AMD's unit share dropped q/q in 1Q25, down 510bp q/q and 50bp y/y to 36.4%, while Intel regained unit share by 730bp q/q (+90bp y/y) to 47.0% and other Arm- based processor vendors' share went down 230bp q/q (-40bp y/y) to 16.6%. From a unit perspective, all regions saw y/y growth in 1Q: In 1Q25, USA was the best performing region with 67% y/y growth in shipment units. The US still accounts for most of the mix among aggregate ODM direct shipments at 74% (+5ppts q/q), followed by APxJC at 13%, Western Europe ...

June 9, 2025 08:05 AM GMT Greater China Semiconductors | Asia Pacific Cloud semis: time to turn constructive With a potential cloud capex trough in 4Q/1Q26 and US tariff impact being priced in, we think it's time to turn positive from a top-down perspective. Rising inference demand to sustain CPU and non-standard AI server demand, on top of AI server rack ramp up. Upgrade Aspeed to OW and raise Montage PT. Key Takeaways Reversing our thesis on cloud semis: We took a more neutral view on cloud semi stocks in ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha June 4, 2025 10:00 AM GMT Delta Electronics Inc. | Asia Pacific M Idea The Value Upgrade Path to 800V HVDC Power Solution | What's Changed | | | | --- | --- | --- | | Delta Electronics Inc. (2308.TW) | From | To | | Price Target | NT$440.00 | NT$485.00 | We retain Delta as our Top Pick and raise the PT to NT$485, as we see a clear path of value upgrades toward 800V HVDC power solution for AI data center/factory throughout in 2027. Its technology leadership and integrated powe ...

②"蜂群战术"催生反无人机需求，分析师看好看好兼具安全与基建属性的反无人机市场将 快速增长，有望成为多模态智能融合驱动的低空安防新范式。 ①增速快、估值低的p c b领域小市值"遗珠"，公司在AIPC和AI服务器领域均有深入布 局，客户覆盖华为、比亚迪等，已有海外工厂布局； ...

②"蜂群战术"催生反无人机需求，分析师看好看好兼具安全与基建属性的反无人机市场将 快速增长，有望成为多模态智能融合驱动的低空安防新范式。 ①增速快、估值低的p c b领域小市值"遗珠"，公司在AIPC和AI服务器领域均有深入布 局，客户覆盖华为、比亚迪等，已有海外工厂布局； ...

截至2025年5月20日 10:34，上证科创板芯片指数上涨0.35%，成分股翱捷科技上涨4.14%，乐鑫科技上涨3.36%，中科飞测上涨3.02%，格科微上涨1.71%，有 研硅上涨1.43%。科创芯片ETF(588200)上涨0.33%。 规模方面，科创芯片ETF近3月规模增长60.96亿元，实现显著增长，新增规模位居可比基金第一。份额方面，科创芯片ETF近1周份额增长3600.00万份，实 现显著增长，新增份额位居可比基金第一。 资金流入方面，拉长时间看，科创芯片ETF近5个交易日内有3日资金净流入，合计"吸金"6490.04万元。数据显示，杠杆资金持续布局中。科创芯片ETF本月 以来融资净买额达553.78万元，最新融资余额达14.07亿元。 数据显示，截至2025年4月30日，上证科创板芯片指数前十大权重股分别为中芯国际、海光信息、寒武纪、澜起科技、中微公司、芯原股份、恒玄科技、沪 硅产业、思特威、华润微，前十大权重股合计占比58.53%。 流动性方面，科创芯片ETF盘中换手1.56%，成交3.88亿元。拉长时间看，截至5月19日，科创芯片ETF近1年日均成交22.24亿元，排名可比基金第一。 消息 ...

ab 14 May 2025 Global Research Inventec Q125 earnings: Solid results but guiding a fade into 2H25 Q125 reports solid profitability from servers Inventec held its Q125 results call after the close May 13th. Sales was NT$157.0bn (- 21% QoQ, +20% YoY), largely in-line with street and UBSe. Mix shifted to notebooks 49%, servers 48%, smart devices 3%, versus 47%, 49% and 4% respectively in Q424. AI servers reached 50% of server sales vs. 25-30% in 2024 mostly still Hopper generation H200 HGX systems and H20 to C ...

早在2000年前后公司开始开发晶圆级WLP技术，2009年研发TSV通孔技术连接多层DRAM晶圆， 2013/2016年的HBM/HBM2产品均采用TC-NCF技术，HBM2E(2019年)、8层HBM3(2021年)采用MR- MUF技术，12层HBM3(2023年)、HBM3E(2023年)采用Advanced MR-MUF技术，研发的16层HBM3E产 品也会采用Advanced MR -MUF技术进行规模量产，同时对混合键合(hybrid bonding)技术进行工艺的技 术验证。 Samsung和SK Hynix都有自己的HBM供应链 ①、Samsung的产线设备主要是日本的Toray、Sinkawa，和韩国SEMES;②、SK Hynix主要是HANMI Semiconductor、ASMPT、Hanhwa Precision Machinery。目前，HANMI Semiconductor大概占据全球TC Bonder市场规模65%的份额，而在HBM3E的TC Bonder领域则几乎占据90%左右的份额。SEMES的TC Bonder非常擅长TC-NCF工艺领域;HANMI Semiconduc ...

Mar. 25, 2025 产业洞察 根据TrendForce集邦咨询最新调查，2025年第一季下游品牌厂大都提前出货因应国际形势变化，此举有助 供应链中DRAM的库存去化。 展望第二季，预估Conventional DRAM（一般型DRAM）价格跌幅将收敛 至季减0%至5%，若纳入HBM计算，受惠于HBM3e 12hi逐渐放量，预计均价为季增3%至8% 。 | | 1Q25E | 2Q25F | | --- | --- | --- | | PC DRAM | DDR4: down 13~18% | DDR4: down 3~8% | | | DDR5: down 10~15% | DDR5: mostly flat | | | Blended: down 10 *15% | Blended: mostly flat | | Server DRAM | DDR4: down 10~15% | DDR4: down 3~8% | | | DDR5: down 3~8% | DDR5: mostly flat | | | Blended: down 5~10%. | Blended: mostly flat | ...