据智通财经消息，近日，台积电拟持续加大对先进封装技术的投资，其计划升级龙潭AP3工厂现有的 InFO设备，同时在嘉义AP7工厂新建一条WMCM生产线。到2026年底，台积电WMCM产能将达到每月 约6万片晶圆，并有望在2027年翻一番，达到每月12万片。2026年台积电资本开支指引为520-560亿美 元，其中明确将10-20%用于先进封装、测试及掩膜版制造等领域，较此前约10%的比例显著上修，反映 了公司对先进封装战略地位的极度重视，预计其先进封装收入贡献将从2025年的约8%提升至2026年的 10%以上，未来五年增速将高于公司整体水平。 具体来看，台积电本次新建的WMCM（晶圆级芯片模组）作为面向高端AI芯片的先进封装技术，是继 CoWoS之后进一步提升芯片集成度和性能的核心路径，其产能的快速扩张旨在解决当前先进封装产能 供不应求的瓶颈，满足下一代AI训练/推理芯片对更大带宽、更高存储容量和更优散热性能的需求。 据报道，苹果公司Apple Intelligence与谷歌Gemini深度结合，计划为iPhone 18搭载的A20系列芯片过渡 到2nm工艺，同时将该芯片的封装技术从目前的InFO（集成扇出型 ...

Group 1 - The Zhejiang Anji Power Plant has officially commenced full-capacity operation, being the largest and most efficient gas power plant in China, with a total installed capacity of 1686 MW and a design efficiency of 64.15%, providing stable support for winter electricity peaks in East China [2] - The Zhishen Star II large reusable launch vehicle has successfully completed a full system hot test of its main engine (CQ-90), with a basic model takeoff mass of approximately 757 tons and a LEO payload capacity of 20 tons, while the CBC configuration has a takeoff mass of about 1950 tons and a LEO payload capacity of 58 tons [2] - TSMC is increasing its investment in advanced packaging technology as Apple plans to transition its A20 series chips for the iPhone 18 to a 2nm process and upgrade packaging technology from InFO to WMCM, with a new WMCM production line being established at TSMC's Chiayi AP7 factory [2] - The first serial high-energy hydrogen ion implanter (POWER-750H) developed by China National Nuclear Corporation has successfully emitted a beam, achieving core indicators at an internationally advanced level [2]

第三项是支持民营企业债券风险分担机制。这也是一项新政策。中央财政专门安排风险分担资金，与央行现有政策协同，为民营企业和私募股权投资机构发 行债券提供增信支持，代偿投资人部分损失。 【钛媒体综合】今年的首场国务院常务会议研究推出财政金融促内需一揽子政策，社会上高度关注。1月20日，财政部副部长廖岷在国新办新闻发布会上介 绍了一揽子政策的要点内容，概括为"一个目标""两个重点""三个原则"和"六项政策"。截至目前，这些政策已经陆续发布。 第一项是中小微企业贷款贴息政策。这是支持中小微民营企业发展的一项新政策。主要是对相关领域企业贷款予以贴息，重点包括新能源汽车、工业机器 人、医疗装备、移动通讯设备等14个重点产业链及上下游产业，以及科技、物流、信息和软件等生产性服务领域，还有农林牧副渔等领域。贴息为贷款总额 的1.5个百分点，最长贴息期2年，可享受贴息政策的单户贷款额度上限是5000万元。 第二项是民间投资专项担保计划。这项新政策主要是为中小微民营企业贷款提供担保，符合条件的中小微民营企业，因为生产场景的拓展、改造、升级，以 及改扩建厂房、店面装修等生产经营活动需要的中长期贷款，均可获得支持。单家企业可享受担保的 ...

Core Insights - TSMC is actively expanding its advanced packaging capacity to secure orders for Apple's next-generation smartphone chips, particularly the A20 series for the upcoming iPhone 18, which will utilize 2nm process technology [1][2] - The transition from InFO to WMCM packaging technology is expected to enhance interconnect density, yield, and thermal management capabilities, addressing future demands for edge AI computing [2] - TSMC's aggressive capacity expansion includes upgrading existing InFO equipment and establishing a new WMCM production line at its AP7 facility in Chiayi, Taiwan, with plans to double monthly capacity from 60,000 wafers by the end of 2026 to over 120,000 by 2027 [3] Capacity Expansion and Production Line Adjustments - TSMC is implementing a dual-track capacity expansion strategy, upgrading existing InFO equipment while building a new WMCM production line [3] - The company is also reconfiguring mature process capacity to support advanced packaging, with potential transformations of its Fab 18 P9 into an advanced packaging facility and expanding 40nm and 65nm capacities at Fab 14 for critical components [3] - Testing requirements for 2nm chips are increasing, with TSMC actively procuring hundreds of final test and system-level test machines to meet the growing demand [3] Demand Drivers from Apple's Product Line - The expansion of TSMC's capacity is driven not only by the iPhone but also by Apple's plans to implement 2nm technology across its product lines, including MacBook M series chips and R2 chips for head-mounted devices [4] - The collaboration between Apple and Google to enter the AI space is expected to further increase demand for high-performance chips and advanced packaging solutions [4] - Despite concerns over potential price increases for 2nm chips and memory, the competition for AI computing power from cloud to edge has established a growth logic for TSMC and the semiconductor ecosystem [4]

Group 1 - Yu Minhong has selected a successor for Dongfang Zhenxuan, with Sun Jin, the vice president of New Oriental Education Technology Group, expected to take over as CEO [3] - ZTE has received several collaboration invitations from major AI model manufacturers, indicating a potential expansion of its AI ecosystem beyond its partnership with ByteDance [5] - Li Auto is merging its first and second product lines following the departure of Zhang Xiao, who is reportedly leaving to pursue entrepreneurial ventures [5] Group 2 - Nvidia plans to deliver its H200 AI chips to Chinese customers before the Lunar New Year, with an estimated shipment of 5,000 to 10,000 chip modules [5] - Mercedes-Benz has officially acquired a stake in Qianli Technology, potentially appointing a board member to enhance collaboration in AI and smart driving technologies [7] - Bilibili has denied rumors of a shift to a fully paid viewing model, leading to the arrest of individuals spreading false information [7] Group 3 - The BMW electric M3 is undergoing road testing, expected to feature 700 horsepower and a four-motor drive system [15] - ByteDance has launched a formal mathematical reasoning model, Seed Prover 1.5, achieving a score that meets gold medal standards in international mathematics competitions [17] - Alibaba has upgraded its voice model Qwen3-TTS, allowing for advanced voice design and imitation capabilities [20] Group 4 - Tesla's new car registrations in Europe have dropped by 28% year-on-year, with a significant decline in the EU market [21] - The number of new AI applications launched in China in the second half of the year reached 205, with a notable focus on in-app AI features [21] - Global smartwatch shipments are projected to grow by 7% by the end of 2025, led by brands like Huawei and Apple [21]

Core Insights - The ongoing global DRAM supply chain shortage is significantly testing Apple's cost control capabilities, with the price of 12GB LPDDR5X memory chips for the iPhone 17 Pro series soaring from $25-29 in early 2025 to over $70, representing a 230% increase [1][3] Group 1: Price Surge and Supply Chain Challenges - The price of 12GB LPDDR5X memory for the iPhone 17 Pro has increased by over 230%, from initial contracts of $25-29 to current prices exceeding $70 [3][5] - Apple is reportedly preparing various measures to address the recent surge in memory prices, having secured a significant amount of supply in advance compared to major manufacturers [2][4] Group 2: Contract Expiry and Future Implications - Apple faces potential risks from expiring supply chain contracts, with long-term DRAM supply agreements with major suppliers Samsung and SK Hynix set to end in January 2026 [5] - Samsung currently accounts for approximately 60% to 70% of Apple's DRAM chip shipments, making it challenging for Apple to find alternative suppliers in the short term [5] Group 3: Impact on Future Products - The cost crisis is particularly concerning for the upcoming iPhone 18 series, which is expected to enter mass production in February 2026 and will utilize advanced "six-channel LPDDR5X memory" to enhance bandwidth and AI performance [5][6] - If chip procurement costs remain high at $70, Apple may be forced to increase the prices of new devices to offset costs, making effective response strategies a priority [5][6] Group 4: Strategic Responses and Industry Outlook - Apple plans to reduce reliance on external suppliers by using its self-developed A20 series chips and C2 5G modems in flagship models, which could help mitigate some of the financial impact from rising memory chip prices [6] - The DRAM shortage is expected to persist until the fourth quarter of 2027, potentially affecting Android manufacturers more severely, as they may have to compromise on memory specifications or reintroduce lower-memory models [6]

2025年12月15日，多方可靠信息显示，苹果计划于明年9月推出首款可折叠形态的iPhone，该机型将与 iPhone 18 Pro系列一同亮相。据业内人士透露，这款设备目前采用"阔折叠"设计，屏幕比例接近华为 Pura X的方案，旨在兼顾展开体验与握持便携性。 影像系统方面，新机配备后置大底双摄模组，主摄像头 为4800万像素，支持传感器位移式光学防抖，保障成像 稳定性与画质表现。生物识别方案迎来重大调整，取消 沿用多年的Face ID，转而采用侧边电源键集成Touch ID 的设计，类似于当前iPad的指纹识别方案，此举有助于 节省机身内部空间，也是iPhone产品线多年后重新引入 指纹识别功能。 硬件配置上，该机型将搭载A20系列芯片，匹配 LPDDR5X内存与UFS 4.0闪存，整体性能水平与同期Pro 系列iPhone相当。通信方面，采用苹果第二代自研C2基 带，仅支持eSIM网络连接，不再设置物理SIM卡槽。 价格定位较高，预计在美国市场的起售价为1800至2500 在屏幕配置方面，新机将配备内外双屏。外屏尺寸为5.5英寸，分辨率达到2088×1422，像素密度为 460PPI，采用超小开孔的HI ...

Core Insights - The highly anticipated first foldable iPhone will feature the flagship A20 Pro chip [1] - The A20 series will continue Apple's dual-track strategy, with the standard iPhone 18 using the standard A20 chip, while the Pro series and the foldable model will utilize the A20 Pro [4] - There is no mention of the expected iPhone Air 2 in the leaked information, but it is anticipated that it will upgrade to the A20 Pro chip, completing the flagship product matrix [4] - Due to the cost pressures from the 2nm process and investments in foldable screen development, analysts predict a new round of price increases for next year's iPhone series [4]

Core Viewpoint - Apple's upcoming M5 chip for high-end MacBook Pro will feature a new Liquid Molded Plastic (LMC) supplied exclusively by Taiwan's Changxin Materials, which is expected to enhance performance and efficiency in the coming years [2][3]. Group 1: Chip Technology and Performance - The M5 chip will not fully utilize CoWoS technology initially, but the adoption of compatible materials is a strategic move for future iterations [3]. - LMC will provide advantages such as structural integrity, better heat dissipation, and higher manufacturing efficiency, contributing to stable performance and increased efficiency [3]. - Future M6 or M7 chips may fully adopt CoWoS or even CoPoS packaging technologies, allowing for larger and more complex processors capable of handling demanding workloads [3][4]. Group 2: Supply Chain and Procurement Strategy - Changxin Materials has outperformed Japanese suppliers Namics and Nagase to secure the contract, indicating a shift in Apple's procurement strategy towards greater reliance on Taiwanese suppliers [3]. - This change grants Apple more flexibility in control and R&D collaboration within advanced chip materials [3]. Group 3: Future Developments and Cost Considerations - Apple is exploring other packaging technologies to enhance chip performance and reduce costs, with the A20 series chips expected to transition from InFO to multi-chip module packaging (WMCM) by 2026 [6][7]. - WMCM will utilize Molding Underfill (MUF) technology, which integrates bottom filling and molding processes to reduce material consumption and improve yield and efficiency [7]. - Apple is also considering System on Integrated Chips (SoIC) technology for the M5 series, allowing for high-density connections between stacked chips to reduce latency and enhance performance [8].