Sept. 8, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第二季NVIDIA（英伟达） Blackwell平台规模化出货， 以及北美CSP业者持续扩大布局General Server（通用型服务器），均带动Enterprise SSD（企业级固 态硬盘）需求显著成长， 前五大品牌厂营收合计逾51亿美元，季增12.7% 。然而，DDR4的短缺和主 控IC载板的交期延长，导致Enterprise SSD普遍供不应求，也牵动各厂商第二季的市占比例和营收表 现。 TrendForce集邦咨询表示，未来Enterprise SSD的市场竞争将围绕三个关键，包括由AI驱动的技术迭 代，中国本土业者崛起对国际大厂的影响，以及供应商需同时维持众多新旧产能，供需失衡可能成为 常态，精准的产能规划和供应链管理，将是厂商获利关键。 分析前五大Enterprise SSD品牌厂第二季营收表现 | Ranking | Company | Revenue (US$M) | | Market Share (%) | | | --- | --- | --- | --- | --- | --- | | | | ...

Group 1: Core Insights - The panel prices for TVs, monitors, and laptops are expected to remain stable in September 2025, with no significant changes anticipated [5][8]. - TV brands are preparing for the year-end promotional season, which is maintaining a stable demand for TV panels [5][7]. - Monitor panel demand has shown weakness in the third quarter, but supply constraints for mainstream FHD models are preventing price increases [7][8]. Group 2: TV Panel Insights - The production and shipment of TV panels have become more proactive in the last two months, alleviating the downward pressure on prices observed since the second quarter [5][6]. - The consensus among buyers and sellers is that there is limited room for price declines in the short term [7]. Group 3: Monitor Panel Insights - Despite weak demand, the supply of mainstream monitor panels is tight due to low production willingness from manufacturers, leading to stable pricing expectations [7][8]. Group 4: Laptop Panel Insights - The demand for laptop panels remains strong in the third quarter, with brands actively seeking to maintain order volumes to secure better pricing from manufacturers [8]. - Competitive pressures among manufacturers are limiting their ability to raise prices, despite stable demand [8].

Core Viewpoint - The panel prices for televisions, monitors, and laptops are expected to remain stable in September 2025 according to TrendForce's latest report [2][12]. Television Panels - The average price for a 65-inch television panel is projected to be $173, with a minimum of $167 and a maximum of $176 [6]. - The average price for a 55-inch television panel is expected to be $124, with a minimum of $118 and a maximum of $127 [8]. - The average price for a 43-inch television panel is projected to be $64, with a minimum of $62 and a maximum of $65 [9]. - The average price for a 32-inch television panel is expected to be $35, with a minimum of $34 and a maximum of $36 [10]. Monitor Panels - The prices for monitor panels are also expected to remain stable [12]. - The average price for a 27-inch IPS panel is projected to be $63, with a minimum of $57.6 and a maximum of $65.8 [13]. - The average price for a 23.8-inch IPS panel is expected to be $49.9, with a minimum of $47.1 and a maximum of $51.4 [14]. Laptop Panels - The prices for laptop panels are anticipated to stay unchanged [15]. - The average price for a 17.3-inch TN panel is stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [15]. - The average price for a 15.6-inch Value IPS panel is expected to be $40.3, consistent with the previous month, with a minimum of $38.6 and a maximum of $41.9 [15]. - The average price for a 14.0-inch TN panel remains at $26.9, with a minimum of $26.4 and a maximum of $28.1 [15].

Group 1: Semiconductor Foundry Industry - In Q2 2025, the global semiconductor foundry revenue reached a record high of over $41.7 billion, with a quarter-on-quarter increase of 14.6% driven by pre-stockpiling effects from consumer subsidies in China and demand for new smartphones and PCs [2][3] - TSMC maintained a dominant market share of 70.2% in Q2 2025, significantly ahead of its competitors [3] Group 2: DRAM Industry - The DRAM industry revenue in Q2 2025 was $31.6 billion, reflecting a quarter-on-quarter increase of 17.1%, attributed to rising contract prices and increased shipment volumes [7][8] - SK Hynix led the DRAM market with a revenue of $12.2 billion and a market share of 38.7%, showing a significant growth of 25.8% from the previous quarter [8] Group 3: Apple iPhone 17 Series - The iPhone 17 series is expected to see a 3.5% increase in shipment volume compared to the iPhone 16 series, despite challenges from a weak global economy and potential price increases for high-end models [5] - The iPhone 17 series will include four models, featuring upgraded processors and improved camera capabilities, which are anticipated to drive consumer interest [5][6]

Core Viewpoint - Apple is set to launch four flagship models: iPhone 17, iPhone 17 Air (tentative name), iPhone 17 Pro, and iPhone 17 Pro Max, with upgrades in design, processor performance, thermal management, and camera capabilities, which are expected to boost sales [2][6]. Product Overview - The iPhone 17 series is projected to see a 3.5% increase in shipment volume compared to the iPhone 16 series in 2024, with the Pro series remaining the main sales driver [2]. - The iPhone 17 Air represents Apple's entry into the lightweight flagship market, but its reduced battery capacity and simplified camera specifications may not fully meet consumer demands for high battery life and camera quality [2][7]. Hardware Specifications - All models will be equipped with the A19 processor, while the Pro series will feature the A19 Pro processor [6]. - The RAM for the iPhone 17 Air, Pro, and Pro Max will be expanded to 12GB, with storage options starting from 256GB up to 1TB [7]. - The camera system will see significant upgrades, with front cameras increasing from 12MP to 24MP and rear cameras upgraded to 48MP, particularly in the Pro series [7]. Pricing Strategy - The base model iPhone 17 is expected to maintain last year's pricing, while the Air, Pro, and Pro Max models may see price increases of $50 to $100 due to innovations and upgrades [7]. - The iPhone 17 Air is positioned to compete with the Samsung S25 Edge in terms of pricing [7]. Product Line Strategy - The introduction of the Air series and future foldable models indicates Apple's strategy to diversify its product line to attract a broader consumer base [7]. - TrendForce suggests that Apple's product release schedule may shift to launch a mid-range model in the first half of the year and the Air, Pro, Pro Max, and foldable models in the second half, creating a more diverse and clearly segmented product matrix [7].

Core Viewpoint - The article discusses the recent price trends in the photovoltaic industry, highlighting the upward price movement across various segments despite an oversupply in the market and cautious demand from downstream customers [4][6][11]. Group 1: Polysilicon - The supply of polysilicon continues to increase, with monthly output expected to reach around 130,000 tons, an increase of approximately 8,000 tons from August [4]. - Market transactions remain cautious, with lower trading volumes and a lack of strong purchasing intent from downstream customers [5]. - Driven by national policies, polysilicon prices have not decreased despite the supply-demand imbalance, with the highest quotes reaching 55 RMB/kg [6]. Group 2: Silicon Wafers - The overall inventory of silicon wafers remains stable, but there are significant structural issues, particularly with 210RN wafers facing oversupply [8]. - Demand varies by size, with 183N and 210N wafers showing balanced demand, supporting price increases, while 210RN wafers struggle [8]. - Prices for 183N and 210N wafers are expected to rise by 0.05 RMB per piece due to healthy supply-demand relationships, while 210R prices are likely to remain unchanged [9]. Group 3: Solar Cells - The inventory levels of solar cells are relatively healthy, but there is a clear structural disparity in supply and demand [10]. - The demand for 210N high-efficiency cells is improving, providing solid support for prices, while 183N cells maintain competitiveness despite production-demand mismatches [9]. - Solar cell prices are expected to follow the upward trend of silicon wafer prices, indicating a challenging pricing environment [10]. Group 4: Solar Modules - The continuous rise in upstream prices is pushing up production costs for solar modules, yet terminal demand remains weak [11]. - Module manufacturers are raising quotes to above 0.7 RMB, but actual transaction prices hover around 0.68 RMB per watt, indicating a struggle to pass on cost increases [11]. - Despite the challenges, the price outlook for modules remains optimistic, supported by cost, policy, and demand factors, with a low likelihood of price reductions [11].

Core Insights - The article discusses the growth potential of the AR market, particularly with the upcoming release of AR glasses prototypes by international brands and Meta's anticipated launch of the Celeste AR glasses, leading to increased market attention [2][5]. Industry Trends - According to TrendForce, global AR shipments are expected to reach 600,000 units in 2025, driven by the introduction of AR devices and a decrease in OLEDoS product prices [2]. - The AR market is projected to experience strong growth momentum, with shipments expected to reach 32.1 million units by 2030, as high-end full-color AR technology matures and more sophisticated products from major international companies are released [5]. Regional Market Dynamics - Currently, China is the primary market for AR shipments, but with the entry of tech giants like Meta and Google, China's market share is expected to decline to 50.2% by 2030 [5]. Technological Developments - AI technology is helping consumers form clearer expectations for AR glasses applications, contributing to a gradual consensus on market standards [5]. - Brands are setting specific requirements for light engines, such as power consumption below 300mW, volume under 1cc, and weight under 3g, which, while challenging for suppliers, will help standardize specifications [5][6]. Market Standardization - Although standardization may limit brand differentiation and product iteration, it aids in achieving economies of scale and reducing costs, making it easier to meet consumer price expectations and attract more potential users to the AR glasses market [6]. - The active involvement of international companies like Meta and Google is accelerating supply chain development, with suppliers such as LUMUS, Goertek, JBD, Xreal, and Omnivision expected to benefit from market expansion [6].

Sept. 2, 2025 产业洞察 TrendForce集邦咨询表示，2025年第二季DRAM产业因一般型DRAM (Conventional DRAM)合约价 上涨、出货量显著增长，加上HBM出货规模扩张， 整体营收为316.3亿美元，季增17.1% 。平均销售 单价(ASP)随着PC OEM、智能手机、CSP业者的采购动能增温，加速DRAM原厂库存去化，多数产 品的合约价也因此止跌翻涨。 | Ranking | Company | | Revenue (US$M) | | Market Share | | | --- | --- | --- | --- | --- | --- | --- | | | | 2Q25 | 1025 | QoQ | 2025 | 1025 | | 1 | SK hynix | 12,229 | 9,718 | 25.8% | 38.7% | 36.0% | | 2 | Samsung | 10,350 | 9,100 | 13.7% | 32.7% | 33.7% | | 3 | Micron | 6,950 | 6,575 | 5.7% | 22.0% | 24.3% | ...

Core Insights - The overall revenue of the top ten foundries reached over $41.7 billion in Q2 2025, marking a record high with a quarter-on-quarter increase of 14.6% driven by pre-stockpiling effects from consumer subsidies in China and new product launches in the second half of the year [2][5]. Group 1: Industry Performance - The second quarter saw a strong recovery in foundry capacity utilization and shipment volume, primarily due to seasonal demand for new products in smartphones, laptops, and servers [2]. - The advanced process technology is expected to boost revenue significantly, with high-priced wafers contributing positively to the industry's overall performance [2]. Group 2: Company Revenue Performance - TSMC reported a revenue of $30.24 billion in Q2 2025, a quarter-on-quarter increase of 18.5%, achieving a market share of 70.2% [5][6]. - Samsung's revenue reached approximately $3.16 billion, with a 9.2% quarter-on-quarter increase, maintaining a market share of 7.3% [5][7]. - SMIC's revenue slightly decreased by 1.7% to around $2.21 billion due to shipment delays and ASP decline, resulting in a market share of 5.1% [5][8]. - UMC's revenue grew by 8.2% to $1.90 billion, with a market share of 4.4% [5][9]. - GlobalFoundries achieved a revenue of nearly $1.69 billion, increasing by 6.5% quarter-on-quarter, with a market share of 3.9% [5][10]. - HuaHong Group's revenue increased by approximately 5% to $1.06 billion, maintaining a market share of 2.5% [5][11]. - Vanguard's revenue was close to $0.38 billion, with a 4.3% increase, ranking seventh [5][12]. - Tower's revenue reached $0.37 billion, growing by 3.9% [5][13]. - Nexchip's revenue was $0.36 billion, with a nearly 3% increase [5][14]. - PSMC's revenue grew by 5.4% to $0.35 billion, ranking tenth [5][15].

Core Viewpoint - The article discusses the current state of the photovoltaic industry, highlighting the supply-demand dynamics, price trends, and the impact of policies on various segments including polysilicon, wafers, cells, and modules [5][11][13]. Supply Situation - The polysilicon market is experiencing a continuous increase in supply due to new production capacity and existing lines ramping up output, with expected monthly increments exceeding 20,000 tons [5]. - The wafer market is facing structural oversupply, with total inventory reaching approximately 20 GW, primarily driven by the 210RN segment [10]. Demand and Inventory - Despite the increase in supply, demand has not kept pace, leading to a cautious market with downstream customers showing weak purchasing intentions. Polysilicon inventory is expected to surpass 400,000 tons by the end of the month [6]. - In the wafer segment, demand remains relatively flat, with battery manufacturers adopting a cautious approach to procurement, resulting in increased inventory pressure [11]. Price Trends - Although the supply-demand fundamentals are weak, prices are showing an upward trend due to market sentiment influenced by production cut rumors and anti-"involution" policy expectations. Prices for polysilicon have generally risen above RMB 50 per kilogram [7]. - In the wafer segment, prices have unexpectedly increased despite oversupply, driven by a collective pricing strategy among leading companies in response to policy expectations [11][15]. - The battery segment is witnessing a firm price increase, supported by rising production costs from upstream materials and a proactive pricing response from battery manufacturers [13]. Module Segment - The module production is expected to see a slight increase in September, indicating manufacturers' confidence in market prospects [14]. - Module prices are supported by multiple factors, including a consensus against below-cost competition, leading to a stable pricing environment [15].