[Table_Summary] 1、固态电池利好政策频出，应用前景广阔。随着中试线陆续落地，头部企业在固态电池端的"落 子"有望吸引更多企业"入局"，产品技术迭代迎来持续向好。 2、①历史上港股与美股走势更相关，但 2020 年以来背离增多，而港股与 A 股联动明显增强。② 原因 1：过去港股外资占比高且港币与美元挂钩，流动性多受海外影响，当前外资占比下降、南 向流入，与内地流动性联动加深。③原因 2：随着内地优质企业赴港上市，优质资产或在港集聚， 中资股在港股市值/利润结构中举足轻重，港股基本面与内地联动更趋紧密。 3、科创板分层有利于优质半导体企业在资本市场脱颖而出，配合 AI 与自主可控相关的产业大趋 势，AI 有望实现与科创共振。 [汤蔚翔 Table_Authors] 国泰海通晨报 2025 年 06 月 26 日 国泰海通证券股份有限公司 研究所 行业跟踪报告：动力锂电《全固态电池正进入从 0 到 1》 2025-06-23 徐强（分析师）021-38676666、牟俊宇（分析师）021-38676666、李依雯（研究助理）021-38676666 投资建议：看好全固态电池产业化进程加速，建议关注 ...

Core Viewpoint - ChipLink Integration (688469.SH) is progressing with a significant acquisition of 72.33% equity in ChipLink Yuezhou, aiming to enhance its operational capacity and market position in the semiconductor industry [1][3]. Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase 72.33% equity from 15 parties, with a total transaction price of 5.897 billion yuan [1]. - Following the acquisition, ChipLink Yuezhou will become a wholly-owned subsidiary, fully consolidating its shareholder equity into ChipLink Integration [1]. Group 2: Business Operations - ChipLink Yuezhou specializes in wafer foundry services for power devices, while ChipLink Integration is a leading global integrated circuit wafer foundry, with over 50% of its revenue from automotive-grade chips [2]. - ChipLink Yuezhou's SiC MOSFET shipments for automotive applications have ranked first in China for the past two years [2]. Group 3: Financial Performance - ChipLink Yuezhou's revenue surged from 13.7 million yuan in 2022 to 1.56 billion yuan in 2023, marking a growth of 1038% [3]. - ChipLink Integration's revenue has consistently increased from 270 million yuan in 2019 to 6.509 billion yuan in Q1 2025, with an overall growth exceeding 23 times over five years [3]. - Both companies are currently unprofitable, with ChipLink Yuezhou reporting net losses of 700 million yuan in 2022 and 1.116 billion yuan in 2023, while ChipLink Integration's cumulative net losses reached 7.564 billion yuan from 2019 to Q1 2025 [3]. Group 4: Research and Development - ChipLink Integration has invested heavily in R&D, with expenditures of 839 million yuan, 1.529 billion yuan, and 1.842 billion yuan from 2022 to 2024, totaling 4.21 billion yuan over three years [4]. - The R&D expense ratio has remained high at approximately 18.22% to 28.72% during the same period, indicating a strong commitment to innovation despite short-term profitability challenges [4].

6月24日，市场调研机构Counterpoint Research发布的研究报告显示，2025年第一季度全球半导体晶圆代 工2.0市场收入同比增长12.5%至722.9亿美元，这主要得益于对人工智能（AI）和高性能计算（HPC） 芯片的需求激增，刺激了对先进节点（3nm、4nm/5nm）和先进封装（例如CoWoS）的需求。 晶圆代工2.0这一定义由台积电于2024年7月的二季度业绩会上提出；新定义不仅包括传统的晶圆制造， 还涵盖了封装、测试和光罩制作等环节，并且将所有除存储芯片外的整合元件制造商(IDM)纳入其中。 彼时，台积电解释称，"晶圆制造2.0"的提出是由于IDM厂商介入代工市场，晶圆代工界线逐渐模糊。 台积电与三星也进入先进封装，英特尔不论内外客户都采用先进制程，也会用到先进封装，甚至部分产 品也交给台积电代工，与纯晶圆代工有差异，因此扩大晶圆制造产业初始定义到"晶圆制造2.0"。就规 模而言，新定义"晶圆制造2.0"产业规模2023年近2500亿美元，较旧定义1150亿美元更高。 回看这份"晶圆制造2.0"2025年第一季度榜单，台积电以35.3%份额稳坐头把交椅，英特尔以6.5%份额排 第二，日 ...

Core Viewpoint - TSMC has placed an order for 10 units of 5nm plasma etching machines from Zhongwei Semiconductor Equipment, marking a significant achievement for Zhongwei in the semiconductor equipment sector [1][2]. Group 1: TSMC's Operations - TSMC's Nanjing factory, established in 2016 with an investment of approximately $3 billion, is a key part of TSMC's strategy in mainland China [3]. - The Nanjing facility achieved remarkable construction efficiency, completing the factory in 14 months and producing its first wafer within 6 months [3]. - The factory primarily focuses on 12nm and 16nm process technologies and has significantly enhanced local wafer foundry capabilities [3]. Group 2: Zhongwei Semiconductor Equipment - Zhongwei Semiconductor has successfully developed a 5nm etching machine that meets TSMC's stringent requirements, showcasing its technological maturity and reliability [1][2]. - The company has a strong track record in etching equipment, having progressed from 65nm to 5nm technology through continuous innovation and R&D investment [2]. - Zhongwei's etching equipment features advanced technology, including adjustable process stability, dual low-frequency RF sources, and a proprietary anti-corrosion reaction chamber [2]. Group 3: Market Position and Financials - Zhongwei Semiconductor is a leading player in the domestic semiconductor equipment market, with over 95% coverage of domestic etching needs and a projected revenue of approximately 7.277 billion yuan in 2024 [5]. - The company has experienced an average annual growth rate of over 50% in etching equipment revenue over the past four years [5]. - Zhongwei is also expanding into new areas, including GaN-based LED lighting and SiC power devices, while actively investing in over 30 upstream and downstream enterprises [6].

Core Viewpoint - The article discusses UMC's potential acquisition of a factory from Han Yu Crystal in Tainan Science Park, emphasizing the company's strategic focus on expanding advanced packaging capabilities in Taiwan and Singapore [1][3]. Group 1: Company Strategy - UMC is exploring opportunities for operational and profit enhancement, including factory acquisitions, technology collaborations, and new investments, with Taiwan remaining a key expansion option [3][5]. - The company plans to integrate wafer fabrication with advanced packaging solutions, moving beyond traditional foundry services to high-value areas [4][5]. Group 2: Technological Development - UMC has established 2.5D advanced packaging capabilities in Singapore and is leveraging wafer-to-wafer bonding technology, which is crucial for 3D IC manufacturing [4][5]. - The company is currently focused on 12nm process technology in collaboration with Intel, while also looking to diversify into compound semiconductors and specialized materials [4][5]. Group 3: Production Capacity - UMC's interposer production currently stands at approximately 6,000 units per month, with no immediate plans for capacity expansion [5]. - Future efforts will concentrate on developing integrated technologies with higher added value, providing comprehensive system-level solutions for clients [5].

近期港股市场流动性泛滥后，很多内地和香港两地上市的股票，在港股的估值折价都是在缩小，甚至小部分公司都出现估值溢价了，港股中芯国际相对 A 股则走 了一个完全相反的走势——自 DeepSeek 猛涨之后，近期相对 A 股的定价又开始往下滑了。 其实，海豚君刚看中芯国际时就有群友提出，这么一个国之重器的核心资产，中芯 A 股和 H 股为何这么大的价差，差时港股只有 A 股的 25%，DeepSeek 这种高 光时刻也就只修复到了 52%，内地和外资的定价视角到底有什么不同？ 本篇海豚君就从这个问题为出发点，更多站在中性视角，基于投入产出比，来看一下： 在解决这几个问题的过程中，顺便自然解决了港、A 不同资金背景，对待港股定价差的问题。 大家如果想深入探讨这些问题，可以长按识别下方二维码加入海 豚交流群，我们后续对互联网、科技等领域的持续跟踪 、 热点大事件的动态观点更新等 ，这些独家研报内容都会发布长桥 App「动态-投研」板块并第一时间分 享到 交流社群 。 以下是详细分析 从内地资金视角来看，中芯国际国内晶圆代工，甚至在整个半导体行业，几乎承担着全村人的 "希望"——在成熟制程上，它有最丰富的产能布局，在制程 ...

Core Insights - Marvell is rapidly emerging as a strong player in the application-specific integrated circuit (ASIC) market, planning to collaborate with TSMC on advanced processes below 3nm [1][2] - TSMC holds over 60% market share in the foundry market and is targeting the emerging application-specific semiconductor manufacturing market driven by AI growth [1] - Application-specific semiconductors are designed for specific functions, offering lower costs, reduced power consumption, and less overall investment compared to general-purpose GPUs, making them attractive in AI data centers, automotive, and IoT markets [1] Group 1 - Marvell's next-generation AI application-specific chips will utilize TSMC's 3nm and 2nm processes, with production of 3nm chips already underway [2] - The company aims to enhance performance through silicon photonics technology, which can increase data transmission speeds by over ten times [2] - Marvell's revenue reached $5.76 billion last year, with AI-related revenue exceeding $1.5 billion, expected to surpass $2.5 billion this year [2] Group 2 - TSMC currently provides over 70% of the production foundry for Broadcom's chips and is increasing collaboration with Marvell to capture the growing application-specific semiconductor market [3] - The application-specific semiconductor market was valued at approximately $20.29 billion last year and is projected to grow to $32.84 billion by 2031 [3] - Marvell has launched data center chips manufactured using TSMC's 3nm process and plans to expand collaboration to include 2nm processes [3] Group 3 - TSMC's global foundry market share reached 67.6% in Q1 this year, significantly outpacing competitors, while Samsung's market share was only 7.7% [4] - Samsung is also collaborating with Broadcom and Marvell on advanced processes but needs to improve yield and performance to enhance its competitive edge [4]

证券研究报告 | 2025 年 06 月 20 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|行业比较周报——拥挤度指标运用的深入思考》 1、板块的拥挤度本质是该板块成交量占整体的比例，比例越高，说明该 板块是热门板块。"拥挤"是指历史纵向比较在较高的历史百分位，往往 意味着该板块过度热门，短期内有向下调整的压力。短中长期乖离率高位 本质是短期"涨多了"。两者一个是"量"的指标，一个是"价"的指标， 均表示冷热度。但热门板块总有自己上涨的原因，真正结束要看这个原因 什么时候结束，量价指标运用的有效性也会可能随着市场风格变化而变 化。2、长期来看，A 股的行业，在"加速后放量"的状态下，一个月内 跑输是大概率事件；反例是 20-21 年核心资产时代，短暂地无视了这一 规律，呈现出"过热后还有过热"。出现 ...

每日市场观察 2025 年 6 月 13 日 【今日关注】 周四沪深指数近乎平收,成交额 1.3 万亿比上一交易日增加约 100 亿。 行业涨跌各半，有色、传媒、医药等行业涨幅居前，家电、煤炭、食品 饮料、农业等行业跌幅居前。 指数延续了窄幅震荡节奏，整体成交量的变化也较为温和。行业上，创 新药、稀土磁材、贵金属当前受市场关注度较高，且走出了一定的趋势 性。连续一段时间看，行业结构相比以前出现比较明显的变化。此前科 技和大金融行业对市场影响较大，而当前阶段，已经逐渐切换到了有色、 医药、保险等过去相对冷门的行业，这些行业中部分大市值公司已经有 明显的涨幅。与此同时，半导体设备、白酒行业中的大市值公司走势较 弱，这种传统机构重仓个股的差异，反映出机构资金可能在进行高低切 换的操作。 创新药、贵金属、保险等行业中大市值龙头的上涨表现出一定的持续性， 可能具有一定的风向标意义。 【市场回顾】 市场概况：6 月 12 日，市场全天窄幅震荡，三大指数涨跌不一。截至收 盘，沪指涨 0.01%，深成指跌 0.11%，创业板指涨 0.26%。 【资金面】 主力资金流向：6 月 12 日，上证净流入 56.15 亿元，深证净流 ...

1Q25淡季效应减轻，晶圆代工营收季减至5.4% 根据Tr endFor c e集邦咨询最新调查，2025年第一季，全球晶圆代工产业受国际形势变化影响而 提前备货，部分业者接获客户急单，加上中国延续2024年推出的旧换新补贴政策，抵消部分淡 季冲击， 整体产业营收季减约5.4%，收敛至364亿美元 。 | Ranking | Company | | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q25 | 4Q24 | QQQ | 1Q25 | 4Q24 | | 1 | 台积申(TSMC) | 25,517 | 26,854 | -5.0% | 67.6% | 67.1% | | 2 | 三星(Samsung) | 2,893 | 3,260 | -11.3% | 7.7% | 8.1% | | 3 | 中科国际(SMIC) | 2,247 | 2,207 | 1.8% | 6.0% | 5.5% | | 4 | 联电(UMC) | 1,759 | 1,867 | -5.8% | 4.7% | 4 ...