Xin Lang Cai Jing·2025-09-18 09:11Group 1 - The semiconductor cycle has emerged from the bottom and is showing signs of recovery due to the explosive development of AI technology and domestic consumption subsidies stimulating demand for device upgrades [1] - In Q2 2025, the top ten global foundries generated a total revenue of 41.718 billion, reflecting a quarter-on-quarter growth of 14.6% [1] - TSMC recorded a revenue of 30.24 billion in Q2 2025, with a global market share increase of 2.6 percentage points to 70.2%, while the other nine foundries experienced varying degrees of market share decline [1] Group 2 - The demand explosion for AI and HPC has shifted the focus of foundry competition from "advanced processes" to "advanced packaging," with CoWoS and SoIC becoming critical for AI chip shipments [2] - Chinese foundries continue to scale mature processes, overcoming previous inventory issues caused by a weak consumer electronics supply chain [2] - In H1 2025, revenue growth rates for major Chinese foundries were as follows: SMIC at 23.14%, Hua Hong at 19.09%, and JCET at 18.21% [2] Group 3 - SMIC added nearly 20,000 pieces of 12-inch standard logic monthly capacity in H1 2025, achieving a capacity utilization rate of 92.5% in Q2, an increase of 2.9 percentage points from Q1 [3] - SMIC's capital expenditure in Q2 2025 was 1.885 billion, with plans to maintain an annual addition of 50,000 pieces of 12-inch capacity [3] - The revenue boost for SMIC in H1 2025 was primarily driven by the computer and tablet, consumer electronics, and industrial and automotive sectors, with consumer electronics revenue increasing by 53.80% year-on-year [3]