星展发表研究报告指，受中国政府最新的3,440亿人民币大基金及私人投资产能增加的支持，中国的积体电路(IC)市场自给率将提升至2027年的26.6%。自美国去年进一步收紧出口管制，并于今年3月扩大实体名单，限制中国取得工具与芯片后，趋势已加速发展。这些措施促使国内原始设备制造商和无晶圆厂设计商将更多28纳米及以上的产能转移到本地成熟代工厂。
报告提到，华虹半导体(01347.HK) 的无锡新12英寸生产线已于去年底开始试产，并将于今年前将产能增加一倍，使公司可在周期转变时满足更强劲的本地化需求。该行预期晶圆产量将于今年底开始分阶段扩充，以提供规模效益，并支持2026至2027财年的利润率回升。
该行维持华虹半导体的“持有”评级，目标价由30元上调至35元。随着本地化进程加快，市场对中国半导体的情绪正在改善。该行又预计，在产业整合大致完成前，价格战缓和的可能性不大，料产品复苏或会滞后。(sl/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-14 12:25。)
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