IT之家 12 月 12 日消息，今天下午，英国《金融时报》2025 年度人物正式公布：英伟达 CEO 黄仁勋。《金融时报》评论道："在这场有能力重塑全球经济 的大规模 AI 热潮之中，黄仁勋一直是驱动力量。" 《金融时报》评论文章指出，长期以来，芯片一直是数字世界中不受待见的"灰姑娘"（the unloved stepchildren of the digital world），人们的目光大多集中在 驱动芯片的设备和运行在芯片之上的服务，而忽略了芯片本身。但今年，芯片已成为席卷商业和金融界的 AI 狂潮背后的推动力。 《金融时报》之所以将黄仁勋评为年度人物，是因为他在这场转型中发挥的重大作用。现在的英伟达，已经成为世界最有价值公司，今年还一度成为首家市 值超过 5 万亿美元（IT之家注：现汇率约合 35.33 万亿元人民币）的公司。预计在今年年底，黄仁勋本人将拥有超过 1600 亿美元（现汇率约合 1.13 万亿元 人民币）的净资产，跻身全球十大富豪之列。 在 ChatGPT 发布引发全球 AI 竞赛三年后，英伟达在 AI 芯片制造领域的前沿地位已被证明具有非凡的韧性。英伟达的成型，源于一系列他人要么未曾看 ...

Core Viewpoint - The European Commission has approved a €623 million (approximately $729.16 million) aid package from the German government to support the construction of two semiconductor manufacturing plants in Germany, aimed at bolstering the automotive chip ecosystem in Europe [3][4]. Group 1: Impact on Automotive Chip Supply - The aid is seen as a crucial step for the EU in building a self-sufficient semiconductor supply chain, addressing the ongoing chip shortage in the automotive industry exacerbated by the "Nexperia incident" and other supply chain issues [5]. - The funding includes €495 million for GlobalFoundries to expand its foundry capacity, focusing on producing 28nm and more advanced chips essential for automotive electronics, which currently meet only 30% of local demand [5]. - X-FAB will receive €128 million to establish an open chip foundry, providing flexible manufacturing resources for small design firms, thereby lowering entry barriers for automotive Tier 1 suppliers [5]. Group 2: Addressing Manufacturing Shortcomings - Germany has historically relied on Asian and American suppliers for semiconductor needs, revealing vulnerabilities during the global chip shortage that led to over a million vehicle production cuts [6]. - The new plants will target automotive-grade chips, including power semiconductors and microcontrollers, which are critical for vehicle performance and safety [6]. - The initiative aims to transform Germany's position in the global automotive chip supply chain, moving from reliance on imports to local production capabilities [6]. Group 3: Short-term and Long-term Benefits - The construction of these plants is expected to provide immediate capacity relief for the German and European automotive industries, with production anticipated to start between 2027 and 2028 [7]. - Local production will significantly reduce supply chain response times, addressing the logistical challenges posed by long shipping times from Asia [7]. - In the long term, these facilities will enhance the integration of research and development with manufacturing, ensuring that chip production keeps pace with evolving automotive technology [8]. Group 4: Future Projections and Strategic Goals - Experts predict that by 2030, Europe's self-sufficiency in automotive chips could rise from 35% to 55%, reducing dependence on external suppliers and enhancing the region's bargaining power in the global supply chain [9]. - The initiative aligns with the EU's broader goal of achieving 20% of global semiconductor production by 2030, moving away from the "design in Europe, manufacture in Asia" model [10]. - The EU's conditional subsidy model may inspire similar strategies in other countries, potentially leading to a new wave of regional industrial policy competition [11].

Core Viewpoint - NXP Semiconductors is closing its ECHO wafer fab in Chandler, Arizona, marking its exit from the 5G and RF power market, which reduces options for key chip suppliers like Ericsson and Nokia [2][4]. Group 1: Company Actions - NXP will produce its last batch of GaN wafers in Q1 2027, while continuing to manufacture other types of semiconductors at its Chandler facility [2][4]. - The company had previously invested approximately $100 million (over 700 million RMB) in the GaN wafer fab project, which was a renovation of the existing site [4]. Group 2: Historical Context - NXP acquired Freescale for $11.8 billion about a decade ago, gaining the Chandler facility in the process [4].

在刚刚结束的IEDM 2025上，台积电首次证实了采用下一代晶体管技术——互补场效应晶体管（CFET）的集成电路的运行情况。 根据IEDM 官方此前的预告，台积电在本届大会宣布两项了重要里程碑：首款全功能 101 级 3D 单片互补场效应晶体管 (CFET) 环形振荡器 (RO)以及全球 最小的 6T SRAM 位单元，该位单元同时提供高密度和高电流设计。 据介绍，基于先前基于纳米片的单片 CFET 工艺架构，台积电研究人员引入了新的集成特性，进一步将栅极间距缩小至 48nm 以下，并在相邻 FET 之间采 用纳米片切割隔离 (NCI) 技术，以及在 6T SRAM 位单元内采用对接接触 (BCT) 互连技术实现反相器的交叉耦合。电学特性分析对比了两种环形振荡器布 局，重点展示了 6T 位单元对性能以及稳健 SRAM 器件指标的影响。 这些进展标志着 CFET 开发的关键性转变，从器件级优化迈向电路级集成。 台积电新进展 CFET 是一种通过垂直堆叠 n 沟道 FET 和 p 沟道 FET（CMOS 器件的基本组件）来提高晶体管密度的技术，理论上与目前最先进的晶体管技术纳米片 FET (NS FET) 相比， ...

Core Viewpoint - Broadcom has reported impressive financial performance for the fourth quarter, driven by strong demand for artificial intelligence processors, with a significant revenue increase of 28% to $18.02 billion, surpassing expectations [2] Financial Performance - The company's earnings per share before stock compensation costs were $1.95, exceeding analyst expectations of $1.86 [2] - Net profit for the quarter increased by 97% year-over-year to $8.51 billion, compared to $4.32 billion in the same period last year [2] - Broadcom forecasts revenue of approximately $19.1 billion for the upcoming quarter, higher than Wall Street's estimate of $18.3 billion [2] AI Chip Demand - AI chip sales surged by 74%, contributing an additional $8.2 billion in sales [2] - The company has secured its fifth custom chip client, with a $1 billion order expected to be delivered by the end of 2026 [3] - Broadcom's backlog for custom AI chips and other data center components totals $73 billion, with plans to convert these orders into revenue within 18 months [5] Market Position and Competition - Broadcom is positioned as a major beneficiary of the AI industry's growth, with its stock rising over 75% this year, despite a recent drop of over 6% post-earnings report [3] - The custom AI chip market is expected to grow significantly, with projections of $1 trillion in annual growth over the next few years, and Broadcom is anticipated to capture 70% to 80% of the custom chip market share [6] - The company's semiconductor solutions segment reported AI chip sales of $11.07 billion, a 22% year-over-year increase [6]

Core Viewpoint - AMD has transformed from a niche player in the semiconductor industry to a strong competitor against Intel and NVIDIA, particularly in AI infrastructure, following its partnership with OpenAI, which signals a significant growth trajectory for the company [1][3]. Financial Performance - In Q3, AMD reported revenue of $9.25 billion, a 36% increase year-over-year, exceeding market expectations by nearly $500 million. Earnings per share (EPS) were $1.20, slightly above the anticipated $1.17 [4][6]. - The data center segment generated $4.3 billion in revenue, up 22% year-over-year and 34% quarter-over-quarter, driven by the deployment of MI350 GPUs and increased market share for EPYC processors [5][11]. - Client and gaming revenue reached $4 billion, with client revenue at $2.75 billion and gaming revenue soaring 181% to $1.3 billion, largely due to custom chips for Xbox and PlayStation [5]. - Embedded business revenue was $857 million, down 8% year-over-year, but management remains optimistic about future growth [5]. Strategic Partnerships - AMD's collaboration with OpenAI involves providing 6 gigawatts of Instinct GPU computing power, with an estimated total value exceeding $90 billion, indicating a long-term commitment rather than a one-off project [7][8][9]. - The partnership includes a stock option agreement granting OpenAI up to 160 million shares, aligning both companies' interests and emphasizing the strategic importance of this relationship [9]. Market Position and Growth Potential - AMD's server CPU market share is projected to approach 40%, with significant growth in AI applications and GPU deployments, supported by the OpenAI partnership [3][11]. - The company aims for a long-term target market size of $1 trillion in the semiconductor market, with a compound annual growth rate (CAGR) of over 60% in data center business by 2030 [15]. Product Development - AMD's EPYC processors have gained substantial market share, with over 60% of Fortune 100 companies using them, and the upcoming Zen 6 architecture is expected to further enhance performance [11]. - The MI350 series GPU, launched in June 2025, is AMD's most competitive AI accelerator, outperforming NVIDIA's offerings in specific workloads [12][13]. Future Outlook - AMD anticipates Q4 2025 revenue of approximately $9.6 billion, reflecting a 25% year-over-year increase, with a projected non-GAAP gross margin of around 54.5% [14]. - The company is positioned for significant growth and valuation expansion, driven by the OpenAI partnership, increased EPYC processor adoption, and the deployment of MI350/MI450 GPUs [18].

Core Insights - The article discusses China's competitive advantage in the global AI race, primarily through its vast electricity resources and infrastructure, which significantly outpace those of the United States [1][2][3]. Group 1: Electricity Production and Infrastructure - China has the world's largest power grid, with electricity production growth from 2010 to 2024 exceeding that of all other regions combined [1]. - In 2022, China's electricity generation was more than double that of the United States [1]. - By 2030, China is expected to invest approximately $560 billion in power grid projects, a 45% increase from the previous five years [1]. - China currently has a power generation capacity of 3.75 terawatts, more than double that of the United States [6]. Group 2: Data Center Development - China's data centers benefit from low electricity costs, with prices as low as 3 cents per kilowatt-hour, compared to 7 to 9 cents in the U.S. [7]. - The "East Data West Computing" initiative aims to utilize the abundant electricity resources in western China to meet the AI-driven demands of the eastern regions [3][8]. - By 2030, China's data centers are projected to consume electricity equivalent to the total consumption of France [3]. Group 3: AI Development and Challenges - The electricity advantage allows Chinese AI companies, such as DeepSeek, to develop high-quality AI models at lower costs than their U.S. counterparts [2]. - The U.S. data centers may face a power shortage of 440 gigawatts in the next three years, posing a significant challenge to the country's AI ambitions [2]. - Chinese companies are attempting to overcome domestic chip performance limitations by bundling multiple chips together, although this requires substantial power [2][11]. Group 4: Government Initiatives and Investments - The Chinese government has invested over $50 billion since 2021 to build the world's largest ultra-high voltage transmission network [5]. - Local governments in regions like Ulanqab are prioritizing the establishment of new data centers to attract investment and create jobs [8][10]. - Ulanqab's GDP has grown by 50% over the past five years, with electricity consumption for data centers and IT services increasing by over 700% [10]. Group 5: Future Prospects and Competition - Analysts predict that the shortage of high-end chips in China will persist for several years, impacting its ability to compete effectively [16][17]. - The ongoing AI competition provides China with opportunities to narrow the gap with the U.S. as it continues to develop its electricity and data center capabilities [18].

Group 1 - The Federal Reserve's recent interest rate cut has led to a rise in the U.S. stock market, approaching historical highs, while Asian markets showed mixed performance [1][2] - Oracle's disappointing earnings report has caused significant declines in Asian tech stocks, with Oracle's shares dropping 11.5% post-market, raising concerns about cash flow due to heavy investments in AI [2][3] - SoftBank Group, a major investor in AI, saw its stock price fall by 7.7%, contributing to the overall decline in the Tokyo market, where the Nikkei 225 index dropped 0.9% [2][3] Group 2 - The Bank of Japan's anticipated interest rate hike is putting pressure on local stock markets, while Hong Kong's Monetary Authority has followed the Fed's lead by lowering its benchmark rate to 4.00%, the lowest since October 2022 [3] - The Australian S&P/ASX 200 index stabilized after three consecutive declines, rising nearly 0.2% due to gains in gold and mining stocks, with the unemployment rate holding steady at 4.3% [3] - The South Korean Composite Index fell 0.6% after warnings from the main stock exchange regarding SK Hynix's significant stock price increase this year, leading to a 3.8% drop in its shares [3] Group 3 - In the U.S. market, the S&P 500 index rose 0.7%, nearing its historical high, while the Dow Jones Industrial Average increased by 1% [4] - Federal Reserve Chairman Jerome Powell's comments indicated a complex situation with a cooling job market and rising inflation pressures, suggesting the Fed may maintain current rates for now [4] - General Electric's energy division saw a significant stock price increase of 15.6% after raising its revenue forecast for 2028 and doubling its dividend [5]

目前所有的芯片大规模制造，均是基于光刻工艺。在而这种光刻工艺下，一是需要光刻机，二是需要光 刻胶。 可惜不管是光刻机，还是光刻胶，国产化率都是低于20%的，大量的依赖进口。 光刻机主要从荷兰、日本进口，国产率甚至是低于5%的，而光刻胶则大量依赖日本进口，国产率是低 于20%的。 前段时间，日本还是搞出了很多名堂的，甚至有不负责任的媒体报道称"日本全面停供对华光刻胶"，一 时之间让大家人心惶惶。 毕竟我们对日依赖那么高，如果断供了怎么办？切换供应链可不是短时间内能够做到的，如果说要自 给，那也是短时间之内做不到的。 直到近日，日本内阁官房长官木原稔，针对光刻胶问题，公开辟谣了，他称"没有断供，贸易政策也未 改变"，算是给所谓的断供，划上了官方层面的"休止符"。 事实上，一直以来就有人分析称，日本不太可能断供。 一是中国目前芯片工艺并不是那么的先进，光刻胶是与芯片工艺对应的。 而ArF中，由于国内工艺的原因，用于28nm芯片及以下的需求都不多，我们更多的是需要相对成熟一点 的KrF光刻胶，比如40nm及以上工艺的，以及KrF光刻胶，所以相对而言，日本光刻胶，并不是不可替 代。 这些相对成熟的光刻胶，韩国有，中国自 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 -30% -22% -14% -6% 2% 10% 18% 26% 34% 42% 50% 芯联集成 电子 资料来源：聚源，中邮证券研究所 公司基本情况 l 投资建议： 我们预计公司 2025/2026/2027 年营收分别为 81.0/101.0/126.6 亿元，归母净利润分别为-6.1/0.5/6.0 亿元，维持"买入"评级。 | 最新收盘价（元） | 6.46 | | --- | --- | | 总股本/流通股本（亿股）83.83 | / 44.30 | | 总市值/流通市值（亿元）542 | / 286 | | 52 周内最高/最低价 | 7.34 / 4.17 | | 资产负债率(%) | 41.7% | | 市盈率 | -46.14 | | 绍兴市越城区集成电路 | | | 第一大股东 | 产业基金合伙企业(有 | | 限合伙) | | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanw ...