招股书显示，晶合集成是一家全球领先的12英寸纯晶圆代工企业。自2015年成立以来，始终致力于研发 并应用行业先进的工艺，为客户提供覆盖150nm至40nm制程、多种应用的工艺平台晶圆代工业务，并 稳定推进28nm平台发展。 同时，证监会要求其进一步说明发行人境内子公司是否存在《境内企业境外发行证券和上市管理试行办 法》第八条规定的不得境外发行上市的情形。说明发行人募集资金用途涉及境外投资所履行的相关审 批、核准或备案程序情况。说明发行人及下属公司经营范围和实际业务经营是否涉及《外商投资准入特 别管理措施(负面清单)(2024年版)》外资禁止或限制准入领域。 智通财经APP获悉，12月6日，中国证监会公布境外发行上市备案补充材料要求公示(2025年12月1日— 2025年12月5日)。证监会要求晶合集成(688249.SH)补充说明设立及历次股权变动是否合法合规出具明 确结论性意见。据港交所9月29日披露，晶合集成向港交所主板提交上市申请书，中金公司为其独家保 荐人。 ...

招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 2025 年 12 月 8 日 1 中国股市上涨，港股原材料、金融与工业领涨，综合、公用事业与必选消费 下跌，南向净买入 13.4 亿港元，小米与美团净买入最多，阿里与腾讯净卖出 居前。A 股非银金融、有色金属与工贸综合涨幅居前，银行、煤炭与电信服 务跑输市场。A 股券商板块大涨，中国证监会主席表示鼓励头部机构通过并 购重组打造国际一流投行，将对优质券商适度松绑打开资本空间与杠杆限制， 鼓励中小机构打造小而美的精品投行、特色投行和特色服务商；保险板块大 涨，保险公司投资资本市场的风险因子再度下调，显示监管机构鼓励险资等 长期资本入市的态度。 美股上涨，通讯服务、信息技术与可选消费涨幅居前，公用事业、能源与医 疗保健跌幅最大。戴尔、联想、惠普等主要 OEM 厂商计划大幅提高服务器 价格，因供应很难跟上快速增长的需求。微软与博通商谈定制芯片设计合作， 可能替换现有供应商 Marvell，以降低对英伟达依赖。随着 AI 产品创新，定 制芯片需求激增，科技公司寻求供应链多元化以降低风险与成本。 美债收益率升至两周新高，美元指数转 ...

Investment Rating - The report assigns a neutral rating to Huahong Semiconductor with a target price of HK$80.00 [4][5]. Core Insights - Huahong Semiconductor has initiated price increases for its 12-inch foundry services since Q2 2025, driven by full capacity utilization, with plans for further significant price hikes in 2026 [1]. - The company aims to reduce production cash costs by 5-10% by 2026, following cost-cutting measures implemented under the new president [1]. - The gross margin for the 12-inch foundry business turned positive in Q1 2025 and improved to 10% in Q3, with a target to reach 15% despite high depreciation costs [1]. - The company is optimizing its revenue structure by focusing on microcontroller units (MCUs) and smart card chips, benefiting from the growing demand for data center power chips [2]. - Huahong's first 12-inch fab has a current monthly capacity of 100,000 wafers, with plans for additional fabs to enhance production capabilities [3]. Financial Projections - Revenue is projected to decline from US$2,475 million in 2022 to US$2,004 million in 2024, before rebounding to US$3,033 million in 2026 [7]. - The net profit is expected to increase from US$75 million in 2025 to US$147 million in 2026, reflecting a recovery in profitability [7]. - The estimated gross margin for 2026 is forecasted at 13.6%, slightly above the 12.0% expected for 2025 [1]. Market Context - Huahong Semiconductor is the second-largest foundry in mainland China, primarily serving the domestic market, which is expected to contribute 82% of its revenue in 2024 [10]. - The company is also leveraging the trend of localization by serving European IDM clients like STMicroelectronics and Infineon [2].

公众号记得加星标⭐️，第一时间看推送不会错过。 在AI浪潮推升下，根据IDC 5日最新全球半导体报告预估，2026年整体半导体市场规模将达8,890亿 美元。 IDC资深研究经理曾冠玮表示，在NVIDIA、超微（AMD）等AI GPU大厂与美系云端服务业 者自研AI ASIC芯片带动下，美国稳居全球IC设计龙头；但中国大陆IC设计公司2025年市占率已正 式超越台湾，预计2026年大陆市占可望扩大至约45%，台湾则将滑落至约40%，全球排名退居第三。 曾冠玮指出，台湾IC设计市占会在今年被大陆反超，关键在于「缺少自研AI芯片」；大陆在强劲AI 芯片内需与政策补贴拉抬下，相关IC设计业者快速冒出头，反观台湾除联发科外，多数厂商几乎没有 AI芯片相关营收，即使加上世芯、创意等IC设计服务业者，要追上大陆市占「仍有难度」。 IDC分析，中国大陆IC设计版图得以迅速扩张，主要受惠于半导体自主化政策与内需市场支撑。在美 国制裁下，大陆芯片设计公司持续技术突破，寒武纪等业者的AI芯片出货量明显放大，制造订单多流 向中芯国际等本土晶圆代工厂；兆易创新的NOR Flash、MCU需求畅旺，以及比特币大陆矿机芯片 热销，也为大 ...

曾冠玮指出，台湾地区IC设计市占会在今年被大陆反超，关键在于"缺少自研AI芯片"；大陆在强劲AI芯 片内需与政策补贴拉抬下，相关IC设计厂商快速冒出头，反观台湾地区除联发科（2454）外，多数厂商 几乎没有AI芯片相关营收，即使加上世芯（3661）、创意（3443）等IC设计服务业者，要追上大陆市 占"仍有难度"。 尽管IC设计面临竞争压力，曾冠玮强调，台湾在全球半导体供应链的关键地位不变。IDC预估，2026年 全球晶圆代工市场将成长约20%，其中台积电（2330）营收成长率可达22%至26%，市占率维持约73% 的绝对领先。 在AI浪潮推升下，根据IDC 5日最新全球半导体报告预估，2026年整体半导体市场规模将达8,890亿美 元。IDC资深研究经理曾冠玮表示，在英伟达（NVIDIA）、AMD（AMD）等AI GPU大厂与美系云端 服务业者自研AI ASIC芯片带动下，美国稳居全球IC设计龙头；但中国大陆IC设计公司2025年市占率已 正式超越中国台湾，预计2026年大陆市占可望扩大至约45%，中国台湾则将滑落至约40%，全球排名退 居第三。 IDC分析，中国大陆IC设计版图得以迅速扩张，主要受惠于半导 ...

IDC资深研究经理曾冠玮今天表示，明年晶圆代工市场可望成长20%，主要来自于台积电贡献，预期台 积电明年营收有望成长22%至26%，台积电以外的厂商营收仅成长6%至10%，呈现大者恒大、强者恒强 态势，台积电市占率可达73.1%。 市场研究暨分析机构国际数据资讯（IDC）今天召开台湾ICT市场及全球半导体趋势预测记者会，曾冠 玮表示，在人工智能（AI）驱动下，2026年全球半导体市场可望成长11%，达到8900亿美元规模，2028 年应可挑战1兆美元大关。 IC设计方面，曾冠玮表示，在国家政策强力扶植下，中国大陆IC设计产值于2025年将超越台湾，居亚太 区IC设计之冠。预期2026年亚太区IC设计市场可望成长11%，中国大陆市占率可望进一步扩大至45%。 曾冠玮指出，2026年运算市场可望成长18%，是成长最大的半导体应用领域，也是半导体最大应用市 场，占整体半导体市场比重达46%。AI加速器市场将激增78%，特殊应用芯片（ASIC）增幅可达 113%，高于绘图处理器（GPU）的66%。 半导体封测方面，曾冠玮预期，2026年全球封测市场可望成长11%，CoWoS先进封装产能将增长72%， 台积电年产能估计 ...

Group 1 - The core viewpoint of the article is that the semiconductor market is expected to grow significantly, driven by major players like TSMC, with a projected growth of 20% in the wafer foundry market next year and TSMC's revenue expected to grow by 22% to 26% [2][3] - The global semiconductor market is anticipated to reach $890 billion by 2026, with a growth rate of 11%, and could challenge the $1 trillion mark by 2028 [2] - The computing market is expected to grow by 18%, making it the largest application area for semiconductors, accounting for 46% of the overall market [2] Group 2 - The traditional wafer foundry and non-memory integrated device manufacturing (IDM) markets are projected to grow by approximately 14% by 2026 [3] - The mature process segment is recovering, with capacity utilization expected to remain above 80% due to strong demand from AI data centers [3] - China's wafer foundry capacity is expected to surpass Taiwan by 2028, driven by domestic policies and resource allocation [3] Group 3 - The IC design market in China is projected to surpass Taiwan by 2025, becoming the leader in the Asia-Pacific region [3] - The global packaging and testing market is expected to grow by 11% by 2026, with advanced packaging capacity increasing by 72% [3] - The semiconductor revenue is expected to grow by 22.5% in 2025 and by 26.3% in 2026, reaching $975 billion [5][6] Group 4 - The Americas region is expected to see the most significant growth in semiconductor revenue, with a projected increase of 34.4% [6] - The demand for logic chips is expected to grow by 37.1% in 2025, making it the largest product category in terms of revenue growth [5] - The third quarter of 2025 saw a significant increase in global chip sales, driven by demand for various semiconductor products [7]

Group 1: Technology Industry - The outlook for 2026 suggests that the artificial intelligence (AI) supercycle may continue, with strong growth in AI infrastructure expected at least until 2026, driven by significant capital expenditure increases from major cloud providers, projected to grow over 30% in 2026 following over 60% growth in 2024 and 2025 [1][2] - The report highlights a persistent supply-demand imbalance in computing acceleration and network communication chips, with overall demand remaining high despite potential increases in supply [1] - The "15th Five-Year Plan" is expected to accelerate domestic substitution opportunities in key industrial chains, supported by favorable policies during this period [1] Group 2: Semiconductor and AI Infrastructure - The recovery in terminal demand is noted to be moderate, with strong demand for servers closely related to AI, while global consumer electronics demand for 2026 is viewed with caution due to the prolonged price increases in memory chips [2] - Investment recommendations include overseas chip design and foundry companies such as NVIDIA (NVDA US), Broadcom (AVGO US), and TSMC (TSM US), which are expected to benefit from AI infrastructure development [2] - Domestic AI and substitution opportunities are also highlighted, with companies like Northern Huachuang (002371 CH), OmniVision (603501 CH), Zhongwei Company (688012 CH), and Huahong Semiconductor (1347 HK) recommended for investment [2] Group 3: Pharmaceutical Industry - The report indicates that the transition to an inquiry-based procurement model for the 1-8 batch of national procurement may limit overall price reductions, suggesting a smaller-than-expected impact on Hong Kong prescription drug companies [3] - The healthcare sector's performance is noted, with the Hang Seng Healthcare Index rising by 0.5%, although it underperformed the broader market [3] - Investment insights suggest a focus on innovative drugs and stable traditional companies, with a positive outlook on the innovation theme in the long term [3][6] Group 4: Economic Data and Market Performance - The report includes key economic data releases from the US and China, with manufacturing and non-manufacturing PMI figures indicating varying market expectations [7] - The performance of major global indices is summarized, with the Hang Seng Index closing at 25,936, reflecting a year-to-date increase of 29.05% [4] - Commodity prices and foreign exchange rates are also provided, showing significant fluctuations in various markets, which may impact investment strategies [5]

我认为我们已经开始看到这些措施带来的好处，因为至少收益率还没有达到我们期望的水平，而且正 如戴夫在财报电话会议上所说，随着时间的推移，收益率还会继续提高。但现在我们已经看到收益率 逐月稳步提升，这与行业平均水平相符。 针对外界对18A-P工艺节点表现出浓厚兴趣的传闻，英特尔高管表示，该工艺在PDK（工艺开发工具 包）方面已"相当成熟"，英特尔将重新与外部客户接洽，以评估他们的兴趣。18A-P和18A-PT工艺 节点将同时应用于内部和外部，这也是消费者对该工艺节点表现出浓厚兴趣的原因之一，因为PDK的 早期进展非常顺利。不过，皮策表示，英特尔内部设施部（IFS）不会透露客户信息，而是会等待客 户主动披露潜在的节点采用计划。 考虑到CoWoS产能瓶颈，先进封装技术对英特尔晶圆代工而言前景广阔。英特尔副总裁证实，一些 先进封装客户取得了"良好成果"，这表明EMIB、EMIB-T和Foveros封装解决方案正被视为台积电产 品的替代方案。英特尔高管表示，客户主动联系英特尔是"溢出效应"的结果，公司目前正在进行"战 略对话"。 公众号记得加星标⭐️，第一时间看推送不会错过。 英特尔公司企业规划副总裁约翰·皮策 (Joh ...

芯片股涨幅居前，截至发稿，华虹半导体(01347)涨3.45%，报76.5港元；上海复旦(01385)涨2.63%，报 39.78港元；中芯国际(00981)涨1.86%，报68.45港元。 消息面上，12月3日晚间，摩尔线程发布公告称，公司股票将于2025年12月5日（周五）在上海证券交易 所科创板上市。同日，沐曦股份发布公告称，其在科创板IPO上市的询价结果出炉，并确定发行价格为 104.66元/股，按照此次初步发行价格与发行后总股本计算，沐曦股份市值达418亿元。 上海证券发布研报称，2025 年全球晶圆代工产业营收有望同比增长 22.1%，AI 和电动汽车或将持续助 力 2026 年市场增长。中信证券则表示，预计2030年的中国AI芯片市场规模将在2025年350-400亿美元基 础上，增至原来的7-9倍，增幅高于全球。中国AI芯片国产化率有望从2025年30~40%提升至2030年的 60~70%水平。 ...