-88005315 | 021-60375435 | | renhe@guosen.com.cn | zhujiaqi@guosen.com.cn | | S0980520040006 | S0980524010001 | 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 厂务及洁净室工程是AI算力全产业链扩产的刚需环节 Ø 洁净室为精密产品生产提供各项环境指标受控的生产环境，是晶圆制造、芯片载板及封装、消费电子和服务器组装等产能建设和数据中心建设的必要工程环节， 厂务工程及洁净室投资通常占总投资的10-20%。随着工业产品工艺制程尺寸缩小对生产环境的要求持续提高，全球洁净室市场持续增长。 供应链安全和AI算力是驱动全球芯片扩产的两大核心因素 投资建议：重点推荐圣晖集成、亚翔集成 请务必阅读正文之后的免责声明及其项下所有内容 Ø 圣晖集成：台资 ...

消息面上，华虹半导体近期公告称，正筹划以发行股份及支付现金的方式购买华力微的控股权，收购标 的资产为华力微一部分成熟制程业务的股权。分析人士指出，此次资产并购是当前国产半导体行业并购 浪潮的组成部分，华虹半导体也将进一步强化其聚焦成熟制程与特色工艺的战略定位，巩固其在汽车、 工业、消费电子等市场的技术优势。 芯片股午后集体拉升，截至发稿，中芯国际(00981)涨3.5%，报51.8港元；华虹半导体(01347)涨3.09%， 报48.06港元；宏光半导体(06908)涨3.08%，报0.67港元；上海复旦(01385)涨0.6%，报30.28港元。 本文源自：智通财经网 此外，8月6日，特朗普宣布将对进口到美国的半导体征收100%的行业关税。西部证券指出，短期来 看，半导体行业关税将显著推高生产成本，抬高电子产品价格压制需求。消息公布后，在美国有投资计 划的公司股市表现较好。长期来看，区域国别成为半导体供应链重构的新变量。该行认为，关税及其设 计和实施可能对半导体和科技行业产生深远影响，因为生产地点的价值从无形因素转变为由关税量化的 指标。 ...

Group 1 - Semiconductor stocks experienced a collective surge, with notable increases in shares of companies such as SMIC (3.5% increase), Hua Hong Semiconductor (3.09% increase), and others [1] - Hua Hong Semiconductor announced plans to acquire a controlling stake in Hua Li Micro through a combination of share issuance and cash payment, focusing on a portion of Hua Li Micro's mature process business [1] - This acquisition is part of a broader trend of mergers and acquisitions in the domestic semiconductor industry, aimed at strengthening Hua Hong's strategic focus on mature processes and specialty technologies, enhancing its competitive edge in automotive, industrial, and consumer electronics markets [1] Group 2 - On August 6, former President Trump announced a 100% tariff on semiconductor imports to the United States, which is expected to significantly increase production costs and raise electronic product prices, potentially suppressing demand [1] - Following the tariff announcement, companies with investment plans in the U.S. showed positive stock market performance [1] - The long-term implications of tariffs may lead to a restructuring of the semiconductor supply chain, with production locations becoming more influenced by tariff-related factors rather than intangible elements [1]

Group 1 - Semiconductor stocks experienced a collective surge in the afternoon, with notable increases in share prices for companies such as SMIC (3.5% increase to HKD 51.8), Hua Hong Semiconductor (3.09% increase to HKD 48.06), and others [1] - Hua Hong Semiconductor announced plans to acquire a controlling stake in Huahong Micro through a combination of share issuance and cash payment, focusing on a portion of Huahong Micro's mature process business [1] - This acquisition is part of a broader trend of mergers and acquisitions in the domestic semiconductor industry, aimed at strengthening Hua Hong's strategic positioning in mature processes and specialty technologies, particularly in automotive, industrial, and consumer electronics markets [1] Group 2 - On August 6, former President Trump announced a 100% tariff on semiconductor imports to the United States, which is expected to significantly increase production costs and raise electronic product prices, thereby suppressing demand in the short term [1] - Following the tariff announcement, companies with investment plans in the U.S. showed positive stock market performance, indicating a potential shift in investor sentiment [1] - The long-term implications of tariffs may lead to a restructuring of the semiconductor supply chain, with production locations becoming more influenced by quantifiable tariff metrics rather than intangible factors [1]