Group 1 - NVIDIA's newly launched Jetson Thor is considered the physical intelligence core for robots, featuring Blackwell GPU and 128 GB memory, achieving 2070 FP4 TFLOPS AI computing power, which is 7.5 times that of the previous Jetson Orin [2] - The introduction of Jetson Thor enables advanced humanoid robots to process large sensory data and large language models (LLM) in real-time, enhancing their ability to see, think, and act [2] - The humanoid robot chip market is expected to exceed $4.8 billion by 2028, driven by the adoption of this technology by companies like Agility Robotics, Boston Dynamics, and Amazon [2] Group 2 - In Q2 2025, the NAND Flash industry is projected to see a quarter-over-quarter revenue increase of over 20%, despite a slight decline in average selling prices (ASP) [4] - Major manufacturers have implemented production reduction strategies to alleviate supply-demand imbalances, resulting in significant growth in overall output [4] - The combined revenue of the top five NAND Flash manufacturers reached $14.67 billion in Q2 2025, reflecting a 22% quarter-over-quarter increase [5]

Core Insights - The near-eye display device market is expected to show a lackluster performance in the short term, with global shipments projected to reach 6.2 million units by 2025 [2] - The VR/MR market, particularly Meta Quest 3s, is anticipated to see a decline in shipments to 5.6 million units by 2025, while AR devices are expected to perform more steadily, with shipments reaching 600,000 units driven by new AI+AR products and decreasing OLEDoS prices [2] - Long-term growth is expected, with global near-eye display shipments projected to rise to 46.5 million units by 2030, supported by ongoing product development from major companies like Meta and Apple, and strong growth in the AR market [2] AR Display Technology Market Development - OLEDoS remains the mainstream technology in China due to its cost advantages, but other technologies pose a threat to its dominance [6] - LCoS technology is expected to gain traction in the market due to Meta's adoption, while the growth of single green LEDoS AR glasses will enhance the penetration of LEDoS technology [6] - The demand for AR devices is increasing, with expectations for shipments using high-spec full-color LEDoS technology to reach 20.9 million units by 2030, achieving a penetration rate of 65% [7] Optical Waveguide Technology and SiC Supply Alliance Analysis - The choice of optical waveguide technology is critical for AR engine modules, with diffraction waveguides currently being the mainstream but needing efficiency improvements [9] - NIL and PL are the two main processing methods for waveguides, with NIL suitable for small-scale development and PL better for mass production [9] - The trend towards larger SiC substrates is expected to enhance cost-effectiveness, with projections indicating that 8-inch SiC substrate shipments could exceed 20% by 2030, moving towards 12-inch substrates in the long term [9] AR Product Development Trends - The specifications of AR devices are becoming standardized to control costs, with mainstream panel sizes for LEDoS and LCoS ranging from 0.13 to 0.18 inches and pixel densities exceeding 5,500 PPI [10] - Chinese brands like Xreal, RayNeo, and INMO are focusing on different strategies, such as enhancing display technology and integrating AI capabilities, reflecting a shift from hardware competition to a more complex software-hardware ecosystem [10]

Aug. 28, 2025 产业洞察 根 据 TrendForce 集 邦 咨 询 最 新 调 查 ， 2025 年 第 二 季 NAND Flash 产 业 虽 面 临 平 均 销 售 价 格 （ASP）小幅下滑，所幸原厂减产策略缓解供需失衡，叠加中、美两大市场政策推动，整体出 货位元大幅成长， 前五大品牌厂合计营收季增22%，达146.7亿美元。 | Rankings | Company | Revenue (US$M) | | Market Share (%) | | | --- | --- | --- | --- | --- | --- | | | | 2Q25 | QoQ (%) | 2Q25 | 1Q25 | | 1 | Samsung | 5,200.0 | 23.8% | 32.9% | 31.9% | | 2 | SK Group (SK hynix + Solidigm) | 3,335.2 | 52.5% | 21.1% | 16.6% | | 3 | Kioxia | 2,135.0 | 11.4% | 13.5% | 14.6% | | 4 | Micron | 2,100.0 | ...

Core Insights - NVIDIA's Jetson Thor is recognized as the physical intelligence core for robots, featuring a Blackwell GPU and 128 GB memory, achieving 2070 FP4 TFLOPS AI computing power, which is 7.5 times that of the previous Jetson Orin [2] - The humanoid robot chip market is expected to exceed $48 million by 2028, driven by the adoption of advanced robotics by companies like Agility Robotics, Boston Dynamics, and Amazon [2] Industry Insights - The development of humanoid robots varies by country, focusing on pilot projects in the short term, scaling manufacturing and services in the medium term, and aiming for household integration in the long term, with high-level SoCs being crucial during this phase [6] - TrendForce's previous report indicated that global humanoid robots are not expected to stabilize in households until around 2032, at which point sales could exceed 100,000 units [6] - Despite the powerful performance of the NVIDIA Jetson Thor series, its development kit is priced at $3,499, significantly higher than the previous Jetson Orin's $1,499, which may hinder widespread adoption [6] - The industry trend aims to lower humanoid robot prices for broader promotion, suggesting that companies planning simpler tasks may opt for more affordable chips [6] - NVIDIA may leverage its hardware-software integration advantage to launch more software platforms for Jetson Thor, enhancing development efficiency and task execution, thereby increasing the value of AI computing power [6]

Group 1 - The core viewpoint of the article highlights the significant growth in the sales of new energy vehicles (NEVs), with a projected 30% year-on-year increase in global sales for the second quarter of 2025, reaching 4.868 million units for BEVs, PHEVs, and hydrogen fuel cell vehicles [2] - Including hybrid electric vehicles (HEVs), total electric vehicle (EV) sales are expected to reach 6.456 million units, accounting for 29% of global automobile sales [2] Group 2 - In the BEV market, BYD leads with an 18.3% market share, followed by Tesla at 11.7% and Geely at 6.4% [3] - For PHEVs, BYD also holds the top position with a 28.9% market share, while Li Auto and AITO follow with 7.4% and 6.2% respectively [3] Group 3 - The article discusses the anticipated increase in the penetration rate of foldable phones, expected to rise from 1.6% in 2025 to over 3% by 2027, driven by Apple's entry into the market [4] - The evolution of hinge technology and materials is noted as a key factor in making foldable phones lighter and thinner, becoming a competitive focal point [5] Group 4 - The article mentions the expected growth of liquid cooling technology in AI data centers, with penetration rates projected to increase from 14% in 2024 to 33% in 2025, driven by the release of NVIDIA's GB200 NVL72 servers [7]

Core Viewpoint - The panel prices for TVs, monitors, and laptops remained stable in August 2025, with expectations of increased demand, particularly for small-sized TV panels, as brands aim to boost sales towards year-end promotions [4][6]. Panel Price Observations - The prices for TV panels, including sizes from 32 inches to 75 inches, are expected to stabilize, reflecting a trend of demand recovery [6]. - The demand for monitor panels decreased slightly by 4.7% compared to the second quarter, leading to potential price negotiations between buyers and sellers, although most manufacturers are maintaining stable pricing due to ongoing losses [7]. - The demand for notebook panels is anticipated to see a slight increase of 1.8% in the third quarter, with manufacturers reluctant to raise prices amid competitive order conditions [8].

Core Insights - The article discusses the rapid adoption of liquid cooling technology in AI data centers, driven by the release of NVIDIA's GB200 NVL72 server, with penetration rates expected to rise from 14% in 2024 to 33% in 2025 [2][4]. Group 1: Liquid Cooling Technology Adoption - The introduction of NVIDIA's GB200/GB300 NVL72 systems, which have a thermal design power (TDP) of 130kW-140kW, necessitates the use of liquid-to-air (L2A) cooling technology due to the limitations of traditional air cooling systems [4]. - Liquid-to-liquid (L2L) cooling architecture is anticipated to gain traction starting in 2027, as new data centers are completed and AI chip power consumption increases, gradually replacing L2A technology [4]. Group 2: Market Expansion and Key Players - Major cloud service providers (CSPs) in North America are expanding AI infrastructure, with companies like Google and AWS implementing liquid cooling-compatible facilities in Europe and Asia [5]. - The demand for cooling modules, heat exchange systems, and peripheral components is expected to grow as liquid cooling penetration increases [5]. - Key suppliers of cold plates, a core component of contact heat exchange, include Cooler Master, AVC, BOYD, and Auras, with several expanding production capacity in Southeast Asia to meet demand from U.S. CSPs [5]. Group 3: Critical Components in Liquid Cooling Systems - The fluid distribution unit (CDU) is essential for heat transfer and coolant distribution, with the market currently favoring sidecar CDU configurations, led by Delta [6]. - Quick disconnects (QDs) are crucial for the reliability and safety of liquid cooling systems, with major manufacturers like CPC, Parker Hannifin, Danfoss, and Staubli involved in the NVIDIA GB200 project [6].

Core Viewpoint - The article discusses the current pricing trends and market dynamics in the photovoltaic (PV) industry, particularly focusing on polysilicon, silicon wafers, battery cells, and modules, highlighting a stable pricing environment despite supply and demand imbalances [4][5][6][7][8]. Polysilicon Segment - The mainstream transaction prices for N-type polysilicon are reported as follows: N-type re-investment material at 45.0 RMB/kg, N-type dense material at 43.0 RMB/kg, and N-type granular silicon at 42.5 RMB/kg [4]. - The trading environment is characterized by a tug-of-war, with leading manufacturers trying to maintain prices while downstream demand remains weak, leading to cautious purchasing behavior [5]. - Overall polysilicon inventory has accumulated to nearly 400,000 tons, primarily due to increased production from leading manufacturers [6]. - The supply-demand framework's influence on pricing is diminishing, with policy expectations becoming more dominant in the market [7]. - Prices for various N-type polysilicon products have remained stable, supported by recent policy meetings aimed at preventing excessive competition [8]. Silicon Wafer Segment - The mainstream transaction prices for N-type silicon wafers are as follows: M10 at 1.20 RMB/piece, G12 at 1.55 RMB/piece, and G12R at 1.35 RMB/piece [9]. - The supply-demand balance for 183N/210N wafers is relatively stable, while 210RN faces slight oversupply due to increased production and weak demand [10]. - Overall silicon wafer inventory has entered a phase of accumulation, reaching approximately 20 GW, with a focus on 210RN products [11]. - Prices for all specifications of silicon wafers have stabilized, with policy support providing a foundation for potential price increases [12]. Battery Cell Segment - The mainstream transaction prices for battery cells are reported as follows: M10 single crystal TOPCon at 0.295 RMB/W, G12 single crystal TOPCon at 0.285 RMB/W, and G12R single crystal TOPCon at 0.285 RMB/W [12]. - The demand for battery cells is weakening as high-priced overseas orders decrease, leading to a weak balance between supply and demand [13]. - Inventory levels for specialized battery cell manufacturers remain stable, but there is a risk of re-accumulation due to declining demand [14]. - Prices for N-type battery cells have remained stable, supported by recent policy meetings [15]. Module Segment - The mainstream transaction prices for modules are as follows: 182mm double-sided double-glass TOPCon at 0.67 RMB/W and 210mm double-sided double-glass HJT at 0.72 RMB/W [16]. - As September approaches, procurement for ground-mounted power stations is starting, providing some support for module demand, although market acceptance of price increases is limited [17]. - New orders have seen price increases, with leading manufacturers adjusting prices to 0.70 RMB/W and above, while secondary manufacturers are around 0.65 RMB/W [18].

Core Viewpoint - The panel prices for TVs, monitors, and laptops remained stable in August 2025, according to TrendForce's latest report [2][5]. TV Panel Prices - The average price for a 65-inch TV panel was $173, with a minimum of $167 and a maximum of $176 [7]. - The average price for a 55-inch TV panel was $124, with a minimum of $118 and a maximum of $127 [7]. - The average price for a 43-inch TV panel was $64, with a minimum of $62 and a maximum of $65 [7]. - The average price for a 32-inch TV panel was $35, with a minimum of $34 and a maximum of $36 [7]. Monitor Panel Prices - The average price for a 27-inch IPS monitor panel was $63, with a minimum of $57.6 and a maximum of $65.8 [9]. - The average price for a 23.8-inch IPS monitor panel was $49.9, with a minimum of $47.1 and a maximum of $51.4 [10]. Laptop Panel Prices - The average price for a 17.3-inch TN laptop panel remained stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [12]. - The average price for a 15.6-inch Value IPS laptop panel was $40.3, consistent with the previous month, with a minimum of $38.6 and a maximum of $41.9 [12]. - The average price for a 14.0-inch TN laptop panel was stable at $26.9, with a minimum of $26.4 and a maximum of $28.1 [12]. - The average price for an 11.6-inch TN laptop panel remained at $25.1, with a minimum of $24.2 and a maximum of $26.5 [12].

Core Viewpoint - The article discusses the transformative impact of generative AI and spatial computing on various industries since 2024, highlighting the central role of display technology in this evolution and the opportunities and challenges it faces [2]. Group 1: Display Technology Evolution - The display industry is experiencing significant internal evolution, with major technology routes competing and seeking new development points [2]. - Micro LED technology is gaining clarity in its development path, with accelerated industrialization and potential applications in large displays, high-end automotive, and wearable devices [2]. - Mini LED has successfully transitioned from a "technology pioneer" to a "market leader," competing effectively with OLED in high-end TVs and monitors, and expanding its applications in smaller pitch markets [3]. - OLED maintains its dominance in flagship smartphones due to its advantages in flexibility, thinness, and color performance, while also addressing its limitations in brightness and lifespan for mid-size applications [3]. Group 2: Market Opportunities and Challenges - The global display industry is at a crossroads of opportunities and challenges, driven by new applications and scenarios enabled by AI, but also facing uncertainties in the macroeconomic environment and technological bottlenecks [4]. - The industry requires a strategic direction to navigate the evolving landscape, particularly in emerging markets such as gaming displays, automotive displays, AI PCs, and AI glasses [4].