免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：1月4日，据市场消息，苹果即将推出的A20芯片单颗成本高达280美元，折合人民币约1958 元，较上一代A19芯片上涨80%，远超市场预期。 三星已于1月3日发布全球首款2nm工艺芯片Exynos2600，高通、联发科、苹果等头部厂商均计划在下一 代旗舰平台导入2nm制程。随着制程微缩，晶圆代工价格与前期良率压力同步攀升，带动SoC成本水涨 船高。 ...

三星也大秀先进制程肌肉，宣布旗下Exynos 2600处理器，采用自家2nmGAA制程打造。该芯片整合 CPU、GPU与NPU，配置采用最新安谋（Arm）v9.3架构的10核心CPU，增强CPU端机器学习性能， GPU计算性能是前一代产品的二倍，NPU则让生成式AI性能比上一代提升113%，并降低功耗与延迟， 带来更佳的AI与游戏体验。 三星强调，将强化Exynos处理器的竞争力，将其导入主要旗舰机种。其晶圆代工事业部今年也将专注于 稳定供应采用2nmGAA制程的新产品与HBM4。 台积电2nm获得客户积极采用，手机更是主要应用之一。外媒报导，苹果正开发今年iPhone 18系列高阶 款新机搭载的A20处理器，就是采用台积电2nm制程生产。 另外，即便高通与联发科并未对外证实，外界大多预期今年下半将发表的高通旗舰手机芯片骁龙8 Elite Gen 6系列与联发科的旗舰芯片天玑9600，也都采用台积电2nm制程生产。 联发科已于去年9月宣布，首款采用台积电2nm制程的旗舰系统单芯片已成功完成设计定案（tape out），成为第一批采用该技术的公司之一，预计2026年底进入量产。 台积电、三星制程节点都推进至2n ...

Group 1 - U.S. stock market showed mixed results with Nasdaq down 0.04%, S&P 500 up 0.01%, and Dow Jones up 0.27% [1] - TSMC's stock rose over 3%, reaching a new high, with reports indicating a 20% price increase for the third-generation 3nm process compared to the previous generation, and a projected 50% price increase for the 2nm process to be supplied next year [1] - Boeing's stock increased by over 2% following an $8 billion order from Uzbekistan Airways, with Turkey also planning to purchase hundreds of American aircraft [1] Group 2 - Kenvue, the parent company of Tylenol, saw its stock rise over 7% after the WHO stated there is no consistent evidence linking prenatal exposure to acetaminophen with autism [1]

Core Viewpoint - MediaTek has launched its new flagship mobile SoC, the Dimensity 9500, which will debut in the vivo X300 series smartphones [1] Group 1: Product Features - The Dimensity 9500 utilizes TSMC's N3P process and features a full big-core CPU design, including the world's first Arm C1 series CPU cluster and G1-Ultra GPU, along with new dual NPU and ISP image processing units [1] - The CPU architecture consists of 1 C1-Ultra super core at 4.21GHz, 3 C1-Premium super cores, and 4 C1-Pro big cores, supporting 4-channel UFS4.1 flash storage [3] - Single-core performance has improved by 32% and multi-core performance by 17% compared to the previous generation, with peak power consumption for super cores reduced by 55% and multi-core peak power consumption down by 37% [3] Group 2: Performance Metrics - MediaTek's lab data shows the Dimensity 9500 achieving a GeekBench single-core score of 4007 and a multi-core score of 11217 [4] - Real-world testing by @Zealer reported a single-core score of 3610 and a multi-core score of 10765, indicating that Android flagship performance is now comparable to Apple's current flagship [4] Group 3: Market Position and Future Plans - The first smartphones featuring the Dimensity 9500 are expected to launch in Q4 2025, with vivo's X300 series and OPPO's Find X9 series confirmed to use the new chip [6] - MediaTek is negotiating with TSMC to produce some chips in the U.S. to mitigate potential tariff risks, particularly for automotive and sensitive application chips [7] - MediaTek has announced further collaboration with TSMC to be among the first to adopt TSMC's 2nm process technology, with a new SoC design expected to achieve an 18% performance increase and a 36% reduction in power consumption compared to the current N3E process [7]

Core Viewpoint - The competition in the semiconductor industry, particularly in the 2nm process technology, is intensifying in the United States with major players like Samsung and Intel making significant advancements and investments [3]. Group 1: Samsung's Developments - Samsung is reportedly planning to deploy personnel to establish a 2nm production line at its Texas Taylor plant starting in September, with engineers being deployed in two phases [3]. - The Texas Taylor plant was initially planned for a 4nm process but has shifted focus to 2nm due to the signing of a long-term chip supply contract worth 22.8 trillion Korean Won (approximately 16.5 billion USD) with a global company, confirmed by Tesla's CEO Elon Musk [3]. - The expected production capacity at the Taylor plant is projected to reach 16,000 to 17,000 12-inch wafers per month by the end of next year, with an investment of about 2.89 billion USD [3]. Group 2: Industry Context - The semiconductor manufacturing landscape is becoming increasingly competitive, especially with the introduction of 2nm and more advanced processes in the U.S. [3]. - TSMC has long-term plans to introduce 2nm and more advanced processes in its U.S. facilities, indicating a broader trend of technological advancement in the semiconductor sector [3].

Investment Rating - The report does not explicitly state an investment rating for MediaTek, but it highlights solid performance and growth potential in AI SoC and ASIC businesses, suggesting a positive outlook for the company. Core Insights - MediaTek reported 2Q25 revenue of NTD 150.4 billion, slightly below market consensus of NTD 151.2 billion, representing a 1.9% QoQ decrease and an 18.1% YoY increase. EPS reached NTD 17.5, exceeding market expectations. The gross margin was 49.1%, up 1 percentage point QoQ, aided by a one-off contribution from a long-term supply agreement [1][5][9]. - The ASIC business is a significant growth driver, with a total addressable market (TAM) exceeding USD 40 billion. MediaTek is expanding its ASIC R&D resources and expects substantial revenue contributions starting in 2026, with a target of reaching USD 1 billion in revenue by the end of 2026 [2][6][10]. - MediaTek is actively investing in 2nm process technology, with the first 2nm chip expected to tape out in September 2023, which will enhance performance and power efficiency for both SoC and ASIC businesses [3][7][10]. - Collaboration with NVIDIA continues to deepen, with the GB10 chip entering mass production in Q3, which is expected to contribute to revenue growth [4][8][10]. - For 3Q25, MediaTek expects revenue between NTD 130.1 billion and NTD 140 billion, a QoQ decrease of 7% to 13%, but a YoY increase of 10% to 18%. The gross margin is projected at 47% [9][10]. Summary by Sections Financial Performance - 2Q25 revenue: NTD 150.4 billion, -1.9% QoQ, +18.1% YoY [1][5] - EPS: NTD 17.5, exceeding expectations [1][5] - Gross margin: 49.1%, +1 ppt QoQ [1][5] ASIC Business - Strong performance in enterprise ASIC sector with TAM over USD 40 billion [2][6] - Rapid expansion of ASIC R&D resources [2][6] - Expected revenue contributions starting in 2026, targeting USD 1 billion by end of 2026 [2][6][10] 2nm Process Development - Active investment in 2nm process technology [3][7] - First 2nm chip expected to tape out in September 2023 [3][7] Collaboration with NVIDIA - Ongoing collaboration in chip business and automotive cockpit chips [4][8] - GB10 chip to enter mass production in Q3 [4][8] Future Guidance - 3Q25 revenue guidance: NTD 130.1 billion to NTD 140 billion [9][10] - Expected gross margin: 47% [9][10]