电子 2026 年 01 月 08 日 投资评级：看好（维持） 证书编号：S0790524120002 xiangjuru@kysec.cn 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 72% 2025-01 2025-05 2025-09 电子 沪深300 相关研究报告 《消费电子及元器件：AI 终端开启产 业链升级新周期—2026 年度行业投资 策略》-2026.1.7 《国产存储、GPU 龙头上市潮，利好 晶圆制造/设备—行业周报》-2026.1.4 《存储延续高景气度，晶圆厂涨价预 期强烈—行业周报》-2025.12.28 台积电 2nm 量产提速，全球共振打开 Fab 和设备空间 ——行业点评报告 陈蓉芳（分析师） 向俊儒（联系人） chenrongfang@kysec.cn 证书编号：S0790125070018 事件：AI 需求强劲，台积电先进制程有望涨价 受益于 AI 热潮，台积电先进制程产能吃紧。据台媒，台积电已陆续与客户沟通， 计划自 2026 年起至 2029 年，连续四年调升先进制程报价。我们认为，全球范围 内持续供不应求背景下，先进制 ...

Core Viewpoint - SMIC (00981) has seen a stock price increase of over 3%, currently trading at HKD 52.75 with a transaction volume of HKD 3.331 billion. The company is set to hold a board meeting on August 7 to approve the release of its unaudited performance announcement for the three months ending June 30, 2025. The company anticipates a decline in revenue for Q2 this year, marking the first quarter-over-quarter decrease in two years, with a projected decline of 4% to 6%. Additionally, the gross margin guidance for Q2 2025 is set between 18% and 20% [1]. Group 1 - SMIC's stock price increased by 3.43% to HKD 52.75, with a trading volume of HKD 3.331 billion [1]. - The company will hold a board meeting on August 7 to approve the unaudited performance announcement for the three months ending June 30, 2025 [1]. - SMIC expects a revenue decline in Q2, projecting a quarter-over-quarter decrease of 4% to 6%, which would be the first decline in two years [1]. Group 2 - The gross margin guidance for Q2 2025 is set between 18% and 20% [1]. - According to a recent report by Shenwan Hongyuan, SMIC is a core beneficiary of high-end substitution, given its leading position in advanced process foundry in mainland China [1]. - The report assigns a target price of HKD 63.3 per share for SMIC, based on a 3x PB valuation for 2025, initiating coverage with a "buy" rating [1].