下半年存储厂商开始做HBM4量产准备，明年HBM4就将成为最主要的世代。 最近存储业内发生了两件备受关注的事：DDR4（第四代双倍数据率同步DRAM）价格涨至高位，三星电子最新季度营业利润下滑。两个看似相互独立的事 件，隐含了同一个产业变革逻辑。变革的中心正是HBM（高带宽内存）。 据闪存市场本周发布的数据，部分同等容量的DDR4和下一代的DDR5内存条价格几近倒挂。业内普遍认为，DDR4遭遇减产、涨价背后，是随着HBM成为 存储领域竞争焦点，原厂产能逐渐向HBM倾斜。而本周三星电子发布的最新季度业绩出现利润下滑，背后则有三星HBM进展慢于竞争对手、行业地位受到 挑战的因素。 HBM对存储格局的持续撼动下，进入下半年，原厂开始冲刺新一代HBM4研发生产，开启新一轮赛跑。还有其他变化开始发生。业内近期预计，HBM产品 将从标准化产品向定制化产品演进，英伟达之外的更多AI芯片厂商则将消耗更多HBM。 格局变化 集邦咨询分析师许家源告诉记者，目前SK海力士和美光的HBM3e 12hi产品认证已大体完成，将供应英伟达B300、GB300，良率也提高到60%以上。三星则 在做改版HBM3e认证送样，预计今年第三季度完成 ...

Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

| 行业热力图 × | 领涨板块 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国有大型银行II | | 证券Ⅱ -0.41% | 电力 +0.12% | 炼化及贸易 -0.06% | 汽车零部件 -1.06% | 工业金属 +1.30% | 煤炭开采 +1.92% | | 化学制品 +0.45% | | +0.27% | | | | | 消费电子 | 通信设备 -2.55% | 医疗器械 -0.84% | IT服务Ⅱ -1.93% | 油气开采II +0.64% | | | | 通信服务 -0.60% | 保险II -0.31% | 化学制药 -2.06% | -1.69% | | | | | | | | | | | 乘用车 | 通用设备 | 电网设备 | | 专用设备 计算机设备 | | 半导体 -2.05% | | 股份制银行II | 白酒Ⅱ | 电池 | -0.05% | -0.52% | +0.41% | -0.28% | -1.20% | | | | +0.68% | +0.44% ...

证券研究报告 东京电子 (8035 JP) 华泰研究 首次覆盖 投资评级(首评): 买入 目标价(日元): 32,000.00 黄乐平，PhD 研究员 SAC No. S0570521050001 SFC No. AUZ066 huangleping@htsc.com +(852) 3658 6000 陈旭东 研究员 SAC No. S0570521070004 SFC No. BPH392 chenxudong@htsc.com 于可熠 研究员 SAC No. S0570525030001 SFC No. BVF938 yukeyi@htsc.com +(86) 21 2897 2228 受益中美先进工艺投资机会 基本数据 | 目标价 (日元) | 32,000.00 | | --- | --- | | 收盘价 (日元 截至 6 月 30 日) | 27,680 | | 市值 (日元百万) | 12,681,045 | | 6 个月平均日成交额 (日元百万) | 91,426 | | 52 周价格范围 (日元) | 16,560.00-37,964.28 | | BVPS (日元) | 3,902 | 股价 ...

本文来自微信公众号：电子工程世界 （ID：EEworldbbs），作者：付斌，题图来自：AI生成 沐曦拟募资39亿元，2022~2024年净亏损分别为7.77亿元、8.71亿元、14亿元；扣非后净亏损分别为7.84亿元、8.9亿元、10.44亿元；研发投入分别为6.478 亿元、6.99亿元和9亿元，累计研发投入金额为22亿元。 摩尔线程计划募资80亿元，2022年~2024年净亏损分别为18.4亿元、16.73亿元、14.92亿元；扣非后净亏损分别为14.12亿元、16.9亿元、15亿元；研发费分 别为11.16亿元、13.34亿元、13.59亿元，合计研发投入金额为38亿元。 两家厂商IPO：烧钱快，赚钱难 昨日沐曦、摩尔线程两家国产GPU公司IPO的消息引发行业关注，其中，GPU的"高投入、高回报"引发了很多人的关注。当然，恭喜国产GPU发展迎来了 不容易的下一个阶段。 GPU到底有多烧钱？ 6月30日，北京GPU企业摩尔线程、上海GPU企业沐曦集成电路，科创板IPO申请双双获上交所受理。随着两家公司叩响IPO大门，国产GPU赛道的"烧 钱"与"造梦"再次成为行业焦点。 国内目前还有多少GPU排着队等着 ...

Core Insights - The article highlights that MediaTek has once again topped the average salary rankings for non-managerial full-time employees in Taiwan for 2024, with an average salary of 4.31 million TWD, marking a 14.8% increase from the previous year [1][2] Salary Rankings - MediaTek leads the salary rankings among all listed companies, being the only company with an average salary exceeding 4 million TWD [1] - Among all listed companies, there are 9 companies with average salaries over 3 million TWD for non-managerial employees, with 8 of them being in the semiconductor industry [1][2] - The top 10 salary list includes companies from various sectors, but the semiconductor industry dominates, with 7 out of 10 being IC design companies [1] Salary Growth - The highest salary growth in the top ten is seen in Ruiding, with a 33.53% increase, followed by Dafa at 27.35% and Realtek at 24.33% [1][2] - TSMC also reported a significant salary increase of 19.32% [1][2] Median Salary Insights - In terms of median salary, MediaTek again ranks first with a median of 3.438 million TWD, followed by Realtek at 3.246 million TWD and Dafa at 3.049 million TWD [4][5] - Only three companies have a median salary exceeding 3 million TWD, indicating a concentration of high salaries within these firms [4] Notable Trends - The only non-semiconductor company in the median salary top 10 is Evergreen Marine, which ranks tenth with a median salary of 2.415 million TWD [5] - Evergreen Marine also recorded the highest growth in median salary at 71.28%, followed by Dafa at 29.91% and Realtek at 25.18% [5]

| 华安研究 2025年7月金股组合 | 归母净利润 | （百万 | ） | 归母净利润增速 | 营业收入 | （百万） | 营业收入增速 | eps | pe(pb有说明 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | ...

Group 1 - The current explosion in computing power demand, combined with external regulations on HBM bandwidth, is accelerating breakthroughs and supply of domestic HBM [1] - Domestic storage major clients have validated HBM3, achieving DDR5 particle manufacturing capability, with mass production expected in the second half of the year [1] - Key equipment manufacturers have started receiving orders for TCB, CMP, and other processes, indicating a strong certainty in the expansion of domestic HBM production [1] Group 2 - Key processes such as TCB, CMP, bonding, and testing machines are either domestically produced or easily obtainable, with mass production conditions met for particles [2] - The expected expansion volume for HBM this year is projected to reach 5,000 pieces of 8-layer wafers, which will generate significant order increments across various equipment segments [2] - The expansion is anticipated to bring in order increments of 160 million, 1 billion, 600 million, 400 million, and 700 million for TCB, CMP, bonding, electroplating, and testing machines respectively [2] Group 3 - The expansion of HBM production will also benefit upstream equipment, as it requires underlying DRAM particles [3] - The expected HBM expansion volume of 5,000 pieces of 8-layer wafers corresponds to an increase of 40,000 pieces of underlying DDR5, leading to approximately 35 billion in capital expenditure for equipment [3] - Market increments for etching, thin film deposition, cleaning, and CMP processes are projected to be 8.5 billion, 7 billion, 1.6 billion, and 1.1 billion respectively [3]

公众号记得加星标⭐️，第一时间看推送不会错过。 在美光高调宣布停产DDR 4之 际 ，DRAM市场正在发生变化。首先体现得就是DDR 4的快速涨 价。据台媒日前报道，最新DDR4 DRAM现货价包括8Gb、16Gb等规格单日都暴涨近8%，涨幅 令业界瞠目结舌，本季以来报价已翻涨一倍以上。 研调机构集邦科技旗下DRAM专业报价网站DRAMeXchange的数据指出，上周五（13日）晚间 DDR4现货价全面暴涨，DDR4 8Gb（1G×8）3200大涨7.8%，均价为3.775美元；DDR4 8Gb （512M×16）3200劲扬7.99%，均价为3.824美元；DDR4 16Gb（1G×16）3200大涨7.9%，均 价为8.2美元。为此，有业者直言："至少十年没看过现货价单日涨幅这么大。" 与此同时，全球DRAM业者也正在发生一些变化，这可能会在未来影响DRAM的格局。 美光，后发先至？ 其实在宣布DDR 4停产几个月前，美光发布了公司10nm第六代（D1c）DRAM原型。美光表示，1γ （1-gamma）DDR5 是公司在 DRAM 制造方面的最新进展，也是其第三代 10 纳米级工艺节点。它 有望实现高达每 ...

Summary of Rambus Conference Call Company Overview - **Company**: Rambus - **Industry**: Semiconductors, specifically focusing on memory technologies and silicon IP Key Points Demand Environment - Rambus experienced strong demand in the server market, particularly for AI servers, leading to a 52% growth in product revenue compared to the same quarter last year [3][4] - The silicon IP business is also seeing increased demand as companies develop custom chips for AI applications [3] Market Size and Growth - The market for RCD (Register Clock Driver) chips is estimated at $750 million, with an additional $600 million from new companionship chips introduced in DDR5 memory modules [6][7] - The overall market is expanding due to increased bandwidth and capacity requirements driven by AI and traditional servers [9][10] Competitive Dynamics - Rambus holds a market share of over 40% in RCD chips, with a goal to reach 50% [12][14] - The company has invested early in product development, which has helped secure its position in the market [14] Product Development and Innovations - The transition from DDR4 to DDR5 has necessitated the development of new chips, including power management and temperature sensors, which Rambus is actively pursuing [37][39] - Rambus is also developing MRDIMM chipsets, which will double memory capacity and bandwidth, with a ramp expected in 2026 [42][44] Silicon IP Business - The silicon IP business is projected to grow at 10% to 15% annually, driven by demand for HBM (High Bandwidth Memory) controllers [54] - Rambus is engaged with customers 18 months to 2 years ahead of product launches, ensuring they meet market needs [51][53] Financial Outlook - Rambus aims for a long-term gross margin target of 60% to 65%, with recent performance in the range of 61% to 63% [56] - The company is focused on maintaining margins through disciplined pricing and cost savings [57] Tariffs and Market Risks - Rambus's patent licensing business is unaffected by tariffs, providing a solid revenue base of $210 million with 100% margin [29][30] - The company is monitoring potential indirect impacts from supply chain shifts due to tariffs but currently reports no direct effects [32][34] Future Opportunities - The company anticipates growth in the client market as high-end PCs increasingly require advanced signal integrity solutions [46][48] - Rambus is prepared to adapt to market changes, including potential developments in LPDDR solutions for servers [20][25] Additional Insights - The competitive landscape includes two main competitors, Montage and Renaissance, with Rambus focusing on securing supply chain stability [15] - The company is actively involved in industry standards discussions through JEDEC, ensuring alignment with market needs [27] This summary encapsulates the key insights from the Rambus conference call, highlighting the company's strategic positioning, market dynamics, and future growth opportunities.