中国区半导体领域_10 月_集成电路进出口额同比增长 10.2%-Greater China Semis_ October_ IC import_export value +10.2 YoY
2025-11-17 02:42
16 November 2025 | 9:40PM HKT Equity Research Greater China Semis: October: IC import/export value +10.2%/+26.9% YoY Buy: Kematek (Initiate at Buy), SMIC (TP up to HK$117), Hua Hong (upgraded to Buy), AMEC, VeriSilicon, Horizon Robotics (TP up to HK$15.3), Naura, ACMR, SICC, AccoTest, Cambricon and OmniVision. Positive YoY growth of IC production/ import value continued in Sep-Oct IC production volume: +5.9% YoY / +2.8% MoM in Sep 2025 to 44bn units (vs. +3.2% YoY in Aug 2025, +17.9% YoY in Sep 2024). We re ...