申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 2024年，HBM成为半导体产业最炙手可热的产品之一。 随着AI大模型和高性能计算的狂飙突进，英伟达等巨头对HBM的需求水涨船高，内存厂的HBM订单早 已售卖一空，尤其是SK海力士，其在HBM市场占有率高达70%，更是赚得盆满钵满。 然而，就在这股浪潮背后，名为"TCB（Thermal Compression Bonding）键合机"的设备，正在悄然决定 HBM产业链的上限，不论是SK海力士，还是美光三星，都在过去一年时间里加大了设备方面的投入， 也让更多设备厂商有机会吃上这波AI红利。 什么是TCB？ 先来了解一下目前HBM芯片的键合技术。在传统的倒装芯片键合中，芯片被"翻转"，以便其焊料凸块 （也称为 C4 凸块）与半导体基板上的接合焊盘对齐。整个组件被放置在回流炉中，并根据焊料材料均 匀加热至 200ºC-250ºC 左右。焊料凸块熔化，在接合和基板之间形成电气互连。 随着互连密度的增加和间距缩小到 50µm 以下，倒装芯片工艺面临一些挑战。由于整个芯片封装都放入 烤箱中，芯片和基板会因热量而以不同的速率膨胀（即不同的热膨胀系数，CTE），从而产 ...

中材科技 20250518 摘要 • 中材科技 2025 年业绩预计达 15 亿元，受益于风电叶片价格上涨和高性 能材料抢装，预计 2026 年将保持至少 15%的增长，市值空间预估为 400 亿元。 • 光远新材在低介电和高性能电子布市场占据重要地位，意向订单远超产能， 行业需求旺盛，其市场份额约为四分之一，盈利能力较强。 • 中材科技正积极扩张高端电子布产能，预计 2025 年底月产能提升至 300 万米，2026 年 6 月达到 600 万米，销量预期显著增长，展现出强劲的增 长潜力。 • 红河科技专注于二代和低 CTE 电子布，占比高达自身产能的 50%，预计 今年高端电子布盈利可达 1.6 至 1.7 亿元，并持续扩张产能以满足市场需 求。 • 市场对中材科技 2025 年业绩存在分歧，但中性预测单吨盈利约 600-700 元。考虑量翻倍、结构提升及潜在涨价因素，预计 2026 年利润可达 7.5- 8.4 亿元。 • 巨石公司盈利能力强劲，预计每月盈利 600-700 元/吨，全年业绩可达 9- 10 亿元，若需求超预期，盈利能力有望进一步提升。 • 中材科技在电子布和电子纱领域拥有技术优势和先发 ...

peek 材料专家访谈 20250518 摘要 • PEEK 材料在人形机器人关节、齿轮等部件制造中具有优势，因其高耐磨、 高机械强度和自润滑性，能延长部件使用寿命，例如在人体关节替换中， PEEK 可将使用寿命从超高分子量聚乙烯的三年延长至十年。 • PEEK 材料具备优异的耐腐蚀性和电绝缘性能，且具有辐射防护能力，使 其在复杂环境中表现出色。但浓硫酸和浓硝酸对其有影响，加工温度较高， 设备要求高。 • PEEK 材料在轴承保持架应用成熟，戴森吹风机及德国、日本 SKF 等顶级 轴承品牌均采用 PEEK。国内企业已能生产类似质量产品，短切碳纤维增 强 PEEK 适用于低载荷部件。 • PEEK 价格较高，纯 PEEK 树脂约 400 元/公斤，长碳纤维增强材料达 1,200-1,500 元/公斤，连续碳纤维增强材料高达 3,000 元/公斤，限制了 其在成本敏感型应用中的推广。 • PEEK 短切碳纤维复合材料拉伸强度可达 260-300 兆帕，适用于机器人外 壳、减速器、结构件等，但螺母丝杠等复杂运动部件因需高强度连续碳纤 维增强，PEEK 替代难度大。 Q&A 聚醚醚酮（PEEK）材料的特性是什么？它在 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：关税大幅削减下消费电子产业充分 受益，关注手机、眼镜和全景相机产业链 [Table_IndRank] 行业评级：增持 报告日期：2025-05-18 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（2025-05 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 2024年，HBM成为半导体产业最炙⼿可热的产品之⼀。 随着AI⼤模型和⾼性能计算的狂飙突进，英伟达等巨头对HBM的需求⽔涨船⾼，内存⼚的HBM订 单早已售卖⼀空，尤其是SK海⼒⼠，其在HBM市场占有率⾼达70%，更是赚得盆满钵满。 然⽽，就在这股浪潮背后，名为"TCB（Thermal Compression Bonding）键合机"的设备， 正在悄然决定HBM产业链的上限，不论是SK海⼒⼠，还是美光三星，都在过去⼀年时间⾥加⼤了 设备⽅⾯的投⼊，也让更多设备⼚商有机会吃上这波AI红利。 什么是TCB？ 先来了解⼀下⽬前HBM芯⽚的键合技术。在传统的倒装芯⽚键合中，芯⽚被"翻转"，以便其焊 料凸块（也称为 C 凸块）与半导体基板上的接合焊盘对⻬。整个组件被放置在回流炉中，并根据 焊料材料均匀加热⾄ ºC-ºC 左右。焊料凸块熔化，在接合和基板之间形成电⽓互连。 随着互连密度的增加和间距缩⼩到 µm 以下，倒装芯⽚⼯艺⾯临⼀些挑战。由于整个芯⽚封装 都放⼊烤箱中，芯⽚和基板会因热量⽽以不同的速率膨胀（即不同的热膨胀系数，CTE），从⽽产 ⽣变形，导致互连出现故障。然后， ...

Industry Overview - The leakage circuit breaker industry in China has shown steady growth, with a market size of approximately 20.246 billion yuan in 2023, projected to increase to 21.521 billion yuan in 2024, representing a year-on-year growth of 6.3% [1][10] - The demand for leakage circuit breakers is driven by urbanization, the booming construction industry, and increased awareness of electrical safety among residents [1][10] - Future growth is expected to be supported by the continuous development of the construction industry, especially the popularity of smart homes, as well as industrial upgrades and the rapid expansion of the renewable energy sector [1][10] Industry Chain Analysis - The leakage circuit breaker industry chain consists of upstream raw materials, midstream manufacturing, and downstream application fields. Upstream materials include metals, electronic components, insulation materials, and magnetic materials [4] - The manufacturing process involves research and development, component manufacturing, assembly, and strict quality testing [4] - Downstream applications span various sectors, including construction, industry, power systems, home appliances, and rail transportation [4] Industry Development History - The leakage circuit breaker industry in China has evolved over 40 years from a policy-driven model to a technology-ecological model, with significant advancements in technology and market dynamics [6] - The industry has transitioned from low-end products with high failure rates to high-end products that meet international standards, with domestic market share increasing from 18% to 35% [6] Current Market Analysis - The market size of the leakage circuit breaker industry is expected to continue growing, with an average annual growth rate of around 7% over the next five years [10] - The residential construction sector accounts for 48% of the market, while industrial and infrastructure sectors account for 28%, and the renewable energy sector represents 14% [12] Key Companies in the Industry - Major companies include Chint Electric, Delixi Group, Broad Electric, Bull Group, and Goodson Electric, each with distinct market strategies and product offerings [14][15] - Chint Electric leads with a comprehensive product line and strong R&D capabilities, achieving a revenue of 57.251 billion yuan in 2023, a 24.53% increase year-on-year [15] - Goodson Electric focuses on high-end markets, with a revenue of 4.238 billion yuan in 2024, a decrease of 7.57% year-on-year [17] Future Development Trends - Miniaturization and integration are key trends, with leakage circuit breakers expected to combine multiple protective functions into a single device [19] - The industry is moving towards smart development, utilizing IoT and AI technologies for real-time monitoring and control of electrical systems [20][21] - There is a growing emphasis on high performance and reliability, with future products needing to meet stringent requirements in complex environments [22]

Group 1 - TSMC has solidified its leading position in the global foundry market after inventory adjustments at the end of 2022, with high utilization rates in advanced process technologies [1] - The 3nm process has achieved full capacity utilization in its fifth quarter of mass production, driven by strong demand for Apple A17 Pro/A18 Pro chips and other application processors, setting a new record for initial market demand [1] - Future growth is expected to continue due to the introduction of NVIDIA Rubin GPUs and specialized AI chips from Google and AWS, driven by increasing demand in AI and high-performance computing (HPC) applications [1] Group 2 - In contrast, the smartphone market has seen slower initial capacity growth for existing processes like 7/6nm and 5/4nm, with the latter experiencing a resurgence in 2023 due to surging demand for AI acceleration chips [2] - The demand for AI computing chips is accelerating the construction of AI data centers and significantly enhancing the overall capacity of the 5/4nm process [2] Group 3 - The 2nm process is projected to achieve full capacity utilization in its fourth quarter of mass production, driven by dual demand from smartphones and AI applications, aligning with TSMC's strategic outlook [5] - Potential customers for the 2nm technology include Qualcomm, MediaTek, Intel, and AMD, which is expected to maintain high utilization rates for the 2nm process [5] Group 4 - TSMC is investing $165 billion in its Arizona facility to meet growing U.S. consumer demand and mitigate geopolitical risks, with the facility covering 4nm, 3nm, and 2nm processes [11] - The dual-layout strategy enhances TSMC's geopolitical resilience and ensures capacity meets customer demand, particularly in AI and HPC, while maintaining high utilization rates for advanced processes beyond 2030 [11]

全球晶圆代工市场的龙头企业台积电在经历2022年末的库存调整后，进一步巩固了其行业的主导地 位。先进制程产能利用率保持高位，凸显了公司技术的领先优势。 根据 Counterpoint的数据 显示，3nm制程凭借Apple A17 Pro/A18 Pro芯片、x86 PC处理器及其他应 用处理器芯片（AP SoC）的巨大需求，在量产后第五个季度就实现了产能充分利用，创下先进制程 初期市场需求的新纪录。 至于未来的发展，NVIDIA Rubin GPU的引入，加上Google TPU v7、AWS Trainium 3等专用AI芯片 的相继问世，在AI与高性能计算（HPC）应用需求持续攀升的驱动下，预计未来将延续目前先进制 程的高产能。 相比之下，智能手机市场已有制程（比如7/6nm和5/4nm）的初期产能增长较为缓慢。7/6nm制程虽 在2020年左右凭借智能手机的需求大涨实现产能充分利用，但随后增长放缓；而5/4nm制程在2023 年年中再次增长，并在NVIDIA H100、B100、B200及GB200等AI加速芯片需求激增的推动下持续恢 复。这些AI算力芯片的需求激增不仅加速了AI数据中心建设，更带动5/ ...

这笔交易与DataVolt在Neom的新数据中心园区的投资有关，该园区预计将于2028年投入运营，开发成本 超过50亿美元，容量为300MW。虽然该协议的具体内容，包括是单一来源还是多来源合同，其利润 率，确切的时间，以及是谅解备忘录(MoU)还是具有约束力的合同，仍未公开，但该协议被视为对超微 电脑的积极发展。得益与此，超微电脑股价周三收涨15.71%，报45美元。 不过，其他投资机构看好这笔交易给超微电脑带来的提振。Raymond James维持超微电脑"增持"评级， 目标价41美元，理由是该公司在人工智能基础设施和战略举措方面的领导地位，例如扩大美国制造业和 采用英伟达(NVDA.US)的Blackwell平台。与此同时，Needham恢复了对超微的"买入"评级和39美元的目 标价，突出了超微电脑在人工智能和高性能计算市场的定位;尽管最近的业绩面临挑战，但Needham对 公司的前景充满信心，因为管理得到了加强，备案风险得到了解决。 高盛承认这笔交易的潜在影响，并表示这可能标志着人工智能基础设施的扩张，将超越目前的主要参与 者，包括更广泛的客户。如果这笔交易为期五年，利润率为5%，其中200亿美元全部属 ...