2015年，合肥市政府基于"芯屏汽合"的产业发展战略，选择与台湾企业力晶科技合资设立晶合集成。 这一决策也并非偶然——彼时，合肥凭借京东方等龙头企业已经形成显示面板的产业集群，进而亟需向上游的芯片领域延伸战略布局。晶合集成作为安 徽省首个超百亿级的集成电路项目，从诞生之初就承载着打通"屏幕-芯片"产业链的国家使命，进而从零起步，目前已成长为中国大陆第三大晶圆代工 厂，同步跻身全球市场前十之列。 如今回望，仅仅十年之间，成为全球显示驱动芯片市场份额第一，其及时抓住了市场机遇，通过"地方政府支持+台湾技术团队"的独特产业模式，目前晶 合集成的发展已表现出强劲的增长势头——2024年，在后疫情时代和半导体行业景气度回暖的背景之下，全年营收近93亿元，同比增长28%；归母净利 润约5.3亿元，同比增长超150%；扣非净利润近4亿元，同比激增超730%。 0 1 时代机遇与地方战略的契合 合肥晶合集成电路股份有限公司的前身"合肥晶合集成电路有限公司"于2015年5月正式成立（股份公司正式成立于2020年11月）——合肥市建设投资控 股（集团）有限公司，以及台湾力晶创新投资控股股份有限公司（力晶科技），上述两家合资共同建 ...

中文 EN VIP 硅光调研: 8英寸加州工厂产能现状, 扩产规划与难点, 定制化策略优势与挑战并存 原创 半导体 2025/10/16 12:21:58 阅读 10282 点赞 1 要点 - 公司有没有一个规划目标，明年年底希望能够实现多大的产能出货？ - 刚刚提到新建产线有一些困难，能否详细讲一下？比如客户定制化导致每个客户的需求和产品描述都不一样，是不是意味着 不同客户的产线不能共用？在扩产时是否面临复制的困难？ 本文共3642字，预计阅读时间8分钟 已享VIP免费 还有两个重要原因。首先，硅光芯片的工艺与常见的以CMOS为主的供应商有很大不同。在不同工艺类别之间切换 时，存在一定的效能损失。例如，100%的CMOS工艺转到硅光芯片时，产能可能要打八五折甚至八折；如果转到 SOI，可能是九几折。不同工艺之间的切换不像在SMIC那样容易，CMOS工艺切换到BCD或指纹识别产品相对容 易，因为工艺接近，仅在某些层面有区别。而硅光芯片与SOI、CIS等工艺的差别则更大，这对工厂产能的转换影响 很大。其次，硅光芯片的工艺尤其是后道工艺非常特殊，需要专用机台。制程分为前道和后道，后道部分需要专用 机台来跑硅光芯片 ...

研调机构 Counterpoint 在最新的报告中指出，2025年第2季Foundry 2.0 市场营收年增19%，主要受先进 制程与先进封装同步走强，预期第3季将延续成长、季增达中个位数百分比。 先进封装成为另一股主力。Counterpoint预估，第2季OSAT板块年增将由5%加速至11%，其中日月光贡 献最大。Counterpoint并指出，AI GPU与AI ASIC的2.5D/3D先进封装将在2025–2026年持续驱动OSAT成 长。 Counterpoint资深分析师William Li表示，随先进封装技术重要性走高，芯片设计公司对封装的依赖度将 持续上升。 在供应商表现方面，台积电受惠于3nm量产爬升、4/5nm在AI GPU带动下维持高稼动，以及CoWoS扩 产，第2季市占自去年同期31%跳升至38%，稳居龙头；该季度整体Foundry 2.0营收的年增贡献中， TSMC独占七成以上。 ...

Core Viewpoint - TSMC reported strong financial results for Q3, with revenue of $33.1 billion, a year-over-year increase of 40.8% and a quarter-over-quarter increase of 10.1%, driven by cost optimization and improved capacity utilization [2][3] Financial Performance - Revenue in USD reached $33.1 billion, exceeding guidance of $31.8-$33.0 billion, and up from $30.07 billion in Q2 and $23.50 billion in Q3 2024 [3] - Gross margin was 59.5%, surpassing the previous quarter's guidance of 55.5%-57.5% [2][3] - Operating margin stood at 50.6%, exceeding the guidance of 45.5%-47.5% [2][3] - Net income attributable to shareholders was $452.3 million, a 13.6% increase from the previous quarter and a 39.1% increase year-over-year [3] Market Segments - High-Performance Computing (HPC) continues to be a significant revenue driver, increasing its contribution from 51% in the previous year to 57%-60% in recent quarters [2][5] - The smartphone market saw a 19% quarter-over-quarter revenue increase, while the automotive market showed signs of recovery with an 18% increase [9][12] Technology and Pricing - TSMC's 3nm and 5nm processes accounted for 60% of revenue, up from 52% the previous year [5][6] - The company is considering price increases for its 2nm process due to strong AI demand [7][8] Future Outlook - AI demand is expected to grow at a CAGR of over 45% in the next five years, with TSMC working to close the supply-demand gap in advanced packaging [5][7] - The global semiconductor supply chain is moving away from the inventory correction cycle, with a potential for price increases in the future [14]

以沪市为例，一年来沪市并购重组活跃度明显提升，并购重组正成为上市公司转型突破、向新求质 的"加速器"。上交所数据显示，截至2025年9月23日，沪市已新增首次披露重大资产并购重组交易111 单，交易额超3007亿元，数量已接近2022年初至"并购六条"发布期间总和。 2024年9月24日，中国证监会发布《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六 条"），至今已满一年。在日前举办的国新办新闻发布会上，证监会主席吴清介绍，"并购六条"发布以 来，已披露重大资产重组230单，有力支持了上市公司产业整合。 "并购六条"直指并购重组领域的痛点与难点，通过简化流程、明晰标准、强化服务等，持续激发上市公 司并购重组的市场活力，在促进产业结构优化、支持科技创新、提升上市公司质量方面取得了显著成 效，为资本市场注入新动能。 南开大学金融学教授田利辉认为，并购数量日益增多的核心动力在于"并购六条"释放制度红利。监管包 容度提升、审核效率优化，使并购从"政策约束"转向"市场驱动"，有利于打通产业整合通道，助力实体 经济向新质生产力跃升。 在"并购六条"支持下，除传统现金收购、发行股份等方式外，定向可转债、并购贷款 ...

Core Viewpoint - TSMC reported strong financial results for Q3, with significant revenue growth driven by high demand in the HPC sector and advanced process technologies, despite some challenges from currency fluctuations and overseas operations [1][5]. Financial Performance - TSMC achieved Q3 revenue of $33.1 billion, a year-on-year increase of 40.8% and a quarter-on-quarter increase of 10.1% [2]. - Gross margin reached 59.5%, exceeding the previous guidance of 55.5%-57.5% [1][2]. - Operating margin was 50.6%, surpassing the guidance of 45.5%-47.5% [1][2]. - Net income attributable to shareholders was NT$452.3 billion, reflecting a 39.1% year-on-year increase [2]. Market Segments - The HPC segment has become a crucial revenue driver, increasing its contribution from 51% in the previous year to 57%-60% in recent quarters [2][5]. - Revenue from smartphones rose by 19% quarter-on-quarter, while the automotive market showed signs of recovery with an 18% increase [10][13]. Technology and Pricing - TSMC's 3nm and 5nm processes accounted for 60% of total revenue, up from 52% a year ago [5][6]. - The company is considering price increases for its 2nm process technology, expected to be about 20% higher than the 3nm pricing [7][8]. Future Outlook - AI demand is projected to grow at a CAGR exceeding 45% over the next five years, indicating strong future revenue potential for TSMC [5]. - TSMC's overseas operations are expected to dilute gross margins by approximately 1%-2% in the coming years due to capacity expansions [7][14]. - The semiconductor supply chain is moving away from the inventory correction cycle, with some fabs planning to raise prices in response to strong demand [14].

证券研究报告 台积电 (TSM US) 2025 年 10 月 17 日│美国 半导体 3Q25，台积电收入环比+10.1%，略超指引上限，毛利率 59.5%，环比+0.9pct， 显著高于指引上限的 57.5%。公司预计 4Q25 收入 322-334 亿美元，中位 数高于彭博一致预期 5%，公司预计 4Q25 毛利率 59%-61%，中位数高于 彭博一致预期 3pct。公司上调 2025 年收入指引，即同比增长接近 35%（前 值:约 30%）。公司上调 2025 年资本开支预期为 400-420 亿美元（前值： 380-420 亿美元)，中值上调 2.5%，同比+38%。本次业绩会上，公司表达 了 AI 相关需求的增长表达强烈信心，预计 AI 相关需求的增速有望超过之前 指引（2024-2029：40%区间中段）。展望 2026 年，我们看好 AI 需求持续 驱动先进工艺和先进封装业务快速增长，台积电作为全球先进制程代工的龙 头，有望充分受益于技术领先地位和客户需求的强劲增长。上调目标价到 370 美元，维持买入评级。 AI 需求：客户提出更高的产能需求，对于 AI 大趋势的信心正在增强 3Q25，HP ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating significant benefits from the high growth in AI demand and moderate growth in non-AI semiconductor demand [5]. Core Insights - The company reported Q3 2025 revenue of $33.1 billion, a year-on-year increase of 40.8%, with a gross margin of 59.5%, reflecting a 1.7 percentage point increase year-on-year [2]. - The company has raised its full-year revenue growth guidance to approximately 35% and expects Q4 2025 revenue to be between $32.2 billion and $33.4 billion [2]. - The company is optimistic about AI demand, projecting a CAGR of around 45% for AI revenue from 2024 to 2029, with expectations that future AI revenue growth will exceed this guidance [4]. Revenue and Profitability Analysis - In Q3 2025, the company's wafer revenue from advanced processes showed significant contributions from 3nm (23%), 5nm (37%), and 7nm (14%) processes [3]. - The revenue from downstream applications in Q3 2025 was stable for HPC, with increases of 19% for smartphones, 20% for IoT, and 18% for automotive [3]. - The company expects a full-year capital expenditure (CAPEX) of $40 billion to $42 billion [2]. Financial Projections - The company is projected to achieve net profits of $53.2 billion, $65.9 billion, and $83.2 billion for the years 2025, 2026, and 2027, respectively [5]. - Revenue forecasts for the company are $122.6 billion in 2025, $144.4 billion in 2026, and $172.8 billion in 2027, with growth rates of 36.6%, 17.8%, and 19.6% respectively [9]. - The projected EBITDA for 2025 is $61.8 billion, with a net profit margin expected to improve over the forecast period [10].

Core Insights - The wafer foundry capacity utilization rate is expected to remain stable in the second half of 2025 due to low inventory levels at IC manufacturers, the peak sales season for smartphones, and strong ongoing demand for AI [1][2] - Some wafer fabs are planning to raise prices for BCD and Power process platforms due to tight supply conditions, despite an overall lack of price increases across the industry [1][2] Group 1: Market Dynamics - The initial expectation was that the fourth quarter would see a decline in wafer foundry capacity utilization due to a seasonal slowdown in consumer products like TVs, but recent findings indicate a recovery in inventory levels among IC design clients and increased preparations for new smartphone and PC platforms [1] - AI server-related ICs are generating strong incremental orders, which are crowding out capacity for consumer products, contributing to a better-than-expected performance in the fourth quarter [1] Group 2: Future Outlook - By the end of the year, some eight-inch wafer fabs are expected to maintain near-full capacity utilization, with plans to raise foundry prices in 2026 driven by strong demand for AI-related Power products [2] - Despite the positive outlook for the second half of 2025, uncertainties in the global market persist, and factors such as a lack of innovative applications in consumer products and extended replacement cycles may pose risks for the semiconductor supply chain in 2026 [2]

Core Insights - The wafer foundry capacity utilization rate is expected to remain stable in Q4 2025, contrary to earlier predictions of a decline, due to low inventory levels at IC manufacturers, the peak sales season for smartphones, and strong AI demand [2][3] - Some wafer fabs are planning to raise prices for BCD and Power process platforms due to tight supply conditions, indicating a shift in market dynamics [2][3] - Despite the positive outlook for the second half of 2025, uncertainties in the global market and a lack of innovation in consumer products may pose risks for 2026 [3] Summary by Sections - **Wafer Foundry Performance**: The capacity utilization rate for wafer foundries is expected to hold steady in Q4 2025, with some fabs even outperforming Q3 due to replenished inventory and strong demand from AI-related ICs [2] - **Market Dynamics**: The anticipated price increases for certain process platforms reflect a market environment that is moving away from aggressive price competition, particularly in mature processes [3] - **Future Outlook**: While the current situation appears stable, potential challenges for 2026 include prolonged replacement cycles for consumer products and a lack of innovative applications [3]