Core Insights - TSMC has officially launched mass production of its 2nm (N2) semiconductor process in Q4 2025, becoming the first foundry to utilize Gate-All-Around (GAA) architecture for chiplet manufacturing, with production ramping up at its Hsinchu and Kaohsiung facilities to meet increasing market demand starting in 2026 [1] - Intel is actively promoting its 18A process, which is equivalent to 2nm, with plans to deliver its first processor, "Panther Lake," by the end of 2025, while also aiming for industry-standard yield levels by late 2026 or early 2027 [2] - The competition for external customers in the 2nm foundry market is primarily between Intel and Samsung, with TSMC currently holding a dominant position as the only foundry offering 2nm services to external clients [3] Summary by Sections TSMC's 2nm Production - TSMC has initiated mass production of its 2nm process, with production capacity increasing at its 20th and 22nd fabs to meet future demand [1] - The company reported record wafer output for its 2nm chips, surpassing the output of its previous 3nm process during the same period [1] - TSMC's chairman noted that customer demand for the 2nm process exceeds current supply capabilities, necessitating full production by the end of 2025 [1] Intel's 18A Process - Intel is showcasing its 18A process development, with plans to deliver the "Panther Lake" processor by late 2025 and to officially launch it at CES 2026 [2] - The company aims to achieve industry-standard yield levels for the 18A process by late 2026 or early 2027 [2] - Intel is also working to attract major clients like Apple and Amazon to adopt its 18A technology [4] Competitive Landscape - The competition for 2nm foundry services is intensifying, with Intel targeting four external customers for its 18A process by 2026, while Samsung has announced its Exynos 2600 processor based on 2nm GAA technology [3][2] - TSMC remains the leader in the 2nm market, while Samsung's ability to capture market share depends on improving yield rates at its Texas facility [3] - High-profile clients like Tesla are showing interest in both TSMC's and Samsung's 2nm technologies, but the final decisions may hinge on production capabilities [3] Future Developments - Intel plans to equip its Arizona fab with at least 15 EUV lithography machines and aims to start production of its next-generation 14A process by 2028 [4] - The company is focusing on expanding its 2nm GAA capacity to reduce reliance on TSMC's foundry services [4] - The competitive dynamics in the 2nm market are expected to evolve as companies strive to close the technology gap with TSMC [5]

半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链中的 材料与设备环节，选取从事半导体晶圆制造、封装测试等相关材料和设备研发生产的上市公司证券作为 指数样本，以反映半导体行业上游领域的市场表现及技术进步趋势。 12月31日，半导体设备ETF（159516）涨超0.1%，行业需求复苏与AI驱动成焦点。 东海证券指出，电子和半导体行业需求持续复苏，AI投资超预期带动存储芯片涨价。英伟达投入约200 亿美元获得Groq的芯片推理技术授权，补齐AI推理能力拼图；中芯国际对部分产能实施10%涨价，主要 因手机和AI需求增长带动产能利用率达95.8%。三星电子发布全球首款2nm GAA工艺处理器Exynos 2600，AI性能提升113%。当前行业供给有效出清，国产化力度超预期，上游代工价格上涨及高稼动率 反映需求复苏，AI相关需求或继续推动周期上行。 （文章来源：每日经济新闻） ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 30 日 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建电子深度报告：半导体产业的发展复盘 与方向探索》2025-12-26 《爱建电子专题报告：存储芯片涨价将延续至 2026 年》2025-12-22 《电子行业周报：TPU 需求上涨带动 Google 产业链发展》2025-12-21 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 联系人 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 电子 AI Glasses 发展或迎来苹果动能 ——电子行业周报（2025/12/22-12/26） 本周（2025/12/22-12/26）SW 电子行业指数（+4.96%），涨跌幅排名 4/31 位，沪 ...

12月29日，台积电官网"逻辑制程"页面显示，其2纳米 (N2) 制程已如期于2025年第四季开始量产。 此外，台积电近期已对部分客户透露，预计自2026年起针对2纳米与3纳米等先进制程陆续进行报价调 整，首波调整预期于2026年元旦起实施；市场预测调幅落在3%至10%区间，实际比例则视客户合约内 容与投片量而定。 受良品率低下影响，包括苹果和英伟达在内的多家大型客户已纷纷转向台积电，导致三星的代工部门陷 入亏损。韩媒《Sedaily》透露称，自2022年以来，三星的代工部门一直陷入亏损，预估该部门每季度亏 损1万亿至2万亿韩元。 针对有关消息，台积电表示不予评论。 据台积电官网介绍，其2纳米制程采用第一代纳米片Nanosheet (GAA) 晶体管技术，提供全制程节点的 性能及功耗进步，将成为业界在密度和能源效率上最为先进的半导体技术。 有韩媒近日爆料称，受代工涨价、产能爆满的影响，超威半导体（AMD）正计划转向三星代工芯片。 目前，AMD方面正在评估三星的2纳米制程能否符合其要求。 作为台积电在代工领域的竞争对手，三星已于12月19日正式推出了首款采用2纳米制程工艺的 SoC"Exynos 2600"，由 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - Tesla's FSD v14 has passed the "physical Turing test," marking a significant milestone in the practical application of AI in smart driving. This version enhances the system's ability to recognize emergency vehicles and obstacles, and introduces real-time navigation and path planning features [10][12]. - Samsung is advancing towards a fully self-developed mobile GPU, with plans to integrate its own architecture into future chips, aiming to establish a complete edge AI product ecosystem [13][15]. - Volcano Engine has launched an AI-native cloud solution for the gaming industry, which is expected to drive innovation and efficiency across the entire game development lifecycle [17][19]. Summary by Sections Smart Driving - Tesla's FSD v14 has been recognized for its advanced capabilities, including improved recognition of emergency vehicles and dynamic path planning, which signifies a shift from experimental to practical applications in smart driving [10][12]. - Companies to watch in the smart driving sector include Horizon Robotics, Black Sesame Intelligence, and various Robotaxi firms [3]. Semiconductor and AI - Samsung's new Exynos 2600 chip, developed using 2nm technology, represents a significant step towards self-sufficiency in chip design, with plans to expand its GPU applications beyond smartphones to include AI-specific chips [13][15]. - The shift to self-developed GPUs is expected to enhance Samsung's control over product differentiation and innovation in AI applications [15]. Gaming Industry - Volcano Engine's AI-native cloud solution is being adopted by over 80% of leading gaming companies, facilitating innovation in game creation, development, and operation [17][19]. - The company aims to provide a comprehensive support system for partners, enhancing their delivery capabilities and market competitiveness [18][19].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant recovery in the electronic sector, with a notable increase in stock prices driven by improved sentiment around AI and strong performance in semiconductor and consumer electronics segments [3][4] - The storage market continues to show high demand, with price increases for NAND flash wafers and SSDs, reflecting a bullish outlook for the sector [6][7] Market Review - The electronic industry index rose by 4.71% this week, with semiconductors up 5.07% and consumer electronics increasing by 3.48%. Notable stock performances include SK Hynix rising by 9.51% and Micron by 7.10% [3][4] - The report highlights the impact of the Christmas season on tech stocks, contributing to overall market gains [3] Industry Updates - New product launches are driving market excitement, including Samsung's first 2nm processor and Huawei's nova 15 series, which features advanced technology and performance improvements [4] - Major companies are enhancing their computational power collaborations, with significant projects like Oracle's data center approved in Michigan [5] Pricing Trends - The report notes a continuous upward trend in storage prices, with NAND flash wafer prices increasing by over 10% and SSD prices rising by 15% to 20% [6] - Expectations for price hikes in wafer production are also noted, with companies like SMIC and TSMC implementing price adjustments [6] Investment Recommendations - The report suggests several beneficiaries from the current market conditions, including SMIC, Beijing Junzheng, and Huafeng Technology, among others [7]

公众号记得加星标⭐️，第一时间看推送不会错过。 韩国半导体工程师学会在其发布的《2026 年半导体技术路线图》中，公布了未来 15 年硅基半导体 技术的发展预测。三星近期才刚推出全球首款 2 纳米全环绕栅极（GAA）芯片 ——Exynos 2600， 而路线图预计，到 2040 年半导体电路制程将突破至 0.2 纳米，正式迈入埃米级（Å）技术时代。不 过，从当下到未来的 15 年间，行业仍需攻克诸多难题，实现 1 纳米以下晶圆制程的目标道阻且长。 据 ETNews 报道，该技术路线图的核心目标是助力提升半导体领域的长期技术与产业竞争力、推动 学术研究落地、完善人才培养体系。路线图重点聚焦九大核心技术方向，分别为：半导体器件与制造 工艺、人工智能半导体、光互连半导体、无线连接半导体传感器、有线连接半导体、功率集成电路模 块（PI M）、芯片封装技术以及量子计算。 据IT之家了解，目前，三星的 2 纳米 GAA 技术代表着全球光刻制程的最高水平。据悉，这家韩国科 技巨头已在规划该工艺的迭代升级方案：不仅完成了第二代 2 纳米 GAA 工艺节点的基础设计，还计 划在两年内落地第三代 2 纳米 GAA 技术 ——SF ...

点这里加关注，锁定更多原创内容 *免责声明：文章内容系作者个人观点，半导体芯闻转载仅为了传达一种不同的观点，不代表半导体芯闻对该 如果您希望可以时常见面，欢迎标星收藏哦~ 在 NAND 闪存领域，SK 海力士已研发出 321 层堆叠的 QLC 技术，而技术路线图预测，未来该 领域将实现 2000 层堆叠的 QLC NAND 闪存。此外，当前的人工智能处理器算力最高可达 10 TOPS（每秒万亿次运算），路线图预计，15 年后的 AI 芯片将实现算力大幅跃升：用于模型训练 的芯片算力可达 1000 TOPS，用于推理任务的芯片算力也将达到 100 TOPS。 （来源 ：IT之家 ） 观点赞同或支持，如果有任何异议，欢迎联系我们。 推荐阅读 10万亿，投向半导体 芯片巨头，市值大跌 黄仁勋：HBM是个技术奇迹 Jim Keller：RISC-V一定会胜出 全球市值最高的10家芯片公司 韩国半导体工程师学会在其发布的《2026 年半导体技术路线图》中，公布了未来 15 年硅基半导 体技术的发展预测。三星近期才刚推出全球首款 2 纳米全环绕栅极（GAA）芯片 ——Exynos 2600，而路线图预计，到 2040 年 ...

1. 诺和诺德：其口服减肥药Wegovy获美国FDA批准，成为首款口服GLP-1减肥药，将于2026年1月初上市，起始现金价每月149美元，临床减重效果达 16.6%并降低心血管风险。 // 热点头条 // 2. 强生：被美国陪审团裁定需向一名女性支付创纪录的15亿美元滑石粉致癌赔偿金，公司对此表示强烈不满并誓言提起上诉，认为该判决缺乏科学依据， 此案件创同类赔偿金额新高。 2. 新鸿基公司：联同美国富商斥约74亿美元收购资管公司骏利亨得森，进一步拓展全球资产管理业务版图，此次收购将有助于新鸿基提升在国际资管市场 的影响力。 3. 英伟达：重组云团队，将原有云业务团队与工程和运维部门合并，重心转向满足内部研发对芯片的需求，不再重点向外部企业客户销售云服务。 4. 台积电：熊本二厂传出因应AI客户需求，跳过4纳米制程直攻2纳米技术，加速先进制程研发以抢占市场先机，公司持续加大在先进制程领域的投入， 巩固全球半导体制造龙头地位。 // 大中华地区公司要闻 // 1. 比亚迪：11月在欧洲销量同比飙升221.8%，市场份额从一年前的0.6%升至2%；同期特斯拉欧洲销量同比下降11.8%，市场份额降至2.1%，比亚迪 ...

过去，Exynos处理器曾因发热和性能降频问题而遭到诟病。为了解决这一问题，三星在Exynos 2600中 首次引入了一种名为"HPB"（Heat Path Block，散热路径块）的散热方案。三星方面宣称，该技术利用 高介电常数（High-k）EMC材料来改善散热，将热阻降低16%，确保芯片在重负载情况下也能稳定保持 内部温度。 据韩国经济新闻、朝鲜日报等韩媒消息，12月19日，韩国三星电子正式公布了其下一代移动系统芯片 Exynos 2600，系全球首款采用2纳米制程工艺的SoC，基于三星的GAA（全环绕栅极）工艺制造，或将 搭载于三星下一代旗舰智能手机Galaxy S26系列。 同时，Exynos 2600支持最高3.2亿像素的超高分辨率摄像头，并通过新引入的AI视觉感知系统（VPS） 和APV编解码器等技术，能够拍摄出更智能、更清晰的照片。 值得注意的是，三星电子在官网上将Exynos 2600的产品状态标注为"量产中"，韩媒普遍认为，这一动 向或表明其良品率已提升至足以支持大规模生产的水平。 近年来，三星的半导体代工部门深陷泥潭，市场份额远落后于竞争对手台积电，其核心原因就在于良品 率低下。 早在2 ...