You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》大摩:中國半導體本地化遇阻 降上海復旦(01385.HK)評級至「與大市同步」 台積電(TSM.US)超賣呈入市機會
摩根士丹利發表研究報告,指重新審視中國半導體本地化進展,考慮美國出口限制,將上海復旦(01385.HK)投資評級由「增持」降至「與大市同步」,因其依賴中芯國際(00981.HK)14納米FinFET製程,上海復旦目標價亦由39.3元降至37.4元。 就美國商務部工業與安全局(BIS)本月上旬對其出口管制政策進行一系列有針對性的更新,限制了中國獲得先進計算芯片、開發和維護超級計算機以及製造先進半導體的能力。該行稱,新規將中國製程能力限制於全球同業在2014至2015年的水平。全球記憶芯片生產商或避免了因中國產能擴張帶來的供應過剩。芯片製造儀器生產商或首當其衝,因中國市場是其主要驅動力。 大摩稱,美國對中國半導體行業的出口限制已升級至「全面收緊」情境,對記憶芯片本地化帶來新挑戰。該行將中國芯片儀器生產商中微公司(688012.SH)及ACM Research(ACMR.US)投資評級由「增持」降至「與大市同步」,並降兆易創新(603986.SH)評級由「與大市同步」下調至「減持」。 不過,該行仍看好消費品及成熟工藝中國半導體板塊增長,料美國出口新規對韋爾股份(603501.SH)、環旭電子(601231.SH)、斯達半導(603290.SH)及華虹(01347.HK)影響有限,維持「增持」評級。 報告補充,台積電(TSM.US)在中國高性能計算市場敞口有限,認為其早前被超賣。台積電在第三季業績會議上指出,其半導體庫存日數在第三季已見頂,料由於鑄造工廠削減訂單,料末季庫存日數開始下降。該行認為,半導體股份股價或見底,與半導體庫存日數呈拐點屬一致,認為現時台積電呈現良好切入機會。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account