Core Insights - HBM (High Bandwidth Memory) is a crucial technology for AI servers and is expected to be widely adopted in the autonomous driving market in the future [1] - China's HBM industry is developing, with HBM2 and HBM2E currently in mass production, and HBM3 and HBM3E expected to achieve breakthroughs by 2026E/2027E [1] - SK Hynix is the global leader in the HBM market, holding a 55% market share, followed by Samsung at 41% and Micron at 3% [1] Group 1 - SK Hynix launched the world's first TSV-based HBM product in 2013 and has since introduced several generations of HBM products, including HBM2, HBM2E, and HBM3 [1] - In April 2023, SK Hynix completed functionality verification of a 12-layer HBM3 product (24 GB), and in August 2023, it launched the high-performance 8-layer HBM3E product [1] - The company plans to start mass production of the 12-layer HBM3E product (36 GB) in October 2024 and is developing a 16-layer HBM3E product with a capacity of 48 GB [1] Group 2 - SK Hynix's HBM stacking technology has evolved from TC-NCF and MR-MUF to Advanced MR-MUF, with significant developments in wafer-level packaging (WLP) and TSV technology since around 2000 [2] - The 12-layer HBM3 and HBM3E products utilize Advanced MR-MUF technology, and the upcoming 16-layer HBM3E product will also employ this technology [2] Group 3 - Both Samsung and SK Hynix have established their own HBM supply chains, with Samsung relying on Japanese and Korean equipment suppliers, while SK Hynix partners with HANMI Semiconductor and others [3] - HANMI Semiconductor holds approximately 65% of the global TCBonder market and nearly 90% in the HBM3E TCBonder sector, indicating a strong position in the supply chain [3]

尽管市场整体增长强劲，但供应链的波动风险不容忽视。例如，美国对中国HBM出口的限制导致中国 客户提前囤货，间接推高了2025年一季度NVIDIA和AMD的出货量。与此同时，HBM4的技术升级（更 大晶粒尺寸和更多TSV穿孔）导致前段制造成本增加，预计其价格将比HBM3e溢价15%。不过，2026年 三大供应商新产能释放可能引发价格竞争，尤其HBM3e等成熟产品价格或面临下跌压力。 供应商竞争格局 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 这是一篇Trendforce上价值2万刀的报告，短短13页的报告，就敢收费2w刀，我也是花了很大的成本才 买到的，心在滴血。 我们还买了Trendforce的其他报告，后面的文章都会讲到。我们本文把报告的内容总结一下。我们还下 载到了最新的HBM市场的详细表格数据，对我们做投资决策很有帮助。 市场概况与需求驱动 2025年全球HBM（高带宽内存）消耗量预计达到16.97B Gb，年增长率达162.2%，较上一季度预测值小 幅上修，主要得益于NVIDIA与AWS的AI芯片需求超预期。其中，NVIDIA凭借Blackwell平台GPU的快 速迭代占据70%的市场份 ...