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英诺赛科(02577.HK)完成配售合共2070万股新H股
Ge Long Hui· 2025-10-17 09:49
配售所得款项净额约15.504亿港元,配售完成后,筹集的所得款项将进一步增强集团的财务实力、市场 竞争力及综合实力,并促进集团的长期健康及可持续发展。 格隆汇10月17日丨英诺赛科(02577.HK)发布公告,配售协议项下的所有条件已获达成,且配售已于2025 年10月17日完成。合共2070万股新H股(分别占紧随配售完成后经配发及发行配售股份扩大后的已发行H 股及已发行股份总数的约3.94%及约2.26%)已按照配售协议所载条款并在其条件规限下按配售价每股H 股75.58港元成功配售予不少于六名承配人。 ...
小摩维持意法半导体(STM.US)“中性”评级:短期业绩无虞 2026年汽车阴霾难散
Zhi Tong Cai Jing· 2025-10-17 08:35
智通财经APP获悉,摩根大通发表研报,维持意法半导体(STM.US)欧股"中性"评级,目标价26.40欧 元。该行指出,尽管市场对该公司三季度业绩和四季度指引抱有一定乐观情绪,但其2026财年的增长预 期仍存在较大不确定性,主要受汽车行业持续疲软的影响。 意法半导体方面表示,基于订单能见度,四季度汽车和工业业务均有望实现环比增长。同时,得益于产 能利用率提升、生产效率改善以及高利润率的微控制器(MCU)产品在营收中占比提高,四季度毛利率有 望得到改善。此外,当前有迹象显示工业半导体市场复苏、中国库存调整结束,四季度营收存在超预期 的可能性,且共识预期中的毛利率环比提升151个基点也具备实现基础,因为公司计划在四季度将库存 维持在三季度水平以提高产能利用率,MCU业务复苏也将助力利润率提升,同时生产结构调整仍在持 续推进。 尽管短期业绩存在积极信号,但摩根大通对意法半导体2026年表现持谨慎态度。当前市场共识预期2026 年意法半导体销售额同比增长12.5%,毛利率同比提升273个基点,但该行认为这一增长预期过于乐 观。 核心担忧在于汽车市场,摩根大通判断2026年汽车市场问题将持续存在,整体库存仍将处于高位, ...
作妖自毙!车企警告:缺少中资芯片伤害美国
Guan Cha Zhe Wang· 2025-10-17 07:59
【文/观察者网 熊超然】中资半导体企业在荷兰竟遭"强盗般掠夺",从荷方的"此地无银三百两",再到 后续曝光的法庭文件,都指向——美国早就撺掇荷兰"下黑手"。 然而,正所谓"多行不义必自毙",一些潜藏着强盗底色的西方国家,正"搬起石头砸自己的脚"。 据路透社当地时间10月16日报道,欧美多个主要汽车制造商组织团体当天晚间警告称,因中荷之间这场 争端所引发的芯片供应中断,可能迅速影响美国的汽车生产。报道强调,中国半导体领军企业闻泰科技 (维权)旗下子公司安世半导体控股有限公司所生产的芯片,对美国的零部件和汽车生产至关重要。 欧洲汽车制造商协会(ACEA)表示,多个汽车制造商及其供应商上周收到芯片制造商安世半导体的通 知,称其无法再保证芯片的交付。ACEA警告称,汽车制造业可能会因此受到严重干扰。 在美国,代表通用汽车、丰田、福特、大众和现代等几乎所有其他主要汽车制造商的美国汽车创新联盟 (AAI),也敦促尽快解决这一问题。 AAI首席执行官约翰·博泽拉(John Bozzella)说:"如果汽车芯片的出货不能迅速恢复,这将扰乱美国 和许多其他国家的汽车生产,并对其他行业产生溢出效应,影响非常严重。"还有一些汽车制 ...
第一创业晨会纪要-20251017
Group 1: Semiconductor Industry - TSMC reported Q3 revenue of $33.1 billion, slightly above the previous guidance of $31.8-33 billion, with a year-on-year growth of 40.8% [4] - Wafer shipments, equivalent to 12-inch wafers, reached 4.085 million units, a year-on-year increase of 22.4%, with a gross margin of 59.5%, exceeding the guidance of 55.5%-57.5% [4] - The company expects Q4 revenue to be between $32.2-33.4 billion, indicating a year-on-year growth of 22%, with a gross margin guidance of 59%-61% [4] - The strong demand for AI is driving growth in the semiconductor industry, indicating a sustained high level of industry activity [4] Group 2: Optical Communication Industry - Shijia Photon reported a significant revenue increase of 114.0% year-on-year for the first nine months of 2025, totaling 1.56 billion yuan, with a net profit of 300 million yuan, up 727.7% [4] - The growth is primarily driven by the rapid increase in optical communication demand due to AI [4] - The outlook for the optical communication industry remains positive, supported by TSMC's Q4 performance and the push for a 1ms latency metropolitan optical network in China [4] Group 3: New Energy Vehicle Industry - In September, exports of new energy passenger vehicles reached 217,000 units, a year-on-year increase of 100%, while commercial vehicle exports grew by 35.2% [7] - The total export volume of new energy vehicles for the first nine months was 1.758 million units, a year-on-year increase of 89.4%, with an expected total of around 2.5 million units for the year [7] - The increase in exports is attributed to rising tariffs and non-tariff barriers in the EU, prompting companies to shift focus to regions like the Middle East and Latin America [7] - A new plan aims to build 28 million charging facilities by 2027, supporting over 80 million electric vehicles, indicating sustained growth in the charging infrastructure sector [7] Group 4: Energy Storage Industry - Nanjing Power Storage reported a revenue of 5.32 billion yuan for the first nine months, a year-on-year increase of 17.72%, with a net profit of 1.433 billion yuan, up 37.13% [8] - The growth is mainly driven by increased hydropower generation and the operational mechanisms of pumped storage [8] - The profitability is expected to be influenced by the performance of new energy storage projects and the operational mechanisms in the fourth quarter [8] Group 5: Gaming Industry - Gibit announced a significant increase in revenue for the first three quarters of 2025, with net profit expected to be between 1.032 billion to 1.223 billion yuan, a year-on-year growth of 57% to 86% [10] - The third quarter alone is projected to show a net profit increase of 177% to 286%, driven by new game launches such as "Staff Sword Legend" and "Question Sword Longevity" [11] - The successful performance of these games in both domestic and overseas markets has significantly contributed to the company's revenue growth [11] - The company is also expanding its global presence with upcoming game launches planned for various regions [11]
押中长江存储让股价“尝甜头” 养元饮品再投10亿元加码私募
Core Viewpoint - Yangyuan Beverage is increasing its investment in its private equity fund, Wuhu Wenming Qianhong Investment Management Partnership, by 1 billion yuan, raising the fund's total size from 3 billion yuan to 4 billion yuan, with Yangyuan's contribution reaching 3.997 billion yuan, accounting for 99.925% of the fund [2] Investment Performance - The most successful investment of the fund is in Yangtze Memory Technologies Co., Ltd., where it invested 1.6 billion yuan for a 0.99% stake, valuing the company at 161.6 billion yuan, making it the highest-valued new unicorn in the semiconductor industry [4] - As of June 2025, this investment represents 12.52% of Yangyuan's total assets, although the fund has not yet achieved profitability, reporting a net loss of 9.03 million yuan in 2024 and a continued loss of 288,900 yuan in the first half of 2025 [4] Stock Performance - Following the investment in Yangtze Memory, Yangyuan's stock price surged significantly, rising from 21.14 yuan per share to a peak of 34.42 yuan, marking a 63% increase over two weeks [5] - As of October 16, the stock closed at 29.02 yuan, bringing the company's total market capitalization close to 37 billion yuan [5] Business Challenges - Despite the investment successes, Yangyuan's core business is facing challenges, with revenue declining from a peak of 9.117 billion yuan to 6.058 billion yuan in 2024, primarily relying on its walnut milk product for 88.70% of revenue [7] - The company's diversification strategy has not yielded significant results, with new products contributing only slightly over 10% of total revenue [7] Financial Health - Yangyuan's cash flow remains strong, with a cash balance of 1.459 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 58.96%, and it plans to distribute 630 million yuan in dividends, representing 84.7% of net profit [8] Strategic Outlook - The company's reliance on cross-industry investments highlights a broader trend among traditional fast-moving consumer goods companies seeking growth avenues as their core businesses plateau [9] - Balancing the pursuit of investment opportunities with strengthening the core business will be a long-term challenge for Yangyuan, as sustainable growth relies on product innovation and brand rejuvenation [9]
安世被禁,欧洲车厂预警
半导体行业观察· 2025-10-17 01:12
公众号记得加星标⭐️,第一时间看推送不会错过。 来 源: 内容来自半导体行业观察综合 。 一家鲜为人知的芯片供应商威胁要引发连锁反应,可能导致全球汽车生产线停止。 上周,汽车制造商及其供应商收到芯片制造商 Nexperia 的通知,由于中国和荷兰政府之间的争端, 该公司无法再保证芯片的交付。 代表通用汽车、丰田、大众、现代和几乎所有其他主要汽车制造商的汽车创新联盟警告称,芯片供应 中断可能会迅速扰乱美国汽车生产。 该组织首席执行官约翰·博泽拉表示:"如果汽车芯片的出货不能迅速恢复,美国和许多其他国家的汽 车生产将会受到干扰,并对其他行业产生溢出效应。" 与此同时,据知情人士透露,欧洲汽车制造商正在召开紧急会议,以应对可能在一个月内发生的潜在 停产。 德国电气和数字行业协会 ZVEI 主席沃尔夫冈·韦伯表示:"如果政治层面的局势不能迅速得到解决, 全球大部分汽车生产和许多其他工业部门都有可能陷入停滞。" 中国"坚决反对"荷兰接管 荷兰政府援引冷战时期的一项法律,以国家安全为由接管了这家总部位于荷兰的电子元件公司。 这一不同寻常的决定在半导体这一地缘政治敏感领域引发了质疑。 中国商务部发言人何咏前周四回应称:"中 ...
启东经济开发区超八成项目深度嵌入上海产业链、创新链跳出市域“延链” 跨过长江“壮群”
Xin Hua Ri Bao· 2025-10-16 23:17
9月9日,集成电路封装及管壳生产线制造、半导体前道量检测设备制造、电子元器件制造等5个项 目签约落户启东经济开发区。它们全部集中在泛半导体领域,也都将为上海大型半导体企业做产业配 套。 长三角一体化战略向纵深推进,跨越长江口的产业创新协同日益紧密。今年省政府工作报告明确, 加快长江口产业创新绿色发展协同区建设。地处长江入海口的启东,被南通赋予建设长江口产业创新绿 色发展协同区北岸先行区的使命。作为长江北岸离上海最近的省级开发区,启东经济开发区则被启东市 委要求扛起"先行区建设的首位担当"。 启东经济开发区与浦东直线距离仅60多公里,天气好时,站在高楼远眺,上海中心大厦等浦东陆家 嘴"三件套"清晰可见。"沪渝蓉(北沿江)高铁建成后,从启东西站出发,25分钟就能到宝山。"启东市委 常委、启东经济开发区党工委书记郭建介绍,上海是长三角龙头,园区将变"肉眼可见"的毗邻区位为深 度交融的发展协同,主动嵌入上海产业链、创新链,努力在"与龙共舞"中借势跃升。 跳出自身"延链壮群",启东经济开发区将视野拓展到周边200公里。浦东新区是我国第一个国家级 新区,正深耕"芯片""药片",培育发展新质生产力。启东经济开发区也将泛半导 ...
台积电:美股周四早盘股价跌0.7%,Q3业绩超预期
Xin Lang Cai Jing· 2025-10-16 14:07
美股周四早盘,台湾积体电路制造公司(TSM)股价下跌0.7%,此前该公司报告称,第三季度按公认会计 准则计算的每股稀释后收益(EPADR)为2.92美元,超出预期0.32美元,营收为331亿美元,同比增长 40.8%。 来源:视频滚动新闻 ...
通富微电控股股东华达集团拟减持不超1%股份
Zhi Tong Cai Jing· 2025-10-16 13:45
通富微电(002156)(002156.SZ)公告,公司控股股东南通华达微电子集团股份有限公司(简称"华达集 团")计划在2025年11月10日至2026年2月7日以集中竞价方式减持持有的公司股份不超过1517.6万股(即不 超过公司股份总数的1%)。 ...
通富微电:控股股东华达集团计划减持不超1%公司股份
Xin Lang Cai Jing· 2025-10-16 13:02
通富微电10月16日公告,持股19.79%的控股股东南通华达微电子集团股份有限公司计划在本减持计划 公告发布之日起15个交易日后的3个月内,以集中竞价方式减持持有的公司股份不超过1517.6万股,即 不超过公司股份总数的1%。减持主要是出于自身经营管理需要,股份来源为首次公开发行前股份。减 持价格将按照减持实施时的市场价格确定。 ...