中国半导体行业：人工智能驱动未来增长；DeepSeekV3.2-Exp 模型发布；上调中芯国际华虹半导体目标价至 117 港元；给予 “买入” 评级

5 October 2025 | 10:17PM HKT Equity Research China Semis: AI drives growth ahead; DeepSeek V3.2-Exp released; Raising TP of SMIC / Hua Hong to HK$117; Buy We hold a positive view on the continuous development of China's domestic AI ecosystem, benefiting SMIC and Hua Hong's long-term business opportunities in semiconductors. DeepSeek recently released a new experimental model DeepSeek V3.2-Exp (announcement) which improves training and inferencing efficiency. As a result, Deepseek reduced their API costs by ...