Group 1 - The core viewpoint of the article is that the semiconductor market is expected to grow significantly, driven by major players like TSMC, with a projected growth of 20% in the wafer foundry market next year and TSMC's revenue expected to grow by 22% to 26% [2][3] - The global semiconductor market is anticipated to reach $890 billion by 2026, with a growth rate of 11%, and could challenge the $1 trillion mark by 2028 [2] - The computing market is expected to grow by 18%, making it the largest application area for semiconductors, accounting for 46% of the overall market [2] Group 2 - The traditional wafer foundry and non-memory integrated device manufacturing (IDM) markets are projected to grow by approximately 14% by 2026 [3] - The mature process segment is recovering, with capacity utilization expected to remain above 80% due to strong demand from AI data centers [3] - China's wafer foundry capacity is expected to surpass Taiwan by 2028, driven by domestic policies and resource allocation [3] Group 3 - The IC design market in China is projected to surpass Taiwan by 2025, becoming the leader in the Asia-Pacific region [3] - The global packaging and testing market is expected to grow by 11% by 2026, with advanced packaging capacity increasing by 72% [3] - The semiconductor revenue is expected to grow by 22.5% in 2025 and by 26.3% in 2026, reaching $975 billion [5][6] Group 4 - The Americas region is expected to see the most significant growth in semiconductor revenue, with a projected increase of 34.4% [6] - The demand for logic chips is expected to grow by 37.1% in 2025, making it the largest product category in terms of revenue growth [5] - The third quarter of 2025 saw a significant increase in global chip sales, driven by demand for various semiconductor products [7]

台积电标识 资料图 图源：台媒 台"中央社"报道称，台积电晶圆厂建在索诺兰沙漠上，占地465公顷，耗资1650亿美元，"堪称全球最昂 贵工程之一"。美国自2013年以来就缺乏建设大型国内晶圆厂的经验，因此必须依赖大量外部援助。 来源：环球网 【环球网报道】据台湾"中央社"等台媒5日报道，台积电将美国亚利桑那州凤凰城打造成半导体重镇， 同时凸显在美国执行大型建设工程的困难。《纽约时报》记者日前以"在美国兴建晶圆厂为何如此困难 的1.8万个理由"为标题撰写专题报道，提到台积电在凤凰城面临美国繁复法规、人力不足与高成本等挑 战。 报道还提到，台积电在台湾建厂只需当局单一的许可，但在亚利桑那州需面对市、郡、州及联邦多层法 规，动辄数千项审批，甚至被迫自行制定1.8万条规定，耗资3500万美元。 凤凰城虽拥有广阔的土地，且少有自然气候灾害，但最大的挑战是水资源短缺，台积电为此承诺建造废 水处理厂，目标是回收几乎所有用水。 此外，芯片制造需高精度设备与熟练人员，台积电两年前曾引进500多名台湾技工，引发美国工会反 对，并引起美籍员工指控台湾主管排他、沟通使用中文、并忽视安全警示。台积电表示将致力营造安 全、包容的工作环境 ...

半导体行业 2025 年 12 月 5 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 半导体行业双周报（2025/11/21-2025/12/04） 机构预计 2026 年全球半导体市场规模有望接近万亿美元 行 业 周 投资要点： 资料来源：东莞证券研究所，iFind 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业指数近两周涨跌幅：截至2025年12月4日，申万半导体行业指数 近两周（2025/11/21-2025/12/04）累计上涨1.82，跑赢沪深300指数2.22 个百分点；2025年以来申万半导体行业指数累计上涨41.03%，跑赢沪深300 指数25.48个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态 ...

Group 1 - The search for new Asian equity winners in the artificial intelligence sector is intensifying as the market shifts focus from established leaders to smaller companies like MediaTek Inc. and Zhongji Innolight Co. [1] - Major firms essential to AI's infrastructure are expected to rebound after a period of cooling, as attention shifts from large language model training to everyday applications and cost reduction [2] - The market narrative is evolving, questioning whether OpenAI will remain the dominant player in large language models, prompting a recalibration of risk premiums [3] Group 2 - The recent launch of Alphabet Inc.'s upgraded Gemini model and its partnerships for in-house AI chips have contributed to a shift away from stocks heavily reliant on OpenAI and Nvidia [4] - SoftBank Group Corp., closely associated with OpenAI, experienced a significant stock decline of 38% in November, marking its worst month in 25 years, while TSMC and SK Hynix shares also fell by 4% [5] - As competition increases for ChatGPT, Nvidia's AI training processors are losing market focus, raising concerns about potential negative impacts on product pricing [6] Group 3 - If large language models become commoditized, companies with lower costs are likely to emerge as winners, indicating a critical period ahead for the AI bubble created by Nvidia and OpenAI [7]

Group 1 - SenseTime's "1+X" initiative adds a new member with Wang Xiaogang appointed as chairman of ACE ROBOTICS, aiming to deepen the field of embodied intelligence through innovative technology [2] - TSMC's Lu Lichong emphasizes that energy efficiency is crucial for the widespread adoption of AI, with new technology nodes reducing power consumption by approximately 30% compared to previous generations [2] - Jiufeng Mountain Laboratory announces that its GaN power module can save nearly 300 million kWh of electricity annually for a 1 GW AI computing center, equating to about 240 million yuan in electricity costs [2] - Dyson launches its true AI cleaning robot in the Chinese market, featuring trillion-level information processing capabilities and advanced cleaning technology [2]

Core Viewpoint - CPO (Co-Packaged Optics) technology is set to revolutionize the external bandwidth of AI data centers, significantly enhancing data transmission speeds and reducing power consumption, marking a shift in computational infrastructure [1][3]. Industry Trends - The silicon photonics industry is on the brink of explosive growth, with over 150 companies forming a diverse ecosystem from upstream SOI/Epi-wafer to downstream cloud computing and AI factories [1][3]. - The competition among foundries is intensifying, with significant investments in silicon photonics capacity and technology, as companies race to establish themselves in the CPO market [3][4]. Foundry Dynamics - Foundries are crucial in transitioning silicon photonics from design to large-scale production, focusing on integrated manufacturing capabilities that combine photonic and electronic components [4][5]. - Samsung is aggressively investing in silicon photonics to challenge TSMC's dominance, positioning CPO technology as a key competitive advantage in the advanced packaging market [5][6]. Strategic Acquisitions - GlobalFoundries' acquisition of Advanced Micro Foundry (AMF) aims to solidify its leadership in silicon photonics, enhancing its manufacturing capabilities and supply chain reliability [7]. - Tower Semiconductor is expanding its production capacity significantly, driven by the surging demand for silicon photonics, with a focus on providing comprehensive delivery packages [8]. Design Services and Integration - Companies like Broadcom are transforming silicon photonics into platform businesses, integrating optical engines directly into their networking solutions to facilitate scalable deployment [12][13]. - Marvell's acquisition of Celestial AI is a strategic move to enhance its optical interconnect capabilities, aiming to provide a comprehensive connectivity platform for AI infrastructure [17][19]. XPU Manufacturers' Role - XPU manufacturers, particularly NVIDIA, are pivotal in driving the commercialization of CPO technology, with NVIDIA's CPO solutions expected to generate significant revenue by 2026 [21][22]. - AMD is also positioning itself in the silicon photonics space through strategic acquisitions and partnerships, focusing on AI interconnect needs [23]. Intel's Foundation - Intel has established itself as a foundational player in the silicon photonics ecosystem, having commercialized the technology early and built a robust supply chain [24][25]. Conclusion - The competition in the "optical chip" space is not just about manufacturing capacity but also about reshaping the interconnect architecture for AI data centers, with CPO technology expected to be fully commercialized by 2027 [26].

One of these industry giants is starting to show signs of competitive pressure.The major advances in artificial intelligence (AI) we've seen over the last few years wouldn't be possible without continued improvements in semiconductor capabilities. AI developers rely on data centers full of the most advanced chips from companies like Nvidia (NVDA +2.12%) to train new and bigger large language models. The growing use of AI has further increased demand for graphics processing units (GPUs) and other AI accelera ...

all these young uh families from Taiwan came to help us stand up our our factories. I recently gave a congratulation speech at TSMC in Arizona. And when I looked out into the audience, it was twothirds Taiwanese and one-third American.Arizona is practically well, the quality of Taiwanese food in Arizona, let me just put it that way. The quality of Taiwanese food in Arizona has increased tremendously. Okay, you want to get a bowl of Get a bowl of beef noodle soup. ...

Harding Loevner, an asset management company, released its “Global Equity Strategy” third-quarter 2025 investor letter.  A copy of the letter can be downloaded here. The fund returned 2.62% gross (2.52% net) in the third quarter of 2025, compared to a 7.74% return for the MSCI All Country World Index and 7.36% gain for the MSCI World Index. YTD, the strategy rose 10.61% (net) compared to 18.86% and 17.83% for the indexes. The firm highlighted in the letter that the last six months represented one of the str ...

Oracle, TSMC, and Palo Alto Networks are all promising long-term investments.It might seem like an awkward time for novice investors to buy new stocks. The S&P 500 is hovering near its all-time high and looks expensive at 31 times earnings, and plenty of macro headwinds -- including sticky inflation, elevated Treasury yields, and the Trump Administration's unpredictable policy shifts -- could compress those frothy valuations.But if you can look beyond those near-term challenges, it's still a good idea to ac ...