近日，中芯国际、华虹半导体、晶和集成传来了密集的动作。 2025年12月29日晚，中芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购买其 所持有的标的公司49%股权，交易价格406亿元。本次交易完成后，中芯国际将持有中芯北方100%的股 权，中芯北方将成为公司的全资子公司。 值得注意的是，中芯国际对中芯北方的收购并非孤例。 1月1日，华虹公司公告称，计划通过发行股份方式，向华虹集团等 4 名交易对方购买其合计持有的华力 微 97.4988% 股权，交易价格（不含募集配套资金金额）82.68亿元，并拟向不超过 35 名符合条件的特 定对象发行股票募集配套资金。本次交易完成后，华虹公司将全控华力微。 到了1月4日，晶合集成宣布总投资355亿元的晶合集成四期项目正式启动建设，新厂房将落户合肥新 站，持续发挥厂区集聚效应，为提升国内半导体产业技术和供应链自主化水平再次贡献力量。 短短数日，近850亿资本密集进场。 01 三大晶圆厂动作，背后各有深意 中芯国际 交易标的中芯北方成立于2013年7月，是中芯国际与北京市政府共同投资设立的12英寸晶圆制造基地。 初始股权结构中，中芯国际持股51%，大基金一 ...

来源：市值风云 技术滞后，越卖越亏。 作者 | 萧瑟 编辑 | 小白 今年6月，证监会在2025陆家嘴论坛上亮出新招。吴主席宣布，创业板正式启用第三套上市标准，为那 些身怀绝技却尚未盈利的创新型企业敞开大门。 转眼新规已施行半年，继6月大普微之后，创业板在12月再次迎来一单未盈利IPO——粤芯半导体技术 股份有限公司（以下简称"粤芯股份"）。据资料显示，这是一家晶圆代工企业，保荐人为广发证券。 第三套标准的实施，确实为成长路上的创新者提供了一次机会，但同时也对企业的硬科技属性提出了更 高要求。 这家尚处于亏损阶段的公司，是否具备相应的技术实力呢？ 三年亏掉52亿，窟窿越捅越大 粤芯股份的核心业务是为境内外芯片设计企业提供晶圆代工服务和解决方案，其主要差异化在于专注于 成熟制程下的特色工艺，以及12英寸的大尺寸晶圆。 技术平台方面，粤芯股份主要围绕模拟和数模混合芯片展开。 集成电路代工业务中，覆盖MS（混合信号）、HV（高压显示驱动）、CIS（CMOS图像传感器）、 eNVM（嵌入式非易失存储器）、BCD（Bipolar-CMOS-DMOS）和SiPho（硅光）等多种工艺。 相对应的终端产品包括指纹识别芯片、显 ...

Group 1 - The global Fab market is expected to grow by 27% year-on-year in 2025, driven by demand from GPU/ASIC and consumer electronics orders [3][9][23] - The advanced process is in an expansion phase, significantly boosted by AI demand, with the Chinese high-end AI chip market projected to grow over 60% in 2026 [3][23][26] - Domestic Fab manufacturers are focusing on mature processes, benefiting from the recovery of the domestic market, with a projected share of over 75% in global mature process capacity additions by 2026 [3][46][53] Group 2 - Key companies to watch include SMIC, Hua Hong Semiconductor, and Jinghong Integrated Circuit, which are positioned to benefit from local manufacturing and the expansion of production capacity [3][41][71] - The third phase of the National Big Fund has not yet entered large-scale project investments, but it is expected to become a capital expenditure increment for the Fab industry in 2026 [3][39][40] - The domestic supply chain is gradually proving itself, with companies like Cambrian and Huawei leading the way in local AI chip production and supply chain development [3][30][34]

Group 1 - The company's stock price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in closing prices over three consecutive trading days [1] - Swedish Silex has initiated discussions regarding its IPO, with a preliminary timeline established, but specific details such as valuation, equity structure, and financing scale remain uncertain [1] - The company's 45.24% stake in Swedish Silex will be evaluated in conjunction with the overall strategic development and planning of both the company and Swedish Silex, which also carries uncertainties [1] Group 2 - The company's subsidiary, Silex Microsystems Technology (Beijing) Co., Ltd., has received a purchase order for a MEMS-OCS product, initiating small-batch trial production [2] - The transition from small-batch trial production to mass production for the MEMS-OCS chips is uncertain, and the company cannot accurately predict the timeline or potential order volume [2] - The company plans to purchase a stake in Beijing Chip East Semiconductor Technology Co., Ltd. for no more than 60 million yuan, but the transaction has not yet been finalized [2] - The lithography business of Chip East is in mature processes and does not involve advanced processes, which may limit its short-term impact on reducing supply risks and increasing the application ratio of domestic equipment [2]

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]

Group 1 - The core point of the news is that Silex in Sweden is planning to initiate its IPO process, with a preliminary timeline established, but specific details regarding valuation, equity structure, financing scale, and future plans remain uncertain [1] - The company currently holds a 45.24% stake in Silex, and any arrangements regarding this stake will be considered in conjunction with 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 certain MEMS-OCS product after passing customer verification, 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 from small-batch trial production to mass production, indicating inherent uncertainties [2] - The company has not yet completed the equity transfer for a potential transaction involving Xindonglai, and the lithography business of Xindonglai is in mature processes, which may face operational management and market competition risks, limiting its short-term support for reducing key equipment supply risks [2]

Core Viewpoint - TSMC is shifting its focus towards advanced processes and packaging, gradually outsourcing lower-margin 40-90nm orders to its subsidiary, World Advanced, while aiming to maintain a long-term gross margin target of 53% [2][3]. Group 1: Strategic Shifts - TSMC is phasing out low-margin process nodes and reallocating resources to high-value processes, particularly in response to strong AI demand, focusing on 3nm and more advanced nodes [3][6]. - The company is expected to see a gross margin dilution of approximately 2-3 percentage points annually due to the ramp-up of overseas wafer fabs, potentially increasing to 3-4 percentage points in the coming years [3][4]. - TSMC's revenue share from advanced processes (7nm and below) is projected to rise from 65% in Q1 2024 to 74% by Q4 2025, indicating a clear trend towards higher-margin business [3][4]. Group 2: Operational Adjustments - TSMC is closing its 6-inch wafer fab in Hsinchu and plans to exit GaN foundry services within two years, selling some equipment to World Advanced [2][5]. - The company is encouraging clients to transfer some mature process orders to World Advanced, which will help mitigate the impact on customers while meeting the demand for non-China, non-Taiwan production [5][6]. Group 3: Pricing Strategies - TSMC is set to increase prices for chips produced using processes below 5nm starting January 2026, with an expected average price increase of 3-4%, and potentially up to 10% for the most advanced nodes [6][7]. - The price hikes are driven by rising manufacturing costs and sustained demand for cutting-edge chips, particularly in AI and high-performance computing sectors [6][7]. Group 4: Market Implications - The shift towards advanced nodes may create bottlenecks for mature 6nm and 7nm processes, affecting clients who do not require the latest technology [7]. - Major chip manufacturers like Nvidia and Qualcomm may pass on increased costs to consumers, leading to higher prices for consumer products [7].

Core Viewpoint - TSMC is shifting its focus towards advanced processes and packaging, gradually outsourcing some 40-90nm orders to its subsidiary, World Advanced, while discontinuing low-margin businesses like GaN foundry services [2][3]. Group 1: Strategic Shifts - TSMC's strategy reflects a clear move away from low-margin process nodes, concentrating resources on high-value processes, particularly in response to strong AI demand [3]. - The company aims to maintain a long-term gross margin target of 53%, indicating a commitment to enhancing profitability through advanced process price increases [2][3]. - TSMC has announced the shutdown of its 6-inch wafer fab in Hsinchu and plans to exit GaN foundry services within two years, reallocating resources to higher-margin businesses [2]. Group 2: Financial Implications - TSMC's gross margin is expected to be diluted by 2-3 percentage points annually due to the ramp-up of overseas fabs, potentially increasing to 3-4 percentage points in the coming years [3][4]. - Despite a reported gross margin of 59.5% in Q3, future margins are likely to be impacted by the shift to overseas production, necessitating a focus on higher-margin advanced processes [3]. Group 3: Revenue Composition - The revenue share from advanced processes (7nm and below) increased from 65% in Q1 2024 to 73% in Q1 2025, indicating a significant shift towards advanced technology [3]. Group 4: Pricing Strategies - TSMC plans to raise prices for chips using processes below 5nm starting January 2026, with expected increases of 3-4%, and potentially up to 10% for the most advanced nodes [7]. - The price for 2nm process nodes is projected to rise annually for four years, with cumulative increases potentially reaching double digits by 2030 [7]. Group 5: Operational Adjustments - TSMC is reallocating manpower and equipment from older process nodes to advanced ones, which may lead to bottlenecks in 6nm and 7nm processes, affecting customers who do not require cutting-edge technology [8]. - The company is also encouraging clients to transfer some mature process orders to World Advanced, ensuring minimal disruption while meeting specific customer demands [5].

Core Viewpoint - Huahong Semiconductor is planning to acquire a controlling stake in Shanghai Huahong Microelectronics to fulfill its IPO commitment and enhance its strategic focus on mature processes and specialty technologies in the semiconductor industry [3][4][5]. Group 1: Acquisition Details - The acquisition involves purchasing shares related to Huahong Micro's mature process business, specifically in the 65/55nm and 40nm technology nodes, which are currently in a separation phase [4][5]. - This move is part of a broader trend of mergers and acquisitions within the domestic semiconductor industry, aimed at optimizing resource allocation and reducing competition between Huahong Semiconductor and Huahong Micro [5][6]. Group 2: Financial Performance - In Q2 2025, Huahong Semiconductor reported sales revenue of $566 million, a year-on-year increase of 18.3%, and a net profit attributable to the parent company of $8 million, up 19.2% year-on-year [7]. - The revenue from mature processes remains the sole source of income for the company, with significant contributions from various technology nodes, including 22.2% from 65nm and below, and 35.5% from 0.35μm and above [6][7]. Group 3: Market Position and Strategy - Huahong Semiconductor focuses on mature process technologies, which allows it to avoid direct competition with major players like TSMC and SMIC that are investing heavily in advanced processes [8]. - The company is currently benefiting from a growing demand in sectors such as automotive and industrial electronics, which is driving an increase in capacity utilization [7][8]. - However, there are concerns regarding the long-term sustainability of this strategy, as the semiconductor industry is rapidly evolving towards advanced processes, and failure to invest in R&D for these technologies may lead to a widening technological gap [6][8].

Core Viewpoint - The article discusses the acquisition of Shanghai Huahong Microelectronics by Huahong Semiconductor to address competition issues related to its IPO, which is expected to positively impact the company's production capacity and market position in the semiconductor industry [2][10]. Group 1: Acquisition Details - Huahong Semiconductor plans to acquire the controlling stake in Shanghai Huahong Microelectronics through a combination of issuing shares and cash [2]. - The core asset involved in this transaction is Huahong Micro's "Huahong Fifth Factory," which competes with Huahong Semiconductor in the 65/55nm and 40nm technology nodes [5]. - The asset is located in the Zhangjiang Hi-Tech Park in Shanghai and features the first fully automated 12-inch foundry line in mainland China, with a monthly capacity of 38,000 wafers [5]. Group 2: Financial Performance - In Q2 2025, Huahong Semiconductor reported a revenue of $566.1 million, representing an 18.3% year-over-year increase and a 4.6% quarter-over-quarter increase [6][7]. - The gross profit for the same period was $61.6 million, with a gross margin of 10.9%, showing a slight improvement from previous periods [6]. - The net profit attributable to the parent company was $8 million, marking a 19.2% year-over-year increase and a significant 112.1% quarter-over-quarter increase [6]. Group 3: Market Position and Future Outlook - The acquisition is expected to enhance Huahong Semiconductor's 12-inch production capacity and deepen its differentiated process technology, contributing to steady growth in the company's performance [9]. - Following the acquisition, the competitive landscape between Huahong Semiconductor and SMIC (Semiconductor Manufacturing International Corporation) will become clearer, indicating a significant shift in China's wafer foundry market [10]. - The integration of Huahong Fifth Factory, with a projected equipment localization rate of 65% (expected to optimize to 75%), will enhance supply chain autonomy and strengthen Huahong Semiconductor's advantages in mature process technology [12].