《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ①人形机器人+类脑芯片，开发情感识别机器人和存算一体ReRAM，构建巡检运输等机器人矩阵，这家公 司布局教育康复医疗全生命周期应用； ②存储芯片+先进封装，TGV AOI设备用于2.5D/3D封装检测，这 家公司与ADI合作推出高性能ATE解决方案，提升存储测试效率。 前言 ...

Core Viewpoint - The global wafer foundry market is experiencing a clear structural shift, with TSMC solidifying its position as the dominant player, while competitors like Intel and Samsung are adjusting their strategies to find their niches in the market [2][3][43]. TSMC's Dominance - TSMC's revenue for Q3 2025 reached $33.063 billion, with a market share of 71%, reflecting its significant lead over competitors [2]. - The overall foundry market is projected to grow, but TSMC is capturing the majority of this growth, showcasing a "magnification effect" of its advantages in advanced processes and capital expenditures [2]. Competitors' Strategies - Other foundries, such as Samsung, are struggling to close the gap in market share, with Samsung's Q3 revenue at $3.184 billion and a market share decline to 6.8% [3]. - Intel is aggressively transforming its strategy, focusing on advanced technology and ecosystem restructuring to regain competitiveness in specific areas [4][43]. Intel's Advanced Process and Packaging - Intel's 14A process node is positioned as a competitive choice for external customers, utilizing High-NA EUV technology, which is expected to enhance power efficiency and chip density [5]. - Intel's EMIB technology is emerging as a viable alternative to TSMC's CoWoS packaging, with significant interest from major clients like Apple and Broadcom [7][9]. Samsung's 2nm Process - Samsung is betting heavily on its 2nm process, which is expected to turn its foundry division profitable by 2027, with a current yield improvement from 50% to a target of 70% [15][16][24]. - The company has secured significant contracts, including a $16.5 billion deal with Tesla for AI6 chips, indicating a strong market position in automotive semiconductors [17][19]. UMC's Differentiation Strategy - UMC is focusing on mature processes and high-value applications, avoiding the advanced process competition while establishing a foothold in advanced packaging and silicon photonics [25][27]. - The collaboration with Qualcomm on advanced packaging is expected to enhance UMC's position in high-performance computing markets [27]. GlobalFoundries' Focus on Specialty Processes - GlobalFoundries is concentrating on mature processes and specialty technologies, with a recent acquisition of AMF to strengthen its position in silicon photonics [34][36]. - The company is also enhancing its capabilities through the acquisition of MIPS, aiming to provide integrated solutions for clients in various high-growth markets [37]. Conclusion - The wafer foundry market is evolving, with companies like Intel, Samsung, UMC, and GlobalFoundries adopting differentiated strategies to navigate the competitive landscape, focusing on their unique strengths and market opportunities [43].

2025.12. 22 作者 | 一财阿驴 12月22日，A股三大指数集体走强，截至收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨 2.23%。 | 代码 | 名称 | | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | man | 1 | 3917.36c | 26.92 | 0.69% | | 399001 | 深证成指 | Jun | 3 | 13332.73c | 192.52 | 1.47% | | 399006 | 创业板指 | Vm | S | 3191.98c | 69.75 | 2.23% | 盘面上，海南自贸港概念股掀涨停潮；半导体产业链爆发，CPO、先进封装、硅片方向领涨；AI手 机、宇树机器人、智能驾驶题材活跃；医药商业指数回调明显。 具体来看，海南板块集体爆发，海南矿业、海南瑞泽、海南发展等超20股涨停。 | 代码 | 名称 | 涨幅4 | 现价 | | --- | --- | --- | --- | | 300189 | 神农种业 | +20.03% | ...

12月22日，硕贝德盘中上涨2.11%，截至10:56，报24.18元/股，成交5.57亿元，换手率5.30%，总市值 111.24亿元。 资金流向方面，主力资金净流出5791.34万元，特大单买入1741.20万元，占比3.12%，卖出6702.80万 元，占比12.03%；大单买入1.24亿元，占比22.23%，卖出1.32亿元，占比23.72%。 硕贝德今年以来股价涨84.44%，近5个交易日涨5.59%，近20日涨15.69%，近60日跌1.87%。 今年以来硕贝德已经4次登上龙虎榜，最近一次登上龙虎榜为8月7日，当日龙虎榜净买入5.33亿元；买 入总计7.14亿元 ，占总成交额比18.47%；卖出总计1.81亿元 ，占总成交额比4.68%。 资料显示，惠州硕贝德无线科技股份有限公司位于广东省惠州市仲恺高新区东江高新科技产业园惠泽大 道138号，成立日期2004年2月17日，上市日期2012年6月8日，公司主营业务涉及无线通信终端天线的研 发、生产和销售。主营业务收入构成为：天线50.50%，线束及连接件26.34%，智能传感模组13.73%， 散热器件及模组8.86%，其他(补充)0.57%。 硕贝 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在这些追赶者中，英特尔的转型动作最为激进，也最具系统性。作为曾经的半导体霸主，英特尔在制 程技术上的落后一度让外界质疑其代工业务的前景。但从2024年底到2025年，英特尔展现出的战略 调整清晰而坚决：不是放弃先进制程竞争，而是通过技术突破、客户争取和生态整合，试图在特定领 域重新建立竞争力。 先进制程：14A与High-NA EUV的技术豪赌 英特尔晶圆代工的核心筹码是其14A制程节点。这一节点被定位为对外部客户极具竞争力的选择，预 计在功耗效率和芯片密度方面实现显著提升。更关键的是，14A将成为全球首个在关键层采用高数值 孔径（High-NA）EUV光刻技术的制造节点。 英 特 尔 已 安 装 ASML 的 Twinscan EXE:5200B ， 这 是 业 界 首 款 采 用 0.55 数 值 孔 径 投 影 光 学 系 统 的 High-NA光刻设备。该设备能够以8nm的分辨率打印芯片，在50 mJ/cm²的剂量下每小时可处理175 片晶圆，并实现0.7纳米的套刻精度。相比之下，台积电和三星虽然也在测试High-NA设备的研发版 本，但尚未将其用于商业 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 半导体行业向3D集成和大尺寸基板的推进，从根本上改变了材料在封装中的作用。曾经起到结构支 撑和电绝缘作用的材料，如今已成为限制器件性能的关键因素。 现代封装材料包含的聚合物、粘合剂、先进介电材料、导热材料和复合材料层压板比以往几代产品要 多得多。问题在于，其中许多材料过于新颖，尚未积累足够的长期可靠性数据。因此，某些失效模式 只有在现场循环或电路板级组装后才会显现。 随着芯片堆叠技术的进步，封装高度不断增加；随着面板级加工技术的进步，封装宽度不断扩大，因 此，必须在整个流程中，对具有精确调控特性的材料进行系统性的指定、加工和验证。然而，这些高 度专业化的化学体系通常工艺窗口狭窄，且可能与相邻层产生复杂的相互作用。 行业正在通过更严格的工艺控制、系统级材料规范和协同优化策略来应对，将薄膜、界面和沉积方法 视为统一的可靠性控制，而不是独立变量。 材料选择范围的扩大也带来了风险。 向三维架构的过渡极大地扩展了先进封装对材料的需求。高频人工智能应用需要具有特定介电常数/ 损耗角正切值（Dk/Df）的介电材料，而封装级的功率密度正接近千瓦级，这就需要新型的导热界面 材料和 ...

Core Viewpoint - The recent 46% equity transfer of Anjieli Meiwai Electronics (Xiamen) Co., Ltd. to state-backed investment entities is expected to enhance its capacity in high-end packaging substrates and drive the development of China's semiconductor packaging sector [1][4][6]. Company Overview - Anjieli Meiwai was established in December 2019 and focuses on various technologies including substrates, HDI, and battery module technology, providing comprehensive solutions from design to assembly [1][4]. - The company anticipates a revenue of 7.9 billion yuan in 2024, with R&D investment constituting 8% of total revenue [1][4]. Investment Details - The equity transfer involved several state-owned entities, including the National Integrated Circuit Industry Investment Fund Phase III and local investment groups, aimed at supporting semiconductor manufacturing projects [1][6]. - The National Integrated Circuit Industry Investment Fund Phase III is a national capital platform established to promote the development of the semiconductor industry, with a long investment and recovery period to match the long cycles of semiconductor technology [6]. Industry Insights - IC substrates are critical in connecting and transmitting signals between bare chips and PCBs, and their importance is increasing as advanced packaging becomes essential for AI chip delivery capabilities [2][6]. - The transition from BT substrates to ABF substrates represents a significant technological advancement, raising requirements for equipment, materials, and yield [3][6]. - The capital injection from the National Fund and local state-owned enterprises is expected to accelerate Anjieli Meiwai's production capacity and technological upgrades, fostering collaboration across the semiconductor supply chain [3][6].

需求端，正处于新旧动能转换阶段。以消费电子为代表的传统领域步入季节性淡季，相关焊料需求随之 减弱，传统行业的采购基本以刚性需求为主。以人工智能硬件、先进封装为代表的新兴领域展现出结构 性增长潜力，其技术发展提升了单位产品的锡用量，新能源与汽车电子等领域也提供着长期需求支撑， 但这些增量短期内尚不足以完全对冲传统需求的放缓。此外，当前价格水平对下游需求形成一定压制， 部分企业正积极寻求工艺优化与材料替代以控制成本，导致实际消费呈现"有价无量"的态势。 期货市场：国际油价创多年新低市场避险情绪高涨，隔夜伦锡收跌0.34%；最新收盘报40955美元/吨， 下跌140美元，跌幅为0.34%，成交量为886手，持仓量25221万手较前一交易日减少21手；国内方面， 夜盘沪期锡高位运行，尾盘大幅收涨，沪锡主力合约2601最新收报323220元/吨，涨210元/吨，涨幅为 0.07%；伦敦金属交易所（LME）12月16日伦锡库存量报3815吨，较前一交易日库存量增加20吨。 长江锡业网讯：今日沪锡期货市场全线高开，主力月2601合约开盘报323630涨620元，9：20分沪锡主力 2601合约报326120涨3110元；沪 ...

Core Viewpoint - The stock of ChipSource Microelectronics has shown significant growth this year, with a notable increase in trading activity and a positive trend in stock price performance over various time frames [2][3]. Group 1: Stock Performance - As of December 19, ChipSource Microelectronics' stock price increased by 2.05%, reaching 132.66 CNY per share, with a trading volume of 1.31 billion CNY and a turnover rate of 0.50% [1]. - The stock has risen by 58.84% year-to-date, with a 3.24% increase over the last five trading days, a 10.55% increase over the last 20 days, and a 2.45% increase over the last 60 days [2]. Group 2: Company Overview - ChipSource Microelectronics, established on December 17, 2002, and listed on December 16, 2019, is located in Shenyang, Liaoning Province, and specializes in the research, production, and sales of semiconductor equipment [2]. - The company's revenue composition includes 59.86% from photolithography process coating and developing equipment, 36.76% from single-wafer wet processing equipment, 2.51% from other supplementary equipment, and 0.86% from other devices [2]. Group 3: Financial Performance - For the period from January to September 2025, ChipSource Microelectronics reported a revenue of 990 million CNY, a year-on-year decrease of 10.35%, and a net profit attributable to shareholders of -10.05 million CNY, representing a year-on-year decrease of 109.34% [2]. - The company has distributed a total of 139 million CNY in dividends since its A-share listing, with 86.89 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for ChipSource Microelectronics was 16,000, an increase of 15.37% from the previous period, with an average of 12,633 shares held per shareholder, a decrease of 13.17% [2]. - Notable institutional shareholders include Noan Growth Mixed A, which holds 4.76 million shares, and has decreased its holdings by 399,700 shares, while other funds have also adjusted their positions [3].

公众号记得加星标⭐️，第一时间看推送不会错过。 《电子工程时报》 3月份报道称，英特尔晶圆代工封装与测试副总裁马克·加德纳表示，公司正在"努 力"缓解先进封装芯片短缺的局面。加德纳指出，造成这种短缺的主要原因是客户依赖竞争对手（台 积电）的技术，并补充说，英特尔的优势在于其不受产能限制。值得注意的是，该报道暗示，AWS 和台湾的联发科等芯片设计公司正在选择英特尔晶圆代工作为供应商。 TrendForce指出，人工智能和高性能计算数据中心的蓬勃发展正推动着前所未有的需求，导致一家主 要先进封装供应商的供应出现瓶颈。这种供应紧张的局面正蔓延至竞争对手，迫使主要的芯片封装服 务提供商（CSP）寻求除CoWoS（芯片封装在晶圆基板上）之外的其他解决方案，而EMIB正逐渐成 为强有力的竞争者。 据报道，NVIDIA 和 AMD 正在评估英特尔晶圆代工的 14A 制程节点，而苹果和博通则在考虑采用 英特尔的 EMIB 封装技术来开发定制服务器加速器。香港广发证券指出，这些进展反映出顶级设计 公司越来越愿意重新考虑其前端工艺技术和后端封装的供应商。台积电等其他供应商的产能限制可能 是促使这些探索性举措的关键因素，封装的可用 ...