交易员们正努力权衡哪些芯片制造商依赖于消费者升级换代周期，哪些依赖于企业支出。高通公司将 于2月初发布财报，这是下一个关键日期，通常情况下，当股价接近近期高点时，市场预期也会上 升。 瑞穗证券周一发布的一份市场报告指出，该公司面临"手机业务逆风"，并警告称，由于苹果公司正在 自主研发调制解调器技术，其市场份额可能出现下滑。苹果股价下跌的风险由来已久，但每当相关预 测出现时，都会引发抛售。 不利因素显而易见：手机市场依然疲软，最大的客户继续将更多工作转移到公司内部。"对于高通而 言，我们认为其对市场领导者苹果公司依赖程度的降低，仍将是2026年及以后业绩增长的主要阻 力，"瑞穗证券分析师Vijay Rakesh表示，据《巴伦周刊》报道。 2023年，苹果与高通达成协议，高通将至少在2026年之前为其提供5G芯片。不过，投资者们仍在为 苹果逐步实现5G技术自主化做好准备。解释高通在苹果的份额将归零。 现在，随着存储芯片涨价，PC和智能手机销售受到影响，高通也遭受新挑战，不过他们还是发布了 PC芯片。然而从最新数据看来，似乎还是不敌苹果。 公众号记得加星标⭐️，第一时间看推送不会错过。 高通公司股价周一下跌4.8% ...

模型蒸馏与分层存储技术 新基讯自主研发 5G 芯片提供低时延、广覆盖连接，搭配本地化推理框架与云端大模型接入能力， 以及小容量专用存储器，通过模型蒸馏与分层存储技术，仅保留核心推理参数，发挥OpenCPU的 优势，满足端侧需具备独立高效算力的需求，实现毫秒级本地推理。这一设计精准响应行业趋势： AI上半场是训练，GPU 主导；下半场是推理，定制化ASIC芯片为王。消费级AI的市场需求 已从 "极致算力" 转向 "性价比、能耗比、场景适配" 的综合能力。 新基讯科技有限公司（"新基讯"）依托自主研发具备端侧AI能力的5G通信芯片，攻克端侧交互痛 点，满足"AI更便宜、更可靠、易部署、随时随处可用" 的核心要求， 在2026年美国拉斯维加斯全 球消费电子展（CES）上， 做为芯片平台产品供货商携客户推出了消费级AI产品，让消费级AI实 现 "本地高效推理 + 全域高速连接" 的无缝融合，成为中国智造把握推理时代机遇的标杆。 无线通信芯片公司具有"高速连接、存算协同、极低延迟、极低功耗、极低成本的内生DNA"，使 其在消费级AI芯片开发上具有独特优势，这从大型人工智能公司Meta、Google、ByteDance、 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 据报道，随着全球制造商寻求将供应链从中国多元化，越南正在重塑其半导体战略，从低成本组装 和测试转向更高价值的芯片设计和先进封装。 Vingroup（胡志明市证券交易所代码：VIC）旗下投资机构VinVentures发布的《2025年越南科技 与风险投资展望》报告预测，越南半导体市场规模将在2025年达到101.6亿美元。这一转变反映了 东南亚经济体在日益加剧的地缘政治和供应链风险背景下，为在全球芯片产业中获取更多价值而做 出的更广泛努力。 越南历来扮演后端中心的角色，但目前正在进行一场结构性的"上游转型"。工业巨头和本土龙头企 业正引领着这场转型。英伟达和FPT投资2亿美元兴建了一家人工智能芯片工厂，而英特尔、安 靠、韩亚美光和三星等企业也在持续扩大基板生产和先进封装设施的规模。 在国内，Viettel和FPT Semiconductor等公司正积极进军5G和电源管理芯片设计领域。这一发展 得益于越南长达20年的人才培养体系，该体系已培养了6000多名设计工程师，使越南在区域内拥 有规模优势。 尽管发展势头强劲，但业内专家警告称，"芯片架构师"（即定义系统架构并做出关 ...

12月23日，美国贸易代表办公室正式宣布将自2027年6月23日起对中国半导体产品加征关税。具体税率 将至少提前一个月公布，而当前这些产品的关税率为零。 白宫声称中国的半导体产业政策"不合理"且对美国商业造成"负担或限制"，这一调查最初由拜登政府发 起。 美国对华半导体关税的时间线 自2019年以来，美国对中国半导体产业的施压呈现出层层加码、多管齐下的态势。这场科技博弈的开 端，可以追溯到2019年，当时美国将华为等中国企业列入"实体清单"，旨在切断其获取先进5G芯片的 供应链。 进入2022年，美国通过了具有里程碑意义的《芯片与科学法案》，以总计527亿美元的巨额补贴，引导 全球半导体产业链向美国本土或盟友区域转移，其战略意图非常清晰。到了2024年，制裁的焦点进一步 收紧，直接瞄准了人工智能芯片及相关的先进制造工具对华出口。 最近的动作则更为密集：2025年9月，美国商务部将23家涉及芯片业务的中国实体新增至出口管制清 单；紧接着在同年12月，美国贸易代表办公室（USTR）正式宣布，将于2027年6月起对所有来自中国 的半导体产品加征关税。这一系列举措勾勒出一条清晰的轨迹——从针对特定企业，到重塑全球产业 ...

1.一周融资概述 本周上海共发生11起融资，张江有2起，临港有1起。 2.融资企业动态 11月17日，风领新能源185米依兰项目顺利吊装完成； 11月27日，智世机器人授权新松科技为官方系统合作伙伴； 12月1日，酷聚科技在2025科创大会上斩获"未来产业超能奖"； 12月4日，积塔半导体荣膺"行家极光奖"2025年度全球SiC晶圆制造服务影响力企业。 3.热点行业聚焦 12月13日，2025全球开发者先锋大会暨国际具身智能技能大赛在张江科学堂开幕。 从行业分布来看，本周上海融资共涉及8个行业，机器人、集成电路和先进制造最多，各有2起，其余行业各发生1起。 01 融资综述 加冕研究院据张通社Link数据库统计，12月8日–12月14日，上海企业共发生11起融资事件，其中有5起披露了融资金额，合计金额约3.29亿元。本期较上 期（22起）少11起融资事件。 从行政区域分布来看，本周上海共有5个区发生融资事件。浦东新区融资事件数量最多，有5起，其次是徐汇区，有3起。 从融资轮次来看，本周上海融资A轮最多，有4起；其次是天使轮，有3起。 热门融资速览 风领新能源完成超两亿元A轮融资 12月12日，风领新能源完成超两 ...

Group 1 - TSMC will not use manufacturing equipment from mainland China in its latest 2nm chip production line to avoid angering the US [1] - The decision is influenced by potential US regulations, particularly the "Chip Equipment Act" proposed by US lawmakers, which aims to prohibit companies receiving federal funding from purchasing equipment from "concerned foreign entities," likely including mainland Chinese suppliers [1][2] - TSMC plans to reduce its reliance on mainland Chinese suppliers for chip materials and chemicals in its Taiwan and US operations while deepening cooperation with local suppliers in mainland China to align with local policies [1] Group 2 - TSMC's earlier advanced chip production lines had utilized some equipment from mainland China, but the company aimed to replace this equipment to mitigate regulatory risks as it shifts production to Arizona [2] - The transition to new equipment may lead to increased costs and quality pressures, including higher direct investments, potential supply chain instability, and fluctuations in yield rates affecting chip performance [2] - Mainland Chinese equipment manufacturers may face short-term revenue pressure due to the loss of TSMC orders, but this could drive them to increase R&D investments and develop a more self-sufficient industry ecosystem in the long run [2] Group 3 - Leading mainland Chinese chip manufacturers are increasing the use of domestic equipment and have made significant progress in certain market segments [3] - Companies like Huawei and Unisoc have improved their AI and 5G chip performance, while SMIC is enhancing its mature process and advancing in cutting-edge technology [3] - China Mobile has built the world's largest 400G all-optical inter-provincial backbone network, accelerating the development of high-speed data networks [3]

Core Viewpoint - The Chinese chip industry has not only survived the sanctions imposed by the U.S. but has thrived, particularly in the mature chip sector, positioning itself as a global leader in this market. Group 1: Impact of U.S. Sanctions - In 2019, the U.S. placed hundreds of Chinese chip companies, including Huawei and Yangtze Memory Technologies, on an "entity list," prohibiting them from purchasing American technology [3] - Despite the restrictions on EDA software, photolithography machines, and advanced process foundries, Chinese chip companies adopted a "fight to the end" mentality, leading to significant advancements during a period of apparent dormancy [3][9] Group 2: Growth in Chip Production - After failing to procure ASML's EUV photolithography machines, China invested 150 billion yuan in new wafer fabs across major cities, resulting in a monthly production capacity increase of 350,000 wafers for mature chips [4] - China has achieved a global leading position in mature process capacity (28nm and above), with projections indicating a 43% market share by 2027 [6] Group 3: Technological Advancements - Chinese companies have made significant strides in chip design software, with firms like Huada Jiutian and Gekun Electronics successfully developing designs for 14nm and above [10] - In chip manufacturing equipment, Shanghai Micro Electronics and Zhongwei have achieved mass production of 28nm photolithography machines and successfully integrated 5nm etching machines into TSMC's supply chain [10] Group 4: Market Dynamics and Competition - The return of Huawei's Kirin chips has pressured Qualcomm, resulting in a loss of approximately 40 million chips sold in China, translating to hundreds of billions in economic losses for Qualcomm [10] - Yangtze Memory Technologies has captured an 8.1% global market share in NAND flash memory, forcing competitors like Samsung and Micron to reduce prices by 50% [10] - Chinese companies like BYD and Unisoc have significantly impacted the automotive chip market, leading to a 60% profit drop for Infineon and NXP [10] Group 5: Export Growth - China's chip export value has surged from 437.2 billion yuan in 2014 to 1.14 trillion yuan in 2024, marking a significant increase and breaking the 1 trillion yuan barrier for the first time [11] - The U.S. strategy to restrict high-end chips has inadvertently allowed China to dominate the mature chip market, with global analysts noting that U.S. sanctions have only strengthened China's position [11]

Group 1 - The core viewpoint of the articles highlights Shanghai's significant advancements in the semiconductor industry, emphasizing its strategic importance and growth potential [1][2][3] - Shanghai's integrated circuit industry scale surpassed 390 billion yuan in 2024, accounting for approximately 25% of the national total, with a year-on-year growth of 20% in the first half of the year [1] - The city has over 1,200 semiconductor enterprises and gathers about 40% of the nation's specialized talent, positioning itself as a global leader in the semiconductor sector [1] Group 2 - Shanghai has established a 100 billion yuan leading industry fund to invest in integrated circuits and other key industries, supporting mergers and acquisitions to strengthen the industry [2] - The city has formed various innovation centers, including EDA and RISC-V, to enhance research and development across multiple sectors, including automotive electronics [2] - Future initiatives will focus on accelerating industrial innovation, optimizing industrial layout, and improving the business environment through enhanced support for talent and international cooperation [3]

Core Viewpoint - Unisoc (Shanghai) Technology Co., Ltd. has initiated the process for its initial public offering (IPO) on the Sci-Tech Innovation Board, potentially becoming the first domestic smartphone chip company to go public [1] Company Overview - Established on August 26, 2013, Unisoc is a leading player in China's integrated circuit design industry, mastering communication technologies across 2G to 6G, Wi-Fi, Bluetooth, and satellite communication [2] - Unisoc is one of only six global manufacturers with complete baseband chip technology for 2G, 3G, 4G, and 5G, alongside Qualcomm, MediaTek, Spreadtrum, Huawei, Samsung, and Apple [2][3] - The company offers a range of chip solutions, including high-performance processors, RF chips, power management, audio processing, and multimedia chips [3] Financial Performance - Unisoc's revenue grew by 78% in 2021 to 11.7 billion yuan, followed by a 20% increase in 2022 to 14 billion yuan. However, revenue declined to 13 billion yuan in 2023 [3] - Projected revenue for 2024 is 14.5 billion yuan, representing an approximate 11% growth, with chip shipments expected to exceed 1.6 billion units [3] - The company reported an 82% year-on-year increase in 5G chip sales, with over 100 smart terminal models equipped with Unisoc's 5G chips entering markets in Europe, Latin America, Southeast Asia, and South Asia [3] Market Position - According to Counterpoint Research, Unisoc holds a 10% market share in the global smartphone AP-SoC market, ranking fourth behind MediaTek (36%), Qualcomm (28%), and Apple (17%) [3] Recent Developments - In June 2024, Unisoc's board approved a new round of equity financing exceeding 4 billion yuan, with participation from various state-owned platforms and financial institutions [4] - The company completed its equity financing process in September 2024, with all funds received [4] - In March 2024, Unisoc underwent a shareholding reform, changing its name to Unisoc (Shanghai) Technology Co., Ltd. [4]

Core Viewpoint - Major US semiconductor companies, including Micron, Qualcomm, and Texas Instruments, are seeking relief from anticipated semiconductor import tariffs through comments submitted to the US Department of Commerce, highlighting the complexity of the semiconductor supply chain and the potential negative impact of poorly designed tariffs on US interests [1][2][3]. Group 1: Micron Technology's Position - Micron emphasizes its role as the only large-scale memory component manufacturer in the US and plans to invest $140 billion over the next 20 years to support US national and economic security [5][9]. - The company argues that tariffs on semiconductor manufacturing equipment (SME) could disadvantage US manufacturers by increasing costs and harming competitiveness [17][19]. - Micron's investment is expected to create 80,000 jobs and contribute $1.4 trillion to the US economy over 20 years, while also addressing national security risks associated with memory chip production concentrated in Asia [12][14]. Group 2: Qualcomm's Position - Qualcomm highlights its leadership in semiconductor design and its critical role in 5G and 6G technology, advocating for reduced regulatory burdens to facilitate expansion and investment in the US [28][30]. - The company stresses the importance of maintaining a strong domestic supply chain to support its operations and the broader semiconductor industry, while also emphasizing the need for government policies that stimulate domestic demand for semiconductors [29][39]. - Qualcomm warns that tariffs could jeopardize its global market access and the US's position as a technology leader, urging careful consideration of the implications of any tariff actions [38][40]. Group 3: Industry Implications - The semiconductor industry is characterized by a complex, interdependent global supply chain, where even minor disruptions can lead to significant competitive disadvantages for US companies [39]. - The industry is facing challenges related to high manufacturing costs in the US compared to Asia, necessitating supportive government policies to enhance competitiveness and attract investment [13][24]. - The need for a coordinated trade policy that supports US semiconductor manufacturing growth is critical, as tariffs could inadvertently harm domestic manufacturers and hinder the goal of increasing US semiconductor production [16][22].