智通财经APP获悉，中芯国际(00981)午后再跌4%，截至发稿，跌3.91%，报44.2港元，成交额77.86亿港元。
交银国际指出，看好晶圆代工国产替代趋势和中芯国际在行业竞争中继续保持龙头地位，但或应综合考虑高资本开支对于毛利率的影响；下游需求不确定性；面对成熟制程竞争加剧对产品单价的变化。该行下调公司H股到“中性”评级。虽然短期不排除市场情绪或继续推高股价，但认为股价或已充分反映公司的上行空间。上调目标价到48港元，以反映市场流动性改善和DeepSeek 所带来的市场对于科技股的重估。
汇丰研究发表报告指，中芯上季毛利率高于预期，但由于税项及少数股东权益增加，部分抵销金融资产收益，纯利为1.08亿美元，低于该行和市场预期的2.26亿美元和2.2亿美元。此外，首季指引胜预期，但下半年前景不确定。汇丰认为，目前股价未能反映定价压力、关税影响及需求能见度疲弱。维持35港元目标价及“减持”评级。
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