Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

截至最后实际可行日期，公司已开始28nm Logic IC试产，启动40nm高压OLED DDIC风险生产，实现55nm中高阶背照式图 像传感器及55nm全流程堆栈式CIS量产，并正在稳步推进OLED DDIC等其他28nm晶圆代工解决方案的研发工作。 2022年—2024年和2025年上半年（下称"报告期"），晶合集成实现的营业收入分别为100.26亿元、71.83亿元、91.20亿元和 51.3亿元，存在一定波动，今年上半年营收同比增18.5%；相应的净利润分别为31.56亿、1.19亿、4.82亿和2.32亿元。报告期 内，晶合集成研发开支分别为8.57亿元、10.58亿元、12.84亿元及6.95亿元。截至2025年6月30日，晶合集成持有的现金及现 金等价物为31亿元，总体并不差钱。 此次上市，晶合集成融资计划用于研发及优化新一代22nm技术平台，以加强公司的技术竞争力及满足市场对高性能产品的 需求；基于AI技术的智能研发及生产计划。有关计划旨在建立涵盖研发至生产全流程的综合智能系统平台，从而实现研发 与生产的智能协作；在中国香港建立研发及销售中心，以开展研发及销售活动；运营资金及一般企业用途。 上 ...

格隆汇9月29日丨据港交所9月29日披露，合肥晶合集成电路股份有限公司(以下简称"公司"或"晶合集成")向 港交所递交上市申请，独家保荐人为中金公司。公司现时于上海证券交易所科创板上市。 公司已建立150nm至40nm技术节点的量产能力。在工艺平台应用方面，公司已具备DDIC、CIS、PMIC、 LogicIC、MCU等工艺平台的技术能力，形成了全面且多元化的工艺组合，支持公司在关键细分市场的领先 地位。根据弗若斯特沙利文的资料，2024年按收入计，公司是全球最大的DDIC晶圆代工企业、全球第五大 CIS晶圆代工企业及中国大陆第三大CIS晶圆代工企业。公司的多元化工艺平台让公司有效解决广泛应用领 域的不断变化需求，包括消费电子、汽车电子、智能家居、工业控制、AI及物联网。公司不断提升制程技 术，进一步优化了产品结构。截至最后实际可行日期，公司已开始28nm Logic IC试产，启动40nm高压 OLED DDIC风险生产，实现55nm中高阶背照式图像传感器及55nm全流程堆栈式CIS量产，并正在稳步推进 OLED DDIC等其他28nm晶圆代工解决方案的研发工作。 公司的创新源动力来自一支兼具本土与国际背景 ...

Group 1 - The core viewpoint of the report is that the semiconductor market in China is experiencing steady growth, which is positively impacting the wafer foundry market [1] - The report projects revenue for the company to be $9.258 billion, $10.823 billion, and $12.628 billion for the years 2025, 2026, and 2027 respectively, with net profit estimates of $679 million, $895 million, and $1.217 billion for the same years [1] - The report highlights that the Chinese semiconductor market is expected to reach a scale of $185.114 billion in 2024, representing a year-on-year growth of 20%, with a CAGR of 7.29% from 2014 to 2024 [1] Group 2 - The company focuses on the research and development of integrated circuit process technologies, successfully developing various technology nodes for 8-inch and 12-inch wafers [2] - The company has established long-term collaborations with well-known domestic and international clients, enhancing its industry recognition [2] - The planned acquisition of a 49% stake in Zhongxin North by the company is expected to improve asset quality, enhance business synergy, and promote long-term development [2]

报告中称，中国半导体市场稳健成长，带动晶圆代工市场规模向上。根据WSTS数据，2024年中国半导 体市场规模1851.14亿美元，同比+20%，2014-2024年CAGR=7.29%。晶圆代工产业作为半导体上游核心 环节，充分受益行业规模增长趋势。同时，受益客户本地化生产需求，加速海外企业布局国内产能，拉 动本土晶圆代工产业增长。 智通财经APP获悉，财通证券发布研报称，首次覆盖中芯国际(00981)，给予"增持"评级，预计公司 2025/2026/2027年收入为92.58/108.23/126.28亿美元，归母净利润为6.79/8.95/12.17亿美元，对应PB倍数 分别为3.38/3.24/3.06倍。 公司专注于集成电路工艺技术的研发，成功开发了8英寸和12英寸多种技术节点，具备逻辑电路、电源/ 模拟、高压驱动、嵌入式非挥发性存储、非易失性存储、混合信号/射频、图像传感器等多个技术平台 的量产能力。公司长期与境内外知名客户的合作，获得了良好的行业认知度。广泛的客户群体+良好的 品牌效应，有望继续支撑公司产能和收入扩张。2025年9月公司公告拟购买中芯北方49%股权，可期进 一步提高公司资产质量、增 ...

Core Viewpoint - The company, Jinghe Integrated (688249), is actively expanding its production capacity and has made significant advancements in its research and development, particularly in the semiconductor sector, with a focus on CIS and OLED display driver chips. Production Expansion - The company plans to expand production by approximately 20,000 wafers per month in the second half of the year [2] - All necessary equipment for the production expansion has been ordered and will be installed according to the capacity expansion plan [9] Research and Development Progress - The company has successfully mass-produced 55nm stacked CIS and expects to continue increasing output [3] - The 40nm OLED display driver chip has also entered mass production and is anticipated to contribute to revenue starting in the first half of 2025, with gradual ramp-up in the second half [3] - The 28nm OLED display driver chip is expected to enter risk production by the end of 2025 [3] - R&D investment in the first half of 2025 increased by 13.13% year-on-year, with stable growth expected in the coming years [8] Strategic Partnerships - The investment from Huakin, a leading company in the smart hardware ODM industry, is expected to enhance resource integration and collaboration along the supply chain, benefiting Jinghe's product validation and market ramp-up [4] Automotive Product Development - The company has successfully applied several products, including DDIC, CIS, PMIC, and MCU, in the automotive sector, all of which have achieved mass production [6] Financial Performance - For the first half of 2025, the company reported a main revenue of 5.198 billion yuan, an increase of 18.21% year-on-year, and a net profit of 332 million yuan, up 77.61% year-on-year [9] - The second quarter of 2025 saw a single-quarter main revenue of 2.631 billion yuan, a year-on-year increase of 21.24%, and a net profit of 197 million yuan, up 82.52% year-on-year [9] - The company's debt ratio stands at 48.95%, with a gross profit margin of 25.76% [9] Market Sentiment - In the last 90 days, two institutions have rated the stock, with one buy rating and one hold rating, and the average target price set at 32.22 yuan [10]

Group 1 - The company plans to acquire 97.4988% equity of Shanghai Huali Microelectronics Co., Ltd. for a total consideration that includes issuing shares at a price of RMB 43.34 per share, which represents a discount of approximately 44.79% compared to the last trading price of RMB 78.50 per share [1][2] - Following the acquisition, the company will directly and indirectly hold 100% of the target company's equity, as its wholly-owned subsidiary already holds approximately 2.5012% of the target's shares [1] - The company intends to conduct a non-public issuance of RMB shares to raise funds not exceeding 100% of the total consideration for the acquisition, with the number of shares issued not exceeding 30% of the company's total issued share capital at the time of completion [1] Group 2 - The target company primarily engages in 12-inch integrated circuit wafer foundry services in China, focusing on developing logic processes and providing comprehensive technical solutions for clients in communications and consumer electronics [2] - The acquisition is expected to enhance the company's 12-inch wafer foundry capacity, leveraging complementary advantages in process platforms to develop a broader range of foundry and supporting services [2] - The funds raised from the non-public issuance are intended for operational funding, debt repayment, cash consideration payment, and project funding for the target company, which will improve the overall financial condition of the group and promote future development [2]

Group 1 - The company plans to acquire 97.4988% equity of Shanghai Huali Microelectronics Co., Ltd. from several investors for a total consideration that includes issuing shares at a price of RMB 43.34 per share, which represents a discount of approximately 44.79% compared to the last trading price of RMB 78.50 per share [1][2] - Following the acquisition, the company expects to enhance its 12-inch wafer foundry capacity, leveraging complementary advantages in process platforms with the target company to provide comprehensive foundry services across various applications and technical specifications [2] - The proposed private placement of shares aims to raise funds not exceeding 100% of the total consideration for the acquisition, with the number of shares issued not exceeding 30% of the company's total issued share capital at the time of completion [1][2] Group 2 - The target company primarily engages in 12-inch integrated circuit wafer foundry services in China, focusing on developing logic processes and providing technical solutions for clients in communications and consumer electronics [2] - The acquisition is expected to generate synergies that will lower costs, increase market share, and achieve economies of scale through integrated management, process platforms, R&D resources, customized design, and supply chain collaboration [2] - The company has received a commitment from Huahong Group to inject the target company into the firm within three years post-listing, aligning with national strategic deployment and market expectations [2]

Core Viewpoint - SMIC is planning to acquire a minority stake in its subsidiary, SMIC North, through a share issuance, with the transaction not expected to constitute a major asset restructuring [1][3]. Group 1: Transaction Details - The acquisition involves purchasing 49% of SMIC North's minority equity [3]. - The transaction is currently in discussions with potential partners, including several investment funds and companies [3]. - SMIC North, established in July 2013, has a registered capital of 4.8 billion USD and specializes in semiconductor manufacturing, including integrated circuit chips [3][4]. Group 2: Stock Suspension - SMIC's A-shares will be suspended from trading starting September 1, 2025, for a period not exceeding 10 trading days to ensure fair information disclosure and protect investor interests [1][3]. Group 3: Financial Performance - In the first half of 2025, SMIC reported revenue of 32.348 billion CNY, a year-on-year increase of 23.14% [6]. - The net profit attributable to shareholders was 2.301 billion CNY, reflecting a 39.76% year-on-year growth [6]. - The company achieved a net operating cash flow of 5.898 billion CNY, up 81.7% compared to the previous year [6]. - Factors contributing to growth include the recovery of the smartphone market, the initiation of PC replacement cycles, and the expansion of consumer electronics driven by AI [6].

Core Viewpoint - Semiconductor foundry sector is witnessing significant acquisitions, with SMIC planning to acquire a minority stake in its subsidiary, SMIC North Integrated Circuit Manufacturing, which is crucial for its 12-inch wafer production [1][2]. Group 1: Acquisition Details - SMIC intends to issue shares to acquire 49% of SMIC North, which operates an important 12-inch wafer fab [1][2]. - SMIC North is a key profit contributor for SMIC, especially as newer fabs are still ramping up production and facing depreciation peaks [1][3]. Group 2: Financial Impact - In 2021, SMIC North reported a net profit of 2.02 billion yuan, with projected net profits of 2.31 billion yuan, 460 million yuan, and 526 million yuan for 2022, 2023, and 2024 respectively [3][5]. - The acquisition is expected to significantly enhance SMIC's net profit attributable to shareholders, as SMIC North's production lines are already depreciated, unlike the newer SMIC Beijing fab [4][5]. Group 3: Strategic Importance - SMIC North's 28nm and 45nm production lines are critical for SMIC's profitability, making the acquisition strategically important [3][5]. - The transaction is still in the planning stage, with potential partners including various investment funds and development companies [5].