Group 1 - The core point of the article highlights significant movements in the semiconductor industry, particularly acquisitions and investments by major players like SMIC, Huahong Semiconductor, and Jinghe Integrated [1][2][3] - SMIC announced plans to acquire 49% of the shares of its subsidiary, SMIC North, for 40.6 billion yuan, aiming to fully own the company and consolidate its operations [1][4][5] - Huahong Semiconductor plans to acquire 97.4988% of Huahong Micro for 8.268 billion yuan, enhancing its control over the company and addressing competition within its group [2][6][7] - Jinghe Integrated has initiated a new project with a total investment of 35.5 billion yuan, focusing on expanding its production capacity and technological capabilities in the semiconductor sector [2][8] Group 2 - SMIC North, established in 2013, has become a key production base for SMIC, with a monthly capacity of 70,000 wafers and advanced technology covering 40nm and 28nm processes [4][5] - The financial performance of SMIC North is strong, with projected revenues of 11.575 billion yuan and 12.98 billion yuan for 2023 and 2024, respectively, indicating significant profit contributions to SMIC [5] - Huahong Micro's core asset is a fully automated 12-inch wafer production line with a monthly capacity of 38,000 wafers, which will enhance Huahong Semiconductor's market position post-acquisition [7] - Jinghe Integrated's new project will add a 55,000 wafers/month production line, focusing on 40nm and 28nm processes, catering to various applications including AI and smart devices [8][9] Group 3 - The global wafer foundry market is expected to grow, with projections indicating an 18.3% increase in the semiconductor market size by 2026, reaching $880 billion [10] - The demand for mature process nodes (22-28nm) is anticipated to shift, with China's share in the global market expected to rise significantly by 2030 [10] - Major foundries, including SMIC and Huahong Semiconductor, are operating at high capacity utilization rates, indicating strong demand and potential for revenue growth [11][12] - Recent trends show a price increase in wafer foundry services, with SMIC and other companies raising prices by approximately 10% for certain processes, reflecting the industry's tightening supply and demand dynamics [12]

Core Viewpoint - Huahong Semiconductor (01347) announced plans to acquire 97.4988% of Huali Micro for 8.268 billion yuan, aiming to resolve industry competition in 65/55nm and 40nm processes, which will significantly enhance its production capacity and financial performance [1] Financial Impact - The acquisition is expected to increase Huahong's net profit from 380 million yuan to 960 million yuan, representing a 151% growth, and boost earnings per share (EPS) from 0.22 yuan to 0.50 yuan, a 127% increase [1] - The company plans to raise up to 7.556 billion yuan in supporting funds, which will enhance liquidity and support production line upgrades [1] Capacity Expansion - Post-acquisition, Huahong will add 38,000 wafers per month in 65/55nm and 40nm capacity, further increasing its 12-inch wafer foundry capacity [1]

｜2026年1月5日 星期一｜ NO.3浙商证券：关注价格改善的信号 浙商证券研报指出，本期观察到，行业的景气提升主要体现在"涨价"，如有色金属中的黄金、白银、铜 等价格大幅上行，基础化工中的甲醇、沥青、天然橡胶和电力设备中的碳酸锂、氢氧化锂价格边际抬 升；TMT中，半导体销售周期上行，行业景气度不减，多家晶圆代工与存储厂商近期相继向市场释放 涨价信号。该机构认为，除了要关注主题性的投资机会如机器人、自动驾驶外，适当增加对"涨价"品种 的关注度，如基础化工、电力设备（锂电池）、电子半导体等。 免责声明：本内容与数据仅供参考，不构成交易建议，使用前请核实。据此操作，风险自担。 每日经济新闻 NO.1中信建投：继续看好跨年行情 中信建投研报指出，A股跨年行情如期展开，今年元旦市场面临的流动性环境和汇率环境明显好于前两 年。人民币汇率保持强劲，有利的外部环境或将推动A股元旦后迎来"开门红"行情。同时国内流动性环 境整体宽松，也有利于跨年行情的展开。人民币升值、科技板块利好集中释放、宏观经济预期改善及资 金面积极信号等多重利好共同推动港股开年大涨，这些利好也同样有望推动A股跨年行情的继续演绎。 NO.2中泰证券：科技 ...

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

Core Viewpoint - The acquisition of a 97.4988% stake in Shanghai Huahong Microelectronics Co., Ltd. (Huahong Micro) by Huahong Company is a strategic move to enhance its 12-inch wafer foundry capacity and resolve industry competition issues, with a transaction value of approximately 8.268 billion yuan [2][4][8]. Group 1: Acquisition Details - Huahong Company plans to issue shares to acquire Huahong Micro for approximately 8.268 billion yuan and raise an additional 7.556 billion yuan for technology upgrades and debt repayment [2][6]. - The acquisition is part of Huahong Group's commitment to eliminate industry competition, as stated in a supplementary commitment letter issued during Huahong Company's IPO [3][4]. - The valuation of Huahong Micro has increased by over three times, reflecting its rapid growth, with a net profit of over 500 million yuan in the first eight months of 2025 [2][4]. Group 2: Financial Performance - Huahong Micro's revenue for 2023 and 2024 was 2.579 billion yuan and 4.988 billion yuan, respectively, with a net profit of 522 million yuan in 2024 and a projected net profit of 515 million yuan in the first eight months of 2025 [7]. - Huahong Company's sales revenue reached 5.66 billion USD in Q2 2025, an 18.3% increase year-on-year, with a net profit of 795.20 million USD, reflecting a 19.2% increase [9]. - The asset-liability ratio of Huahong Micro was 72.42% as of August 31, 2025, indicating a need for financial restructuring [6][7]. Group 3: Strategic Implications - The acquisition is expected to enhance Huahong Company's market share and profitability by leveraging complementary technology platforms and improving operational efficiency [5][8]. - The planned fundraising of 7.556 billion yuan will be directed towards technology upgrades, research and development, and debt repayment, which will strengthen Huahong Micro's competitive position [6][7]. - The integration of Huahong Micro's advanced technologies is anticipated to yield synergies in process optimization and yield improvement, further enhancing Huahong Company's capabilities in the semiconductor foundry market [5][10].

Core Insights - The recent launch of the 355 billion yuan investment in the fourth phase of the Jinghe Integration project aims to enhance the domestic semiconductor industry's technology and supply chain autonomy [1][3] - The project will establish a 12-inch wafer foundry production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [1][3] - The demand for high-end specialty process technology products is increasing due to the rapid growth of mobile applications, artificial intelligence, and computing power [1][3] Company Development - Jinghe Integration has evolved from one factory to three, increasing its technology from 150nm to 28nm, and has become a leader in both LCD chip foundry market share and security CIS chip shipments [2][4] - The fourth phase project is expected to begin equipment installation in Q4 2026 and reach full production by Q2 2028, aiming to meet the market's demand for high-performance and high-quality wafer foundry services [2][4] Market Trends - The expansion of the Jinghe Integration project aligns with the growing market for logic processes, which are critical for future breakthroughs in computing and storage [1][3] - The project will support applications in OLED display panels, AI smartphones, AI computers, smart vehicles, and artificial intelligence [1][3]

Core Viewpoint - The company, Jinghe Integrated, has officially launched the construction of its Phase IV project with a total investment of 35.5 billion yuan, aiming to enhance its 12-inch wafer foundry capacity and meet the growing demand for high-performance semiconductor services [1][2]. Group 1: Project Overview - The Phase IV project will establish a production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [1]. - The project is expected to begin equipment installation in Q4 2026 and reach full production by the end of 2028 [2]. Group 2: Business and Financial Performance - Jinghe Integrated specializes in 12-inch wafer foundry services and has achieved mass production of various products, including display driver ICs (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications [3]. - For the first three quarters of 2025, the company reported revenue of 8.13 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 550 million yuan, up 97.24% year-on-year [3]. - The company has successfully mass-produced 40nm high-voltage OLED display driver chips and is making progress in the development of 28nm OLED display driver chips, as well as Micro OLED technology for AR/VR applications [3].

Core Viewpoint - The rapid growth of mobile applications, artificial intelligence, and computing power is driving the expansion of the logic process market, with increasing demand for advanced specialty process technology products, particularly in OLED and CIS applications [1][3]. Group 1: Project Development - The fourth phase project of Jinghe Integration has officially started construction with a total investment of 35.5 billion yuan, aiming to enhance the domestic semiconductor industry's technology and supply chain autonomy [1][3]. - The new facility will feature a 12-inch wafer foundry production line with a capacity of 55,000 wafers per month, focusing on 40nm and 28nm processes for CIS, OLED, and logic applications [3][5]. - The project is expected to begin production in Q4 2026 and reach full capacity by Q2 2028, addressing the market's demand for high-performance and high-quality wafer foundry services [3][5]. Group 2: Company Growth and Market Position - Jinghe Integration has grown from one to three factories and from 150nm to 28nm technology, becoming the leading company in the security CIS chip shipment volume [3][5]. - The company is ranked ninth globally and third in mainland China among wafer foundry enterprises, only behind SMIC and Hua Hong Group [4][5]. - According to Frost & Sullivan, Jinghe Integration has the fastest capacity and revenue growth among the top ten global wafer foundry companies from 2020 to 2024 [5]. Group 3: Financial Performance - For the first half of 2025, the company reported a total wafer shipment of 788,400 12-inch wafers, with a revenue of 8.13 billion yuan, reflecting a year-on-year growth of 20% [6]. - The gross margin for the same period was 25.9%, with a net profit of 550 million yuan, showing a significant year-on-year increase of 97% [6]. - The revenue contribution from CIS and PMIC products has increased, with CIS and PMIC accounting for 20.51% and 12.07% of the main business revenue, respectively [6].

Core Viewpoint - Huahong Semiconductor's stock price increased by 9.35% to HKD 81.25, with a trading volume of HKD 662 million, following the announcement of a significant acquisition deal [1] Group 1: Acquisition Details - The company plans to acquire a total of 97.4988% equity in Huahong Micro from Huahong Group and three other parties through a share issuance [1] - The total transaction value is set at RMB 8.268 billion, with an additional fundraising target of RMB 7.556 billion from no more than 35 qualified investors [1] Group 2: Strategic Implications - The transaction focuses on overlapping business and assets in the 65/55nm and 40nm process nodes, which will resolve historical competition issues and enhance corporate governance and business independence [1] - This integration will allow Huahong Semiconductor to directly incorporate Huahong Micro's 12-inch wafer foundry production lines and mature process platforms, leading to sustained growth in production capacity [1]

Core Viewpoint - Huahong Semiconductor (01347) has seen a significant stock price increase of over 8%, currently trading at 79.9 HKD with a transaction volume of 389 million HKD, following the announcement of a major acquisition deal [1] Group 1: Acquisition Details - The company plans to acquire a total of 97.4988% equity in Huali Microelectronics from Huahong Group and three other parties through a share issuance [1] - The total transaction price for this acquisition is set at 8.268 billion RMB, with an additional fundraising target of 7.556 billion RMB from no more than 35 qualified investors [1] Group 2: Strategic Implications - This transaction focuses on overlapping business and assets in the 65/55nm and 40nm process nodes, which will address historical issues of competition within the industry [1] - The completion of this deal is expected to enhance the company's governance structure and business independence, aligning with regulatory requirements and market expectations [1] - As a comprehensive specialty process platform, Huahong Semiconductor will integrate Huali Micro's 12-inch wafer foundry production lines and mature process platforms, leading to sustained growth in production capacity [1]