提前进入国庆长假模式...... 为何曾经手握技术霸权的美国，会对中国成熟芯片如此紧张？中国又是如何避开 "卡脖子" 陷阱，走出 一条独特的破局之路？而在这场博弈背后，"产业链安全" 的定义权，又在悄然发生怎样的变化？ 带着这些疑问，我们不妨在茶香萦绕中，一步步拆解这 66% 依赖率背后的真相，看看中国芯片的突 围，究竟藏着怎样的战略智慧。 | 66% 的依赖率，戳破了美国哪些焦虑的真相？ 玉渊谭天披露的美国政府研究数据剖开了美国 "技术霸权" 的外壳，露出了内里三层实实在在的焦虑： 先说产业 话语权的旁落 。美国一直想把芯片分成 "高大上的先进制程" 和 "不起眼的成熟制程"，觉得 后者没技术含量。但中国用 28nm 及以上芯片的规模优势，狠狠打破了这种划分：特斯拉的自动驾驶模 块里有中国芯片，F-35 战斗机的传感器靠中国芯片运转，连家里的洗衣机、电网的核心设备，都离不 开中国制造。更关键的是，这不是中国 "低价抢市场"，而是全球产业链用脚投票的结果 —— 中国产成 熟芯片价格比美国本土低 30%~50%，良率却达到 98% 的顶尖水平，性价比和稳定性没人能比。 泡一壶清茶，习惯性的打开手机，刷看公众号文 ...

来源：investing 加入"中国IC独角兽联盟"，请点击进入 是说芯语转载，欢迎关注分享 星标 是说芯语 不错过任何一条消息 ▶ 奔驰分拆硅谷芯片团队成立新公司 Athos Silicon 梅赛德斯 - 奔驰周五将硅谷一批芯片专家分拆，成立新公司 Athos Silicon ，总部位于加州圣克拉拉，核 心是为自动驾驶汽车、无人机等打造新一代计算芯片。 Athos Silicon总部位于加利福尼亚州圣克拉拉，其工程师团队曾在梅赛德斯-奔驰北美研发中心工作五 年，致力于开发新型芯片，旨在确保新芯片足够安全，可用于汽车，同时比现有芯片能耗更低。 分拆后，Athos 获奔驰转让相关知识产权及 "重大" 投资，交易金额未披露；奔驰为少数股东，Athos 设 独立董事会，未来计划引入其他风投。 技术上， Athos 用 "芯粒（chiplet）" 技术替代传统多独立芯片方案 ，将微小芯片封装在一起，功耗较 传统方案降低 10-20 倍，适配电动汽车对低能耗的需求，同时保障自动驾驶所需的可靠性。 公司 CEO Charnjiv Bangar 强调，Athos 保持独立是为接触奔驰竞争对手等更多车企，确保业务中立 性，且 ...

Core Viewpoint - The article discusses the recent surge in stock prices of companies holding shares in Moer Technology following its IPO approval, highlighting the significant price movements and investor interest in related stocks [2][4]. Summary by Sections Moer Technology IPO and Stock Performance - Moer Technology's IPO was approved, leading to a strong performance in several related stocks, including Heertai (002402.SZ), which saw a more than 6% increase in early trading [2]. - Yingqu Technology (002925.SZ) reported holding 134.0374 million shares of Moer Technology, accounting for 0.3351% of its pre-IPO total shares, and its stock rose over 9% [2]. - Chuling Information (300250.SZ) indicated an indirect holding of approximately 0.0229% in Moer Technology, resulting in a 20% increase in its stock price [2]. Other Companies Holding Moer Technology Shares - Zhongke Lanyun (688332.SH) stated it holds 134.04 million shares directly and an additional 67.01 million shares indirectly, totaling 0.5% of Moer Technology's pre-IPO shares, with its stock rising by 10.09% [3]. - Lianmei Holdings (600167.SH) invested 100 million yuan in Moer Technology through a subsidiary, leading to a stock increase of over 7% [4]. - Honglida (688330.SH) reported an indirect holding of about 0.3% in Moer Technology, with its stock rising over 5% [4]. Stock Price Volatility and Risk Warnings - Several Moer Technology-related stocks experienced significant price fluctuations, with initial surges followed by declines. For instance, Chuling Technology saw a drop of 8.41% and 10.2% on September 25 and 26, respectively [5]. - Lianmei Holdings and Heertai also faced declines after substantial increases, prompting them to issue risk warnings regarding their stock performance [5]. - Companies like Shenghong Technology and Lihexing confirmed their relationships with Moer Technology but refrained from disclosing specific details due to confidentiality agreements [5].

Core Viewpoint - The DRAM market is experiencing significant fluctuations due to Kingston's suspension of DDR4 and DDR5 product orders, leading to supply shortages and price increases across the industry [1][3]. Group 1: Market Dynamics - Kingston's decision to pause orders has resulted in a noticeable shortage in the terminal market, with DDR4 memory becoming increasingly difficult to obtain [1]. - The price of Kingston's DDR4 3600MHz 16GB memory module surged from 197 yuan to 267 yuan within a week, marking an increase of over 30%, with some channels reporting overall price hikes of 85% to 90% for DDR4 products [1][3]. - A rare price inversion occurred in late June 2025, where the price of DDR4 16Gb reached $12.3, surpassing DDR5's $6.05 [1]. Group 2: Supply and Demand Factors - Major manufacturers like Samsung, SK Hynix, and Micron have shifted production from DDR4 to DDR5 and other high-bandwidth memory types, leading to a continuous supply gap for DDR4 [3]. - SK Hynix reduced its DDR4 production capacity from 30% to 20%, while Samsung plans to cease production of 8GB and 16GB DDR4 modules by the end of the year [3]. - The AI computing revolution is driving demand, with companies like Nvidia upgrading their AI server SSD configurations, significantly increasing storage needs [3]. Group 3: Opportunities for Domestic Players - As international giants reduce their product lines, domestic storage companies are poised to capture market share, with Omdia predicting that Chinese manufacturers could hold over 30% of the global DDR5 market by 2025, up from less than 5% [4]. - Domestic firms such as Demingli, Wanrun Technology, and Baiwei Storage are gaining attention in the capital markets due to their technological advancements amid rising prices [4]. Group 4: Consumer Guidance and Market Outlook - Channel partners emphasize that the price gap between DDR5 and DDR4 has narrowed, urging consumers to avoid chasing prices and to adapt to the technological upgrade trend [5]. - Current price increases are attributed to a combination of recovering demand, supply-demand rebalancing, and technological iteration, with expectations that the market will gradually return to rationality as production capacity adjusts [5].

Core Viewpoint - The Russian Academy of Sciences' roadmap for domestic 11.2 nm wavelength EUV lithography tools aims to establish an independent semiconductor manufacturing capability, showcasing a commitment to innovation despite significant technical and commercial challenges [1][2]. Group 1: Roadmap Overview - The roadmap, proposed by Nikolai Chkhalo, spans from 2026 to 2037, focusing on differentiated design to avoid the complexities and high costs associated with ASML's technology [2]. - The project is divided into three main phases: 1. Phase 1 (2026-2028): Launch of lithography machines supporting 40 nm processes with a throughput of over 5 wafers per hour [5]. 2. Phase 2 (2029-2032): Introduction of machines for 28 nm (downward compatible to 14 nm) with a throughput exceeding 50 wafers per hour [6]. 3. Phase 3 (2033-2036): Development of machines for sub-10 nm processes, achieving a throughput of over 100 wafers per hour [6]. Group 2: Technical Innovations - The Russian EUV lithography technology diverges from the mainstream 13.5 nm wavelength, utilizing a hybrid solid-state laser and xenon plasma light source, along with 11.2 nm wavelength mirrors made of ruthenium and beryllium [6][8]. - This approach significantly reduces contamination of optical components, thereby lowering maintenance requirements compared to ASML's tin droplet method [8]. Group 3: Challenges and Comparisons - The feasibility of the Russian EUV lithography roadmap faces challenges, including the need for a complete ecosystem of optical components and resist materials tailored for the new wavelength [7]. - While the proposed machines aim for high throughput, they are designed for smaller foundries rather than competing with ASML's high-capacity systems [8][9]. - The Russian strategy reflects a differentiated competitive approach, contrasting with China's adherence to mainstream technology paths, aiming for self-sufficiency in chip production [9].

作为芯片制造的"地基"，12英寸硅片目前占据全球硅片出货面积的75%以上，且随着人工智能应用普及需求持续攀升。西安奕材专注于12英寸硅单晶抛光 片和外延片的研发、生产与销售，产品广泛应用于存储芯片、逻辑芯片、功率器件等领域，已供应智能手机、数据中心、新能源汽车等多个核心场景。截 至2024年末，公司月均出货量达52.12万片，产能稳居中国大陆第一、全球第六，在全球市场占比约6%-7%。 9月24日晚，西安奕斯伟材料科技股份有限公司（股票简称"西安奕材"，股票代码"688783.SH"）正式披露招股意向书，启动科创板IPO发行程序，标志着 这家国内12英寸硅片领军企业向资本市场迈出关键一步。 此次发行方案显示，西安奕材拟公开发行股票5.378亿股，占发行后总股本的13.32%，计划募资49亿元，全部投向西安奕斯伟硅产业基地二期项目。该项 目聚焦先进世代存储芯片用抛光片、更先进制程用外延片及功率器件用特色硅片的研发与生产，第二工厂已于2024年投产，预计2026年达产后，公司两厂 合计月产能将提升至120万片，可满足全球10%以上及中国大陆40%的12英寸硅片需求，有望跻身全球头部阵营。 技术实力与客户储备成为公 ...

美媒突然爆料。 环球网援引路透社9月26日报道称，美国政府试图推动"制造业回流"之际，三名消息人士透露，特朗普政 府正在考虑根据每台外国电子设备中的芯片数量征收关税。然而，路透社在报道中直言，若这一举措得以 实施，可能继续推高美国通胀。 报道介绍，根据该计划，美国商务部将对产品芯片价值的估算部分按一定比例征收关税。该计划目前尚未 公布，也可能会有所变化。美国商务部没有立即回应置评请求。 对于上述计划，白宫发言人库什·德赛表示，"美国不能依赖从外国进口对我们国家和经济安全至关重要的 半导体产品"，特朗普政府致力于采取多种措施推动关键制造业回流美国。 不过，路透社在报道中提到，如果相关计划得以实施，将表明特朗普政府正试图将打击目标扩展到从牙刷 到笔记本电脑等一系列消费品，然而此举可能会推高通胀。 报道援引保守派智库美国企业研究所经济学家迈克尔·斯特兰的话称，"在美国通胀问题日益严重，通胀率 明显高于美联储目标且不断加速的情况下"，该计划可能会推高消费品成本。由于对生产这些商品所需的 关键物料征收新关税，即使是在美国本土生产的商品也可能变得更加昂贵。 值得一提的是，据央视新闻，当地时间9月4日，美国总统特朗普宣布， ...

Core Viewpoint - Wallen Technology's application for listing on the Hong Kong Stock Exchange signifies not only the capital advancement of this domestic GPU leader but also an important signal of China's breakthrough in autonomous computing power [1] Group 1: Technological Advancements - Wallen Technology's core strength lies in its technological breakthroughs, having developed an original architecture that disrupts the high-end GPU market's technological monopoly [3] - The flagship BR100 series, built on the "Bili Ran" architecture, utilizes 7nm process and Chiplet technology, achieving over three times the performance of mainstream products, with 770 billion transistors and INT8 computing power reaching 19.2 TOPS [3] - The proprietary BLink™ high-speed interconnect technology enables a single card to achieve 448GB/s bandwidth, supporting over 95% linear acceleration for large-scale clusters [3] - Wallen's heterogeneous mixed training technology allows four different GPUs to train the same large model, providing a viable solution to the computing power isolation problem [3] Group 2: Ecosystem Development - The progress of ecosystem construction directly influences the market viability of GPU products, with Wallen Technology striving to close the ecological gap with international giants through open collaboration [5] - The self-developed BIRENSUPA™ software toolchain has become the core of the ecosystem, supporting mainstream data precisions and achieving compatibility with major models [5] - Wallen has established a diverse cooperation network through technological openness, collaborating with various companies to enhance training performance and create a complete technology closed loop [5] Group 3: Commercialization and Market Strategy - The acceleration of commercialization has allowed Wallen Technology to convert technological value into market competitiveness, achieving comprehensive coverage of three major telecom operators [6] - Wallen has formed a clear product matrix targeting different application scenarios, with the BR100 focusing on AI training and the Bili 110E inference card offering significant performance density and energy savings [6] - The company has set a target of 20,000 chips for procurement by 2025 and is expanding its reach into government and enterprise markets through partnerships [7] Group 4: Financial Outlook and Growth Potential - Despite the promising technological advancements, Wallen Technology's revenue remains modest, projected at approximately 280 million yuan in 2025, highlighting the challenge of converting technical advantages into profitability [7] - The capital injection from the Hong Kong listing may accelerate investments in key areas such as packaging localization and ecosystem expansion [7] - The deep involvement of industrial capital, like Shanghai Lingang, not only shares in the company's growth but also strengthens the development foundation for hard-tech enterprises, fostering a beneficial cycle of "capital + technology" [7]

Core Viewpoint - The current AI boom is compared to the 2000 internet bubble, with significant investments leading to potential market instability and risks of a bubble burst [4][6][14]. Group 1: AI Bubble Concerns - Market analysts express skepticism about the sustainability of the AI boom, highlighting the potential for significant financial losses [6][7]. - OpenAI's CEO warns that while AI will create economic value, many investors may lose money during the bubble [8][14]. - The UK government announced an AI initiative that aligns with industry concerns about the risks of an AI bubble [6][9]. Group 2: Investment Trends and Predictions - Predictions indicate a 16% growth in the AI market driven by logic markets, with a potential slowdown leading to a minimum growth forecast of 6% by 2026 [8][9]. - Major investments in AI infrastructure, such as the $200 billion OpenAI data center and the £30 billion AI growth zone in the UK, reflect the scale of current spending [9][10]. - The collaboration between ASML and Mistral AI marks a significant partnership in the semiconductor and AI sectors, indicating a trend towards integrating AI into advanced manufacturing [13]. Group 3: Semiconductor Industry Impact - The anticipated AI bubble burst is expected to have critical implications for the semiconductor industry, particularly affecting the demand for GPUs and AI chips [14]. - The semiconductor market is still recovering from excess inventory and long-term agreements, complicating the outlook for recovery [14]. - The introduction of new technology nodes, such as 2nm processes, is driven by the demand for higher performance and lower power consumption from AI chip designers [14].

当 地 时 间 9 月 2 6 日 ， 路 透 社 消 息 ， 特 朗 普 政 府 正 考 虑 推 出 一 项 新 计 划 ， 旨 在 大 幅 减 少 美 国 对 海 外 半 导 体 的 进 口 ， 并 推 动 本 土 晶 圆 生 产 ， 重 塑 全 球 供 应 链 。 图：路透社相关报道： 美国计划 1：1 芯片生产规则以遏制海外依赖 该计划的核心目标是： 相关企业在进口半导体产品时，必须同步采购相同比例的美国本土生产芯 片， 保持大致1:1的比例 。 报道援引知情人士消息称，那些未能在一定时期内维持这一比例的企业， 可能要面临征收关税的 惩罚，关税率可能高达 100%。 该计划与特朗普此前的表态一致：特朗普8月6日曾宣称，美国 将对进口半导体产品征收100%关 税 ，这一税率将适用于"所有进入美国的芯片和半导体"， 但不适用于已承诺或已启动程序在美 国制造相关产品的企业。 而且在9月初，特朗普再度宣布，美政府将对未将生产转移至美国的半导体企业进口产品征收关 税。他强调， 若企业在美投资或有建厂计划，对于那些在美国境内制造芯片的企业，可豁免约 100% 的半导体 进口税 。 报道指出，美国商务部部长 How ...