[Table_Title] 研究报告 Research Report 23 Jan 2026 中国半导体 China (Overseas) Semiconductor 4Q25 全球科技业绩快报：英特尔 FY4Q25 Global Technology Earnings Snapshot: Intel 姚书桥 Barney Yao UTR 及良率影响 2026 年。由于公司在资本效率与需求信号之间进行权衡，2026 年的 CapEx 预计将持平或略有下 降 。目前的 CapEx 水平反映了较低的 UTR（利用率）和初期的 yield（良率）挑战 。然而，管理层报告了每月 7% 到 8% 的令人振奋的 yield 提升 。如果这一轨迹进行线性外推，Intel 可能会在未来六个月内达到与 TSMC 接近的 yield 水平，从而促进产量的快速放量 。为了缓解全行业范围内的交付周期问题，Intel 正在通过提前预订的方式，为 Intel 7、Intel 3 和 18A 等节点积极锁定来自 ASML 等供应商的设备机台 。因此，预计 2027 年 CapEx 将再次上升，以 支持下一阶段的制造扩张 。 [Table_ ...

半导体： 1. CPU的短缺，英特尔将 Intel 3和 Intel 7产能转向服务器，Rubin大幅提高了CPU核心数和超线程。 Agent时代的CPU是大管家，统筹Agent环境运行、多Agent调用、记忆系统管理等。 2. 美光预计前所未有的存储芯片短缺将持续到2026年之后。 机器人： 1. 优必选获得了空中客车公司的订单。 半导体： 1. CPU的短缺，英特尔将 Intel 3和 Intel 7产能转向服务器，Rubin大幅提高了CPU核心数和超线程。 Agent时代的CPU是大管家，统筹Agent环境运行、多Agent调用、记忆系统管理等。 2. 美光预计前所未有的存储芯片短缺将持续到2026年之后。 机器人： 1. 优必选获得了空中客车公司的订单。 2. 国内特斯拉机器人供应商正在陆续获得PPA等框架协议。 3. 特斯拉1月28日四季报电话会议。 4. 何小鹏：用汽车标准研发的ET1版本第一台机器人顺利落地。 5. 网传除夕观看指南20:15-20:30北京主会场:锁定中央舞台看宇树G1/H1后空翻+AR数字骏马，视觉高潮在20:25左 右。 人工智能： 1. MiniMax创始人闫俊杰参与重磅 ...

Core Viewpoint - Intel's board chairman Frank Yeary attempted to split and potentially sell Intel's foundry business to TSMC earlier this year, facing strong opposition from newly appointed CEO Lip-Bu Tan, leading to internal conflicts within the board [2][3]. Group 1: Board Dynamics - The internal conflict within Intel's board arose as some directors supported Yeary's plan, resulting in failures of some strategic initiatives proposed by CEO Tan [2]. - Despite the board's official support for Tan, his leadership is under increasing pressure both internally and externally [2]. Group 2: Proposed Business Moves - There were rumors that Intel planned to spin off its foundry division into an independent company, potentially involving TSMC and other major fabless chip designers as shareholders [3]. - Another rumor suggested that Intel might sell all or part of its foundry to TSMC, which would gain operational and strategic control over the production facilities [3]. Group 3: Technical and Business Feasibility - TSMC has publicly stated that it has no interest in acquiring Intel's foundry or manufacturing assets due to technical challenges and business reasons [5]. - TSMC's employees lack experience with Intel's EUV-based processes, complicating any potential improvements to Intel's manufacturing technology [5]. - The complexity of transferring TSMC's technology to Intel's U.S. foundries is high, as both companies use different tools and processes, which could lead to significant costs and risks [5]. Group 4: Competitive Landscape - TSMC has little incentive to assist a direct competitor in enhancing its chip production capabilities and is not interested in investing billions in a foundry without assurance of profitability [6]. - Intel's EUV capacity in the U.S. is insufficient to meet the demands of both its own and TSMC's customers [6].

以下文章来源于AGI接口 ，作者丸都山 AGI接口 . AI卷起的财富风暴。 编辑 | 苗正卿 头图 | 虎嗅拍摄 "我将全力确保代工业务的成功。" 在4月30日举办的英特尔代工大会上，66岁的陈立武在开场时，抛出了这样一句掷地有声的表态。 5周前，当陈立武被任命为英特尔CEO的消息传出时，部分业内人士认为，考虑到他长期从事于投资行业的背景，可能会削减调晶圆代工业 务，以帮助财务报表恢复到健康的状态。 如今看来，陈立武的态度非常明确，晶圆代工业务不仅要继续做，而且还要将其置于更高的优先级上。 不过，一个无法忽略的问题在于，英特尔近4年花掉900亿美元投资晶圆厂，本质上是为了IDM 2.0的落地，现在的英特尔是否还要遵循这个 框架？ 在今天的会议上，陈立武并没有提到IDM 2.0的相关问题，甚至没有过多渲染代工业务对于自家产品的帮助，而是反复提到一句话"获得客 户信任"。 对于一般公司来说，这似乎是一句"正确的废话"，但对于素来崇尚"工程师文化"的英特尔而言，这样的表述从未被如此密集地提到过。 出品 | 虎嗅科技组 作者 | 丸都山 这句话背后，或许暗藏着英特尔当下正在发生的一场"文化变革"。 01 华裔老将， ...

Core Viewpoint - Intel's new CEO, Pat Gelsinger, emphasizes the importance of the foundry business and aims to prioritize it despite previous concerns about financial health and potential cuts to the division [1][2][4] Group 1: Leadership and Cultural Shift - Gelsinger's commitment to the foundry business marks a significant cultural shift within Intel, moving from an engineering-centric approach to one that prioritizes customer trust and responsiveness [3][5][6] - The focus on gaining customer trust is a departure from Intel's traditional engineering culture, indicating a potential transformation in the company's operational philosophy [4][5] Group 2: Foundry Business Strategy - Intel has invested $90 billion over the past four years in wafer fabrication to support its IDM 2.0 strategy, but the future direction under Gelsinger remains uncertain [2] - The company is building an ecosystem around its foundry services, including partnerships with leading EDA firms to enhance customer support in design processes [6][7] Group 3: Technological Advancements - Intel is advancing its manufacturing processes with multiple technology nodes, including Intel 4, Intel 3, and the highly anticipated Intel 18A, which is entering risk production and set for mass production this year [10][14] - The Intel 18A node features groundbreaking technologies such as RibbonFET and PowerVia, which are expected to significantly enhance performance and efficiency, potentially giving Intel a competitive edge over TSMC [17][18] Group 4: Competitive Landscape - Intel's competition with TSMC is intensifying, with both companies developing advanced nodes; however, Intel's unique technologies may provide it with a strategic advantage [14][21] - The introduction of Intel 14A, which utilizes high-NA EUV lithography, positions Intel to potentially surpass TSMC in technology, although TSMC's cost-effective strategies could pose challenges for Intel [20][21]

Core Insights - Intel is facing significant challenges, including loss of market share to AMD, struggles in the AI accelerator market, and heavy investments in new manufacturing facilities [1] - The new CEO, Lip-Bu Tan, aims to scale up production of the Intel 18A manufacturing process while attracting new clients for the foundry business [2] Foundry Development - The Intel 18A manufacturing process is fully developed and in limited production, marking progress in Intel's foundry efforts [2] - The challenge remains to achieve profitability by scaling production and acquiring new customers [2] Tariff Implications - Current global tariffs exclude semiconductors, but future tariffs could apply, potentially benefiting Intel's foundry as clients may prefer the Intel 18A process [3][4] - Tariffs on semiconductor manufacturing equipment will increase costs for Intel's U.S. manufacturing expansion, as a typical facility requires around 1,200 multimillion-dollar tools [5] - Increased tariffs could lead to higher prices and reduced demand for PCs and servers, negatively impacting Intel's product business [6] Dependency on TSMC - Intel is a significant customer of TSMC, outsourcing production of key PC chips, which could be adversely affected by tariffs on Taiwanese semiconductors [7] - The shift of Intel's server CPU production to Ireland will also face a 20% tariff under the current plan [8] Investment Outlook - While there are reasons to consider Intel's potential comeback, tariffs are likely to complicate this recovery, with risks of decreased demand for CPUs and increased manufacturing costs [9][11] - The shift to U.S.-based manufacturing for the Panther Lake CPU may reduce reliance on TSMC, but uncertainty remains regarding the future of tariffs [10]