Group 1 - Infineon Technologies (IFNNY.US) expects flat sales for the current fiscal quarter due to ongoing uncertainty regarding tariffs, which continues to impact revenue [1] - The company raised its full-year guidance for segment operating margin to a high teens range (approximately over 15%) after reporting better-than-expected Q3 results [1] - CEO Jochen Hanebeck noted significant progress in inventory adjustments within target markets, but challenges remain due to uncertain macroeconomic and geopolitical conditions [1] Group 2 - Infineon's Q3 segment operating margin was reported at 18%, exceeding the previous expectation of 15.8% [1] - The company slightly raised its full-year profit guidance, adjusting segment revenue growth expectations to a high teens range, up from a mid-teens range [1] - For the fiscal quarter ending in September, Infineon anticipates revenue to be flat year-over-year at approximately €3.9 billion (around $4.5 billion), slightly below analysts' average expectation of €4 billion [1] Group 3 - The European semiconductor industry is assessing the impact of tariffs, with a recent trade agreement between the US and EU setting tariffs at 15% [2] - Infineon's Q3 revenue was reported at €3.7 billion, in line with expectations, and the company slightly raised its adjusted gross margin forecast for the fiscal year to at least 40% [2] - Competitors like NXP (NXPI.US) and STMicroelectronics (STM.US) have not indicated similarly negative impacts, with NXP suggesting that the prolonged inventory surplus may be coming to an end [2]

中新网上海7月29日电 (记者 李姝徵)7月29日，英飞凌分拨中心(中国)定制项目签约暨奠基仪式在上海浦 东机场综合保税区内举行，这也标志着该项目正式进入建设阶段。 英飞凌分拨中心(中国)定制项目建筑面积4.3万平方米，定位为英飞凌全球三大物流枢纽之一，是目前英 飞凌在全球单体建筑面积最大的成品分拨中心。项目建成后，将通过引入智能化管理系统实现订单与发 货的无缝衔接。 2014年，英飞凌在上海浦东机场综保区成立了首个中国物流中心，统一协调所有在中国生产的出入境货 物的运输和物流管理。2022年12月，英飞凌在上海浦东机场综保区新设英飞凌科技(上海)有限公司，是 英飞凌首次在中国建立结算业务，已成为英飞凌重要的销售结算实体之一。2023年，英飞凌在上海浦东 机场综保区为英飞凌中国物流中心打造低碳智慧物流仓库，为总部业态发展提供有力支撑。 在全球半导体产业链面临不确定性的背景下，英飞凌坚定推进浦东机场综保区定制项目建设，体现了企 业对中国市场及保税区域营商环境的高度认可。 项目推进过程中，中国(上海)自由贸易试验区管理委员会保税区管理局(以下简称保税区管理局)充分发 挥"政府+职能部门+开发主体"三位一体服务机制 ...

英飞凌科技全球高级副总裁及大中华区总裁、英飞凌科技消费、计算与通讯业务大中华区负责人潘大伟 2025年最火的是什么？那一定是AI与机器人。 在近日英飞凌年度媒体日活动上，英飞凌科技全球高级副总裁及大中华区总裁、英飞凌科技消费、计算 与通讯业务大中华区负责人潘大伟多次提到"AI与机器人这两个增长点将会给各个领域带来巨大的机 遇"。 潘大伟透露，AI与机器人这两个市场都非常庞大，英飞凌也面临着很多机会。2025财年，英飞凌AI相 关业务的营收预计将达到6亿欧元；2026财年，这一数字预计将达到10亿欧元。 作为一家全球半导体公司，英飞凌在华发展已有三十年，面对国内半导体产业高速发展带来的竞争，潘 大伟直言，面对这样一个比较"卷"的市场，英飞凌尽管需要面对挑战，但更多的是面临着不同的机遇， 比如在中国市场非常火热的AI、自动化，包括工业自动化、机器人等，以及很多来自家电市场的发展 机遇。 聚焦AI与机器人业务 在市场表现方面，2024年，英飞凌汽车电子的全球市场占有率为13.5%，位列榜首，中国市场占有率更 高，为13.9%。在功率分立器件和模块领域，2024年英飞凌的全球市场占有率为17.7%，连续多年保持 份额 ...

新华财经上海7月29日电（记者杨有宗）29日，英飞凌分拨中心（中国）定制项目签约暨奠基仪式在上 海浦东机场综合保税区举行，标志着该项目正式进入建设阶段。 英飞凌分拨中心（中国）定制项目建筑面积4.3万平方米，定位为英飞凌全球三大物流枢纽之一，是目 前英飞凌在全球单体建筑面积最大的成品分拨中心。项目建成后，将通过引入智能化管理系统实现订单 与发货的无缝衔接，为客户提供更高效、更可持续、更具韧性的服务体验。 数据显示，2024年浦东机场综保区进口额1343.4亿元，近三年年均增长率达24%。其中，浦东机场综保 区2024年集成电路进出口额577.6亿元，相比2014年的96.93亿元增长近5倍，近三年年均增长率约24%。 未来，浦东机场综保区将不断延伸产业链、完善供应链、集聚创新链，以更加精准的政策供给、更加高 效的服务对接，打造成本更低、效率更高、功能更强、服务更优的营商环境，助力更多企业实现高质量 发展。 （文章来源：新华财经） 项目推进过程中，保税区管理局充分发挥"政府+职能部门+开发主体"三位一体服务机制，通过精准匹 配政策、高效保障通关、即时响应资源等，高效推动该项目有序推进。 ...

Investment Rating - The report maintains a favorable outlook on the semiconductor industry, particularly favoring companies like Texas Instruments, Renesas, and Infineon [2][3]. Core Insights - The semiconductor inventory levels are showing signs of normalization, with MCU inventories stabilizing after a previous period of understocking [2][3]. - Pricing trends across various semiconductor categories have remained stable, with an average increase of 1% month-over-month and a 14% year-over-year increase [3][9]. - The report highlights a continued digestion of MCU inventories, which had previously been elevated, indicating a positive trend for the industry [3][12]. Summary by Relevant Sections Inventory Trends - MCU inventory has decreased by 1% month-over-month after a 5% decline in the previous month, while overall inventory levels were flat to down 2% across most categories [3][4]. - Capacitors and Sensors saw a month-over-month increase of 6% in inventory, contrasting with declines in other categories [4][15]. Pricing Trends - Pricing for MCUs remained flat month-over-month and increased by 1% year-over-year, while other categories experienced slight increases of 1-3% [4][15]. - The overall pricing environment is deemed manageable, with a year-over-year increase of 3% on a revenue exposure weighted basis [9][12]. Company Observations - The report notes that pricing for transistors increased by 1% month-over-month and 18% year-over-year, driven largely by bipolar transistors [4][15]. - Infineon has seen an increase in MCU inventory to 4% of the total, up from an average of 2.6%, indicating potential overstocking or market share gains [5][19].

Core Viewpoint - UBS reports a positive trend in the semiconductor industry regarding inventory and pricing, particularly noting the continuous digestion of MCU inventory, which alleviates concerns about supply-demand imbalance [1] Group 1: Inventory Trends - Global semiconductor inventory showed stable adjustments in July, with the exception of capacitors and sensors, which saw a month-on-month increase of 6%. Other categories either remained flat or decreased by 2% [2] - MCU inventory has been consistently decreasing since February, with a month-on-month decline of 1% in July, although this is a slowdown from the previous month's 5% drop [2][4] - Overall, the semiconductor inventory is still high compared to January 2023, but the industry is moving towards supply-demand balance [1][4] Group 2: Pricing Trends - Average pricing across all categories increased by 1% month-on-month and 14% year-on-year, primarily due to product mix adjustments [2] - Transistor prices rose by 1% month-on-month and surged by 18% year-on-year, driven mainly by bipolar transistors [2][4] - Capacitors, diodes, and sensors saw month-on-month price increases of 2%-3%, while other categories remained stable or increased by 1% [2] Group 3: Key Product Dynamics - MCU prices remained stable month-on-month, with a year-on-year increase of 1%, despite high inventory levels compared to January 2023 [4] - Transistor inventory decreased by 2%, with prices increasing by 1% month-on-month and 18% year-on-year [4] - Sensor prices increased by 18% year-on-year and 2% month-on-month, with inventory showing significant fluctuations [4] Group 4: Company Observations - The weighted average pricing across companies increased by 3% year-on-year in July, with stable inventory levels overall [5] - MCU inventory digestion has slowed, previously driven by Microchip Technology and STMicroelectronics, while Infineon’s MCU inventory share has risen from an average of 2.6% to 4%, indicating signs of inventory accumulation [5]

Core Viewpoint - The article discusses the significant shift in the automotive MCU market with the introduction of new embedded storage technologies like PCM and MRAM, moving away from traditional embedded Flash technology. This transition is seen as a strategic move that will have a profound impact on the MCU ecosystem [1][3]. New Storage Pathways - Major MCU manufacturers such as ST, NXP, and Renesas are launching new automotive MCU products featuring advanced embedded storage technologies, indicating a shift from traditional 40nm processes to more advanced nodes like 22nm and 16nm [2]. - The evolution of MCUs is characterized by increased integration of AI acceleration, security units, and wireless modules, positioning them as central components in automotive applications [2]. Embedded Storage Technology Revolution - The rise of embedded non-volatile memory (eNVM) technologies is crucial for addressing the challenges posed by the complexity of software-defined vehicles (SDVs) and the increasing demands for storage space and read/write performance [3]. - Traditional Flash memory is becoming inadequate in terms of density, speed, power consumption, and durability, making new storage solutions essential for MCU advancement [3]. ST's Adoption of PCM - ST has introduced the Stellar series of automotive MCUs featuring phase change memory (PCM), which offers significant advantages over traditional storage technologies [5][6]. - The Stellar xMemory technology is designed to simplify the development process for automotive manufacturers by reducing the need for multiple memory options and associated costs [7][9]. NXP and Renesas Embrace MRAM - NXP has launched the S32K5 series, the first automotive MCU based on 16nm FinFET technology with integrated MRAM, enhancing the performance and flexibility of ECU programming [10]. - Renesas has also released a new MCU with MRAM, emphasizing high durability, data retention, and low power consumption, further showcasing the advantages of MRAM technology [11]. TSMC's Dual Focus on MRAM and RRAM - TSMC is advancing both MRAM and RRAM technologies, aiming to replace traditional eFlash in more advanced process nodes due to the limitations faced by eFlash technology [15]. - TSMC has achieved mass production of RRAM at various nodes and is actively developing MRAM for automotive applications, indicating a strong commitment to new storage technologies [15][16]. Integration of Storage and Computing - The article highlights a trend towards "storage-computing integration," where new storage technologies like PCM and MRAM are not just replacements but catalysts for MCU architecture transformation [19]. - The merging of storage and computing functions is becoming increasingly important in the context of AI, edge computing, and the growing complexity of computational tasks [21]. Conclusion - The MCU landscape is evolving from a focus on basic control systems to a more integrated approach where storage plays a critical role in computing architecture, driven by advancements in embedded storage technologies [23]. - This transformation presents both challenges and opportunities for domestic MCU manufacturers, who must adapt to the rapidly changing technological landscape [23].

Core Viewpoint - The GaN market is experiencing significant changes, with TSMC announcing its exit from GaN foundry services within two years, while other companies like Powerchip and Infineon are ramping up their GaN production capabilities. This shift indicates a competitive landscape where GaN is poised for growth, particularly in high-efficiency applications like electric vehicles and fast charging [1][4][15]. Group 1: TSMC's Exit and Market Dynamics - TSMC will gradually phase out its GaN semiconductor foundry business due to profit margin pressures from Chinese competitors, halting the development of 200mm wafer production [1][2]. - Navitas Semiconductor plans to transition its production from TSMC to Powerchip, with expectations to produce GaN products rated from 100V to 650V by mid-2026 [2]. - The exit of TSMC opens opportunities for other players like Powerchip and Infineon to fill the production gap and capture market share [1][4]. Group 2: Competitor Strategies - Infineon is advancing its 12-inch GaN production, with plans to release customer samples by Q4 2025, leveraging its IDM model for scalable production [4]. - Renesas Electronics has shifted focus from SiC to GaN, suspending its SiC projects due to market saturation and is preparing to enhance its GaN capabilities following its acquisition of Transphorm [5][6]. - ROHM is committed to deepening its collaboration with TSMC to address market demands and explore future production frameworks [3]. Group 3: Market Growth and Challenges - The GaN semiconductor market is projected to grow significantly, with a compound annual growth rate (CAGR) of 98.5% from 2024 to 2028, potentially exceeding $6.8 billion by 2028 [15]. - The main drivers for GaN market growth include consumer electronics and electric vehicles, with expectations for GaN applications in fast chargers and adapters to grow at a CAGR of 71.1% [15]. - Transitioning GaN from peripheral applications to core power systems in electric vehicles presents challenges, including reliability and ecosystem maturity [16][17]. Group 4: Strategic Partnerships and Investments - STMicroelectronics has extended its lock-up period for its investment in Innoscience, signaling confidence in the latter's future and the broader GaN market [9][11]. - The partnership between ST and Innoscience aims to leverage each other's manufacturing capabilities to enhance GaN product development and production [12]. - Innoscience has emerged as a key player in the GaN market, achieving significant revenue growth and expanding its wafer production capacity [14].

Core Insights - Investors in the Electronics - Semiconductors sector should consider United Microelectronics Corporation (UMC) and Infineon Technologies AG (IFNNY) for potential undervalued stock opportunities [1] Valuation Metrics - UMC has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to IFNNY, which has a Zacks Rank of 3 (Hold) [3] - UMC's forward P/E ratio is 14.53, significantly lower than IFNNY's forward P/E of 28.49, suggesting UMC may be undervalued [5] - UMC's PEG ratio is 1.65, while IFNNY's PEG ratio is 1.93, indicating UMC's expected EPS growth is more favorable [5] - UMC's P/B ratio stands at 1.63, compared to IFNNY's P/B of 3.23, further supporting UMC's valuation advantage [6] - UMC has received a Value grade of A, while IFNNY has a Value grade of C, highlighting UMC's superior valuation metrics [6] Earnings Outlook - UMC is noted for its improving earnings outlook, which enhances its attractiveness as a value investment [7]

Investment Highlights - Infineon announced progress in its scalable GaN manufacturing technology based on 300mm wafers, with the first samples expected to be delivered to customers in Q4 2025, aiming to strengthen its position as a market leader in GaN [1][2] - Chipsea Technology has recently completed the tape-out of its first high-performance, high-reliability automotive MCU product, which meets ASIL-D safety standards [2] - Nanfu Technology has secured several million yuan in Pre-A round financing, which will be used to expand its high-frequency, high-speed copper-clad laminate production line and enhance product development in aerospace, communications, automotive, and data center sectors [2] - Xiamen Silan Microelectronics has made significant progress on its 8-inch silicon carbide power device chip manufacturing line, with the first equipment arriving ahead of schedule [2] - China Mobile has announced a procurement project for AI servers, estimating a total of 7,058 units to be purchased for the period of 2025 to 2026 [2] - AGC, a Japanese materials giant, has been forced to suspend the supply of a specific CMP polishing liquid due to new export control policies in Taiwan, which is critical for advanced chip manufacturing [2] - Samsung Electronics has reduced the production of its 12-layer HBM3E memory, originally planned for supply to NVIDIA, due to delays in negotiations and increased uncertainty in demand for the second half of the year [2] Company Announcements - Raytheon Technology announced the establishment of a smart glasses company, holding a 35% stake to enhance competitiveness in the smart glasses market [3] - Fenghua Advanced Technology announced a cash dividend of 1.50 yuan per 10 shares, totaling approximately 172.12 million yuan [3] - Tonglian Precision announced a cash dividend of 1.50 yuan per 10 shares, amounting to approximately 23.51 million yuan [3] - Zhongwei Company announced a cash dividend of 0.30 yuan per share, totaling approximately 187.21 million yuan [3] - Tianwei Vision announced a cash dividend of 0.50 yuan per 10 shares, based on a total share capital of approximately 802.56 million shares [3] - Dashi Intelligent signed a contract for an intelligent project worth 11.88 million yuan, providing IoT and AI-based solutions [3] - Yongxi Electronics announced a share buyback progress, with a total of 2.56 million shares repurchased, representing 0.63% of total shares [3] - Keda Automation plans to acquire 51% of Haituo Technology for 209.10 million yuan in cash [3] - Weichuang Optoelectronics announced a delay in its smart transportation project, now expected to be operational by December 31, 2025 [3] - Jinfeng Technology received an administrative penalty for accounting errors that inflated revenue in previous reports, resulting in a warning and a fine of 4 million yuan [3] - Juquan Technology announced a change in core technical personnel, with Xuming Zhang resigning from multiple positions but continuing as a technical advisor [3]