以下文章来源于EEPW ，作者ZongYu EEPW . | 2025-2030 年新增晶圆厂 | | | --- | --- | | | 晶圆厂增建 | | 中国大陆 | 21 | | 美国 | 11 | | 欧洲 | 7 | | 韩国 | 6 | | 台湾地区 | 4 | | 新加坡-马来西亚-印度 | 4 | | 日本 | 3 | 关注EEPW电子产品世界网，获取电子行业资讯和技术解决方案。 市场研究和科技咨询机构 Yole Group 作出预测，中国有望在全球半导体代工产能中占据 30% 的份 额，从而跃居成为全球规模最大的半导体生产中心。就目前的产能分布情况来看，台湾地区在全球半 导体代工市场中占据首要地位，其产能占比高达 23%，位居次席的是中国，产能占比为 21%，随后依 次为韩国 19%、日本 13%、美国 10% 以及欧洲 8%。 据 Digitimes 报道，中国之所以能够朝着领先地位大步迈进，主要得益于其在国内半导体制造领域持 续不断地进行大规模投资，这背后是我国政府的全力推进芯片生产自给自足目标的强大驱动力。 2024 年期间，我国的半导体产量呈现出强劲的增长态势，每月达到了 885 ...

Core Viewpoint - The collaboration between SK Hynix and Intel on HBM4 memory supply signifies Intel's entry into the AI accelerator market, highlighting the critical role of memory performance in AI system efficiency as demand for computing power surges [1][4]. Group 1: HBM4 Memory Technology - HBM4 memory, with a 2048-bit interface, offers over 1.5 times the bandwidth of its predecessor, addressing the data transfer bottleneck in AI chip performance [2]. - The integration of HBM4 in AI accelerators enhances image generation speed by approximately 40% compared to HBM3 and enables real-time data transmission of 30GB per second in autonomous driving applications [2]. - HBM4's physical layer optimization through CoWoS packaging technology significantly reduces memory latency, improving response times for AI chips processing sequential data [2]. Group 2: Competitive Landscape - The collaboration positions SK Hynix to validate HBM4's adaptability in complex AI scenarios while leveraging Intel's extensive server customer base for scalable production [4]. - The HBM market is becoming increasingly competitive, with Samsung and Micron also advancing their HBM4 technologies, potentially shortening the technology iteration cycle from two years to under one year [7]. - Intel's Jaguar Shores AI accelerator, enhanced by HBM4, aims to penetrate the customized AI server market, with initial agreements for deployment in collaboration with Microsoft Azure by 2026 [6]. Group 3: Challenges and Innovations - HBM4 faces challenges such as high heat density (150W/cm²) requiring innovative cooling solutions like immersion liquid cooling to enhance thermal management [8]. - The manufacturing cost of HBM4 is approximately 1.3 times that of HBM3E due to increased design complexity and larger wafer sizes, which could impact market adoption [8]. - Intel's success in the AI accelerator market will depend on optimizing software and cooling innovations to translate hardware performance into practical advantages [8][9]. Group 4: Future Implications - The collaboration between SK Hynix and Intel indicates a shift in AI hardware competition from solely technological advancements to a broader focus on ecosystem development and industry integration [9]. - The outcomes of this partnership will likely influence the AI chip market's dynamics over the next 2-3 years, affecting the technological pathways and development rhythms across the entire AI industry [9].

Market Overview - The market experienced a turbulent adjustment in the morning session, with the ChiNext Index leading the decline, down 0.84% [1] - The total trading volume in the Shanghai and Shenzhen markets was 849.7 billion, a decrease of 110.9 billion compared to the previous trading day [1] Sector Performance - Ocean economy concept stocks surged collectively, with over 10 stocks, including Jili Rigging, hitting the daily limit [1] - Solar energy concept stocks showed a rebound, with stocks like Yamaton also reaching the daily limit [1] - Sugar substitute concept stocks were active, with Baolingbao hitting the daily limit [1] - In contrast, semiconductor concept stocks faced a collective adjustment, with multiple stocks, including Taiji Co., dropping over 5% [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.04%, the Shenzhen Component Index decreased by 0.42%, and the ChiNext Index dropped by 0.84% [1][2]

A股午评：创业板指半日跌0.84% 海洋经济概念股集体上扬 金十数据7月2日讯，A股三大指数早盘集体下跌，截至午间收盘，上证指数跌0.04%，深证成指跌 0.42%，创业板指跌0.84%；北证50跌0.94%。沪深两市成交额约8497.16亿元，较前一个交易日缩量约 1109.04亿元。截至午盘，全市场1939只股票上涨、3248只股票下跌，其中48只涨停、5只跌停。板块题 材上，海洋经济概念股集体大涨，巨力索具等10余股涨停。光伏概念股震荡反弹，亚玛顿等涨停。代糖 概念股表现活跃，保龄宝涨停。芯片概念股集体调整，台基股份等多股跌超5%。板块方面，海洋经 济、代糖概念、光伏、有色金属等板块涨幅居前，芯片、华为海思、CPO、脑机接口等板块跌幅居前。 ...

Group 1: ETF Performance - The Sci-Tech Chip ETF has a turnover rate of 1.6% during trading, with a transaction volume of 447 million yuan [3] - As of July 1, the Sci-Tech Chip ETF's latest scale reached 28.225 billion yuan, marking a six-month high and ranking first among comparable funds [3] - The latest share count for the Sci-Tech Chip ETF is 1.837 billion shares, also a six-month high and ranking first among comparable funds [3] - The latest net inflow of funds into the Sci-Tech Chip ETF is 679 million yuan, with a total of 1.192 billion yuan net inflow over the last five trading days [3] - The latest margin buying amount for the Sci-Tech Chip ETF is 148 million yuan, with a margin balance of 1.471 billion yuan [3] - The net value of the Sci-Tech Chip ETF has increased by 65.59% over the past year, ranking first among comparable funds [3] - The ETF ranks in the top 2.08% among 2889 index stock funds [3] - The highest monthly return since inception is 25.18%, with the longest consecutive monthly increase being 4 months and a maximum increase of 36.01% [3] Group 2: Semiconductor Market Outlook - According to WSTS, the global semiconductor market is projected to reach 700.9 billion USD by 2025, with a year-on-year growth of 11.2% [4] - The growth in the semiconductor market will be driven by logic and memory segments, fueled by demand from AI, cloud infrastructure, and advanced consumer electronics [4] - Huachuang Securities indicates that the analog chip industry is entering a new upcycle, benefiting from improved domestic supply chain maturity and accelerated localization [4] - Tianfeng Securities notes that leading manufacturers in the semiconductor equipment and materials sector are expected to perform well in Q1 2025, with ongoing domestic substitution and industry consolidation enhancing competitiveness [4] - As of June 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index include SMIC, Haiguang Information, and Cambricon, collectively accounting for 57.76% of the index [4]

证券研究报告 东京电子 (8035 JP) 华泰研究 首次覆盖 投资评级(首评): 买入 目标价(日元): 32,000.00 黄乐平，PhD 研究员 SAC No. S0570521050001 SFC No. AUZ066 huangleping@htsc.com +(852) 3658 6000 陈旭东 研究员 SAC No. S0570521070004 SFC No. BPH392 chenxudong@htsc.com 于可熠 研究员 SAC No. S0570525030001 SFC No. BVF938 yukeyi@htsc.com +(86) 21 2897 2228 受益中美先进工艺投资机会 基本数据 | 目标价 (日元) | 32,000.00 | | --- | --- | | 收盘价 (日元 截至 6 月 30 日) | 27,680 | | 市值 (日元百万) | 12,681,045 | | 6 个月平均日成交额 (日元百万) | 91,426 | | 52 周价格范围 (日元) | 16,560.00-37,964.28 | | BVPS (日元) | 3,902 | 股价 ...

Core Insights - The report highlights the improvement in the manufacturing sector, with the Purchasing Managers' Index (PMI) rising to 49.7% in June, an increase of 0.2 percentage points from the previous month, indicating a continued recovery in manufacturing activity [6] - The establishment of China's first "High-end Non-ferrous Metal Materials Innovation Consortium" is noted, which has successfully overcome key technological challenges in various sectors, including the C919 aircraft [7] Industry Dynamics - The report discusses the launch of a special action for solid waste management, with related stocks including Guotai Environmental Protection (301203) and Huaxin Environmental Protection (301265) [9] - It emphasizes the acceleration of the listing and commercialization of innovative drugs, with relevant stocks such as Hongbo Pharmaceutical (301230) and Xinghao Pharmaceutical (430017) [9] - Significant breakthroughs in regenerative medicine are highlighted, with related companies including Zhenghai Biological (300653) and Guanhao Biological (300238) [9] Company Focus - Zhimingda (688636) plans to raise no more than 213 million yuan for the development and industrialization of embedded computers for unmanned equipment and commercial aerospace, as well as to supplement working capital [11] - Pulite (002324) intends to invest 1 billion yuan to establish a headquarters and R&D manufacturing base for plastic modified materials in South China [11] - Junpu Intelligent (688306) has signed a sales framework contract for humanoid robot products worth approximately 28.25 million yuan [11] Market Review and Outlook - On July 1, the total trading volume of the two markets was 1,466 billion yuan, with 2,512 stocks rising and 2,396 falling, indicating a slight reduction in trading volume by 20.8 billion yuan compared to the previous day [13] - The report notes that the three major indices opened slightly higher and experienced narrow fluctuations, with a strong performance along the five-day moving average, suggesting a potential for continued upward movement [13] - The strongest sectors included military, innovative drugs, and chemicals, while digital currency concepts saw significant declines [13][14] - The report suggests that the current high liquidity environment allows for repeated value plays in hot sectors, primarily focusing on military, chips, batteries, and stablecoins [14]

公众号记得加星标⭐️，第一时间看推送不会错过。 在人工智能与大数据技术驱动存储需求指数级增长的产业变革期，新存科技于近日重磅推出新一 代内存级存储芯片NM111。这款采用全自主知识产权三维集成技术的突破性产品，凭借64Gb超 大容量、低延迟及高耐久性等核心指标，达到国际领先水平，为我国构建自主可控的存储产业生 态注入强劲动能。 作为国内首款具备内存级性能的新型存储芯片，NM111通过先进的三维垂直堆叠架构与纳米级互联 技术，实现64Gb超大容量，存储密度较传统DRAM提升数倍。该芯片支持内存语义访问，支持随机 读写操作，读取延时低至百纳秒，带宽高达3.2Gbps，可广泛应用于服务器内存扩展、数据库缓存等 场景。其突破性的非易失特性更可实现断电数据保护，在元数据存储等关键领域将系统性能提升至全 新维度。 推荐阅读 新存科技于2024年9月和2025年初分别发布首款64Gb国内最大容量三维新型存储级芯片NM101，和1 28Gb的升级产品NM102。此次发布的NM111属于全新持久内存芯片系列，在性能和可靠性方面实现 全面提升。基于公司在设计、材料、工艺、器件、测试等多方面的持续创新，NM111耐久度较前作 提升 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自 彭博社 。 这项半导体制造条款被纳入一份近900页的法案，该法案代表了美国总统唐纳德·特朗普经济议程的核 心。众议院议员目前已准备好审议该法案，目标是在7月4日之前将其提交给特朗普签署。 增加税收抵免额度将增强《2022年芯片与科学法案》规定的一项关键激励措施。该法案是美国总统乔 ·拜登签署的一项跨党派法案。该计划还包括390亿美元的拨款和高达750亿美元的制造业项目贷款， 旨在在数十年来生产转移到亚洲之后，提振美国半导体产业。 这项税收抵免没有上限，其成本很可能已经高于其他形式的补贴——这取决于《芯片法案》刺激的投 资规模。几乎在所有情况下，这项税收抵免都将占到任何一家公司（包括那些未获得拨款的公司）获 得激励的最大份额。该拨款计划的主要受益者包括英特尔、台积电、美光科技和三星电子。 特朗普今年早些时候呼吁废除《芯片法案》，但两党议员都不愿取消这些补贴，因为这些补贴为各自 选区提供了高薪工作，而芯片行业被视为对国家安全至关重要。与此同时，美国商务部继续实施这项 拨款计划，同时敦促加大投资力度，并修改了耗时数月谈判的奖励条款。 到目前为止，特朗普 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能（AI）模型呈指数级增长，目前已达到万亿参数，这揭示了传统单芯片图形处理单元 （GPU）架构在可扩展性、能源效率和计算吞吐量方面的显著局限性。晶圆级计算已成为一种 变 革 性 的 范 式 ， 它 将 多 个 小 芯 片 集 成 到 一 块 单 片 晶 圆 上 ， 以 提 供 前 所 未 有 的 性 能 和 效 率 。 Cerebras晶圆级引擎（WSE-3）拥有4万亿晶体管和90万个核心，特斯拉的Dojo每个训练芯片拥 有1.25万亿晶体管和8,850个核心，这些平台都体现了晶圆级AI加速器满足大规模AI工作负载需 求的潜力。 本综述对晶圆级AI加速器和单芯片GPU进行了全面的比较分析，重点关注它们在高性能AI应用中的 相 对 性 能 、 能 源 效 率 和 成 本 效 益 。 同 时 ， 也 探 讨 了 台 积 电 （ TSMC ） 的 晶 圆 上 芯 片 封 装 技 术 （CoWoS）等新兴技术，该技术有望将计算密度提高多达40倍。 此外，本研究还讨论了关键挑战，包括容错、软件优化和经济可行性，深入探讨了这两种硬件范式之 间的权衡和协同作用。此外，还 ...