After nearly two years of inventory adjustment, the silicon wafer industry is seeing an increasingly clear recovery. As demand for mature process nodes warms up, high end AI applications keep expanding, and energy, freight, and raw material costs remain elevated, Taiwan's three major silicon wafer makers, Wafer Works (6182), Taisil (3532), and GlobalWafers (6488), have recently signaled price increases one after another.
经过近两年的库存调整，硅片行业复苏迹象日益明显。随着成熟工艺节点的需求回暖，高端人工智能应用持续扩张，而能源、运输和原材料成本居高不下，台湾三大硅片制造商——华硕晶圆（6182）、台积电（3532）和环球晶圆（6488）近期相继宣布提价。
Among product lines, 6 inch wafers have already led the way with completed price increases, demand for 8 inch is heating up quickly, and 12 inch products have also begun a fresh round of price negotiations with customers. Institutional investors expect the silicon wafer industry to enter a new wave of the recovery cycle.
在各产品线中，6英寸晶圆已率先完成价格上涨，8英寸晶圆的需求正在迅速升温，12英寸晶圆也已开始与客户进行新一轮的价格谈判。机构投资者预计硅晶圆行业将进入新一轮复苏周期。
Wafer Works said it completed its 6 inch wafer price adjustment early this year, and the market is now showing supply falling short of demand.
Wafer Works 表示，该公司已于今年年初完成了 6 英寸晶圆的价格调整，目前市场显示供应不足，无法满足需求。
The company noted that the tight 6 inch supply is not a case of AI directly crowding out mature process nodes. Rather, in recent years some international silicon wafer suppliers, including SUMCO and Siltronic, have successively cut back or exited their 6 inch lines, and combined with each maker adjusting capacity allocation according to product mix and customer structure, overall supply has continued to converge.
该公司指出，6 英寸晶圆供应紧张并非人工智能直接挤占成熟工艺节点的市场份额。相反，近年来，包括 SUMCO 和 Siltronic 在内的一些国际硅晶圆供应商相继削减或停止了 6 英寸生产线，再加上各厂商根据产品组合和客户结构调整产能分配，导致整体供应持续趋于收窄。
Because Wafer Works still has a large base of mature process customers in power devices, power management ICs (PMIC), and MEMS, demand for its 6 inch and 8 inch products remains stable. As a result, keeping these lines in operation actually delivers better operating efficiency.
由于华硕晶圆厂在功率器件、电源管理集成电路（PMIC）和微机电系统（MEMS）领域仍然拥有大量成熟的工艺客户，因此对其 6 英寸和 8 英寸产品的需求保持稳定。因此，维持这些生产线的运转实际上可以提高运营效率。
The company further noted that the 8 inch market still has room for price increases in the second half. What is driving the demand recovery is not just PMIC but the broader power semiconductor space, with applications such as automotive electronics, industrial control, and power management all improving in tandem.
该公司还指出，8 英寸芯片市场在下半年仍有价格上涨空间。推动需求复苏的不仅是电源管理集成电路（PMIC），还有更广泛的功率半导体领域，汽车电子、工业控制和电源管理等应用领域的需求都在同步增长。
Taisil said its 8 inch and 12 inch wafer lines are both running at full capacity. Demand in the 8 inch market has clearly warmed up recently, with many customers already discussing additional orders for the second half of this year and demand for next year ahead of time, leading the company to judge that 8 inch products have room for price increases.
泰锡表示，其8英寸和12英寸晶圆生产线均已满负荷运转。近期8英寸晶圆市场需求明显回暖，许多客户已开始讨论今年下半年的追加订单，并提前预订了明年的订单，因此公司认为8英寸产品价格有上涨空间。
As for 12 inch products, the company has begun negotiating a new price adjustment mechanism for the second half with customers. However, the increase customers are willing to accept still falls short of what the company expects, and the two sides are continuing to negotiate.
至于12英寸产品，公司已开始与客户协商下半年新的价格调整机制。然而，客户愿意接受的涨幅仍低于公司预期，双方仍在继续谈判。
GlobalWafers said that in 2026 the global silicon wafer market is showing an uneven but upward recovery, with the recent warming momentum more clearly defined than before.
GlobalWafers 表示，2026 年全球硅晶圆市场呈现不均衡但上升的复苏态势，近期的回暖势头比以往更加明显。
High end AI and advanced process demand remains strong, while non AI markets such as automotive and industrial control are also gradually recovering. The company is actively negotiating prices with customers to reflect higher energy, freight, and raw material costs.
高端人工智能和先进工艺的需求依然强劲，而汽车和工业控制等非人工智能市场也在逐步复苏。公司正积极与客户协商价格，以反映不断上涨的能源、运输和原材料成本。
Institutional analysts say the three makers' simultaneous price hike signals reflect a clearly improved supply demand structure in the silicon wafer market. Overall, the concurrent recovery in demand for both mature and advanced process nodes should help lift the silicon wafer industry's revenue and earnings, making the operating outlook for the second half cautiously optimistic.
机构分析师表示，三大厂商同时提价的信号反映出硅晶圆市场供需结构明显改善。总体而言，成熟工艺节点和先进工艺节点需求的同步复苏应有助于提振硅晶圆行业的营收和利润，使下半年的经营前景保持谨慎乐观。
价格节奏：2026 年初已完成首轮价格调整，是本轮周期最先启动涨价的尺寸。
供需格局：呈现明确的供不应求状态。供给端，近年 SUMCO、Siltronic 等国际巨头陆续缩减或退出 6 英寸产线，全球产能持续收敛；需求端，下游功率元件、电源管理 IC（PMIC）、MEMS、模拟芯片等成熟制程应用需求稳定，车规、工控需求回暖进一步拉动需求增长。
核心特征：属于 “供给收缩型” 涨价，保留 6 英寸产线的厂商具备更强定价权。
价格节奏：当前已进入涨价通道，头部厂商普遍确认下半年具备调价空间，客户已提前洽谈下半年追单与 2027 年长期需求。
供需格局：头部厂商 8 英寸产线已维持满载生产。需求驱动来自泛功率半导体全赛道复苏：车规电子、工业控制、电源管理芯片、MOSFET/IGBT 等需求同步改善，同时 AI 服务器爆发带动的配套功率器件、PMIC 需求成为新增增量。
核心特征：属于 “需求复苏型” 涨价，是成熟制程景气回升的核心受益尺寸。
价格节奏：并非全品类普涨，呈现明显的结构性分化：
AI/HPC 专用高端硅片（重掺硅片、HBM 配套衬底）：供应极度紧张，年内累计涨幅达 18%-22%，是本轮涨价的核心主力；
功率、先进逻辑用外延片：价格涨幅 10%-15%；
通用存储、逻辑用常规抛光片：价格涨幅 5%-8%，当前正与客户协商调价机制。
供需格局：整体供需紧平衡，高端 AI 相关品类缺口持续扩大，全球 12 英寸硅片紧缺态势预计将延续至 2028 年。
核心驱动：AI 算力爆发拉动 GPU、HBM、先进逻辑芯片需求激增 —— 单台 AI 服务器硅片消耗量是通用服务器的 3.8 倍，HBM 对硅片的消耗量是普通 DRAM 的 3 倍；同时车规、工控等非 AI 需求逐步复苏，形成双重支撑。
（二）A 股核心厂商
立昂微（605358.SH）：国内重掺硅片绝对龙头，同时覆盖 6/8/12 英寸全尺寸；8 英寸外延片国内市占领先，12 英寸重掺硅片适配功率器件、AI 电源芯片，国内客户端国产采购占比超 50%，当前订单饱满、交期延长。
有研硅（688432.SH）：深耕 8 英寸抛光片、外延片，下游绑定国内头部功率半导体厂商，成熟制程复苏业绩弹性显著。
中晶科技（003026.SZ）：聚焦中小尺寸硅片，6-8 英寸抛光片、外延片产能充足，深度覆盖功率器件、分立器件下游市场。
TCL 中环（002129.SZ）：半导体 + 光伏双赛道布局，收购鑫芯半导体后 12 英寸理论产能达 120 万片 / 月，8 英寸功率级硅片国内领先，车规级产品认证完善。
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