电子 周跟踪（20250303-20250307） 领先大市-A(维持) Manus 推出全球首款通用型 AI Agent，博通一季度业绩超预期 投资要点 电子行业近一年市场表现 资料来源：最闻 相关报告： 小米双 Ultra 点燃市场热情-山西证券电 子行业周跟踪 2025.3.4 储即将迎来新涨价周期-山西证券电子行 业周跟踪 2025.2.25 高宇洋 2025 年 3 月 13 日 行业研究/行业周报 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.3-2025.3.7）市场大盘普遍上涨，上证指数涨 1.56%，深圳成指涨 2.19%，创业板指涨 1.61%，科创 50 涨 2.67%，申万电子 指数涨 2.74%，Wind 半导体指数涨 2.48%。外围市场，费城半导体指数跌 2.88%，台湾半导体指数跌 3.29%。细分板块中，周涨跌幅前三为半导体设备 （+4.53%）、模拟芯片设计（+3.65%）、分立器件（+3.52%）。从个股看，涨 幅前五为珠城科技（+41.38%）、 ...

Core Viewpoint - Intel has appointed a new CEO, Li P-Bu Tan, marking a significant leadership change as the company faces ongoing challenges in the semiconductor industry [1][2]. Group 1: Leadership Change - Li P-Bu Tan will officially take over as CEO on March 18, succeeding interim co-CEOs David Zinsner and Michelle Johnston Holthaus [1]. - This appointment comes three months after the resignation of former CEO Pat Gelsinger, and Tan is noted as the first Chinese CEO in Intel's history [2]. - Tan previously served on Intel's board and has extensive experience in the semiconductor industry, having been recognized as a leading figure in chip design and venture capital [5][6]. Group 2: Current Challenges - Intel has been experiencing significant operational difficulties, with a reported net loss of $18.8 billion in 2024, marking its first net loss since 1986 [9]. - The company's market capitalization has halved, dropping to $89.5 billion, which is below the $100 billion mark, highlighting a widening gap with competitors like TSMC, AMD, and NVIDIA [9]. - Intel's core business is under pressure due to declining demand in the traditional PC market and increased competition in the data center sector, particularly from AI chip competitors [9][10]. Group 3: Strategic Direction - The company is undergoing a transformation, with plans to restructure its manufacturing and foundry operations to focus more on core chip design and production [10]. - There are ongoing discussions about potential partnerships, including TSMC's proposal to invest in a joint venture to operate Intel's factories, which could reshape Intel's operational strategy [10][11]. - Analysts suggest that Tan's leadership may bring necessary strategic adjustments and internal restructuring to improve Intel's profitability in the long term, although the transition may face challenges [11].

Investment Rating - The industry investment rating is "Maintain Buy" for the electronics sector [6] Core Insights - Qualcomm announced a collaboration with IBM to develop enterprise-level generative AI applications for cloud and edge environments, indicating a positive trend for AI applications in the industry [11][27] - The consumer electronics segment is expected to benefit from the debut of AI-integrated products at MWC 2025, with a focus on cross-device collaboration and seamless connectivity [12][27] - The advanced packaging technology is projected to drive long-term growth in the global wafer foundry industry, with a compound annual growth rate (CAGR) of 13% to 15% from 2025 to 2028 [13][29] - Domestic semiconductor equipment sales are expected to grow by 35% in 2024, surpassing 110 billion yuan, indicating a speeding up of the domestic semiconductor industry chain [15][28] Summary by Sections 1. Core Insights and Investment Recommendations - AI Edge: Qualcomm's partnership with IBM aims to create generative AI solutions for enterprise applications, which is expected to benefit the related industry chain [11] - Consumer Electronics: The debut of AI products at MWC 2025 is anticipated to enhance the industry chain's growth, with a focus on AI and consumer electronics integration [12] - Advanced Packaging: The global wafer foundry industry is expected to see a revenue growth of 20% in 2025, driven by strong AI demand [13] - Domestic Substitution: The domestic semiconductor equipment market is projected to grow significantly, indicating a robust domestic industry chain [15] 2. Market Review - The A-share Shenwan Electronics Index fell by 4.87% during the week, underperforming the CSI 300 Index by 2.64 percentage points [18] - Among the sub-sectors, the semiconductor sector declined by 3.62%, while the components sector saw a drop of 9.78% [19] 3. Industry News - Qualcomm and IBM's collaboration will showcase generative AI applications at MWC 2025, highlighting the importance of AI in enterprise solutions [27] - Starry Meizu will present its AI ecosystem products at MWC 2025, including new smartphone models and smart glasses [12][27] 4. Company Dynamics - Jiangfeng Electronics is expanding its market share in ultra-high-purity metal sputtering targets due to its technological advantages [30] - Precision Electronics is focusing on optical materials and devices for smart wearable products [30] 5. Company Announcements - Jiangfeng Electronics reported a revenue increase of 39.11% year-on-year, with a net profit growth of 56.90% [33] - Lexin Technology anticipates a significant increase in net profit, projecting a growth of 271.70% [33]

Market Overview - The US stock market saw declines across all three major indices, with the Dow Jones experiencing the largest drop due to concerns over tariff risks [5] - European stock markets also fell, while the Hang Seng Index decreased and the National Index increased, indicating mixed performance across sectors [5] - The Shanghai Composite Index and Shenzhen Component Index both rose, with the Shanghai Composite showing a larger increase [5] Economic Data - Japan's GDP growth for Q4 was reported at 0.6% quarter-on-quarter, slightly below the market expectation of 0.7% [6] - The annualized GDP growth for Japan in Q4 was 2.2%, also below the expected 2.8% [6] - China's government is encouraging local authorities to utilize special bonds to support land reserves and stabilize the real estate market [8] Corporate News - Volkswagen anticipates its profitability to remain stable this year, facing challenges from weak European demand and escalating trade conflicts [8] - Nissan is seeking new partnerships for product development, moving beyond just contract manufacturing [8] - Huaxia Happiness announced plans to transfer part of its assets for 537 million RMB [8] Investment Trends - South Korean investors recorded the highest level of investment in Hong Kong stocks in three years, indicating a strong interest in the market [8] - The Chinese government aims to consolidate market stability and support the issuance of shares by quality unprofitable tech companies [8] Stock Performance - The Hang Seng Index closed at 23,782.14, down 0.01% for the day but up 3.66% over the past five days [5] - The H-share index closed at 8,755.37, up 0.35% for the day and 4.64% over the past five days [5] - The AH premium stands at 132.79, reflecting a 0.94% increase [5]

| 2025年3月4日 | | --- | | 各股市走势图 . | 股市短评 | 1 | | --- | --- | --- | | 主要经济数据公布 . | 主要新闻总结 . | | | 国际经济要闻 . | 大中华经济要闻 | | | 企业要闻 . | 中港两地上市的Ｈ股股份 | | | 免责声明 . | | | | 指數 | 收市 | 日比(%) | 5日(%) | 17,000 | | --- | --- | --- | --- | --- | | 恒生 | #N/A | 0.28 | (1.44) | 16,000 15,000 | | | Requesting | | | 14,000 | | H股 | #N/A | 0.03 | (2.31) | | | | Requesting | | | | | 紅籌 | #N/A | #N/A | #N/A | | | | Requesting | Requesting | Requesting | | | HSC大型股 | #N/A | #N/A | #N/A | | | | Requesting | Requesting | Requesting | ...

环球市场动态 美 国 通 胀 下 半 年 存 反 弹 隐 忧 股 票 中国股市周二回调，A 股窄幅震 荡，港股情绪偏弱，市场观望特朗 普关税下一步走向；欧洲股市周三 收高，从近期跌势中反弹，市场对 乌克兰可能停火及美国 CPI 数据作 出积极反应；美股科技股推动反 弹，通胀数据缓解经济忧虑。 外 汇 / 商 品 俄乌冲突持续，加上美国公布最新 汽油日均需求为 11 月份以来最 高，周三国际油价上 2%；美国 CPI 数据温和，投资者正在评估美 国经济前景和美联储的利率路径， 伦铜走高，金价上升。 固 定 收 益 美国短期国债领跌，尽管 CPI 数据 温和，但市场对美联储降息的押注 继续减弱。美国 10 年期国债发行中 标收益率低于发行前交易水平。亚 洲投资级债券相对平稳，流动较轻。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 3 月 13 日 .s 入 a. 竹 ▪ 美国 2 月通胀增速全面低于预期和前值，总体 CPI 环比升 0.2% (前值 0.5%)，核心 CPI 环比升 0.2% (前值 0.4%)，总体 CPI 同比升 ...

Core Viewpoint - The semiconductor industry is witnessing intense competition among leading foundries like TSMC, Intel, and Samsung in the development of advanced 2nm and 1nm technologies, with TSMC planning to establish a 1nm fab in Taiwan to maintain its market leadership [1][6][7]. Group 1: Advanced Technology Development - ASML and Imec have formed a five-year partnership to enhance research capabilities for technologies below 2nm, focusing on integrating ASML's latest lithography tools into advanced semiconductor manufacturing [3][4]. - Imec will utilize ASML's advanced wafer fabrication equipment, including High-NA EUV tools, to accelerate the development of next-generation semiconductor production technologies [4][5]. - The cost of High-NA EUV systems can reach $350 million, posing a barrier for new entrants and researchers in the semiconductor field [4]. Group 2: TSMC's 1nm Fab Plans - TSMC is accelerating its 1nm technology development and plans to build a large Giga-Fab in Tainan, Taiwan, which will house six production lines for 1nm and 1.4nm chips [6][7]. - The new fab aims to outpace competitors like Samsung and Intel in the race to commercialize 1nm technology, which is critical for producing high-performance chips with lower power consumption [6][7]. Group 3: EUV Lithography Advancements - DNP has successfully developed the first generation of EUV masks required for 2nm and beyond, achieving fine pattern resolution necessary for advanced semiconductor manufacturing [9][10]. - The development of High-NA EUV masks is crucial for achieving the required precision for 2nm and smaller nodes, with DNP aiming for mass production of these masks by FY2027 [10]. Group 4: Future Roadmap and Challenges - Imec's roadmap for transistor technology includes advancements from FinFET to GAA (Gate-All-Around) designs, with expectations for CFET (Complementary FET) and atomic channel transistors to emerge by 2032 [12][13]. - The semiconductor industry faces challenges in meeting the growing demand for computational power, particularly for machine learning and AI applications, which require rapid advancements in transistor density and performance [14][17]. - Innovations in interconnect technologies and materials, such as the potential use of graphene, are being explored to overcome scaling challenges in semiconductor manufacturing [18][19].

Core Viewpoint - The research team led by Professor Peng Hailin from Peking University has developed the world's first low-power, high-performance two-dimensional gate-all-around (GAA) transistor, which surpasses the physical limits of silicon-based transistors in both speed and energy efficiency, potentially driving a new wave of technological innovation in the chip industry [1][9][19]. Group 1: Technology Development - The two-dimensional gate-all-around transistor represents a significant advancement in integrated circuit technology, addressing the limitations of traditional silicon-based transistors by enhancing electrostatic control over the channel, thereby reducing leakage current and power consumption [4][6]. - The new transistor utilizes a novel high-mobility bismuth-based two-dimensional semiconductor material (Bi2O2Se) and a high dielectric constant oxide gate dielectric (Bi2SeO5), achieving superior performance compared to existing silicon-based transistors [9][12]. - The team has successfully created a small logic unit using the two-dimensional gate-all-around transistor and is working towards scaling up for mass production, with applications in high-performance sensors and flexible electronic devices [12][19]. Group 2: Research and Innovation - The development of the two-dimensional gate-all-around transistor is seen as a "cross-generation upgrade," moving beyond the limitations of silicon materials, which are nearing their physical limits [9][16]. - The research team emphasizes the importance of meticulous experimental detail and the ability to recognize and analyze unusual results, which can lead to significant breakthroughs in material science [17][24]. - The team has a strong interdisciplinary background, fostering a culture of innovative thinking and collaboration, which is crucial for advancing semiconductor technology [18][24]. Group 3: Future Prospects - The new transistor technology is projected to achieve speeds approximately 1.4 times that of the most advanced silicon chips while consuming only 90% of their energy, indicating a substantial competitive advantage as manufacturing processes improve [19][21]. - The research team is committed to further exploring the potential of bismuth-based two-dimensional materials, aiming for integrated functionalities in sensing, storage, and computation, which could lead to significant technological advancements [12][16]. - The ongoing research and development efforts are aligned with China's goals for technological self-reliance and innovation in the semiconductor industry, with a focus on practical applications and industrialization of new materials [22][24].

Core Viewpoint - A new "semiconductor alliance" has been established by nine European countries to enhance self-sufficiency in chip production, responding to the growing demand driven by AI chips and the need for strategic autonomy in the semiconductor industry [1][2][3]. Group 1: Formation of the Semiconductor Alliance - The alliance aims to strengthen Europe's semiconductor industry and reduce reliance on Asian manufacturers, particularly TSMC [2][3]. - The Netherlands has emphasized its strategic advantage in discussions about exporting ASML chip machines, indicating a shift in the landscape of semiconductor manufacturing [1][2]. - Germany is leading the charge with significant subsidies to build new factories, including a joint venture with TSMC and European partners [1][2]. Group 2: Economic and Strategic Importance - The semiconductor sector is crucial for various industries, including AI, aerospace, defense, and energy, highlighting its role as a backbone of modern society [3][4]. - Ensuring the resilience and competitiveness of the semiconductor industry is not only an economic priority but also a strategic necessity for prosperity and security [4]. Group 3: Goals and Strategies - The alliance seeks to ensure that key steps in the semiconductor value chain are accessible to EU countries and to develop reliable innovative technologies [5][6]. - There is a focus on enhancing Europe's current leadership position in the semiconductor sector and expanding into new areas [5][6]. - The collaboration will involve coordinated policies, strategic funding, and international partnerships to secure supply chains and support startups [7]. Group 4: Future Actions - In the coming months, member countries will work with the European Commission to create a declaration that emphasizes their commitment to strengthening Europe's position in the global semiconductor industry [7]. - Immediate action is required from both government and industry to build a robust and leading European semiconductor ecosystem [7].

彭博社撰文回顾了半导体行业协会早先的预测，即如果没有《芯片与科学法案》，美国在半导体市 场的市场份额将降至 10% 以下。这表明特朗普政府在废除该法律之前应该三思而后行。 《芯片与科学法案》于 2022 年在拜登总统的领导下颁布，是一项 520 亿美元的战略，旨在加强美 国半导体制造业并减少对亚洲供应商的依赖。该法案提供 390 亿美元的补助金来促进芯片制造业， 110 亿美元用于研发，以及 25% 的制造业项目税收抵免。企业还可以获得高达 750 亿美元的贷款和 担保。 税收抵免预计将耗费超过 850 亿美元的政府收入，超过最初的估计，并反映了可观的投资水平。特 朗普认为，关税将在产生联邦收入的同时更好地鼓励国内投资，并计划在 2025 年 4 月之前对半导 体进口征收新关税。一些人认为，台积电承诺在其美国园区额外投资 1000 亿美元是为了避免对台湾 生产的芯片征收关税。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自tomshardware ，谢谢。 上周，美国总统唐纳德·特朗普呼吁共和党议员废除拜登政府时期通过的《芯片与科学法案》，因为 他认为这是在浪费纳税人的钱。共和党议员对这项提议并 ...