Core Viewpoint - The semiconductor industry is undergoing a significant capacity restructuring driven by the AI boom, affecting both advanced and mature processes, particularly the 8-inch wafer production [1][14]. Group 1: 8-Inch Wafer Production - Many chip design companies are facing challenges in securing capacity at wafer fabs, particularly for mature processes, due to increased demand driven by AI applications [1]. - TSMC and Samsung are both planning to shut down some of their 8-inch wafer fabs, with TSMC expected to stop production at its 8-inch Fab 5 by the end of 2027 [2]. - Samsung's S7 plant will also be closed in the second half of 2026, reducing its monthly capacity by approximately 50,000 wafers [3]. Group 2: Economic Considerations - The economic viability of 8-inch production is declining as 12-inch wafers can produce more dies at lower costs, making 8-inch production less profitable [4]. - The migration of key products like CMOS image sensors and display drivers to 12-inch platforms is contributing to the reduced utilization of 8-inch fabs [4]. Group 3: AI Impact and Market Dynamics - The AI-driven demand for power management ICs (PMICs) and power devices is causing a structural increase in demand, which, combined with supply-side reductions, is leading to a supply-demand imbalance for 8-inch wafers [5]. - As TSMC and Samsung reduce their 8-inch production, global supply is expected to decrease by approximately 2.4% in 2026, with average utilization rates rising from 75-80% in 2025 to 85-90% [5]. Group 4: Transition to 12-Inch Production - The transition to 12-inch production is becoming irreversible, with TI's Sherman facility marking a significant milestone in this trend [6]. - GlobalWafers is also expanding its 12-inch wafer production, indicating strong customer demand and confidence in long-term growth [7]. Group 5: Opportunities for Chinese Manufacturers - The reduction of 8-inch capacity by major players opens a valuable window for Chinese wafer fabs to capture market share and improve their bargaining power [11]. - Chinese manufacturers like Huahong and SMIC are expected to benefit from the reallocation of 8-inch orders, as they maintain high utilization rates [11]. Group 6: Strategic Moves and Future Outlook - The sale of Powerchip's P5 factory to Micron illustrates a strategic shift among second-tier manufacturers to prioritize cash flow and reduce asset burdens [8]. - Micron's acquisition aims to secure supply chain positioning for future DRAM production, highlighting the competitive landscape's evolution [9][10]. - The restructuring presents both challenges and opportunities, with the need for Chinese manufacturers to transition effectively to 12-inch production to maintain competitiveness [12][13].

[table_subject] 2026 年 01 月 22 日 证券研究报告·电子行业周报 台积电预计 2026 年营收同比增长 30% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山证券研究所 登记编号：S0290521120001 邮箱：gemiao@zszq.com 市场走势 [投tab资le_要m点ain：] 中山行业研究类模板 ◎行业动态：台积电预计 2026 年营收同比增长 30%；机构预计 2026 年全 球半导体行业营收同比增长 30.7%；海力士加速内存产能投放；iPhone 四季度 全球市场份额达到历史新高。 ◎公司动态：盛科通信：预计 2025 年营收同比增长 5.01%到 9.07%。 ◎投资建议：下游手机销售量增速放缓，未来手机产业链上的消费电子和 半导体器件公司业绩超预期的可能性降低。受 AI 相关需求拉动，存储芯片和 生产存储芯片相关的设备和材料需求较好。 风险提示：宏观需求转弱，上游原材料成本超预期，行业竞争格局恶化， 贸易冲突影响。 请务必仔细阅读报告结尾处的风险提示及免责声明 中山证券 1/10 / 分析师：葛淼 ●台积电预计 2026 年营收同比增长 ...

Nvidia Corp's (NASDAQ:NVDA) surge in artificial intelligence demand is reshaping the global semiconductor supply chain. Nvidia has overtaken Apple Inc. (NASDAQ:AAPL) as Taiwan Semiconductor Manufacturing Co. Ltd's (NYSE:TSM) largest customer. Nvidia chief Jensen Huang confirmed the change publicly for the first time during a recent podcast. Nvidia now ranks as Taiwan Semiconductor's biggest client—an outcome he suggested would please Taiwan Semiconductor founder Morris Chang. Don't Miss: Missed Nvidia ...

Intel ((INTC) reported earnings yesterday afternoon, and while results beat expectations on both the top and bottom line, the headline numbers mask the deeper debate surrounding the stock. Earnings rose 15% year over year and revenue declined 4%, though Q1 remains a seasonally weak period for Intel’s businesses.Despite the earnings beat, shares are down nearly 17% on the day. However, even after today’s sharp selloff, the stock is still up more than 20% in just the first three weeks of the year, underscorin ...

AI 光提速：重视硅光链和谷歌链 20260122 摘要 800G 和 1.6T 光模块需求激增，上游 EML 芯片短缺推动硅光光模块渗 透率加速提升，硅光芯片和 CW 芯片供应相对充足。 硅光产业链投资机会聚焦于硅光器件、模块及引擎，以及配套工艺设备 和软件厂商。中际旭创、新易盛等龙头企业有望受益，罗伯特科的耦合 设备和杰普特的检测设备值得关注。 台积电 2025 年第四季度营收超预期，毛利率提升，并大幅增加 2026 年资本开支预算，表明全球 AI 芯片需求强劲，利好 800G/1.6T 高速模 组及液冷产业。 英伟达在 CES 上发布 VeloRoulette 机柜及 CPO 交换机，以太网 CPU 交换机采用双 ASIC 设计，支持 102.4T 带宽，推动 CPO 方案发展，利 好硅光产业链及液冷需求。 谷歌链涉及 1.6T 光模块（中际旭创、新易盛、源杰科技），液冷市场 （英维克），服务器电源升级（欧陆通），OCS（腾景科技、聚焦科 技）和 MPO 连接器市场（长飞纤维）。 谷歌生态系统进入正循环，持续拉动 AI 算力需求，各方保障 TPU 产能， 以满足市场增长。 Q&A 台积电近期业绩表现如何 ...

Group 1 - The core viewpoint of the news highlights that major technology stocks experienced an upward trend, with AMD rising nearly 4% and TSMC, Micron Technology, and Microsoft increasing by over 2% [1] - NVIDIA, Meta, and Amazon also saw gains of over 1%, indicating a positive sentiment in the technology sector [1]

格隆汇1月23日｜AMD涨近4%，台积电、美光科技、微软涨超2%，英伟达、Meta、亚马逊涨超1%。 ...

智通财经APP获悉，周五，美股部分半导体股盘前走强，AMD(AMD.US)涨超2.9%，Arm Holdings(ARM.US)涨超2.7%，英伟达(NVDA.US)涨超1%，台积电(TSM.US)涨超1.3%。消息面上，多位 知情人士透露，英伟达创始人兼CEO黄仁勋再度来华，首站到访公司位于上海的新办公室，与员工见面 并回答诸多员工关注的问题，同时回顾了公司2025年的主要事件。 ...

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Group 1 - The core argument presented is that globalization has failed the West and the U.S., leading to a call for an "America First" approach that prioritizes American workers and industries [4][5][6]. - U.S. Commerce Secretary Howard Lutnick emphasizes that over-reliance on foreign countries for essential products can create vulnerabilities, particularly in critical industries like medicine and semiconductors [2][3]. - Recent data suggests that the U.S. is experiencing a narrowing trade deficit, indicating a potential success in the trade war, with trading partners continuing to purchase more American goods and services [7][8]. Group 2 - Major companies are showing confidence in the U.S. economy, with significant investments announced, such as Toyota's $10 billion investment in U.S. operations, TSMC's $100 billion for chip manufacturing, and Hyundai's $26 billion for steel, automotive, and robotics production [9]. - The U.S. stock market has demonstrated strong performance, with the S&P 500 returning 16% in 2025 and approximately 79% over the past five years, reflecting the resilience of the American economy [14][16]. - Real estate remains a cornerstone of wealth-building in America, with platforms like Arrived allowing investments in rental homes starting at $100, making real estate accessible to a broader range of investors [21][23].