【长江电子杨洋团队】中芯国际2025Q4业绩点评：收入略超预期+利润延续增长，淡季指引不淡未来成长继续向 上 12025Q4财务情况： ▷ 销售收入24.89亿美元，环比+4.5%，同比+12.8%，延续上升趋势，超出此前指引的环比持平或增长+2%； ▷ 资本开支24.08亿美元，环比+0.5%，2025年全年资本开支81.0亿美元，大幅扩产支撑长期成长； 【长江电子杨洋团队】中芯国际2025Q4业绩点评：收入略超预期+利润延续增长，淡季指引不淡未来成长继续向 上 12025Q4财务情况： ▷ 销售收入24.89亿美元，环比+4.5%，同比+12.8%，延续上升趋势，超出此前指引的环比持平或增长+2%； ▷ 毛利率19.2%，处于指引18%~20%区间上限，环比-2.8pct，同比-3.4pct，主要受折旧增加影响； ▷ 净利润1.73亿美元，环比-9.9%，同比+60.7%，产品结构优化驱动盈利改善； ▷ 月产能达105.88万片（折合8吋），环比+3.5%，同比+11.7%，产能不断扩张； ▷ 毛利率19.2%，处于指引18%~20%区间上限，环比-2.8pct，同比-3.4pct，主要受折旧增加影响； ...

SMIC业绩出来了，还是比较超预期的。 我们上午发preview特意提醒了。 在市场情绪比较保守，不少领导觉得会miss的时候，我们坚定看多。 我们上午发preview特意提醒了。 在市场情绪比较保守，不少领导觉得会miss的时候，我们坚定看多。 国产算力肯定是要一揽子配置的，芯原股份很好，中芯国际也很好 SMIC业绩出来了，还是比较超预期的。 ...

【国联民生电子】中芯国际25Q4：悲观预期下的诸多亮点 【国联民生电子】中芯国际25Q4：悲观预期下的诸多亮点 相较于此前市场的悲观预期，公司在收入等方面仍取得了超预期增长，同时后续仍迎来成熟制程涨价+先进制 程扩产多重催化，公司作为国产算力中军，较此前高点已回撤22%，当前港股PB仅3.46x，当下建议积极布局 领导好，今日中芯公告25Q4业绩，此前市场对于Q4预期较为悲观，我们在preview中前瞻提示有望优于指引，整体 来看在收入、稼动率等方面存在诸多亮点，梳理核心要点如下： 25Q4 ➠营收：24.89亿美元，yoy+12.8%，qoq+4.5%大超此前指引0-2% ➠归母净利润：1.73亿美元，yoy+60.7%，qoq-9.9% ➠毛利率：19.2%，环比-2.8pct，同比-3.4pct 虽有环比下滑、但符合指引 ➠产能利用率：95.7%，环比减少0.1pct，同比+10.2pct ➠资本开支：24.1亿美元 领导好，今日中芯公告25Q4业绩，此前市场对于Q4预期较为悲观，我们在preview中前瞻提示有望优于指引，整体 来看在收入、稼动率等方面存在诸多亮点，梳理核心要点如下： 26Q1 25Q ...

【中泰电子丨中芯国际】多维度超预期！ ——25Q4营收24.89亿美元，同比+12.8%，环比+4.5%，此前指引环比持平到增长2%，超指引上限；归母净利1.73 亿美元，同比+60.7%，环比-9.9%；毛利率19.2%，同比-3.4pct，环比-2.8pct，此前指引18%~20%，高于指引中 值。 ——25Q4少数股东权益0.31亿美元，同比-81.3%，环比-75.3%；占净利润比例 【中泰电子丨中芯国际】多维度超预期！ ——25Q4智能手机占公司晶圆收入比重21.5%，环比Q3占比持平；此前市场担忧存储涨价挤压公司下游相关业 务，但Q4稼动率以及对Q1营收端的乐观指引超出市场预期。 ——25Q4营收24.89亿美元，同比+12.8%，环比+4.5%，此前指引环比持平到增长2%，超指引上限；归母净利1.73 亿美元，同比+60.7%，环比-9.9%；毛利率19.2%，同比-3.4pct，环比-2.8pct，此前指引18%~20%，高于指引中 值。 ——公司认为25年半导体产业链向本土化切换带来的重组效应贯穿全年，26年产业链回流的机遇与存储大周期带 来的挑战并存。 ——25Q4少数股东权益0.31亿美 ...

消息面上，ASMPT近日宣布，成功获得某主要客户的新订单，将提供两台搭载专有等离子主动氧化物 去除(AOR)技术的超细间距热压接(TCB)设备，用于芯片到晶圆(C2W)应用。这项成果进一步巩固了 ASMPT于先进封装市场的技术领导地位。 值得注意的是，中芯国际高管在业绩说明会上表示，2025年公司资本开支为81亿美元，高于年初预期， 主要是因为应对客户强劲需求、外部环境变化以及设备交付时间加长。在外部环境无重大变化的前提 下，中芯国际给出的2026年指引为：销售收入增幅高于可比同业的平均值，资本开支与2025年相比大致 持平。 智通财经APP获悉，ASMPT(00522)早盘涨超8%，截至发稿，涨7.14%，报108.1港元，成交额1.51亿港 元。 ...

Summary of Semiconductor Manufacturing International Corporation (SMIC) 4Q25 Earnings Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Quarter**: 4Q25 Key Financial Metrics - **Revenue**: Achieved revenue of $2.489 billion, a quarter-over-quarter increase of 4.5%, aligning with previous guidance [1] - **Capacity Utilization Rate**: Maintained at 95.7%, with a slight decrease of 0.1 percentage points [2] - **Wafer Shipment**: Increased by 0.6% to 2.515 million wafers (approximately 8-inch) [2] - **Gross Margin**: Reported at 19.2%, a decrease of 2.8 percentage points, primarily due to increased depreciation [2] - **General and Administrative Expenses**: Increased significantly by 244% to $146 million, mainly due to startup costs [2] - **Minority Interest Loss**: Decreased by 75.3% to $31 million [2] Guidance and Outlook - **Q1 2026 Revenue Guidance**: Expected to remain flat quarter-over-quarter, with a gross margin guidance of 18% to 20% [2] - **2026 Full-Year Outlook**: Anticipates revenue growth exceeding the average of comparable peers, with capital expenditures expected to remain roughly flat compared to 2025 [3] Market Segment Insights - **Consumer Electronics**: Revenue share increased by 3.9 percentage points to 47.3%, becoming the primary revenue driver [3] - **Industrial and Automotive**: Slight increase in revenue share by 0.3 percentage points to 12.2% [3] - **Smartphones**: Revenue share remained stable at 21.5% [3] - **Computers and Tablets**: Revenue share decreased to 11.8% [3] - **Internet and Wearables**: Revenue share decreased to 7.2% [3] Additional Insights - The increase in general and administrative expenses may indicate strategic investments or operational challenges that could impact future profitability [2] - The stability in smartphone revenue share suggests a mature market, while the growth in consumer electronics indicates a shift in demand dynamics [3]

Market Overview - The A-share market opened slightly lower, with the Shanghai Composite Index down 0.1%, Shenzhen Component down 0.17%, ChiNext down 0.24%, and the Sci-Tech Innovation Index down 0.33% [2][3] - Over 3,100 stocks in the market experienced declines [2] Stock Performance - *ST Lifan resumed trading with a low opening, down 2.88% [5] - The stock has faced significant price volatility, triggering multiple alerts from the Shenzhen Stock Exchange regarding abnormal trading behavior [5] - Semiconductor company SMIC opened nearly 2% lower, with a projected net profit of 1.223 billion yuan for Q4 2025, representing a year-on-year increase of 23.2% [6] Sector Movements - The market saw adjustments in sectors such as CPO, space photovoltaic, AI computing power, deep-sea technology, consumer electronics, and semiconductor concept stocks [5] - AI application themes showed localized activity despite the overall market decline [5] Hong Kong Market - The Hang Seng Index opened up 0.23%, with the Hang Seng Tech Index rising 0.21% [8] - Notable gainers included Tencent Music and WuXi Biologics, both up over 3%, while SMIC fell over 2% [8]

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月11日，科创价值ETF华夏（589550）开盘跌0.45%，报1.322元。科创价值ETF华夏（589550）重仓股 方面，中芯国际开盘跌1.89%，寒武纪跌1.09%，海光信息跌1.54%，时代电气涨0.32%，澜起科技跌 1.46%，天能股份涨0.40%，中微公司跌0.71%，华润微跌0.34%，威胜信息跌0.10%，奥特维涨0.67%。 科创价值ETF华夏（589550）业绩比较基准为上证智选科创板价值50策略指数收益率，管理人为华夏基 金管理有限公司，基金经理为杨斯琪，成立（2025-07-16）以来回报为32.87%，近一个月回报为 2.15%。 ...

中芯国际低开近2%，公司公告，2025年第四季度净利润12.23亿元，同比增长23.2%。 09:25 A股开盘丨三大指数小幅低开 沪指低开0.1%，深证成指低开0.17%，创业板指低开0.24%，科创综指低开0.33%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | N | 4124.43 | -3.95 | -0.10% | | 399001 | 深证成指 | M | 14186.65 | -23.97 | -0.17% | | 399006 | 创业板指 | Mm | 3312.64 | -7.89 | -0.24% | | 000680 | 科创综指 | Man | 1796.57 | -5.89 | -0.33% | 盘面上，CPO、太空光伏、AI算力、深海科技、消费电子、半导体概念股调整；AI应用题材局部活 跃。 个股方面，*ST立方复牌低开2.88%，2月10日晚间，深交所发布关于*ST立方股票交易的风险提示：近 期，*ST立方股价大幅波动，已多次触发股价异动标准 ...

Group 1 - The Digital Economy ETF ICBC (561220) opened at a decline of 0.26%, priced at 1.535 yuan [1] - Major holdings in the Digital Economy ETF include companies like SMIC, which fell by 1.89%, and Haiguang Information, which dropped by 1.54% [1] - The fund's performance benchmark is the China Securities Index for State-Owned Enterprises in the Digital Economy, managed by ICBC Credit Suisse Asset Management [1] Group 2 - Since its inception on May 21, 2025, the fund has achieved a return of 54.05%, while its return over the past month has been -0.65% [1] - The fund manager is Shi Baojiao, indicating a specific leadership in managing the ETF [1]