Core Viewpoint - The article discusses the retirement of TSMC's Vice President of R&D, Dr. Yu Zhenhua, highlighting his significant contributions to the semiconductor industry, particularly in advanced packaging technologies and the establishment of TSMC as a leader in the foundry sector [3][5][7]. Group 1: Contributions of Dr. Yu Zhenhua - Dr. Yu Zhenhua joined TSMC in 1994 and played a pivotal role in the development of advanced packaging technologies such as CoWoS and InFO, which have been crucial for TSMC's success in the semiconductor industry [3][5][9]. - He has accumulated over 190 U.S. patents and 173 Taiwanese patents, focusing on low dielectric materials and packaging integration technologies [9]. - Dr. Yu's leadership in the development of 3D chip integration and TSV technology has strengthened the Taiwanese semiconductor supply chain [9]. Group 2: Transition of Leadership - Following Dr. Yu's retirement, his responsibilities will be taken over by Xu Guojin, who has over 30 years of experience in the semiconductor industry and previously held senior positions at Micron [5][11][13]. - Xu Guojin is currently the Vice President of Integrated Interconnect & Packaging at TSMC, focusing on 3D IC and advanced packaging technologies [13]. Group 3: Historical Context and Achievements of TSMC - TSMC's rise to prominence in the semiconductor industry is attributed to key technological breakthroughs, including the 0.13-micron copper process developed in 2003, which significantly enhanced its market position [16][17]. - The article refers to the "Six Knights of TSMC," a group of key figures, including Dr. Yu, who have been instrumental in TSMC's technological advancements and overall success [15][17][22]. - TSMC's focus on advanced packaging has become a major area of growth, with the establishment of the "3D Fabric" brand for its 2.5D and 3D packaging products [25].

Group 1 - The trend of "local for local" manufacturing is strengthening, with wafer foundry demand returning to domestic sources. In Q1 2025, UMC's market share was 4.7%, down from 7% in Q1 2021, while SMIC's market share increased from 5% in Q1 2021 to 6% in Q1 2025. UMC primarily focuses on mature processes, with 53% of its production in 40nm and below nodes, and a capacity utilization rate of 69% in Q1 2025, up from 85.5% in Q4 2024 [1][2] - UMC's average selling price (ASP) in Q1 2025 was 71.12 million yuan per wafer, which is relatively low compared to previous quarters. The company expects ASP to return to a healthy long-term trend after the impact of special events in the first quarter subsides [1] Group 2 - The downstream market is experiencing a mild recovery, driven by policies such as trade-in programs and consumer subsidies, leading to increased demand for bulk products. The industrial and automotive supply chains are replenishing inventory, with strong demand for BCD processes, MCUs, and special memory products, particularly in the automotive electronics sector [2] - The company is increasing its 12-inch wafer capacity by approximately 50,000 pieces annually, maintaining steady growth. The demand for logic chips in leading industries is growing rapidly, with high technical requirements across chip design, foundry, and packaging processes. Domestic companies still lag behind overseas giants, but leading industries are expected to drive continuous iteration of process nodes [2] - As a leading wafer foundry in mainland China, the company is benefiting significantly from the trend of localized manufacturing. Revenue projections for 2025-2027 are 67.503 billion, 77.408 billion, and 90.180 billion yuan, with net profits of 5.070 billion, 6.075 billion, and 7.092 billion yuan respectively [2]

Core Viewpoint - The article discusses United Microelectronics Corporation (UMC) actively advancing into high-voltage process technology and its collaboration with Qualcomm and Intel, indicating a strategic shift in the semiconductor industry towards advanced packaging solutions [2][3]. Group 1: UMC's Strategic Moves - UMC is extending its collaboration with Intel from 12nm to 6nm process technology, while also securing significant orders for advanced packaging from Qualcomm for high-performance computing (HPC) [2]. - The company emphasizes advanced packaging as a key development area and is working with subsidiaries and partners to create an advanced packaging ecosystem [3]. Group 2: Advanced Packaging Market Dynamics - UMC's current offerings in advanced packaging are limited to interposers, which contribute minimally to revenue, as TSMC dominates the global advanced packaging market [3]. - The partnership with Qualcomm is expected to open new business opportunities for UMC, potentially disrupting TSMC's exclusive hold on the advanced packaging market [3]. Group 3: Technical Capabilities - UMC possesses the necessary equipment for producing interposers and has previously applied Through-Silicon Via (TSV) technology in GPU chip orders, positioning it well for mass production of advanced packaging [4]. - The first batch of interposers with 1500nF/mm² capacitance has passed Qualcomm's electrical testing, with trial production underway and potential mass production expected by Q1 2026 [3].

Core Viewpoint - United Microelectronics Corporation (UMC) is making significant strides in advanced packaging technology, securing a major contract with Qualcomm and developing its own high-end interposer, which has been validated by Qualcomm, indicating a countdown to mass production [1][2]. Group 1: Advanced Packaging Developments - UMC's collaboration with Qualcomm focuses on advanced packaging for high-performance computing applications, particularly in AI PCs, automotive, and AI server markets, with initial production expected in Q1 2026 [1][2]. - The first batch of interposers with a capacitance of 1500nF/mm² has passed Qualcomm's electrical testing, showcasing UMC's capability in advanced packaging [1][2]. - UMC's advanced packaging technology, including 2.5D and 3D packaging, relies heavily on interposer capacitors, which are crucial for connecting stacked or side-by-side chips [2]. Group 2: Competitive Positioning - UMC's entry into advanced packaging allows it to differentiate itself from competitors in the mature process wafer foundry market, particularly against the backdrop of low-cost competition from the "red supply chain" [2]. - The partnership with Qualcomm not only involves orders but also includes Qualcomm purchasing equipment to be placed in UMC's facilities, indicating a deep and trusting collaboration [2]. Group 3: Process Technology Advancements - UMC is advancing its wafer foundry business by developing high-voltage process technologies, including a 14nm FinFET embedded high-voltage process platform, and is exploring collaboration with Intel to extend its process capabilities from 12nm to 6nm [3][4]. - UMC invested NT$15.6 billion in R&D last year, focusing on process technologies required for 5G communications, AI, IoT, and automotive electronics, with progress in special processes and 3D IC advanced packaging [3]. Group 4: Performance Enhancements - The 12nm FinFET process technology platform offers significant improvements over the 14nm technology, achieving a 10% performance increase and a 20% reduction in power consumption, while also reducing chip area by over 10% [4]. - UMC's advancements in process technology enhance its cost competitiveness and position in the semiconductor market [4].

参考链接 https://www.ctee.com.tw/news/20250705700138-430502 公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自工商时报 。 晶圆代工大厂联电4日公布6月合并营收188.23亿元新台币，虽单月营收连续第二个月呈现月减，但整 体第二季合并营收仍较上季小幅成长1.55％，符合公司先前预期。近日市场持续传出，联电在成熟制 程竞争激烈下，不排除逐步朝先进制程迈进，该公司则指出，未来将先强化先进封装及客制化产能布 局，以因应市场变化及竞争。 联电6月合并营收188.23亿元，月减3.37％，年成长7.26％，5月及6月合并营收均呈现月减表现。第 二季合并营收587.58亿元，仍较上季小幅成长1.55％，也较去年同期成长3.45％。累计上半年合并营 收1166.17亿元，年成长4.65％。 由于中国大陆近几年积极扩大成熟制程晶圆产能，使整体成熟制程市况供过于求，近年来台厂包括联 电、世界先进及力积电分别以不同策略因应陆厂价格竞争，但市场普遍认为，长期而言，未来成熟制 程市场恐仍将成为红海市场，直接和陆厂进行价格竞争恐将无利可图。 因此，市场传出，为提升长期竞争 ...

Core Viewpoint - The Hong Kong stock market is experiencing significant volatility in the first half of 2025, with Chinese technology assets undergoing a profound value reassessment, making them a focal point for global investors [1] Group 1: Market Dynamics - Southbound capital has accelerated its inflow into the Hong Kong stock market, with a total net inflow of 731.19 billion HKD in the first half of the year, marking a historical high for the same period [2] - Monthly net inflows exceeded 100 billion HKD for four consecutive months from January to April, with April alone seeing a net inflow of 166.67 billion HKD, the second highest on record [2] - The overall trend of southbound capital shows a "buy the dip" strategy, with 30 trading days in the first half recording net inflows exceeding 10 billion HKD, even during market downturns [2] Group 2: Valuation Insights - The Hong Kong stock market, particularly the Hang Seng Index, remains attractive from a valuation perspective, with a price-to-earnings (PE) ratio in January 2025 hovering in single digits, indicating a significant valuation advantage [3] Group 3: Technology Sector Focus - The "Magnificent Seven" technology giants in the U.S. have seen robust growth, and similar companies in Hong Kong, such as Xiaomi, Lenovo, BYD, SMIC, Alibaba, Tencent, and Meituan, are gaining investor attention [6] - Xiaomi is positioned to benefit from AI applications and is expanding into the electric vehicle market, with a focus on new car releases and growth in smart hardware [6][8] - Lenovo is expected to see demand recovery in PCs and servers driven by AI investments, with a strategic focus on emerging markets [7] - BYD aims to achieve a sales target of 5.5 million vehicles in 2025, leveraging its smart transformation strategy [8] - SMIC is benefiting from the restructuring of the global supply chain, with a focus on maintaining high utilization rates in its mature production lines [8] - Alibaba is poised to capitalize on the surge in AI demand, enhancing its cloud services and e-commerce market share [9] - Tencent is focusing on AI integration in social advertising and gaming, with expectations for significant advancements in its product offerings [9] - Meituan is exploring growth opportunities in local consumption, particularly in the food delivery market and through its retail and technology strategy [9] Group 4: Future Outlook - Analysts are optimistic about the Hong Kong stock market in the second half of 2025, suggesting a "barbell" strategy that balances growth and dividend opportunities [10][11] - Key sectors to watch include technology driven by AI, innovative pharmaceuticals, emerging consumer markets, and stable high-yield sectors like banking and utilities [10][11]

Core Viewpoint - The shift of mature foundries like UMC and GlobalFoundries towards advanced processes is driven by market pressures, including fierce competition from Chinese foundries and a significant decline in the profitability of mature processes [2][10]. Group 1: Strategic Shifts of Mature Foundries - UMC is evaluating the feasibility of developing a 6nm process to support high-complexity applications, marking a significant strategic shift for a company that previously focused on mature processes [4]. - GlobalFoundries, which had previously abandoned advanced process development, is also showing renewed interest in advanced nodes due to changing customer demands [4][10]. - UMC and GlobalFoundries are exploring potential collaboration, which could lead to the formation of a new foundry giant that poses a structural threat to TSMC in the mature process segment [5][6]. Group 2: Market Dynamics and Competitive Pressures - The rapid rise of domestic foundries in China, particularly SMIC, is reshaping the competitive landscape, with SMIC projected to surpass UMC in market capitalization by 2024 [8]. - The utilization rate of global mature process capacity has dropped from over 90% in 2022 to below 70% in 2024, leading to increased pricing pressures and reduced profit margins for mature foundries [9]. - UMC has reduced its capital expenditure budget to $1.8 billion for 2024, while SMIC continues to invest over $7 billion to expand its capacity [9]. Group 3: Challenges in Re-entering Advanced Processes - The estimated initial investment for a 6nm process is around $5 billion, which poses a significant financial challenge for companies transitioning from mature to advanced processes [11]. - The reliance on EUV technology for advanced nodes creates additional barriers, as the equipment is expensive and has limited availability, complicating the transition for companies like UMC and GlobalFoundries [11][12]. - The need to rebuild technical capabilities and attract talent in advanced processes presents a daunting challenge, as many skilled professionals have moved to leading players like TSMC and Samsung [13]. Group 4: Alternative Strategies from Other Foundries - Other foundries, such as VIS and PSMC, are focusing on niche markets and specialized processes, such as SiC and GaN, to differentiate themselves from competitors [15][16]. - Tower Semiconductor and X-FAB are also pursuing unique technological paths, emphasizing non-standard markets and regional manufacturing to avoid direct competition with Chinese foundries [17][18]. Group 5: The Landscape of Leading Foundries - Intel is facing challenges with its 18A process, considering significant strategic adjustments to attract key customers, while also dealing with delays in production timelines [20][21]. - Samsung has postponed its 1.4nm process launch to 2029, opting instead to enhance the efficiency of its existing processes to maintain profitability [25][26]. - TSMC continues to dominate the foundry market, with its market share increasing from 29.4% in Q1 2024 to 35.3% in Q1 2025, driven by strong demand for AI and HPC chips [28].

如果您希望可以时常见面，欢迎标星收藏哦~ 来 源： 内容来自moneyDJ 。 日本官民合作设立的晶圆代工厂Rapidus目标在2027年量产2纳米(nm)芯片，而为了筹措量产资 金、传出Rapidus已对日本半导体材料厂富士软片(Fujifilm)提出出资要求，且据悉Rapidus将在本 月18日向业务伙伴报告2纳米芯片的试产情况。 共同通信1日报导，Rapidus据悉已对富士软片提出出资要求。富士软片有从事半导体材料事业， 而Rapidus似乎正呼吁包含富士软片在内的半导体相关企业对其出资，目标藉由扩大股东规模、打 造出整体产业界援助量产的体制。 报导指出，Rapidus 2纳米试产产线已在4月启动，且预定会在7月18日在工厂所在地北海道千岁市 举 办 活 动 、 向 业 务 伙 伴 报 告 试 产 情 况 。 试 产 品 的 主 要 性 能 数 据 预 估 在 9 月 左 右 明 朗 ， 有 意 对 Rapidus出资的企业可能会依据数据结果做出最终判断。 Rapidus设立于2022年8月，由丰田汽车、Sony、NTT、NEC、软银、Denso、铠侠、三菱UFJ等8 家日企共同出资设立，其中前7家商业 ...

方略公布去年12月31 日前进入世界先进的同仁，其中基层员工每人发放1万元辛勤奖金，2x职等 每人1.5万元；31及32职等每人发放2万人，33到34职等每人发放3.5万元，35职等（即经理级）以 上，则还要继续努力。 方略今日看到与会的世界员工携带家眷，由感而发说，少子化已成国家危机，为鼓励员工多生育， 希望明年可以看到更多的「世界宝宝」，世界已规画一系列生育补助、育儿照顾等多项友善职场措 施。 世界幕僚补充说，世界先进的「家庭照顾强化计划」内容包括延长产假至14周、生育补助加码至 每胎1万元、新增「幼儿照顾假」：育有3岁以下子女的员工，每月可享8 小时有薪照顾假、弹性扩 增「家庭照顾假」至14天，及全面升级孕期友善措施等。 世界强调，公司积极打造多元、公平、共融的职场文化，营造兼顾工作与生活的友善环境，公司指 出，自今年五一劳动节起推动「家庭照顾强化计画」，实际落实对员工家庭支持的承诺，让同仁在 职涯发展与家庭生活之间获得更多平衡。 世界今天选在桃园埔心牧场盛大举办，是第一次以野餐家庭日方式举行，吸引超过1,500位同仁参 与，连同眷属共襄盛举，总人数突破4,000人。 在今日的活动中，并由方略代表捐赠目 ...

Core Viewpoint - After a 16-week period of adjustment, Huahong Semiconductor (01347) has seen a strong rebound in its stock price, reversing the downward trend in the wafer foundry sector [1] Industry Overview - The wafer foundry sector has performed well this year, with major players Huahong Semiconductor and SMIC both experiencing significant increases, with Huahong's stock rising over 60% [1] - The valuation increase in the sector is attributed to strong performance, with Huahong reporting Q1 2025 revenue of $541 million, a year-on-year increase of 17.6% [1][2] - SMIC's revenue for the same period was $2.247 billion, up 28.4% year-on-year, with a net profit of $188 million, reflecting a staggering 162% increase [1][2] Company Performance - Huahong Semiconductor has achieved double-digit revenue growth for two consecutive quarters, with Q2 guidance indicating a growth rate of 15-20% [1] - The company has a total wafer capacity of 413,000 pieces, with an 8-inch wafer revenue of $231 million and a 12-inch wafer revenue of $310 million, the latter showing a significant year-on-year growth of 40.9% [2][4] - The company has maintained a high capacity utilization rate of 102.7% for 8-inch equivalent wafers, exceeding 100% for three consecutive quarters [4] Financial Metrics - Huahong's gross margin for Q1 2025 was 9.24%, while SMIC's was significantly higher at 22.52%, indicating a substantial gap in profitability [5] - Despite lower profitability, Huahong's strong cash flow performance is notable, with a net cash inflow of $50 million in Q1, contrasting with SMIC's net cash outflow of $160 million [6] - As of March 2025, Huahong had cash equivalents of $4.08 billion, while SMIC had $4.587 billion [6] Valuation and Market Sentiment - The market has assigned a price-to-book (PB) ratio of 2.19 to SMIC, while Huahong's PB ratio is only 1.25, indicating a 75% discount in valuation [7] - Analysts have mixed views on Huahong, with some downgrading its rating due to weak return on equity projections, while others have raised target prices based on expected product price improvements [9] - Overall, the wafer foundry sector is entering a new phase of upward trends, with Huahong's low valuation and improving quarterly performance presenting significant investment opportunities [9]