代工市场，迎来复苏

Group 1 - The global semiconductor market is expected to transition from recovery in 2024 to steady growth in 2025, with the Foundry 2.0 market projected to reach $298 billion, marking an 11% year-on-year increase [1] - The compound annual growth rate (CAGR) for the period from 2024 to 2029 is anticipated to be 10%, driven by sustained demand for artificial intelligence and gradual recovery in non-AI demand [1] - TSMC is expected to expand its market share in the Foundry 2.0 market to 37% by 2025, leveraging its technological advantages in advanced nodes below 5nm and advanced packaging [1] Group 2 - The demand rebound for consumer electronics is expected to drive a 4% average increase in utilization rates for mature nodes, contributing to an 18% growth in the overall foundry market by 2025 [5] - Non-memory IDM faces challenges due to insufficient AI accelerator deployment, with a modest growth of only 2% expected in 2025 [6] - The OSAT industry is projected to benefit from increased outsourcing by IDM, with an expected growth of 8% in 2025 driven by strong demand for advanced packaging related to AI accelerators [7] Group 3 - The semiconductor manufacturing chain is entering a new expansion wave, with AI driving demand for advanced nodes and packaging, while traditional application markets are gradually recovering [9] - The industry must navigate various variables, including geopolitical risks, national policies, supply-demand fluctuations from new capacities, and the commercialization of AI applications, which will shape the long-term trajectory of the semiconductor industry [9]