报告指，华虹半导体九厂产能加速放量，PMIC/MCU需求继续保持强劲。该行调整2026/2027年收入预 测到28.43/33.49亿美元，前值28.37/32.63亿美元；预测公司2026/2027年毛利率分别为14.2%/16.2%，前 值14.3%/16.8%。该行维持对其"买入"评级，上调目标价至120港元，对应3.9倍2026年市净率。 交银国际发表报告指，华虹半导体去年第四季营收6.599亿美元，按季升3.9%，接近之前指引上限；毛 利率13.0%，为之前指引(12-14%)中位数，按季降0.5个百分点。管理层指引今年首季营收为6.5-6.6亿美 元，毛利率13-15%。 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

时代购买永太高新25%股权，公司股票自2月24日开市起复牌。润泽科技2月13日公告，拟以发行可转债 方式购买广东润惠42.56%股权，股票将于2月24日复牌。 25、*ST立方公告，2021年至2023年年报存在 虚假记载，深交所拟决定终止公司股票上市交易。 26、天风证券2月13日公告，公司涉嫌福建省永安林 业持股变动信息披露违法违规，遭证监会立案调查；公司拟被暂停开展代销私募金融产品业务2年。与 此同时，证监会近日对天风证券为当代集团涉嫌违法提供融资及信息披露违法违规行为实施行政处罚及 市场禁入措施。 27、证监会2月13日公告，1月6日，英集芯在上证E互动平台人为策划"自问自答"，信 息披露构成误导性陈述。近日，证监会已对英集芯立案调查。 28、剑桥科技2月13日在互动平台回复 称，网传"公司光模块被第一大客户思科延迟提供光芯片、业绩不及预期"相关信息与实际经营情况不 符。 29、创识科技2月13日公告，控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；正元 智慧：实控人陈坚犯操纵证券市场罪，被判处有期徒刑三年 30、5连板掌阅科技2月13日公告，第三大 股东量子跃动2月9日至2月12日减持431 ...

Core Viewpoint - Huahong Semiconductor (01347) has shown a significant increase in stock price, currently up 4.62% to HKD 98.4, with a trading volume of HKD 321 million. The company has recently announced its performance for Q4 2025 and the full year, with management guidance for Q1 2026 revenue between USD 650 million and USD 660 million, and a gross margin of 13% to 15% [1] Group 1 - The company is expected to maintain high capacity utilization and accelerate its 12-inch product portfolio in 2025, although its current valuation appears high according to CMB International [1] - The new 12-inch wafer fab, Fab9A, is projected to reach maximum capacity this year, while the capacity enhancement of Fab9B will also accelerate. Capital expenditures for 2026 are expected to slightly decrease year-on-year, with a significant increase anticipated in 2027 according to Credit Lyonnais [1] - Guohai Securities forecasts that Huahong Semiconductor will achieve Q1 2026 revenue of USD 650-660 million, representing a quarter-on-quarter decrease of 0.7% and a year-on-year increase of 21.1%. The consensus estimate from institutions is USD 695 million, with a gross margin expectation of 13%-15% [1] Group 2 - The company’s power management (BCD) platform is expected to continue its rapid growth driven by the AI wave. Additionally, there is still room for price increases in the 12-inch product line in 2026 [1] - Fab9B is anticipated to begin equipment installation in October 2026, and the overall capacity of the company is expected to see significant growth in 2027 [1]

另外，有报道称，三星正就其最新代人工智能存储芯片HBM4的定价进行谈判，价格将比上一代高出 20%至30%，预计售价约为700美元。盛宝市场首席投资策略师Charu Chanana表示，这表明AI存储芯片 市场供应依然紧张，三星在高端芯片市场重新获得了定价话语权。 Bernstein半导体行业分析师Mark Li警告称，内存价格正在呈现"抛物线式"上涨。虽然这将为三星电 子、美光科技和SK海力士带来丰厚利润，但电子行业的其他领域将在未来数月付出沉重代价。 智通财经APP获悉，在2月20日举行的虚拟投资者会议上，SK海力士向高盛透露了存储市场的最新动 态。SK海力士在电话会上释放强烈信号：存储行业已全面进入卖方市场。受AI真实需求驱动及洁净室 空间受限影响，今年存储价格将持续上涨。该公司透露，目前其DRAM和NAND库存已降至仅约4周 的"极低水位"，且预计将在全年继续下降 。更为严峻的是，2026年高频宽存储器(HBM)产能已提前售 罄，标准型DRAM的极度短缺正大幅提升供应商议价权，产业链已启动长期合约谈判以锁定未来供应。 对于市场最关注的HBM(高带宽内存)，海力士明确表示，2026年的产能分配已成定局。 ...

投资建议：公司是中国大陆特色工艺晶圆代工龙头，积极推进产能扩张，产能利用率持续满载。我们预 计公司2025-2027 年营收分别为173.08/209.24/253.36 亿元，归母净利润分别为4.13/12.84/15.44 亿元。首 次覆盖，给予"强烈推荐"评级。 风险提示：下游终端市场需求不及预期风险，新技术、新工艺、新产品无法如期产业化风险，市场竞争 加剧风险，产能扩充进度不及预期的风险，系统性风险等。 25Q4 公司实现收入6.60 亿美元，同比增长22.4%，环比增长3.9%，再创历史新高，主要系付运晶圆数 量上升和ASP 提升。毛利率13.0%，同比提升1.6pct，主要系ASP 提升及降本增效；环比减少0.5pct，主 要系人工开支上升。月产能达48.6 万片（折合8 寸，下同），环比增长1.8 万片。产能利用率103.8%， 产能增长的同时产能利用率持续满载。ASP 环比增长0.45%升至455.72 美元；2025 年公司已针对部分领 域进行提价，预计2026 年仍有提价空间。公司预计26Q1 收入约6.5-6.6 亿美元，毛利率13-15%。 技术平台：25Q4 嵌入式非易失性存储器收入 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 华虹半导体（01347）盘中涨超5%，截至发稿，股价上涨4.83%，现报98.70港元，成交额4.78亿港元。 华虹半导体（01347）盘中涨超5%，截至发稿，股价上涨4.83%，现报98.70港元，成交额4.78亿港元。 招银国际发布研报称，维持华虹半导体（01347）"持有"评级，目标价由原先68港元升至80港元。公司 产品组合与规模持续改善，惟估值偏高。华虹公布2025年第四季及全年业绩，受高产能利用率及出货量 强劲带动，第四季收入同比增长22.4%、按季增长3.9%至6.6亿美元，创季度新高。第四季毛利率为 13%，低于第三季的13.5%，但符合管理层指引。 报告中称，公司第四季净利润为1，700万美元，按季跌53.4%，主要由于劳工成本上升。2025全年收入 同比增长20%至24亿美元，符合该行预期及市场共识；全年毛利率为11.8%，亦符合该行及市场共识， 部分被较高的折旧开支所抵销。展望未来，管理层指引2026年第一季收入介乎6.5亿至6.6亿美元，毛利 率介乎13% ...

来源：智通财经网 华虹半导体(01347)涨超5%，截至发稿，涨4.62%，报98.4港元，成交额3.21亿港元。 消息面上，近日，华虹半导体公布2025年第四季度及全年业绩。招银国际指出，公司管理层指引2026年 第一季收入6.5亿至6.6亿美元之间，毛利率13%至15%之间。该行认为，公司于2025年在维持高产能利 用率及加快12英寸产品组合方面执行良好，惟目前估值看来偏高。里昂认为，华虹半导体新12英寸晶圆 厂Fab9A将在今年达到最高产能，而Fab9B的产能提升亦将会加速，预测2026年的资本开支将同比略微 下降，并在2027年显著增加。 国海证券表示，华虹半导体预期2026Q1实现收入6.5-6.6亿美元(中点QoQ-0.7%，YoY+21.1%)，机构一 致预期为6.95亿美元；毛利率13%-15%，机构一致预期为13.2%。受AI浪潮驱动，公司电源管理(BCD) 平台或将继续快速增长。此外，2026年公司12英寸产品仍存在提价空间。Fab9B预期将在2026年10月开 始搬入设备。2027年，公司整体产能将实现大幅增长。 ...

国海证券表示，华虹半导体预期2026Q1实现收入6.5-6.6亿美元(中点QoQ-0.7%，YoY+21.1%)，机构一 致预期为6.95亿美元；毛利率13%-15%，机构一致预期为13.2%。受AI浪潮驱动，公司电源管理(BCD) 平台或将继续快速增长。此外，2026年公司12英寸产品仍存在提价空间。Fab9B预期将在2026年10月开 始搬入设备。2027年，公司整体产能将实现大幅增长。 消息面上，近日，华虹半导体公布2025年第四季度及全年业绩。招银国际指出，公司管理层指引2026年 第一季收入6.5亿至6.6亿美元之间，毛利率13%至15%之间。该行认为，公司于2025年在维持高产能利 用率及加快12英寸产品组合方面执行良好，惟目前估值看来偏高。里昂认为，华虹半导体新12英寸晶圆 厂Fab9A将在今年达到最高产能，而Fab9B的产能提升亦将会加速，预测2026年的资本开支将同比略微 下降，并在2027年显著增加。 智通财经APP获悉，华虹半导体(01347)涨超5%，截至发稿，涨4.62%，报98.4港元，成交额3.21亿港 元。 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]