AI时代半导体的变与不变 | 投研报告

Core Insights - The semiconductor industry is experiencing an explosive growth phase driven by AI, marking a significant shift from previous cycles led by consumer electronics [3][6] - The demand for advanced semiconductor processes is expected to surpass that of mature processes, indicating a reversal of the traditional market structure [4][6] Group 1: Industry Trends - The semiconductor sector is entering a new growth phase characterized by "asymmetric growth," where AI-related fields are seeing explosive demand while traditional markets are in a digestion phase [3] - The advanced process market share is projected to exceed that of mature processes, forming an inverted pyramid structure in the industry [4] - The three main trends in semiconductor process development include density enhancement, advanced packaging technologies, and system-level optimization [5][6] Group 2: Technological Developments - The most advanced semiconductor processes, such as 3nm, have been in mass production for three years, with 2nm expected to enter mass production in the second half of 2025 [5] - The demand for 2.5D and 3D packaging technologies has surged, indicating a significant market shift and the importance of these technologies [5] - System-level optimization is becoming a critical trend, requiring collaboration from system companies from the initial design phase [5] Group 3: Investment Opportunities - The current AI-driven semiconductor boom is likened to an industrial revolution, with a growing gap between market demand and actual supply chain capacity [6] - Long-term investment opportunities are anticipated in advanced semiconductor equipment, materials, manufacturing, and packaging [6]