Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to rising costs and supply chain constraints [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to tighter supply in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply-demand gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand Upward, MLCC Enters Price Increase Cycle - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices and leading manufacturers considering price hikes due to sustained high demand from AI applications [31][32] - The global high-end MLCC market is currently in a state of supply-demand imbalance, with utilization rates of leading manufacturers reaching 90%-95% [32] 3. Upstream Raw Material Price Increases + AI Demand Driving Semiconductor Price Increases - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply of 8-inch wafers [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the CSI 300 index by 2.94 percentage points, with a year-to-date increase of 14.94% [37]

证 券 研 究 报 告 行业周报 台积电营收创历史新高，T-glass供不 应求 半导体行业周报 投资评级： （ ） 报告日期： 推荐 维持 2026年03月03日 台积电 2025 年营收突破 3.8 万亿新台币（约合人民币 8500 亿 +），创历史新高；2024-2025 年合计获 各国政府补助 1514.22 亿新台币，成为美、日、德、中四大经济体争相用补贴争取的企业，各国通过资金 投入换取芯片产能与供应链安全，为台积电全球建厂提供了重要资金支撑。此外，台积电在全球范围内加速 建厂进度，面对关税威胁与地缘博弈的双重夹击，台积电通过在在中国台湾、美国、日本、中国大陆以及德 国等地区布局产能，巧妙地开启了去风险化进程。对于台积电而言，3nm、2nm甚至未来的1.6nm制程， 已经不再是试验性的技术指标，而是全球科技巨头争相抢购的稀缺资源。 T-glass供不应求，成为制约人工智能硬件的关键因素 随着人工智能芯片封装和基板尺寸的增大，以适应更高的计算能力（采用更多HBM内存和芯片组），支撑 它们的集成电路基板也必须随之增大，但必须谨慎操作，避免翘曲陷阱，因此需要使用低热膨胀系数（CTE） 的玻璃纤维。英伟达 ...

Core Viewpoint - The article discusses the tightening of U.S. procurement rules regarding semiconductor products from specific Chinese companies, indicating a significant shift in policy that could impact the global semiconductor industry [2][4]. Group 1: U.S. Procurement Rule Changes - The U.S. Federal Acquisition Regulation (FAR) Council proposed amendments to the FAR to implement a procurement ban on semiconductors from certain Chinese companies as per the National Defense Authorization Act for FY 2023 [2][4]. - The proposed rule prohibits federal agencies from acquiring semiconductor parts, products, or services traceable to specific Chinese enterprises, with stricter limitations on "critical systems" that extend to products designed or produced using these chips [4]. Group 2: Industry Response - The Semiconductor Industry Association (SIA) expressed opposition to the "Chip Security Act," emphasizing the need for careful consideration of new regulations that could harm the global trust in U.S. semiconductor technology and hinder AI technology exports [4]. - SIA's CEO John Neuffer highlighted concerns that rushed legislation could impose complex and costly security features that are untested, potentially undermining U.S. competitiveness in the semiconductor sector [4].

以下文章来源于芯思想 ，作者赵元闯 芯思想 . 中国半导体正能量传播平台。为中国半导体产业服务，我们都是中国半导体产业腾飞的见证人。新闻分 析，精彩评论，独家数据，为您定制信息，欢迎拍名片回复，和行业精英交流。 如果您希望可以时常见面，欢迎标星收藏哦~ 2025 年全球 29 家专属晶圆代工公司整体营收为 11485 亿元，相较 2024 年上涨 25.46% ，这也是 专属晶圆代工市场首次突破一万亿元大关。 | | | | | 2025年全球专属品圆代工TOP10 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年排名 2024年排名 | | 公司 | 总部 | 2024年 | 2024年市占率 | 2025年 | 2024年市占率 | 年增长率 | | 1 | 1 | 台积电TSMC | 中国台湾 | 6476 | 70.74% | 8528 | 74.25% | 31.69% | | 2 | 2 | 中的国际SMIC | 中国大陆 | ਟਵਰ | 6.22% | 680 | 5.92% | 19.51% | ...

Investment Rating - The report indicates a positive outlook for the industry, suggesting a "Buy" rating based on expected growth exceeding the market by over 15% in the next 3-6 months [63]. Core Insights - NVIDIA reported a strong Q4 2025 performance with earnings per share of $1.62, surpassing analyst expectations by 5.81%, and revenue of $68.127 billion, exceeding forecasts by 3.22% [2]. - AMD has made significant strides in AI chip competition, signing a multi-year agreement with Meta to provide up to 6GW of AI computing power, potentially worth over $60 billion [2][60]. - OpenRouter data shows that during the week of February 9-15, 2026, the token usage of Chinese models surpassed that of U.S. models for the first time, indicating a growing demand for domestic AI capabilities [3][52]. Summary by Sections Company Performance - NVIDIA's Q4 2025 revenue was $68.127 billion, a year-on-year increase of 73.21%, with a guidance of $78 billion for Q1 2026, exceeding analyst expectations [2]. - Xuchuang reported a full-year revenue of 38.24 billion yuan for 2025, with a Q4 revenue of 13.235 billion yuan, reflecting a robust year-on-year growth of 102% [2][10]. Market Trends - The server index increased by 3.65% this week, driven by AMD's agreement with Meta, highlighting the rising global demand for AI computing power [3][7]. - The optical module index rose by 4.84% this week, with NVIDIA's performance and guidance contributing to positive market sentiment despite concerns over competition [3][10]. Industry Developments - The IDC index increased by 2.41% this week, with significant growth in AI model usage in China, indicating a shift in the global AI landscape [3][13]. - The telecommunications sector saw a cumulative revenue of 1.75 trillion yuan in 2025, with a year-on-year growth of 0.7%, reflecting steady demand in the industry [4][16]. Future Outlook - The upcoming NVIDIA GTC conference is expected to unveil the next-generation Feynman chip, which will utilize a groundbreaking 1.6nm process technology, potentially catalyzing advancements in optical communication [2][10]. - The report suggests that 2026 may be a pivotal year for domestic AI capabilities, with local chip manufacturers aiming to significantly increase production using advanced technology [3][50].

Investment Rating - The report indicates a positive outlook for the industry, suggesting a "Buy" rating based on expected growth exceeding the market by over 15% in the next 3-6 months [63]. Core Insights - NVIDIA reported a strong Q4 2025 performance with earnings per share of $1.62, surpassing analyst expectations by 5.81%, and revenue of $68.127 billion, exceeding forecasts by 3.22% [2]. - The company provided optimistic guidance for Q1 2026, projecting revenue of $78 billion, which is above analyst expectations [2]. - AMD has made significant strides in AI chip competition by signing a multi-year agreement with Meta to provide up to 6GW of AI computing power, indicating a growing global demand for computing power [2][7]. - OpenRouter data shows that during the week of February 9-15, 2026, the token usage of Chinese models surpassed that of U.S. models for the first time, highlighting the rapid growth of AI capabilities in China [3][52]. Summary by Sections Server Sector - The server index increased by 3.65% this week and 3.39% for the month, driven by AMD's agreement with Meta for AI computing power [3][7]. Optical Modules - The optical module index rose by 4.84% this week and 4.14% for the month, with NVIDIA's performance and guidance exceeding expectations, although market reactions were muted due to competitive concerns [3][10]. IDC (Internet Data Center) - The IDC index increased by 2.41% this week and 2.44% for the month, with significant growth in token usage for Chinese AI models, indicating a robust demand for domestic AI infrastructure [3][13]. Telecommunications - Telecommunications revenue reached 1.75 trillion yuan in 2025, showing a year-on-year growth of 0.7%, with a notable increase in capital expenditures from major tech companies [4][16]. Investment Opportunities - The report suggests focusing on sectors such as servers and IDC driven by domestic AI development, as well as optical modules benefiting from overseas AI advancements [5].

行 业 研 究 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -38% -19% 0% 19% 38% 58% 77% 2025-03 2025-07 2025-11 电子 沪深300 相关研究报告 《海内外大模型密集更新，推动 AI 算 力需求持续增长—行业点评报告》 -2026.2.23 《JX 金属指引明确行业景气度，靶材 成为半导体金铲子—行业点评报告》 -2026.2.13 《关注半导体自主可控和涨价连锁反 应—行业点评报告》-2026.2.9 SK 海力士打响存储扩产第一枪，3 月看好设备+耗材 扩产链 ——行业点评报告 陈蓉芳（分析师） 向俊儒（联系人） chenrongfang@kysec.cn 证书编号：S0790524120002 xiangjuru@kysec.cn 证书编号：S0790125070018 事件：SK 海力士 150 亿美金追投，打响全球存储扩产第一枪 2 月 25 日，SK 海力士宣布 2030 年前投资 21.6 万亿韩元（约 150.7 亿美元）， 用于建设首座厂房及洁净室设施，预计洁净室的开放时间将从原定的 2027 年 5 ...

来源：朝阳永续 3)资本开支和营收增长：2025年资本开支为81亿美元，高于预期，2026年预计销售收入增幅高于同业平 均值，资本开支与2025年大致持平。 1. 中芯国际全年业绩预期怎么样？ 截至2026年02月27日，根据朝阳永续季度业绩前瞻数据： 分业务来说： 1)产业链本土化切换：中芯国际受益于产业链向本土化切换带来的重组效应，特别是在模拟类电路、显 示驱动、摄像头、存储等领域。 2)产能利用率和扩产：公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，同时在BCD、模 拟、存储、MCU、中高端显示驱动等细分领域加速验证并扩产上量。 预测营业收入751.11~812.80亿元；预测净利润50.53~74.49亿元。 关注后续财报数据披露后能否超预期，朝阳永续A股季度业绩前瞻数据将为投资者提供业绩鉴定。 2. 中芯国际最新卖方观点 中邮证券认为：中芯国际在25Q4季度表现出淡季不淡的销售趋势，销售收入达到24.89亿美元，环比增 长4.5%。公司产能利用率保持在95.7%，8英寸和12英寸产能接近满载，得益于产业链向本土化切换带 来的重组效应。公司在BCD、模拟、存储、MCU、中高端显示驱动等 ...

Group 1: Market Movements - Net purchases included 8.385 billion in Yingfu Fund, 2.482 billion in Hang Seng China Enterprises, 2.039 billion in Southern Hang Seng Technology, 1.232 billion in Tencent Holdings, 0.343 billion in Xiaomi Group-W, and 0.338 billion in Alibaba-W [1] - Net sales included 0.505 billion in Changfei Optical Fiber, 0.381 billion in Kuaishou-W, 0.272 billion in Huahong Semiconductor, 0.228 billion in SMIC, and 0.103 billion in Junda Co. [1] - Southbound funds have recorded net purchases in Xiaomi for six consecutive days, totaling 3.56896 billion HKD [1] Group 2: Stock Performance - Yingfu Changjin saw a 1.2% increase with a net purchase of 6.777 billion, while Tencent Holdings also increased by 1.2% with a net purchase of 0.236 billion [4] - Alibaba-W experienced a slight decrease of 0.1% with a net sale of 0.193 billion, while Southern Hang Seng Technology had a net purchase of 1.816 billion with a 0.9% increase [4] - Changfei Optical Fiber saw a significant increase of 10.1% despite a net sale of 0.447 billion [4] Group 3: Company Developments - Alibaba-W's AI assistant "Qianwen" is entering the AI hardware market, planning to launch various AI hardware products globally, including AI glasses at the 2026 Mobile World Congress [5] - Kuaishou-W reported record high daily active users (DAU) during the 2026 Spring Festival, driven by activities like "Shake the Fortune Tree" [6] - Xiaomi Group-W repurchased 2.832 million B shares for approximately 99.997 million HKD [7] - SMIC is expected to maintain high capital expenditure in 2026, with optimistic revenue growth guidance and a Q1 sales revenue forecast to remain stable [7][8]

在深圳华强北，存储芯片已成为新的硬通货。 从去年年中开始，存储芯片价格一路上涨，部分型号存储芯片价格已上涨十多倍。 但更让存储芯片买家焦虑的是，三星、美光、SK海力士三大存储原厂的代理商出货非常谨慎，只卖给大客户，中小客户根本买不到存储芯片。 启哥（化名）在芯片行业从业多年，他对「甲子光年」抱怨："能流到市场上面来的量本来就很小。最受伤的是那些小厂，他们没有稳定的货源，只能被 别人剥削。你想买芯片，代理商不报价，你能拿他有什么办法？" 在终端市场，这种变化被迅速放大：PC厂商开始上调整机价格，部分笔记本电脑提价500~1500元；手机厂商悄然调整存储配置，以对冲成本压力；而中 小模组厂和渠道商，则在"随时断供"的不确定性中，被迫提前囤货。 而存储芯片价格的快速上涨，正在通过产业链传导机制，间接影响到晶圆代工厂的订单结构与产能安排，中芯国际正是这一结构性变化中的"被波及者"， 尽管他们并不直接生成存储芯片。 表面上，这似乎是一场由AI引发的存储芯片需求爆发，但是「甲子光年」近期走访产业链上下游多方发现，一个更尖锐的问题正在浮现：当最基础、最 通用的存储芯片都开始短缺，这究竟是AI时代的真实需求，还是一场被供给策 ...