分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 长鑫 IPO 获受理，关注国内存储器产 业链 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 -4% 7% 17% 27% 37% 47% 57% 68% 2025.01 2025.05 2025.09 2026.01 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：谷歌发布新模型，关注 谷歌产业链方向》 2025-12-10 《半导体行业月报：海外云厂商 25Q3 继续 加大资本支出，国内存储器厂商业绩表现亮 眼》 2025-11-10 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 51 页 发布日期：2026 年 01 月 12 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18楼 地址： 上海浦东新区世纪大道 1788号 T1座 22 楼 12 月半导体行业表现相对较强。2025 年 12 月国内 ...

若此次合作最终敲定，无疑是对三星晶圆代工技术实力的一次重磅背书。此前，受三星代工制程稳定性问题影响，高 通曾将旗下最尖端芯片的代工订单转交给台积电。此番选择重返三星，委托其代工 2 纳米产品，意味着三星 SF2P 制程 工艺在性能表现、能效水平及生产良率上，均已达到具备市场竞争力的水准。 倘若 SF2P 制程能够如约兑现技术承诺，且吸引更多大客户相继入局，那么三星晶圆代工的 2 纳米战略布局，或将成为 其在先进芯片制造领域蓄势已久的复兴起点。这不仅能为该公司在下一代芯片制程上的长期投入正名，更将进一步夯 实其雄心 —— 在半导体行业的顶级赛道上，与台积电展开正面角逐。 而今，又一家行业巨头似乎也准备加入这一阵营。据韩媒 Hankyung 报道，高通正与三星晶圆代工积极洽谈 2 纳米芯片 代工合作。高通首席执行官克里斯蒂亚诺・安蒙在 2026 年国际消费电子展（CES）期间接受记者采访时，也证实了双 方正在推进相关磋商。 安蒙表示："在众多晶圆代工厂商中，我们率先与三星电子开启了基于最先进 2 纳米制程的代工合作洽谈。目前，相关 芯片的设计工作已全部完成，旨在推动产品尽快实现商业化落地。"尽管高通尚未正式公布这 ...

Core Viewpoint - Qualcomm is transitioning to TSMC's advanced 2nm N2P process for its Snapdragon 8 Elite Gen 6 and Gen 7 chipsets, moving away from the 3nm process, which indicates a significant investment in manufacturing technology [1][2]. Group 1: Technology Transition - Snapdragon 8 Elite Gen 5 is the last flagship chipset made using the 3nm process, with future models adopting the 2nm N2P process [1]. - TSMC's 2nm N2P architecture offers a 5% performance boost or a 5% reduction in power consumption at the same clock speed compared to the previous generation [2]. Group 2: Strategic Partnerships - There is uncertainty regarding Qualcomm's potential collaboration with Samsung for utilizing its 2nm GAA process, which could provide Qualcomm with better negotiation leverage for wafer pricing [2]. - Qualcomm and MediaTek reportedly paid up to 24% more for 3nm wafers, highlighting the need for a dual-sourcing strategy to mitigate rising costs as TSMC is expected to increase prices for 2nm wafers by 50% [2]. Group 3: Future Outlook - Qualcomm's strategy appears to focus on maximizing performance through increased core frequency while maintaining efficiency with the new N2P process [2]. - Samsung has completed the foundational design for its second-generation 2nm GAA process, indicating potential future opportunities for Qualcomm to collaborate with Samsung [2].

Core Viewpoint - The article discusses the rising costs associated with TSMC's latest 3nm "N3P" process technology, highlighting that Qualcomm and MediaTek are paying significantly higher prices for their chipsets compared to previous generations, which may lead to increased prices for flagship devices [2][3]. Pricing and Cost Implications - TSMC has not offered price discounts for its 3nm "N3P" process, resulting in customers paying up to 24% more for their SoCs [2] - MediaTek reportedly pays about 24% more than before, while Qualcomm pays approximately 16% more for the same technology [2] - The wafer prices for the 3nm "N3P" process have increased by about 20% compared to the previous 3nm "N3E" process, indicating that Apple may also be affected by these cost increases [3] Market Impact - The increased costs for Qualcomm and MediaTek are expected to be passed on to their partners, potentially leading to higher prices for flagship smartphones [3] - TSMC's upcoming 2nm wafers are projected to be 50% more expensive than current technologies, with Apple securing over half of the initial production capacity, making it difficult for Qualcomm and MediaTek to obtain sufficient supply in the future [3]