荷兰财长文森特·卡雷曼斯大概没料到，9月30日他签发的一纸禁令，会把自己推向"全球车企公敌"的位置。 那天，他动用了一部尘封七十多年的《货物可用 性法》，对中资控股的安世半导体下达了强制接管令，冻结了中国股东的决策权，暂停了中国CEO的职务。 他以为这是一次精准的"技术保卫战"，是为了欧洲的利益。 但仅仅五天后，中国的反制措施就让他口中的"精准打击"，变成了对自家产业的一记重拳。 10月4日，中国商务部宣布，对安世半导体位于中国东莞的封测工厂实施出口管制，限制其成品芯片出口。 这一招直接命中了欧洲经济的命门。 安世半导体 是全球最大的基础芯片制造商之一，全球每10辆汽车中就有7辆使用它的芯片。 而它每年生产的约100亿颗芯片中，高达70%的封装测试产能都集中在东莞。 封装测试是芯片制造的最后一道关键工序，没有这一步，荷兰总部设计出来的 晶圆就只是一堆无法使用的昂贵废品。 中国的禁令一出，欧洲汽车产业的警报立刻拉响。 大众、宝马、奔驰等几乎所有主流汽车品牌的生产线都受到了冲击。 大众汽车内部通知显示，安世供应 的芯片库存仅能维持10天，若无法恢复供应，其在欧洲的12家工厂将全部停工。 有报道称，大众因芯片断供导 ...

Economic Performance - Japan's GDP for Q3 has been revised to a contraction of 0.6% quarter-on-quarter, translating to an annualized decline of 2.3%, marking the first shrinkage in six quarters and indicating significant economic pressure [2] - The downward revision was primarily driven by a shift in corporate capital expenditure from a preliminary growth of 1.0% to a decline of 0.2%, reflecting corporate caution amid uncertainties from U.S. tariff policies [2] External Demand - External demand contributed negatively to economic growth by 0.2 percentage points, with the U.S. market accounting for approximately 20% of Japan's total exports [2] - The U.S. has imposed a 15% tariff on most goods imported from Japan, significantly higher than the previous 2% to 3% levels, leading to a continuous decline in Japan's exports to the U.S. for seven consecutive months, particularly affecting the automotive, semiconductor manufacturing equipment, and pharmaceuticals sectors [2] Internal Demand - Internal demand also negatively impacted Japan's economic growth by 0.4 percentage points, with personal consumption, which constitutes over half of the economy, only slightly increasing by 0.2% quarter-on-quarter, insufficient to support overall economic growth [3] - Despite nominal wage growth, real wages adjusted for inflation fell by 0.7% year-on-year in October, marking the tenth consecutive month of decline, as income growth has not kept pace with inflation [3] Monetary Policy Implications - The current economic data is unlikely to alter the Bank of Japan's interest rate hike trajectory, which could increase social funding costs, weaken corporate investment willingness, and further dampen economic vitality, leading to a less optimistic economic outlook for Japan [3]

中邮证券发布研报称，2025年上半年，英诺赛科(02577)营业收入延续高速增长，在业务层面，公司氮 化镓产品于数据中心、新能源汽车、人形机器人及消费电子等多领域取得全面突破，为新一代人工智能 基础设施提供关键支持。首次覆盖给予"增持"评级。 中邮证券主要观点如下： 该行预计公司2025/2026/2027年分别实现收入14/25/39亿元。 风险提示 市场竞争加剧风险；需求不及预期风险；技术升级迭代风险；生良率波动风险。 营业收入延续高速增长 为800VDC电源架构提供全GaN电源解决方案，赋能新一代AIFactories 公司与英伟达达成合作，联合支撑800VDC电源架构落地，为新一代GPU路线图的持续演进提供关键技 术支撑。800VDC机架电源架构为人工智能数据中心带来突破性进展，可实现更高效率、更高功率密 度，同时降低能耗需求并减少二氧化碳排放。作为全球领先的氮化镓IDM企业，其第三代氮化镓器件兼 具快速开关特性、高效率、高功率密度与优异可靠性；依托800VDC电源架构与公司氮化镓技术的深度 整合，助力人工智能数据中心实现从千瓦级机架向兆瓦级机架的跨越式升级。 投资建议 2025H1，公司实现营业收入 ...

智通财经APP获悉，中邮证券发布研报称，2025年上半年，英诺赛科(02577)营业收入延续高速增长，在 业务层面，公司氮化镓产品于数据中心、新能源汽车、人形机器人及消费电子等多领域取得全面突破， 为新一代人工智能基础设施提供关键支持。首次覆盖给予"增持"评级。 氮化镓在数据中心、新能源汽车、人形机器人等关键领域实现全面突破与高速增长。公司氮化镓产品精 准契合多领域核心需求，在AI及数据中心领域，基于100V氮化镓的48V-12V应用已进入量产阶段；人形 机器人量产元年，公司与多家头部机器人企业合作，在全球首次实现搭载氮化镓芯片的机器人关节电机 和灵巧手驱动方案的量产出货，为人形机器人产业带来更高效、更紧凑的电源解决方案；新能源汽车电 子领域，应用于激光雷达、车载充电机（OBC）等场景的产品保持高速增长；消费电子端巩固优势， 同步拓展家电及家庭储能等市场，多赛道实现应用突破与规模拓展。 为800 VDC电源架构提供全GaN电源解决方案，赋能新一代AIFactories 公司与英伟达达成合作，联合支撑800 VDC电源架构落地，为新一代GPU路线图的持续演进提供关键技 术支撑。800 VDC机架电源架构为人工智 ...

Core Viewpoint - Kioxia has developed a highly stackable oxide semiconductor channel transistor technology that supports high-density 3D DRAM, promising lower manufacturing costs per GB and improved energy efficiency through high on-current and ultra-low off-current transistors [2][5]. Group 1: Technology Development - The new technology was showcased at the IEEE International Electron Devices Meeting in San Francisco, demonstrating the operation of transistors stacked in an eight-layer vertical structure [2][5]. - The vertical layers consist of horizontally arranged transistors formed by replacing traditional silicon nitride regions with oxide semiconductor materials like InGaZnO [2][6]. - This design allows for increased memory capacity without relying on traditional planar DRAM structures [2][6]. Group 2: Energy Efficiency and Cost - By reducing refresh power consumption, this design addresses a major limitation of traditional DRAM, where energy consumption increases with memory density [3][4]. - The use of oxide semiconductors instead of single-crystal silicon simplifies the manufacturing process and reduces energy consumption, lowering the manufacturing cost of DRAM per gigabyte [3][4]. - Despite these improvements, retail prices for end-users are not expected to decrease in the short term [3][4]. Group 3: Market Applications and Challenges - The stacked transistor method targets applications requiring high storage density and low power consumption, such as AI servers and IoT devices [3][4]. - The efficiency gains support processing larger data sets without a proportional increase in energy demand, unlike traditional DRAM systems [3][4]. - Transitioning this technology from laboratory demonstration to mass production faces significant challenges, including precise alignment of multilayer materials and ensuring long-term reliability [3][4]. Group 4: Future Prospects - Kioxia plans to continue R&D to achieve practical applications of 3D DRAM, although widespread adoption may take up to a decade [4][5]. - The reduction in manufacturing costs does not guarantee lower retail prices, and large-scale adoption will require overcoming production and supply chain issues [4][5].

记者日前从省经信厅获悉，前10月，包括前两批调出区县在内，浙江27个山区海岛县规上工业增加值实 现增长，高新技术产业成为山区海岛经济稳增长的重要引擎。 走进杭州淳安的这家半导体制造企业，生产线刚下线了一款新型微处理器。受到下游智能家居、数字储 存等热销产品的带动，企业前10月产值达到9.14亿元，已超额完成全年任务目标。 浙江常淳科技有限公司执行总裁 展国彬：2025年度总产值预计将突破10亿元，其中存储类业务作为核 心的支柱，安防及算力芯片业务协同发力。 今年以来，淳安培育了一批这样的高新技术企业，拉动工业经济量质齐升。前十月，淳安的数字经济、 高附加值水饮两大高新技术产业增速均超过20%，带动规上工业增加值增长13.4%，增速跃居全省山区 海岛县前三。 记者日前从省经信厅获悉，前10月，包括前两批调出区县在内，浙江27个山区海岛县规上工业增加值实 现增长，高新技术产业成为山区海岛经济稳增长的重要引擎。 走进杭州淳安的这家半导体制造企业，生产线刚下线了一款新型微处理器。受到下游智能家居、数字储 存等热销产品的带动，企业前10月产值达到9.14亿元，已超额完成全年任务目标。 英国奥歌诗丹迪集团董事 亚伦·希尔 ...

神工股份公告，持股5%以上股东矽康半导体科技（上海）有限公司一致行动人温州晶励企业管理合伙 企业（有限合伙）及宁波梅山保税港区旭捷投资管理合伙企业（有限合伙）计划通过集中竞价和大宗交 易方式合计减持不超过335.94万股，占公司总股本的1.98%。具体而言，温州晶励拟在2026年1月8日至 2026年4月7日期间减持不超过287.37万股，占1.69%；旭捷投资拟减持不超过48.57万股，占0.29%。此 次减持系因自身资金需求，不会对公司治理结构及持续经营产生重大影响。 ...

Group 1: Market Overview - The A-share market saw a collective rebound with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component increasing by 0.84%, and the ChiNext Index up by 0.97% [1] - The total market turnover was approximately 2.11 trillion yuan [1] Group 2: Power Sector Activity - The electricity chain remained active, with the controllable nuclear fusion sector showing strong performance, particularly Tianli Composite hitting a historical high with a 30% limit up, and a five-day increase of 117.21% [1] - Other active sectors included nuclear power, power grid equipment, superconducting concepts, and new metal materials, with multiple stocks such as Zhongneng Electric and Tongguang Cable reaching their daily limit up [1] Group 3: Energy Demand and Supply Dynamics - According to Tianfeng Securities, rising electricity demand, increased power generation, and rapid changes in energy structure are posing challenges for U.S. power operators, who face low flexibility and high volatility in resource combinations [1] - Major tech companies like Amazon and Google are utilizing gas turbines as core backup or primary power sources for new data centers to ensure continuous power support for AI services [1] - It is projected that by 2027, global gas turbine supply will reach 87 GW, with a net increase of 26 GW, indicating a supply-demand gap compared to the expected annual average of over 100 GW from 2026 to 2035 [1] Group 4: Semiconductor Sector Activity - The semiconductor sector was active, with stocks like Jingfeng Mingyuan hitting a 20% limit up, and several others such as Yandong Micro and Xindong Link exceeding 10% gains [2]

12月12日，A股三大指数全线反弹，上证指数涨0.41%，深证成指涨0.84%，创业板指涨0.97%。全市场成交额约2.11万亿元。 盘面上，可控核聚变板块领涨，天力复合再度"30CM"涨停，走出2连板，股价创历史新高，收盘报60.84元/股，5个交易日涨幅达117.21%。电网设备、超 导概念、金属新材料等板块全天活跃。 贵金属板块表现强势，招金黄金、晓程科技、西部黄金涨超6%。半导体板块午后活跃，晶丰明源"20CM"涨停，燕东微、中科飞测等涨超10%。 零售板块表现分化，中央商场、茂业商业、永辉超市跌停。百大集团午后直线冲高，2分钟涨停，走出2连板，最新市值为44.7亿元。 电力链持续走强 今日，电力链继续活跃。 午后，可控核聚变板块持续走强，天力复合再度"30CM"涨停，股价创历史新高，5个交易日涨幅达117.21%，实现翻倍。中洲特材"20CM"涨停，常辅股 份、爱科赛博涨超10%，西部材料、四创电子、雪人集团等多只个股涨停。 | 可控核聚变O | | | | --- | --- | --- | | 2117.92 4.98% | | | | 成分股 基金 | 资金 | 分析 新闻 简况(F10) | ...

金融机构当中，包括现有股东三菱UFJ银行在内的3大银行和日本政策投资银行将最多合计出资250亿日 元。从地方银行来看，除了Rapidus工厂所在的北海道的北洋银行和北海道银行之外，千叶银行、肥后 银行和北陆银行也在就出资进行协调。3大银行除出资之外，还将在2027年度以后提供最多2万亿日元规 模的贷款。 Rapidus已完成第一阶段的民间资金筹集 股东达到约30家企业，Rapidus将完成2025年度获得1300亿日元民间投资的目标…… 力争实现最近端半导体国产化的Rapidus将获得20多家企业投资。除本田、佳能和京瓷等之外，千叶银 行等也将加入股东行列。预计索尼集团等现有股东也将追加出资。股东达到约30家企业，Rapidus将完 成2025年度获得1300亿日元民间投资的目标。日本半导体产业的重振体制正在完善。 Rapidus最早2025年内与各家企业正式达成协议，2026年3月前获得出资。各家企业的出资额预计在5亿 ～200亿日元左右。此外，也有正在谈判的企业，出资企业数和合计出资额今后有可能增加。 新出资的实业公司除了佳能、京瓷、富士胶片控股和牛尾电机等半导体制造设备与零部件供应企业之 外，还有精工爱 ...