Lyon: Reiterate the outperform rating on China Hong Semiconductor.

Lyon Huahong Semiconductor released a research report stating that the company's new 12-inch wafer fab, Fab9A, will reach its peak production capacity this year, and the capacity expansion of Fab9B will also accelerate. It is predicted that the capital expenditure in 2026 will slightly decrease compared to the previous year, and will significantly increase in 2027. The target price was accordingly raised to 129.5 Hong Kong dollars, with a reaffirmed "outperform the market" rating.