公众号记得加星标⭐️，第一时间看推送不会错过。 来 源 ： 内容来自工商时报 。 晶圆代工龙头台积电再添国际级荣耀。董事长暨总裁魏哲家与前董事长刘德音上周共同获颁美国半导 体产业协会（SIA）年度最高荣誉"罗伯特‧诺伊斯奖"（Robert N. Noyce Award）。在AI算力推升先 进制程需求急速攀升之际，魏哲家在典礼谈话中罕见直言先进制程"不够、不够、还是不够"，显示台 积电在全球供应链中的关键地位正持续攀升。 颁奖典礼于美西时间20日在美国加州圣荷西举行，现场聚集全球半导体与AI产业重量级人士。今年 典礼由超微（AMD）董事长暨执行长苏姿丰亲自颁奖，三人同台的画面被视为象征AI芯片供应链核 心力量的最佳缩影。这是台积电继2008年由创办人张忠谋获奖后，再度由前后任领导者同时获得最高 荣誉。 台积电指出，此奖项代表全球对公司长期推动先进制程、先进封装与制造生态系统贡献的高度肯定。 从7纳米、5纳米、3纳米到即将量产的2纳米，台积电在过去十余年间跨越多个技术节点，并在美国、 日本、欧洲等地加速建厂，其全球制造布局已成为AI时代的基础建设。 在致词时，魏哲家与刘德音均回顾双方共事近三十年的历程，并强调这份 ...

Group 1 - The company, Saiwei Electronics, announced that its stock price has deviated by over 30% in cumulative closing price over three consecutive trading days, indicating abnormal trading fluctuations [1] - Swedish Silex has convened a board meeting to discuss its IPO plans, with a preliminary timeline established; however, details regarding valuation, equity structure, financing scale, and future plans remain uncertain and contingent on subsequent developments [1] - The company holds a 45.24% stake in Swedish Silex, and any arrangements regarding this stake will be considered in light of the company's overall strategic development and Silex's plans, which also carry uncertainties [1] Group 2 - The company's subsidiary, Silex Microsystems Technology (Beijing) Co., Ltd., has received a purchase order for a MEMS-OCS product after passing customer validation, initiating small-batch trial production of 8-inch wafers [2] - As of the announcement date, the MEMS-OCS chips have not yet entered mass production, and the company cannot accurately predict the timeline or potential order volume from small-batch production to mass production, indicating inherent uncertainties [2] - The company plans to purchase a stake in Beijing Chip East Semiconductor Technology Co., Ltd. for no more than 60 million yuan; however, the transaction has not yet been finalized, and the mature process of Chip East's lithography business may limit its immediate impact on reducing supply risks and increasing domestic equipment application [2]

来源：本文由上海优园科技联合半导体行业观察发布。 半导体激光设备概述 激光凭借高能量密度、非接触加工以及对材料适应性强等优势，被广泛应用于消费电子、汽车制 造、新能源和半导体产业链等领域。随着半导体制造和封装工艺的发展，激光设备在半导体行业中 发挥越来越重要的作用。近年来，随着下游行业对轻量化、精密化和智能化需求的不断增加，半导 体激光加工设备正加快迭代升级。从传统的二极管泵浦到光纤耦合、超快激光技术，设备在功率稳 定性、加工精度和能耗表现上均显著提升。与此同时，国产厂商也在技术突破和成本控制方面不断 追赶，逐步缩小与国际领先企业的差距。可以预见，未来半导体激光设备将不仅是单一制造环节的 工具，而是成为驱动制造业转型升级的重要引擎。在新兴产业快速发展的背景下，其市场需求有望 持续扩大，带动产业链迎来新的增长机遇。 目前根据应用原理和应用工艺环节的不同，可将半导体激光设备分为激光退火设备、激光材料改性 设备、激光打标设备、激光划片设备、解键合设备和修边（Trimming）设备等。 1.1 激光退火设备 半导体激光退火设备是一种半导体制造工艺中的关键设备，主要用于对半导体晶圆进行退火处理， 以修复离子注入工艺造成 ...

综合《联合报》等台媒报道，台积电前技术研发暨企业策略发展资深副总经理罗唯仁，今年7月退休时疑似利用职权携走2纳米等先进制程资料，并在10月赴任英特尔。台湾高检署智财分署已立案调查，厘清是否涉及国安法或营业秘密法相关违法行为。台积电一般会与退休或离职主管签订竞业禁止合约，限制他们在18个月内不得进入竞争同业；但外传罗唯仁并未签署相关协议。知情人士透露，罗唯仁对技术非常执着，开会从不携带电脑。每当设备商或材料商前来简报先进制程，他都会以手写方式记录，并妥善保存这些笔记。7月退休前，幕僚为他整理打包的手写资料超过20箱。 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - Demand for advanced process capacity is continuously rising, with TSMC's 3nm capacity facing severe shortages due to strong demand from major AI chip clients like Nvidia [3][4] - TSMC's 3nm process is expected to have a significant supply gap by 2026, leading to high premiums for capacity and potentially pushing TSMC's overall gross margin above 60% [3] - The smartphone AP-SoC shipment volume is projected to reach 51% advanced process by 2025, indicating a shift towards advanced nodes across various price segments [4] Market Overview - The SW electronics index fell by 4.77% in the past week, underperforming the CSI 300 index by 3.68 percentage points, with all six sub-sectors showing declines [3] - The semiconductor sector is anticipated to experience a comprehensive recovery in 2025, with an accelerated clearing of the competitive landscape and a sustained recovery in industry profitability [5] Investment Recommendations - The report suggests focusing on semiconductor design stocks with real performance and low PE/PEG ratios, such as Zhongke Lanyun and Juxin Technology in the AIOT SoC chip sector [5] - In the analog chip sector, attention is recommended for Meixin Sheng and Nanchip Technology, while in the driver chip area, Fengcai Technology and Xinxiangwei are highlighted [5] - For semiconductor key materials, the report emphasizes the logic of domestic substitution, recommending leading electronic materials companies like Tongcheng New Materials and Dinglong Co [5]

2025 年 11 月 17 日 中芯国际 (688981) —— Q3 营收和毛利率皆超指引，Q4 持续稳健增长 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： 2025 年 11 月 14 日 | | | --- | --- | | 收盘价（元） | 118.18 | | 一年内最高/最低（元） | 153.00/77.80 | | 市净率 | 6.3 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 236,308 | | 上证指数/深证成指 3,990.49/13,216.03 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 18.90 | | 资产负债率% | 33.08 | | 总股本/流通 A 股（百万） | 8,000/2,000 | | 流通 B 股/H 股（百万） | -/6,001 | 一年内股价与大盘对比走势： 11-14 12-14 01-14 02-14 03-14 04-14 05-14 06-14 07-14 08 ...

相关事件 大行评级丨中银国际：上调中芯国际目标价至83.6港元 维持"买入"评级 大行评级丨野村：上调中芯国 际目标价至75港元 维持"中性"评级 大行评级丨中银国际：上调中芯国际目标价至83.6港元 维持"买 入"评级 大行评级丨野村：上调中芯国际目标价至75港元 维持"中性"评级 中银国际发表研报指，中芯国际第三季收入和毛利率均胜预期，但鉴于当前的存储器周期可能会挤占消 费电子产品需求，促使业界对明年的生产采取更保守的计划；对第四季的谨慎展望，可能会抑制市场对 终端需求和国产替代需求的热情。该行预期，中芯国际的近期的财务表现与股价脱钩现象将持续，预期 市场动态仍然有利中芯国际；而受持续的关税战及国内GPU研发推动，令7nm或5nm先进制程的需求不 断增长。该行维持对其"买入"评级，目标价从56.7港元上调至83.6港元。 ...

Core Viewpoint - Jefferies raised the target price for SMIC from HKD 57.00 to HKD 87.00, citing improvements in product lines and an optimized product structure, along with fourth-quarter earnings guidance that meets expectations [1] Group 1: Company Performance - SMIC has resolved issues in certain product lines, leading to a more optimized product structure [1] - The fourth-quarter earnings guidance provided by SMIC aligns with market expectations [1] Group 2: Analyst Insights - Analysts Nick Cheng and Edison Lee believe that SMIC maintains a dominant position in China's advanced process technology, supporting a long-term bullish outlook [1] - Jefferies has kept its revenue forecasts for SMIC unchanged but has slightly reduced net profit expectations for 2025 to 2027 by 4%, primarily due to an increase in the proportion of non-controlling interests [1]

Core Insights - The report from Counterpoint indicates that advanced process nodes (5/4/3/2nm) will account for nearly 50% of smartphone SoC shipments by 2025, driven by a shift from mature nodes to advanced nodes across various price segments [1][4] - This transition enhances performance and energy efficiency, enabling stronger GenAI capabilities, improved gaming performance, and better thermal management in devices [1] - The revenue from advanced process chips is expected to exceed 80% of total smartphone SoC revenue by 2025, reflecting a rise in semiconductor content and average selling price (ASP) [1][5] Company Insights - Qualcomm is projected to benefit the most from the transition to advanced processes, expected to capture nearly 40% of the shipment share in 2025 with a 28% year-on-year growth, surpassing Apple [4] - MediaTek is also anticipated to see a 69% year-on-year increase in advanced process shipments by 2025, driven by the migration of mid-range products to 5/4nm [4] - TSMC is expected to maintain its leadership in advanced process SoC manufacturing, with a projected 27% year-on-year growth in shipments by 2025, capturing over 75% of the advanced process smartphone SoC shipment share [5] Market Outlook - By 2026, advanced processes are expected to account for 60% of total smartphone SoC shipments, primarily due to the accelerated migration of mid-range models to 5/4nm [5] - The mass production of 2nm processes and the continued ramp-up of 3nm processes will further accelerate the penetration of advanced processes in the market [5]

Core Insights - The article discusses the significant shift towards advanced process nodes (5/4/3/2nm) in smartphone SoC shipments, predicting that by 2025, these advanced nodes will account for 50% of total smartphone SoC shipments, up from 43% in 2024 [4][5]. Advanced Process Node Transition - The transition to advanced process nodes is accelerating, enhancing performance and energy efficiency across various smartphone price segments, leading to improved GenAI capabilities, gaming performance, and thermal management [5]. - The revenue from advanced process chips is expected to exceed 80% of total smartphone SoC revenue by 2025, driven by increased semiconductor content and average selling price (ASP) growth [5][8]. Key Players and Market Dynamics - Qualcomm is projected to lead the advanced process transition, capturing nearly 40% of the market share in 2025 with a 28% year-over-year growth, surpassing Apple [6][8]. - MediaTek is also expected to see a 69% increase in advanced process shipments in 2025, benefiting from its mid-range product migration to 5/4nm [6][8]. Manufacturing Landscape - TSMC is anticipated to remain the leading foundry for advanced process smartphone SoCs, with a projected 27% year-over-year growth in shipments by 2025, holding over 75% of the advanced process market share [9]. - The introduction of 2nm process technology is expected in 2026, with major players like MediaTek, Qualcomm, Apple, and Samsung launching flagship SoCs based on this technology [8][10]. Market Outlook - By 2026, the share of advanced process nodes in total smartphone SoC shipments is expected to rise to 60%, driven by the migration of mid-range models and the continued ramp-up of 3nm production [10].