强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 证券研究报告 行业研究 / 行业点评 2025 年 08 月 25 日 电子 《人工智能月度跟踪：WAIC 2025 聚焦多种大 模型、AI 算力芯片和服务器》2025-08-18 《电子行业专题报告：全品类科技硬件产品的 贸易风险分析》2025-08-15 2025-08-13 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 《电子行业周报：国产 GaN 芯片进入 NVIDIA 供应链》2025-08-11 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 《电子行业周报：Amazfit 产业链迎来业绩拐 点》2025-08-20 行业及产业 华虹半导体筹划收购华力微控股权 ——电子行业周报（2025/8/18-8/22） 请仔细阅读在本报告尾部的重要法律声明 数字芯片设计大涨值得关注。本周（2025/8/18-8/22）SW 电子行业指数(+8.95%)，涨跌幅 排名 2/31 位， ...

当地时间8月22日，美国政府入股英特尔的传闻落地。 根据英特尔的公告，89亿美元的投资资金来源于两个主要渠道：57亿美元来自《芯片与科学法 案》（《CHIPS and Science Act》）此前已授予但未支付的拨款；另外32亿美元则来自国防 部的"安全飞地"（Secure Enclave）项目拨款。 再加上此前英特尔已经收到的22亿美元CHIPS法案拨款， 美国政府对英特尔的总投资额已达 到111亿美元。 不过，据了解，此次交易以权益投资为主，政府取得的持股为被动性质， 不涉及公司治理控 制权安排， 美国政府不会拥有董事会席位或其他治理权利。 与此同时，英特尔自身持续布局。公告显示，过去五年，英特尔已投资1080亿美元资本和790 亿美元研发费用，其中大部分用于扩大美国的制造能力和工艺技术。 英特尔表示，目前正在大力扩张其美国本土芯片制造产能，投资超过1000亿美元扩建其美国工 厂。该公司位于亚利桑那州的最新芯片制造工厂预计将于今年晚些时候实现量产，该工厂将采 用美国本土最先进的半导体制造工艺技术。 据新华社报道，美国芯片制造商英特尔公司22日宣布与美国联邦政府达成协议，后者将向英特 尔普通股 投资89亿 ...

据央视新闻，美国芯片制造商英特尔公司22日宣布与美国联邦政府达成协议，后者将向英特尔普通股投 资89亿美元(约合人民币638亿元)，以每股20.47美元的价格收购4.333亿股英特尔普通股，相当于该公司 9.9%的股份。 英特尔近年来已有多次裁员。早在2023年，该公司裁撤了汽车芯片项目并计划裁员约2万人。随后在 2024年8月，时任CEO帕特·基辛格(Pat Gelsinger)发布内部信，宣布削减约1.5万个岗位(约15%)以节省约 100亿美元开支。 2025年初，陈立武接任后继续深化重组，包括裁撤RealSense AI视觉业务、削减foundry代工产能并关闭 德国、波兰的新项目，同时合并哥斯达黎加装配测试业务至越南。 在刚刚过去的6月，英特尔进一步宣布裁撤高达20%的硅制造厂员工；7月中旬，再次在美国主要工厂 (加州、俄勒冈、亚利桑那、德州)裁撤5000人。2025年内，英特尔裁员规模已达约2.4万人。 截至当地时间8月22日收盘，英特尔股价涨5.53%，报24.8美元，总市值1086亿美元(约合人民币7782亿 元)。 因经营不善，英特尔今年7月宣布将裁员并取消部分海外项目。据美国媒体报道，美国 ...

据央视新闻，美国芯片制造商英特尔公司22日宣布与美国联邦政府达成协议，后者将向英 特尔普通股投资89亿美元（约合人民币638亿元），以每股20.47美元的价格收购4.333亿 股英特尔普通股，相当于该公司9.9%的股份。 截至当地时间8月22日收盘，英特尔股价涨5.53%，报24.8美元，总市值1086亿美元（约 合人民币7782亿元）。 因经营不善，英特尔今年7月宣布将裁员并取消部分海外项目。据美国媒体报道，美国联邦 政府提出将英特尔获批的《芯片与科学法》约109亿美元联邦补贴转换为英特尔股权，以支 持美国半导体制造业并重振这家陷入困境的芯片制造商。彭博社评论称，这是美国总统特朗 普对关键行业的又一次直接干预。 二季度巨亏29亿美元 年内已裁员超2万人 当地时间7月24日，在2025年二季报发布之际，英特尔CEO陈立武通过全员内部信宣布， 公司正实施大规模裁员，计划在年底前将员工总数从约10.98万人削减至7.5万人，目前员 工数量减少约15%。这是英特尔在股价和利润压力下，继前两年多轮裁员后的又一次深度 调整。 陈立武在内部信中指出，此次人员缩减涵盖裁员和自然流失。二季度末，裁员计划已初见成 效，管理层级 ...

Core Insights - Both SMIC and Hua Hong Semiconductor reported significant year-on-year revenue growth in Q2 2025, with SMIC achieving $2.209 billion and Hua Hong Semiconductor reaching $566 million [1][7]. Group 1: SMIC Financial Performance - In Q2 2025, SMIC's revenue was $2.209 billion, with a gross profit of $449.9 million and a gross margin of 20.4%. Compared to the previous quarter, revenue decreased by 1.7% and gross margin fell by 2.1% [1][5]. - SMIC's monthly capacity increased from 973,300 wafers in Q1 2025 to 991,300 wafers in Q2 2025. The company shipped 2.3902 million wafers in Q2, representing a 4.3% increase quarter-on-quarter and a 13.2% increase year-on-year [2][4]. - The revenue distribution by region in Q2 2025 showed that China accounted for 84.1%, the US 12.9%, and the Eurasian region 3.0%, remaining stable compared to Q1 [4]. Group 2: SMIC Revenue Breakdown - In terms of application, consumer electronics contributed 41% of wafer sales, while the industrial and automotive sectors saw a continuous increase, reaching 10.6% in Q2 [2][4]. - The revenue from 8-inch wafers was 23.9%, while 12-inch wafers accounted for 76.1% in Q2 2025 [4]. Group 3: Hua Hong Semiconductor Financial Performance - Hua Hong Semiconductor reported Q2 2025 revenue of $566.1 million, an 18.3% increase from $478.5 million in Q2 2024, and a 4.6% increase from $541.0 million in Q1 2025. The gross profit was $61.6 million, with a gross margin of 10.9% [7][10]. - The company derived 95.6% of its revenue from direct sales of semiconductor wafers, with 83.0% of total revenue coming from sales in China, which grew by 21.8% year-on-year [8][9]. Group 4: Hua Hong Semiconductor Revenue Breakdown - In Q2 2025, consumer electronics contributed $357.4 million, accounting for 63.1% of total revenue, reflecting a 19.8% year-on-year increase [9][10]. - The revenue distribution by region showed that China contributed 83.0%, North America 9.4%, and other Asian regions 5.0% in Q2 2025 [9].

Core Viewpoint - Huahong Group is planning to acquire the controlling stake of Huali Micro, with the stock suspension starting from August 18, 2025, for a period not exceeding 10 trading days, following the commitment made during its IPO on August 7, 2023 [2][8]. Group 1: Acquisition Details - The acquisition aims to resolve the competitive issues arising from the IPO commitments, involving the issuance of shares and cash payments to acquire Huali Micro's controlling stake [9]. - The assets involved in the acquisition are related to the competitive operations in 65/55nm and 40nm processes, specifically the equity corresponding to Huahong's fifth factory [9]. - The transaction is expected to be classified as a related party transaction but will not result in a change of actual control or constitute a major asset restructuring [8]. Group 2: Financial Performance - As of Q2 2025, Huahong's capacity utilization rate increased to 108.3%, with a revenue of $566 million, representing a year-on-year growth of 18.3% and a quarter-on-quarter increase of 4.6% [12]. - The net profit attributable to the parent company for Q2 2025 was $80 million, showing a year-on-year increase of 19.2% and a significant quarter-on-quarter growth of 112.1% [12]. - The gross profit margin improved to 10.9%, with expectations for continued growth in revenue over the next few quarters, primarily driven by the ramp-up of production at the ninth factory [13].

Core Viewpoint - Intel's stock experienced a significant surge, rising 7.38% during the trading session, attributed to potential government investment discussions and strategic adjustments within the company [2][6]. Group 1: Intel's Stock Performance - On August 14, Intel's stock price increased by 7.38%, continuing to rise over 3% in after-hours trading [2]. - The broader market showed mixed results, with the S&P 500 up 0.03%, while the Nasdaq and Dow Jones experienced slight declines [2]. Group 2: Government Involvement - The Trump administration is reportedly in talks with Intel regarding a potential government investment, which could support the establishment of a new factory in Ohio [6]. - This move is significant as Intel is the only U.S. company capable of manufacturing advanced chips domestically [6]. Group 3: Intel's Financial Situation - Intel's Q2 2025 revenue was reported at $12.86 billion, showing little year-over-year change, but the company faced a net loss exceeding $2.9 billion, a year-over-year increase of 81% [7]. - The company is undergoing a major workforce reduction, with plans to cut its employee count by 15%, reducing from approximately 109,800 to 75,000 by the end of 2025 [7]. - CEO Pat Gelsinger emphasized that these decisions are necessary to streamline operations and focus resources on future growth areas, particularly in AI and foundry services [7].

Core Viewpoint - Huahong Semiconductor reported strong financial performance for Q2 2025, with significant year-on-year and quarter-on-quarter growth in revenue, gross margin, and net profit, indicating effective cost management and operational efficiency improvements in a fluctuating global market [2][3][4]. Financial Performance - The company achieved sales revenue of $566.1 million in Q2 2025, representing an 18.3% increase year-on-year and a 4.6% increase quarter-on-quarter [2][3]. - Gross margin improved to 10.9%, up 0.4 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][3]. - Net profit reached $8 million, a 19.2% increase year-on-year and a substantial 112.1% increase quarter-on-quarter [2][3]. Revenue Breakdown - Revenue from semiconductor wafer sales was the primary contributor, with 8-inch and 12-inch wafer sales generating $232.3 million and $333.8 million, respectively [4][6]. - By product category, wafer sales accounted for 95.6% of total revenue, while other products contributed 4.4% [5][6]. Regional Sales Analysis - Sales from China amounted to $469.7 million, representing 83.0% of total revenue and a 21.8% year-on-year increase [7]. - North American sales were $53 million, up 13.2% year-on-year, while sales from other Asian regions and Europe saw slight declines [7]. Capacity and Utilization - The company reported a capacity utilization rate of 108.3%, the highest in recent quarters, with total capacity equivalent to 447,000 8-inch wafers [8]. - The number of wafers shipped reached 1.305 million, reflecting an 18.0% year-on-year increase and a 6.0% quarter-on-quarter increase [8]. Product Technology and Market Segments - Revenue from embedded non-volatile memory reached $141.2 million, a 2.9% increase year-on-year, while power devices generated $166.7 million, up 9.4% [9][10]. - Consumer electronics remained the largest revenue source, contributing $357.4 million, or 63.1% of total revenue, with a year-on-year growth of 19.8% [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 2.209 billion USD in Q2 2025, which is a 1.7% decrease quarter-over-quarter, better than the guidance of a 4% to 6% decline. The average selling price decreased by 6.4%, while the number of wafers sold increased by 4.3% to 2.39 million [6] - The company is experiencing significant growth in demand for analog chips, particularly in the smartphone fast charging and power management sectors, as domestic companies accelerate the replacement of foreign market shares [6] - The company expects a revenue growth of 5% to 7% in Q3 2025, with an anticipated increase in both shipment volume and average selling price [6] - By 2030, mainland China is projected to become the largest foundry center globally, with the company positioned to benefit from this trend [6] Financial Data and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are 671.64 billion, 771.20 billion, and 876.37 billion CNY, respectively, with year-over-year growth rates of 16.2%, 14.8%, and 13.6% [6][8] - The projected net profit for the same years is 49.71 billion, 60.82 billion, and 69.35 billion CNY, with year-over-year growth rates of 34.4%, 22.4%, and 14.0% [6][8] - The gross margin for Q2 2025 was 20.4%, with an expected range of 18% to 20% for Q3 2025 [6] - The company’s capacity utilization rate was 92.5% in Q2 2025, an increase of 2.9 percentage points from the previous quarter [6]

Core Viewpoint - The article discusses the competitive landscape of the semiconductor manufacturing industry, highlighting the significant contract between Tesla and Samsung, which could reshape the dynamics of the foundry market and impact major players like Intel and TSMC [2][5][14]. Group 1: Semiconductor Manufacturing Landscape - The U.S. is currently the leading country in semiconductor manufacturing, with three companies capable of mass-producing 3nm chips, all located in the U.S. [2] - TSMC is projected to have a market value approaching $3 trillion, while Intel has laid off over 30% of its workforce in the past 18 months, and Samsung's chip manufacturing profits have plummeted by 94% year-over-year due to high inventory costs [2][4]. Group 2: Tesla and Samsung Partnership - Tesla has signed a $16.5 billion contract with Samsung, which is expected to ensure the Taylor factory's operational viability and production capacity for the next several years [5][8]. - The contract is seen as a strategic move for Tesla, allowing it to secure a reliable supply chain for critical AI chips, distancing itself from reliance on competitors like Nvidia and TSMC [8][10]. Group 3: Implications for Competitors - The partnership between Tesla and Samsung may significantly impact Intel, which has been focusing on its foundry business. Intel could face potential losses of up to $2 billion in orders due to Samsung's resurgence [14][15]. - Samsung's ability to secure large orders from Tesla and potentially Qualcomm could stabilize its foundry business and support ongoing technological development, especially in high-bandwidth memory (HBM) production [9][10][15]. Group 4: Challenges and Future Outlook - Samsung's semiconductor division has faced challenges, with a recent operating profit of only 400 billion KRW ($288 million), significantly below analyst expectations [10]. - The company is working to improve its HBM production capabilities, but delays in the rollout of its new DRAM technology could hinder its competitive position against rivals like SK Hynix and Micron [12][13].