Core Viewpoint - The semiconductor industry is expected to recover in 2025, with significant revenue growth driven by rising storage prices and increasing demand from data centers, leading to improved performance for major chip manufacturers [3][4]. Group 1: Semiconductor Sales and Growth - Global semiconductor sales are projected to reach $791.7 billion in 2025, a 25.6% increase from $630.5 billion in 2024, with further growth expected towards $1 trillion in 2026 [3]. - The recovery is attributed to strong demand from emerging technologies such as AI, IoT, 6G, and autonomous driving [3]. Group 2: Chip Design and IDM - Texas Instruments (TI) is expected to achieve approximately $17.68 billion in revenue for 2025, reflecting a 13% year-over-year growth, with significant contributions from industrial and automotive sectors [6]. - STMicroelectronics (ST) anticipates a revenue decline of 11% to around $11.8 billion, with Q4 showing slight improvement driven by personal electronics [8]. - NXP's revenue is projected at $12.27 billion, down 3%, with automotive and industrial sectors remaining stable [10]. - Renesas reported a revenue drop of 2% to 1.3212 trillion yen, marking its first loss in six years due to significant impairment losses [12]. - Microchip Technology expects growth in both year-over-year and quarter-over-quarter sales, with a projected revenue of $1.186 billion for Q3 2026 [12]. - Qorvo's revenue exceeded expectations at $993 million, with an 8.4% year-over-year increase [12]. - Infineon's revenue is projected at €14.662 billion, down 2%, but with strong demand in AI driving growth [14]. Group 3: Memory Chips - Samsung's revenue is expected to reach 333.6059 trillion won (approximately $233.8 billion), a 10.9% increase, with the semiconductor division achieving 130.1 trillion won in revenue [29]. - SK Hynix anticipates a record revenue of 97.15 trillion won (approximately $681.6 billion), a 47% increase year-over-year [31]. - Micron's revenue is projected to rise from $25.11 billion to $37.38 billion, with HBM chip capacity sold out for 2026 [33]. - GigaDevice expects a revenue increase of approximately 25% to 9.203 billion yuan [35]. Group 4: Wafer Foundry - TSMC's revenue is projected to reach approximately 3.8 trillion new Taiwan dollars (around $122.42 billion), a 31.6% increase, with advanced processes contributing significantly [47]. - UMC expects a slight revenue increase of 2.3% to 237.55 billion new Taiwan dollars, with a focus on mature process technologies [49]. - SMIC anticipates a record revenue of $9.3268 billion, a 16.2% increase, with improved profitability driven by increased wafer sales [51]. Group 5: Testing and Packaging - ASE Group's revenue is expected to reach 645.388 billion new Taiwan dollars, an 8.4% increase, with advanced packaging services contributing significantly [57]. - Amkor's revenue is projected at $6.71 billion, a 6% increase, with strong performance in advanced packaging and computing business [59]. Group 6: Equipment - ASML's total net sales are expected to reach €32.667 billion, a 15.6% increase, with a record order backlog reflecting strong demand for AI-related technologies [61]. - Lam Research anticipates a record year with significant growth driven by advanced process technologies [63]. Group 7: Distribution - WPG Holdings expects a revenue of 999.12 billion new Taiwan dollars, a 13.4% increase, driven by AI and high-performance computing demand [66]. - WPG's revenue is projected to exceed 1 trillion new Taiwan dollars, marking a significant milestone [68].

Investment Rating - The report maintains a "Buy" rating for Huahong Semiconductor (1347.HK) [6] Core Views - The company's 4Q25 performance met guidance with revenue of $660 million, a year-over-year increase of 22.4% and a quarter-over-quarter increase of 3.9%, driven by increased wafer shipments and ASP growth [2] - The report is optimistic about the demand for BCD and storage, expecting strong growth in 2026, with a cautious outlook on ASP [3] - The acquisition of Fab 5 is progressing smoothly, and the company is expected to continue expanding its production capacity [4] Summary by Sections Financial Performance - In 4Q25, the gross margin was 13%, aligning with the company's guidance of 12% to 14%, with a year-over-year increase of 1.6 percentage points [2] - The net profit attributable to shareholders in 4Q25 was $17.5 million, below the market expectation of $37.4 million [2] - For the full year 2025, the company achieved revenue of $2.402 billion, a year-over-year increase of 19.9%, with a gross margin of 11.8% [2] Market Outlook - The report highlights that AI-driven demand is boosting revenue in the analog and power management segments, with a year-over-year increase of 41% in 4Q25 [3] - The embedded NVM revenue grew by 31% year-over-year, while standalone NVM revenue increased by 23% year-over-year, indicating a favorable market for storage [3] Production Capacity and Guidance - The production capacity for 8-inch wafers reached 486,000 pieces per month in 4Q25, with a quarter-over-quarter increase of 3.9% [4] - The company expects 1Q26 revenue to be between $650 million and $660 million, with a gross margin guidance of 13% to 15% [4] - The report anticipates that the company will maintain a high utilization rate in 2026, supported by ongoing capacity expansion and price stability [4] Profit Forecast and Valuation - The net profit forecast for 2026 is adjusted to $142 million, reflecting a year-over-year growth of 158.3% [5] - The current stock price corresponds to a price-to-book ratio of 3.3x for 2026, with expectations of market share growth driven by localized trends and process improvements [5]

A股代码：688347 A股简称：华虹公司 公告编号：2026-014 港股代码：01347 港股简称：华虹半导体 华虹半导体有限公司 关于聘任高级管理人员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 华虹半导体有限公司（以下简称"公司"）董事会于2026年2月13日作出决议，委任葛茂晖先生担任公司 的执行副总裁，简历如下： 葛茂晖先生，男，61岁。现任公司、上海华虹宏力半导体制造有限公司执行副总裁，分管质量与测试相 关业务。葛茂晖先生于二零二六年一月加入本公司，拥有超过30年的半导体行业相关工作经验，曾历任 美国英特尔公司主任工程师与良率项目经理、MIRADIA科技良率与可靠性总监、iUSE运营总经理、 PACIFIC BIOSCIENCES质量总监、CYPRESS半导体全球客户与产品线质量总监、长江存储科技质量与 可靠性高级总监及武汉新芯质量与可靠性负责人、MARVELL半导体质量与可靠性副总裁等职务。葛茂 晖先生拥有复旦大学物理学学士学位、美国夏威夷大学固态物理学博士学位，并顺利完成美国伊利诺伊 大学厄巴纳 ...

Group 1 - The Hong Kong stock market saw a net inflow of 202.19 billion HKD from northbound trading, with 114.77 billion HKD from the Shanghai Stock Connect and 87.43 billion HKD from the Shenzhen Stock Connect [2] - The most net bought stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Tencent (00700), while the most net sold stocks were Longi Green Energy (601869) and CNOOC (00883) [2][8] - Northbound trading showed significant interest in semiconductor stocks, with Huahong Semiconductor (01347) and SMIC (00981) receiving net purchases of 8.46 billion HKD and 5.73 billion HKD respectively [6] Group 2 - Tencent Holdings (00700) had a net inflow of 22.00 billion HKD, with total trading volume reaching 35.63 billion HKD [3] - Alibaba-W (09988) received a net inflow of 20.13 billion HKD, with a total trading volume of 28.70 billion HKD [3] - Meituan-W (03690) saw a net inflow of 10.35 billion HKD, with a total trading volume of 14.60 billion HKD [3] Group 3 - Huahong Semiconductor reported a fourth-quarter revenue of 659.9 million USD, a significant quarter-on-quarter increase of 22.4%, with a gross margin of 13.0% and a net profit of 34.1 million USD, reversing a previous loss [6] - SMIC also reported strong performance, contributing to the positive sentiment in the semiconductor sector [6] - CNOOC (00883) faced a net outflow of 1.43 billion HKD amid geopolitical tensions and market shifts towards supply-demand dynamics [7]

（文章来源：证券日报） 证券日报网讯 2月13日，华虹公司发布公告称，公司董事会于2026年2月13日作出决议，委任葛茂晖先 生担任公司的执行副总裁。 ...

Group 1 - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) ranked as the top three companies in terms of trading volume on the Hong Kong Stock Connect (southbound) on February 13, 2026, with transaction amounts of 4.301 billion, 3.680 billion, and 3.169 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Meituan-W (03690) also led the trading volume on the Shenzhen-Hong Kong Stock Connect (southbound) with transaction amounts of 3.563 billion, 2.870 billion, and 1.460 billion respectively [1] Group 2 - The top ten active companies on the Hong Kong Stock Connect (southbound) included Tencent Holdings (00700) with a net buy of 1.426 billion, Alibaba-W (09988) with a net buy of 1.143 billion, and Meituan-W (03690) with a net sell of 0.368 billion [2] - On the Shenzhen-Hong Kong Stock Connect (southbound), Tencent Holdings (00700) had a net buy of 0.837 billion, Alibaba-W (09988) had a net buy of 1.156 billion, and Meituan-W (03690) had a net buy of 0.611 billion [2]

华虹半导体(01347)公布，董事会于2026年2月13日作出决议，委任葛茂晖先生担任公司的执行副总裁。 ...

智通财经APP讯，华虹半导体(01347)公布，董事会于 2026 年 2 月 13 日作出决议，委任葛茂晖先生担任 公司的执行副总裁。 ...

格隆汇2月13日丨华虹半导体(01347.HK)公布，董事会于2026年2月13日作出决议，委任葛茂晖担任公司 的执行副总裁。 ...

智通财经APP获悉，2月13日港股市场，北水成交净买入202.19亿港元，其中港股通(沪)成交净买入114.77亿港元，港股通 (深)成交净买入87.43亿港元。 北水净买入最多的个股是盈富基金(02800)、阿里巴巴-W(09988)、腾讯(00700)。北水净卖出最多的个股是长飞光纤光缆 (06869)、中海油(00883)。 | 盈富基金 | 11.80亿 | 188.87万 | 11.82亿 | | --- | --- | --- | --- | | HK 02800 | | | +11.78亿 | | 南方恒生 ... | 11.51亿 | 2782.07万 | 11.79 亿 | | HK 03033 | | | +11.24 乙 | | 小米集团-W | 8.00亿 | 2.98亿 | 10.98 亿 | | HK 01810 | | | +5.02 乙 | | 长飞光纤 ... | 4.90亿 | 4.56亿 | 9.461乙 | | HK 06869 | | | +3338.34万 | | :: 洪烟田中 | 3.76亿 | 5.19 乙 | 8.95亿 | | HK 00883 | | | ...