<p>摩根士丹利发布了一份研究报告，提到媒体报道上周美国要求几家芯片设备制造商停止向中国第二大芯片制造商华虹半导体（HUA HONG SEMI，01347.HK）运输某些工具 -1.800 (-1.665%) 空头头寸 $349.18M; 比率 9.069%。该券商认为此举对公司的 Fab 9B 影响有限，因为其专注于 40 至 55 纳米的成熟工艺，而非先进工艺。</p>
<p>券商的行业调查显示，相关管控旨在遏制先进工艺的发展，对成熟工艺的产能扩张影响有限。对于同样隶属于华虹集团的 HLMC，券商预计其 Fab 6 的整合将仅限于 22 至 28 纳米的生产线，而非 7 至 12 纳米等先进工艺。</p>
<p>摩根士丹利的基本情况假设华虹半导体不会在 HLMC 建设或整合 7 至 12 纳米的产能。因此，成熟工艺的产能扩张应按计划进行。该券商对华虹半导体在成熟工艺代工服务中的定位保持相对积极的看法，主要得益于中国人工智能基础设施建设带动的对电源芯片的强劲需求。该券商对华虹半导体维持平等权重评级，目标价为 88 港元。（ec/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-29 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

华虹公司

华虹半导体

<p>摩根士丹利的报告指出，美国对芯片设备的新出口限制对华虹半导体的影响有限，因为该公司专注于成熟工艺节点（40-55 纳米），而非先进工艺节点。该券商预计，成熟工艺节点的产能扩张将按计划进行，得益于中国人工智能基础设施对电源芯片的强劲需求。摩根士丹利对华虹半导体维持 “持平” 评级，目标价为 88 港元</p>

<p>Morgan Stanley issued a research report noting media coverage that the US last week asked several chip equipment makers to stop shipping certain tools to Chinas second-largest chipmaker, HUA HONG SEMI (01347.HK) -1.800 (-1.665%)  Short selling $349.18M; Ratio 9.069%  . The broker believes the move will have limited impact on the companys Fab 9B, as it focuses on mature nodes of 40 to 55 nanometers rather than advanced nodes.</p>
<div class="lb-trans"><p>摩根士丹利发布了一份研究报告，提到媒体报道上周美国要求几家芯片设备制造商停止向中国第二大芯片制造商华虹半导体（HUA HONG SEMI，01347.HK）运输某些工具 -1.800 (-1.665%) 空头头寸 $349.18M; 比率 9.069%。该券商认为此举对公司的 Fab 9B 影响有限，因为其专注于 40 至 55 纳米的成熟工艺，而非先进工艺。</p>
</div><p>The brokers industry checks indicate the relevant controls are aimed at curbing development of advanced nodes, with limited impact on capacity expansion for mature nodes. For HLMC, also under the Hua Hong Group, the broker expects integration at its Fab 6 to remain limited to 22 to 28 nanometer production lines, rather than advanced nodes such as 7 to 12 nanometers.</p>
<div class="lb-trans"><p>券商的行业调查显示，相关管控旨在遏制先进工艺的发展，对成熟工艺的产能扩张影响有限。对于同样隶属于华虹集团的 HLMC，券商预计其 Fab 6 的整合将仅限于 22 至 28 纳米的生产线，而非 7 至 12 纳米等先进工艺。</p>
</div><p>M Stanleys base case assumes HUA HONG SEMI will not build or integrate 7 to 12 nanometer capacity at HLMC. Therefore, expansion of mature-node capacity should proceed as planned. The broker maintains a relatively positive view on HUA HONG SEMIs positioning in mature-node foundry services, mainly supported by strong demand for power chips driven by Chinas artificial intelligence infrastructure buildout. The broker maintains an Equalweight rating on HUA HONG SEMI with a TP of HKD88. (ec/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-29 16:25.)</p>
<div class="lb-trans"><p>摩根士丹利的基本情况假设华虹半导体不会在 HLMC 建设或整合 7 至 12 纳米的产能。因此，成熟工艺的产能扩张应按计划进行。该券商对华虹半导体在成熟工艺代工服务中的定位保持相对积极的看法，主要得益于中国人工智能基础设施建设带动的对电源芯片的强劲需求。该券商对华虹半导体维持平等权重评级，目标价为 88 港元。（ec/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-04-29 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

M Stanley: Limited Impact on HUA HONG SEMI  from New US Export Restrictions; Rating Equalweight

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摩根士丹利

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

摩根士丹利：新的美国出口限制对华虹半导体的影响有限；评级为持平