智通财经APP获悉，交银国际发布研究报告称，短期内中芯国际(00981)股价或受市场情绪影响而继续推高，但已充分反映其上行空间。但在资本开支、下游需求及定价方面的综合考虑后，该行下调集团评级至“中性”。又因市场流动性的改善及DeepSeek带给市场于科技股的重估，上调目标价至48港元。

报告表示，中芯国际一方面毛利率及产能利用率等关键指标尚未走出较低水平，仍存不确定性。同时其市净率高于同业，且A股相对H股溢价处于历史下限为142%。交银国际表示，集团2025年全年收入或快于同业平均，上调2025-2026年资本开支，由57/56亿美元，上调至74/65亿美元。同时上调2025年收入预测至94.1亿美元，及毛利率预测上调至20.9%。指管理层强调每年5万片12英寸产能指引。

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