汇丰环球研究表示，中芯(00981.HK) (688981.SH) 持续受惠本地化，纵使短期平均产品售价下行及不确定性。该行视中芯在中美持续紧张导致转向本地采购及中国本土化之下，成为半导体业界赢家。中芯作为中国领先晶圆厂及扩展至更先进制程，正成为中国人工智能相关需求的晶圆厂领先者，纵使短期面对设备良率问题导致的平均产品售价相关逆风，预期该股能够跑赢大市。
该行上调对公司2025财年及2026财年每股盈利预测5%及21%，反应本土需求增加导致产品组合改善及更高设备使用率，对H股及A股目标价由35元及92元人民币，上调至64元及148元人民币，以台积电市账率在7奈米制程扩张时的趋势作为依据，目标市账率为2.9及7.2倍，为平均值高3.3个标准差。投资评级由分别“减持”及“持有”提升至“买入”。(fc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-07 16:25。) (A股报价延迟最少十五分钟。)
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