从业务层面分析，英特尔晶圆代工部门仍是拖累公司财务的最大包袱。弗兰克·李直言，该业务是拖累 公司财务表现的最大因素，且执行力持续低迷。具体技术路径上，英特尔已取消面向外部客户的18A工 艺，而14A工艺因缺乏外部客户订单支持，其商业可行性亦受到质疑。在此背景下，与台积电达成技术 合作虽可能重塑代工业务格局，但鉴于台积电的战略布局已深度绑定美国市场，此类合作短期内难以落 地。 值得注意的是，弗兰克·李将英特尔目标价从21.25美元上调至24美元，但评级下调反映了其长期担忧。 他特别指出，被市场视为关键突破口的台积电(TSM.US)合作前景不容乐观——台积电对与英特尔代工 业务达成技术共享协议兴趣缺失，主要因其已在美国投入超1000亿美元建设多个绿地项目，并将生产及 建设重心转移至美国本土。 智通财经APP获悉，汇丰银行发布最新研报，将英特尔(INTC.US)的股票评级由"持有"下调至"减持"， 并指出其近期股价重估"不可持续"。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三 笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。 具体来看，这三笔交易包括：软银20亿美元战略投资、美国政 ...

Core Viewpoint - The report emphasizes the valuation expansion of domestic wafer foundries and infers a price increase cycle for storage driven by intensified demand [3]. Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58%, and the Philadelphia Semiconductor Index and Taiwan's Information Technology Index rose by 1.17% and 1.12%, respectively [3]. Domestic Foundry Performance - During the holiday, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs. This performance is attributed to the rapidly expanding AI computing power demand and the enhancement of high-end chip design capabilities [3]. Demand for Domestic Computing Power - Major companies like Deepseek, Alibaba, and Tencent are increasingly adapting to and purchasing domestic computing power, reflecting a growing confidence in the capabilities of local foundries [3].

Group 1 - SMIC (00981) shares increased by over 4%, currently trading at 72 HKD with a transaction volume of 4.461 billion HKD [1] - Goldman Sachs raised the target price for SMIC's H-shares by 15% to 73.1 HKD, driven by optimism regarding China's IC design demand and AI trends, which are expected to strongly support SMIC's production and average selling price [1] - The firm also upgraded SMIC's revenue and earnings per share forecasts for 2028-2029, predicting a 5%-7% quarter-on-quarter revenue growth in Q3 2025, which could act as a short-term catalyst for the stock price [1] Group 2 - SMIC plans to issue A-shares to acquire a 49% minority stake in SMIC North, which is expected to enhance its capacity expansion and strengthen the local-for-local trend [1] - The ongoing iteration of advanced process technology in China is likely to lead to a gradual shift of AI chips towards domestic foundries, positioning SMIC as a core asset in the advanced process landscape with significant domestic replacement opportunities in the AI era [1]

来源：格隆汇APP 格隆汇9月19日｜分析师表示，英特尔与英伟达达成的合作协议，为其晶圆代工战略注入了亟需的资金 支持。D.A. Davidson分析师指出，通过与英特尔合作，英伟达正在为"美国本土唯一具备竞争力的尖端 晶圆代工厂"提供助力；他们还称，英特尔可借助这些产品的封装业务，巩固自身晶圆代工产能。奥本 海默分析师表示，英伟达向英特尔注资50亿美元之前，美国政府已持有英特尔10%的股份。该机构分析 师称："通过这笔合作获得的额外投资，英特尔将受益——这些资金将为公司'资本密集型'的晶圆代工 战略提供支持。"此外，软银也曾在8月表示，计划收购价值20亿美元的英特尔股票。 ...

Group 1 - Semiconductor stocks continue to rise, with notable increases in shares of Huahong Semiconductor (+7.25%), SMIC (+3.96%), and others [1] - Nvidia plans to invest $5 billion in Intel, potentially becoming one of its largest shareholders with a stake of 4% or more [1] - Intel will customize x86 CPUs for Nvidia in the data center sector and produce x86 system-on-chip solutions integrated with Nvidia's RTX GPUs for personal computing [1] Group 2 - Guosen Securities reports a rapid increase in the semiconductor sector, driven by TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Huahong Semiconductor [1] - The Ministry of Commerce has initiated anti-dumping investigations on US-made analog chips, highlighting a focus on domestic chip production and wafer foundry sectors [1] - Domestic companies like Alibaba and Baidu are developing their own computing chips, indicating a gradual decoupling from overseas technologies in model training [1]

根据公开资料，中芯北方成立于 2013 年，是中芯国际与北京市政府共同投资设立的 集成电路制造厂。目前，中芯北方具备两 条月产 3.5 万片的 300mm 生产线， 合计 7 万片月产能，主要面向智能手机、电脑与平板、消费电子、工业与汽车等下游领 域。 此次收购前，中芯国际作为控股股东，同时也为中芯北方提供晶圆代工技术，并且全权负责中芯北方的生产和运营。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 9月18日， 中芯国际股价盘中一度暴涨超8%，股价冲高至127.49元/股，总市值突破1万亿元！ 之后其股价回落至122.15元，总市值收报9771亿元。 9月16日，腾讯集团副总裁、腾讯云总裁邱跃鹏在2025腾讯全球数字生态大会上表示，腾讯云异构计算平台已对主流国产芯片进行了适配。他 表示，"今天我们的GPU计算资源越来越异构，很多国产芯片在不断提升计算性能。" AI浪潮下，国内AI算力需求的快速增长，市场对国产芯片产业的关注度高涨。云厂商不断提升高端芯片使用及开发需求的同时，伴随着国产 芯片生态的逐步完善，中芯国际等产业链环节中的头部公司也有望 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 140.07 CNY per share [5]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by demand growth and AI applications at the edge [1][2]. - The company's wafer foundry revenue increased by 25.91% year-on-year in the first half of 2025, positioning it as the second-largest pure-play foundry globally [2]. - The company is expected to continue its revenue growth in the third quarter of 2025, with a projected revenue increase of 5%-7% quarter-on-quarter [1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 32.348 billion CNY, a year-on-year increase of 23.14%, and a net profit of 2.301 billion CNY, up 39.76% year-on-year [1]. - For the second quarter of 2025, the company reported revenue of 16.047 billion CNY, a year-on-year increase of 17.34%, but a net profit decrease of 16.96% [1][2]. - The gross margin for the first half of 2025 was 21.91%, an increase of 8 percentage points year-on-year [2]. Business Segments - The wafer foundry revenue by application showed strong growth in the computer and tablet, consumer electronics, and industrial and automotive sectors, with increases of 33.31%, 53.80%, and 65.15% respectively [3]. - The smartphone segment saw a slight decline of 1.67% year-on-year, while the interconnected and wearable segment decreased by 13.63% [3]. Capacity and Capital Expenditure - The company expanded its monthly production capacity by nearly 20,000 12-inch equivalent wafers in the first half of 2025, with a capacity utilization rate of 92.5% in the second quarter [10]. - Capital expenditure in the second quarter of 2025 was 1.885 billion USD, a 33.18% increase from the first quarter [10]. Future Outlook - The company forecasts revenues of 67.33 billion CNY, 77.77 billion CNY, and 89.28 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 5.04 billion CNY, 6.09 billion CNY, and 7.23 billion CNY [11][13].

Core Viewpoint - Huahong Company plans to acquire 97.4988% of Shanghai Huahong Microelectronics Co., Ltd. through a share issuance and cash payment, aiming to resolve industry competition issues and enhance asset quality [1][4]. Group 1: Transaction Details - The transaction involves four parties, including Huahong Group and various investment funds, with all parties controlled by the Shanghai State-owned Assets Supervision and Administration Commission [3]. - Huahong Company has been suspended from trading since August 18 and plans to resume on September 1 [1]. - The acquisition will result in Huahong Company holding 100% of Huahong Micro, addressing the competition issue between the two entities [1][4]. Group 2: Market Position and Financial Impact - Huahong Micro is engaged in wafer foundry services and possesses the first fully automated 12-inch integrated circuit chip manufacturing line in mainland China [5]. - The transaction is expected to enhance Huahong Company's market position and operational synergies in technology, customer resources, and supply chain management [5][6]. - Post-transaction, Huahong Company will gain an additional capacity of 38,000 wafers per month in the 65/55nm and 40nm process nodes [6]. Group 3: Financial Performance - As of June 30, 2025, Huahong Micro's total assets are projected to be 7.58 billion, with net assets of 1.84 billion [8]. - Huahong Micro's revenue is expected to grow significantly, with projected figures of 2.579 billion, 4.988 billion, and 2.466 billion for 2023, 2024, and the first half of 2025, respectively [9]. - In contrast, Huahong Company's revenue has been declining, with figures of 16.786 billion, 16.232 billion, and 14.388 billion for the same years, alongside a significant drop in net profit [9].

Group 1 - The core viewpoint of the article highlights that SMIC achieved significant growth in its financial performance for the first half of 2025, with a revenue of 32.348 billion yuan, representing a year-on-year increase of 23.1%, and a net profit of 2.301 billion yuan, up 39.8% year-on-year [1][2] - The wafer foundry business revenue reached 30.353 billion yuan, marking a 25.9% increase compared to the previous year, driven by an increase in wafer sales volume and average selling price [1][2] - The sales volume of wafers (converted to 8-inch standard logic) rose by 19.9%, from 3.907 million pieces in the same period last year to 4.682 million pieces this period, with the average selling price increasing from 6,171 yuan to 6,482 yuan [1] Group 2 - SMIC's report indicates that the company is maintaining a strong position in the global pure wafer foundry market, ranking second, with solid progress in capacity construction, adding nearly 20,000 pieces of 12-inch standard logic monthly capacity in the first half of the year [2] - The overall capacity utilization rate is leading in the industry, with steady advancements in process research and development and platform construction, enhancing product competitiveness and market influence [2] - The company emphasizes significant results from open cooperation, engaging closely with upstream and downstream partners in the supply chain, and collaborating with universities and research institutions to innovate talent cultivation models [2]

Market Overview - On August 28, Hong Kong's three major indices closed lower, with the Hang Seng Index down 0.81% at 24,998.82 points, the Hang Seng Tech Index down 0.94% at 5,644.02 points, and the National Enterprises Index down 1.15% at 8,916.93 points [1] - Technology stocks generally declined, while semiconductor company SMIC saw a significant increase of over 10.5% to reach a new high [1] - Notable individual stock movements included Meituan dropping over 12.5% post-earnings, JD.com down over 5%, Alibaba down over 4.5%, and Tencent down nearly 1% [1] Southbound Capital - On August 28, southbound capital recorded a net outflow of 20.441 billion HKD; however, the cumulative net inflow for the year reached 966.952 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - U.S. stock indices experienced slight gains overnight, with the Dow Jones up 0.16%, the S&P 500 up 0.32%, and the Nasdaq up 0.53%, with both the Dow and S&P 500 reaching new closing highs [3] - Notable performers included Cisco and Salesforce, both rising over 1%, while Chinese concept stocks showed mixed results, with Ctrip up nearly 15% and Newegg down over 18% [3] - The Hang Seng Index ADR increased, closing at 25,119.75 points, up 120.93 points or 0.48% compared to the Hong Kong market close [3] Company Earnings Reports - Li Auto reported Q2 2025 earnings of 30.2 billion RMB, a 16.7% increase from Q1, with a net profit of 1.1 billion RMB, up 69.6%, marking 11 consecutive quarters of profitability [4] - SMIC disclosed mid-year results showing revenue of 4.456 billion USD, a 22% year-on-year increase, with wafer foundry revenue at 4.229 billion USD, up 24.6% [4] - The company's gross profit reached 956 million USD, a substantial increase of 89.3%, and net profit attributable to shareholders was 321 million USD, up 35.6% year-on-year [4] Short Selling Data - On August 28, a total of 638 Hong Kong stocks were short-sold, with total short selling amounting to 47.967 billion HKD [5] - The top three stocks by short selling amount were Meituan at 7.124 billion HKD, Alibaba at 3.441 billion HKD, and BYD at 2.348 billion HKD [5] Institutional Insights - Huaxi Securities noted that the significant decline in internet stocks may be related to Meituan's disappointing earnings report [6] - Notable inflows were observed in SMIC and Huahong, with net inflows of 892 million HKD and 464 million HKD respectively, indicating continued investor interest in self-sufficient technology [6] - Despite the declines in Meituan and Alibaba, which saw net inflows of 333 million HKD and 330 million HKD respectively, there is potential for a rebound in internet stocks as pessimistic expectations may have been fully priced in [6] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology firms, also relatively scarce compared to A-shares [8]