技术升级方面，iPhone 18 Pro系列有望搭载基于台积电2nm工艺的A20芯片，其性能较前代预计提升 15%，功耗降低30%。同时，该系列将首次采用全新封装工艺（WMCM技术），将RAM直接集成于芯 片晶圆上，以提升散热效率并释放内部空间。影像系统也将迎来革新，主摄或将支持手动可变光圈功 能。 （来源：CNMO科技） 【CNMO科技消息】近日，有数码博主爆料称，苹果iPhone 18系列将于今年12月启动生产线架设及量 产验证流程，预计2026年第二季度初期正式投入量产，并于第三季度初期完成产能爬坡。CNMO注意 到，这一生产规划与苹果供应链的常规节奏吻合，但具体机型配置和发布时间仍存在变数。 iPhone 17 根据供应链消息，苹果计划从iPhone 18系列开始调整产品发布策略，采用秋季与春季交替发布的模 式。高端机型（包括Pro、Pro Max及折叠屏版本）将优先于2026年秋季发布，而标准版iPhone 18和 iPhone 18e则可能延期至2027年春季亮相。 iPhone 18 Pro概念图 产业链动向表明，iPhone 18系列的量产筹备已进入关键阶段。若计划顺利，新机有望在2026年9 ...

Core Viewpoint - The semiconductor industry is engaged in a continuous and evolving competition, particularly focused on the advancement of process nodes, with the 2nm node being the latest battleground that will reshape the industry's landscape [2][19]. Foundry Competition - The competition among foundries is characterized by the need to secure advanced process orders by being the first to achieve mass production, with the risk of falling back to price wars for those lagging behind [2][3]. - TSMC is recognized as the leader in advanced processes, having established a stronghold since the 7nm node and is now focusing on the 2nm node, which is expected to significantly enhance performance and reduce power consumption [3][4]. - Samsung aims to reclaim its position by introducing its 2nm process earlier than TSMC, despite facing challenges with yield issues in previous nodes [6][8]. - Intel is attempting to regain its competitive edge with its IDM 2.0 strategy, planning to launch its 2nm process by the end of 2025, leveraging new technologies like RibbonFET and PowerVia [8][9]. Emerging Players - Rapidus, a new entrant backed by the Japanese government, aims to focus on advanced processes rather than competing on scale, with plans to start 2nm trial production in 2025 [10][11]. Fabless Companies Dynamics - Fabless companies are cautious about adopting new technologies due to high costs, but many are shifting towards more aggressive strategies to maintain competitiveness in the rapidly evolving market [11][12]. - Apple is positioned as a key player, securing early access to TSMC's 2nm capacity for its upcoming products, which is crucial for its AI strategy [12][13]. - Qualcomm is aligning with TSMC for its 2nm process to maintain competitiveness in the Android ecosystem, while AMD plans to utilize TSMC's 2nm for its high-performance computing products [14][15]. - NVIDIA is strategically waiting for stable yields before committing to 2nm, focusing on maximizing performance and efficiency for AI applications [16][17]. - MediaTek is also planning to adopt 2nm technology for its flagship products, aiming to enhance its market position against competitors [17][18]. Industry Outlook - The 2nm node is seen as a critical juncture that will determine the future landscape of the semiconductor industry, with companies racing to achieve stable production to secure their market positions [19][20].

Core Viewpoint - The launch of the new iPhone series has generated positive market sentiment, with analysts expressing optimism about early demand and sales performance [1][4]. Group 1: Stock Performance - Apple's stock price opened over 2% higher on Friday, potentially reaching a new closing high since late February [2]. - Morgan Stanley raised Apple's target price from $255 to $280 while maintaining an "overweight" rating based on the positive outlook [11]. Group 2: Sales Forecast - Early demand indicators suggest that the current shipment cycle for the iPhone series is expected to exceed initial forecasts, with a projected shipment of 236 million units in fiscal year 2026, reflecting a slight year-on-year increase of about 2% [4]. - Morgan Stanley adjusted its revenue forecast for iPhone sales in fiscal year 2026 from $200 billion to $223 billion, and for fiscal year 2027 from $212 billion to $250 billion [10]. Group 3: Market Demand - Pre-order data from Goldman Sachs indicates that the iPhone 17 series has significantly outperformed its predecessor on the first day of pre-orders [6]. - The iPhone 17 base model and the redesigned iPhone 17 Pro Max are experiencing the highest demand, particularly in the Chinese market, where delivery times have increased by an average of 17 days compared to the previous generation [7]. - As of September 19, the iPhone 17 trade-in sales on JD.com were four times higher than the same period last year [8]. Group 4: Future Outlook - The upcoming years are expected to see key new product releases and adjustments in the iPhone lineup, with a focus on foldable iPhones and the introduction of significant AI features in the spring of next year [12][13]. - The high-end iPhone 18 series is anticipated to launch in the fall before the start of fiscal year 2027, followed by the standard iPhone 18 series in the mid-year [13].

韩国媒体《金融新闻》9月15日报道，LG Display（LGD）正扩建位于京畿道坡州的AP4工厂产 线，以应对苹果iPhone OLED面板订单的增加。 报道指出，LGD上月成立了坡州AP4生产线扩建的专项小组（TF），AP4是LGD的第6代移动 OLED生产线，主要负责加工用于iPhone面板的薄膜晶体管（TFT）基板。早在2023年底，LGD 已将AP4工厂的月产能从3万片扩大至约4.5万片，如今时隔两年再次决定扩产。预计专项小组将 在本月完成设备选型，并从10月起陆续向设备合作伙伴下单。 【集邦Display显示产业交流群】 ▶ 关于集邦 扩建完成后，LGD预计将新增月产能1.5万片，使坡州AP4工厂的月产能达到6万片。今年6月， LGD董事会批准的1.26万亿韩元OLED投资计划，大部分也将投入AP4产线扩建。分析认为，该产 线最快将于明年开始量产，新增产能很可能用于明年下半年发布的下一代iPhone（iPhone 18系 列）。 图片来源：LGD 这一动作也令市场对LGD的业绩反弹寄予厚望。LGD今年第二季度录得1160亿韩元营业亏损，在 此前已连续两个季度实现盈利后，再次陷入亏损。不过，LGD已 ...

Core Viewpoint - TSMC is set to begin mass production of its 2nm process by the end of this year, with Apple securing half of the capacity for its 2nm chips by 2026 [1] Group 1: Company Developments - TSMC's stock rose nearly 1% to $265.17 ahead of market opening [1] - The upcoming iPhone 18 series will feature the A20 and A20 Pro processors, which will utilize TSMC's 2nm process [1] - The MacBook Pro's M6 processor and the next-generation Vision Pro's R2 chip will also adopt TSMC's 2nm technology [1] Group 2: Industry Implications - The collaboration between TSMC and Apple highlights the increasing demand for advanced semiconductor technology [1] - The shift to 2nm technology represents a significant advancement in chip manufacturing, potentially impacting the competitive landscape in the semiconductor industry [1]

联赢激光 20250916 摘要 联赢激光受益于动力锂电设备市场回暖，宁德时代、比亚迪等头部企业 重启资本开支，带动二三线电池厂扩产，公司新签订单预计 2025 年可 达 45 亿至 50 亿元，同比增长超 50%，2026 年预计达 60 亿至 70 亿 元，同比增长至少 20%至 30%。 3C 消费电子焊接设备业务显著放量，预计 2025 年收入将突破 8 亿元， 占比达 20%以上。苹果在 iPhone 16 Pro 机型上采用钢壳电池，联赢 激光是其独家供应商，受益于钢壳电池的技术迭代和应用扩展，3C 业务 订单快速增长，毛利率接近 48%至 50%，净利润率超 20%。 固态电池产业获工信部 60 亿元研发资金支持，联赢激光与头部客户合 作开发了 7 款固态电池设备，包括极片开槽、点胶及多种类型的壳体焊 接设备，有望在固态电池焊接设备领域实现量价齐升。 2024 年受下游资本开支放缓及计提减值损失影响，归母净利润同比下 降 40%至 1.6 亿元。但 2025 年上半年归母净利润同比增长 13%至 6,000 万元，显示恢复增长趋势，且减值损失大幅减少，有望轻装上阵。 Q&A 联赢激光的推荐逻辑是 ...

Core Viewpoint - TSMC is set to begin mass production of 2nm wafers in Q4 2023, with Apple securing nearly half of the initial capacity, primarily for the A20 and A20 Pro chips expected in the iPhone 18 series in 2026 [2]. Group 1 - Apple plans to produce four SoCs based on the 2nm process, utilizing a new packaging technology that represents a significant upgrade over current solutions [2]. - Qualcomm and MediaTek are also expected to launch their first 2nm chipsets in 2026, but Apple is likely to take the lead due to broader application across multiple products [2]. - The A20 and A20 Pro are anticipated to occupy a significant portion of TSMC's initial 2nm capacity, with Apple adopting advanced WMCM (Wafer-Level Multi-Chip Module) packaging technology [2]. Group 2 - The new 2nm chips will also include the M6 series processors for the new MacBook Pro, which may mark the transition from mini-LED to OLED screens [3]. - The successor to Apple Vision Pro is expected to be released in 2026, featuring the R2 co-processor built on TSMC's 2nm process [3]. - TSMC's 2nm technology is in high demand, with monthly wafer output projected to reach 100,000 by the end of 2026, despite the high cost of $30,000 per wafer [3].

Core Viewpoint - The article highlights the advancements in semiconductor technology, particularly focusing on TSMC's 2nm process and its implications for major clients like Apple, indicating a strong demand and production capacity despite challenges in the market [2][4]. Group 1: TSMC's 2nm Process - TSMC is set to enhance its 2nm process capacity in the upcoming quarter, with a wafer price reaching $30,000, marking a historical high [4]. - Apple is projected to account for nearly half of TSMC's 2nm production capacity, with Qualcomm following as a significant client [4]. - The new facilities in Hsinchu and Kaohsiung are crucial for the 2nm process, expected to commence mass production in 2025 [4]. Group 2: Market Demand and Competition - Despite concerns about competitors potentially capturing TSMC's orders, the company continues to follow its planned technological roadmap without significant disruptions [4]. - The initial adoption scale of the 2nm process is anticipated to surpass that of the 3nm and 5nm processes in their early stages [4]. - TSMC's profitability is expected to exceed expectations, even amidst challenges such as tariffs, currency fluctuations, and rising costs [4].

Group 1: Nvidia Financial Performance - Nvidia reported Q2 revenue of $46.743 billion, a 56% increase year-over-year from $30.040 billion and a 6% increase from the previous quarter's $44.062 billion [2] - Net profit for the second quarter was $26.422 billion, up 59% from $16.599 billion year-over-year and up 41% from the previous quarter's $18.775 billion [2] - Adjusted net profit, not in accordance with GAAP, was $25.783 billion, a 52% increase year-over-year from $16.952 billion and a 30% increase from the previous quarter's $19.894 billion [2] Group 2: Meituan Financial Performance - Meituan's adjusted net profit for Q2 was 1.49 billion yuan, a significant decline of 89% year-over-year from an estimated 9.85 billion yuan [3] Group 3: DingTalk Hardware Development - DingTalk released its first report after a four-month return, introducing the AI-enhanced DingTalk 8.0 and the AI hardware product DingTalk A1 [4] - The development of DingTalk A1 took less than four months, with a team of about 40-50 people reportedly working with minimal sleep to ensure efficiency [4] Group 4: Huawei Technology Theft Case - Fourteen individuals were sentenced for infringing on Huawei's chip technology, with the stolen technology valued at 317 million yuan [4] Group 5: DeepSeek Bug Issue - DeepSeek V3.1 experienced a bug causing the character "极" to appear in code outputs, leading to potential compilation issues for developers [5] Group 6: Cainiao Year-End Bonus - Cainiao Network is set to fulfill its promise of double year-end bonuses, which will be distributed at the end of August to employees who were on staff as of August 1 [6] Group 7: Meituan Policy Change - Meituan plans to eliminate "overtime penalties" for its delivery riders by the end of 2025 [7] Group 8: Meta and OpenAI Employee Movement - Two core researchers left Meta shortly after joining and returned to OpenAI, indicating potential instability within Meta's new AI lab [8] Group 9: Musk's Starship Updates - Elon Musk announced that Starship V3 is expected to be completed and tested by the end of this year, with V4 anticipated in 2027 [9] Group 10: Apple A20 Chip Production - Apple's upcoming A20 chip will utilize TSMC's 2nm process, with significant demand expected, as Apple is projected to occupy nearly half of the production capacity [9] Group 11: Apple Acquisition Strategy - Reports indicate that Apple CEO Tim Cook has repeatedly rejected acquisition proposals for Tesla, despite suggestions from senior executives [10] Group 12: Nvidia's Future Outlook - Nvidia's projected sales for Q3 are approximately $54 billion, aligning with Wall Street expectations, but concerns arise over the sustainability of AI investment growth [12]

Core Viewpoint - TSMC is advancing its 1.4nm process technology with significant investments and plans for new facilities, positioning itself as a leader in the semiconductor industry [2][3][12]. Group 1: Investment and Expansion Plans - TSMC's new factory in Central Taiwan is set to begin construction in October, with an estimated total investment of between NT$1.2 trillion (approximately RMB 233.8 billion) and NT$1.5 trillion (approximately RMB 350.8 billion) [2]. - The new facility will include four buildings, with the first expected to complete risk trial production by the end of 2027 and commence mass production in the second half of 2028, potentially generating over NT$500 billion (approximately RMB 116.9 billion) in revenue [2][3]. - TSMC is also planning to build a 1nm advanced process base in Nansha Lun, with an estimated land area of 500 hectares, capable of accommodating up to 10 wafer fabs [3]. Group 2: Technological Advancements - TSMC's A14 process technology, based on second-generation nanosheet gate-all-around transistors, is expected to achieve up to 15% speed improvement at the same power level or a 30% reduction in power consumption at the same speed compared to the N2 process [5][7]. - The A14 technology will enhance logic density by over 20%, showcasing TSMC's commitment to maintaining technological leadership [5][7]. - TSMC plans to introduce the A14 technology in 2028, with potential future versions (A14P and A14X) expected to be released in 2029 [9][11]. Group 3: Competitive Landscape - TSMC's 2nm process is on track for mass production in Q4 2025, with significant demand from major clients such as Apple, AMD, Qualcomm, and Intel, indicating a strong market position [13][14]. - Despite competition from companies like Samsung and Japan's Rapidus, TSMC continues to advance its process technology without disruption, maintaining a leading edge in the semiconductor market [14][16]. - TSMC's production capabilities and customer diversity allow it to support the development and mass production of advanced technologies, further solidifying its market dominance [16].