硅片，冷热不均

Group 1 - The global semiconductor silicon wafer market is currently experiencing an oversupply of approximately 5% to 10% [1] - Demand for 12-inch wafers remains resilient with a capacity utilization rate exceeding 95%, while 8-inch and 6-inch wafers show significant weakness with utilization rates below 80% and 70% respectively [1][2] - The overall silicon wafer market is characterized by "structural prosperity" rather than a "full recovery," with advanced processes driven by AI servers and GPUs maintaining high demand, while traditional consumer electronics chip demand remains weak [2][6] Group 2 - Shin-Etsu Chemical reported a 22% year-on-year decline in revenue for the first half of the fiscal year ending September 30, 2025, with net profit down 12% [6] - The demand for 300mm wafers related to AI applications is recovering, while 200mm wafer demand remains weak, particularly in automotive applications [6][7] - The share of AI semiconductors in 300mm wafer shipments is currently below 10%, indicating significant growth potential in this area [7] Group 3 - The 12-inch silicon wafer has become the mainstream specification in the industry, accounting for over 70% of global shipments in 2023, with monthly demand expected to exceed 10 million pieces by 2026 [12][13] - The production process of silicon wafers includes multiple steps, and larger diameter wafers yield more chips per unit area, reducing average manufacturing costs [11][12] - The global market for 12-inch wafers is highly concentrated, with five major companies controlling over 85% of the market share [14][15] Group 4 - Domestic manufacturers in China are beginning to establish a competitive landscape in the 12-inch wafer market, with significant investments and capacity expansions underway [19][20] - Major domestic players include Xi'an Yiswei Materials, Shanghai Xinsheng, and others, collectively holding a significant share of the domestic market [20][21] - The domestic 12-inch wafer production capacity is expected to grow significantly, potentially meeting 40% of China's demand by 2026 [21][24] Group 5 - The SiC wafer market is currently experiencing low utilization rates below 50%, but signs of recovery are anticipated by 2026 [25][26] - In contrast, GaN wafers are seeing rapid growth driven by high-frequency applications, with the global market expected to exceed $6.5 billion by 2025 [28][29] - The industry is undergoing a period of rational expansion and technological depth, indicating a potential "cooling period" for the semiconductor industry [30]