<p>中芯国际 (00981.HK) +2.500 (+2.962%) 空头头寸 $35.3 亿; 比率 10.839% 今早（27 日）开盘上涨 1.9%，触及日内最高点 89.45 港元。目前交易价格为 87.3 港元，上涨 3.44%，成交量为 1.04 亿股，涉及 90.52 亿港元。同时，华虹半导体 (01347.HK) +9.500 (+6.611%) 空头头寸 $23.4 亿; 比率 20.167% 今早开盘上涨 4.31%，达到 156.6 港元的高点。目前交易价格为 153.8 港元，上涨 7.03%，成交量为 2825.32 万股，涉及 43 亿港元。</p>
<p>CLSA 发布了一份研究报告，指出华为提出了一种新的半导体开发原则，称为 “陶法则”。与依赖几何晶体管缩放的摩尔定律不同，“陶法则” 侧重于缩短时间常数（即信号传播延迟），以提高晶体管密度和系统性能。</p>
<p>根据报告，华为已经将 “陶法则” 应用于智能手机和人工智能计算，在过去六年中设计并量产了 381 款芯片。预计下一代麒麟芯片将在 2026 年秋季推出，将采用逻辑折叠技术以实现性能提升。华为预测，到 2031 年，基于 “陶法则” 的芯片将达到相当于 1.4 纳米工艺节点的晶体管密度。</p>
<p>CLSA 认为，“陶法则” 为提升芯片性能提供了一条新路径，并可能加速中国半导体产业的发展。潜在受益的香港上市股票包括中芯国际、华虹半导体、长电科技 (600584.SH) +2.680 (+3.039%)、纳尔科技 (002371.SZ) -3.480 (-0.519%) 和安集科技 (688012.SH) +5.810 (+1.253%) 。(广告/数据)(香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026-05-26 16:25。)(A 股报价延迟至少 15 分钟。)</p>

华虹公司

华虹半导体

<p>中芯国际和华虹半导体的股票分别上涨了 3% 和 7%，这是在中信里昂发布关于华为新半导体原理 “陶法” 的报告后发生的。该原理旨在通过提高晶体管密度来增强芯片性能。中信里昂认为中芯国际和华虹半导体可能成为这一发展的受益者，这可能加速中国半导体行业的增长</p>

<p>SMIC (00981.HK) +2.500 (+2.962%)  Short selling $3.53B; Ratio 10.839%  opened 1.9% higher this morning (27th), hitting an intraday peak of HKD89.45. It is now trading at HKD87.3, up 3.44%, with turnover of 104 million shares, involving HKD9.052 billion. Meanwhile, HUA HONG SEMI (01347.HK) +9.500 (+6.611%)  Short selling $2.34B; Ratio 20.167%  opened 4.31% higher this morning, reaching a high of HKD156.6. It is now trading at HKD153.8, up 7.03%, with turnover of 28.2532 million shares, involving HKD4.3 billion.</p>
<div class="lb-trans"><p>中芯国际 (00981.HK) +2.500 (+2.962%) 空头头寸 $35.3 亿; 比率 10.839% 今早（27 日）开盘上涨 1.9%，触及日内最高点 89.45 港元。目前交易价格为 87.3 港元，上涨 3.44%，成交量为 1.04 亿股，涉及 90.52 亿港元。同时，华虹半导体 (01347.HK) +9.500 (+6.611%) 空头头寸 $23.4 亿; 比率 20.167% 今早开盘上涨 4.31%，达到 156.6 港元的高点。目前交易价格为 153.8 港元，上涨 7.03%，成交量为 2825.32 万股，涉及 43 亿港元。</p>
</div><p>CLSA published a research report noting that Huawei has proposed a new semiconductor development principle known as &#34;Tao's Law.&#34; Unlike Moore's Law, which relies on geometric transistor scaling, &#34;Tao's Law&#34; focuses on shortening the time constant (i.e., signal propagation delay) to enhance transistor density and system performance.</p>
<div class="lb-trans"><p>CLSA 发布了一份研究报告，指出华为提出了一种新的半导体开发原则，称为 “陶法则”。与依赖几何晶体管缩放的摩尔定律不同，“陶法则” 侧重于缩短时间常数（即信号传播延迟），以提高晶体管密度和系统性能。</p>
</div><p>According to the report, Huawei has already applied &#34;Tao's Law&#34; to smartphones and AI computing, having designed and mass-produced 381 chips over the past six years. The next-generation Kirin chip, expected to be launched in autumn 2026, will adopt Logic Folding technology to achieve performance improvements. Huawei forecasts that by 2031, chips based on &#34;Tao's Law&#34; will reach transistor density equivalent to the 1.4-nanometer process node.</p>
<div class="lb-trans"><p>根据报告，华为已经将 “陶法则” 应用于智能手机和人工智能计算，在过去六年中设计并量产了 381 款芯片。预计下一代麒麟芯片将在 2026 年秋季推出，将采用逻辑折叠技术以实现性能提升。华为预测，到 2031 年，基于 “陶法则” 的芯片将达到相当于 1.4 纳米工艺节点的晶体管密度。</p>
</div><p>CLSA believes that &#34;Tao's Law&#34; provides a new pathway to enhance chip performance and may accelerate the development of China's semiconductor industry. Potential beneficiaries among Hong Kong-listed stocks include SMIC, HUA HONG SEMI, CHANG ELEC TECH (600584.SH) +2.680 (+3.039%)  , NAURA (002371.SZ) -3.480 (-0.519%)  and AMEC (688012.SH) +5.810 (+1.253%)  . (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-26 16:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>CLSA 认为，“陶法则” 为提升芯片性能提供了一条新路径，并可能加速中国半导体产业的发展。潜在受益的香港上市股票包括中芯国际、华虹半导体、长电科技 (600584.SH) +2.680 (+3.039%)、纳尔科技 (002371.SZ) -3.480 (-0.519%) 和安集科技 (688012.SH) +5.810 (+1.253%) 。(广告/数据)(香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026-05-26 16:25。)(A 股报价延迟至少 15 分钟。)</p>
</div>

SMIC  and HUA HONG SEMI Gain 3% and 7%; CLSA Says Potential Beneficiaries of Huawei's "Tao's Law"

AASTOCKS News

中芯国际和华虹半导体股价分别上涨 3% 和 7%；里昂证券指出，它们可能成为华为 “陶氏定律” 的潜在受益者