August 25, 2025 03:26 PM GMT Asia Technology | Asia Pacific HBM – Avoiding the Commodity Trap The HBM market is set for a new wave of intense competition and content increasingly shifting to advanced logic, benefitting leading-edge foundries. For stocks, relative performance comes down to what are profits going to do in 2026 and where HBM lands on sustainable margin. HBM – A victim of its own success: HBM manufacturing is no longer heavily concentrated at one company and supply conditions have changed drama ...

May 2, 202 A Server Cost Anaysis Memory s The Biggest Loser //Micron $MU ooks very weak in A minutes 10 comments By and Dyan Pate Gerad Wong Micron $MU ooks very weak in A The rush to buid out datacenters for A training and inference has caused the markets to go crazy. For exampe, Credo () is up 27% in the ast week, but they don't benefit much. n the past, we excusivey expained how they . They aso in the AEC and ACC space. Vicor () is up 0%. Over a year ago, . Whie Vicor has attempted to be designed back in ...

In this report, we try to address the FAQs from investors on the HBM industry in recent weeks: 2026 pricing, base logic die specs and design ownership changes, and the recent CSP capex hike implications to HBM S/D. We maintain our pecking order in the Asian memory space: SKH > SEC > NYT. Technology - Semiconductors Jay Kwon AC (82-2) 758-5725 jay.h.kwon@jpmorgan.com J.P. Morgan Securities (Far East) Limited, Seoul Branch Sangsik Lee J P M O R G A N Asia Pacific Equity Research 20 August 2025 Memory Market U ...

智通财经APP获悉，长城证券发布研报称，AI大算力浪湖催生新动能，芯片国产替代坚定推进，重点关 注AI产业链相关公司及"龙头低估"&"困境反转"企业。国产AI存力产业链方面，供给端减产及AI相关需 求强劲，推动存储价格继续上涨，TrendForce预计25Q3 DRAM合约价环比提升5%~10%，NAND合约价 环比提升5%~10%。同时，国内云计算与互联网厂商资本开支增长，国产替代趋势不改。 HBM供需研判：测算2025-2026年HBM S/D Ratio将分别达45%/27%，供需差距缺口有望进一步缩小。 HBM价格研判：预计25年/26年HBM ASP将达1.76/1.84美元/Gb，高端产品迭代助推未来价格上行 五、HBM未来演进：HBM4 16Hi或26年落地，散热/键合等技术升级适配未来需求 拆解HBM需求：CSP(云服务提供商)资本开支加码，AI服务器量增&HBM配置升级，共推需求高增。 HBM市场爆发：AI服务器拉动下，AI服务器拉动下，预计25年/26年HBM总位元需求量同比增速分别达 +89%/+67%。HBM下游应用场景：25年AI服务器出货占比将升至15%以上，未来两年AI服务器出货 ...

Semiconductor Industry Research Summary Industry Overview - The semiconductor industry is driven by Moore's Law, which states that the number of components on integrated circuits doubles approximately every 18 to 24 months, leading to reduced costs and expanded application scenarios, including IoT and brain-machine interfaces [1][6] - The global semiconductor market is expected to exceed $1 trillion by 2030, with integrated circuits being the main driver, accounting for 80% of the market, and digital chips making up 80% of integrated circuits [1][15] Key Points on Semiconductor Chips - Semiconductor chips are categorized into five functional types: information acquisition, transmission, processing, storage, and output [1][7] - Integrated circuits represent 80% of the semiconductor industry's value, with digital chips resembling the human brain, responsible for logic and information storage [1][8] - Digital chips include various types such as CPU, MCU, FPGA, GPU, DRAM/Flash, and ASIC/SoC, while analog chips manage signal chains and power distribution [1][10][12] Market Dynamics - The semiconductor market is primarily driven by consumer electronics, which account for 60%-70% of downstream applications, with mobile phones representing about 30% [1][16] - AI development is rapidly changing the market landscape, with NVIDIA's data center revenue nearing 25% of the semiconductor market, and AI-related semiconductors approaching 30% [1][16] Manufacturing and Design Processes - Semiconductor manufacturing involves design, fabrication, and testing, with critical processes including photolithography, etching, deposition, and ion implantation [1][4][17] - The semiconductor industry operates in a triangular structure, with product layers at the bottom, manufacturing layers vertically, and equipment and materials on the sides [1][20] Financial Aspects and Valuation - Chip design companies generate revenue based on sales volume multiplied by unit price, while wafer manufacturers rely on capacity, utilization rates, and pricing [1][22][23] - Valuation methods differ across semiconductor sectors, with design companies typically evaluated on PE ratios based on growth expectations, while wafer and testing companies are often assessed using PB ratios [1][26] Innovation and Growth Opportunities - Innovation cycles are crucial in the semiconductor industry, as they drive value growth across various applications, particularly in AI [1][28] - Identifying high-quality semiconductor companies involves analyzing end-user growth rates and changes in chip value, particularly in emerging sectors like electric vehicles and photovoltaics [1][29] Investment Considerations - Key investment points in the semiconductor industry include innovation, new directions, and understanding the flow from downstream to terminal products and from manufacturing to testing [1][30] - The semiconductor industry is characterized by cycles, including long-term innovation cycles, capacity expansion cycles, and short-term inventory cycles, which are influenced by product launches and market demand [1][32][33] Domestic and International Trends - The trend towards domestic production in the semiconductor industry is progressing, with many segments achieving initial domestic production and beginning to internationalize [1][34]

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The HBM market is projected to reach $46 billion by 2026, accounting for 35% of the DRAM market, with a CAGR of 33% from 2024 to 2030 [3][25] - AI-driven demand is significantly increasing, with the average storage capacity per AI server expected to double or quadruple, leading to exponential growth in total storage demand [3][12] - Major semiconductor manufacturers are ramping up HBM production, with capital expenditures for 2025 expected to exceed initial plans [3][12] Demand Side Summary - AI server shipments are forecasted to grow by 17.2% year-on-year, reaching 2.51 million units by 2026, driven by increased capital expenditures from major cloud service providers [6][25] - The average HBM capacity per AI server is expected to increase by 8 to 16 times due to higher configurations and the transition to next-generation HBM technologies [6][12] - The total HBM demand is projected to reach 34.05 billion GB by 2026, with a year-on-year growth of 67% [25] Supply Side Summary - Major manufacturers like Micron, SK Hynix, and Samsung are actively expanding HBM production capacity, with significant increases in capital expenditures planned for 2025 [3][12] - The supply of HBM is currently adequate, but the high growth in demand and the transition to higher-end HBM generations are expected to drive prices upward [11][12] - The competitive landscape is dominated by a few key players, with the market share of SK Hynix, Samsung, and Micron expected to shift from 5:3:2 to 5:2:3 by 2026 [12] Price Outlook - The average selling price (ASP) of HBM is expected to rise to $1.84 per Gb by 2026, driven by the demand for high-end products [12][25] - The HBM market is currently in an upward price cycle, influenced by the recovery in terminal demand due to AI applications [3][12] Industry Overview - The semiconductor storage market is characterized by oligopolistic competition, with the top three manufacturers holding over 95% market share in DRAM and HBM [3][12] - The overall semiconductor storage market is projected to reach $165.5 billion in 2024, representing over 25% of the semiconductor market [3][12]

由于美光科技公司（ NASDAQ： MU ）第三财季营收创历史新高，第四财季业绩指引稳健，且 2025 年 HBM 需求前景明朗，分析师重申对其 的强烈买入评级。 在最近的收益更新中，管理层确认2025年的HBM供应已售罄。事实上，HBM的增长非常强劲， 其收入 环比增长了近50% 。 催化剂方面，美光公司正在向四家客户批量出货HBM，其中包括AMD的Instinct MI355X，该产品目前正在量产。HBM4正在向客户提供样 品，华尔街预计其每股收益(EPS)预测值将在2026年上半年左右实现量产。估值也起到了一定作用，目前美光公司的市盈率为16.5倍，而行业 中值为29.8倍。 不利的一面是，由于消费者结构导致平均售价下降，利润率面临压力。此外，供应紧张，尽管管理层预计2026年第一财季情况将有所改善。 为了全面了解该产品线的需求，2025 年的 HBM 供应将完全售罄。从更广泛的 DRAM 和 NAND 领域的需求来看，管理层预计两者都会增长。 我们预计 2025 年行业 DRAM 比特需求增长率将达到高十位数百分比范围，而行业 NAND 比特需求增长率将达到低两位数百分比范 围。 然而，展望2026年 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源 ：内容 编译自wccftech 。 30多年来，三星电子首次失去全球最大DRAM制造商的地位，SK海力士凭借人工智能内存芯片需 求的旺盛以及与英伟达的独家供应协议，夺得了这一头衔。 过去六个月，三星电子的全球DRAM市场份额下降了8.8个百分点，这是该公司自1999年开始披露 这一数据以来的最大降幅。 相 比 之 下 ， 英 伟 达 的 供 应 商 SK 海 力 士 在 ChatGPT 引 发 的 生 成 式 人 工 智 能 热 潮 的 推 动 下 ， 其 DRAM 份 额 稳 步 攀 升 —— 从 2022 年 的 27.7% 上 升 到 2023 年 的 29.9% ， 再 到 2024 年 的 33.4%。今年上半年，SK 海力士的份额达到 36.3%，33 年来首次超过三星。 SK海力士崛起的主要驱动力是其在美国市场的表现。该公司的美国子公司 SK 海力士美国公司今 年上半年的销售额为 24.7 万亿韩元（177.9 亿美元），比去年同期的 12.2 万亿韩元增长 103%。 三星在 Nvidia HBM 供应方面落后于 SK 海力士和美光 预计三星电子 ...

按美元计，7月进口数量指数与金额指数同比分别上升7.8%和1.8%，出口数量指数与金额指数同比 分别上升8.2%和4.3%。净商品交易条件指数同比升2.1%，连续25个月上涨，原因是进口价格降幅大于 出口价格；收入交易条件指数同比升10.5%，得益于净商品交易条件和出口数量指数双升。 韩国《韩联社》8月14日报道，韩国银行14日公布数据显示，受国际油价和韩元兑美元汇率双双上 涨影响，7月进口物价指数（以2020年为100，韩元计价，暂定值）为134.87，环比上升0.9%，结束自2 月以来连续五个月的下跌。原材料价格上涨1.5%，中间材、资本材及消费材分别上涨0.6%、0.5%和 0.5%。其中，甲基乙基酮、贵金属精炼品、闪存芯片、二次电池等涨幅明显。同期，韩元兑美元汇率 环比升0.6%，迪拜原油均价升2.3%。 出口物价指数同样结束连续四个月的下降，7月环比上升1.0%至128.19。农林水产品上涨4.2%，工 矿产品上涨1.0%，其中电脑、电子、光学器材，以及煤炭、石油产品等涨幅居前，冷冻水产品、柴 油、DRAM等涨幅显著。 （原标题：韩7月份进出口物价均上升） ...

Group 1 - The electronic ETF (515260) focuses on sectors such as semiconductors, consumer electronics, and PCBs, showing a stable performance with a current fund size of 441 million yuan and an intraday price increase of over 1.8% [1] - Key stocks in the ETF include Zhaoyi Innovation, which hit the daily limit, and other companies like Lens Technology, Huaqin Technology, and Luxshare Precision, which saw increases of over 6% and 5% respectively [1] - The electronic ETF passively tracks the Electronic 50 Index (931461), which had a daily increase of 0.87%, with top-weighted stocks including Luxshare Precision, SMIC, and BOE Technology [3] Group 2 - The global smart glasses market is expected to see a year-on-year shipment growth of 110% in the first half of 2025, with a projected compound annual growth rate of over 60% from 2024 to 2029, where AI smart glasses will account for 78% of the market [4] - Domestic semiconductor equipment has made breakthroughs in 28nm electron beam measurement and lithography, enhancing the self-sufficiency of the industry chain [4] - The demand for AI-PCB is strong, driven by AI needs and rising tungsten powder prices, with leading companies fully utilizing their production capacity and expanding [4] - The semiconductor industry is experiencing a stable upward trend, with a projected 15%-20% quarterly increase in DRAM prices due to supply-side reductions and strengthened demand from cloud computing and consumer electronics [4] - The electronic industry is in a phase of moderate recovery, with specific attention on AI servers, AIOT, and the localization of automotive electronics [4]