公众号记得加星标⭐️，第一时间看推送不会错过。 该工艺本身采用先进的外延沉积技术，就像用气体绘画一样。硅烷和锗烷（含硅和锗的气体）在晶圆 表面分解，留下精确的纳米薄层。控制每层的厚度、成分和均匀性至关重要；即使是微小的偏差也会 在整个堆叠中传播，从而放大缺陷。 那么，为什么要付出这么多努力呢？在传统的 DRAM 中，存储单元是平面布局的，这限制了密度。 而垂直堆叠（3D）则可以在相同的占用空间内容纳更多的存储单元，从而在不增大芯片尺寸的情况 下提高存储容量。成功构建 120 个双层结构表明垂直扩展是可以实现的，这将使我们更接近下一代 高密度存储设备。 想象一下，每一层双层结构就像摩天大楼的一层，如果其中一层错位，整栋楼就会变得不稳定。通过 控制应变并保持各层结构均匀，研究人员有效地建造了一座由硅和硅锗组成的纳米级摩天大楼，每单 位面积可容纳数千个存储单元。 其影响远不止内存芯片。精确多层结构的生长技术可以推动3D晶体管、堆叠逻辑器件，甚至量子计 算架构的发展，在这些架构中，原子级层特性的控制至关重要。三星已经将3D DRAM列入其发展规 划，甚至为此设立了专门的研发机构。 来源 ：内容 编译自 tomshar ...

Core Viewpoint - The article focuses on the latest advancements in semiconductor technology presented at the VLSI conference, highlighting innovations in chip manufacturing, including digital twins, advanced logic transistors, and future interconnects, as well as comparisons between Intel's 18A process and TSMC's technologies [1]. Group 1: FlipFET Design - Despite various restrictions, China continues to advance in semiconductor R&D, with Peking University's FlipFET design gaining significant attention for its novel patterning scheme that achieves PPA similar to CFET without the challenges of monolithic or sequential integration [2]. - The FlipFET technology involves a process where NMOS is formed on the front side and PMOS on the back side of the wafer, showcasing good performance for both types of transistors [8][10]. - The main drawback of FlipFET is its cost, as it requires multiple back-end processes and is more susceptible to wafer warping and alignment errors, potentially affecting yield [12]. Group 2: DRAM Developments - DRAM is at a pivotal point in its five-year roadmap with two key advancements: 4F2 and 3D technologies, with 4F2 expected to increase density by 30% compared to 6F2 without reducing minimum feature size [16][23]. - The 4F2 architecture necessitates vertical channel transistors to fit within the unit size, presenting manufacturing challenges due to high aspect ratios [24][31]. - 3D DRAM is being developed concurrently, with Chinese manufacturers showing strong motivation to innovate in this area due to its independence from advanced lithography technologies [36]. Group 3: Digital Twin Technology - Digital twin technology is becoming essential in semiconductor design and manufacturing, allowing for design exploration and optimization in a virtual environment before physical production [79]. - This technology spans atomic-level simulations to wafer-level optimizations, enhancing productivity and yield in semiconductor fabrication [80][87]. - The implementation of "unmanned" fabs is a future goal, aiming for automated maintenance and operation without human intervention, which poses challenges in standardizing processes across different equipment vendors [92]. Group 4: Intel's 18A Process - Intel's 18A process, set to enter mass production in late 2025, combines Gate-All-Around transistors with a PowerVia back power network, significantly reducing interconnect spacing and improving yield [74][78]. - The 18A process claims a 30% reduction in SRAM size compared to Intel's 3rd generation baseline, with performance improvements of approximately 15% at the same power consumption [76]. - The process also features a reduction in the number of front metal layers and an increase in back metal layers to support the new architecture, indicating a shift towards more efficient manufacturing [77].

Core Insights - The launch of Changxin Technology's first 12-inch DRAM wafer production line in July 2018 marked a new era for China's semiconductor storage industry [1] - Changxin Technology is initiating its A-share IPO process, signaling a new development phase for China's storage semiconductor industry [3][4] - The rapid growth of Changxin and other Chinese storage companies is reshaping the global DRAM market, challenging the dominance of established players like Samsung and SK Hynix [4][5] Industry Development - The Chinese storage semiconductor industry has shown remarkable growth over the past decade, with Changxin's DRAM production capacity expected to increase from 1.62 million wafers last year to 2.73 million this year, a 68% increase [4] - Traditional industry giants are feeling pressure from Chinese companies' aggressive pricing strategies, which are impacting their financial performance [4][5] - The competitive landscape is shifting from a "three-player" dominance to a "multi-competitor" scenario, providing consumers with more choices and competitive pricing [14][18] Company Strategy - Changxin's CEO, Zhu Yiming, emphasizes a commitment to not taking salary or bonuses until the project is profitable, reflecting a strong focus on long-term success [1][3] - The collaboration between Changxin and its partners, including Zhaoyi Innovation, showcases a successful model of integrating technology, capital, and government support [6][8] - The recent valuation of Changxin at 140 billion yuan indicates strong market confidence in its future growth and the overall potential of China's storage semiconductor industry [9] Future Outlook - Despite international sanctions and export controls, Chinese storage companies are aggressively expanding their market presence and technological capabilities [10][14] - The demand for high-performance storage products is expected to grow with the rise of AI, cloud computing, and 5G applications, presenting significant opportunities for Chinese firms [14] - The transition of Changxin and other companies to open market competition is seen as a necessary step for developing world-class competitive capabilities [17][18]

Investment Rating - The report maintains a "Buy" rating for Gigadevice Semiconductor and raises the target price to RMB149.50 from RMB140.20, implying approximately 24% upside from the current share price of RMB121.01 [5][12][36]. Core Insights - The report highlights favorable supply-demand dynamics for DDR4, which are expected to continue, benefiting Gigadevice's specialty DRAM business [3][12]. - The 3D DRAM business is progressing well and is anticipated to start generating revenue in the second half of 2025, particularly in mid-end smartphones [4][12]. - The report introduces 2027 estimates, projecting a revenue of RMB14,611 million and a net profit of RMB2,659 million [31]. Summary by Sections Investment Rating - Maintain "Buy" rating and raise target price to RMB149.50 from RMB140.20 [5][12][36]. Financial Performance - The report lowers 2025-26 EPS estimates by 2% and 1% respectively, while still being above consensus by 6% for 2025 [31][32]. - Revenue estimates for 2025-26 are raised by 22% and 28% respectively, driven by expected ASP increases due to supply constraints [33][34]. Market Dynamics - Anticipated 35% increase in specialty DRAM ASP in 2025 due to supply-demand disparity as major suppliers phase out DDR4 products [3][12]. - The total addressable market (TAM) for other DDR4 suppliers is projected to be RMB12 billion, RMB45 billion, and RMB46 billion for 2025-27 [3][12]. Growth Drivers - The 3D DRAM business is expected to be a significant growth engine, with initial revenue generation anticipated in 2H25 [4][12]. - The report emphasizes the stable relationship with CXMT, which will support Gigadevice's capacity expansion in DDR4 [3][12]. Valuation Metrics - The report estimates a net profit CAGR of 34% from 2024-27, adopting a target PE multiple of 52.3x, which is 16% below the historical average [5][36].

Core Viewpoint - Samsung Electronics and SK Hynix are accelerating the development of the next generation of 3D DRAM, specifically the vertical structure "4F² DRAM," aiming to complete and test early prototypes by the end of this year [1][2]. Group 1: Development and Technology - The 4F² DRAM architecture differs significantly from traditional planar DRAM, utilizing a vertical stacking method to overcome miniaturization limitations, which is expected to enhance performance, data transfer rates, and energy efficiency [1]. - Both companies plan to validate the commercial viability of the 4F² DRAM prototype before fully launching into 3D DRAM development, while Micron Technology is reportedly skipping the 4F² DRAM stage to directly enter 3D DRAM development [2]. - The transition to vertical design is seen as essential due to the increasing challenges of miniaturizing planar DRAM, with the latest products being based on the 10nm process node [5]. Group 2: Market Impact and Future Projections - The anticipated performance improvement of 4F² DRAM is nearly 50% compared to existing models, with mass production expected within the next three years if development proceeds as planned [5]. - The architectural shift is expected to reshape manufacturing processes, materials, and equipment requirements, with both companies collaborating with global semiconductor equipment manufacturers to develop advanced processes for 4F² DRAM production [6]. - The transition to vertical DRAM architecture is viewed as the only viable path forward, despite the significant challenges posed by the scale of structural changes in development and manufacturing processes [6].

Summary of Zhaoyi Innovation Conference Call Company Overview - Zhaoyi Innovation has become the second-largest supplier of NOR Flash globally, surpassing Macronix, benefiting from the growth in demand for AI edge wearable devices [2][11] - The company is a leading player in the Chinese A-share semiconductor industry, focusing on storage chips and microcontroller units (MCUs) [4] Core Business Segments - **Storage Chips**: The primary revenue contributor, including NOR Flash, NAND Flash, and DRAM, with a significant increase in DRAM's market share [7][11] - **MCU**: The company is expanding into high-end markets, including automotive and robotics, to optimize competition and alleviate pricing pressures [13] - **Analog Chips**: Zhaoyi Innovation is focusing on this segment through internal development and acquisitions, aiming to enhance its product lines [14][15] Financial Performance - Revenue and profit have shown steady growth since the company went public, with a notable increase during the semiconductor industry's upcycle from 2021 to 2022 [6] - Despite a downturn in 2023, the company expects a rebound in 2024 due to improved market demand and successful product launches [6][17] - Projected revenues for 2025, 2026, and 2027 are expected to be 9.3 billion, 11.5 billion, and 13.5 billion yuan, respectively, with a profit growth rate of approximately 30% over the next three years [16] Market Dynamics - The DRAM market is experiencing a supply-demand reversal, leading to price increases, which is expected to significantly boost performance in Q2 and Q3 [17] - The company is also collaborating with domestic computing chip firms to launch 3D DRAM products, which will positively impact short-term performance [17] Long-term Growth Drivers - The long-term growth is anticipated from breakthroughs in 3D DRAM applications in AI, resource allocation in the analog chip sector, and the stable development of NOR Flash amid the AI wave [3][18] - The MCU segment is expected to gain market share in high-end automotive and robotics applications, further enhancing the company's competitive position [18] Research and Development - Zhaoyi Innovation has consistently increased R&D investments to support product upgrades and new product development, which has been crucial for performance [8][9] Conclusion - The company is well-positioned to benefit from the AI edge wave across various product lines, including 3D DRAM, analog chips, MCUs, and NOR Flash, making it a strong candidate for long-term investment [19]

如果您希望可以时常见面，欢迎标星收藏哦~ 车 善 镕 还 指 出 ， 除 了 4F 平 方 VG 外 ， 3D DRAM 也 是 下 一 代 DRAM 技 术 的 核 心 方 向 之 一 。 3D DRAM是将存储单元垂直堆叠的技术。尽管业界普遍认为其制造成本可能会随着堆叠层数增加而 上升，但SK海力士计划通过技术创新来克服成本问题，进一步巩固其竞争力。 此外，SK海力士还透露，正在对关键材料和DRAM构成元件进行技术升级，以获取新的增长动 能，并为未来30年DRAM技术的持续演进打下基础。 车善镕总结道："2010年前后，业界普遍认为DRAM技术将止步于20纳米，但通过不断的技术创 新，我们走到了今天。"他强调："我们将为参与未来DRAM研发的年轻工程师们提供中长期的技 术创新路线图，并与整个产业合作，共同将DRAM的未来变为现实。" 另据介绍，在本次大会最后一天（6月12日），SK海力士负责下一代DRAM TF的副总裁朴柱东将 作为演讲嘉宾，公开采用VG结构与晶圆键合（Wafer Bonding）技术验证DRAM电性表现的最新 研究成果。 来源：内容 编译自 ZDNET 。 SK海力士在日本京都于6月8日 ...

Group 1: Macro Economic Outlook - The global economy is undergoing a restructuring of the monetary system, driven by changes in trust due to shifts in international relations, leading to a gradual "de-dollarization" process [3] - The long-term bull market for gold is expected to continue, as the decline in trust among countries is unlikely to change, indicating a historical shift [3] - In the short to medium term, the U.S. dollar may face further credit decline risks, with potential upward pressure on U.S. Treasury yields and inflation expectations [3] Group 2: U.S. Tax Policy Risks - The new U.S. tax reduction plan presents three main risks: financing risk due to inappropriate U.S. debt supply pressure, economic risk from unfair income distribution effects, and trust risk related to unfriendly international tax policies [6] Group 3: Trade Relations and Asset Prices - Historical analysis shows that asset prices are significantly influenced by trade relations, with market sensitivity to negative signals being higher than to positive ones [7] - The performance of different asset classes varies, with stocks and currencies being more sensitive to trade signals compared to the bond market [7] Group 4: Convertible Bonds Market - The convertible bond market is expected to enter a bull market due to supply-demand mismatches, with low interest rates driving demand for attractive assets [9] - The risk of credit shocks in the convertible bond market is considered manageable, with strong support for the current convertible bond pricing [10] Group 5: IPO Market Strategy - The IPO market is set for high-quality development, with regulatory support for technology-driven companies and a steady increase in the number of IPOs expected in 2025 [16][17] - The anticipated issuance of 80 to 140 new stocks in 2025 is expected to raise approximately 94 billion yuan, with a projected average first-day increase of 150% for the Sci-Tech Innovation Board [17] Group 6: Express Delivery Industry - The express delivery industry is facing intensified price competition, but healthy competition is expected to prevail, with market share likely concentrating among leading companies [18] - The resilience of leading e-commerce delivery companies is noted, with their performance remaining stable amid competitive pressures [18] Group 7: 3D DRAM Technology - The transition from 2D to 3D DRAM architecture is highlighted as a long-term trend, with significant implications for AI applications and hardware development [20] Group 8: Textile and Apparel Industry - The textile and apparel industry is expected to benefit from high-end segments and e-commerce trends, with a focus on brands that adapt to new market dynamics [22][23] Group 9: Yellow Wine Industry - The yellow wine industry is undergoing structural upgrades, with leading companies focusing on high-end product development and targeting younger consumer demographics [25]

Group 1: Convertible Bond Market - The core issue in the convertible bond market is the credit shock risk, which is deemed controllable despite a significant number of downgrades in 2024 due to a prolonged decline in the equity market [1][2] - In June 2024, 64 convertible bonds were downgraded, with a peak of 40 downgrades in June alone, compared to 25 and 26 in June 2022 and 2023 respectively, indicating a growing concern among investors [1][2] - The underlying reasons for the decline in convertible bonds include stricter delisting rules, exposure to credit risks, weakened expectations for underlying stocks, and a large number of bonds approaching their redemption period [1][2][3] Group 2: Industry Analysis - The aviation sector is expected to see improved profitability in Q2 2025, driven by high passenger traffic and rising ticket prices, despite a 17% drop in domestic aviation fuel prices [5][6] - OPEC+ is anticipated to accelerate production, which will enhance oil transportation demand and stabilize freight rates, with VLCC TCE rates remaining above $40,000 [6][7] - The highway sector is experiencing steady growth, with a 3.9% increase in personnel flow and a 5.4% increase in freight volume in Q1 2025, supported by policy optimizations and legislative changes [6][7] Group 3: Military Industry - The military sector is witnessing a decline, with China's first aircraft carrier undergoing sea trials and increased attention on the J-10CE fighter jet, which has gained international interest due to its cost-effectiveness [9][10] - The U.S. is investing significantly in missile defense systems, indicating a shift in defense strategies towards the Indo-Pacific region, which may lead to increased military spending [10][11] - The long-term outlook for the military industry remains positive due to escalating geopolitical tensions and the need for advanced military capabilities [11] Group 4: Southeast Asia Economic Trends - Southeast Asian economies are showing resilience, particularly in consumer sectors, with countries like Vietnam and Malaysia actively increasing exports, especially to the U.S. [13][14] - Stock markets in Southeast Asia have largely recovered from tariff impacts, with Vietnam and Indonesia performing better than Malaysia and Thailand [13][14] - There is a growing focus on semiconductor development in Southeast Asia, with countries enhancing support for this sector amid ongoing trade negotiations with the U.S. [13][14]

Core Viewpoint - The long-term proposition of DRAM is transitioning from 2D to 3D architecture, with NPU as a co-processor likely to be the next trend in edge technology when combined with 3D DRAM [1][2][4]. Industry Insights and Investment Recommendations - The integration of NPU as a co-processor with 3D DRAM is expected to be a significant trend in edge technology, leading to an "overweight" rating for the industry [2]. - Current advancements in DRAM technology face challenges as the process node has reached 10nm, making it increasingly difficult to achieve stable charge storage and read/write operations in smaller spaces [3]. - The hybrid bonding method improves stacking height limitations and is seen as the future technical path for 3D DRAM, allowing for more stacked layers and better thermal management compared to existing Micro bump technology [3]. AI Application and Memory Bandwidth - AI applications are diversifying rather than conforming to a unified model, with hardware developments paving the way for new technologies that support AI's ubiquitous and always-on capabilities [4]. - The primary bottleneck for AI edge inference speed is memory bandwidth rather than computational power, with 3D DRAM addressing memory limitations effectively [5]. - For instance, Qualcomm's Snapdragon 8 GEN 3 has a computational capability of approximately 45 TOPs and a memory bandwidth of about 67 GB/s, highlighting the significant impact of memory bandwidth on performance [5].