2025年收官日，美股市场以一场尾盘跳水告别全年交易。 道指盘中跌幅扩大至0.94%，纳斯达克虽一度上涨0.76%，却在最后半小时两次跳水，最终仅微涨 0.16%。 然而，在这场集体回调中，英特尔逆势大涨6.47%，盘中涨幅一度突破11%，股价站上42.63美元阶段性高点。 同一时间，脑机接口概念股脑再生科 技连续三天暴涨，累计涨幅高达375%，仅收官日便狂飙60.1%。 美股尾盘跳水的直接导火索是劳动力市场数据的超预期表现。 美国12月20日当周首次申请失业救济人数降至19.9万人，创下年内最低水平，这一数据甚至可 追溯至1969年的类似低位。 强劲的就业数据让市场对美联储降息的预期骤降：CME"美联储观察"显示，1月降息25个基点的概率已从前期高位回落至 16.1%。 科技股内部出现明显分化。 英伟达、谷歌、微软均小幅上涨，但苹果、特斯拉、Meta则集体收跌。 矿业股成为重灾区，Endeavour Silver跌超4%，希尔威金属跌2.68%，主要受芝商所一周内两次调高保证金影响，COMEX白银期货暴跌近9%。 板块轮动 中，干细胞、基因编辑、AI算力等概念涨幅居前，而固态硬盘、光伏、氢能源等绿色能源板块 ...

Group 1 - Alibaba's Taobao Flash Sale aims for market share growth with significant investment planned for 2026, focusing on high-value customers and non-food retail [4][5] - In Q4 2025, Taobao Flash Sale showed strong growth in GMV share and average order value, indicating a positive market position [4] - The strategy has sparked discussions among users, reminiscent of the competitive pricing seen during the "takeout war" in early 2025 [5] Group 2 - Former Xiaomi executive Wang Teng announced the establishment of a new company, "Today Yixiu," focusing on sleep health products, with a team primarily from Xiaomi and Huawei [7][9] - The company aims to address growing concerns about sleep and energy management, leveraging advancements in AI technology [7][9] Group 3 - The Chinese Ministry of Commerce is reviewing Meta's acquisition of AI platform Manus, assessing compliance with local laws regarding technology exports and cross-border mergers [11] - The acquisition, valued at $2 billion, is under scrutiny to ensure it does not violate export control regulations [11] Group 4 - Vanke's CEO Yu Liang has submitted his resignation due to retirement, marking the end of a significant era for the company [12][13] - Yu has been a pivotal figure in Vanke's history, leading the company through various phases of growth and challenges [13] Group 5 - XuanYuan Technology showcased its AI hardware at CES 2026, emphasizing the integration of AI agents with physical devices, with products priced at $22 [15][16] - The company aims to create personalized AI experiences while maintaining safety and precision in applications [15][16] Group 6 - JD.com has established a new "Chameleon Business Department" to develop AI toys for all age groups, with plans to launch new products in mid-January [18][19] - The company has made significant advancements in AI model technology, improving efficiency and reducing training costs [18][19] Group 7 - NIO plans to expand its international presence by entering the Australian and New Zealand markets in the second half of 2026, following its launch in Thailand [39][40] - The company aims to leverage its new "Firefly" brand for better market penetration in right-hand drive regions [39][40] Group 8 - Zhihui Technology, known as the "first stock of global large models," successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of approximately 57 billion HKD [29][30] - The company reported a significant increase in annual recurring revenue, indicating strong growth potential in its cloud-based services [31] Group 9 - Tesla plans to build a 2nm chip factory, challenging industry standards for cleanroom environments in semiconductor manufacturing [44][45] - CEO Elon Musk's ambitious vision includes producing advanced chips while maintaining a casual work environment [44][45] Group 10 - OpenAI has established a $50 billion employee stock incentive pool, reflecting its commitment to attracting and retaining top talent in the competitive AI landscape [51][52] - The company has seen rapid valuation growth, indicating strong market confidence in its future prospects [51][52]

从设计上看，这款主板整体延续了前代产品的风格，但 在细节上有所调整，取消了顶部的板载快捷按键区域，未配备物理电源键与重启键，布局更为简洁。 此外，技嘉还展出了一套基于Z890 AORUS Tachyon ICE主板构建的高性能游戏主机，搭载酷睿Ultra 9 285K处理器，并配备了256GB DDR5 CQDIMM内存，由四条64GB内存条组成，系统可稳定运行在6400 MT/s频率下，展现出平台出色的内存兼容性与超频能力。 1月7日，科技资讯显示，技嘉在近期国际消费电子展期间确认，其Z890系列主板将支持英特尔即将推 出的"Arrow Lake Refresh"处理器，但该处理器的具体上市时间尚未公布。 展会上，英特尔重点介绍了新一代"Panther Lake"处理器 系列产品，引发广泛关注。然而市场原本期待同时亮相 的"Arrow Lake Refresh"并未正式发布。尽管如此，多方 信息表明，英特尔有可能在短期内低调推出该系列处理 器，这也促使主板厂商提前完成硬件适配工作。 技嘉在现场展示了Z890 AORUS Elite WiFi 7 Plus主板， 其中"Plus"标识意味着该主板出厂即支持"A ...

去年，英特尔拥有市面上最好的集成显卡。今年，凭借 Panther Lake 处理器，它以超过 70% 的 性能提升打破了这一纪录，这对掌上电脑来说无疑是一次巨大的胜利。 英特尔首席执行官陈立武在CES 2026主题演讲中将Panther Lake的发布形容为"我们超额完成了任 务"，而事实似乎的确如此。但此次主题演讲的真正亮点并非Panther Lake背后的工程技术，而是 其集成显卡（iGPU）以及英特尔正在构建的"手持设备生态系统"，旨在充分利用iGPU的性能提 升。 如果您希望可以时常见面，欢迎标星收藏哦~ 此前被称为 12 核 Xe 架构的全新 Intel Arc B390 集成显卡，其游戏性能比 Lunar Lake 的 Arc 140V 显 卡 芯 片 提 升 高 达 77% 。 英 特 尔 副 总 裁 兼 PC 产 品 总 经 理 Dan Rogers 详 细 介 绍 了 Arc B390 的性能提升，并宣布将推出一个完整的掌上游戏生态系统。该生态系统包括与 MSI、宏碁、 微软、CPD、富士康和和硕等公司的合作。因此，我们终于将看到更多英特尔掌上游戏机上市。 早在去年十月英特尔首次发布 Pan ...

2022年12月29日，台积电宣布量产3nm晶圆代工制程。 2025年12月，2nm制程的"终局考"也正式进入阅卷阶段。 此前台积电、三星、英特尔三大巨头几乎同时官宣，要在2025年Q4攻克2nm先进制程，让这场顶尖芯片工艺的竞速赛 进入白热化。时至Q4最后一周，在行业各方的高度关注之下，这一年半导体领域的最大悬念，终于揭开关键序幕。 01 台积电2nm，交卷了 本周一，半导体产业纵横注意到台积电在其2nm 技术官方网页上发表声明称："台积电的 2nm (N2) 技术已按计划于 2025 年第四季度开始量产。 " 从性能提升的角度来看，N2 的设计目标是在相同功耗下实现 10%–15% 的性能提升，在相同性能下降低 25%–30% 的 功耗，并且对于包含逻辑、模拟和 SRAM 的混合设计，晶体管密度比 N3E 提高 15%。对于纯逻辑设计，晶体管密度 比 N3E 高出 20%。 台积电的N2工艺是该公司首个采用环栅纳米片晶体管（GAA）的工艺节点。在这种晶体管中，栅极完全环绕由水平堆 叠纳米片构成的沟道。这种几何结构改善了静电控制，降低了漏电，并能够在不牺牲性能或能效的前提下实现更小的 晶体管尺寸，最终提高了 ...

PC市场笼罩在存储缺货大涨价阴霾之际，各大品牌厂仍将在CES 2026大会师，包括华硕、宏碁、微 星、技嘉等中国台湾厂商都将挥军拉斯维加斯，端出搭载包含搭载英特尔新款处理器Panther Lake，以 及高通、AMD最新处理器的新品，涵盖AI PC、商用、电竞及周边设备等，全力突围，冲刺销售。 CES 2026也是各大PC处理器平台大秀肌肉的舞台，英特尔有望端出首款采用旗下18A制程打造的 Panther Lake处理器；业界盛传AMD可能发表新款Ryzen 9000X3D系列处理器，或是Ryzen AI 400系列处 理器。 华硕照惯例将于CES举办两场发表会，旗下电竞品牌ROG活动将于美西时间2026年1月5日登场，隔天登 场的活动主题为"Always Incredible"，聚焦AI提供智能计算解决方案，提升生产力、创造力和便利性。 宏碁在CES 2026并未举办发表会，但也将释出一系列新品，包含AI PC、电竞及PC周边设备；微星则预 计发表AI PC、电竞等相关机种。 高通方面，先前已发表第二个安谋架构的PC芯片骁龙X2 Elite，同步发表具备高达18个核心的骁龙X2 Elite Extreme， ...

Core Insights - Intel's Vice President John Pitzer disclosed that the yield rate of the "Panther Lake" processor, based on the 18A process technology, is improving at a rate of 7% per month, aligning with industry expectations for healthy growth [1][3] Group 1 - The yield improvement trend over the past 7 to 8 months suggests that Intel can gradually scale up the production capacity of the "Panther Lake" processors without increasing the cost per chip, laying the groundwork for future mass production [3] - John Pitzer expressed confidence in the upcoming product launches this quarter, indicating that Intel has identified a predictable path for yield improvement [3] - Intel plans to reveal more technology and product details at the CES event in January 2026 [3] Group 2 - Pitzer also mentioned progress in the development of the 14A process technology, which is advancing faster than the 18A process at the same development stage [3] - The 14A process will utilize second-generation GAAFET technology and incorporate a backside power delivery scheme, enhancing chip performance and energy efficiency [3]

Core Insights - Intel's next-generation processor, Panther Lake, based on the Intel 18A process, will be unveiled at CES in January 2024 [1] - Panther Lake is the third-generation flagship product of Intel's AI PC platform, combining high efficiency from the Intel® Core™ Ultra 200V series with high performance from the 200H series [1] - The multi-core performance of Panther Lake has improved by 50% at the same power consumption, thanks to the collaboration of three CPU cores [1] - The graphics performance of Panther Lake has increased by over 50% compared to the previous generation, featuring up to 12 third-generation Xe cores [2] Performance Enhancements - The new Darkmont efficiency core not only saves energy but also provides strong computing power, allowing users to experience near-plugged performance even in battery mode [1] - Panther Lake offers discrete-level gaming and creative experiences for thin and light laptops, enabled by its advanced graphics capabilities [2] - The introduction of XeSS multi-frame generation technology allows AAA games to run smoothly at high quality settings [2]

Core Viewpoint - The article discusses Intel's future prospects, particularly focusing on its wafer foundry business and the recent mass production of the 18A process node, which marks the completion of Intel's "Four Nodes in Five Years" strategy aimed at regaining process technology leadership and revitalizing its foundry business [2]. Group 1: Intel's 18A Process Node - The mass production of the 18A process node signifies a critical milestone for Intel, enabling the production of both client and edge computing products, as well as data center processors [2]. - The transition from TSMC manufacturing to in-house production of CPU and GPU chips is expected to enhance Intel's scale, reduce costs, and improve profit margins while delivering competitive products [2]. Group 2: Advanced Packaging Technologies - Chiplet technology is gaining traction in the semiconductor industry, with Intel leveraging its advanced packaging techniques, such as Foveros and EMIB, to enhance chip design and performance [3]. - Foveros technology allows for flexible chip configurations based on application needs, while EMIB technology interconnects multiple 18A chips in the new Clearwater Forest processors [3]. Group 3: Ecosystem Impact - The introduction of 18A chips and products like Panther Lake is anticipated to benefit the entire ecosystem by providing competitive products that enhance battery life and performance while lowering costs for OEM manufacturers [4]. - A healthy and competitive PC chip ecosystem is expected to deliver higher quality products at more competitive prices to consumers [5]. Group 4: Opportunities in Mobile Industry - Intel's foundry success could extend to the smartphone industry, presenting opportunities for cost reduction and supply chain diversification, despite the current dominance of TSMC in this market [5]. - Major smartphone manufacturers, including Apple, rely heavily on TSMC, which produces approximately 90% of global smartphone SoC chips [5]. Group 5: Competitive Landscape - Intel's foundry services could provide a competitive alternative to TSMC, especially with the anticipated introduction of the 14A process node, potentially curbing TSMC's price increases [6]. - TSMC has raised prices significantly over the past five years, and Intel's competitive offerings could alleviate cost pressures on chip suppliers and OEMs [6]. Group 6: Future Prospects for Intel's Foundry - Intel's foundry is actively seeking new clients to utilize its advanced capabilities, with the success of Panther Lake and Clearwater Forest products likely to attract more companies [7]. - The demand for cheaper, low-power chips and the desire for geopolitical supply chain diversification are expected to drive more business towards Intel's foundry services in the future [7].

Core Insights - Intel's CEO Lip-Bu Tan outlined the company's future strategies for client, server, and foundry businesses during the Q3 2025 earnings call [1][3]. Client Processors - Intel confirmed that the first high-end model of the Panther Lake processor, based on the 18A process, will be launched by the end of 2025, with a full reveal at CES 2026 [4]. - Following Panther Lake, the next-generation Nova Lake is set to debut in the second half of 2026, featuring significant architectural and software innovations, including up to 52 cores and a new Xe3P Arc integrated graphics [6]. Server Products - Demand for the Granite Rapids (Xeon 6 P cores) processors remains strong, with Clearwater Forest (Xeon 6+) and Diamond Rapids (Xeon 7) based on the 18A process expected to launch in mid-2026 and beyond, respectively [7]. - The upcoming Coral Rapids processor will reintroduce simultaneous multithreading (SMT) technology to enhance multitasking performance, currently in the definition stage [9]. Process Technology - The 18A process has entered high-volume manufacturing at Fab 52 in Arizona, with yield progress meeting expectations, supporting at least three generations of client and server products [10]. - Performance-optimized 18A-P and the more advanced 14A nodes are also in steady development, while Intel emphasizes a rigorous investment strategy in its foundry services, leveraging advanced packaging technologies like EMIB for differentiation [10]. - Intel plans to release AI-optimized GPU products annually, with the first product, Crescent Island, utilizing the Xe3P architecture [10].