意法半导体这家欧洲大厂最近财报一出，就让整个行业心里一沉。2025年第三季度，他们营收31.9亿美元，比去年同期降了2%，虽然每股收益0.29美元超了 预期，但毛利率压力山大。公司高层直言，汽车销量弱，工业订单少，供应链还乱。第四季度预期营收32.8亿美元，只比上季度涨2.9%，分析师本来盼着34 亿美元，结果落空。 意法半导体主打汽车和工业芯片，汽车这块占了大头，可电动车需求没跟上，欧洲能源成本还高，工厂效率低。股价一公布就跌了点，大家都觉得欧洲芯片 业日子不好过。 欧洲半导体企业整体都面临类似麻烦。意法半导体不是孤例，其他公司也喊难。2025年，欧洲芯片订单到货比一直低于1，第二季度才0.97，意思是订单少 于出货，库存堆着卖不掉。欧盟芯片法案想投钱建厂，但进展慢，结构性问题多。人才缺口大，地缘政治紧张，供应链不稳。像意法这样的巨头，亚太市场 份额丢了不少，本来靠中国需求，现在竞争激烈。2025年全球半导体投资上万亿美元，欧洲分到的少，气候变化还威胁供应链，三分之一产能有风险。企业 得适应，不然更难。 意法半导体首席执行官在财报会上说，第一季度营收才25.2亿美元，全年净收入预计低迷。2025年资本支出砍 ...

有些人不出手的时候，看上去还像那么回事，一旦出手，立刻就暴露了其草台班子的底色，这样的戏 码，我们看了很多很多。 最近围绕安世半导体公司控制权引发的"安世之乱"，让全球汽车产业出了一身冷汗。安世半导体原本是 一家荷兰的芯片公司，2019年中国的闻泰科技（维权）斥资340亿元将其收购为全资子公司，此后安世 发展成为全球汽车芯片的重要供应商。 今年9月，美国政府升级所谓"50%穿透规则"制裁闻泰科技，也就是说被美国列入"实体清单"制裁的企 业，其持股超过50%的子公司也要被纳入出口管制，这样安世就在被制裁之列了。美国滥施"长臂管 辖"并不合理，但没想到荷兰政府却当起了马前卒，以威胁欧洲供应链安全为由，冻结安世的全球经 营，并罢免了中国CEO。 这些年我们见识了很多类似的操作，一些西方政客在制裁中国时，似乎并没有想过中国会采取什么反制 措施，甚至也不清楚自己有哪些命脉握在中国手中，等中国出牌后他们发觉陷入尴尬后又来谈判，美国 的稀土困局、大豆滞销都是这样造成的。 当年闻泰科技斥巨资收购安世，意图以"欧洲研发+中国制造"的方式满足中国市场对芯片的需求，在当 时条件下是正常选择。但这次事件再次提醒我们，只有掌握高科技领 ...

尽管传统处理器的需求并不均衡，但格芯(GFS.US)第三季度业绩高于华尔街的预期。财报显示，该公 司三季度营收达16.9亿美元，同比下降2.9%，超出预期1000万美元；非GAAP每股收益为0.41美元，超 出预期0.03美元。 业绩公布后，该股在盘前上涨，截至发稿，涨7.76%，报37.51美元。 格芯首席执行官Tim Breen表示："公司第三季度业绩表现强劲，营收、毛利率、营业利润率和每股收益 均达到预期范围的高端。连续第四个季度，我们在汽车和通信基础设施以及数据中心终端市场均实现了 强劲的同比增长。随着我们持续优化产品组合并提升业务盈利能力，第三季度毛利率环比和同比增长均 有所提升。此外，我们在硅光子学和FDX平台等关键增长应用领域也看到了客户强劲的增长势头，这令 我们倍感鼓舞。" 展望第四季度，格芯预计营收为18亿美元，上下浮动2500万美元；调整后每股收益预计为0.47美元，上 下浮动0.05美元；毛利率预计为28.5%，上下浮动100个基点。 分析师此前预计营收为17.9亿美元，调整后每股收益为0.47美元。 经调整后的毛利率攀升至26%，这得益于公司更加注重盈利能力和更精明的产品组合。来自汽车 ...

Core Insights - The global automotive chip market is showing signs of recovery, with major manufacturers reporting varying degrees of growth and inventory adjustments [3][35][38] Group 1: Infineon - Infineon's Q3 revenue reached €3.943 billion, with a 6% quarter-over-quarter increase and a 1% year-over-year increase [4] - Automotive business revenue rose to €1.921 billion, a 3% quarter-over-quarter increase but a 2% year-over-year decline, driven by growth in smart power, microcontrollers, and electric vehicle solutions [4][9] - Infineon expects moderate growth in the automotive sector despite cautious customer behavior and ongoing inventory adjustments [9] Group 2: NXP - NXP's Q3 revenue was $3.17 billion, a 2% year-over-year decline, but the automotive segment (57.9% of total revenue) saw a 6% quarter-over-quarter increase, reaching $1.837 billion [11][12] - The automotive chip oversupply phase is ending, with demand increasing in emerging markets like smart cockpits and high-voltage battery management systems [12] - NXP's inventory levels are at 9 weeks, below the long-term target of 11 weeks, indicating a cautious supply chain approach [12] Group 3: STMicroelectronics - ST's Q3 revenue was $3.187 billion, a 2% year-over-year decline but a 15.2% quarter-over-quarter increase, with automotive revenue (39% of total) down 17% year-over-year but up 10% quarter-over-quarter [13][18] - The automotive business is expected to remain low or decline throughout 2024, with a significant drop in Q1 2025 before gradual recovery [16] - ST's inventory at the end of Q3 was $3.17 billion, reflecting ongoing inventory digestion by automotive and industrial customers [18] Group 4: Texas Instruments - Texas Instruments reported Q3 revenue of $4.74 billion, with a net profit of $1.36 billion, reflecting a 7% quarter-over-quarter increase and a 14% year-over-year increase [20] - The automotive market, accounting for 35% of TI's revenue, showed steady growth with a high single-digit year-over-year increase and approximately 10% quarter-over-quarter growth [20][22] - TI anticipates a gradual recovery in the automotive market, with inventory levels stabilizing and a shift towards direct customer collaborations [22] Group 5: Renesas - Renesas' Q3 revenue was ¥334.2 billion, a 2.9% quarter-over-quarter increase but a 3.2% year-over-year decline, with automotive sales down 14.1% year-over-year [25][30] - The automotive market is expected to reach a low point in Q4 2024, with a slow recovery anticipated thereafter [25] - Renesas is experiencing demand primarily for older discontinued series, indicating a cautious market outlook [30] Group 6: Onsemi - Onsemi's Q3 revenue was $1.55 billion, exceeding expectations, with automotive revenue at $787 million, a 7% quarter-over-quarter increase but a 17.3% year-over-year decline [32][33] - The automotive market began to stabilize in Q3, although significant year-over-year declines remain [32] - Onsemi's inventory levels are within target ranges, and the company is preparing for future demand with a focus on die bank inventory [33] Group 7: Overall Market Outlook - The automotive semiconductor market is gradually recovering, with signs of stabilization and growth expected in 2025 [35][38] - Inventory levels are improving, with a forecasted increase in demand driven by electric vehicle adoption and more complex in-vehicle electronics [38] - Analysts predict a 16.5% year-over-year growth in the global automotive semiconductor market by 2026, indicating a strong rebound after a period of moderate expansion [38]

要说欧洲的"自主权"有多虚？安世半导体总部在荷兰，可全球60%的汽车芯片封装全在东莞工厂完成， 年产500亿颗芯片直接喂欧洲车企。更绝的是稀土依赖——ASML光刻机每台要10公斤中国稀土磁体， 库存仅够8周；欧洲新能源汽车电机90%的钕铁硼磁体也靠中国供应。中方一管出口，欧洲车企不得不 溢价三倍抢库存，活脱脱是"高价买空气"的冤大头——这哪是高端制造？分明是"供应链乞讨"！ 欧洲车企最近集体上演的"供应链惊魂记"，比巴黎街头的速滑赛还刺激——前脚还在吹嘘"自主可控"， 后脚就被现实抽得满地找牙。法国斯特兰蒂斯CEO菲洛萨那句"行业自主性为零"的怒吼，倒像是给这场 闹剧按下了真相的播放键。 荷兰政府9月30日强抢安世半导体股权的骚操作，活像拆自家门槛当柴火烧——本想借"接管"掌控产 能，结果安世10月26日反手切断对华晶圆供应，中国反手升级出口管制，直接让大众、宝马、斯特兰蒂 斯这些巨头集体"断粮"。大众沃尔夫斯堡工厂库存告急，宝马慕尼黑基地缩产能，德国采埃孚员工"被 休无薪假"，这波操作比荷兰郁金香泡沫还魔幻——原来所谓的"自主可控"，不过是靠中国供应链吃饭 的"寄生虫"！ 反观中方，开通出口豁免通道、推动安 ...

Core Viewpoint - The Chinese Ministry of Commerce has issued a strong statement regarding the ASML semiconductor issue, attributing the turmoil in the global semiconductor supply chain to the Dutch government's interference, and emphasizing China's commitment to maintaining global industrial chain security [1][3]. Group 1: Responsibility and Impact - The spokesperson for the Ministry of Commerce directly pointed out that the Dutch government's improper intervention is the main cause of the turmoil in the global semiconductor supply chain, highlighting the chaos caused by the Dutch actions [3]. - China has taken responsible measures to promote the restoration of supply, indicating a proactive approach to mitigate the impact of the crisis [3][4]. - The statement marks a significant shift in diplomatic practice, as it explicitly holds a foreign government accountable for its actions, suggesting that China possesses sufficient evidence to support its claims [4]. Group 2: Global Perspective and Solutions - The issue of ASML is now linked to the stability and security of the global semiconductor supply chain, elevating its importance beyond a mere business dispute to a major global concern [4][8]. - China has emphasized its timely approval of export licenses for eligible exports, contrasting its responsible actions with the Dutch government's interference, which highlights China's commitment to maintaining supply chain stability [4][8]. - The crisis reflects deeper conflicts, including the tension between technological sovereignty and globalization, as well as the misalignment between geopolitical motives and commercial logic [6][7]. Group 3: Strategic Response and Future Outlook - China has demonstrated a mature economic governance approach by balancing principled opposition to interference with flexible measures to minimize supply chain disruptions [8]. - The Ministry of Commerce's statement indicates a shift towards more active participation in international rule-making, aiming to prevent the politicization of industrial issues [9]. - The semiconductor industry is viewed as a critical area for innovation competition, with China advocating for collaborative efforts to ensure supply chain security and stability [9][10].

2025年10月26日，荷兰安世半导体临时CEO斯特凡·提尔格（Stefan Tilger）向全球客户发送了一封措辞严厉的邮件，以"东莞工厂未遵守合同付款条件"为 由，单方面宣布停止供应晶圆。 但短短几小时后，安世中国发布公告反击，直指荷兰安世不仅欠付东莞工厂10亿元货款，其断供行为是"无中生有、恶意抹 黑"。 更讽刺的是，荷兰的"断供理由"被事实打脸。 安世中国在公告中明确披露，荷兰安世拖欠东莞工厂货款高达10亿元，所谓"付款违约"纯属颠倒黑白。 这种 政治操弄取代市场逻辑的行为，让德国《商报》直言："汽车制造业正在为此付出现实代价。 " 反制 面对断供，中方的反应既迅速又精准。 中国商务部在10月4日对安世在华工厂实施出口管制，直指其汽车芯片命脉。安世半导体是全球车规级功率半导体龙 头，特斯拉、宝马、大众等车企的电动汽车电驱系统芯片均依赖其供应。 但与此同时，商务部留下灵活出口豁免通道，鼓励受影响企业申请特批。 这一举 措立刻分化了欧洲阵营：大众、宝马等车企火速申请豁免，德国零部件厂商直言"为保生产没得选"。 这场看似普通的商业纠纷，背后却是荷兰政府依据1952年《国家物资安全法》的强行接管——罢免中方高 ...

Core Viewpoint - Qualcomm's Q4 earnings exceeded market expectations, with revenue of $11.27 billion, a 10% year-over-year increase, and adjusted EPS of $3.00, surpassing the anticipated $2.88 [1][3] Financial Performance - Q4 revenue reached $11.27 billion, up 10% year-over-year, exceeding expectations by 4.5% [3] - Adjusted EPS was $3.00, which is 4.2% above the forecast [3] - GAAP results showed a net loss of $3.12 billion due to tax expenses [3] Business Segments - Mobile chip business grew 14% to $6.96 billion [4] - Automotive business increased 17% to $1.05 billion [4] - IoT business, including Meta revenue, rose 7% to $1.81 billion [4] - Licensing revenue declined 7% to $1.41 billion [4] Forward Guidance - Q1 revenue is expected to be between $12 billion and $12.6 billion, exceeding market expectations by 5% [4] - Adjusted EPS guidance is set at $3.30 to $3.50, in line with expectations [4] Strategic Transformation - Qualcomm is launching AI200 (2026) and AI250 (2027) accelerator chips to enter the data center AI market dominated by Nvidia [6] - The company faces risks from losing modem orders from Apple and is actively expanding into PC, VR, and smart glasses sectors [6] Core Business Focus - Despite diversification efforts, mobile chip business remains critical, accounting for 62% of revenue, with Q4 revenue of $6.96 billion, a 14% increase [8] - Qualcomm has long supplied processors and modems for Samsung's high-end models and modems for Apple's iPhones, but Apple is expected to stop purchasing Qualcomm products in the coming years due to in-house development [8] Growth Bottlenecks - Qualcomm is betting on automotive and IoT sectors due to stagnation in mobile business growth [9] - Automotive chip revenue was $1.05 billion, up 17%, while IoT revenue was $1.81 billion, growing 7% [9] - Combined, automotive and IoT sectors are projected to achieve 27% growth by FY2025, but their total revenue contribution remains limited, with automotive at 9.3% and IoT at 16%, together less than half of mobile chip revenue [9]

Core Viewpoint - The company reported steady growth in its automotive chip distribution business and an increase in sales of vehicle display chips in the chip design and manufacturing sector during the first three quarters of the year, indicating a focus on deepening its presence in the display chip field and increasing R&D investment for future performance growth [1] Group 1 - The automotive chip distribution business has shown stable development [1] - Sales of vehicle display chips have increased compared to the same period last year [1] - The company plans to enhance R&D investment to support future growth [1]

Core Insights - Suzhou Naxin Microelectronics Co., Ltd. reported a significant increase in revenue for the third quarter of 2025, achieving approximately 2.366 billion yuan, which represents a year-on-year growth of 73.18% [1] - The company's revenue for the third quarter alone reached 842 million yuan, marking a year-on-year increase of 62.81% [1] Company Performance - The company has established deep collaborations with nearly 400 core suppliers in the new energy vehicle (NEV) sector, particularly in the three core areas of electric vehicles [1] - Naxin Microelectronics has received multiple honors, including "2025 Excellent Supplier of Automotive Chips in China" and "2025 Top 100 New Automotive Supply Chain in China" [1]