Counterpoint Research：2025年Q3全球晶圆代工2.0市场营收同比增长17% 达到848亿美元

智通财经2025-12-25

智通财经APP获悉，Counterpoint Research发文称，半导体产业已正式迈入“晶圆代工 2.0”时代，这一阶段以制造、封装与测试的深度整合为特征，并在全球 AI 热潮的推动下实现更高质量的增长。根据 Counterpoint Research 最新发布的《按节点划分的代工收入、良率与产能利用率追踪报告》，2025 年Q3全球晶圆代工2.0市场营收同比增长17%，达到848亿美元。这一...

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href=http://www.zhitongcaijing.com/content/detail/1385789.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，Counterpoint Research发文称，半导体产业已正式迈入“晶圆代工 2.0”时代，这一阶段以制造、封装与测试的深度整合为特征，并在全球 AI 热潮的推动下实现更高质量的增长。根据 Counterpoint Research 最新发布的《按节点划分的代工收入、良率与产能利用率追踪报告》，2025 年Q3全球晶圆代工2.0市场营收同比增长17%，达到848亿美元。这一...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1385789.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0004086264.USD","symbol_name":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1385789.html","article_id":"2594984287","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2594984287","pubTimestamp":1766643554,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，Counterpoint 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Dynamic Dividend A Acc USD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H"},"translate_title":"Counterpoint Research: Global foundry 2.0 market revenue in Q3 2025 will increase by 17% year-on-year to US $84.8 billion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSM":1.96,"03145":0.6},"content_text":"智通财经APP获悉，Counterpoint Research发文称，半导体产业已正式迈入“晶圆代工 2.0”时代，这一阶段以制造、封装与测试的深度整合为特征，并在全球 AI 热潮的推动下实现更高质量的增长。根据 Counterpoint Research 最新发布的《按节点划分的代工收入、良率与产能利用率追踪报告》，2025 年Q3全球晶圆代工2.0市场营收同比增长17%，达到848亿美元。这一两位数增长主要来自AI GPU在前端晶圆制造及后端先进封装领域的持续需求。传统的“晶圆代工 1.0”定义仅聚焦于芯片制造环节，已无法充分反映当前行业动态。Counterpoint 提出“晶圆代工 2.0”概念，将纯晶圆代工厂、非存储 IDM、OSAT 厂商以及光掩膜供应商纳入统一分析框架。Counterpoint Research 研究副总裁 Neil Shah 表示：“企业正在从制造链条中的一环，转变为技术整合平台。这一转型确保了更紧密的垂直协同、更快的创新节奏以及更深层次的价值创造，而这些正是 AI 时代进行系统级优化的关键。”来源：Counterpoint Research2025 年 Q3 各细分领域要点：台积电表现优异：在纯晶圆代工厂中，台积电持续领跑整体市场，营收同比增长 41%。增长主要来自苹果旗舰智能手机 3nm 芯片的量产爬坡，以及 NVIDIA、AMD、Broadcom 等 AI 加速器客户对 4/5nm 制程的满载需求。与此同时，4/5nm 产能持续紧张，已成为制约台积电 Q4 营收进一步增长的关键因素。不过，台积电强大而可靠的先进封装能力将在 2026 年持续推动其营收增长。非台积电晶圆代工厂增长趋缓：非台积电晶圆代工厂整体在 2025 年 Q3 实现 6% 的同比增长，低于 2025 年 Q2 的 11%。非存储 IDM 企业迎来复苏：非存储 IDM 厂商整体恢复增长，同比提升 4%，表明库存去化周期已接近尾声。德州仪器以 14% 的同比增长领跑，而意法半导体也显示出下滑趋势缓解的迹象。OSAT 行业持续繁荣：OSAT 行业在 2025 年 Q3 营收同比增长 10%(2024 年同期为 5%)。日月光与硅品成为当季主要增长贡献者，其 FOCoS(扇出型基板芯片封装)方案受益于台积电为满足 AI GPU 与 AI ASIC 需求而外溢的订单。Counterpoint 预计，2026 年先进封装产能将同比大幅提升100%，因此 AI GPU 与 AI ASIC 将在 2025–2026 年成为OSAT 厂商最主要的增长引擎。来源：Counterpoint Research对于今年剩余时间的展望，高级分析师 Jake Lai 表示：“随着主要营收驱动因素逐步触及产能上限(4/5nm 产能已满载运行)，且 CoWoS 产能持续受限，引领 2025 年整体代工市场增长核心的台积电在 Q4 实现显著环比增长的可能性有限。因此，我们预计 2025 年全年晶圆代工 2.0 市场营收增速约为 15%。其中，纯晶圆代工市场预计同比增长 26%，将在未来几个季度 AI GPU 与 AI ASIC 持续出货的支撑下，成为整体市场扩张的关键动力。”关于先进封装趋势，高级分析师 William Li 指出：“NVIDIA 与 Broadcom 在 AI GPU 与 AI ASIC 市场中占据主导地位，其需求波动对整体 CoWoS 需求产生显著影响。2026 年，台积电预计将主要聚焦 NVIDIA 的 AI GPU 平台，包括 Blackwell 与 Rubin。这将为 OSAT 厂商带来战略性机遇。Broadcom 及其他厂商必须在台积电体系之外寻找合作伙伴，以确保 CoWoS-S 产能供应。这部分外溢需求将成为 2025 年之后推动日月光及硅品持续扩张的重要动力，尤其体现在 2026 年 AMD Venice 与 NVIDIA Vera 平台相关项目中。”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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