<p>一系列中国模拟芯片制造商宣布了与国际同行同步的价格上涨，随着更广泛的定价潮席卷半导体供应链，分析师表示，这一变化可能为中国的成熟节点生产商提供一个难得的机会来获得市场份额。最近，诺芯微电子、圣邦股份、福特尔科技、哈罗微电子、士兰微和奇维仪器等国内公司纷纷提高价格，跟随包括德州仪器（TI）、模拟器件、恩智浦、英飞凌、安森美和意法半导体等全球领导者的步伐。TI 的最新一轮涨价将于四月生效，部分产品价格将上涨多达 85%。诺芯微电子最近向客户通报了这一调整，理由是 “全球半导体市场持续波动以及核心材料（包括晶圆和封装材料）成本急剧上升”。模拟芯片的重新定价潮——这些芯片处理声音、温度和光等连续的现实世界信号——正值上游成本飙升和人工智能驱动的需求激增，推动价格压力蔓延至整个半导体供应链。内存芯片曾是最明显的例子，但分析师表示，行业紧密相连的特性意味着影响正在扩散。“在这种环境下，中国可能成为主要受益者，” 标准普尔全球评级的董事克利福德·库尔茨表示，并指出中国正在加大成熟节点的产能。与需要尖端工艺节点的先进 AI 芯片不同，模拟芯片主要在成熟节点上生产，精度比晶体管密度更为重要。长期以来与 8 英寸生产线相连的模拟芯片生产正在逐步转向 12 英寸的成熟节点晶圆厂，主要由德州仪器等顶级集成器件制造商主导。尽管中国在领先的制造能力上长期滞后——受到结构性产业差距和美国出口限制的制约——但在成熟节点的产能上正在稳步缩小差距。根据半导体设备与材料国际协会的数据显示，中国在 22 纳米至 40 纳米主流节点的全球产能份额预计将从 2024 年的 25% 上升到 2028 年的 42%。国内代工厂正在扩大规模。例如， semiconductor Manufacturing International Corporation（中芯国际）在 2025 年结束时的每月逻辑产能为 106 万 8 英寸晶圆当量，比前一年增加约 11 万，平均利用率为 93.5%。华虹的每月产能约为 48.6 万片，利用率超过 100%，各自的收益显示。“更高的价格为新兴的中国企业提供了在不牺牲太多利润的情况下，击败欧洲和美国竞争对手的空间，” 晨星的高级股票分析师菲利克斯·李表示。根据标准普尔的库尔茨的说法，模拟芯片的需求在各个领域都在上升。“AI 数据中心的加速建设和 AI 服务器机架的功率密度上升是主要驱动因素，” 他说，并指出模拟和电源管理芯片在高压环境下的交流到直流电源转换、电压调节和信号隔离中至关重要。无人机、机器人和自动驾驶汽车的需求也在增长。与此同时，供应却难以跟上。芯片制造商在扩大成熟节点产能方面进展缓慢，部分原因是这些芯片的商品化特性以及需要长期供应合同来证明大规模资本投资的必要性。专注于满足对先进 AI 芯片强劲需求的领先代工厂，如台积电和三星，进一步挤压了模拟生产能力的供应。“AI 的需求增加溢出到其他领域，” 晨星的李说。分析师表示，化学品、气体、能源和物流等成本均有所上升，代工厂将这些增加的成本转嫁给客户。然而，关于模拟芯片价格上涨的主要担忧并不是成本本身——考虑到这些芯片对整体最终产品材料成本的相对小贡献——而是正如库尔茨所说，“下游制造商能否确保足够的供应以维持生产计划。”</p>

国泰中证半导体材料设备主题ETF

国联安半导体ETF

国联安科创芯片设计ETF

国泰CES半导体芯片行业ETF

德州仪器

华夏上证科创板半导体材料设备主题ETF

国泰中证全指集成电路ETF

纳芯微

圣邦股份

<p>中国模拟芯片制造商，包括纳芯微和圣邦股份，正在根据全球同行如德州仪器的情况提高价格，涨幅高达 85%。这一价格飙升归因于材料成本上升和由人工智能应用推动的需求增加。分析师认为，这一变化可能会使中国的成熟工艺生产商受益，因为他们正在加大产能以应对不断增长的市场。各个行业对模拟芯片的需求正在上升，但由于产能扩张缓慢以及领先代工厂对先进人工智能芯片的关注，供应难以跟上</p>

<p>A string of Chinese analogue chipmakers have announced price increases in step with their international peers, as a broader pricing wave sweeps across the semiconductor supply chain – a shift that analysts say could hand China’s mature-node producers a rare window to gain ground. Novosense Microelectronics, SG Micro, Fortior Technology, Halo Microelectronics, Silan Micro and Kiwi Instruments are among the domestic firms recently raising prices, in line with global leaders including Texas Instruments (TI), Analog Devices, NXP, Infineon, Onsemi and STMicroelectronics. TI’s latest round, set to take effect in April, will lift prices on selected products by as much as 85 per cent. Novosense, which makes sensors, signal-chain and power-management chips, had recently told customers about the adjustment, citing “continued volatility in global semiconductor markets and sharply rising costs of core materials including wafers and packaging inputs”. The repricing wave in analogue chips – which process continuous real-world signals such as sound, temperature and light – comes as surging upstream costs and explosive artificial intelligence-driven demand push price pressures through the entire semiconductor supply chain. Memory chips had been the most visible example, but the tightly interconnected nature of the industry meant the effect was spreading, analysts said. “China could emerge as a key beneficiary in this environment,” said Clifford Kurz, director at S&amp;P Global Ratings, pointing to the country’s ramp-up of mature-node capacity. Unlike advanced AI chips, which demand cutting-edge process nodes, analogue chips are manufactured predominantly on mature nodes, where precision matters more than transistor density. Long tied to 8-inch lines, analogue chip production is gradually shifting to 12-inch mature-node fabs, led by top integrated device manufacturers such as TI. Although China has long lagged in leading-edge fabrication – constrained by structural industrial gaps and US export restrictions – it has been steadily closing the gap in mature-node capacity. According to industry institution Semiconductor Equipment and Materials International, China’s share of global capacity at mainstream nodes between 22 nanometres and 40nm was projected to rise from 25 per cent in 2024 to 42 per cent by 2028. Domestic foundries are scaling up. Semiconductor Manufacturing International Corporation, for example, ended 2025 with monthly logic capacity of 1.06 million 8-inch wafer equivalents, up roughly 110,000 from the previous year, with an average utilisation of 93.5 per cent. Hua Hong reported capacity of roughly 486,000 wafers per month, with utilisation exceeding 100 per cent, respective earnings showed. “Higher prices create room for emerging Chinese players to undercut European and US competitors without sacrificing too much margin,” said Phelix Lee, senior equity analyst at Morningstar. Demand for analogue chips had risen across all sectors, according to S&amp;P’s Kurz. “The accelerating build-out of AI data centres and the rising power density of AI server racks are key drivers,” he said, noting that analogue and power-management chips were critical for AC-to-DC power conversion, voltage regulation and signal isolation in high-voltage environments. Demand was also growing in drones, robotics and autonomous vehicles. Supply, meanwhile, has struggled to keep pace. Chipmakers have been slow to expand mature-node capacity, in part because of the commoditised nature of such chips and the requirement for long-term supply contracts to justify large capital investments. Leading-edge foundries such as Taiwan Semiconductor Manufacturing Company and Samsung, focused on meeting robust demand for advanced AI chips, have further squeezed the supply of analogue production capacity. “It is an increase in demand from AI that has spilled over into other areas,” said Morningstar’s Lee. Costs – from chemicals, gases, energy and logistics – had all risen, with foundries passing increases on to customers, analysts said. Yet the primary concern around rising analogue chip prices was not the cost itself – given the relatively small contribution of such chips to overall end-product bills of materials – but rather, as Kurz put it, “the ability of downstream manufacturers to secure sufficient supply to maintain production schedules”.</p>
<div class="lb-trans"><p>一系列中国模拟芯片制造商宣布了与国际同行同步的价格上涨，随着更广泛的定价潮席卷半导体供应链，分析师表示，这一变化可能为中国的成熟节点生产商提供一个难得的机会来获得市场份额。最近，诺芯微电子、圣邦股份、福特尔科技、哈罗微电子、士兰微和奇维仪器等国内公司纷纷提高价格，跟随包括德州仪器（TI）、模拟器件、恩智浦、英飞凌、安森美和意法半导体等全球领导者的步伐。TI 的最新一轮涨价将于四月生效，部分产品价格将上涨多达 85%。诺芯微电子最近向客户通报了这一调整，理由是 “全球半导体市场持续波动以及核心材料（包括晶圆和封装材料）成本急剧上升”。模拟芯片的重新定价潮——这些芯片处理声音、温度和光等连续的现实世界信号——正值上游成本飙升和人工智能驱动的需求激增，推动价格压力蔓延至整个半导体供应链。内存芯片曾是最明显的例子，但分析师表示，行业紧密相连的特性意味着影响正在扩散。“在这种环境下，中国可能成为主要受益者，” 标准普尔全球评级的董事克利福德·库尔茨表示，并指出中国正在加大成熟节点的产能。与需要尖端工艺节点的先进 AI 芯片不同，模拟芯片主要在成熟节点上生产，精度比晶体管密度更为重要。长期以来与 8 英寸生产线相连的模拟芯片生产正在逐步转向 12 英寸的成熟节点晶圆厂，主要由德州仪器等顶级集成器件制造商主导。尽管中国在领先的制造能力上长期滞后——受到结构性产业差距和美国出口限制的制约——但在成熟节点的产能上正在稳步缩小差距。根据半导体设备与材料国际协会的数据显示，中国在 22 纳米至 40 纳米主流节点的全球产能份额预计将从 2024 年的 25% 上升到 2028 年的 42%。国内代工厂正在扩大规模。例如， semiconductor Manufacturing International Corporation（中芯国际）在 2025 年结束时的每月逻辑产能为 106 万 8 英寸晶圆当量，比前一年增加约 11 万，平均利用率为 93.5%。华虹的每月产能约为 48.6 万片，利用率超过 100%，各自的收益显示。“更高的价格为新兴的中国企业提供了在不牺牲太多利润的情况下，击败欧洲和美国竞争对手的空间，” 晨星的高级股票分析师菲利克斯·李表示。根据标准普尔的库尔茨的说法，模拟芯片的需求在各个领域都在上升。“AI 数据中心的加速建设和 AI 服务器机架的功率密度上升是主要驱动因素，” 他说，并指出模拟和电源管理芯片在高压环境下的交流到直流电源转换、电压调节和信号隔离中至关重要。无人机、机器人和自动驾驶汽车的需求也在增长。与此同时，供应却难以跟上。芯片制造商在扩大成熟节点产能方面进展缓慢，部分原因是这些芯片的商品化特性以及需要长期供应合同来证明大规模资本投资的必要性。专注于满足对先进 AI 芯片强劲需求的领先代工厂，如台积电和三星，进一步挤压了模拟生产能力的供应。“AI 的需求增加溢出到其他领域，” 晨星的李说。分析师表示，化学品、气体、能源和物流等成本均有所上升，代工厂将这些增加的成本转嫁给客户。然而，关于模拟芯片价格上涨的主要担忧并不是成本本身——考虑到这些芯片对整体最终产品材料成本的相对小贡献——而是正如库尔茨所说，“下游制造商能否确保足够的供应以维持生产计划。”</p>
</div>

Chinese analogue chipmakers raise prices as mature-node producers poised to gain

南华早报

中国模拟芯片制造商提价，因成熟节点生产商有望获利