表 1： 闻泰科技股份有限公司 公开发行可转换公司债券跟踪评级报告 （2025） 编号：信评委函字2025跟踪 0530 号 闻泰科技股份有限公司 ? 根据监管要求，本评级报告及评级结论不得用于其他债券的发行等证券业务活动。对于任何未经充分授权而使用 本 声 明 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独 立、 客观、公正的关联关系。 准 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 或不定期对评级对象进行跟踪评级，根据跟踪评级情况决定维持、变更评级结果或暂停、终止评级等。 报告的行为，中诚信国际不承担任何责任。 中诚信国际信用评级有限责任公司 | | 闻泰科技股份有限公司 | | | --- | --- | --- | | 本次跟踪发行人及评级结果 | 闻泰科技股份有限公司 AA | /稳定 | | 本次跟踪债项及评级结果 | "闻泰转债" - | | | | AA | | | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行 | | | 跟 | | | | 跟踪评级原因 | | ...

每日市场观察 2025 年 6 月 13 日 【今日关注】 周四沪深指数近乎平收,成交额 1.3 万亿比上一交易日增加约 100 亿。 行业涨跌各半，有色、传媒、医药等行业涨幅居前，家电、煤炭、食品 饮料、农业等行业跌幅居前。 指数延续了窄幅震荡节奏，整体成交量的变化也较为温和。行业上，创 新药、稀土磁材、贵金属当前受市场关注度较高，且走出了一定的趋势 性。连续一段时间看，行业结构相比以前出现比较明显的变化。此前科 技和大金融行业对市场影响较大，而当前阶段，已经逐渐切换到了有色、 医药、保险等过去相对冷门的行业，这些行业中部分大市值公司已经有 明显的涨幅。与此同时，半导体设备、白酒行业中的大市值公司走势较 弱，这种传统机构重仓个股的差异，反映出机构资金可能在进行高低切 换的操作。 创新药、贵金属、保险等行业中大市值龙头的上涨表现出一定的持续性， 可能具有一定的风向标意义。 【市场回顾】 市场概况：6 月 12 日，市场全天窄幅震荡，三大指数涨跌不一。截至收 盘，沪指涨 0.01%，深成指跌 0.11%，创业板指涨 0.26%。 【资金面】 主力资金流向：6 月 12 日，上证净流入 56.15 亿元，深证净流 ...

1Q25淡季效应减轻，晶圆代工营收季减至5.4% 根据Tr endFor c e集邦咨询最新调查，2025年第一季，全球晶圆代工产业受国际形势变化影响而 提前备货，部分业者接获客户急单，加上中国延续2024年推出的旧换新补贴政策，抵消部分淡 季冲击， 整体产业营收季减约5.4%，收敛至364亿美元 。 | Ranking | Company | | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q25 | 4Q24 | QQQ | 1Q25 | 4Q24 | | 1 | 台积申(TSMC) | 25,517 | 26,854 | -5.0% | 67.6% | 67.1% | | 2 | 三星(Samsung) | 2,893 | 3,260 | -11.3% | 7.7% | 8.1% | | 3 | 中科国际(SMIC) | 2,247 | 2,207 | 1.8% | 6.0% | 5.5% | | 4 | 联电(UMC) | 1,759 | 1,867 | -5.8% | 4.7% | 4 ...

1Q25淡季效应减轻，晶圆代工营收季减至5.4% 根据Tr endFor c e集邦咨询最新调查，2025年第一季，全球晶圆代工产业受国际形势变化影响而 提前备货，部分业者接获客户急单，加上中国延续2024年推出的旧换新补贴政策，抵消部分淡 季冲击， 整体产业营收季减约5.4%，收敛至364亿美元 。 | Ranking | Company | | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q25 | 4Q24 | QoQ | 1Q25 | 4Q24 | | T | 台积电(TSMC) | 25,517 | 26,854 | -5.0% | 67.6% | 67.1% | | 2 | 三星(Samsung) | 2,893 | 3,260 | -11.3% | 7.7% | 8.1% | | 3 | 中科国际(SMIC) | 2,247 | 2,207 | 1.8% | 6.0% | 5.5% | | 4 | 联电(UMC) | 1,759 | 1,867 | -5.8% | 4.7% | 4 ...

据《日本经济新闻》11日报道，随着台积电的扩张和半导体产业在熊本县的聚集，物流需求将进一步增 加。熊本县内正在持续推进建立新的物流中心，用于处理半导体制造所需的原材料、工业燃气和化学品 等。 自台积电在日本的第一工厂建设并开始量产以来，有关台积电在日本国内第二工厂的相关情况也一直受 到舆论关注，但日本国内的一些现实情况似乎影响了相关进程。据彭博社（日文版）3日报道，台积电 首席执行官魏哲家当天在一场活动中将该公司在熊本县的扩张计划略微推迟归咎于日益严重的交通拥 堵。彭博社评论称，这凸显了日本政府主导的半导体制造项目面临的一些障碍。"第一家工厂工人数量 的激增已经给当地基础设施带来了巨大压力"。魏哲家坦言，海外建厂挑战比想象中更大。即使在台 湾，从动工到量产也需两年至两年半时间，其他地区因缺乏熟练劳动力、建厂经验与供应链配套，时间 势必更长。 综合物流公司日清计划2026年8月底在熊本县大津町建成新的物流仓库，并已将该物流仓库定位为存储 和向工厂运送成品半导体制造设备、零部件和维护工具以及半导体制造过程中使用的铝等其他金属的前 沿据点。 包括熊本县在内的九州地区，半导体产业的集中度正不断提升。在福冈县福冈市等地 ...

Core Viewpoint - Guokewai (300672.SZ) is progressing with its acquisition of 94.37% of the shares of SMIC Integrated Circuit (Ningbo) Co., Ltd. to enhance its capabilities in the semiconductor industry and respond to national policies for domestic substitution in core components [2][10] Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments [2] - The transaction aims to establish a dual-driven model of "digital chip design + analog chip manufacturing" by gaining production capabilities in high-end filters and MEMS [2][4] - Guokewai acknowledges that SMIC Ningbo is currently experiencing losses, which may pose risks of consolidated losses in the short term [2][6] Group 2: Financial Performance of SMIC Ningbo - SMIC Ningbo's projected revenues for 2023 and 2024 are 213.2 million and 453.8 million respectively, reflecting a year-on-year growth of approximately 113% [6] - Despite revenue growth, SMIC Ningbo is expected to incur net losses of 813 million in 2024, slightly improving from a loss of 843 million in 2023 [6] - The company is in a capacity ramp-up phase, and its financial performance is under pressure due to high depreciation costs and suboptimal capacity utilization [6][7] Group 3: Strategic Synergies - The acquisition is expected to create synergies by combining Guokewai's digital chip expertise with SMIC Ningbo's strengths in RF front-end and MEMS manufacturing [5] - Guokewai aims to transition from a Fabless design model to a more integrated "chip design + wafer processing" approach, enhancing competitiveness [5] - The collaboration is anticipated to improve operational efficiency and strengthen market cooperation by providing comprehensive solutions to strategic clients [5] Group 4: Market Context and Opportunities - The market for RF filters, particularly in the context of domestic substitution, presents significant growth potential, with SMIC Ningbo being one of the few domestic manufacturers capable of producing high-end BAW filters [9][10] - Currently, foreign companies dominate the SAW and BAW filter markets, with domestic firms holding less than 5% market share in the high-frequency BAW filter segment [9] - The demand for domestic alternatives in the RF filter market is urgent, supported by national policies aimed at reducing reliance on foreign suppliers [9][10]

产业观察 [table_Header]2025.06.10 | | 【数字经济周报】博通推出 Tomahawk 6：世界上第 | 产业研究中心 | | | --- | --- | --- | --- | | 一台 | 102.4 Tbps 交换机 | [Table_Authors] | 朱峰(分析师) | | | 摘要：数字经济动态事件速览 第 17 期（2025.05.31-2025.06.06） | | 021-38676666 | | | [Table_Summary] 半导体板块动态： | 登记编号 | S0880522030002 | | | 1） 寒武纪：49.8 亿元定增申请获上交所受理 | | | | | 博通推出 交换机芯片 2） Tomahawk 6：全球首款 102.4 Tbps | | | | | 3） GlobalFoundries 宣布在美国投资 160 亿美元 | | 鲍雁辛(分析师) | | | 汽车电子板块动态 | | 021-38676666 | | | 1）小鹏联手华为推出 AR-HUD | 登记编号 | S0880513070005 | | | 2）蔚来公司 5 月交付 ...

Group 1 - Guokemicro (300672.SZ) announced a major asset restructuring plan to acquire 94.366% of the shares of Zhongxin Integrated Circuit (Ningbo) Co., Ltd. through a combination of issuing shares and cash payments, aiming to establish a dual-driven system of "digital chip design + analog chip manufacturing" in the semiconductor field [1] - Guokemicro is a leader in the domestic integrated circuit design sector, focusing on chip design and R&D, providing solutions for AI, multimedia, automotive electronics, IoT, and data storage, with products widely used in various popular fields [1] - Zhongxin Ningbo operates primarily under a Foundry model, specializing in RF front-end and MEMS semiconductor wafer foundry and customized chip manufacturing services, equipped with 6-inch and 8-inch wafer manufacturing lines [1] Group 2 - Zhongxin Ningbo has established deep cooperation with leading domestic mobile terminal companies, signing a strategic cooperation framework agreement to supply 50% of the RF filters needed for mobile terminal products, indicating strong recognition of its products [2] - China has become the largest RF filter consumption market globally, accounting for nearly 30% of the market size, but domestic companies hold less than 5% of the BAW filter market, which is dominated by US firms like Broadcom and Qorvo [2] - With the deepening of 5G commercialization and accelerated 6G technology development, the demand for high-performance RF front-end devices is increasing, making BAW filters a critical bottleneck [2] Group 3 - The acquisition of Zhongxin Ningbo will enhance Guokemicro's production capabilities in high-end filters and MEMS, while leveraging Zhongxin Ningbo's cooperation with strategic clients to expand into markets such as smartphones and smart connected vehicles [3] - This acquisition extends Guokemicro's industrial chain layout into the high-value core components of RF front-end, enhancing competitiveness in the analog chip market and opening new business growth points [3] - The collaboration between Zhongxin Ningbo and strategic clients will inject strong momentum into the domestic filter industry, promoting the semiconductor industry chain towards self-control and technological innovation, gradually breaking the long-standing monopoly of foreign companies in the high-end filter market [3]

Core Insights - The global wafer foundry industry is expected to see a revenue decline of approximately 5.4% in Q1 2025, totaling $36.4 billion, influenced by international market conditions and seasonal factors [2][3] - The second quarter is anticipated to show revenue growth for the top ten foundries, driven by China's old-for-new subsidy policy, pre-launch inventory for new smartphone models, and stable demand for AI HPC [2] Company Performance - TSMC remains the market leader with a revenue of $25.5 billion in Q1 2025, a decrease of 5% quarter-over-quarter, holding a market share of 67.6% [3][4] - Samsung's foundry revenue fell by 11.3% to $2.89 billion, with a market share of 7.7%, primarily due to weak mobile chip demand and ongoing inventory adjustments [5] - SMIC reported a revenue increase of 1.8% to $2.25 billion, benefiting from customer pre-orders and domestic consumption subsidies, ranking third in the industry [6] - UMC's revenue decreased by 5.8% to $1.76 billion, maintaining its fourth position, with stable wafer shipments offsetting seasonal impacts [6] - GlobalFoundries experienced a revenue decline of 13.9% to $1.58 billion, while HuaHong Group ranked sixth with stable performance [7] - Vanguard's revenue increased by 1.7% to $363 million, moving up to seventh place, while Tower's revenue decreased by 7.4% to $358 million [7] - Nexchip's revenue grew by 2.6% to $353 million, ranking ninth, while PSMC's revenue slightly decreased by 1.8% to $327 million, placing it tenth [8] Market Trends - TSMC's advanced process technologies, particularly in AI and HPC, are driving revenue growth, with 3nm, 5nm, and 7nm processes contributing 73% of wafer sales [4] - AI chip demand is projected to be a significant growth driver for TSMC, with a forecasted 100% increase in AI accelerator chip sales in 2025 [4] - SMIC anticipates a revenue decline of 4% to 6% in Q2 2025, indicating a challenging market environment ahead [6]

| Ranking | Company | | Revenue | | Market Share | | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q25 | 4Q24 | QoQ | 1Q25 | 4Q24 | | I | 台积电(TSMC) | 25,517 | 26,854 | -5.0% | 67.6% | 67.1% | | 2 | 三星(Samsung) | 2,893 | 3,260 | -11.3% | 7.7% | 8.1% | | 3 | 中古国际(SMIC) | 2,247 | 2,207 | 1.8% | 6.0% | 5.5% | | 4 | 联电(UMC) | 1,759 | 1,867 | -5.8% | 4.7% | 4.7% | | ട | 格林(GlobalFoundries) | 1,575 | 1,830 | -13.9% | 4.2% | 4.6% | | e | 华虹集团(Huahong Group) | 1,011 | 1,042 | -3.0% | 2.7% | 2.6% | | 7 | 世界先进(VI ...