Samsung sent out invites Tuesday to its next Galaxy Unpacked event, scheduled for February 25 in San Francisco, where the company is expected to launch its Galaxy 26 series of smartphones.AI features will be at the forefront again, as the company said the upcoming phones are “built to simplify everyday interactions, inspire confidence and make Galaxy AI feel seamlessly integrated from the moment it’s in hand.” A standout feature the company has teased is a privacy display expected to debut on the Galaxy S2 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 据最近报道，其 2nm GAA 工艺的良率已达到 50%，这表明虽然还有改进空间，但三星可以达到能 够与台积电相提并论的阶段。由于后者面临生产问题，这家韩国代工厂的机会已经成熟，最新报告称 三星正关注 2nm GAA 订单 130% 的增长。特斯拉已经是该技术的知名客户，据此前报道，这家电 动汽车制造商已签署了一份价值 165 亿美元的合同。 分析师预测，三星 2nm GAA 芯片订单精确的 130% 增长数字是"获得客户支持信心的体现"。 虽然 2nm GAA 工艺成功的关键仍然是健康的良率和稳定的量产，但《电子时报》（DigiTimes）报 道称，三星正在采取激进举措为其下一代光刻技术争取订单。随着 Exynos 2600 已经证明良率有所 稳定，报告指出三星现在的重点是 AI 芯片。韩国分析师将公司给出的 130% 这一精确数字解读为锁 定客户信心的迹象。 END 今天是《半导体行业观察》为您分享的第 4311 期内容，欢迎关注。 推荐阅读 另一个迹象是该公司位于美国的泰勒（Taylor）工厂，该工厂最初是为 4nm 生产设计的。然而，三 星可能希望在削减 ...

Group 1 - Despite a projected 7% year-on-year decline in global smartphone chip shipments in 2026, market revenue is expected to grow robustly in double digits due to increased semiconductor content per device and rising average selling prices (ASP) [1] - The core challenge for shipment volume is the rising memory prices, as foundries and memory suppliers prioritize high-margin HBM (High Bandwidth Memory) to support data center expansion, leading to a shortage of standard memory [1] - The low-end smartphone market, particularly those priced below $150, is most directly impacted by cost pressures, while brands with in-house chip capabilities show stronger resilience [1] Group 2 - The high-end smartphone market remains strong, with nearly one-third of smartphones sold in 2026 expected to be priced over $500, benefiting companies like Apple and Qualcomm [1] - Samsung is expected to solidify its position in the high-end market with the launch of its first 2nm smartphone chip, Exynos 2600, ahead of the Galaxy S26 series [2] - The rapid adoption of generative AI (GenAI) is driving up device prices, with flagship smartphones expected to achieve peak AI computing power of 100 TOPS by 2026, while mid-range models will rely more on cloud-based AI processing due to memory cost pressures [2] Group 3 - MediaTek's market share stands at 34.0% with an 8% year-on-year decline in shipments [4] - Qualcomm holds a market share of 24.7% with a 9% year-on-year decline in shipments [4] - Apple's market share is 18.3% with a 6% year-on-year decline in shipments [4] - Unisoc's market share is 11.2% with a 14% year-on-year decline in shipments [4] - Samsung's market share is 6.6% with a 7% year-on-year increase in shipments [4]

Core Viewpoint - The introduction of Heat Pass Block (HPB) technology by Samsung in the Exynos 2600 represents a significant advancement in mobile SoC thermal management, addressing the challenges posed by high-performance computing and the need for efficient heat dissipation [1][4]. Group 1: HPB Technology Overview - HPB is a metal thermal conduction structure integrated within the chip packaging, designed to shorten the distance for heat transfer from the chip core to the external cooling module [2]. - The primary material used for HPB is copper, which offers excellent thermal conductivity and performance among metals [2]. Group 2: Advantages and Challenges of HPB - The implementation of HPB establishes a more direct thermal pathway between the die and the external cooling system, effectively reducing thermal resistance, which is crucial for high-power chips [4]. - Despite its advantages, HPB introduces new constraints in engineering and product design, including increased volume and height, complexity in packaging design, and higher costs [4]. - The increased Z-axis height of HPB may limit space for other components like batteries or camera modules in slim phone designs [4]. - The complexity of HPB, being a multi-material structure, requires careful management of thermal expansion differences, impacting manufacturing yield and reliability [4]. - The cost implications of HPB packaging necessitate its initial application in flagship or Pro-level SoCs, making it less accessible for mid-range markets [4]. Group 3: Industry Comparison - In contrast, TSMC continues to utilize existing packaging and thermal design strategies without incorporating internal heat conduction structures like HPB, focusing instead on wafer-level multi-chip module (WMCM) packaging to mitigate localized heat concentration [5]. - This indicates a shift in thermal management strategies as mobile SoCs transition into high-power and high-density computing, evolving from single-path solutions to more integrated packaging and system design considerations [5].

Core Viewpoint - Samsung Electronics' foundry business is gradually recovering its operating rate, with expected losses decreasing compared to last year due to increased wafer input in advanced and core processes [1][2]. Group 1: Production Capacity and Utilization - The average capacity utilization rate of Samsung's wafer factories is expected to be around 60% in the first half of this year, an increase of approximately 10 percentage points from 50% in the second half of last year [1]. - The foundry department's operating losses were estimated at about 20 trillion KRW in the first and second quarters of last year, but losses narrowed to around 10 trillion KRW in the third and fourth quarters due to increased wafer input in existing core processes [1]. Group 2: Advanced Technology and Market Opportunities - Samsung has started mass production of the latest mobile application processor "Exynos 2600" based on 2nm technology, with a single wafer yield expected to be around 50% [1]. - The semiconductor industry insider noted that Samsung is increasing wafer input for its foundry, indicating a better market environment this year compared to last year, especially as TSMC faces supply shortages in advanced processes [2]. - Samsung's foundry department needs over 80% capacity utilization to break even, highlighting the importance of stable mass production of advanced processes to gain the trust of global tech giants [2].

Core Viewpoint - TSMC is expanding its leading position in the advanced wafer foundry market, significantly increasing its 3nm process sales share in Q4 last year and planning to start mass production of its 2nm process this year [1][2]. Group 1: TSMC Developments - TSMC's 3nm process accounted for 28% of its total sales as of Q4 last year, marking a historical high [2]. - TSMC's N2 (2nm) process successfully entered mass production in the second half of last year, with expectations for rapid full-scale production this year [1]. - The N2P process, a follow-up to the N2 process, is also set to begin mass production in the second half of this year, offering improvements in performance and energy efficiency [1]. - TSMC's 2nm process has reportedly maintained a stable yield since mass production began, with local sources claiming yields exceed 80% [1]. Group 2: Samsung Electronics Developments - Samsung began mass production of its first-generation 2nm (SF2) process-based mobile application processor Exynos 2600 in Q4 last year, targeting deployment alongside Qualcomm's latest chipsets [2]. - The yield for the Exynos 2600 is estimated at around 50%, a significant improvement from approximately 30% mid-last year, with no major defects reported during initial mass production [2]. - The success of Samsung's second-generation 2nm process (SF2P) is deemed crucial for the recovery of its advanced wafer foundry business, with performance improvements of 12%, energy efficiency improvements of 25%, and an 8% reduction in chip size compared to SF2 [2][3]. Group 3: Strategic Partnerships and Future Prospects - Samsung has signed a semiconductor foundry production contract worth 22 trillion Korean Won with Tesla, aiming to mass-produce the AI6 chip using the SF2P process [3]. - The AI6 chip is intended for Tesla's next-generation Full Self-Driving (FSD), robotics, and data center applications, with initial samples produced in domestic facilities before full-scale production at a new fab in Taylor [3]. - SF2P is the first 2nm process from Samsung to receive formal confirmation for large-scale production from external customers, which could encourage other clients to request mass production [4].

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 ...

Group 1 - TSMC's 2nm process is set to begin mass production in Q4 2025, utilizing the first-generation nanosheet GAA transistor technology, which promises significant advancements in performance and power efficiency [1] - TSMC's 2nm process has already seen high demand, with major clients like Apple, Nvidia, and Qualcomm pre-ordering most of the initial capacity, which is booked until the end of 2026 [3] - TSMC plans to construct three new 2nm fabs in Hsinchu, Taichung, and Kaohsiung, with trial production expected in 2025 and gradual ramp-up in 2026 [3] Group 2 - TSMC is expected to adjust pricing for its 2nm and 3nm processes starting January 1, 2026, with anticipated increases ranging from 3% to 10%, depending on client contracts and wafer volumes [3] - Samsung has launched its first 2nm process SoC, the Exynos 2600, which is currently in mass production, indicating improved yield rates necessary for large-scale production [4] - TSMC holds a 72% market share in the foundry sector as of Q3 2025, while Samsung's share is only 7%, slightly above SMIC's 5% [4]