据TrendForce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。 ...

June 9, 2025 产业洞察 根据TrendForce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。 展望第二季营收表现，整体动能逐步放缓，唯中国旧换新的补贴政策拉货潮有望延续，加上下半年智 能手机新品上市前备货陆续启动，以及AI HPC需求稳定，将成为带动第二季产能利用率和出货的关 键，预期前十大晶圆代工厂营收将呈现季增。 | Ranking | Company | | Revenue | | | Market Share | | --- | --- | --- | --- | --- | --- | --- | | | | 1Q25 | 4Q24 | QoQ | 1Q25 | 4Q24 | | 1 | 台积电(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% | | ...

证券研究报告 | 2025年06月07日 通信行业周报 2025 年第 23 周 优于大市 博通发布 Tomahawk6 新品，展望字节 FORCE 原动力大会 行业要闻追踪：博通、Credo、纬创当季财报亮眼，算力持续高景气度。（1） 博通 2025 财年 Q2 营收同比增长 20%，净利润同比增长 134%。其 AI 业务收 入在本季度超过 44 亿美元，同比增长 46%。博通推出新一代 Tomahawk6 交换 机芯片，交换容量达 102.4Tbps，旨在为新一代 Scale-up/Scale-out 的 AI 网络提供核心动力，支持 100G/200G SerDes 和共封装光学技术(CPO),专为 满足超百万级 XPU（经验证的处理单元）AI 集群需求而设计。（2）半导体 与光学器件企业 Credo 2025 财年 Q4 营收同比增长 180%，环比增长 26%，2025 财年全年营收同比增长 126%。公司业务快速增长主要受益于 AI 浪潮下互联 云厂需求加大，公司计划在接下来的财年中资本支出或达到去年两倍，以支 持新产品开发和产能扩张。（3）代工大厂纬创（Wistron）5 月份营收达新 台币 ...

Group 1 - The core point of the article is that Guokewai (SZ300672) announced a major asset restructuring plan involving the acquisition of Zhongxin Integrated Circuit (Ningbo) Co., Ltd., which has incurred significant losses in recent years [2][5] - The acquisition aims to enhance Guokewai's capabilities in the specialized semiconductor wafer foundry and customized chip manufacturing sectors, particularly in the high-end BAW filter technology [9][11] - Zhongxin Ningbo is recognized as a leading domestic enterprise in specialized semiconductor wafer foundry, focusing on RF front-end, MEMS, and high-voltage analog devices [3][9] Group 2 - Zhongxin Ningbo has reported cumulative losses exceeding 1.6 billion yuan (approximately 16 million) for 2023 and 2024, with net profits of approximately -840 million yuan and -810 million yuan respectively [5][6] - The acquisition includes a unique lock-up period of 120 months for the shares received by the transaction counterparties, contingent upon Zhongxin Ningbo achieving positive net profits [6][7] - The transaction price for the acquisition has not yet been determined [7] Group 3 - The domestic market for RF filters is significant, with China accounting for nearly 30% of the global market, yet local companies hold less than 5% of the BAW filter market [8] - The acquisition is strategically aimed at breaking the monopoly of foreign companies like Broadcom and Qorvo in the BAW filter sector, which currently dominate the market [8][9] - Zhongxin Ningbo has developed proprietary BAW filter structures that bypass foreign patent barriers, enabling domestic production and reducing reliance on overseas suppliers [11]

来源：内容来自 technews 。 英特尔(Intel) 透过官网宣布，英特尔代工部门将于6 月24 日在韩国首尔举行Direct Connect Asia 活动，这是英特尔代工Direct Connect 大会首次来到美国境外，而且针对着三星晶圆代工业务而 来。英特尔代工部门表示，此次活动将提供一个与其高层和技术专家深入交流的独家机会。 根据外媒报导，这次英特尔代工Direct Connect 大会在韩国首尔举行，其目标无疑是瞄准了韩国 境内无晶圆厂IC 设计企业对低成本先进制程代工的需求，计划与坐拥本土之利的三星晶圆代工争 夺这部分市场，进一步藉由外部企业的成功案例，以提升对更大客户的吸引力。 事实上，英特尔在2025 年4 月底的代工大会（Intel Foundry Direct Connect）上，英特尔就已经 正 式 发 布 了 其 最 新 的 Intel 18A 制 程 技 术 ， 该 制 程 采 用 了 先 进 的 RibbonFET 环 绕 栅 极 电 晶 体 (GAA) 技术和PowerVia 背面供电技术，并计划于2025 年下半年大规模量产。 而Intel 18A 制程技术也被英特尔寄 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 《朝鲜日报》5月底披露，尽管三星晶圆代工事业部近期7纳米级8纳米，成功争取任天堂等订单， 提高产能利用率，尖端制程却出现隐忧，3纳米良率仅50%，台积电3纳米良率则已达 90%，导致 三星将主要客户拱手让给台积电。 报导指出，三星3纳米生产的Google Tensor芯片，转由台积电生产，高通（Qualcomm）与超微 （AMD）等重量级客户，也已将三星排除在外，凸显三星争取最顶级客户遭遇挫败。 与此同时，中国的中芯国际正在积极追赶，特别是在5纳米和7纳米制程取得进展，对三星的代工 业务带来新挑战。 为了缩减与台积电的差距，传出三星挖角曾在台积电任职长达21年的前全球外部制造采购和供应 商管理高级总监韩玛格丽特。 根据韩媒《Fnnews》报导，三星电子半导体部门（DS）证实，已聘请台积电前高管韩玛格丽特， 担任其北美晶圆代工业务的负责人。 提升全球代工订单竞争力 报导认为，这项任命被解读为三星电子加强其在北美的客户参与度，盼提升全球代工订单的竞争 力。凭借韩玛格丽特对北美半导体客户生态系统的深入了解，以及曾任职台积电等主要半导体公司 的经历，韩玛格丽特有望为三星赢得新 ...

（三）技术面与资金动态：关键支撑位面临考验 上证指数近期一直在 3347 点附近反复试探，3300 点关口作为重要的牛熊分界线，一旦失守，很可能触 发程序化止损盘。节前融资余额出现下降（单周净流出 483 亿），北向资金的分歧也在不断加大，明日 盈信量化（首源投资）：明日，A 股市场将踏入关键的博弈阶段。结合当下最新的政策信号、复杂的海 外变量以及微妙的技术面特征来看，行情的波动极有可能进一步加剧。以下是对关键趋势的深度推演以 及对应的操作策略。 一、明日市场关键影响因素分析 （一）政策环境：宽松托底但节奏存疑 在 2025 年的工作会议上，央行两次着重强调 "择机降准降息"，并且已经创设了互换便利（550 亿已成 功落地）以及大股东回购再贷款工具（首期高达 3000 亿），这一系列举措释放出了极为强烈的流动性 宽松信号。不过，政策真正落地的具体时点仍然尚未明确，市场对于 6 月 MLF 利率是否会进行调整也 存在较大分歧。一旦降息预期未能实现，很可能会引发市场的短期抛压。此前，央行在类似政策表述 后，政策落地时间间隔存在较大差异，这无疑增加了市场预测的难度。就像在 2024 年，市场对降准降 息预期多次反复 ...

Core Insights - Nvidia announced the launch of the world's most powerful supercomputer "Doudna," set to be operational by 2026, designed to accelerate Nobel-level scientific research [1][2] - The Doudna system is built on Nvidia's next-generation Vera Rubin platform and will utilize Dell's water-cooled servers, integrating AI, simulation, and data processing into a single collaborative platform [1][2] - The system is named after Nobel laureate Jennifer Doudna, a pioneer in CRISPR gene editing technology, and aims to significantly enhance scientific productivity and address complex global challenges [2][3] Group 1 - Doudna will support high-performance computing, advanced AI, real-time streaming, and quantum computing workflows, marking a significant national investment in the U.S.'s leadership in high-performance computing [2] - The performance of the Vera Rubin NVL144 is projected to be 3.3 times that of the latest Blackwell architecture GB300 NVL72, with improvements in storage capacity, bandwidth, and NVLink speed exceeding 1.6 times [2] - Doudna is expected to produce scientific results over ten times greater than its predecessor, Perlmutter, while consuming only two to three times the energy, indicating a three to five times improvement in efficiency per watt [2] Group 2 - Over 20 research teams are already transitioning their workflows to Doudna through the U.S. Department of Energy's scientific acceleration program, addressing issues ranging from climate models to particle physics [2] - Facilities across the U.S. under the Department of Energy, including Fermilab and the Joint Genome Institute, will rely on Doudna to transform current scientific challenges into future breakthroughs [3]

Core Viewpoint - The recent tariff conflict between China and the U.S. has prompted Chinese companies, particularly in Guangdong, to adapt their strategies to mitigate risks and explore new markets as a response to the changing trade environment [1][2]. Group 1: Company Responses to Tariff Changes - Companies like Kunyan Technology in Foshan have faced significant challenges due to their heavy reliance on the North American market, which accounted for over 80% of their business. The sudden increase in tariffs led to a halt in orders, prompting the company to seek new markets and diversify its customer base [2][3]. - Kunyan Technology has successfully reduced its North American customer base to less than 50% by actively engaging with clients from Brazil, Germany, the UK, and France, thus mitigating risks associated with the tariff conflict [3]. - Shenzhen Kairun Electronics has seen a 67% drop in the export volume of digital cameras due to increased tariffs, leading the company to optimize its supply chain and explore emerging markets to counteract the impact of policy changes [4][5]. Group 2: Strategic Adjustments and Innovations - Kairun Electronics is implementing strategic adjustments by enhancing contract terms to clarify delivery timelines and risk-sharing, as well as optimizing pricing mechanisms to remain competitive amidst tariff fluctuations [4][5]. - Dongguan's Wanle Toy Company has shifted its focus to domestic sales, signing a significant procurement order with JD Supermarket worth 50 million yuan, thus alleviating pressure from the U.S. market [6]. - The trend of "exporting to domestic sales" is gaining traction among companies, with many exploring local markets to reduce dependency on international trade [6]. Group 3: Global Expansion and Supply Chain Restructuring - Companies are increasingly adopting a "don't put all eggs in one basket" approach, diversifying their market presence to reduce reliance on single markets, as seen with Kunyan Technology's outreach to various countries [7][8]. - Many Guangdong enterprises are establishing manufacturing bases in countries like Mexico to minimize geopolitical risks and reduce tariff impacts while being closer to end markets [8][9]. - The shift towards global supply chain restructuring is evident, with companies considering Southeast Asia for production and sourcing opportunities [7][8]. Group 4: Brand Development and Localization - There is a growing emphasis on building strong independent brands as companies transition from pure OEM (Original Equipment Manufacturer) models to brand-oriented strategies, enhancing their market presence and pricing power [10][11]. - Companies are focusing on localizing their products and services to meet the preferences of different markets, which includes adapting product designs and establishing local service teams to improve customer satisfaction [11][12].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自digitimes 。 台积电2纳米将于2025年下半如期量产，客户排队投片下单盛况丝毫未减，到今年底可望有3万片 的月产能，芯片业界也传出代工报价上看3万美元。 尽管在制程技术与订单展望部分，老大哥台积可说是"没有对手"，再度横扫所有客户大单，但是半 导体供应链端仍认为，台积后续恐怕有"四大挑战"得面对。 部分供应链业者表示，台积电危机估计只增未减，四大挑战包括： 一、美国厂研发中心与抢救英特尔的底线。 二、反垄断难题。 三、关税战通膨下的成本转嫁考验。 四、地缘政治下的产能布局计画。 四大挑战考验台积电经营团队智慧 业界人士分析，首先，是因应川普（Donald Trump）的要求，宣布投入1,000亿美元扩大亚利桑那 州厂建厂大计，恐怕只是上集。 下集包括美国研发中心内容项目，以及与英特尔（Intel）的合作底线，董事长魏哲家与台积经营 团队还在精算中，这些恐都会是影响未来营运表现， 其次，是反垄断问题。 台积电在全球晶圆代工市占已逾6成，至年底将达7成，甚至更高，晶圆代工产业已形成台积电 与"非台积"两个世界。 台积电与美国政府的合作，并不能持盈保 ...