资料显示，瑞能半导成立于2015年。近年来，瑞能半导凭借其成熟工艺的平台、质量体系与全球客户网络，展现出强劲的 市场竞争力。公司主营可控硅（晶闸管）、功率二极管、碳化硅（SiC）等器件，覆盖消费电子、通信、新能源及汽车等领 域。 在业绩方面，得益于海外占比近半的全球化销售网络，以及中西合璧的灵活响应能力，2025年上半年瑞能半导实现营收 4.41亿元，同比增长17.87%，净利润为3032.48万元，毛利率为27.77%。 紫光国微是国内主要的综合性集成电路上市公司之一，以特种集成电路、智能安全芯片为两大主业，同时布局石英晶体频 率器件领域，其间接控股股东为新紫光集团有限公司（以下简称"新紫光集团"）。今年前三季度，紫光国微实现营业收入49.04 亿元，同比增长15.05%；归属于上市公司股东的净利润为12.63亿元，同比增长25.04%。紫光国微收购瑞能半导股权，意味着 新紫光集团旗下产业整合有望加速，对旗下企业业绩增长将提供进一步助力。 本报讯 （记者张文湘）12月29日晚间，紫光国芯微电子股份有限公司（以下简称"紫光国微"）发布公告称，公司正筹划以 发行股份及支付现金的方式，购买瑞能半导体科技股份有限公 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 引言 我们正站在一场由深度学习和大规模计算驱动的智能革命浪潮之巅。AI模型的参数规模已突破万亿，其对算力的饥渴远超 半导体行业传统的发展节奏。当芯片制程逐步逼近物理极限，单纯依靠工艺微缩已难以为继， 突破的方向，正从设计转向 底层——材料科学成为解锁下一代算力的关键钥匙 。 从硅基到二维材料、三五族化合物，从电子到光子乃至量子，每一次材料体系的革新，都可能重构芯片的性能边界与能效 天花板。与此同时，全球半导体产业链格局深刻调整，供应链安全成为核心关切。在这一历史性交汇点上，中国本土的材 料创新与产业化进程，不仅关乎单一技术节点的突破，更承载着 构建自主可控算力底座、重塑全球AI硬件竞争格局 的战 略使命。 本文将系统梳理支撑 AI创新的关键新材料体 系，呈现从设计、制造、封装到新兴计算范式的全景技术图谱，并聚焦国内 相关企业与科研机构的产业化进展。这既是一份认识AI算力底层驱动力的技术指南，也是一张观测中国硬科技突围路径的 产业地图。 一、核心计算与逻辑芯片材料 （一）先进沟道材料 沟道材料是 半导体晶体 ...

2025 年 12 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业及公司点评 全球市场观察 半导体行业 – 宽禁带半导体 – SiC/GaN：驱动新一轮 AI 基础设施升级 我们认为，在碳化硅（SiC）和氮化镓（GaN）的带动下，宽禁带半导体行 业正步入一个全新的、多年持续的增长阶段。汽车电动化依然是核心的长期 驱动力，但更具结构性的新需求前沿正在打开，即 AI 数据中心的电力架构重 构。 行业正从传统 54V 直流供电（DC）加速迈向 800V 高压直流（HVDC）架构， 这一转变对新一代高功率 AI 机架至关重要，而其物理和经济可行性都高度依 赖 SiC 和 GaN 的应用。这一演进正把相关材料的定位，从单纯的"性能增 强器"提升为"关键基础设施组件"，由此形成一个具备高度延续性的投资 主线。我们预计，那些具备规模优势、在 8 英寸晶圆上技术领先、拥有车规 级认证产品管线，并具备系统级解决方案能力的企业，将成为本轮趋势中的 主要受益者。 行业点评 强劲的市场增长。根据 TrendForce 数据，2024 年全球 SiC 功率器件市场规 模约 34 亿美元，同比增长 12%， ...

Core Points - The European Commission approved a direct funding support of 12 billion Czech koruna (approximately 4.063 billion RMB) for ON Semiconductor's 8-inch vertical integration silicon carbide (SiC) factory project in Roznov, Czech Republic [1] - This factory will be the first of its kind in Europe, with a total investment of 1.64 billion euros (approximately 13.422 billion RMB), and is scheduled to begin commercial operations in 2027, providing critical support for high-efficiency power electronic devices in Europe [1] Group 1 - ON Semiconductor committed to ensuring the project has a broader positive impact on the EU semiconductor value chain [3] - The company will contribute to the development of next-generation 8-inch SiC technology and optimize EU manufacturing processes [3] - ON Semiconductor will prioritize EU high-priority orders during supply shortages as per the European Chips Act [3] Group 2 - The company plans to develop and implement education and skills training programs to expand the pool of qualified technical talent [3]

Core Viewpoint - Silicon Carbide (SiC) is identified as a key support for technological upgrades and efficiency revolutions, with significant applications in high-growth industries such as renewable energy, AI, communications, and AR [1] Renewable Energy Sector - SiC is crucial for achieving high energy efficiency, with a projected demand of approximately 5.77 million pieces of SiC substrates by 2030 for "new energy vehicles + charging piles + solar storage," reflecting a CAGR of about 36.7% [2] - In the electric vehicle sector, the penetration rate of 800V high-voltage platforms is expected to reach 11.17% by 2025, with SiC MOSFETs reducing overall vehicle energy consumption by 8%-10% [2] - For high-voltage DC charging piles, 100,000 high-power charging piles are expected to be built by 2027, with a demand for 510,000 SiC substrates globally by 2030 [2] - In the solar storage sector, SiC will enhance the efficiency of photovoltaic inverters and energy storage converters, with a projected demand of 940,000 SiC substrates globally by 2030 [2] AI Industry - SiC is poised for dual growth opportunities in "power + heat dissipation," with a projected demand of 730,000 SiC substrates in the power supply sector by 2030 [3] - In data centers, SiC will address the high heat generation of GPUs, with a demand of approximately 6.2 million substrates for AI chips by 2030 [3] - If SiC is utilized in both the substrate and heat sink materials in CoWoS processes, the substrate demand in the AI chip cooling sector could double [3] Communication and RF Sector - The upgrade of RF devices driven by 5G-A and 6G technologies will see GaN-on-SiC solutions becoming mainstream, with a projected demand of 170,000 semi-insulating SiC substrates globally by 2030 [4] - The AR glasses sector is expected to require 3.89 million substrates by 2030, with SiC's high refractive index making it an ideal base material for optical waveguides [4] - The overall demand for SiC substrates is expected to reach 16.76 million pieces by 2030, with a potential supply gap of approximately 12 million pieces compared to 2025 supply levels [4] - The three core growth points identified are AI intermediary layers, new energy vehicles, and AR glasses, with projected demand shares of 37%, 26%, and 23% respectively by 2030 [4]

Investment Rating - The report suggests a positive investment outlook for the SiC industry, indicating significant growth potential due to the anticipated adoption of SiC in advanced packaging technologies by major companies like NVIDIA and TSMC [6]. Core Insights - The report emphasizes the critical need for improved thermal management solutions in AI computing chips, particularly in the context of CoWoS packaging, which is currently facing challenges due to rising power demands [3][40]. - SiC is identified as a promising alternative material for CoWoS interposers, offering superior thermal conductivity and structural integrity compared to traditional silicon and glass materials [4][86]. - The potential for the Chinese mainland SiC industry to benefit significantly from the shift towards SiC interposers is highlighted, given its advantages in investment scale, production costs, and downstream support [5][6]. Summary by Sections 1. NVIDIA and TSMC's Consideration of SiC - NVIDIA plans to adopt 12-inch SiC substrates in its next-generation GPU packaging by 2027, indicating a strategic shift towards advanced materials for better performance [2][9]. 2. Need for CoWoS Thermal Management - The report discusses the increasing power requirements of AI chips, with NVIDIA's H100 GPU exceeding 700W, necessitating enhanced cooling solutions to manage heat effectively [15][22]. 3. SiC as a Preferred Interposer Material - SiC's thermal conductivity is 2-3 times that of silicon, making it an ideal candidate for interposers in CoWoS packaging, which is crucial for high-performance computing applications [4][86]. 4. Benefits for China's SiC Industry - If CoWoS adopts SiC interposers, the demand could exceed 230,000 12-inch SiC substrates by 2030, presenting a substantial opportunity for the Chinese SiC supply chain [5][6]. 5. Overview of SiC Substrate and Equipment Companies - Key beneficiaries of the SiC market growth include companies like Jingcheng Machinery, Jing Sheng Co., Tianyue Advanced, and others, which are positioned to capitalize on the anticipated demand for SiC substrates and related equipment [6]. 6. Investment Recommendations - The report recommends investing in companies involved in SiC substrate production and equipment manufacturing, as they are expected to benefit from the industry's transition towards SiC technology [6].

Group 1 - SK Group has slowed down the sale of its semiconductor wafer expert SK Siltron, commissioning a consulting firm to assess its enterprise value [2] - The chairman of SK Group, Choi Tae-won, has a deep emotional connection to SK Siltron, leading analysts to believe that the group may reconsider the sale [2][3] - SK Group initially planned to sell 70.6% of its management stake in SK Siltron as part of a business restructuring plan, while the chairman's 29.4% stake was not included in the sale [2] Group 2 - The enterprise value (EV) of SK Siltron is estimated to be over 4 trillion KRW, with equity valued between 1 trillion to 2 trillion KRW after deducting 3 trillion KRW in debt [3] - The chairman believes that selling SK Siltron just before a potential semiconductor supercycle would be a missed opportunity [3] - SK Siltron's U.S. subsidiary, SK Siltron CSS, has been expanding its silicon carbide (SiC) factory in Bay City, Michigan, which received a conditional loan of 544 million USD (approximately 770 billion KRW) from the U.S. government in 2022 [3]

Core Insights - The adoption of Solid State Transformers (SST) is expected to drive demand for wide bandgap semiconductors like Silicon Carbide (SiC) and Gallium Nitride (GaN), with SiC primarily used in input applications and GaN in output applications [1] - The global solid-state transformer market is projected to grow at a compound annual growth rate (CAGR) of 25% to 35% over the next 5-10 years, benefiting both magnetic materials and power semiconductors [1] Group 1: Industry Transformation - The power supply systems for data centers are undergoing significant changes due to the explosion of AI computing power, with power density per rack increasing from under 60 kW to 150 kW or higher [1] - Solid State Transformers (SST) offer over 98% system efficiency and require less than 50% of the space compared to traditional solutions, making them a promising core solution for next-generation data center power systems [1][2] - NVIDIA's recent release of an 800V DC white paper highlights the critical role of SST in its next-generation power architecture, indicating strong industry recognition of SST technology [1] Group 2: Technical Advantages of SST - SST improves efficiency by replacing traditional transformers with high-frequency power electronics, achieving over 98% efficiency compared to 95.1% for traditional HVDC systems [2] - The compact design of SST, utilizing high-frequency magnetic materials and modular architecture, significantly reduces the size of transformers while integrating multiple functions, thus saving space in data centers [2] Group 3: Future Potential of SST - SST acts as a "software-defined" energy router, enhancing the intelligence and resilience of power supply systems through real-time control and fault self-recovery capabilities [3] - SST's compatibility with renewable energy sources allows for direct integration of solar and wind power, improving the acceptance of renewable energy by over 50% compared to traditional systems [3] - The dual active bridge topology of SST supports bidirectional energy flow, enabling energy storage during low demand and feedback to the grid during peak times, which can reduce operational costs for data centers [3] Group 4: Companies to Watch - Companies involved in SST systems include Sifang Co., Ltd. (with SST efficiency reaching 98.5% and applications in national demonstration projects), China West Electric (with a subsidiary's 2.4MW SST operational), and Jinpan Technology (developing a 10kV/2.4MW prototype) [4] - Companies focused on SST materials include Hengdian East Magnetic (largest ferrite material company globally), Placo New Materials (new soft magnetic materials with frequencies over 10 MHz), and Yunlu Co., Ltd. (global leader in amorphous alloys) [4]

Core Insights - The semiconductor materials industry in China is at a crucial development stage, with significant growth potential and strategic importance in the global market [4][5] - The historical contributions of Henan province, particularly the establishment of the Luoyang Monocrystalline Silicon Plant in 1966, have been pivotal in the evolution of China's semiconductor materials sector [3] Industry Development History - The Luoyang Monocrystalline Silicon Plant was the first in China to introduce a complete set of technology and equipment from abroad in 1966, marking the beginning of the country's exploration into semiconductor silicon materials [3] - The plant's initial design capacity was 2.4 tons of polysilicon and 1.4 tons of monocrystalline silicon, which has evolved significantly over the decades [3] - By 2005, the Luoyang Zhongzhil High-tech Company achieved an annual production of 300 tons of polysilicon, breaking foreign technology monopolies [3] Current Industry Landscape - The global semiconductor industry is undergoing profound changes, with materials becoming increasingly strategic [4] - The semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to exceed 170 billion yuan, reflecting a growth of over 20% [4] - The domestic production rate of semiconductor-grade silicon materials has surpassed 50%, while the rate for polishing liquids has exceeded 30% [4] Future Development Directions - Emphasis on strengthening basic research and advanced layout in semiconductor materials, including enhancing the quality and cost competitiveness of silicon-based materials [5] - Encouragement of collaborative innovation across the industry chain, promoting synergy between materials, equipment, and processes [5] - Adoption of green and intelligent trends in material production, focusing on low-carbon transformation and utilizing AI and big data for accelerated R&D [5] - Development of a resilient talent chain to foster innovation and improve the talent cultivation system across the industry [5]

Core Insights - The electronic circuit and semiconductor industry is at a critical juncture driven by explosive growth in AI large models and global supply chain restructuring, with a 30-fold increase in computing core numbers over the past decade, while memory bandwidth growth is less than 1/5, leading to storage bottlenecks and material iteration challenges [1] Group 1: Storage Technology Breakthrough - Storage is viewed as the "reservoir" of AI computing power, with breakthroughs in technology directly impacting the efficiency of power release [3] - The forum will focus on three major technological directions: traditional storage upgrades, emerging storage implementations, and RV technology integration [3] Group 2: Material Innovation - Material innovation is the underlying logic for upgrading the semiconductor industry, with the forum addressing core material breakthroughs [4] - Key topics include advancements in AMB copper-clad ceramic substrates, third-generation semiconductors like SiC and GaN, and PCB material breakthroughs to meet high-density demands [5] Group 3: Digital Transformation and Intelligent Manufacturing - The forum will explore the application of AI technology across the entire PCB design, production, and testing process, enhancing defect recognition and production efficiency [5] - Discussions will include AI-based dynamic adjustments of key process parameters and the design logic of AI scheduling systems for flexible manufacturing [5] Group 4: Advanced Packaging and EDA Tools - Advanced packaging and EDA tools are becoming critical for breakthroughs in computing power, with a focus on system-level packaging (SiP) and Chiplet technology integration [7] - The forum will analyze the collaborative mechanisms between academia, research institutions, and enterprises to accelerate the industrialization of innovative results [11] Group 5: Forum Details - The "AI-Driven, Smart Chain Future: 2025 Electronic Circuit and Semiconductor Industry Innovation Forum" will take place on October 28, 2025, at the Shenzhen International Convention and Exhibition Center [10] - The forum will cover topics such as AI + PCB intelligent manufacturing, EDA technology breakthroughs, and the localization of AI computing chips [10]