Market Performance - As of October 9, 2025, the Shanghai Composite Index rose by 1.32% to close at 3933.97 points, the Shenzhen Component Index increased by 1.47% to 13725.56 points, and the ChiNext Index gained 0.73% to 3261.82 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average fell by 0.52%, the Nasdaq Composite decreased by 0.08%, and the S&P 500 dropped by 0.28% [1] - The Philadelphia Semiconductor Index increased by 3.40%, while individual semiconductor stocks like NXP Semiconductors, Micron Technology, and ARM saw declines of 1.87%, 2.14%, and 2.33% respectively [1] Industry Insights - Intel announced key details about its upcoming Panther Lake notebook processor, which will be the company's first chip manufactured using the next-generation 18A process technology, aiming to restore its leadership in chip manufacturing [2] - The Panther Lake processor will integrate multiple components, including graphics and central processing units, on a single circuit and is expected to begin ramping up production this year, with initial shipments by the end of 2025 and full market availability starting January 2026 [2] - A new wave of shortages in the storage industry is intensifying, with DDR4 DRAM prices rising over 12% and DDR5 16Gb prices increasing by 8.5% in the past week, prompting several manufacturers to pause pricing until post-holiday market conditions become clearer [2] - Companies like Adata, Team Group, and Apacer have observed strong price increases and have decided to halt pricing for DDR4 and DDR5 products, while NAND Flash and SSD products continue to be quoted [2] Company Actions - Shengmei Shanghai announced that its actual controller and chairman, Hui Wang, along with other executives, plan to reduce their holdings in the company by up to 0.04%, 0.03%, 0.02%, 0.03%, and 0.02% respectively, with the reduction period set from November 3, 2025, to February 2, 2026 [3] - Guosen Securities highlighted the significant investment intentions between OpenAI and NVIDIA, indicating a robust demand for AI infrastructure driven by the evolution of large models, which in turn boosts the demand for computing power [3] - The semiconductor materials ETF and its associated funds focus on semiconductor equipment (59%) and materials (25%), benefiting from the ongoing AI revolution and the need for domestic substitution in the semiconductor sector [3][4]

位于美国亚利桑那州的凤凰城，坐落着英特尔最先进的晶圆厂，而在9月份的最后几天，雷科技有幸被英特尔邀请参加其年度技术盛会ITT(Intel Technology Tour），飞越太平洋来到这座美丽的沙漠绿洲城市，参观并了解英特尔最新的技术成果。 图源：雷科技 在参观英特尔工厂的间隙，英特尔高级首席工程师Arik Gihon、英特尔院士Carlos Cordeiro、英特尔副总裁Chris Auth等人也为我们讲解了英特尔即将上市的 Panther Lake架构，剖开了其背后的技术秘密。 Panther Lake炸场，Intel 18A工艺首秀 Panther Lake是首个采用英特尔的Intel 18A工艺制造的消费级产品平台，作为英特尔目前最先进的量产制程，Intel 18A工艺具有两大全新特性：RibbonFET 环绕栅极晶体管和PowerVia背面供电。 图源：英特尔 其中，RibbonFET环绕栅极晶体管是英特尔为2nm及以下制程所准备的一项新技术，用新的晶体管架构取代了传统的FinFET架构，避免因工艺升级所带来 的漏电、性能不稳等问题。 对此不少朋友可能会有疑问：为什么工艺升级会导致漏电和性能不稳定 ...

Core Insights - Intel has announced the details of its new client processor architecture, Intel® Core™ Ultra (3rd generation), codenamed Panther Lake, which is expected to start shipping later this year [1] - Panther Lake is the first product based on Intel's 18A (1.8nm) process technology, with mass production beginning this year and widespread market availability anticipated by January 2026 [1][5] - The Intel 18A process node offers a 15% performance improvement per watt and a 30% increase in chip density compared to the Intel 3 process technology [1] Processor Specifications - The Intel® Core™ Ultra processor (3rd generation) will feature up to 16 new performance cores (P-core) and efficiency cores (E-core), with over 50% performance improvement compared to the previous generation [3] - It will also include the new Intel Iris™ GPU with up to 12 Xe cores, providing over 50% improvement in graphics performance [3] - The platform's AI performance can reach up to 180 TOPS (trillions of operations per second) [3] Server Processor Development - Intel previewed the Intel® Xeon® 6+ processor (codenamed Clearwater Forest), which will be the company's first server processor based on Intel 18A, expected to launch in the first half of 2026 [5] - Clearwater Forest can support up to 288 efficiency cores and boasts a 17% increase in instructions per cycle (IPC) compared to the previous generation [5] Key Innovations - Intel 18A introduces key innovations such as RibbonFET, a new transistor architecture that enhances performance and energy efficiency, and PowerVia, a groundbreaking back-side power delivery system [5] - The advanced packaging and 3D chip stacking technology, Foveros, allows for the stacking and integration of multiple chiplets into advanced SoC designs, providing flexibility, scalability, and performance advantages [5] Future Outlook - Intel's CEO, Pat Gelsinger, emphasized that advancements in semiconductor technology are ushering in a new computing era, which is expected to shape the development of the next several decades [6] - The new generation of computing platforms is positioned to drive innovation across Intel's various business sectors [6]

相较下，奥特曼更为直截了当，被问到英伟达和AMD都仰赖台积电，OpenAI是否「有必要或有责任去 拓展这个市场吗、是否牵涉到英特尔」时，回答「我希望台积电能多建产能」。 外电报导，OpenAI执行长奥特曼接受长住台湾的科技网站《Stratechery》作者Ben Thompson访问时，暗 示几乎不考虑分散下单的策略。相较于其他芯片大厂考虑将订单分散给英特尔，奥特曼说：「宁可希望 台积电（2330）扩大产能。」 外电报导，先前从英伟达执行长黄仁勋、AMD执行长苏姿丰，到矽谷芯片老将凯勒（Jim Keller），对 未来是否委托英特尔生产，都给了「不排除」的答案。 OpenAI并未涉足芯片制造，但外界已知该公司正开发专用AI芯片，且传将采用台积电3奈米制程。科技 网站Wccftech评道，奥特曼对半导体供应链显然相当熟悉，因此他对是否采用英特尔代工的看法具有一 定分量。 他在被追问「对多家供应商的看法」时，反问「我看是要催促台积电加快扩产的速度吧？」 ...

Panther Lake架构的英特尔酷睿Ultra第三代系列处理器预计今年底开始出货，明年初、即2026年1月实现广泛市场供应。与此同时，英特尔披露，位于美国亚 利桑那州钱德勒市的Fab 52工厂已全面投产，准备今年晚些时候大规模生产18A制程芯片。 除了吸引外部投资，努力摆脱困境的英特尔还在推动在美国本土生产其最先进制程的产品。 美东时间10月9日周四，英特尔首次透露18A制程工艺的首款产品——代号Panther Lake的新一代AI PC处理器架构细节。这是英特尔在美国制造最先进半导 体节点方面取得的关键突破。 英特尔还预览了基于18A制程的首款服务器处理器至强6+，计划2026年上半年推出。18A制程是英特尔首个在美国开发和制造的2纳米级节点，相较前代产 品实现15%的性能功耗比提升和30%的芯片密度改进。 18A制程融合了RibbonFET全环绕栅极晶体管技术和PowerVia背面供电系统两大创新。RibbonFET是英特尔十多年来首个全新晶体管架构，实现更好的缩放 和更高效的开关性能。PowerVia则是突破性的背面供电系统，增强功率流和信号传输。 自今年3月上任以来，英特尔CEO陈立武面临巨大的公 ...

2025年9月27日，亚利桑那州凤凰城，英特尔Tech Tour（ITT）活动现场，新一代客户端处理器Panther Lake正式亮相。这款产品在架构设计、能效管理、AI 算力等维度实现突破性升级，通过Foveros 2.5D封装、三级缓存优化、多核心异构协同等技术，为AI PC的普及与性能跃迁提供了核心支撑。 官方图片 一、架构革新：Foveros 2.5D封装下的"模块化算力矩阵" 活动现场，一块拆解Panther Lake内部结构的展板，直观呈现了其"模块化异构"的设计逻辑。基于Foveros 2.5D封装技术，Panther Lake将计算、图形、I/O等 核心功能拆解为独立Tile（模块），再通过硅中介层（Interposer）实现高速互联，数据传输延迟较传统封装降低40%，同时功耗减少25%。 官方图片 从核心参数看，Compute Tile集成了最高16核CPU（4个P核+8个E核+4个LPE核），其中P核采用Cougar Cove架构，IPC（每时钟周期指令数）较上一代提升 18%；E核与LPE核均基于Darkmont架构，E核单核能效比Lunar Lake提升35%，LPE核则专注超低功耗场 ...

Core Insights - Intel has announced the details of its new client processor architecture, Intel® Core™ Ultra (3rd generation), codenamed Panther Lake, which is expected to start shipping later this year [1] - Panther Lake is Intel's first product built on the Intel 18A process technology, with mass production beginning this year and the first SKU expected to ship by the end of the year, aiming for widespread market availability by January 2026 [1] - Intel also previewed the Intel® Xeon® 6+ (codenamed Clearwater Forest), which will be the first server processor based on Intel 18A, expected to launch in the first half of 2026 [1]

英特尔(INTC.US)周四公布了其即将推出的Panther Lake笔记本处理器的关键细节。这是该公司首款基于 下一代18A制程工艺制造的芯片，旨在向投资者证明，其高昂的转型计划能够重塑英特尔在芯片制造领 域的领先地位。 Panther Lake主要面向高端、支持人工智能功能的笔记本电脑，是英特尔在扩大18A制程量产能力、以 及夺回被竞争对手AMD(AMD.US)抢占的PC市场份额方面的一次重大考验。英特尔表示，Panther Lake 集成的图形处理器(GPU)和中央处理器(CPU)性能较前一代Lunar Lake芯片提升50%。英特尔的18A制程 采用了全新的晶体管设计，并引入了更高效的能量传输方式。Panther Lake采用"系统级芯片(SoC)"设 计，将图形处理器、中央处理器等多个组件集成在单一电路上。该处理器预计将于今年开始量产爬坡， 首批芯片将在2025年底前出货，并将于2026年1月起全面上市。 创新的催化剂 陈立武周四表示："这些新技术是推动我们构建'新英特尔'的创新催化剂。" 英特尔位于亚利桑那州的晶圆厂Fab 52现已全面投入运作，并计划于今年晚些时候实现基于18A制程的 大规模量产 ...

从业务层面分析，英特尔晶圆代工部门仍是拖累公司财务的最大包袱。弗兰克·李直言，该业务是拖累 公司财务表现的最大因素，且执行力持续低迷。具体技术路径上，英特尔已取消面向外部客户的18A工 艺，而14A工艺因缺乏外部客户订单支持，其商业可行性亦受到质疑。在此背景下，与台积电达成技术 合作虽可能重塑代工业务格局，但鉴于台积电的战略布局已深度绑定美国市场，此类合作短期内难以落 地。 值得注意的是，弗兰克·李将英特尔目标价从21.25美元上调至24美元，但评级下调反映了其长期担忧。 他特别指出，被市场视为关键突破口的台积电(TSM.US)合作前景不容乐观——台积电对与英特尔代工 业务达成技术共享协议兴趣缺失，主要因其已在美国投入超1000亿美元建设多个绿地项目，并将生产及 建设重心转移至美国本土。 智通财经APP获悉，汇丰银行发布最新研报，将英特尔(INTC.US)的股票评级由"持有"下调至"减持"， 并指出其近期股价重估"不可持续"。该行分析师弗兰克·李在报告中指出，英特尔股价自8月首次宣布三 笔重大交易以来已累计上涨55%，但支撑这一涨幅的交易逻辑存在隐患。 具体来看，这三笔交易包括：软银20亿美元战略投资、美国政 ...

【环球网科技综合报道】10月9日消息，据Benzinga报道，英伟达CEO黄仁勋近日在一档电视访谈节目 中，回顾了英伟达与英特尔的竞争历程，并重点谈及双方如今的战略合作关系。 黄仁勋在访谈中首先提及两家企业漫长的竞争历史，他以略带幽默的口吻表示："他们（英特尔）花了 33 年时间试图在市场中与我们竞争。" 这番表述既道出了过往行业竞争的激烈，也为后续谈及合作埋下 伏笔。 来源：环球网 如今，这对曾长期处于竞争状态的科技企业已正式转变为战略盟友。今年 9 月，双方达成一项价值 50 亿美元（按当前汇率计算，约合 356.72 亿元人民币）的合作协议，将围绕超大规模数据中心、企业级 及消费级市场，联合开发定制芯片产品。对于这一合作转变，黄仁勋形象地比喻道："我们是恋人，不 是对手"，生动诠释了两家企业从竞争走向协同的战略调整。 谈及此次合作的促成因素，黄仁勋指出，他与英特尔现任首席执行官陈立武的长期友谊是重要基础，而 更深层的动力则源于市场发展需求。在快速变化的人工智能硬件市场中，双方意识到通过合作可整合各 自优势、实现共同利益，最终达成 "双赢" 格局。据介绍，此次合作将推动两款新产品的研发，借助英 伟达在 A ...