华泰证券发表研报指，过去五年在地缘政治等外部因素，以及国内终端及设计企业的内生推动下，中国晶圆代工行业(尤其是成熟制程)经历快速发展。
华泰证券预计，2024至2027年中国12寸成熟制程产能将保持年均27%的快速扩张，到2027年占全球份额将达到47%，8英寸份额稳定在约25%；全球12寸成熟制程供需将结构性分化，28奈米有望维持满载，但40至90奈米节点或将呈现过剩；代工价格恐于2026年进入下行通道，利好国内设计及终端企业。
华泰证券推荐行业个股的顺序为中芯国际(00981.HK) 、台积电(TSM.US) 、华虹半导体(01347.HK) 及晶合集成(688249.SH) 。
股份 │ 目标价 │评级
台积电(TSM.US) │ 227.98美元 │ 买入
中芯国际(00981.HK) │ 117.17港元 │ 买入
华虹半导体(01347.HK) │ 29.4港元 │ 买入
晶合集成(688249.SH) │ 28.24人民币 │ 买入
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