2Q25晶圆代工营收季增14.6%创新高，台积电市占达70% 根据Tr endFor c e集邦咨询最新调查，2025年第二季因中国市场消费补贴引发的提前备货效应， 以及下半年智能手机、笔电/PC、Se rve r新品所需带动，整体晶圆代工产能利用率与出货量转 强， 推升全球前十大晶圆代工厂营收至417亿美元以上，季增达14.6%的新高纪录 。 | Ranking | Company | | Revenue | | Market Share | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | 1Q25 | Q0Q | 2025 | 1Q25 | | 1 | 台积电(TSMC) | 30,239 | 25,517 | 18.5% | 70.2% | 67.6% | | 2 | 三星(Samsung) | 3,159 | 2,893 | 9.2% | 7.3% | 7.7% | | 3 | 中芯国际(SMIC) | 2,209 | 2,247 | -1.7% | 5.1% | 6.0% | | 4 | 联电(UMC) | 1,903 | 1,7 ...

联电(UMC.US)盘前涨近2%，报6.78美元。消息面上，联电公布，8月销售额约为191.6亿新台币，同比 下降7.2%；1-8月销售额约为1558.2亿新台币，同比增长1.86%。 另外，根据TrendForce集邦咨询最新调查，得益于晶圆出货、ASP双升，第二季度联电的市场份额为 4.4%，仍为全球第四大晶圆代工业者。(格隆汇) ...

港股半导体板块午后继续下跌，华虹半导体、中芯国际一度双双跌超6%，ASMPT跌超0.5%。东兴证券 指出，当下AI产业兴起带来了高端消费电子及算力需求，晶圆代工行业受AI、汽车电子等需求推动， 先进制程及特色工艺未来几年有望保持增长态势。 中信证券表示，2025年预计国内晶圆厂扩产需求保持增长，叠加国产替代需求，有望带动国内半导体制 造、设备、零部件和材料环节的加速成长。 9月4日，港股三大指数高开低走，恒生科技指数午后跌超1.5%。盘面上，科网股跌多涨少，影视娱乐 股涨幅居前，半导体板块继续下跌，创新药概念回调，黄金股普跌。主流ETF方面，恒生科技指数ETF （513180）午后跌近1.5%，持仓股中，商汤、地平线机器人、蔚来、华虹半导体、中芯国际、阿里巴 巴等领跌，百度集团、比亚迪电子等逆势上涨。 以恒生科技指数ETF（513180）为代表的港股科技板块，当前仍处于历史相对低估区间。在南向资金持 续不断流入、美国新一轮降息周期有望启动的背景下，港股9月或迎内外资共振，而外部流动性敏感、 此前受压制较多的港股科技板块则有望迎来"补涨"行情。此外，"反内卷"政策不断推进，叠加阿里巴巴 财报超预期，港股科技板块 ...

中国晶圆代工领军者，国产芯片核心支柱 2025 年 09 月 03 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 45,250 | 57,796 | 67,196 | 78,062 | 89,606 | | 同比（%） | (8.61) | 27.72 | 16.27 | 16.17 | 14.79 | | 归母净利润（百万元） | 4,823 | 3,699 | 5,180 | 6,158 | 7,207 | | 同比（%） | (60.25) | (23.31) | 40.05 | 18.88 | 17.04 | | EPS-最新摊薄（元/股） | 0.60 | 0.46 | 0.65 | 0.77 | 0.90 | | P/E（现价&最新摊薄） | 190.04 | 247.79 | 176.93 | 148.83 | 127.16 | [Table_Tag] [Table_Summary] 投资要点 ...

具体来看，台积电的表现尤为抢眼。在2025年第二季度，该公司的营收达到了302.4亿美元，与第一季度相 比上涨了18.5%。这一数字不仅巩固了台积电在全球晶圆代工市场的领先地位，更彰显了其强大的市场影 响力和竞争力。相比之下，排名第二的三星营收约为31.6亿美元，市场占比仅为7.3%，与台积电形成了鲜 明的对比。 台积电在晶圆代工领域的霸主地位再次得到了强有力的证实。根据TrendForce集邦咨询最新发布的2025年 第二季度全球晶圆代工业者营收排名，台积电不仅在营收上遥遥领先，更占据了高达70.2%的市场份额。 在这一季度中，受到中国市场消费补贴激发的提前备货需求，以及即将在下半年推出的智能手机、笔记本 电脑和PC芯片等多重因素的推动，全球前十大晶圆代工企业的总营收攀升至417亿美元以上，环比增长了 惊人的14.6%，创下了历史新高。 在我国企业中，中芯国际以22.1亿美元的营收排名第三，市场占比为5.1%。尽管与台积电和三星相比仍有 差距，但中芯国际在全球晶圆代工市场的地位已经日益稳固。紧随其后的是联电、格芯、华虹集团等企 业，尽管它们的营收和市场占比相对较低，但也在不断努力提升自己的竞争力。 然而，值 ...

华虹半导体 20250902 摘要 华虹集团完成从委托经营到晶圆代工厂的转型，经历并购重组和境内外 上市，目前晶圆代工市占率保持稳定，二季度排名未变。 华虹半导体专注于成熟制程和特色工艺，主要产品线包括非易失性存储 器（收入占比最大）、功率器件（具备 8/12 英寸代工能力）、模拟和 电源管理 IC（BCD 工艺国内领先）以及逻辑与射频。 受益于半导体产业自主可控需求，华虹半导体在成熟制程国产替代方面 迎来机遇，并积极与欧洲 IDM 厂商合作，有望带来业绩增量。 华力微电子（华力五厂）注入上市公司后，将显著提升华虹半导体的净 利润和盈利能力，尽管股权可能被稀释，但整体影响偏正面。 预计华虹半导体 2025-2027 年营收分别为 24.17 亿美元、30.04 亿美 元和 32.49 亿美元，摊薄后每股收益分别为 0.05 美元、0.10 美元和 0.15 美元。 基于 2026 年每股净资产 1.5 倍市净率，对应目标价为 44.43 港元；若 给予 1.8 倍市净率，对应目标价 52-53 港元，维持买入评级。 Q&A 华虹半导体在自主可控方面有何优势？ 随着国际局势变化，中国半导体产业自主可控需求扩大， ...

1. 【OpenAI拟在印度建设大型新数据中心】OpenAI正寻求在印度打造一座大型新数据中心，这可能 成为其 "星际之门"（Stargate）品牌人工智能基础设施在亚洲推进的重要一步。据知情人士透露， 这家ChatGPT开发商目前正在寻找当地合作伙伴，计划在这个全球人口最多的国家建立一座容量至少 为1千兆瓦的数据中心。由于相关信息未公开，这些知情人士要求匿名。该数据中心有可能成为印度 规模最大的数据中心之一 —— 目前包括微软、Alphabet旗下谷歌，以及亚洲首富在内的科技巨头， 都已在印度投资建设此类设施。目前，OpenAI这一潜在项目的具体选址和时间规划尚不明确。知情 人士表示，该公司首席执行官山姆・奥特曼本月访问这个南亚国家时，或许会宣布该数据中心的相关 计划，但目前这些规划仍存在变数。OpenAI的代表则拒绝就此置评。（财联社） 2.【半年7轮亿元级融资，具身智能公司智平方新一轮A系列融资落定】9月1日，记者获悉，具身智 能机器人公司智平方（AI² Robotics）近期完成由深创投领投的新一轮A系列融资，深创投单家超过 亿元投资。据悉，本轮不仅有老股东敦鸿资产、国投的持续加码，还吸引了华熙生物和 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 研究机构集邦科技（TrendForce）昨（1）日发布最新报告，台积电（2330）第2季全球晶圆代工市 占率达70.2%，续创新高，并首度突破七成大关，稳居龙头。三星虽排名第二，但市占率下滑，与台 积电市占率差距扩大至62.9个百分点，为历来最大。 展望未来，集邦指出，受惠新品季节性拉货，先进制程高价晶圆将明显挹注产业营收，成熟制程亦有 周边IC订单加持，预期第3季晶圆代工业产能利用率将较第2季提升，营收持续增长。 | Ranking | Company | | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | 1025 | QOQ | 2025 | 1Q25 | | 1 | 台积电(TSMC) | 30,239 | 25,517 | 18.5% | 70.2% | 67.6% | | 2 | 三星(Samsung) | 3,159 | 2,893 | 9.2% | 7.3% | 7.7% | | 3 | 中芯国际(SMIC) | 2,209 ...

Group 1 - The National Standardization Administration and the Ministry of Industry and Information Technology aim to establish a high-quality standard system for industrial mother machines by 2026, with a total of at least 300 standards to be revised or formulated, including at least 5 international standards [1] - By 2030, the high-quality standard system for industrial mother machines is expected to be fully formed, enhancing product quality and equipment upgrades [1] Group 2 - As of June 2025, foreign investors held A-shares worth 3.07 trillion yuan, with a net inflow of 83.6 billion yuan in the first half of the year, indicating a positive trend in overseas investment in A-shares [2] - The recovery of the Chinese economy and corporate innovation are expected to boost investor confidence in the A-share market [2] Group 3 - By the end of 2027, 90% of forest station locations are expected to have access to 4G/5G networks, significantly improving coverage in key areas [3] - The initiative aims to enhance broadband network coverage in natural protected areas and along major roads [3] Group 4 - In the first half of 2025, the total amount of foreign licensing for innovative drugs approached 66 billion USD, reflecting the growing global recognition of Chinese innovative pharmaceuticals [4] - During the 14th Five-Year Plan period, 210 innovative drugs and 269 innovative medical devices were approved, indicating a trend of accelerated growth in the sector [4] Group 5 - The Chinese securities industry reported a net profit of 112.28 billion yuan in the first half of 2025, with a year-on-year growth of 40.37%, driven by increased trading activity [6] - The total revenue for the industry reached 251.04 billion yuan, marking a 23.47% increase compared to the previous year [6] Group 6 - The global wafer foundry revenue reached over 41.7 billion USD in Q2 2025, with a quarter-on-quarter growth of 14.6%, driven by demand from new product launches in the smartphone and PC markets [8] - The industry is expected to continue benefiting from seasonal demand and high-value orders in advanced processes [8] Group 7 - Beijing Data Group is set to officially list soon, with a registered capital of 3 billion yuan, focusing on big data services and investment activities [9] - The company is fully owned by the Beijing State-owned Assets Management Company [9] Group 8 - Chengdu Huamei announced the successful launch of a 4-channel 12-bit 40G high-precision RF direct sampling ADC, filling a gap in the domestic and international market [10] - The product has received intention orders from several clients, showcasing its advanced technical specifications [10] Group 9 - WeRide announced the arrival of its first batch of Robotaxi GXR in Singapore for testing, marking the first deployment of such autonomous vehicles in Southeast Asia [11] - The vehicles are undergoing simulations to assess their performance and safety in public road conditions [11]

Group 1: A-Share Market Performance - In the first half of the year, A-share listed companies reported a total net profit attributable to shareholders of 2.99 trillion yuan, a year-on-year increase of 2.45%, with nearly 77% of stocks achieving profitability [1] - The agriculture, forestry, animal husbandry, fishery, steel, building materials, computer, and non-ferrous metals sectors showed significant performance growth, while the real estate sector experienced notable losses [1] - Wancheng Group achieved the highest growth rate in net profit, with a staggering 504 times increase, followed by New Special Electric and Southern Precision Engineering [1] Group 2: Public Fund Investment - Public funds have participated in 55 A-share companies' private placements this year, with a total allocation amounting to 17.35 billion yuan and a floating profit of 8.35 billion yuan, resulting in an overall floating profit ratio of 48.14% [1] - 23 public funds achieved floating profits, accounting for 92% of the participants, with notable funds including Nuode Fund, Caitong Fund, and Yifangda Fund, reporting floating profit ratios of 43.99%, 45.95%, and 70.33% respectively [1] Group 3: Insurance Sector - The disclosure of dividend realization rates for life insurance companies for 2024 is nearing completion, with AIA Life reporting the highest rate at 143% [1] - Over 70 insurance companies have disclosed around 3,000 dividend insurance products since the second quarter, highlighting the trend towards dividend insurance amidst a low-interest-rate environment [1] Group 4: New Energy Investment - In the first half of 2025, China's investment in the new energy sector reached approximately 1.4 trillion yuan, a year-on-year decrease of 32.2%, yet it remains a vibrant investment direction, particularly in next-generation battery technology and smart grid [2] - Wind and solar power investments accounted for 560.4 billion yuan, representing 40.8% of the sector's total, but showed a significant year-on-year decline of 44.4%, indicating market saturation [2] Group 5: Semiconductor Industry - The overall capacity utilization rate of the wafer foundry industry is expected to improve in the third quarter, driven by seasonal demand for new products in smartphones, laptops, and servers [3] - The revenue of the top ten global wafer foundry companies is projected to exceed 41.7 billion USD, marking a record high with a quarter-on-quarter increase of 14.6% [3] Group 6: AI and Technology - The usage of enterprise-level large models in China has surged, with an average daily call volume exceeding 10 trillion tokens in the first half of 2025, reflecting a 363% increase compared to the end of 2024 [4] - Alibaba Tongyi holds the largest market share at 17.7%, indicating strong preference among enterprises for its large model [4] Group 7: Automotive Industry - SAIC Group reported a total vehicle sales of 363,400 units in August, representing a year-on-year growth of 41.04%, with new energy vehicle sales reaching 129,800 units, up 49.89% [10] Group 8: Contract Wins and Projects - Samsung Medical's subsidiary signed a contract worth 58.8 million USD for a smart meter project in Egypt, indicating strong international business expansion [11] - Xianghe Industrial signed several contracts totaling 400 million yuan for railway component sales, showcasing growth in infrastructure projects [12] - Weisheng Information won four projects in August with a total bid amount of 85.54 million yuan, reflecting ongoing demand in the energy sector [13]