Core Viewpoint - The content emphasizes the importance of conducting personal research and due diligence before making any financial decisions, particularly in relation to complex financial instruments like cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The content is not tailored to individual financial situations, and users are encouraged to consult competent advisors [1]. Group 2 - The website includes information about cryptocurrencies, CFDs, and other financial instruments, highlighting their complexity and associated high risks [1]. - Users are advised to carefully consider their understanding of these instruments and their ability to afford potential losses [1]. - The website encourages conducting personal research before making investment decisions and understanding the risks involved [1].

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Investment Rating - The report maintains a positive investment rating for the semiconductor industry, highlighting four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive positioning, and industry consolidation through mergers and acquisitions [2][4]. Core Insights - The global semiconductor market is projected to grow by 26% year-on-year in 2026, reaching $975 billion, with AI-related segments leading this growth [4][48]. - Key recommended stocks include Zhongji Xuchuang (300308 CH), with a target price of RMB 707, and Shengyi Technology (600183 CH), with a target price of RMB 90, both expected to benefit significantly from AI infrastructure investments [3][5]. Summary by Themes Theme 1: AI-Driven Structural Growth - The AI supply chain is experiencing strong revenue growth and profit margin expansion, indicating a robust demand for infrastructure rather than a temporary investment craze [5]. - Capital expenditure from major cloud providers is expected to reach $367 billion in 2025, a 59% increase year-on-year, and further rise to $495 billion in 2026 [5][6]. - The demand for AI technology is expanding beyond large cloud service providers to include sovereign funds and enterprise clients [5][10]. Theme 2: China's Semiconductor Self-Sufficiency Trend - The self-sufficiency of the semiconductor supply chain in China is identified as a core theme with long-term growth potential, driven by geopolitical shifts and domestic policy support [3][38]. - Companies like Northern Huachuang (002371 CH) are positioned to benefit from this trend, with a target price of RMB 460 [39]. Theme 3: High-Yield Defensive Positioning - Major Chinese telecom operators are recommended as core defensive positions due to their strong balance sheets and attractive dividend yields, with China Mobile offering a yield of 6.0% [43][44]. Theme 4: Accelerating M&A Activity in the Semiconductor Industry - The report anticipates an acceleration in M&A activities within the semiconductor sector, with key players actively seeking to fill technology gaps and enhance supply chain resilience [46][47]. - Notable transactions in 2025 include Northern Huachuang's acquisition of Xinyuan Micro and other strategic consolidations aimed at strengthening market positions [47].

21世纪经济报道记者 彭新 近日，由南方财经全媒体集团指导，21世纪经济报道和渣打银行联合主办，由广东省机器人协会支持的"粤港澳大湾区新经济发展论坛暨21世纪科 技年会"在广州南方财经大厦举行。作为"南方财经论坛2025年会"的重要专题会议之一，本届科技年会以"创新无界智见未来"为主题。 正值人工智能（AI）从技术爆发向产业应用深水区迈进的关键节点，在大会中的数场主题演讲与深度对话中，包括美的集团、AMD、Unity中 国、云从科技、哈啰、鹏鼎控股等在内的企业高管，共同勾勒出了一幅AI下沉的产业全景图。其中，如何解决高昂的算力成本、如何构建具有行 业理解力的垂直模型，以及如何让具身智能真正落地赋能实体产业，成为贯穿全场的核心议题。 （原标题：AI跨越宏大叙事，多领域拆解应用新图景） 打破算力门槛 长期以来，AI主要依托云端算力存在。目前，大模型能力已不再局限于云端数据中心，而是加速向终端设备下沉。作为时下大热的AI算力方代 表，AMD大中华区市场营销副总裁纪朝晖提出，AI从宏大愿景落地到具体应用，硬件是无法绕过的门槛。 纪朝晖分析称，一个成熟的AI智能体在端侧往往需要承载千亿级参数的大模型，同时还需容纳海量个 ...

如果您希望可以时常见面，欢迎标星收藏哦~ PC OEM和芯片供应商正指望消费者对人工智能(AI)的兴趣来推动PC出货量增长，这种增长在几 年来从未见过。近年来，人工智能的兴起促使一种专门为加速人工智能任务而设计的新型专用计 算硬件的出现：神经处理单元 (NPU)。与其更成熟的前身GPU一样，NPU提供了一个专门优化的 专用硬件平台，可以高效执行某些类型的计算。 为了支持人工智能PC，处理器供应商一直在其异构PC处理器中添加集成的NPU。Intel、AMD 和高通都推出了符合微软要求的产品，即集成的NPU提供每秒至少40万亿次运算(TOPS)，以支 持Copilot+ AI助手。人工智能PC和集成的NPU仍处于早期阶段；机器学习工作负载（如图像分 类和对象检测）以及深度学习活动（如计算机视觉和自然语言处理）正在以大致相等的比例利用 NPU、GPU和CPU。但这种相对平衡将迅速改变。随着进一步的创新，以及软件开发人员对它们 的熟悉程度越来越高，MPR预计NPU将在AI PC中承担大部分 AI 工作负载。 一条人人都走的路 当然，CPU早在20世纪50年代和60年代就已出现，当时正值计算机时代的黎明。它们从执行（相 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来自 AMD、英伟达、博通和主要研究公司的越来越多的预测表明，在人工智能基础设施建设规模 比该行业历史上任何一次扩张都大数倍的推动下，半导体市场将在本十年结束前突破万亿美元大 关。 Creative Strategies 的最新分析将这种转变称为"千兆周期"（Gigacycle），并指出人工智能前所 未有的需求规模正在同时重塑计算、内存、网络和存储的经济格局。2024 年全球半导体收入约为 6500 亿美元，但目前多项预测显示，2028 年或 2029 年将突破万亿美元大关。人工智能是造成这 一预测上调的主要原因。 AMD首席执行官苏姿丰(Lisa Su)近期上调了公司长期预期，称到2030年人工智能硬件市场规模将 达到1万亿美元，并预测AMD整体复合年增长率将达到35%，数据中心业务的复合年增长率将达到 60%左右。她还公开反对近几个月来盛行的人工智能泡沫论调。 与此同时，英伟达给出了更为宏大的预期，在2026年第二季度财报电话会议上，该公司将未来五 年人工智能基础设施市场规模描述为3万亿至4万亿美元。这一数字基于超大规模数据中心、自主 人工智能项目和企业集群的系统 ...

当地时间12月12日的美股市场，注定要被载入近期的波动史册，曾经凭借AI概念一路高歌的科技巨头集体失速，三大指数同步走低，其中纳指创下两周新 低。 这波下跌绝非偶然，背后是市场对AI商业化前景的重新审视，更是多重宏观因素交织的必然结果。 过去一年，绑定OpenAI几乎是美股市场最稳妥的上涨密码，甲骨文曾因与OpenAI的合作单日市值飙升近2500亿美元。 但这种神奇的联动效应，在12月彻底失效，11日暴跌近11%后，甲骨文12日再跌4.5%，两天内市值蒸发规模令人咋舌。 更令人意外的是芯片巨头博通，即便四季度销售额和利润均超预期，且上调了下季度收入预期，股价仍在12日暴跌11.4%，市值蒸发约2200亿美元。 市场情绪的反转，源于对AI业务盈利逻辑的深层担忧，博通CEO透露的两个信息彻底点燃了抛售潮。 当AI概念的光环开始褪色，那些被热捧的巨头为何突然成了市场抛售的对象？ AI业务毛利率低于非AI业务，且与OpenAI的巨额合同在2026年难以贡献显著收益，大部分回报要等到2027年之后。 在资本市场追求短期回报的逻辑下，这种漫长的盈利周期显然难以满足投资者的期待。 更值得关注的是，科技行业的投入产出规律本就 ...

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Investment Rating - The report maintains a "Recommendation" rating for the semiconductor and semiconductor production equipment industry [7]. Core Insights - The semiconductor industry is experiencing fluctuations in various indices, with the overseas AI chip index dropping by 4.4% and the domestic AI chip index decreasing by 0.6% during the week of December 8-14, 2025. Notably, companies like Marvell and Broadcom saw significant declines in their stock prices [1][10]. - TSMC is projected to be the leading foundry for advanced process smartphone SoCs in 2025, with an expected shipment growth of 27%, capturing over 75% of the market share [2][27]. - The demand for ASICs is expected to surge, leading to a threefold increase in HBM shipments for Samsung in 2026, with an estimated total of 11.1 billion Gb, representing a 212% increase from 2025 [3][33]. Market Indices Summary - The overseas AI chip index fell by 4.4%, with significant declines in stocks of Marvell and Broadcom [1][10]. - The domestic AI chip index decreased by 0.6%, with notable gains from companies like Aojie Technology and Ruixin Micro [1][10]. - The server ODM index dropped by 3.5%, with Supermicro and Wiwynn experiencing the largest declines [1][10]. - The storage chip index increased by 6.3%, with Shannon Semiconductor and Jiangbo Long showing gains of over 11% [1][10]. - The power semiconductor index rose by 1.6%, indicating a relatively stable market [1][10]. Industry Data Summary - In Q3 2025, iPad shipments grew by 4% year-on-year, with high-end models playing a crucial role in this growth [2][24]. - TSMC is expected to dominate the advanced process smartphone SoC market in 2025, with a shipment increase of 27% [2][27]. Major Events Summary - Samsung is advancing its second-generation 2nm process for AMD, which could enhance its competitiveness against TSMC [3][31]. - TSMC's CoWoS advanced packaging capacity is projected to reach 125,000 units per month by the end of 2026, reflecting a year-on-year increase of over 70% [3][31]. - The HBM market is anticipated to grow significantly, with total market size expected to reach approximately $35 billion in 2025 [3][31]. - Apple is expected to launch its first foldable iPhone in 2026, potentially capturing over 22% of the global foldable phone market share in its first year [3][34].

Sedaily称，继特斯拉和苹果之后，AMD正在与三星洽谈SF2工艺的合作，据称正在共同研发一款"下一代CPU"。业内普遍认为，这款"下一代CPU"极有可 能是AMD基于Zen 6架构的EPYC霄龙Venice服务器处理器。 AMD此前已确认Venice将采用台积电N2节点，但考虑到台积电产能的持续紧张，AMD采取双重代工策略，以确保供应也是合情合理。 消息指出，两家公司计划在明年1月左右敲定合同，前提是三星的SF2工艺能满足AMD的性能要求，不过业界对此合作前景普遍乐观。 至于消费级CPU产品线，代号为Olympic Ridge的桌面CPU也可能在2026年下半年采用2nm工艺。 如果三星代工的Venice能成功达到AMD的要求，那么未来的锐龙消费级CPU转向三星代工的可能性也将明显增加。 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月15日消息，据报道，三星代工目前正在与AMD进行谈判，为其下一代CPU供应2纳米（SF2）工艺。 ***************END*************** 半导体公众号推荐 投稿 或 商务合作 ...