半导体先进制程 · A 股SEMICONDUCTOR · A-shares
2nm / 先进封装。A 股卡位：设备、EUV 光源、光学、特气、EDA。2nm / advanced packaging. A-share chokepoints: Equipment, EUV source, Optics, Specialty gases, EDA.
成品 / 应用End Product / App· 19 子节点sub-nodes半导体先进制程SEMICONDUCTORSEMICONDUCTOR半导体先进制程全世界都盯着 2nm 旗舰芯片本身 — 但真正的护城河藏在上游:光刻机、EUV 光源、光学、特种气体、EDA 软件,谁也绕不开The world focuses on the 2nm flagship chip itself — but the real moat lies upstream: lithography machines, EUV light sources, optics, specialty gases, and EDA software. Nobody can bypass any of them.
中芯国际SMICA+3.79%¥129.61 · ¥1.04T华虹半导体Hua Hong SemiconductorA+8.68%¥237.33 · ¥412.4B韦尔股份Will SemiconductorA+2.37%¥88.05 · ¥111.1B兆易创新GigaDevice SemiconductorA+5.16%¥506.3 · ¥355.0B卓胜微Maxscend MicroelectronicsA+5.39%¥94.6 · ¥54.4B长电科技JCET GroupA+6.94%¥73.7 · ¥131.9B通富微电TFMEA+6.34%¥60.85 · ¥92.3B华天科技Huatian TechnologyA+5.85%¥17 · ¥56.5B
全世界都盯着 2nm 旗舰芯片本身 — 但真正的护城河藏在上游:光刻机、EUV 光源、光学、特种气体、EDA 软件,谁也绕不开The world focuses on the 2nm flagship chip itself — but the real moat lies upstream: lithography machines, EUV light sources, optics, specialty gases, and EDA software. Nobody can bypass any of them.
子系统Subsystem· 2 子节点sub-nodes芯片设计 (Fabless)Chip Design (Fabless)Chip Design (Fabless)芯片设计 (Fabless)定义芯片做什么 — 但没有代工厂和 EDA 工具就只是一纸版图Defines what a chip does — but without a foundry and EDA tools, it's nothing more than a layout on paper.
韦尔股份Will SemiconductorA+2.37%¥88.05 · ¥111.1B兆易创新GigaDevice SemiconductorA+5.16%¥506.3 · ¥355.0B卓胜微Maxscend MicroelectronicsA+5.39%¥94.6 · ¥54.4B澜起科技Montage TechnologyA+4.79%¥235.66 · ¥288.0B仕佳光子Shijia PhotonsA+4.09%¥116 · ¥72.0B格科微GalaxyCoreA+2.33%¥13.6 · ¥35.4B思瑞浦3PEAK IncorporatedA+4.47%¥323.2 · ¥44.6B芯原股份VeriSiliconA+3.73%¥231.45 · ¥121.7B芯朋微Chipown ElectronicsA+2.05%¥87.05 · ¥11.5B纳芯微NOVOSENSE MicroelectronicsA+5.03%¥247 · ¥40.2B
定义芯片做什么 — 但没有代工厂和 EDA 工具就只是一纸版图Defines what a chip does — but without a foundry and EDA tools, it's nothing more than a layout on paper.
部件Component· 1 子节点sub-nodesEDA 软件 / IP(盲区) ●EDA Software / IP (Hidden Chokepoint) ●EDA Software / IP (Hidden Chokepoint) ●EDA 软件 / IP(盲区) ●2nm 数十亿晶体管全靠 EDA 工具自动布局布线 — 三家卡死全行业,任何芯片都得先过这一关Billions of transistors at 2nm depend entirely on EDA tools for automated place-and-route — three firms lock up the entire industry, and every chip must pass through them.
2nm 数十亿晶体管全靠 EDA 工具自动布局布线 — 三家卡死全行业,任何芯片都得先过这一关Billions of transistors at 2nm depend entirely on EDA tools for automated place-and-route — three firms lock up the entire industry, and every chip must pass through them.
良率前的最后一道软件关卡The final software gate before yield.
子系统Subsystem· 8 子节点sub-nodes晶圆制造 · 前道 (Front-End)Wafer Fabrication · Front-End-of-Line (FEOL)Wafer Fabrication · Front-End-of-Line (FEOL)晶圆制造 · 前道 (Front-End)把版图刻进硅片 — 这是整条链最烧钱、最被低估上游设备的环节Pattern the layout onto silicon wafers — the most capital-intensive segment of the chain and the most underappreciated for upstream equipment.
把版图刻进硅片 — 这是整条链最烧钱、最被低估上游设备的环节Pattern the layout onto silicon wafers — the most capital-intensive segment of the chain and the most underappreciated for upstream equipment.
部件Component· 7 子节点sub-nodes半导体设备(盲区) ●Semiconductor Equipment (Hidden Chokepoint) ●Semiconductor Equipment (Hidden Chokepoint) ●半导体设备(盲区) ●建一座 2nm 厂要 200 亿美元,其中绝大部分是买设备 — 这些设备商才是真正收过路费的人Building a 2nm fab costs $20 billion, most of which goes to equipment — these equipment makers are the true toll collectors.
北方华创NAURA Technology GroupA+0.90%¥673.21 · ¥488.0B中微公司Advanced Micro-Fabrication EquipmentA+2.62%¥311.89 · ¥292.2B拓荆科技Tuojing TechnologyA+1.52%¥654.97 · ¥185.2B盛美上海ACM ResearchA-1.37%¥300.5 · ¥145.0B华海清科Hwatsing TechnologyA+6.51%¥195.98 · ¥97.0B芯源微ACM Research ChinaA+4.46%¥267 · ¥53.8B至纯科技Suzhou Zhichun TechnologyA+2.81%¥27.43 · ¥10.5B精测电子Wuhan Jingce ElectronicA+5.81%¥207.71 · ¥58.1B长川科技Changchuan TechnologyA+2.84%¥229.45 · ¥145.6B华峰测控Huafeng Test & ControlA+0.71%¥302.1 · ¥60.6B万业企业Wanye EnterpriseA+7.83%¥30.71 · ¥29.1B芯碁微装Xingji MicroelectronicsA+9.47%¥431.3 · ¥56.8B
建一座 2nm 厂要 200 亿美元,其中绝大部分是买设备 — 这些设备商才是真正收过路费的人Building a 2nm fab costs $20 billion, most of which goes to equipment — these equipment makers are the true toll collectors.
材料Material· 2 子节点sub-nodesEUV 光刻 / 光源 · 光学(盲区) ●EUV Lithography / Light Source · Optics (Hidden Chokepoint) ●EUV Lithography / Light Source · Optics (Hidden Chokepoint) ●EUV 光刻 / 光源 · 光学(盲区) ●全世界只有 ASML 一家能造 EUV 光刻机 — 这是 2nm 唯一不可替代的咽喉,垄断中的垄断Only ASML in the entire world can manufacture EUV lithography machines — this is the sole irreplaceable chokepoint for 2nm, a monopoly within a monopoly.
全世界只有 ASML 一家能造 EUV 光刻机 — 这是 2nm 唯一不可替代的咽喉,垄断中的垄断Only ASML in the entire world can manufacture EUV lithography machines — this is the sole irreplaceable chokepoint for 2nm, a monopoly within a monopoly.
13.5nm EUV 不能折射只能反射,镜片和掩膜母版精度逼近原子级At 13.5nm, EUV cannot refract and must reflect; mirrors and mask blanks require near-atomic-level precision.
高功率激光打锡滴产生 13.5nm 极紫外光 — 极其小众的耗材环节High-power lasers strike tin droplets to generate 13.5nm extreme ultraviolet light — a highly specialized consumables segment.
材料Material· 3 子节点sub-nodes特种气体 / 材料(盲区) ●Specialty Gases / Materials (Hidden Chokepoint) ●Specialty Gases / Materials (Hidden Chokepoint) ●特种气体 / 材料(盲区) ●刻蚀/沉积/清洗每一步都吞掉海量超纯气体和材料 — 看不见、低毛利印象,但缺一种就停线Every etch, deposition, and cleaning step consumes vast quantities of ultra-pure gases and materials — invisible and seemingly low-margin, but a missing supply shuts down the line.
雅克科技Yake TechnologyA+2.26%¥136 · ¥64.7B南大光电Nanda OptoelectronicsA+3.22%¥61.3 · ¥42.4B华特气体Huate GasA-1.86%¥185 · ¥23.6B昊华科技Haohua TechnologyA-1.26%¥56.43 · ¥72.8B金宏气体Jinhong GasA+1.70%¥28.65 · ¥15.3B凯美特气Kemeite GasA-1.73%¥17.05 · ¥11.9B安集科技Anji MicroelectronicsA+2.44%¥230.49 · ¥52.4B鼎龙股份Dinglong HoldingsA+5.09%¥83.01 · ¥79.1B
刻蚀/沉积/清洗每一步都吞掉海量超纯气体和材料 — 看不见、低毛利印象,但缺一种就停线Every etch, deposition, and cleaning step consumes vast quantities of ultra-pure gases and materials — invisible and seemingly low-margin, but a missing supply shuts down the line.
一切的起点 — 12 英寸超纯单晶硅衬底The starting point of everything — a 12-inch ultra-pure single-crystal silicon substrate.
每层布线后都要化学机械抛光找平Chemical mechanical planarization is required after each metal layer to level the surface.
刻蚀清洗用气,氖气等还供给 EUV 激光Gases used for etch and clean steps; neon and others also feed the EUV laser.
子系统Subsystem· 4 子节点sub-nodes先进封装 · 后道 (Back-End)(盲区) ●Advanced Packaging · Back-End-of-Line (BEOL) (Hidden Chokepoint) ●Advanced Packaging · Back-End-of-Line (BEOL) (Hidden Chokepoint) ●先进封装 · 后道 (Back-End)(盲区) ●摩尔定律快撞墙了,性能增量越来越靠封装 — CoWoS/HBM 堆叠是 AI 芯片真正的瓶颈和暴利点Moore's Law is approaching its limits; performance gains increasingly rely on packaging — CoWoS and HBM stacking are the true bottleneck and profit center for AI chips.
摩尔定律快撞墙了,性能增量越来越靠封装 — CoWoS/HBM 堆叠是 AI 芯片真正的瓶颈和暴利点Moore's Law is approaching its limits; performance gains increasingly rely on packaging — CoWoS and HBM stacking are the true bottleneck and profit center for AI chips.
把 GPU 和 HBM 用硅中介层连在一起 — 台积电 CoWoS 产能就是 AI 芯片的硬天花板Connects GPU and HBM dies via a silicon interposer — TSMC's CoWoS capacity is the hard ceiling for AI chip supply.
TSV 硅穿孔垂直堆叠的内存 — AI 芯片喂数据的命脉,缺货常态Memory stacked vertically via TSV through-silicon vias — the lifeline feeding data to AI chips, with persistent supply shortages.
高端 IC 载板长期供不应求,味之素 ABF 绝缘膜是隐藏咽喉High-end IC substrates have been in chronic short supply; Ajinomoto ABF insulating film is the hidden chokepoint.
金线/铜线/锡球等连接材料Interconnect materials including gold wire, copper wire, and solder balls.
出厂前的最后一关,直接决定一座厂赚不赚钱The final gate before shipment, directly determining whether a fab is profitable.
一座先进厂吃掉一座中型城市的电和水 — 给厂供能/净化/建设的工程公司是最不性感却最确定的受益方A leading-edge fab consumes as much power and water as a mid-sized city — the engineering firms that supply power, purification, and construction are the least glamorous yet most reliable beneficiaries.
数据来源：沪深快照 2026-06-15（导入自原站）。akshare 实时刷新待接入。仅供研究 · 非投资建议。Source: Shanghai/Shenzhen snapshot 2026-06-15 (imported from origin). Live akshare refresh pending. Research only · not investment advice.