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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"34770\\\"></a>\\\r\\\n<h1>两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察</h1>\\\r\\\n\\\r\\\n<div><span>\\\n  <div style=\\\"--en-clipped-content:article\\\"><div style=\\\"font-size: 16px; display:block; min-width: 100%; position: relative;\\\"> <div><div style=\\\"background:rgb(255, 255, 255);color:rgb(51, 51, 51);font-size:14px;font-family:微软雅黑, Verdana, Arial, Helvetica, sans-serif;\\\"><div><div><div><div>\\\n\\t\\t\\t\\t\\t\\t<h1 style=\\\"margin:0px;padding:0px;line-height:72px;font-size:36px;font-weight:700;\\\">两万字解读射频前端，国产现状如何？</h1>\\\n\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;font-size:12px;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;float:left;\\\">\\\n\\\n\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;float:right;color:rgb(153, 153, 153);\\\">\\\n\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t\\t<span>2021-09-14</span>\\\n\\t\\t\\t\\t\\t\\t\\t\\t<span>14:00:17</span>\\\n\\t\\t\\t\\t\\t\\t\\t\\t<span style=\\\"padding-left:12px;\\\">来源: 半导体行业观察</span>\\\n\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t<span style=\\\"font-size:12px;display:block;height:0px;clear:both;visibility:hidden;\\\">.</span></div>\\\n\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;margin-top:34px;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;float:left;width:120px;margin-top:15px;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;width:80px;height:26px;line-height:26px;border:1px solid rgb(199, 199, 199);border-radius:4px;text-align:center;margin-top:20px;display:block;box-sizing:border-box;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t\\t\\t<span style=\\\"padding:0px 3px;color:rgb(229, 7, 7);\\\">2585</span><span style=\\\"padding:0px 3px;\\\">点击</span>\\\n\\t\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t\\t\\t<span style=\\\"width:80px;height:26px;line-height:26px;border:1px solid rgb(199, 199, 199);border-radius:4px;margin-top:20px;display:block;box-sizing:border-box;padding-left:38px;margin-bottom:1px;background:url(http://www.semiinsights.com/statics/style2017/css/../images/cont-share.png) 16px center no-repeat;text-align:left;\\\">分享</span>\\\n\\t\\t\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;float:left;width:670px;border-top:1px solid rgb(233, 233, 233);line-height:32px;font-size:18px;\\\">\\\n\\t\\t\\t\\t\\t\\t\\t    \\t\\t\\t\\t\\t\\t\\t\\t<div style=\\\"margin:0px;padding:0px;\\\">\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <a style=\\\"color:rgb(51, 51, 51);text-decoration:none;\\\">\\\n   <span>\\\n    \\\n   </span>\\\n  </a>\\\n </p>\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <span style=\\\"color:rgb(178, 178, 178);font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:14px;letter-spacing:1.5px;text-align:left;background-color:rgb(255, 255, 255);\\\">\\\n   来源：内容由半导体行业观察（ID:icbank）转载自公众号「\\\n  </span>\\\n  <span style=\\\"outline:0px;color:rgb(178, 178, 178);font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:14px;letter-spacing:1.5px;text-align:left;background-color:rgb(255, 255, 255);\\\">\\\n   招商电子\\\n  </span>\\\n  <span style=\\\"color:rgb(178, 178, 178);font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:14px;letter-spacing:1.5px;text-align:left;background-color:rgb(255, 255, 255);\\\">\\\n   」，作者：\\\n   <span>\\\n    鄢凡团队，\\\n   </span>\\\n   谢谢。\\\n  </span>\\\n </p>\\\n <div>\\\n  <span>\\\n  </span>\\\n </div>\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <br/>\\\n </p>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:black;\\\">\\\n     射频前端（Radio Frequency Front-End\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:black;\\\">\\\n     ，RFFE\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:black;\\\">\\\n     ）是无线通信模块的核心组件\\\n    </span>\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:rgb(51, 51, 51);\\\">\\\n    。无线通信模块主要包含天线、射频前端、主芯片三部分，用于信号发射、信号接收过程中二进制信号和无线电磁波信号的相互转换：在发射信号的过程中将二进制信号转换成高频率的无线电磁波信号；在接收信号的过程中将收到的电磁波信号转换成二进制数字信号。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"letter-spacing:1.5px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:rgb(51, 51, 51);\\\">\\\n   <br/>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    按照下游来分，民用射频前端下游主要为移动终端（手机为主）、通信基站，其中手机是主要的下游市场\\\n   </strong>\\\n   。根据Yole的预测，2020年手机射频前端市场规模约185亿美元，2020年通信基站射频前端市场约为27亿美元。随着4G/5G在手机中渗透率的提升，2020-2025年手机射频前端市场规模不断增长至258亿美元。而通信基站的射频前端市场规模主要和运营商的资本开支有关，2020年基站射频前端市场规模约为27亿美元，预计在本轮5G基建周期中，基站射频前端市场将在2023年达到42亿美元市场规模顶峰，之后逐渐回落至2025年的36亿美元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <br/>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/AXQf1E8i5kRCAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"AXQf1E8i5kRCAAAAAElFTkSuQmCC\\\" height=\\\"230\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    无线通信技术升级带动射频前端需求增长，5G\\\n   </strong>\\\n   <strong>\\\n    和WiFi6\\\n   </strong>\\\n   <strong>\\\n    是近几年主要增长点\\\n   </strong>\\\n   。无线通信传输包含众多技术，按照传输距离可以分为近距离和远距离无线通信技术，手机支持的近距离无线通信技术包含WiFi、蓝牙、GPS、NFC/RFID、UWB、Zigbee等；远距离无线通信技术包含2G、3G、4G、5G等蜂窝移动通信技术。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    蜂窝（2G~5G\\\n   </strong>\\\n   <strong>\\\n    ）与WiFi\\\n   </strong>\\\n   <strong>\\\n    的射频前端价值量占比高，从内部构造来看，蜂窝无线通信（4G/5G\\\n   </strong>\\\n   <strong>\\\n    ）射频前端电路比WiFi\\\n   </strong>\\\n   <strong>\\\n    要复杂得多\\\n   </strong>\\\n   。根据Yole对蜂窝、WiFi、GNSS对应的射频前端市场空间的统计，2020年蜂窝移动通信（2G~5G）射频前端市场空间占比高达84%，2025年进一步上涨到85%；2020年WiFi射频前端市场空间占比为14%，2025年下降到13%；而GNSS（全球导航卫星系统）射频前端市场空间仅占1~2%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\":/60d538ceded44c708453ce80e734f198\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020017506.jpg\\\" height=\\\"583\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/CAh5Ef9jLD0UBAQBQUAQEAQEAUFAEBAEBAFBQBAQBGIagf8PTH71DEZXjJMAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"CAh5Ef9jLD0UBAQBQUAQEAQEAUFAEBAEBAFBQBAQBGIagf8PTH71DEZXjJMAAAAASUVORK5CYII=\\\" height=\\\"262\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A6KD27PqRQvsAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"A6KD27PqRQvsAAAAAElFTkSuQmCC\\\" height=\\\"408\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    射频前端对手机无线通信性能至关重要\\\n   </strong>\\\n   。射频前端决定了移动终端可以支持的通信模式、接收信号强度、通话稳定性、发射功率等重要性能指标，直接影响终端用户体验。除通信系统以外，手持设备中的无线连接系统（WiFi、GPS、Bluetooth、FM和NFC等）对射频前端芯片也有较强的需求。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    不同通信制式对应的射频前端互相独立，5G\\\n   </strong>\\\n   <strong>\\\n    射频前端是新增市场\\\n   </strong>\\\n   。信号传输分为接收、发射、分集接收三条通路，蜂窝移动通信（3G/4G/5G）、WiFi、蓝牙、GPS等都具备独立的无线通信模组和信号传输路径。也就是说，5G与WiFi的射频前端、天线不能公用、是两块独立的市场。其次，4G与5G之间也有独立的射频前端和天线，未来很长一段时间5G手机都将会兼容4G，因此5G射频前端及天线是一块独立的新增市场。\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     主集发射通路TX：用于手机信号向外部的发送，信号传输路径为“主芯片→射频前端→天线”\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     主集接收通路RX：用于外部信号向手机内部的接收，信号传输路径为“天线→射频前端→主芯片”\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     分集接收通路DRX：本质上也属于接收通路，用于辅助主集RX进行信号接收。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wfqCRmXbqH5cgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wfqCRmXbqH5cgAAAABJRU5ErkJggg==\\\" height=\\\"199\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    射频前端包含滤波器、功放、开关、低噪放四类器件\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   射频前端产业链从上游到下游依次为：原材料、射频前端分立器件、射频前端模组、移动通信设备，射频前端模组普遍外包给SiP封装厂商进行封装。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/DxXSgaqdVPHHAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"DxXSgaqdVPHHAAAAAElFTkSuQmCC\\\" height=\\\"374\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   射频前端主要包含滤波器（Filter）、功率放大器（PA）、射频开关（Switch/Tuner）、低噪声放大器（LNA）四类器件组成。\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      滤波器（包含双工器、三工器等）\\\n     </strong>\\\n     ：在发射及接收通路中都有应用，用于滤除特定频率的信号，得到一个特定频率的电源信号，或消除一个特定频率后的电源信号。双工器由两个不同频率的带阻滤波器组成，因为频分复用（FDD），接收和发射通道会同时运作，双工器用来防止接收信号被发射信号干扰，随着下行载波聚合要求（三载波、四载波甚至五载波聚合）的增加，三工器、四工器等多工器的需求也逐渐增加；\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      功率放大器\\\n     </strong>\\\n     ：应用于发射通道中，用于将射频信号放大。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      开关（包含Switch\\\n     </strong>\\\n     <strong>\\\n      和Tuner\\\n     </strong>\\\n     <strong>\\\n      ）\\\n     </strong>\\\n     ：传导开关（Switch）用于实现电路的切换功能，包含接收电路和发射电路的切换、不同频段间的切换等。天线调谐器（Tuner）主要由开关和被动元件组成，也叫做天线调谐开关，用于提升天线效率。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      低噪声放大器\\\n     </strong>\\\n     ：是一种噪声系数微弱的放大器，应用于接收通道中，用于将接收通路中的小信号放大。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A9xdjA82xYt6AAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"A9xdjA82xYt6AAAAAElFTkSuQmCC\\\" height=\\\"315\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    滤波器与功率放大器的价值量占比高\\\n   </strong>\\\n   。滤波器和功率放大器是射频前端的两大核心元件，滤波器、功率放大器各占射频前端总市场47%、32%，而射频开关和低噪声放大器分别占13%、8%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/Bs4wmlK3S7Jy6x24quaUlLlrWEY6NTEPZPspGAAEEEEAAAQQQQAABBIIp4HcSQmvcNdj3tu+DJyCt9ddX36bOBtAgTmX482U8mBiUhQACCCCAAAIIIIAAAggggAACoRPwOwkRuhAoGQEEEEAAAQQQQAABBBBAAAEE4kGAJEQ89DJtRAABBBBAAAEEEEAAAQQQQMAFAv8Pa0pPSCQFdW8AAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"Bs4wmlK3S7Jy6x24quaUlLlrWEY6NTEPZPspGAAEEEEAAAQQQQAABBIIp4HcSQmvcNdj3tu+DJyCt9ddX36bOBtAgTmX482U8mBiUhQACCCCAAAIIIIAAAggggAACoRPwOwkRuhAoGQEEEEAAAQQQQAABBBBAAAEE4kGAJEQ89DJtRAABBBBAAAEEEEAAAQQQQMAFAv8Pa0pPSCQFdW8AAAAASUVORK5CYII=\\\" height=\\\"225\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"color:rgb(102, 15, 0);font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   3、结合设计与工艺壁垒，滤波器及PA技术难度较高\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:rgb(0, 0, 0);\\\">\\\n    <strong>\\\n     海外龙头主要采取IDM\\\n    </strong>\\\n   </span>\\\n   <strong>\\\n    模式，国内企业早期以Fabl\\\n   </strong>\\\n   <strong>\\\n    ess\\\n   </strong>\\\n   <strong>\\\n    模式为主\\\n   </strong>\\\n   。射频前端器件采用特殊制造工艺，如化合物半导体、SOI、表面声波、体声波等，工艺壁垒较高。海外龙头历史悠久，主要采用IDM模式（实际上SOI、GaAs也开始转向委外代工），实现设计与制造的紧密结合。而国内厂商成立时间较短，不具备建设产线的实力，早期主要采用Fabless+Foundry模式，积累了一定的资本实力后，部分国内厂商也开始自建产线，走向IDM或者虚拟IDM模式。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/XX5s1rxEsrgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"XX5s1rxEsrgAAAABJRU5ErkJggg==\\\" height=\\\"260\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   国内厂商与海外龙头的差距体现在设计、工艺两方面：\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   1）\\\n   <strong>\\\n    设计壁垒\\\n   </strong>\\\n   ：广义上来说，射频前端属于模拟器件，在设计过程中涉及大量know-how，不同频段的产品需要大量时间研发和调试。同时射频前端的产品种类繁多，不同器件之间差异很大，比如滤波器分为SAW滤波器、BAW滤波器、LTCC滤波器等，PA工艺分为CMOS、GaAs等，开关分为SOI、SiGe等，种类繁多，为国内厂商形成完整产品带来很高的壁垒。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2）\\\n   <strong>\\\n    工艺壁垒\\\n   </strong>\\\n   ：一方面，射频前端器件性能需要设计与工艺紧密结合，工程师对工艺的深刻理解对产品品质至关重要。另一方面，滤波器采用特殊工艺，下游代工业并不成熟；PA与开关采用化合物半导体、SOI工艺，虽然下游代工业比较成熟，但是产能比较有限，特殊时期可能面临产能不足问题。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    工艺壁垒大小与对应代工工艺的成熟度相关。\\\n   </strong>\\\n   对PA、开关、LNA来说，主流使用化合物半导体、SOI工艺，代工厂工艺已经很成熟，所以Fabless+Foundry模式可以很好的运行，只要与下游代工厂维持良好的关系以保持特殊时期的产能供应。但对于滤波器来说，高端滤波器主要采用SAW、BAW特殊工艺，由于滤波器龙头都具备自己的产线，市场上并无优秀的代工厂，所以IDM模式或者虚拟IDM模式是当前高端滤波器的必经之路。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     综合来看，难度从大到小分别是：SAW/BAW\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     滤波器、功率放大器、开关/LNA\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     。\\\n    </span>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"277\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <div>\\\n   <div>\\\n    <div>\\\n     <div>\\\n      <div>\\\n       <div>\\\n        <div>\\\n         <div>\\\n          <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n           <span>\\\n            <strong>\\\n             5G及WiFi6驱动手机射频前端量价齐升，模块化趋势不断演进\\\n            </strong>\\\n           </span>\\\n          </p>\\\n         </div>\\\n        </div>\\\n       </div>\\\n      </div>\\\n     </div>\\\n    </div>\\\n   </div>\\\n  </div>\\\n </div>\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <br/>\\\n </p>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    近几年5G\\\n   </strong>\\\n   <strong>\\\n    与WiFi6\\\n   </strong>\\\n   <strong>\\\n    成为手机射频前端市场增长驱动力\\\n   </strong>\\\n   ，根据Yole对2020~2025年全球不同通信制式对应的手机射频前端市场规模的预测，5G（Sub 6GHz）、5G毫米波射频前端市场规模复合增速分别为41%、48%，WiFi6连接芯片市场规模复合增速达到13%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    那么5G\\\n   </strong>\\\n   <strong>\\\n    、WiFi6\\\n   </strong>\\\n   <strong>\\\n    带来的“新频段+\\\n   </strong>\\\n   <strong>\\\n    新技术”是如何驱动射频前端市场规模增长的？这是本章讨论的重点。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wENLyWxRBv5zAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wENLyWxRBv5zAAAAABJRU5ErkJggg==\\\" height=\\\"281\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    1、Cecullar：5G驱动射频前端量价齐升，5G手机射频前端ASP至少增长40%\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）2020-2025年手机端Sub 6GHz及毫米波渗透率持续提升\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2019~2025\\\n   </strong>\\\n   <strong>\\\n    年，5G\\\n   </strong>\\\n   <strong>\\\n    智能手机渗透率持续提升。\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:rgb(51, 51, 51);\\\">\\\n    2019年是5G手机商用元年，根据IDC预测，2020年全球5G智能手机销量达到2.4亿部，5G渗透率达到18%；随着2021年疫情逐渐恢复、5G硬件成本价格降低，预计2021年全球5G智能手机销量达到5.5亿，渗透率超过40%；到2025年5G智能手机渗透率将达到69%。从2020~2025年，预计全球智能机出货量复合增速为3.3%，而5G智能机出货量复合增速高达34.3%。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"282\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    受限于基建成本，毫米波渗透率提升较慢\\\n   </strong>\\\n   。目前主要是美国地区手机开始逐步采用毫米波，少部分日韩地区手机也会支持毫米波，预计2021年全球支持毫米波的智能手机销量为2300万台，到2025年增长到7900万台。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wf3QEAUAG9dEQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wf3QEAUAG9dEQAAAABJRU5ErkJggg==\\\" height=\\\"222\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）Sub 6GHz射频前端：“新频段+新技术”驱动射频前端量价齐升\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   为了实现5G“高速率、大容量、低延时”，四大技术助力——新增频段&amp;高频化、多天线（MIMO）、载波聚合（CA）、高阶调制，本章节将详细分析这些新技术对射频前端用量、性能的影响。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"267\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   1）新增频段及高频化：驱动射频前端器件用量增长、性能提升\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    全球新增授权频段数量多达50+\\\n   </strong>\\\n   <strong>\\\n    ，传输带宽相对4G\\\n   </strong>\\\n   <strong>\\\n    变宽。\\\n   </strong>\\\n   5G手机最直观的变化是支持新的频段，且频率更高、传输带宽更宽，从而提升数据传输速率。全球已授权的频段数量从4G时期的40+增长到90+，根据射频器件巨头Skyworks测算，到2020年5G授权频段数量新增到50个左右，全球2G/3G/4G/5G网络合计支持的频段达到90个以上。4G频段带宽为40-60MHz，5G频段提升到100-200MHz，5G传输带宽从4G的300MHz提升到900MHz、最高达到1000MHz。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内5G\\\n   </strong>\\\n   <strong>\\\n    手机至少新增2\\\n   </strong>\\\n   <strong>\\\n    个5G NR\\\n   </strong>\\\n   <strong>\\\n    频段。\\\n   </strong>\\\n   5G频段分为毫米波（mmWave）、超高频（UHB）、高频（HB）、低频（LB），其中高频（HB）和低频（LB）的频率在3GHz以下，与原有的3G/4G频段接近。超高频是指3GHz~6GHz之间的频段——n77、n78、n79。 n77、n78是国际上最成熟的主流频段，中国三大运营商5G核心频段为n41、n78、n79三个频段——n41和n79为中国移动频段，n78为中国电信和联通频段。\\\n   <strong>\\\n    由于现在国内销售的大多数是全网通手机，所以至少支持\\\n   </strong>\\\n   <strong>\\\n    2\\\n   </strong>\\\n   <strong>\\\n    个5G NR\\\n   </strong>\\\n   <strong>\\\n    频段——N41\\\n   </strong>\\\n   <strong>\\\n    和N77/N78\\\n   </strong>\\\n   <strong>\\\n    ，高端机还会支持N79\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/WtTU9QtoAXcAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"WtTU9QtoAXcAAAAASUVORK5CYII=\\\" height=\\\"259\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    不同价位的5G\\\n   </strong>\\\n   <strong>\\\n    手机新增频段数量不同，\\\n   </strong>\\\n   除了支持必备的3个频段，中高端机也会支持其他5G NR频段。高端机支持的5G频段数量多，比如iPhone 12（A2408）支持17个5G NR频段，Mate 40 5G版支持9个5G NR频段；而低端机支持频段数量较少，售价1399元的Realme Note 10版仅支持3个5G NR频段——N1/N41/N78。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wGGrcLvwIHkBAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wGGrcLvwIHkBAAAAABJRU5ErkJggg==\\\" height=\\\"422\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    更高的频率、更宽的带宽提升射频前端性能要求\\\n   </strong>\\\n   。为了提升传输速率，5G传输带宽从4G的300MHz提升到900MHz，因此5G滤波器、PA需要支持更宽的带宽，LNA需要更高的信噪比。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/4DPs1hqLvN8AAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"4DPs1hqLvN8AAAAAElFTkSuQmCC\\\" height=\\\"323\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   2）多天线（MIMO）：驱动接收器件及Tuner用量增长\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    4*4 MIMO\\\n   </strong>\\\n   <strong>\\\n    将在5G UHB\\\n   </strong>\\\n   <strong>\\\n    （高频段，N77/N78/N79\\\n   </strong>\\\n   <strong>\\\n    ）普及。\\\n   </strong>\\\n   MIMO指的是多输入多输出（Multiple Input Multiple Output）技术，可以大幅提高信道容量，提高频谱应用效率。4G LTE主要应用2*2 MIMO，即基站侧有两根天线，手机侧也有两根下行天线；而5G高频段4*4MIMO成为标配，即基站侧有四根天线，手机侧也有四根下行天线。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G UHB\\\n   </strong>\\\n   <strong>\\\n    频段应用了4*4MIMO\\\n   </strong>\\\n   <strong>\\\n    技术，与4G\\\n   </strong>\\\n   <strong>\\\n    频段相比RX\\\n   </strong>\\\n   <strong>\\\n    通路数量翻倍\\\n   </strong>\\\n   。4G及3GHz以下的5G频段大多数采用 2*2MIMO，采用1发射2接收架构（1T2R）,每个频段拥有两条接收通路（其中1条为分集接收通路）；5G UHB采用4*4MIMO，采用1发射4接收（1T4R）或者2发射4接收（2T4R），每个频段拥有四条接收通路（其中2~3条为分集接收通路），与4G频段相比RX通路数量翻倍，相应的射频前端增量翻倍。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    4*4MIMO\\\n   </strong>\\\n   <strong>\\\n    增加了天线用量，天线调谐开关（Tuner\\\n   </strong>\\\n   <strong>\\\n    ）用量快速提升。\\\n   </strong>\\\n   5G天线变小叠加全面屏的影响，天线的效率和带宽有所降低。因此5G手机需要天线调谐器对天线进行调谐，使天线在多个频段内高效率工作。因此随着5G渗透率提升，天线调谐开关（Tuner）市场规模快速增长。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wWLBDEYL3qwOAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wWLBDEYL3qwOAAAAABJRU5ErkJggg==\\\" height=\\\"223\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/lhdAjxcBERABERABERABERABERABERCBTBH4f5UP+o+IGAdoAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"lhdAjxcBERABERABERABERABERABERCBTBH4f5UP+o+IGAdoAAAAAElFTkSuQmCC\\\" height=\\\"412\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   3）载波聚合（CA）：驱动滤波器及Tuner用量及性能提升\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    载波聚合（Carrier Aggregation\\\n   </strong>\\\n   <strong>\\\n    ，CA\\\n   </strong>\\\n   <strong>\\\n    ）是为了实现更高传输带宽，从而提升传输速率\\\n   </strong>\\\n   。载波聚合术可以将2～5个成员载波（Component Carrier，CC）聚合在一起，实现更高的传输带宽，提升传输速率。载波聚合最早在LTE-A时代诞生，为了满足LTE-A下行1Gbps、上行500Mbps的峰值速率要求，需要有100MHz传输带宽，而这么宽的连续频谱很稀缺，于是提出了将多个载波单元聚合的技术，最多可以将5个20MHz带宽的4G频段聚合在一起形成100MHz传输带宽，5载波也叫5CC。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/w+EhaPEYLhCYAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"w+EhaPEYLhCYAAAAABJRU5ErkJggg==\\\" height=\\\"275\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G时代载波聚合技术进一步深化，最高支持16CC，载波聚合数量从5~10个提升到200个。\\\n   </strong>\\\n   LTE-A Pro将5CC提升到了32CC，最高传输带宽提升到了640MHz。5G本身频段更宽，Sub 6GHz和毫米波频段分别为100MHz和400MHz，且5G最高支持16CC，如果将16个Sub 6GHz频段聚合，则最大可支持1.6GHz传输带宽；如果将16个毫米波频段聚合，可支持6.4GHz传输带宽。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A4RTfqnvFda4AAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"A4RTfqnvFda4AAAAAElFTkSuQmCC\\\" height=\\\"365\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    载波集合技术提升使滤波器（多工器）、天线开关的需求量及性能要求提升\\\n   </strong>\\\n   。实现载波聚合需要多个频段同时通信，射频前端需要支持天线和收发器之间的多条发射/接收路径，这些路径的隔离需要多路复用滤波器或者物理分离天线，物理分离天线驱动射频开关（包含Tuner和Switch）数量增长，同时载波聚合机型需要复杂的滤波器如及联同向双工器、三工器、四工器甚至更高的多工器。同时这些滤波器需要具备低插入损耗，从而使发射端功耗降低并且提升接收灵敏度。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/AUgm3HroxT5uAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"AUgm3HroxT5uAAAAAElFTkSuQmCC\\\" height=\\\"320\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   4）高阶调制：驱动射频前端器件性能提升\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    更高的调制阶数可以提升频谱利用效率、提升传输速率，5G\\\n   </strong>\\\n   <strong>\\\n    将从4G LTE\\\n   </strong>\\\n   <strong>\\\n    的64QAM\\\n   </strong>\\\n   <strong>\\\n    提升到256QAM\\\n   </strong>\\\n   。通信信号的传输是调制、传输、解调的过程，QAM（Quadrature Amplitude Modulation，正交幅度调制）是一种在两个正交载波上进行幅度调制的调制方式，QAM利用正弦波与余弦波的正交性，可以同时调制两路信号，提高了调制效率。根据QAM的幅度变化等级分为4QAM、16QAM、64QAM、256QAM以及1024QAM等，代表一个调制符号分别可以传送2、4、6、8、10比特的信息，16QAM及以上常称为高阶调制。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"230\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    调整阶数越高，对射频器件的性能要求越高\\\n   </strong>\\\n   。当调制阶数变高，不同信号点的幅度变化越小，为了准确识别不同的信号点，PA和LNA需要有更高的线性度，滤波器需要有更高的信噪比，开关需要有更高的隔离度。在保持高性能的同时，射频前端器件还需要维持较低功耗，对射频前端设计提出了更高的要求。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span>\\\n   <strong>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     单机价值测算：5G手机射频前端价值增长40%\\\n    </span>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   射频前端用量可以用以下公式大致测算：\\\n   <strong>\\\n    频段数量×每个频段对应的信号通路数量×每条通路的元件数量\\\n   </strong>\\\n   （每条发射通路中一般含有1颗滤波器、1颗PA，每条接收通路中含有1颗滤波器、1颗LNA）。实际电路并非这么直接、简单，射频前端的实际电路设计很复杂，还需要考虑载波聚合、多频PA等因素对用量的影响。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/idBs3UWtDqAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"idBs3UWtDqAAAAABJRU5ErkJggg==\\\" height=\\\"337\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    综合来看，2020\\\n   </strong>\\\n   <strong>\\\n    年5G\\\n   </strong>\\\n   <strong>\\\n    手机射频前端ASP\\\n   </strong>\\\n   <strong>\\\n    约为30\\\n   </strong>\\\n   <strong>\\\n    美元，考虑到2020\\\n   </strong>\\\n   <strong>\\\n    年5G\\\n   </strong>\\\n   <strong>\\\n    主要应用在高端机中，预计未来5G\\\n   </strong>\\\n   <strong>\\\n    手机射频前端平均ASP\\\n   </strong>\\\n   <strong>\\\n    约25\\\n   </strong>\\\n   <strong>\\\n    美元（参考Qorvo\\\n   </strong>\\\n   <strong>\\\n    、Skyworks\\\n   </strong>\\\n   <strong>\\\n    数据），和4G\\\n   </strong>\\\n   <strong>\\\n    全球通手机17~18\\\n   </strong>\\\n   <strong>\\\n    美金相比，大约增长40%\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/MAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"MAAAAAElFTkSuQmCC\\\" height=\\\"330\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）毫米波射频前端：采用AiP封装工艺，与天线高度集成\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    由于高传输损耗，毫米波手机天线数量大幅增加，将采用阵列天线\\\n   </strong>\\\n   。随着频率的上升，毫米波段单个天线的尺寸可缩短至毫米级别，由于毫米波的自由空间路损更大，气衰、雨衰等特性都不如低频段，毫米波的覆盖将受到严重的影响，终端侧大规模天线阵列将会是毫米波得以商用的关键因素之一。毫米波终端的天线数可达到16根甚至更多，所有的天线将集成为一个毫米波天线模组。终端侧使用大规模天线阵列可获得更多的分集增益，提高毫米波终端的接收和发射性能，能够在一定程度弥补毫米波覆盖不足的缺点。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    封装天线（Antenna in Package\\\n   </strong>\\\n   <strong>\\\n    ，AiP\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   是基于封装材料与工艺，将天线与芯片（主要是前端芯片）集成在模块内，实现系统级无线功能的一门技术。AiP技术顺应了硅基半导体工艺集成度提高的潮流，为系统级无线芯片提供了良好的天线与封装解决方案。AiP技术很好地兼顾了天线性能、成本及体积，与传统分立式天线架构比较，AiP具有电路排布面积小的优势，另外，天线到RF端口传输路径短，减少信号传输损耗，有助于提升发射端效能及改善接收端的信号质量，亦能有效降低组装成本与加速产品上市时间。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    几乎所有的60GHz\\\n   </strong>\\\n   <strong>\\\n    无线通信和手势雷达芯片都采用了AiP\\\n   </strong>\\\n   <strong>\\\n    技术，毫米波AiP\\\n   </strong>\\\n   <strong>\\\n    模组内部集成了阵列天线、射频前端、射频收发器及电源管理芯片（PMIC\\\n   </strong>\\\n   <strong>\\\n    ），几乎涵盖了除基带芯片外所有的通信元件\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ulGwKVAgCPC8sziCi4QGBd1CccIMAgRcI4gOCQhW8FSpXjr3vVFgLjVEEREAEREAEREAEREAERKD4CGRVgOCkF+Mm3ak5LtQYOEU1sjCC6EMl+YpvcxS2J617YcnpPhEQAREQAREQAREQAREQARE4fQlkVYA4fbFpZiIgAiIgAiIgAiIgAiIgAiIgAiIgApkQkACRCS1dKwIiIAIiIAIiIAIiIAIiIAIiIAIiUCgCEiAKhU03iYAIiIAIiIAIiIAIiIAIiIAIiIAIZEJAAkQmtHStCIiACIiACIiACIiACIiACIiACIhAoQhIgCgUNt0kAiIgAiIgAiIgAiIgAiIgAiIgAiKQCQEJEJnQ0rUiIAIiIAIiIAIiIAIiIAIiIAIiIAKFIiABolDYdJMIiIAIiIAIiIAIiIAIiIAIiIAIiEAmBP4P2aZUD53g3zwAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"ulGwKVAgCPC8sziCi4QGBd1CccIMAgRcI4gOCQhW8FSpXjr3vVFgLjVEEREAEREAEREAEREAERKD4CGRVgOCkF+Mm3ak5LtQYOEU1sjCC6EMl+YpvcxS2J617YcnpPhEQAREQAREQAREQAREQARE4fQlkVYA4fbFpZiIgAiIgAiIgAiIgAiIgAiIgAiIgApkQkACRCS1dKwIiIAIiIAIiIAIiIAIiIAIiIAIiUCgCEiAKhU03iYAIiIAIiIAIiIAIiIAIiIAIiIAIZEJAAkQmtHStCIiACIiACIiACIiACIiACIiACIhAoQhIgCgUNt0kAiIgAiIgAiIgAiIgAiIgAiIgAiKQCQEJEJnQ0rUiIAIiIAIiIAIiIAIiIAIiIAIiIAKFIiABolDYdJMIiIAIiIAIiIAIiIAIiIAIiIAIiEAmBP4P2aZUD53g3zwAAAAASUVORK5CYII=\\\" height=\\\"331\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    苹果iPhone 12\\\n   </strong>\\\n   <strong>\\\n    系列手机北美版本首次采用AiP\\\n   </strong>\\\n   <strong>\\\n    模组\\\n   </strong>\\\n   。根据Systemplus拆解报告分析，AiP模组类似于Qualcomm用在其他5G毫米波产品里面的QTM525和QTM535模组，但是苹果通过采用Murata和村田的封装技术方案，将封装尺寸相对高通的AiP模组在宽度方向上缩小了12%，长度方向缩小了7%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"256\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/dEaS2c5sj5VtCBgChoAhYAgYAobA7YhATcUD4lch6Wl5DRRc3IaxMHXU+s7GkzKyWOFux461NhsChoAhYAgYAoaAIWAIGAKGgCFgCBgCtUKgpuJBrSpl5RgChoAhYAgYAoaAIWAIGAKGgCFgCBgChkDXQcDEg67TF1YTQ8AQMAQMAUPAEDAEDAFDwBAwBAwBQ6BLImDiQZfsFquUIWAIGAKGgCFgCBgChoAhYAgYAoaAIdB1EDDxoOv0hdXEEDAEDAFDwBAwBAwBQ8AQMAQMAUPAEOiSCJh40CW7xSplCBgChoAhYAgYAoaAIWAIGAKGgCFgCHQdBP4PggxJ5LewuhoAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"dEaS2c5sj5VtCBgChoAhYAgYAobA7YhATcUD4lch6Wl5DRRc3IaxMHXU+s7GkzKyWOFux461NhsChoAhYAgYAoaAIWAIGAKGgCFgCBgCtUKgpuJBrSpl5RgChoAhYAgYAoaAIWAIGAKGgCFgCBgChkDXQcDEg67TF1YTQ8AQMAQMAUPAEDAEDAFDwBAwBAwBQ6BLImDiQZfsFquUIWAIGAKGgCFgCBgChoAhYAgYAoaAIdB1EDDxoOv0hdXEEDAEDAFDwBAwBAwBQ8AQMAQMAUPAEOiSCJh40CW7xSplCBgChoAhYAgYAoaAIWAIGAKGgCFgCHQdBP4PggxJ5LewuhoAAAAASUVORK5CYII=\\\" height=\\\"230\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    从市场规模来看，毫米波主要应用在美国地区的手机，以及少部分日韩地区销售的手机\\\n   </strong>\\\n   ，\\\n   <strong>\\\n    因此短期内毫米波\\\n   </strong>\\\n   <strong>\\\n    AiP\\\n   </strong>\\\n   <strong>\\\n    模组市场空间较为有限。\\\n   </strong>\\\n   一部手机通常会使用3~4个AiP。根据Yole测算，2020年毫米波AiP模组的平均单机价值量约为18美金。预计2020年全球市场规模为1.9亿美元，2025年增长到13.3亿美元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/MvVW3eBBgWwv7+4OtHnGOiqiV5KMEEZrYhsHWg8JIQhnn+NS2CIiACIiACIiACIiACIhA8SQQShBgTzSOd6o8AQEe9oazGhp1lRyHijbSWTEunlOjUYmACIiACIiACIiACIiACIiACIhAfARCCQLxdUMti4AIiIAIiIAIiIAIiIAIiIAIiIAIFCYBCQKFSVv3EgEREAEREAEREAEREAEREAEREIEiQkCCQBGZCHVDBERABERABERABERABERABERABAqTwP8DyeRaUJxuieYAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"MvVW3eBBgWwv7+4OtHnGOiqiV5KMEEZrYhsHWg8JIQhnn+NS2CIiACIiACIiACIiACIhA8SQQShBgTzSOd6o8AQEe9oazGhp1lRyHijbSWTEunlOjUYmACIiACIiACIiACIiACIiACIhAfARCCQLxdUMti4AIiIAIiIAIiIAIiIAIiIAIiIAIFCYBCQKFSVv3EgEREAEREAEREAEREAEREAEREIEiQkCCQBGZCHVDBERABERABERABERABERABERABAqTwP8DyeRaUJxuieYAAAAASUVORK5CYII=\\\" height=\\\"246\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span>\\\n   <strong>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     2、WiFi：WiFi6驱动射频前端量价齐升，PA工艺持续升级\\\n    </span>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）2020-2025年手机及路由器端WiFi6渗透率不断提升\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    自1997\\\n   </strong>\\\n   <strong>\\\n    首个WiFi\\\n   </strong>\\\n   <strong>\\\n    标准发布以来，WiFi\\\n   </strong>\\\n   <strong>\\\n    经历了数次升级\\\n   </strong>\\\n   。WiFi升级驱动力是数据传输量的提升对传输速度提出更高要求，升级方向是更宽的带宽、更强的信号、更低的功耗、更高的安全性。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   <strong>\\\n    ：2019\\\n   </strong>\\\n   <strong>\\\n    年发布的802.11ax\\\n   </strong>\\\n   <strong>\\\n    也称为WiFi6\\\n   </strong>\\\n   <strong>\\\n    ，诞生于万物互联时代。\\\n   </strong>\\\n   视频直播、虚拟现实（VR）和增强现实（AR）、智能家居等新兴应用对数据需求爆炸性增长，万物互联场景对数据容量和速度提出了更高诉求。WiFi6与WiFi5相比，增加了上行MIMO（最高支持12*12MIMO）,支持的传输速率提升到10Gbps，支持2.4GHz和5GHz双频段。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6E\\\n   </strong>\\\n   <strong>\\\n    即将成为下一个进步方向\\\n   </strong>\\\n   ：2020年开放新的6GHz频段给WiFi6使用，称为WiFi6E（E为Extend），WiFi6E和WiFi6相比，新增了约1.2GH的可用频段，将比5GHz的可用带宽增长120%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/AcmE6b7Mdh+aAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"AcmE6b7Mdh+aAAAAAElFTkSuQmCC\\\" height=\\\"403\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wf82LQgSezLKgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wf82LQgSezLKgAAAABJRU5ErkJggg==\\\" height=\\\"331\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2020-2025\\\n   </strong>\\\n   <strong>\\\n    年，WiFi6\\\n   </strong>\\\n   <strong>\\\n    在手机中的渗透率持续提升，预计2025\\\n   </strong>\\\n   <strong>\\\n    年超过60%\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n   根据TSR的预测，2020年WiFi6手机出货占比约8%，2021年上升到25%，预计2025年支持WiFi6（包含6GHz WiFi）的手机占比将超过60%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   <strong>\\\n    在路由器中的渗透速度比手机更快，预计2025\\\n   </strong>\\\n   <strong>\\\n    年超过90%\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n   根据TSR预测，2020年WiFi6路由器出货占比约18%，2021年上升到37%，预计2025年支持WiFi6（包含6GHz WiFi）的路由器占比将超过90%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/GRKkykgHaSgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"GRKkykgHaSgAAAABJRU5ErkJggg==\\\" height=\\\"242\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\":/9a42a019ce6d4cddba6f581ec4f13897\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020024503.jpg\\\" height=\\\"904\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi\\\n   </strong>\\\n   <strong>\\\n    射频前端以PA\\\n   </strong>\\\n   <strong>\\\n    为核心器件\\\n   </strong>\\\n   。根据Skyworks、Qorvo等厂商产品列表，Wi-Fi 射频前端模组集成了 PA、 LNA、开关以及控制芯片，其中PA是价值量占比最高的器件。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/AMwiRUhfFAy8AAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"AMwiRUhfFAy8AAAAAElFTkSuQmCC\\\" height=\\\"249\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi\\\n   </strong>\\\n   <strong>\\\n    射频前端的性能优化的重点在于PA\\\n   </strong>\\\n   。评价PA性能主要是输出功率、线性度、功耗三个指标，让PA在低功耗的同时拥有更高的线性度和输出功率，线性度对吞吐率有决定性影响，线性输出功率影响设备的信号传输距离及覆盖率。目前WiFi PA和4G/5G PA一样以GaAs作为主流工艺，部分厂商采用SiGe工艺。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）路由器WiFi：2020~2025年射频前端市场规模从7亿美元提升至18亿美元\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    由于MU-MIMO\\\n   </strong>\\\n   <strong>\\\n    技术的采用，WiFi6\\\n   </strong>\\\n   <strong>\\\n    最高支持的通道数量从WiFi5\\\n   </strong>\\\n   <strong>\\\n    的8\\\n   </strong>\\\n   <strong>\\\n    通道提升到12\\\n   </strong>\\\n   <strong>\\\n    通道，驱动路由器WiFi FEM\\\n   </strong>\\\n   <strong>\\\n    平均用量从4\\\n   </strong>\\\n   <strong>\\\n    颗提升到6\\\n   </strong>\\\n   <strong>\\\n    颗\\\n   </strong>\\\n   。WiFi5只支持下行MU-MIMO且最高支持8*8MIMO，而WiFi6上行及下行都应用了MU-MIMO技术，最高支持12*12MIMO。根据国内WiFi FEM龙头康希通信官网，高端WiFi6系统设备一般采用4x4+4x4（5GHz和2.4GHz都采用4*4MIMO），Quantenna方案采用8x8+4x4（5GHz采用8*8MIMO，2.4GHz采用4*4MIMO）多达12通道的配置方案。上行及下行通道数量越多，意味着WiFi射频前端用量越多。根据产业链调研，WiFi5路由器一般使用4颗左右WiFiFEM，WiFi6路由器平均采用6颗WiFi FEM。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6 FEM\\\n   </strong>\\\n   <strong>\\\n    性能相比上代大幅提升，带动单价增长。\\\n   </strong>\\\n   由于WiFi6的MU-MIMO技术的应用，PA的线性度与功耗成为了系统设计最大难点，也直接影响着系统的散热成本、尺寸大小、关键性能参数及系统稳定性。根据立积2020年法说会，WiFi4/5/6 FEM的单价不断提升，分别为0.25/0.38/0.45美元。\\\n   <strong>\\\n    综合用量及单价增长，\\\n   </strong>\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   <strong>\\\n    射频前端ASP\\\n   </strong>\\\n   <strong>\\\n    高于WiFi5\\\n   </strong>\\\n   <strong>\\\n    约50~60%\\\n   </strong>\\\n   <strong>\\\n    ，WiFi6E\\\n   </strong>\\\n   <strong>\\\n    高于WiFi6\\\n   </strong>\\\n   <strong>\\\n    约50~60%\\\n   </strong>\\\n   。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi\\\n   </strong>\\\n   <strong>\\\n    技术升级驱动全球路由器WiFi FEM\\\n   </strong>\\\n   <strong>\\\n    市场不断增长，预计从2020\\\n   </strong>\\\n   <strong>\\\n    年8\\\n   </strong>\\\n   <strong>\\\n    亿美元提升到2025\\\n   </strong>\\\n   <strong>\\\n    年18\\\n   </strong>\\\n   <strong>\\\n    亿美元，CAGR +17.6%\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n   预计2020年全球路由器WiFi FEM销量约为21亿颗，其中WiFi6 FEM为3亿颗；未来5年WiFi6用量将快速提升，预计将从2020年3亿颗增长到2025年28亿颗，WiFi6E/7有望提升到8亿颗，2025年全球WiFi FEM数量将从2020年21亿颗提升到40亿颗。保守假设2025年WiFi FEM平均单价增长20%，从0.38美元提升到0.46美元，则全球路由器WiFi FEM市场规模将从2020年8亿美元提升到18亿美元，CAGR +17.6%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）手机WiFi：2020~2025年连接芯片市场规模从25亿美元提升至34亿美元\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   <strong>\\\n    驱动手机射频前端用量增长，同时对模组化程度、PA\\\n   </strong>\\\n   <strong>\\\n    性能提出更高的要求\\\n   </strong>\\\n   。大部分中低端手机并不具备独立的WiFi FEM，而是将WiFi射频前端器件集成在主芯片中。高端手机会采用独立的WiFi FEM以获得更好的性能。随着WiFi6的逐渐普及，采用WiFi FEM的手机比例提升，同时WiFi FEM的单机用量、单价也将增长。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi4\\\n   </strong>\\\n   ：WiFi4对PA性能要求较低，因此大部分手机WiFi PA主要采用CMOS工艺，且WiFi射频前端系统可以与主芯片一起集成在手机主芯片中。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi5\\\n   </strong>\\\n   ：对PA等器件的输出功率、线性度、功耗要求提升，高端手机WiFi射频模组开始从SOC中独立出来，采用2~4颗WiFi FEM，PA开始采用GaAs或SiGe工艺，LNA和Switch采用SOI工艺。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   ：采用WiFi FEM的手机占比进一步提升，对PA等器件的性能提出更高的要求。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2020\\\n   </strong>\\\n   <strong>\\\n    年全球手机侧WiFi FEM\\\n   </strong>\\\n   <strong>\\\n    的市场规模约6~7\\\n   </strong>\\\n   <strong>\\\n    亿美元，与路由器侧市场规模接近。\\\n   </strong>\\\n   第三方机构往往将WiFi SOC及射频前端市场空间共同作为“连接芯片”，一起测算市场规模。根据Yole Development预测，WiFi连接芯片将从2020年25.4亿美元增长到2025年34.2亿美元，CAGR +6.1%。预计WiFi6射频前端市场将从2020年13.0亿美元增长到2025年23.7亿美元，复合增速为12.8%。同时WiFi5射频前端略有下滑，将从11.3亿美元下滑到9.0亿美元，复合增速为-4.4%。WiFi4射频前端市场占比很小，规模略增。综合来看，整体市场从2020年25.4亿增长到2025年34.2亿美元，复合增长6.1%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wW6INtfTSpKzgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wW6INtfTSpKzgAAAABJRU5ErkJggg==\\\" height=\\\"250\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    根据以上分析，5G\\\n   </strong>\\\n   <strong>\\\n    及WiFi6\\\n   </strong>\\\n   <strong>\\\n    驱动全球手机射频前端市场规模持续增长，2020-2025\\\n   </strong>\\\n   <strong>\\\n    年将从185\\\n   </strong>\\\n   <strong>\\\n    亿美元增长到258\\\n   </strong>\\\n   <strong>\\\n    亿美元，CAGR +7%\\\n   </strong>\\\n   <strong>\\\n    （Yole\\\n   </strong>\\\n   <strong>\\\n    ）。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/Wvq1WrVpV+C7klAolAIpAIJAKJQCKQCCQCiUAiEAikWJGxkAgkAolAIpAIJAKJQCKQCCQCiUAikAgkAlMKgRQrptTlyMEkAolAIpAIJAKJQCKQCCQCiUAikAgkAolAihUZA4lAIpAIJAKJQCKQCCQCiUAikAgkAolAIjClEPgXS1oxDwvNEUUAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"Wvq1WrVpV+C7klAolAIpAIJAKJQCKQCCQCiUAiEAikWJGxkAgkAolAIpAIJAKJQCKQCCQCiUAikAgkAlMKgRQrptTlyMEkAolAIpAIJAKJQCKQCCQCiUAikAgkAolAihUZA4lAIpAIJAKJQCKQCCQCiUAikAgkAolAIjClEPgXS1oxDwvNEUUAAAAASUVORK5CYII=\\\" height=\\\"285\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    3、模块化趋势不断深化，5G驱动模组及分立市场同步增长\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    随着通信技术升级，模块化是必然趋势\\\n   </strong>\\\n   。其一，射频器件数量成倍增长，而PCB板面积有限；其二，模块化可以简化手机厂商设计难度、降低研发周期。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    从3G\\\n   </strong>\\\n   <strong>\\\n    到5G\\\n   </strong>\\\n   <strong>\\\n    ，模组的集成度不断提升，难度越来越大\\\n   </strong>\\\n   。低端模组（如低端PA模组）竞争激烈、价值量低、盈利能力差；高集成度的高端模组盈利能力强，价值量高、被海外巨头所垄断。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/qeW6Wiw5bfgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"qeW6Wiw5bfgAAAABJRU5ErkJggg==\\\" height=\\\"436\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    手机厂商面临成本和性能之间的平衡，模块化程度与机型定价相关，中高端手机以模组形式为主，而低端手机仍然会以分立器件为主\\\n   </strong>\\\n   。高端旗舰机支持全球频段，模块化程度高（PAMiD或者FEMiD + MMMB PA）；而中低端机为了优化成本通常采用区域性机型，模块化程度较低。分品牌来看，品牌定位越高端，集成度越高，iPhone的射频前端集成度高于安卓机；安卓机里，三星的集成度高于华为等国产机。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wHZGYQdPjPprQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wHZGYQdPjPprQAAAABJRU5ErkJggg==\\\" height=\\\"253\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    因此未来几年模组与分立器件市场并非此消彼长，5G\\\n   </strong>\\\n   <strong>\\\n    渗透率提升使模组与分立器件市场同步增长。\\\n   </strong>\\\n   根据Yole对射频前端与分立市场的预测，2018~2025年分立器件Tuner的市场规模复合增速最高，达到13%；其次，发射模组（含PA模组）、分立滤波器、分立Switch&amp;LNA的市场规模复合增速都接近8%；而接收模组增速较慢，仅为2%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A5jjO95KPuBFAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"A5jjO95KPuBFAAAAAElFTkSuQmCC\\\" height=\\\"161\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <div>\\\n   <div>\\\n    <div>\\\n     <div>\\\n      <div>\\\n       <div>\\\n        <div>\\\n         <div>\\\n          <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n           <span>\\\n            <strong>\\\n             滤波器是高端模组核心壁垒，5G模组难度有所下滑\\\n            </strong>\\\n           </span>\\\n          </p>\\\n         </div>\\\n        </div>\\\n       </div>\\\n      </div>\\\n     </div>\\\n    </div>\\\n   </div>\\\n  </div>\\\n </div>\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <br/>\\\n </p>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    针对不同的频段和制式，射频前端可以分为3G/4G\\\n   </strong>\\\n   <strong>\\\n    、5G\\\n   </strong>\\\n   <strong>\\\n    （Sub 6GHz\\\n   </strong>\\\n   <strong>\\\n    ）、5G\\\n   </strong>\\\n   <strong>\\\n    毫米波三块市场\\\n   </strong>\\\n   ，其中3G/4G是存量市场，5G时代新增了5G（Sub 6GHz）、毫米波两块新的射频前端市场。这三类市场的技术难度、竞争格局区别较大，针对5G带来的冲击，未来这三类市场的竞争格局将会如何演变？本章将详细讨论这个问题。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/rnlRsKsKSBquESBAgAABAgQIECDwAiKEPxAgQIAAAQIECBAgQIAAAQKJgAiRMBshQIAAAQIECBAgQIAAAQIERAgfIECAAAECBAgQIECAAAECBBIBESJhNkKAAAECBAgQIECAAAECBAiIED5AgAABAgQIECBAgAABAgQIJAID344YDMDuxycAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"rnlRsKsKSBquESBAgAABAgQIECDwAiKEPxAgQIAAAQIECBAgQIAAAQKJgAiRMBshQIAAAQIECBAgQIAAAQIERAgfIECAAAECBAgQIECAAAECBBIBESJhNkKAAAECBAgQIECAAAECBAiIED5AgAABAgQIECBAgAABAgQIJAID344YDMDuxycAAAAASUVORK5CYII=\\\" height=\\\"280\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    1、滤波器是高端模组的核心壁垒\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    主集模组的难度和价值量一般高于分集接收端模组\\\n   </strong>\\\n   。接收模组不含PA、且对滤波器的性能要求低于发射端，所以难度相对较低。而主集模组同时含有收发通路，集成高端滤波器（或双工器、多工器）、PA等器件，难度极高。国际厂商在发射模组方面持续推进高性能高集成度的FEMiD和PAMiD等方案，已成为射频前端最高难度也是最高价值的金字塔尖领域。主集模组市场规模比分集接收端模组高很多，\\\n   <strong>\\\n    2018\\\n   </strong>\\\n   <strong>\\\n    年主集模组全球市场规模为59\\\n   </strong>\\\n   <strong>\\\n    亿美元，接收端模组为26\\\n   </strong>\\\n   <strong>\\\n    亿美元。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    不管是分集接收模组还是主集模组，滤波器都是高端模组最核心、难度最大的器件，下文将详细分析不同类型模组的难点：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    分集接收模组：按照技术难度从低到高，分集接收模组分为三个等级，其中5G LFEM\\\n   </strong>\\\n   <strong>\\\n    以SOI\\\n   </strong>\\\n   <strong>\\\n    工艺的Switch\\\n   </strong>\\\n   <strong>\\\n    、LNA\\\n   </strong>\\\n   <strong>\\\n    为核心，难度相对最低；第二、三级模组以滤波器技术主导，难度相对较高。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第一级（5G LFEM\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   ：集成LNA、Switch、LC型（IPD或者LTCC）滤波器。LC型滤波器适合3~6GHz大带宽、高频的要求，适用于5G NR部分的n77/n79频段，技术难度较低。\\\n   <strong>\\\n    此类模组是\\\n   </strong>\\\n   <strong>\\\n    SOI\\\n   </strong>\\\n   <strong>\\\n    技术主导。\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第二级（4G/5G MHB&amp;LB - DiFEM+LNA Bank\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   ：DiFEM集成7~15颗SAW滤波器与单刀多掷（SPnT）或者双刀多掷（DPnT）的Switch。\\\n   <strong>\\\n    此类模组是以\\\n   </strong>\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器为主导\\\n   </strong>\\\n   。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第三级（4G/5G MHB&amp;LB - LFEM\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   ：集成度最高的接收模组，支持从低频到高频、10~15个频段集成了SAW滤波器、Switch、LNA。\\\n   <strong>\\\n    此类模组是以\\\n   </strong>\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器为主导\\\n   </strong>\\\n   。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n   </strong>\\\n  </span>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/U5nj6qVAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"U5nj6qVAAAAAElFTkSuQmCC\\\" height=\\\"197\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    主集模组：按照技术难度从低到高分为五个等级，低难度模组（1\\\n   </strong>\\\n   <strong>\\\n    级）以PA\\\n   </strong>\\\n   <strong>\\\n    为核心，高难度模组（2~5\\\n   </strong>\\\n   <strong>\\\n    级）以滤波器为核心。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第一级（5G PAMiF\\\n   </strong>\\\n   <strong>\\\n    ）：\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    主要由PA与LC型滤波器（IPD或LTCC滤波器）构成，应用在3GHz~6GHz的新增5G频段。此类模组对PA性能要求高，但由于频谱附近干扰少，对滤波器性能要求低，采用简单的IPD或LTCC滤波器即可。\\\n    <strong>\\\n     技术和成本均由\\\n    </strong>\\\n   </span>\\\n   <strong>\\\n    PA\\\n   </strong>\\\n   <strong>\\\n    主导\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第二、三级（4G/5G LB - FEMiD\\\n   </strong>\\\n   <strong>\\\n    或PAMiD\\\n   </strong>\\\n   <strong>\\\n    ）：\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    LB指的是1GHz以下的4G/5G频段，第三级的PAMiD需集成高性能PA、低频SAW/TC-SAW滤波器（或双工器）。第二级FEMiD的区别在于不含PA，部分中高端机采用FEMID+PA模组来取代PAMID。\\\n    <strong>\\\n     这类模组需要比较强\\\n    </strong>\\\n   </span>\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器能力，另外PAMiD\\\n   </strong>\\\n   <strong>\\\n    还集成了高性能4G/5G PA\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    第四、五级（4G/5G MHB - FEMiD\\\n   </strong>\\\n   <strong>\\\n    或PAMiD\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    ：MHB频率范围是1.5GHz~3.0GHz，频段非常拥挤，需要用到高性能的BAW滤波器。\\\n    <strong>\\\n     该频率范围内的\\\n    </strong>\\\n   </span>\\\n   <strong>\\\n    PA\\\n   </strong>\\\n   <strong>\\\n    技术相对比较成熟，核心的挑战来自于滤波器\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"text-align:justify;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/9Y4S0sEEoFEoHMEBlpE6bwmeWcikAgkAolAIpAIJAKJQKcInBSBo9PK5X2nLgKibOQVceqIUwFEbzSPYjx1a541SwQSgUQgEUgEEoFEIBFIBBKBRCAROB0RSIHjdOzVbFMikAgkAolAIpAIJAKJQCKQCCQCiUAicIYh8P8BmwYsiZZJAXkAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"9Y4S0sEEoFEoHMEBlpE6bwmeWcikAgkAolAIpAIJAKJQKcInBSBo9PK5X2nLgKibOQVceqIUwFEbzSPYjx1a541SwQSgUQgEUgEEoFEIBFIBBKBRCAROB0RSIHjdOzVbFMikAgkAolAIpAIJAKJQCKQCCQCiUAicIYh8P8BmwYsiZZJAXkAAAAASUVORK5CYII=\\\" height=\\\"202\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n   </strong>\\\n   <strong>\\\n    根据以上分析可知，高端模组最核心的壁垒是高端滤波器。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    2、5G模组难度相比4G下滑，毫米波模组巨大变革\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）3G/4G/5G（3GHz以下）：中高端模组需集成高端滤波器，技术壁垒高\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    虽然未来几年射频前端的增量在于5G\\\n   </strong>\\\n   <strong>\\\n    频段，但3G/4G\\\n   </strong>\\\n   <strong>\\\n    射频前端依然占比最大\\\n   </strong>\\\n   。5G手机需要向下兼容3G/4G频段，3G/4G频段数量比5G更多，并且4G滤波器的技术难度很大，因此2025年2G/3G/4G频段的射频前端仍然占手机射频前端总市场规模的52%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/jYFYKkcdAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"jYFYKkcdAAAAAElFTkSuQmCC\\\" height=\\\"214\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    3G/4G\\\n   </strong>\\\n   <strong>\\\n    、3GHz\\\n   </strong>\\\n   <strong>\\\n    以下5G\\\n   </strong>\\\n   <strong>\\\n    频段采用SAW\\\n   </strong>\\\n   <strong>\\\n    和BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器，工艺壁垒极高。\\\n   </strong>\\\n   SAW滤波器主要被日本IDM龙头垄断，CR3高达82%，主要为日本村田、TDK、太阳诱电。BAW滤波器主要被IDM厂商Broadcom和Qorvo垄断，其中Broadcom的份额超过80%。SAW滤波器和BAW滤波器采用特殊工艺，代工厂缺乏研发产线的动力，自建产线、或者采取虚拟IDM模式是目前生产高端滤波器的必经之路。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    3G/4G\\\n   </strong>\\\n   <strong>\\\n    模组竞争格局：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      3G/4G\\\n     </strong>\\\n     <strong>\\\n      接收端模组以SAW\\\n     </strong>\\\n     <strong>\\\n      滤波器为核心，因此竞争格局与SAW\\\n     </strong>\\\n     <strong>\\\n      滤波器行业接近\\\n     </strong>\\\n     。4G接收模组以DiFEM模组为典型，内部集成了SAW滤波器、开关、LNA，不含BAW滤波器与PA。在竞争格局上，\\\n     <strong>\\\n      村田\\\n     </strong>\\\n     凭借杰出的SAW滤波器能力，占据43%市场份额（2018年），\\\n     <strong>\\\n      Skyworks\\\n     </strong>\\\n     也具备较强的SAW滤波器生产能力，占据29%市场份额（2018年）。\\\n     <strong>\\\n      国内厂商\\\n     </strong>\\\n     的SAW滤波器生产能力较弱，目前在接收模组市场份额低。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      3G/4G\\\n     </strong>\\\n     <strong>\\\n      发射端模组需融合高端SAW/BAW\\\n     </strong>\\\n     <strong>\\\n      滤波器和PA\\\n     </strong>\\\n     <strong>\\\n      ，美系三巨头垄断\\\n     </strong>\\\n     。4G发射模组的壁垒很高，需要厂商具备完整产品线，尤其是完备的滤波器和PA能力。\\\n     <strong>\\\n      日本厂商\\\n     </strong>\\\n     <strong>\\\n      Murata\\\n     </strong>\\\n     的PA能力较弱，因为在发射端市场份额较低，仅占据17%份额（2018年），且以低频模组为主。发射端模组主要被\\\n     <strong>\\\n      三大巨头\\\n     </strong>\\\n     Skyworks、Qorvo、Broadcom占据，份额分别为39%、32%、17%（2018年）。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A4BAgQIECBAgAABAgQIEPisAouGEJ8V2bgJECBAgAABAgQIECBAgACBoyMhhKeAAAECBAgQIECAAAECBAgQWERACLEIsy8hQIAAAQIECBAgQIAAAQIEhBCeAQIECBAgQIAAAQIECBAgQGARASHEIsy+hAABAgQIECBAgAABAgQIEBBCeAYIECBAgAABAgQIECBAgACBRQSEEIsw+xICBAgQIECAAAECBAgQIEBACOEZIECAAAECBAgQIECAAAECBBYR+Ae15TQxbEnE9QAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"A4BAgQIECBAgAABAgQIEPisAouGEJ8V2bgJECBAgAABAgQIECBAgACBoyMhhKeAAAECBAgQIECAAAECBAgQWERACLEIsy8hQIAAAQIECBAgQIAAAQIEhBCeAQIECBAgQIAAAQIECBAgQGARASHEIsy+hAABAgQIECBAgAABAgQIEBBCeAYIECBAgAABAgQIECBAgACBRQSEEIsw+xICBAgQIECAAAECBAgQIEBACOEZIECAAAECBAgQIECAAAECBBYR+Ae15TQxbEnE9QAAAABJRU5ErkJggg==\\\" height=\\\"174\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"239\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）5G（3~6GHz）：发射、接收模组难度皆降低\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    主流频段处于3~6GHz\\\n   </strong>\\\n   <strong>\\\n    之间，主要采用LTCC/IPD\\\n   </strong>\\\n   <strong>\\\n    滤波器，难度相比SAW/BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器大幅降低\\\n   </strong>\\\n   。5G主流频段N77、N78、N79是典型的高频、宽频带，适用LTCC/IPD滤波器，国内有几十家厂商具备生产能力，例如麦捷科技、顺络电子等。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    滤波器是射频前端模组的关键器件，SAW\\\n   </strong>\\\n   <strong>\\\n    、BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器构成4G\\\n   </strong>\\\n   <strong>\\\n    模组壁垒\\\n   </strong>\\\n   ，\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    滤波器难度降低，\\\n   </strong>\\\n   <strong>\\\n    其他器件的工艺技术与\\\n   </strong>\\\n   <strong>\\\n    4G\\\n   </strong>\\\n   <strong>\\\n    几乎相同。\\\n   </strong>\\\n   4G频段使用的滤波器壁垒极高，主要使用SAW滤波器、BAW滤波器，主流厂商采用IDM模式封锁设计和工艺，因此技术难度很大，目前仅有Murata、Qorvo、Skyworks、Broadcom、RF360（高通）这少数几家海外厂商具备量产能力，国内厂商和他们的技术差距很大。5G PA与4G PA一样采取GaAs工艺，5G与4G开关/LNA都以SOI为主流工艺。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/Z5gHYHDRPAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"Z5gHYHDRPAAAAAElFTkSuQmCC\\\" height=\\\"150\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    主流5G\\\n   </strong>\\\n   <strong>\\\n    模组壁垒相对4G\\\n   </strong>\\\n   <strong>\\\n    降低，国内厂商切入发射及接收模组，市场格局趋于分散：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    1\\\n   </strong>\\\n   <strong>\\\n    ）5G\\\n   </strong>\\\n   <strong>\\\n    主集收发模组（N77&amp;N79 PAMiF\\\n   </strong>\\\n   <strong>\\\n    ）以PA\\\n   </strong>\\\n   <strong>\\\n    为核心，PA\\\n   </strong>\\\n   <strong>\\\n    厂商逐渐切入：\\\n   </strong>\\\n   由于不再采用高难度的SAW、BAW滤波器，因此PA厂商有机会切入5G主集模组市场。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2\\\n   </strong>\\\n   <strong>\\\n    ）5G\\\n   </strong>\\\n   <strong>\\\n    分集接收模组（N77 N79 LFEM\\\n   </strong>\\\n   <strong>\\\n    ）以Switch\\\n   </strong>\\\n   <strong>\\\n    、LNA\\\n   </strong>\\\n   <strong>\\\n    为核心，Switch/LNA\\\n   </strong>\\\n   <strong>\\\n    具备竞争力：\\\n   </strong>\\\n   由于不再采用SAW滤波器，难度大幅降低。国内很多厂商目前已具备5G模组生产能力，例如卓胜微的5G接收端模组LFEM已经大规模量产，预计2021年占据安卓主要品牌30%以上份额。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）毫米波：AiP模组集成射频前端、天线、收发器等，基带厂商优势明显\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    由于高传输损耗，毫米波手机采用封装天线（Antenna in Package\\\n   </strong>\\\n   <strong>\\\n    ，AIP\\\n   </strong>\\\n   <strong>\\\n    ）模组，将天线与射频前端、收发器等射频器件集成在模块内，集成度大幅提升，对射频前端厂商的产品线齐全度提出更高的要求\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    毫米波射频前端器件的主流制造工艺也将发生变化，传统射频前端厂商积累的技术经验优势在毫米波模组中有所降低：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/hIGcMX+mPbu6i7e8F00YZbJiCnMisLua0LZndEryporG9AQ1f37grDW+YiNiASEAmIBEQCIoF7l8BtEC737sOJlokEbqB8qYjexd7EAbgFzsTPsfeeIZGqSEAkIBIQCYgERAIiAZHA3ScgCpe7z1y8o0hAJCASEAmIBEQCIgGRgEhAJNBHAqJw6SMw8XSRgEhAJCASEAmIBEQCIgGRgEjg7hMQhcvdZy7eUSQgEhAJiAREAiIBkYBIQCQgEugjAVG49BGYeLpIQCQgEhAJiAREAiIBkYBIQCRw9wmIwuXuMxfvKBIQCYgERAIiAZGASEAkIBIQCfSRwP8DKs6Wqfe3FoYAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"hIGcMX+mPbu6i7e8F00YZbJiCnMisLua0LZndEryporG9AQ1f37grDW+YiNiASEAmIBEQCIoF7l8BtEC737sOJlokEbqB8qYjexd7EAbgFzsTPsfeeIZGqSEAkIBIQCYgERAIiAZHA3ScgCpe7z1y8o0hAJCASEAmIBEQCIgGRgEhAJNBHAqJw6SMw8XSRgEhAJCASEAmIBEQCIgGRgEjg7hMQhcvdZy7eUSQgEhAJiAREAiIBkYBIQCQgEugjAVG49BGYeLpIQCQgEhAJiAREAiIBkYBIQCRw9wmIwuXuMxfvKBIQCYgERAIiAZGASEAkIBIQCfSRwP8DKs6Wqfe3FoYAAAAASUVORK5CYII=\\\" height=\\\"149\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带厂商在毫米波AiP\\\n   </strong>\\\n   <strong>\\\n    模组中具备优势。\\\n   </strong>\\\n   基带厂采取的战略是重点布局毫米波AiP模组，传统射频前端厂商如Skyworks、Qorvo、Broadcom、Murata等主要聚焦Sub 6GHz市场，目前还未发布毫米波AiP模组。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    与传统射频前端厂商相比，基带厂商在毫米波AiP\\\n   </strong>\\\n   <strong>\\\n    模块市场更具产品优势\\\n   </strong>\\\n   。其一，由于毫米波极易衰减，毫米波AiP模组设计对厂商的综合射频设计能力提出了很高的要求，基带与AiP模组在设计上的适配，可以提升毫米波通信效率。其二，模组内部集成了收发器，收发器是基带厂商的优势产品，且收发器与基带紧密联系。其三，毫米波射频前端器件工艺变化较大，传统射频前端厂商积累的优势有所削弱。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <div>\\\n   <div>\\\n    <div>\\\n     <div>\\\n      <div>\\\n       <div>\\\n        <div>\\\n         <div>\\\n          <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n           <span>\\\n            <strong>\\\n             海外五大巨头垄断，多因素驱动国产化浪潮\\\n            </strong>\\\n           </span>\\\n          </p>\\\n         </div>\\\n        </div>\\\n       </div>\\\n      </div>\\\n     </div>\\\n    </div>\\\n   </div>\\\n  </div>\\\n </div>\\\n <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n  <br/>\\\n </p>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    1、海外巨头通过并购整合补齐产品线，形成垄断格局\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    射频前端市场集中度高，海外龙头垄断\\\n   </strong>\\\n   。射频前端技术壁垒极高，目前主要被海外四大巨头-Skyworks、Broadcom、Qorvo、高通，日本厂商村田所垄断，2019年CR5 高达79%。国内厂商主要生产低端分立器件，目前市场份额不足10%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/Aer3O71ZKPgDAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"Aer3O71ZKPgDAAAAAElFTkSuQmCC\\\" height=\\\"236\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    海外巨头为形成模组能力，2015-2016\\\n   </strong>\\\n   <strong>\\\n    年加速并购重组。\\\n   </strong>\\\n   2015-2016年全球半导体行业出现并购潮，根据IC Insights数据统计，2015年并购协议总金额达到1073.8亿美元，2016年并购协议总金额达到593.8亿美元，而2010-2015年合计并购金额只有126亿美元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/s+r7orGBgKBQCAQCAQCgUAgEAgEAoFAIBAIBAK1IxDkv3bM4opAIBAIBAKBQCAQCAQCgUAgEAgEAoFA4LxC4P8HXMGVjj4dSA8AAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"s+r7orGBgKBQCAQCAQCgUAgEAgEAoFAIBAIBAK1IxDkv3bM4opAIBAIBAKBQCAQCAQCgUAgEAgEAoFA4LxC4P8HXMGVjj4dSA8AAAAASUVORK5CYII=\\\" height=\\\"262\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    1\\\n   </strong>\\\n   <strong>\\\n    ）传统射频前端龙头通过并购补齐了产品线：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Qorvo\\\n   </strong>\\\n   <strong>\\\n    ：\\\n   </strong>\\\n   射频前端巨头RFMD和TriQuint合并成立Qorvo，前者擅长PA研发，后者擅长SAW和BAW滤波器，二者实现技术互补。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Murata\\\n   </strong>\\\n   <strong>\\\n    ：\\\n   </strong>\\\n   2015年，Murata收购Peregrine半导体，前者擅长滤波器和射频模组，SAW滤波器市占率超45％以上，连接模组市占率超60％；后者擅长射频开关和SOI技术，两者联合推出首个全集成射频前端方案。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Skyworks\\\n   </strong>\\\n   ：2008、2009年分别收购两家PA厂商——Freescale和SiGe， 2014年公司与松下合资成立FilterCo，布局BAW滤波器业务；2016年收购Panasonic射频滤波器部门。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Broadcom\\\n   </strong>\\\n   ：2008年Broadcom收购了英飞凌的BAW相关业务，2013年收购CMOS PA厂商Javelin，2016年收购通信芯片巨头Broadcom并改名为Broadcom。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2\\\n   </strong>\\\n   <strong>\\\n    ）基带公司通过并购与合作拓展前端业务：\\\n   </strong>\\\n   高通、联发科、展讯等AP／基带芯片公司纷纷布局射频前端。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    高通\\\n   </strong>\\\n   ：2014年并购CMOS PA厂商Black Sand， 2016年与TDK成立合资公司RF360拓展射频前端产品。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    联发科\\\n   </strong>\\\n   ：2019年增资当时中国大陆最大PA公司唯捷创芯。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    展讯\\\n   </strong>\\\n   ：2016年与射频前端公司锐迪科合并，并改名紫光展锐。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/BFI2EOZ3eOpdBERABERABERABERABERABERABEQgEwjIQMiEVdAYREAEREAEREAEREAEREAEREAERCDDCchAyPAF0vBEQAREQAREQAREQAREQAREQAREIBMIyEDIhFXQGERABERABERABERABERABERABEQgwwnIQMjwBdLwREAEREAEREAEREAEREAEREAERCATCMhAyIRV0BhEQAREQAREQAREQAREQAREQAREIMMJyEDI8AXS8ERABERABERABERABERABERABEQgEwjIQMiEVdAYREAEREAEREAEREAEREAEREAERCDDCfwP9L8y8RUCkwIAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"BFI2EOZ3eOpdBERABERABERABERABERABERABEQgEwjIQMiEVdAYREAEREAEREAEREAEREAEREAERCDDCchAyPAF0vBEQAREQAREQAREQAREQAREQAREIBMIyEDIhFXQGERABERABERABERABERABERABEQgwwnIQMjwBdLwREAEREAEREAEREAEREAEREAERCATCMhAyIRV0BhEQAREQAREQAREQAREQAREQAREIMMJyEDI8AXS8ERABERABERABERABERABERABEQgEwjIQMiEVdAYREAEREAEREAEREAEREAEREAERCDDCfwP9L8y8RUCkwIAAAAASUVORK5CYII=\\\" height=\\\"309\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    分立器件竞争激烈，模组厂商赢家通吃。\\\n   </strong>\\\n   从分立器件到射频前端模组，厂商越来越少。分立器件方面细分市场玩家众多且分散，前端模组只有Broadcom、Qorvo、Skyworks、Murata、高通5家实力雄厚的模组厂商，并且这几家厂商在分立器件领域也极具竞争力。经过并购整合，海外厂商形成寡头垄断，合计占据射频前端近9成市场份额：\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/D+QHJbyE2ekZQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"D+QHJbyE2ekZQAAAABJRU5ErkJggg==\\\" height=\\\"145\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）Qorvo&amp;Skyworks：短期“双寡头”格局稳固，长期蓄力拓展非手机业务\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   1）Skyworks：发射端模组龙头，向非手机领域拓展\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   美商射频前端巨头Skyworks成立于1962年，2002年上市，由于高通在3G时代凭借CDMA制式、SOC能力逐渐垄断基带市场，Skyworks在2006年正式退出基带市场，开始聚焦射频前端领域。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Skyworks\\\n   </strong>\\\n   <strong>\\\n    凭借“内生+\\\n   </strong>\\\n   <strong>\\\n    并购”形成完整产品线。\\\n   </strong>\\\n   Skyworks在2008、2009年分别收购两家PA厂商——Freescale和SiGe，至此产品线已基本齐全，除了专利及工艺壁垒极高的BAW滤波器，在2019年以前公司一直通过外购BAW滤波器来生产模组产品。2014年公司与松下合资成立FilterCo，布局BAW滤波器业务，并在2016年收购合资公司所有股权，\\\n   <strong>\\\n    2019\\\n   </strong>\\\n   <strong>\\\n    年公司自产的BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器正式量产\\\n   </strong>\\\n   ，也宣告了Skyworks正式覆盖射频前端全产品线。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/AC2LcDSu6r3SAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"AC2LcDSu6r3SAAAAAElFTkSuQmCC\\\" height=\\\"214\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    公司为发射端模组龙头，核心产品有PAMiD\\\n   </strong>\\\n   <strong>\\\n    、FEMiD\\\n   </strong>\\\n   <strong>\\\n    等。\\\n   </strong>\\\n   由于具备齐全产品线，公司具备高端发射端模组的生产能力，与同行相比Skyworks产品的覆盖面最广，不仅覆盖苹果及安卓主要客户，而且具备高中低端产品梯队，2018年公司占据全球发射端模组39%份额，排名全球第一。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    万物互联，向汽车、物联网、基站等非手机领域拓展。\\\n   </strong>\\\n   随着手机销量接近天花板，Skyworks这几年往基站、物联网、汽车等非移动业务拓展。公司业务分为手机业务（Mobile）和非手机业务（Board Markets），其中非手机业务收入占比从2011年20%提升到2019年34%。\\\n   <strong>\\\n    2021\\\n   </strong>\\\n   <strong>\\\n    年4\\\n   </strong>\\\n   <strong>\\\n    月公司宣布以27.5\\\n   </strong>\\\n   <strong>\\\n    亿美元价格收购Silicon Labs\\\n   </strong>\\\n   <strong>\\\n    的基础设施和汽车（Infrastructure &amp; Automotive\\\n   </strong>\\\n   <strong>\\\n    ，简称IA\\\n   </strong>\\\n   <strong>\\\n    ）相关业务\\\n   </strong>\\\n   ，成为Skyworks最大金额收购，公司通过本次收购拓展汽车芯片业务，为车联网市场做好前瞻布局。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   2）Qorvo：TriQuint与RFMD强强联合，塑造齐全产品线\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    与Skyworks\\\n   </strong>\\\n   <strong>\\\n    的多次并购相比，Qorvo\\\n   </strong>\\\n   <strong>\\\n    从诞生起就拥有了齐全且性能卓越的产品线\\\n   </strong>\\\n   ， 2014年Qorvo由射频行业两大龙头RFMD和TriQuint而成，前者擅长PA和天线开关，后者擅长SAW和BAW滤波器，二者实现技术互补；前者主要下游是手机，后者主要是通信、国防、航空航天应用，二者实现下游应用互补。由于两家公司在产品技术方面几乎没有重叠且运营方式接近，新公司整合资源和技术，是移动、基础设施、国防领域射频方案的全球领导者。两家公司合并后的Qorvo完成了天线、功率放大器、SAW/BAW滤波器和射频开关的全线布局，并拥有数个GaAs以及GaN晶圆厂。\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     TriQuint成立于1985年，一直专注于射频行业，具有全面的技术阵容、领先研发能力和大规模制造能力，产品及技术包括SAW及BAW滤波器、GaAs及GaN PA、射频开关等。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     RFMD是全球领先的化合物半导体技术IDM公司，主要产品为PA、LNA等，拥有设计、制造、封测全产业链能力，产品用于智能手机、基站、航空航天及国防市场。2013年RFMD上海设计团队解散，其中许多人后来成为了国内PA初创公司的核心技术人员，如唯捷创芯、慧智微、中普微（韦尔股份收购）等。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\":/c13c0c3884554db69b21a247e2e1e489\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020027818.jpg\\\" height=\\\"514\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    带动2019-2021H1\\\n   </strong>\\\n   <strong>\\\n    业绩稳定增长\\\n   </strong>\\\n   。2017~2018财年（2017财年指日历2016Q2~2017Q1）公司收入及净利润同比下滑，分别亏损1.14、2.53亿元。随着5G相关业务需求的增长，2019-2021财年公司业绩稳定增长，收入从208亿元增长到263亿元，净利润从9亿增长到48亿元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/JhuGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNC4P8D7mDP0lCalosAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"JhuGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNCwIiKpjWfNhpDwBAwBAwBQ8AQMAQMAUPAEDAEDAFD4KZGwIiKm3r6rPOGgCFgCBgChoAhYAgYAoaAIWAIGAKGQNNC4P8D7mDP0lCalosAAAAASUVORK5CYII=\\\" height=\\\"250\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    近年来收购多家物联网相关公司，非手机业务布局广泛\\\n   </strong>\\\n   。近几年射频前端相关并购不多，2019年曾收购高性能RF MEMS天线调谐器厂商Cavendish Kinetics，增强智能手机天线调谐器能力。相比之下，这几年公司在物联网领域开展了多笔收购。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）Broadcom：以BAW滤波器为优势产品，继续定位高端市场\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2015年5月Broadcom宣布以370亿美元“蛇吞象”收购Broadcom，其中射频前端业务是Broadcom的传统业务。作为知名通讯芯片厂商的Broadcom，当时正面临着主手机芯片业务的没落。这次收购使Broadcom一跃成为兼具有线及无线产品组合的通信芯片巨头，规模仅次于英特尔和高通。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Broadcom\\\n   </strong>\\\n   <strong>\\\n    总部位于新加坡，在收购Broadcom\\\n   </strong>\\\n   <strong>\\\n    之前就曾收购多家老牌芯片公司\\\n   </strong>\\\n   。在2008年收购了英飞凌的BAW相关业务，BAW滤波器成为了Broadcom最核心的优势产品。2008年Broadcom还收购了光通讯器件厂商CyOptics、电力电子技术厂商Amantys，2013年Broadcom收购了存储芯片厂商LSI，2014年收购I/O技术与串列/接串列技术厂商PLX。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    和Qorvo\\\n   </strong>\\\n   <strong>\\\n    、Skyworks\\\n   </strong>\\\n   <strong>\\\n    相比，Broadcom\\\n   </strong>\\\n   <strong>\\\n    的业务范围更广、射频前端业务收入占比较低\\\n   </strong>\\\n   。公司业务分为有线基础设施、无线通信芯片、存储和系统、企业软件等。根据2018年报的业务拆分，射频前端芯片和WiFi/蓝牙/GPS SoC收入为450亿元，约占总收入的30%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    在射频前端业务上，Broadcom\\\n   </strong>\\\n   <strong>\\\n    定位高端市场，客户主要为苹果、三星，鲜少涉猎国产手机\\\n   </strong>\\\n   。公司的射频前端产品线齐全，在BAW/SAW滤波器和PA上技术积淀深厚，\\\n   <strong>\\\n    公司最大的特色是\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     BAW/FBAR\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     滤波器\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    产品\\\n   </strong>\\\n   ，公司围绕BAW/FBAR滤波器布局了众多专利，随着BAW/FBAR滤波器在4G LTE频段的广泛使用，Broadcom收益颇丰。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    市场竞争逐渐激烈，Broadcom\\\n   </strong>\\\n   <strong>\\\n    射频前端业务逐渐边缘化。\\\n   </strong>\\\n   虽然Broadcom是BAW/FBAR滤波器的先发者，但Qorvo、Skyworks等同行也陆续进入BAW/FBAR滤波器市场，生产出了有各自特色的产品。并且和同行相比，Broadcom的客户群体比较局限、定位高端，市场拓展能力较为局限。2019年Broadcom曾计划出售旗下无线通信业务，射频前端业务在公司内部也逐渐边缘化。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）Murata：优势产品SAW滤波器竞争加剧，接收模组竞争激烈\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    日本村田制作所（Murata\\\n   </strong>\\\n   <strong>\\\n    ）成立于1944\\\n   </strong>\\\n   <strong>\\\n    年，主力产品为多层陶瓷电容器（MLCC\\\n   </strong>\\\n   <strong>\\\n    ）和RF\\\n   </strong>\\\n   <strong>\\\n    零组件\\\n   </strong>\\\n   。公司旗下产品有电容器、压电产品（以SAW滤波器为主）、通信模块（以射频前端模块为主）、电源模块，2018年压电产品（以SAW滤波器为主）收入占比约9%，通信模块（以射频前端模块为主）收入占比约27%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\":/2e6466c31a054e61885ab57b3bfd1c50\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020027166.jpg\\\" height=\\\"483\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    公司SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器技术实力突出，SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器及接收模组份额领先\\\n   </strong>\\\n   。公司采用IDM模式生产SAW滤波器及TC-SAW产品，市场份额高达47%，该市场上二、三名分别为日本厂商TDK、太阳诱电，高通通过与TDK合作也获得了SAW滤波器技术。 SAW滤波器厂商主要采用IDM模式进行生产，因此新进入者的工艺壁垒极高。借助SAW滤波器技术实力，公司在接收模组上份额也高达39%。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    公司通过Fabless\\\n   </strong>\\\n   <strong>\\\n    模式发展PA\\\n   </strong>\\\n   <strong>\\\n    及射频开关产品，形成了完整的射频前端产品线\\\n   </strong>\\\n   。除了强势的SAW滤波器产品，公司通过与代工厂合作发展PA产品，发力发射端模组产品，2018年占据发射模组市场4%份额，但是前村田的PA业务与美系厂商的差距依然比较大。。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/D8EomCRsq3RqwAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"D8EomCRsq3RqwAAAABJRU5ErkJggg==\\\" height=\\\"234\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    未来几年随着SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器新秀崛起，接收市场竞争可能趋于激烈。\\\n   </strong>\\\n   SAW滤波器（含TC-SAW）是滤波器中市场规模最大的一部分，也是模块化的关键一环，吸引了众多入局者，其中大多数为国内厂商，国内SAW滤波器厂商近几年不断受到国内安卓手机客户的支持，未来几年有望起量，对村田造成威胁。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （4）基带龙头：基带与射频前端协同销售，重点布局毫米波模组\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   1）基带行业格局：技术壁垒极高，五大巨头垄断\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带芯片的功能是合成即将发射的基带信号，或对接收到的基带信号进行解码\\\n   </strong>\\\n   。具体地说，就是发射信号时把音频信号编译成用来发射的基带码；接收时，把收到的基带码解译为音频信号。同时，也负责地址信息（手机号、网站地址）、文字信息（短讯文字、网站文字）、图片信息的编译。移动终端支持何种网络制式是由基带芯片模式所决定，而支持何种频段则由天线和射频模组所决定。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带分为两种：系统平台芯片（SoC\\\n   </strong>\\\n   <strong>\\\n    ）和分离式基带芯片（客户主要是苹果）\\\n   </strong>\\\n   。目前集成式基带市场规模为150亿美元，分离式基带市场规模为37亿美元。SoC整合了应用处理器（AP）与基带芯片（BP）等许多不同功能的部件，提供多媒体功能以及用于多媒体显示器、图像传感器和音频设备相关的接口、为了进一步简化设计，这些编译电路所需要的电源管理电路也日益集成于其中。在传输效率、采购成本、电路设计上，SOC均优于分离式芯片，成为目前智能机的主流设计。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   以高通骁龙芯片为例，其架构包含了多个功能单元:\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n     </span>\\\n     CPU 负责处理设备的系统指令与应用控制\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n     </span>\\\n     GPU运行绘图运算\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n     </span>\\\n     ISP专门处理照相图像信号\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/MFVlFnz+ojSaMQG5w82EwWFgBAQAkJACAgBIbC7Ap8YGHa3MuLbhIAQEAJCQAgIASEgBISAENhbAiIw7K32ELURAkJACAgBISAEhIAQEAJ7SkAEhj3VHKIyQkAICAEhIASEgBAQAkJgbwmIwLC32kPURggIASEgBISAEBACQkAI7CkBERj2VHOIyggBISAEhIAQEAJCQAgIgb0lIALD3moPURshIASEgBAQAkJACAgBIbCnBERg2FPNISojBISAEBACQkAICAEhIAT2loAIDHurPURthIAQEAJCQAgIASEgBITAnhL4f27rlZxnBOBOAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"MFVlFnz+ojSaMQG5w82EwWFgBAQAkJACAgBIbC7Ap8YGHa3MuLbhIAQEAJCQAgIASEgBISAENhbAiIw7K32ELURAkJACAgBISAEhIAQEAJ7SkAEhj3VHKIyQkAICAEhIASEgBAQAkJgbwmIwLC32kPURggIASEgBISAEBACQkAI7CkBERj2VHOIyggBISAEhIAQEAJCQAgIgb0lIALD3moPURshIASEgBAQAkJACAgBIbCnBERg2FPNISojBISAEBACQkAICAEhIAT2loAIDHurPURthIAQEAJCQAgIASEgBITAnhL4f27rlZxnBOBOAAAAAElFTkSuQmCC\\\" height=\\\"308\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带芯片行业壁垒极高\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-align:justify;\\\">\\\n    。基带芯片技术门槛高且迭代快、研发周期长、资金投入大、竞争激烈，竞争格局的变化与通信技术升级、下游产品革新息息相关。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    目前基带市场呈现六大玩家格局\\\n   </strong>\\\n   ：1）高通：定位安卓中高端市场；2）联发科：定位安卓中低端市场；3）紫光展锐：定位安卓低端市场；4）三星：以高端自供为主；5）华为：以自供为主；6）苹果：收购Intel基带部门，未来计划实现自供。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/Sj0gCVAFhCwSoAT8jyHBIgARIgARIgARIgARLwjoDHIgC+zCPBNkqj7d1AAgAxIKXP3XEbs4lMGNwhFtjHUgQI7PjRexIgARIgARIgARIgARIgAX0JeCwC6HtL9CzQCVAECPQI0n8SIAESIAESIAESIAESIAFdCVAE0DUy9IsESIAESIAESIAESIAESIAESIAETCZAEcBkoDRHAiRAAiRAAiRAAiRAAiRAAiRAAroSoAiga2ToFwmQAAmQAAmQAAmQAAmQAAmQAAmYTIAigMlAaY4ESIAESIAESIAESIAESIAESIAEdCVAEUDXyNAvEiABEiABEiABEiABEiABEiABEjCZAEUAk4HSHAmQAAmQAAmQAAmQAAmQAAmQAAnoSoAigK6RoV8kQAIkQAIkQAIkQAIkQAIkQAIkYDIBigAmA6U5EiABEiABEiABEiABEiABEiABEtCVAEUAXSNDv0iABEiABEiABEiABEiABEiABEjAZAIUAUwGSnMkQAIkQAIkQAIkQAIkQAIkQAIkoCsBigC6RoZ+kQAJkAAJkAAJkAAJkAAJkAAJkIDJBP4fksud1Zr8jfgAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"241\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"color:rgb(102, 15, 0);font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2）基带向射频前端延伸，致力于提供一站式射频解决方案\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带厂商开始向射频前端、天线领域延伸，致力于提供一体化射频解决方案\\\n   </strong>\\\n   。基带厂与射频前端厂商展开跨界合作，借助与SoC芯片的协同营销优势切入射频前端市场：高通与射频前端厂商TDK合作，通过SoC芯片与前端绑定营销，快速提升市场份额；联发科收购中国大陆PA厂商唯捷创芯，通过SoC与PA绑定打折的方式提升市场份额；展讯与射频前端厂商锐迪科合并，在低端安卓领域提升竞争力。2019年2月，高通在推出其第二代5G基带芯片骁龙X55同时，还率先推出了一套完整的5G射频前端解决方案，其中包括与骁龙X55配合的QTM525毫米波天线模组、全球首款宣布的5G包络追踪解决方案QET6100、集成式5G/4G功率放大器（PA）和分集模组系列，以及QAT3555 5G自适应天线调谐解决方案。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/bNdAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"bNdAAAAAElFTkSuQmCC\\\" height=\\\"171\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    与Skyworks\\\n   </strong>\\\n   <strong>\\\n    、Qorvo\\\n   </strong>\\\n   <strong>\\\n    等射频巨头相比，高通等基带厂商拥有自己的调制解调器，这是相比第三方射频元器件厂商的核心差异化优势\\\n   </strong>\\\n   。在2018年1月举行的高通技术峰会上，高通与小米、vivo、OPPO、联想四家手机厂商签订了射频前端解决方案跨年度采购订单，在未来三年内（即2019年-2021年），四家手机厂商将采购价值总额不低于20亿美元的射频前端部件，这也为高通发展射频业务提供了良好的助力和窗口。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"323\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    基带厂采取的战略是重点布局毫米波AiP\\\n   </strong>\\\n   <strong>\\\n    模组，与传统射频前端厂商相比具备明显优势。\\\n   </strong>\\\n   传统射频前端厂商如Skyworks、Qorvo、Broadcom、Murata等主要聚焦Sub 6GHz市场，目前还未发布毫米波AiP模组。而基带厂商则前瞻聚焦毫米波AiP模组领域。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   3）高通：第三方SOC龙头，射频前端业务发展顺利\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   高通公司（Qualcomm Inc.）成立于 1985 年，总部设于加州圣地牙哥，是行业领先的无线电通信技术公司。业务包括芯片硬件（QCT，Qualcomm CDMA Technologies）、专利授权（QTL，Qualcomm Technology Licensing）两部分。其中芯片硬件业务包括移动设备SoC芯片、基带芯片、射频前端芯片等。从收入结构看来看，2020年芯片硬件业务收入占比为69%，专利授权收入占比31%；但是由于QTL专利授权业务毛利率更高，QTL占EBT的54%。\\\n  </span>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wFtA1Yerpc7SgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wFtA1Yerpc7SgAAAABJRU5ErkJggg==\\\" height=\\\"235\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    手机行业的繁荣是3G/4G\\\n   </strong>\\\n   <strong>\\\n    时代高通业绩增长的重要原因\\\n   </strong>\\\n   。3G/4G快速渗透期（2005-2014财年），高通收入从458亿元增长到1629亿元，复合增速达到 15%，同期全球手机出货量复合增速为9%，ASP也乘智能手机东风快速增长。2014-2017财年，由于手机出货量接近瓶颈、行业竞争日益激烈，通过公司面临与苹果的反垄断诉讼纠纷，苹果拒绝支付专利授权费，高通的专利授权业务收入萎缩。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    驱动高通业绩重回增长\\\n   </strong>\\\n   。随着5G渗透率提升、苹果业务恢复，2019财年公司实现收入1716亿元，同比增长7.4%；实现净利润310亿元，同比扭亏。FY2020~2021Q3公司业绩受到全球疫情影响，随着智能手机行业而现疲软。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\":/10257989127a4a74966825dcff043be4\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020028774.jpg\\\" height=\\\"612\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    高通通过与TDK\\\n   </strong>\\\n   <strong>\\\n    合作进军射频前端市场，产品线丰富\\\n   </strong>\\\n   。2014年高通就曾推出射频前端解决方案——RF360，2017年2月高通与TDK合资成立RF360，将高通的射频天线技术与TDK的射频前端技术结合，合资公司拥有完整的滤波器产品线，拥有体声波（BAW）、表面声波（SAW）、温度补偿表面声波（TC-SAW）以及薄膜式表面声波（Thin Film SAW）滤波器技术，并于2017年推出GaAs PA。2019年高通以31亿美元收购RF360全部股份。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    与SoC\\\n   </strong>\\\n   <strong>\\\n    芯片协同营销，市场份额快速提升。\\\n   </strong>\\\n   高通SoC极具市场竞争力，小米、OPPO、VIVO等厂商都会把高通新款SoC芯片作为手机卖点，通过将基带与射频前端的绑定营销，2018年高通在全球射频前端市场份额快速提升到14%。高通曾经通过将AP与基带打包成SoC，提升了芯片的价值量；未来也有可能延伸到射频前端、天线领域，为客户提供一站式解决方案。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/YWQWO5tDtfihUBog1cpoznMWXMUAREQAREQAREQAREQAREQARFoOgQSIlQ0HRyaiQiIgAiIgAiIgAiIgAiIgAiIgAiIQEMSkFDRkPT1bBEQAREQAREQAREQAREQAREQAREQgRoEJFRoQ4iACIiACIiACIiACIiACIiACIiACKQMAQkVKbMUGogIiIAIiIAIiIAIiIAIiIAIiIAIiICECu0BERABERABERABERABERABERABERCBlCEgoSJllkIDEQEREAEREAEREAEREAEREAEREAER+H+V+3sZvisW4QAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"YWQWO5tDtfihUBog1cpoznMWXMUAREQAREQAREQAREQAREQARFoOgQSIlQ0HRyaiQiIgAiIgAiIgAiIgAiIgAiIgAiIQEMSkFDRkPT1bBEQAREQAREQAREQAREQAREQAREQgRoEJFRoQ4iACIiACIiACIiACIiACIiACIiACKQMAQkVKbMUGogIiIAIiIAIiIAIiIAIiIAIiIAIiICECu0BERABERABERABERABERABERABERCBlCEgoSJllkIDEQEREAEREAEREAEREAEREAEREAER+H+V+3sZvisW4QAAAABJRU5ErkJggg==\\\" height=\\\"356\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    目前毫米波AiP\\\n   </strong>\\\n   <strong>\\\n    市场主要由高通占据，未来将主要由基带厂商垄断。\\\n   </strong>\\\n   目前高通在毫米波AiP模块市场占据主导地位，三星、联发科、紫光展锐、苹果等厂商紧随其后、预计未来份额将逐渐提升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/QXaIKGFjBuwAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"QXaIKGFjBuwAAAABJRU5ErkJggg==\\\" height=\\\"278\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <strong>\\\n   <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n    2、国内厂商市占率不足10%，四大因素驱动射频前端国产化浪潮涌来\\\n   </span>\\\n  </strong>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）国内厂商以单一器件为主，市占率不足10%\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内射频前端厂商众多，但是以低价值量的单一分立器件或者低集成度模组产品为主\\\n   </strong>\\\n   不同器件的国产化率由高到低分别为：开关、低噪声放大器LNA、功率放大器PA、SAW滤波器、BAW滤波器。\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     开关/LNA：技术难度低、国产化率相对高，卓胜微目前已经占据了全球射频开关（包含Switch和Tuner，分立式及模组中的开关）约15%市场份额，国内唯捷创芯、飞骧科技、韦尔股份、迦美信芯等厂商也具备开关生产能力，综合国产占比约20%。LNA市场规模占比也相对较高，国内厂商份额接近15%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     PA：采用化合物半导体工艺，国内厂商大多采用Fabless模式，厂商众多，但同质化比较严重，盈利能力较差。目前龙头厂商如唯捷创芯、已经开始量产5G产品，国内厂商份额约10%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     SAW滤波器：日本龙头厂商采用IDM模式封锁工艺壁垒，国内厂商普遍通过自建产线的方式发展，资本投入高，需要know-how积累，国产厂商的进度较慢，国内厂商份额约3%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     BAW滤波器：壁垒最高，工艺流程比SAW滤波器更加复杂，而且海外龙头Broadcom、Qorvo等进行了完善的专利布局，国内突破的难度大，目前国内厂商份额约等于0。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wfbQgzW3BzE+gAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wfbQgzW3BzE+gAAAABJRU5ErkJggg==\\\" height=\\\"235\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/17gFOHkvzcCAAEEEEAAAQQQQAABBFwQIJy4gEwXCCCAAAIIIIAAAggg4CxAOHE2ogUCCCCAAAIIIIAAAgi4IEA4cQGZLhBAAAEEEEAAAQQQQMBZgHDibEQLBBBAAAEEEEAAAQQQcEGAcOICMl0ggAACCCCAAAIIIICAswDhxNmIFggggAACCCCAAAIIIOCCAOHEBWS6QAABBBBAAAEEEEAAAWcBwomzES0QQAABBBBAAAEEEEDABQHCiQvIdIEAAggggAACCCCAAALOAoQTZyNaIIAAAggggAACCCCAgAsCPwFpbxTcJ0wEcAAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"17gFOHkvzcCAAEEEEAAAQQQQAABBFwQIJy4gEwXCCCAAAIIIIAAAggg4CxAOHE2ogUCCCCAAAIIIIAAAgi4IEA4cQGZLhBAAAEEEEAAAQQQQMBZgHDibEQLBBBAAAEEEEAAAQQQcEGAcOICMl0ggAACCCCAAAIIIICAswDhxNmIFggggAACCCCAAAIIIOCCAOHEBWS6QAABBBBAAAEEEEAAAWcBwomzES0QQAABBBBAAAEEEEDABQHCiQvIdIEAAggggAACCCCAAALOAoQTZyNaIIAAAggggAACCCCAgAsCPwFpbxTcJ0wEcAAAAABJRU5ErkJggg==\\\" height=\\\"426\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内公司的研发投入与海外龙头\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     仍有差距\\\n    </span>\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n    。2020卓胜微研发投入为1.82亿元，研发支出收入占比为7%。根据海外龙头年报，2020年Skyworks与Qorvo研发支出高达4.6亿、5.7亿美元，收入占比为13.8%、14.2%，两者皆高于卓胜微。2018-2020年卓胜微研发人员数量从70人增长到202人，研发人员人数占比从54%提升到73%。但是和海外公司相比，公司研发人员数量依然有很大的差距，海外龙头Skyworks、Qorvo分别拥有研发人员10000、8400人。\\\n   </span>\\\n   <br/>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/EUgEEoFEIBFIBBKBRCARSAQSgUQgEegXgX8DPDEuYm9W57kAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"EUgEEoFEIBFIBBKBRCARSAQSgUQgEegXgX8DPDEuYm9W57kAAAAASUVORK5CYII=\\\" height=\\\"243\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    近两年国内射频前端公司高速增长，从2021\\\n   </strong>\\\n   <strong>\\\n    年的现状来看：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   1）海外五大龙头——Skyworks、Qorvo、Broadcom、Qualcomm、Murata的规模依然领先全球，但除Qualcomm（高通）外，其他传统龙头厂商增长率已经放缓。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2）国内射频前端龙头增速领先——国内龙头卓胜微、唯捷创芯、慧智微的规模增速很快，且目前规模已经与太阳诱电、英飞凌、恩智浦等海外二线厂商接近。好达电子、飞骧科技、迦美信芯等国内二线厂商增速也很快，但目前规模依然较小。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   3）国内众多射频前端新进入者——国内厂商锐时创芯、芯朴科技、频岢微、宜确、开元通信、左蓝微等纷纷进入，市场玩家不断增多。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ZGACRz9cVVsTEbACBgBI2AEjIARMAJGwAgYASNgBIxAlwiYwNElXHawETACRsAIGAEjYASMgBEwAkbACBgBI9AfCZjA0R9XxcZkBIyAETACRsAIGAEjYASMgBEwAkbACHSJwP8FGnQMOuQKlUcAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"ZGACRz9cVVsTEbACBgBI2AEjIARMAJGwAgYASNgBIxAlwiYwNElXHawETACRsAIGAEjYASMgBEwAkbACBgBI9AfCZjA0R9XxcZkBIyAETACRsAIGAEjYASMgBEwAkbACHSJwP8FGnQMOuQKlUcAAAAASUVORK5CYII=\\\" height=\\\"375\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    未来2~3\\\n   </strong>\\\n   <strong>\\\n    年内生发展依然是主旋律。我们认为长期来看，借鉴海外龙头的成长历史，国内龙头厂商与其他厂商的差距会越来越大，行业有望迎来并购、合作的潮流，具备市场竞争力的龙头厂商（如卓胜微、唯\\\n   </strong>\\\n   <strong>\\\n    捷创芯等）将依靠并购、合作形成丰富的产品线，进一步提升竞争力。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）驱动因素1：终端厂商关注自主可控和成本控制\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内终端厂商对关键器件自主可控非常重视，射频前端及存储器最为紧迫\\\n   </strong>\\\n   。尤其是H客户在过去几年大力扶持国内厂商，从Mate系列机型可观察到，存储器和射频前端是最受制于人的器件，Mate 30首发版用了美企Skyworks和Qorvo的射频前端模组，虽然后续机型开始部分采用日企Murata、海思自研的模组，但5G射频前端模组依然采用美企高通的产品。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/oL0YOEAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"oL0YOEAAAAASUVORK5CYII=\\\" height=\\\"224\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内H\\\n   </strong>\\\n   <strong>\\\n    客户的射频前端国产化意志非常强烈，动作迅速。1\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   Mate 30系列换用村田、海思的射频前端模组；2）自研射频功率放大器，由稳懋代工；3）入股国内滤波器厂商无锡好达、德清华莹；4）快速启用国内卓胜微的开关及LNA产品，半年内分立switch份额就提升到第一。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/3VpAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"3VpAAAAAElFTkSuQmCC\\\" height=\\\"336\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    除了自主可控的需求，在智能手机市场激烈的竞争下，手机厂亦有低成本需求\\\n   </strong>\\\n   。射频前端占整机物料成本约10%，且射频前端是5G手机物料成本增加的核心，因此低成本的国产射频前端对手机品牌厂具备吸引力，例如卓胜微生产的部分射频开关价格仅为Qorvo的50-75%，极具性价比。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）驱动因素2：晶圆产能短缺，海外巨头将重心投向高端产品\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    全球晶圆产能紧缺，国内厂商趁机抢占份额\\\n   </strong>\\\n   。5G渗透率提升期，射频前端用量提升，海外龙头将重心转向高价值模组及器件（主集模组如PAMID、FEMID，高端SAW/BAW滤波器等），为国内厂商进军低端器件（如开关，接收模组如LFEM、DIFEM）带来好时机。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    海外龙头面临产能紧缺，逐渐退出中低端市场\\\n   </strong>\\\n   。Skyworks与Qorvo在2021全年都将面临产能供不应求，Skyworks的策略是全力保障核心大客户苹果的产品供应，安卓客户如OPPO、VIVO面临供应不足，2021年上半年将部分订单转向国内厂商卓胜微等；Qorvo虽然具备齐全的产线，但由于产能紧缺，只能全力保障发射模组，让出部分接收模组及分立器件市场。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    渗透期国内厂商份额将快速提升，5G\\\n   </strong>\\\n   <strong>\\\n    相关产品逐渐量产。\\\n   </strong>\\\n   5G接收模组与发射模组是新增市场，且技术难度低于4G模组，对国内厂商来说切入的难度较小，如卓胜微等厂商已在5G接收模组LFEM市场占据较高份额，慧智微的5G主集收发模组已经用在OPPO K7x上。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （4）驱动因素3：迎来密集融资潮，资本优势凸显\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    科创板的推出为射频前端厂商带来密集融资潮\\\n   </strong>\\\n   。射频前端的前期投入很大，产线建设、研发投入金额高，且最终成果的不确定性很高。过去几十年国内射频前端厂商得到的资本支持力度小，发展速度也较慢。2019年科创板推出后，卓胜微成为国内射频前端上市第一股，其他规模较小的射频前端企业也在一级市场获得了大量的融资机会，例如\\\n   <strong>\\\n    小米旗下基金陆续投资了国内射频前端企业昂瑞微、好达电子、芯百特、深圳国人、翱捷科技、唯捷创芯等，H旗下基金陆续投资了德清华莹、昂瑞微、好达电子等\\\n   </strong>\\\n   <strong>\\\n    ，OPPO\\\n   </strong>\\\n   <strong>\\\n    、VIVO\\\n   </strong>\\\n   <strong>\\\n    也投资了国内射频前端龙头企业唯捷创芯。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （5）驱动因素4：5G模组难度降低，带来弯道超车机会\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    根据第三章的论述，滤波器是射频前端的关键器件，是限制国产厂商从低端分立器件走向中高端模组的关键\\\n   </strong>\\\n   。4G频段使用的滤波器壁垒极高，主要使用SAW滤波器、BAW滤波器，主流厂商采用IDM模式封锁设计和工艺，因此技术难度很大，目前仅有Broadcom、村田、Qorvo、RF360（高通）这少数几家海外厂商具备量产能力，国内厂商和他们的技术差距很大。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     5G\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     （\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     Sub 6GHz\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     ）主要采用\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     LTCC/IPD\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     滤波器，难度低于\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     4G\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     频段的\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     SAW/BAW\\\n    </span>\\\n   </strong>\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     滤波器\\\n    </span>\\\n   </strong>\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n    。由于5G采用大带宽、时分系统，5G主流频段N77、N78、N79频谱密集程度低于4G，不需要FDD系统下的极高收发抑制。4G大多采用SAW/TC-SAW/BAW滤波器，而5G的N77、N78、N79频段滤波器主流工艺将是难度更低的LTCC/IPD，国内有几十家厂商具备生产能力。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内很多厂商目前已具备5G\\\n   </strong>\\\n   <strong>\\\n    模组生产能力。\\\n   </strong>\\\n   例如卓胜微的5G接收端模组LFEM已经大规模量产，2021年中报公布5G主集收发模组L-PAMiF；2020年飞骧科技发布完整的5G射频前端方案，产品包含接收端模组LPAMiF、LFEM、以及主收发模组PAMiF；芯朴科技具备N77&amp;N79PAMiF生产能力；慧智微的N77&amp;N79主收发模组PAMiD已量产，用在OPPO K7x中。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （6）产品拓展逻辑：单一器件&gt;5G模组&gt;4G接收模组&gt;4G主集模组\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;color:rgb(0, 0, 0);\\\">\\\n    <strong>\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n      未来两三年5G\\\n     </span>\\\n    </strong>\\\n    <strong>\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n      模组、WiFi6\\\n     </span>\\\n    </strong>\\\n    <strong>\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n      模组是国内厂商主要增长点。\\\n     </span>\\\n    </strong>\\\n   </span>\\\n   前文已经叙述过，由于滤波器难度的降低，5G及WiFi6模组的难度大幅低于4G模组，国内厂商基于自身优势拓展新产品。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    分集接收模组LFEM\\\n   </strong>\\\n   <strong>\\\n    ：开关龙头卓胜微具备优势\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   根据第三章对于不同类型模组核心技术的论述，LFEM模组以SOI技术（即射频开关、LNA）为核心，射频开关龙头卓胜微具备先天优势，前期在射频开关产品上积累的成本、客户、性能优势可以在5G LFEM上复制。卓胜微从2020年下半年开始切入5G LFEM模组市场，在大客户中份额迅速提升，预计2021年就将占据30%以上市场份额。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    5G\\\n   </strong>\\\n   <strong>\\\n    主集收发模组PAMiF\\\n   </strong>\\\n   <strong>\\\n    或LPAMiF\\\n   </strong>\\\n   <strong>\\\n    ：PA\\\n   </strong>\\\n   <strong>\\\n    龙头唯捷创芯、慧智微、飞骧科技、紫光展锐等具备优势\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   LPAMiF主要由PA、LTCC/IPD滤波器、LNA组成，PA是核心器件，因为PA龙头具备先天优势。与4G相比，5G的传输带宽更宽，对PA的性能要求更高，国内PA厂商大多具备十年左右的研发经验积累，龙头厂商唯捷创芯、慧智微、飞骧科技、紫光展锐等都已经具备5G PA及5G LPAMiF的生产能力，例如2020年飞骧科技发布完整的5G射频前端方案，产品包含接收端模组LFEM、以及主收发模组PAMiF；芯朴科技具备N77&amp;N79 PAMiF生产能力；慧智微的N77&amp;N79主收发模组PAMiD已量产，用在OPPO K7x中。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"oUBAQBQUAQqAwERI+oDJTlGYKAICAICAKCQM1BwCdJUXOmKjMRBAQBQUAQEAQEAUFAEBAEBAFBQBAQBASB6oyAkBTVeXVkbIKAICAICAKCgCAgCAgCgoAgIAgIAoJALUJASIpatNgyVUFAEBAEBAFBQBAQBAQBQUAQEAQEAUGgOiMgJEV1Xh0ZmyAgCAgCgoAgIAgIAoKAICAICAKCgCBQixAQkqIWLbZMVRAQBAQBQUAQEAQEAUFAEBAEBAFBQBCozggISVGdV0fGJggIAoKAICAICAKCgCAgCAgCgoAgIAjUIgSEpKhFiy1TFQQEAUFAEBAEBAFBQBAQBAQBQUAQEASqMwJCUlTn1ZGxCQKCgCAgCAgCgoAgIAgIAoKAICAICAK1CAEhKWrRYstUBQFBQBAQBAQBQUAQEAQEAUFAEBAEBIHqjICQFNV5dWRsgoAgIAgIAoKAICAICAKCgCAgCAgCgkAtQkBIilq02DJVQUAQEAQEAUFAEBAEBAFBQBAQBAQBQaA6IyAkRXVeHRmbICAICAKCgCAgCAgCgoAgIAgIAoKAIFCLEBCSohYttkxVEBAEBAFBQBAQBAQBQUAQEAQEAUFAEKjOCAhJUZ1XR8YmCAgCgoAgIAgIAoKAICAICAKCgCAgCNQiBISkqEWLLVMVBAQBQUAQEAQEAUFAEBAEBAFBQBAQBKozAv8PYwrVwu9d188AAAAASUVORK5CYII=\\\" height=\\\"241\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6 FEM：P\\\n   </strong>\\\n   <strong>\\\n    A龙头唯捷创芯、慧智微、飞骧科技、紫光展锐、卓胜微，以及WiFi FEM厂商立积电子、康希通信等具备优势\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   WiFi FEM的核心器件是PA，因此PA厂商也纷纷开始拓展WiFi FEM业务，例如根据唯捷创芯2021年6月公布的招股书，公司WiFi6 FEM已经量产；慧智微2020年发布WiFi FEM产品-S1102和S3217模组。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   除了PA厂商，传统路由器WiFi FEM厂商也往手机WiFi业务拓展，例如康希通信2020年2月实现国内首颗WiFi6 FEM芯片客户送样，并多次进行技术迭代，2020年下半年WiFi6 FEM芯片已量产。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/qxVI41ABCIQgQhEIAIRiEAEIhCBCCwikAmwCF8PRyACEYhABCIQgQhEIAIRiEAE9odAJsD+rFUjjUAEIhCBCEQgAhGIQAQiEIEILCKQCbAIXw9HIAIRiEAEIhCBCEQgAhGIQAT2h0AmwP6sVSONQAQiEIEIRCACEYhABCIQgQgsIpAJsAhfD0cgAhGIQAQiEIEIRCACEYhABPaHwJ95u68hFqU++QAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"qxVI41ABCIQgQhEIAIRiEAEIhCBCCwikAmwCF8PRyACEYhABCIQgQhEIAIRiEAE9odAJsD+rFUjjUAEIhCBCEQgAhGIQAQiEIEILCKQCbAIXw9HIAIRiEAEIhCBCEQgAhGIQAT2h0AmwP6sVSONQAQiEIEIRCACEYhABCIQgQgsIpAJsAhfD0cgAhGIQAQiEIEIRCACEYhABPaHwJ95u68hFqU++QAAAABJRU5ErkJggg==\\\" height=\\\"263\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"color:rgb(192, 0, 0);font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"color:rgb(0, 0, 0);font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n     4G模组是国内厂商的长期增长点，难点在于SAW/BAW滤波器、PA的融合。\\\n    </span>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    4G\\\n   </strong>\\\n   <strong>\\\n    分集接收模组DiFEM\\\n   </strong>\\\n   <strong>\\\n    ：难点是SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器，未来两年卓胜微份额有望提升。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   DiFEM主要由SAW滤波器、Switch组成，国内厂商的难点在于SAW滤波器，目前国内厂商的SAW滤波器与海外差距较大。目前国内厂商卓胜微已经实现DiFEM模组的小规模量产，2022年随着卓胜微自建SAW滤波器产线量产，DiFEM份额有望继续提升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    4G分集接收模组DiFEM：难点是SAW滤波器，未来两年卓胜微份额有望提升。\\\n   </strong>\\\n   DiFEM主要由SAW滤波器、Switch组成，国内厂商的难点在于SAW滤波器，目前国内厂商的SAW滤波器与海外差距较大。目前国内厂商卓胜微已经实现DiFEM模组的小规模量产，2022年随着卓胜微自建SAW滤波器产线量产，DiFEM份额有望继续提升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/A7TD1gbgPjt9AAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"A7TD1gbgPjt9AAAAAElFTkSuQmCC\\\" height=\\\"453\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    4G\\\n   </strong>\\\n   <strong>\\\n    主集收发模组PAMID\\\n   </strong>\\\n   <strong>\\\n    或FEMID\\\n   </strong>\\\n   <strong>\\\n    ：难点是SAW/BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器及PA\\\n   </strong>\\\n   <strong>\\\n    的融合，长期来看，具备完整产品线的公司有望切入\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;font-size:15px;text-align:justify;\\\">\\\n   4G收发模组PAMID主要由滤波器、Switch、LNA组成，集成度很高，一部手机一般用到2颗PAMID模组—低频、中高频，其中中高频PAMID采用SAW滤波器，高频PAMID还需要用到BAW滤波器。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;font-size:15px;text-align:justify;\\\">\\\n   4G PAMID模组对国内厂商的滤波器、PA能力提出很高的要求，短期内依然将是海外厂商主导，是国内厂商的长期成长点。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/xfD7yMQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"xfD7yMQAAAABJRU5ErkJggg==\\\" height=\\\"296\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    按照主营业务国内厂商主要分为四类，它们的现状、发展路径有所差异。\\\n   </strong>\\\n   以主营业务的成熟程度来看，从高到低分为别：1、以射频开关/低噪声放大器起家；2、以功率放大器起家；3、以SAW滤波器起家；4、以BAW滤波器起家。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ElACSkAJKAEloASUgBJQAkpACSiBakxAjYlqPHjadCWgBJSAElACSkAJKAEloASUgBJQAtWdwP8HE28UUuhokksAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"ElACSkAJKAEloASUgBJQAkpACSiBakxAjYlqPHjadCWgBJSAElACSkAJKAEloASUgBJQAtWdwP8HE28UUuhokksAAAAASUVORK5CYII=\\\" height=\\\"325\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    （1\\\n   </strong>\\\n   <strong>\\\n    ）从射频开关龙头向平台型公司进军-\\\n   </strong>\\\n   <strong>\\\n    卓胜微\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   国内龙头卓胜微已在射频开关/LNA领域占据全球领先份额，并积累了“资本+客户+技术+口碑”等优势，形成发展的正循环，向平台型公司进军。2021-2023年卓胜微通过拓展SAW滤波器、PA，实现齐全的产品线布局，拓展第二成长曲线。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    （2\\\n   </strong>\\\n   <strong>\\\n    ）功率放大器龙头-\\\n   </strong>\\\n   <strong>\\\n    唯捷创芯、紫光展锐、飞骧科技、慧智微、昂瑞微等\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   国内PA厂商大多成立于2010年左右，竞争激烈，主要在2G~4G PA市场竞争。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2021-2023年国内PA龙头的发展重点是拓展5G PA、5G模组、WiFi FEM产品。长期来看，随着PA龙头陆续上市获得资本实力，未来有望发展滤波器产品，实现滤波器与PA产品的融合。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    （3\\\n   </strong>\\\n   <strong>\\\n    ）SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器龙头-\\\n   </strong>\\\n   <strong>\\\n    卓胜微、德清华莹、好达电子、麦捷科技等\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   国内SAW滤波器企业较多，但主要生产低端产品，市场份额较低。根据2018年12月麦捷科技公告，中国估计大约有40家SAW滤波器的大批量供应商，但国内的SAW元件生产量只占到全球共计SAW元件供应量的1%到3% ，而且大部分是低价位的产品，目前国内厂商的产品性能、量产一致性、产品型号齐全度仍然和国外厂商差距较大。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2021-2023年国内滤波器行业处于技术发展期，有望突破高端SAW滤波器，实现对终端大客户大规模量产。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    （4\\\n   </strong>\\\n   <strong>\\\n    ）BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器龙头-\\\n   </strong>\\\n   <strong>\\\n    开元通信、武汉敏声、天津诺思等\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   目前国内BAW/FBAR厂商处于发展早期，行业壁垒极高，除了很高的技术和工艺壁垒，还面临海外龙头的专利封锁，武汉敏芯（与上市公司东方银星合作）、开元通信、天津诺思等厂商正在积极布局。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2021-2023年国内厂商有望绕过海外厂商实现技术突破，开始小批量量产。由于专利问题，BAW滤波器目前是国内厂商进展最慢的器件，国产替代前景广阔。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span>\\\n   <strong>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     3、细分赛道的国产化现状及机遇分析\\\n    </span>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （1）滤波器：国内SAW/BAW滤波器市占率低，大客户支持下有望提升份额\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   滤波器主要分为表面声波SAW系列（普通SAW/TC-SAW/TF-SAW）、体声波BAW系列（BAW/FBAR/XBAW）、LTCC、IPD四种。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   高端滤波器主要是指SAW和BAW滤波器，采用半导体工艺，主要应用于3GHz以下频段，即3G/4G/5G的低频（LB）和中高频（MHB），是目前智能手机的主流滤波器。LTCC和IPD滤波器的技术难度相对较低，是5G主流频段，即超高频（UHB， N77、N79）的主流滤波器方案。\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     普通SAW：接收端（RX）、部分发射端（TX）端的中低频段；\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     BAW：主要应用于4G高频段；\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     TC-SAW和TF-SAW：覆盖了发射端（TX）高中低频段，但在部分频段性能劣于BAW；TF-SAW已经在发射端（TX）高频段与BAW竞争，性能可媲美BAW；\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n     </span>\\\n     LTCC和IPD：应用于5G超高频。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/h9jn+VF9HPfCwAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"h9jn+VF9HPfCwAAAABJRU5ErkJggg==\\\" height=\\\"225\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"358\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    系列滤波器（表面声波，SurfaceAcoustic Wave\\\n   </strong>\\\n   <strong>\\\n    ）：主要运用于2.5GHz\\\n   </strong>\\\n   <strong>\\\n    以下的2G/3G/4G/5G\\\n   </strong>\\\n   <strong>\\\n    低频段\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   普通SAW滤波器结构上由压电材料和2个换能器（Interdigital Transducers，IDT）组成。原理是电信号传输到滤波器的一端，此端IDT 将信号转换为声能，并将其作为表面声波发送到基板上，然后声波被另一个 IDT 转换回电信号。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   普通SAW滤波器的优点是成本低，技术成熟且产品一致性高，不足之处是对温度变化敏感，性能会随着温度升高而变差，工作频率上限是2.7GHz。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    TC-SAW\\\n   </strong>\\\n   <strong>\\\n    （TC\\\n   </strong>\\\n   <strong>\\\n    为Temperature Compensated\\\n   </strong>\\\n   <strong>\\\n    ，温度补偿）\\\n   </strong>\\\n   是改进温度敏感性的方案，在SAW滤波器的IDT上涂上特殊涂层改善温度性能，此方案的缺点是成本高。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    TF-SAW\\\n   </strong>\\\n   <strong>\\\n    （TF\\\n   </strong>\\\n   <strong>\\\n    为Low cost &amp;Temperature compensated\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   是一种新兴的技术，与普通SAW相比能提供更大的带宽、良好的温度补偿性能，同时成本低于BAW滤波器。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/0efs6LH4ySedwKVDBERABERABERABERABERABCpN4P8BzdXrqaBmuvYAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"0efs6LH4ySedwKVDBERABERABERABERABERABCpN4P8BzdXrqaBmuvYAAAAASUVORK5CYII=\\\" height=\\\"233\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    BAW\\\n   </strong>\\\n   <strong>\\\n    系列（体声波，Bulk Acoustic Wave\\\n   </strong>\\\n   <strong>\\\n    ）滤波器：适合2.5GHz\\\n   </strong>\\\n   <strong>\\\n    以上的4G/5G\\\n   </strong>\\\n   <strong>\\\n    高频段\\\n   </strong>\\\n   <strong>\\\n    。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   BAW适合高频通信，具备对温度敏感性低、低损耗、带外衰减大、工作频率高等特点，体积随频率增大而减小。不足之处在于成本高，制造工艺比SAW滤波器复杂很多，量产一致性较低。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    FBAR\\\n   </strong>\\\n   （薄膜腔声谐振，FilmBulk Acoustic Resonator）滤波器的特点是高频性能更好、更易于集成化。\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;background:white;\\\">\\\n    基于体声波的谐振技术，利用压电薄膜的逆压电效应将电信号转换成声波，从而形成谐振。\\\n   </span>\\\n   特点在于高频性能更好、适用带宽更宽，同时是目前唯一可以与RFIC和MMIC集成的射频滤波器解决方案。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wLNGEe1NDkjMQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wLNGEe1NDkjMQAAAABJRU5ErkJggg==\\\" height=\\\"232\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    LTCC\\\n   </strong>\\\n   <strong>\\\n    （低温共烧陶瓷，Low Temperature Co-fired Ceramic\\\n   </strong>\\\n   <strong>\\\n    ）滤波器：适合高频、宽频带，可以满足Sub-6GHz\\\n   </strong>\\\n   <strong>\\\n    及毫米波频段应用，现已成为Sub-6GHz\\\n   </strong>\\\n   <strong>\\\n    手机滤波器的主流解决方案。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   优点是成本低、产能足、尺寸小、抗电磁干扰强、不必另加封装，同时还带有优良的高频、高速传输以及宽通带的特性，可以满足Sub-6GHz中的频段 n77、n78、n79及毫米波频段应用。与SAW滤波器相比，LTCC具备更高的功率处理能力，正好满足 5G sub-6标准中HPUE的要求。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/F4ikAgkAolAIpAIJAKJQCKQCCQCiUAikAiMFYEUKcYKZzaWCCQCiUAikAgkAolAIpAIJAKJQCKQCCQCoyKQIsWoyOX3EoFEIBFIBBKBRCARSAQSgUQgEUgEEoFEYKwIpEgxVjizsUQgEUgEEoFEIBFIBBKBRCARSAQSgUQgERgVgRQpRkUuv5cIJAKJQCKQCCQCiUAikAgkAolAIpAIJAJjRSBFirHCmY0lAolAIpAIJAKJQCKQCCQCiUAikAgkAonAqAj8C2o9pBmqBx+FAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"F4ikAgkAolAIpAIJAKJQCKQCCQCiUAikAiMFYEUKcYKZzaWCCQCiUAikAgkAolAIpAIJAKJQCKQCCQCoyKQIsWoyOX3EoFEIBFIBBKBRCARSAQSgUQgEUgEEoFEYKwIpEgxVjizsUQgEUgEEoFEIBFIBBKBRCARSAQSgUQgERgVgRQpRkUuv5cIJAKJQCKQCCQCiUAikAgkAolAIpAIJAJjRSBFirHCmY0lAolAIpAIJAKJQCKQCCQCiUAikAgkAonAqAj8C2o9pBmqBx+FAAAAAElFTkSuQmCC\\\" height=\\\"248\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    IPD\\\n   </strong>\\\n   <strong>\\\n    （无源集成器件，Integrated PassiveDevices\\\n   </strong>\\\n   <strong>\\\n    ）滤波器：适合高频、宽频\\\n   </strong>\\\n   <strong>\\\n    带，可以满足Sub-6GHz\\\n   </strong>\\\n   <strong>\\\n    及毫米波频段应用。特点是高度集成化，硅基IPD\\\n   </strong>\\\n   <strong>\\\n    滤波器可以与其他芯片进行SiP\\\n   </strong>\\\n   <strong>\\\n    封装。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   根据卓胜微公告，IPD滤波器具有设计堆叠体积小、调试灵活、成本低、产能充足等多重优势，同时在插入损耗、带外衰减、温度漂移、功率容量特性等性能方面均有较好表现。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/P+BWywLeOw7+AAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"P+BWywLeOw7+AAAAABJRU5ErkJggg==\\\" height=\\\"280\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    和BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器工艺壁垒极高，\\\n   </strong>\\\n   <strong>\\\n    从市场规模看，SAW\\\n   </strong>\\\n   <strong>\\\n    、BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器未来依然是滤波器核心工艺。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/w8rQI63R6GMVgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"w8rQI63R6GMVgAAAABJRU5ErkJggg==\\\" height=\\\"251\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;line-height:18.4px;\\\">\\\n     未来几年\\\n    </span>\\\n    IDM\\\n   </strong>\\\n   <strong>\\\n    模式是国内厂商发展高端SAW\\\n   </strong>\\\n   <strong>\\\n    、BAW\\\n   </strong>\\\n   <strong>\\\n    滤波器的必经之路。\\\n   </strong>\\\n   SAW滤波器主要被日美IDM龙头垄断，主要为日本村田、TDK、太阳诱电，以及美商Skyworks、Qorvo等。BAW滤波器主要被IDM厂商Broadcom和Qorvo垄断，其中Broadcom的份额超过80%。\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n    SAW滤波器和BAW滤波器采用特殊工艺，代工厂缺乏研发产线的动力，因此至少未来2~3年内，自建产线或者采取虚拟IDM模式是目前生产高端滤波器的必经之路。\\\n   </span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    中芯国际、三安光电等厂商开始发展SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器代工业务，长期来看有望开创代工模式的先河。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/DxE8sO9v3M7LAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"DxE8sO9v3M7LAAAAAElFTkSuQmCC\\\" height=\\\"348\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器市场主要的新进入者是国内厂商，国内SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器企业较多，但主要生产低端产品\\\n   </strong>\\\n   。根据2018年12月麦捷科技公告，中国估计大约有40家SAW滤波器的大批量供应商。德清华莹、中电科26所、好达电子等是生产规模比较大的单位。但国内的SAW元件生产量只占到全球共计SAW元件供应量的不到3% ，而且大部分是低价位的产品，在手机SAW滤波器方面还无法与国外厂家匹敌。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器龙头技术差距不大\\\n   </strong>\\\n   、\\\n   <strong>\\\n    收入体量较小，陆续通过终端客户认证：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      德清华莹、麦捷科技、信维通信\\\n     </strong>\\\n     ：主要依靠中电科55所、26所的技术。中电科55所、26所是国内最早从事滤波器研发的研究所，但研究所的商业化能力较弱，因为寻求与上市公司的合作。\\\n     <strong>\\\n      1\\\n     </strong>\\\n     <strong>\\\n      ）麦捷科技\\\n     </strong>\\\n     ：与中电科26所合作拓展SAW滤波器业务。\\\n     <strong>\\\n      2\\\n     </strong>\\\n     <strong>\\\n      ）信维通信\\\n     </strong>\\\n     ：与中电科55所旗下德清华莹合作，持有德清华莹19%股份，德清华莹是中电科55所旗下公司，滤波器技术能力在国内处于第一梯队，获得H客户投资支持。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      好达电子\\\n     </strong>\\\n     ：国内商业化起步最早的企业，过去一直以二三线手机客户为主，2018、2020年陆续获得小米、H投资支持，来自品牌客户的销量逐步提升，已提交上市材料。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      卓胜微\\\n     </strong>\\\n     ：国内最大的射频前端公司，依靠自筹和定增资金投入滤波器研发和产线，优势在于资金实力强、客户基础好、与开关协同具有模组能力。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;font-variant-numeric:normal;font-variant-east-asian:normal;font-stretch:normal;line-height:normal;\\\">\\\n     </span>\\\n     <strong>\\\n      旷达科技\\\n     </strong>\\\n     ：2020年收购日本NDK旗下SAW滤波器业务，通过外延并购切入。NDK在SAW滤波器出货量上与日本Murata有很大差距，并且在手机上的出货经验少，但是具备国内厂商很缺乏的成熟的量产经验。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      三安光电：\\\n     </strong>\\\n     从化合物半导体代工起家，切入SAW滤波器业务，致力于打造射频前端一站式平台，在模块客户和手机厂商客户取得突破。2020年透过模块客户实现SAW滤波器在通讯上的应用，2021H1取得富智康集团的声表面波（SAW）滤波器订单。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      频岢微、左蓝微等初创企业\\\n     </strong>\\\n     ：国内初创企业，实现量产出货。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    近两年终端客户陆续入股SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器公司，体现出了很强的国产化意愿。\\\n   </strong>\\\n   H、小米投资无锡好达，H投资德清华莹，都体现出了客户对国产滤波器发展的重视。同时，近两年国内滤波器厂商的订单规模迅速增长，例如2018-2020年好达电子收入从1.65亿元增长到3.32亿元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    技术差距逐渐缩小，国产厂商份额有望逐步提升。\\\n   </strong>\\\n   国内SAW滤波器龙头与海外龙头的技术差距依然较大，国内厂商的技术突破并非一蹴而就，目前国内龙头已经拥有了资金和客户支持，技术加速发展，未来份额将逐步提升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/D9u5Cznn807yAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"D9u5Cznn807yAAAAAElFTkSuQmCC\\\" height=\\\"238\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    BAW\\\n   </strong>\\\n   <strong>\\\n    和FBAR\\\n   </strong>\\\n   <strong>\\\n    专利壁垒较强，突破难度比SAW\\\n   </strong>\\\n   <strong>\\\n    滤波器更高，国内处于发展早期\\\n   </strong>\\\n   。2018年Broadcom收购英飞凌BAW业务后，BAW滤波器一度形成垄断，并围绕BAW滤波器进行了很完善的专利布局。Qorvo、高通（TDK）、Skyworks也逐渐进入BAW滤波器市场，并进行各自的专利布局。海外的专利封锁对国内厂商造成了一定的进入壁垒，目前\\\n   <strong>\\\n    武汉敏芯（与上市公司东方银星合作）、开元通信、天津诺思\\\n   </strong>\\\n   等厂商正在积极布局BAW与FBAR滤波器。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （2）PA：国内龙头盈利能力较弱，拓展5G及WiFi模组有望提升盈利能力\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   1）GaAs代工业逐渐成熟\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    功率放大器主要工艺有CMOS\\\n   </strong>\\\n   <strong>\\\n    、GaAs\\\n   </strong>\\\n   <strong>\\\n    、GaN\\\n   </strong>\\\n   <strong>\\\n    ，2G\\\n   </strong>\\\n   <strong>\\\n    手机PA\\\n   </strong>\\\n   <strong>\\\n    曾采用CMOS\\\n   </strong>\\\n   <strong>\\\n    工艺，3G/4G/5G PA\\\n   </strong>\\\n   <strong>\\\n    手机PA\\\n   </strong>\\\n   <strong>\\\n    主要采用GaAs\\\n   </strong>\\\n   <strong>\\\n    工艺，\\\n   </strong>\\\n   <strong>\\\n    军工或基站端PA\\\n   </strong>\\\n   <strong>\\\n    主要采用GaN\\\n   </strong>\\\n   <strong>\\\n    工艺。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/isQAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"isQAAAAASUVORK5CYII=\\\" height=\\\"125\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"279\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    GaN\\\n   </strong>\\\n   <strong>\\\n    （军工、基站PA\\\n   </strong>\\\n   <strong>\\\n    ）\\\n   </strong>\\\n   ：GaN具有高功率密度、高电子迁移率、较高的击穿电压等特点。功率密度在5-12W / mm，可以很好的将信号放大到较高的GHz范围内。GaN的缺点是成本很高， GaN主要应用焦点是微波和毫米波功率放大器。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wtkRozOX2cDXQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wtkRozOX2cDXQAAAABJRU5ErkJggg==\\\" height=\\\"250\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    GaAs\\\n   </strong>\\\n   <strong>\\\n    在PA\\\n   </strong>\\\n   <strong>\\\n    等射频器件中广泛应用，5G\\\n   </strong>\\\n   <strong>\\\n    驱动市场规模持续增长。\\\n   </strong>\\\n   GaAs属于第二代化合物半导体，主要应用于射频PA、光电子领域。随着5G在手机等终端中渗透率提升，射频GaAs器件市场规模不断增长，2019年射频GaAs器件市场规模为100亿美元，2023年将增至175亿美元。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    目前GaAs PA\\\n   </strong>\\\n   <strong>\\\n    行业为IDM\\\n   </strong>\\\n   <strong>\\\n    寡头垄断格局，代工仅占10%\\\n   </strong>\\\n   。GaAs 射频器件的CR3高达90%，主要被美商三大射频前端IDM龙头Skyworks、Qorvo、Broadcom垄断。除了美系三大巨头，高通、村田、国内厂商大多采用Fabless模式，通过代工生产PA产品，目前Fabless厂商在PA市场的占比较低。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/x9azur9nYFwhgAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"x9azur9nYFwhgAAAABJRU5ErkJggg==\\\" height=\\\"241\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    代工占比逐渐提高，GaAs\\\n   </strong>\\\n   <strong>\\\n    代工行业走向成熟\\\n   </strong>\\\n   。过去GaAs半导体市场规模较小，所以以IDM模式为主。随着市场规模的不断增长以及代工厂工艺技术的成熟，代工模式带来的成本优势逐渐显现，预计未来代工占比会逐渐提升。目前海外IDM龙头也开始逐渐转向代工模式，以实现轻资产化，减少产能利用率波动对业绩的影响。如2017年Broadcom以1.8亿美元入股稳懋，宣布将所有的PA代工外包给稳懋，目前原IDM厂商Broadcom、Qorvo、Skyworks都将部分PA外包给稳懋、宏捷等，高通、Mutata将所有PA器件外包生产。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    从GaAs\\\n   </strong>\\\n   <strong>\\\n    产业链看，上游衬底、外延材料主要被海外厂商垄断。\\\n   </strong>\\\n   衬底市场集中度高，前三大龙头日本住友、德国弗莱贝格（Freiberger）、美国晶体技术（AXT）合计占据超90%市场份额。外延片行业主要被英国IQE和全新光电（VPEC）垄断，2019年两者分别占据53%、26%市场份额。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    GaAs\\\n   </strong>\\\n   <strong>\\\n    代工行业集中度高，以厂商稳懋为主，国内厂商逐渐发展。\\\n   </strong>\\\n   稳懋是GaAs代工行业龙头，被誉为“化合物半导体中的台积电”，2019年占据全球76%份额。其次，宏捷、环宇分别占据5.8%、8.1%份额。国内厂商主要包含\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n    三安光电旗下的三安集成、海特高新和中电科第二十九研究所合作组建的海威华芯、立昂微等\\\n   </span>\\\n   。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/EZDA4G89JntFQAREQAREQAREQAREQAREQAREwIQEJDCYsFNkkgiIgAiIgAiIgAiIgAiIgAiIgAj4GwEJDP7WY7JXBERABERABERABERABERABERABExIQAKDCTtFJomACIiACIiACIiACIiACIiACIiAvxGQwOBvPSZ7RUAEREAEREAEREAEREAEREAERMCEBCQwmLBTZJIIiIAIiIAIiIAIiIAIiIAIiIAI+BsBCQz+1mOyVwREQAREQAREQAREQAREQAREQARMSEACgwk7RSaJgAiIgAiIgAiIgAiIgAiIgAiIgL8RkMDgbz0me0VABERABERABERABERABERABETAhAQkMJiwU2SSCIiACIiACIiACIiACIiACIiACPgbgf8Ptr7M6n9eQvIAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"EZDA4G89JntFQAREQAREQAREQAREQAREQAREwIQEJDCYsFNkkgiIgAiIgAiIgAiIgAiIgAiIgAj4GwEJDP7WY7JXBERABERABERABERABERABERABExIQAKDCTtFJomACIiACIiACIiACIiACIiACIiAvxGQwOBvPSZ7RUAEREAEREAEREAEREAEREAERMCEBCQwmLBTZJIIiIAIiIAIiIAIiIAIiIAIiIAI+BsBCQz+1mOyVwREQAREQAREQAREQAREQAREQARMSEACgwk7RSaJgAiIgAiIgAiIgAiIgAiIgAiIgL8RkMDgbz0me0VABERABERABERABERABERABETAhAQkMJiwU2SSCIiACIiACIiACIiACIiACIiACPgbgf8Ptr7M6n9eQvIAAAAASUVORK5CYII=\\\" height=\\\"266\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <img src=\\\":/fe1b873f70c7488d9a8af5fb95ded956\\\" type=\\\"image/png\\\" data-filename=\\\"20210914020032916.jpg\\\" height=\\\"710\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   2）国内PA厂商竞争激烈，蓄力拓展高毛利的5G产品\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    村田、高通及国产厂商通过Fabless\\\n   </strong>\\\n   <strong>\\\n    模式切入PA\\\n   </strong>\\\n   <strong>\\\n    市场\\\n   </strong>\\\n   。虽然目前海外射频龙头依旧采取IDM模式为主，但随着稳懋等厂商引领的代工业务逐渐成熟，Fabless+Foundry模式的兴起为其他厂带来机遇：\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   1）\\\n   <strong>\\\n    村田\\\n   </strong>\\\n   ：以SAW滤波器起家，PA产品进展较晚，自身不具备GaAs产线，主要由稳懋代工。2014村田收购Peregrine半导体获得CMOS PA技术，但PA市场依然被美系厂商垄断，村田所占份额很低。2019年H开始采用村田的PA产品，村田在PA市场的份额开始上升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   2）\\\n   <strong>\\\n    H\\\n   </strong>\\\n   ：H逐步采用自研PA芯片，由稳懋代工。新推出的Mate 30 5G机型不再采用美国Skyworks、Qorvo射频前端芯片，改用3颗自研前端/PA模块（Hi6D03、Hi6D05、Hi6D22）、6颗自研LNA/RFswitch、2颗日本村田PA模块、2颗日本村田多路调制器、1颗美国高通QDM2305前端模块。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   3）\\\n   <strong>\\\n    高通\\\n   </strong>\\\n   ：2014年并购PA厂商Black sand， 2016年与TDK成立合资公司RF360拓展射频前端产品，采用Fabless模式，主要与稳懋合作。随着高通在射频前端市场地位的提升，也在PA市场占据了一席之地。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内PA\\\n   </strong>\\\n   <strong>\\\n    厂商竞争激烈，目前以2G/3G/4G PA\\\n   </strong>\\\n   <strong>\\\n    为主，竞争激烈，盈利能力差\\\n   </strong>\\\n   。国内PA厂商众多，例如唯捷创芯、飞骧科技、紫光展锐、昂瑞微、慧智微、芯百特、芯朴科技、卓胜微等。由于市场竞争激烈，PA厂商普遍盈利能力较差，\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n    根据唯捷创芯招股书，作为国内PA龙头，公司2019年净利率仅为1.39%\\\n   </span>\\\n   。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/FMDctXvPCbak5ioAIiIAIiIAIiIAIiIAIiIAIiIB3BDIkOLw7lfYWAREQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawh8P8AhkAnVWWPhkAAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"FMDctXvPCbak5ioAIiIAIiIAIiIAIiIAIiIAIiIB3BDIkOLw7lfYWAREQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawhIMGRNVx1VBEQAREQAREQAREQAREQAREQAREQgWwkIMGRjbB1KhEQAREQAREQAREQAREQAREQAREQgawh8P8AhkAnVWWPhkAAAAAASUVORK5CYII=\\\" height=\\\"269\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    国内PA\\\n   </strong>\\\n   <strong>\\\n    厂商受到终端客户入股支持。\\\n   </strong>\\\n   小米系基金投资了PA厂商昂瑞微、唯捷创芯、芯百特等，H旗下基金也投资了昂瑞微、唯捷创芯，OPPO、VIVO投资了国内PA龙头唯捷创芯。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    近两年国产公司向高价值的5G PA\\\n   </strong>\\\n   <strong>\\\n    及模组进军，同时发展WiFi FEM\\\n   </strong>\\\n   。随着5G渗透，部分龙头厂商已经具备5G PA、5G收发模组的生产能力，5G产品的价值量、竞争格局显著高于4G产品，\\\n   <span style=\\\"font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;font-size:15px;text-decoration:underline;\\\">\\\n    根据唯捷创芯招股书披露，2018-2020年公司 PA 模组单价分别为 2.94元/颗、 2.89元/颗以及 3.07元/颗，其中公司5G PA模组的定价超过5元/颗。\\\n   </span>\\\n   目前国内龙头厂商已经开始量产5G PA模组，甚至切入5G发射模组。如慧智微生产的5G L-PAMiF射频前端模组S55255，可以实现5G新频段 n77/78/79，该产品已经在OPPO K7x上应用。由于PA是WiFi FEM的核心器件，随着WiFi5、WiFi6的逐渐成熟，WiFi FEM市场空间不断扩大，国内PA厂商也开始切入WiFi FEM市场。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2021-2023\\\n   </strong>\\\n   <strong>\\\n    年国内PA\\\n   </strong>\\\n   <strong>\\\n    龙头的发展重点是实现5G PA\\\n   </strong>\\\n   <strong>\\\n    及模组的大规模量产。长期来看，随着PA\\\n   </strong>\\\n   <strong>\\\n    龙头陆续上市获得资本实力，未来有望发展滤波器产品，实现滤波器与PA\\\n   </strong>\\\n   <strong>\\\n    产品的融合。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"163\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （3）开关/LNA：技术壁垒相对较低，国产化率较高\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   1）开关/LNA的主流工艺是SOI，主要采用Fabless模式\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   射频开关分为传导开关（Switch）和天线调谐开关（Tuner）两种，天线调谐开关（Tuner）的技术难度高于传导开关（Switch），因为Tuner有着极高的耐压要求，同时导通电阻和关断电容对性能影响极大，由此对产品提出了更高的设计和工艺要求。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    随着5G\\\n   </strong>\\\n   <strong>\\\n    渗透率的提升，Switch\\\n   </strong>\\\n   <strong>\\\n    和Tuner\\\n   </strong>\\\n   <strong>\\\n    单机用量快速增长：\\\n   </strong>\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     Switch：预计全球Switch市场规模将从2020年14.3亿美元上升到2025年23.1亿美元，复合增速10.1%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     Tuner：预计全球Tuner市场规模将从2020年6.2亿美元上升到2025年10.1亿美元，复合增速10.4%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/wLyNZUtZtoiNwAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"wLyNZUtZtoiNwAAAABJRU5ErkJggg==\\\" height=\\\"247\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Switch\\\n   </strong>\\\n   <strong>\\\n    和Tuner\\\n   </strong>\\\n   <strong>\\\n    都以CMOS-SOI\\\n   </strong>\\\n   <strong>\\\n    为主流工艺。\\\n   </strong>\\\n   SOI（Silicon-On-Insulator,绝缘衬底上的硅）属于特殊工艺，指顶层硅和背衬底之间引入一层埋氧化层。与普通的Si基半导体相比，SOI工艺具有易提升时脉、耗电低、工作温度高的优点；与化合物半导体工艺相比，SOI工艺易于集成化。目前在射频开关市场中，CMOS技术亦占据少量份额，GaAs技术已经面临淘汰。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ulhbTVYwgYAoaAIWAIGAKGgCFgCJQyAkb2Sxlwq84QMAQMAUPAEDAEDAFDwBAoLQT+H7uuxC9elfWEAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"ulhbTVYwgYAoaAIWAIGAKGgCFgCJQyAkb2Sxlwq84QMAQMAUPAEDAEDAFDwBAoLQT+H7uuxC9elfWEAAAAAElFTkSuQmCC\\\" height=\\\"503\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    低噪声放大器（LNA\\\n   </strong>\\\n   <strong>\\\n    ）主要采用SOI\\\n   </strong>\\\n   <strong>\\\n    和SiGe\\\n   </strong>\\\n   <strong>\\\n    工艺，未来SOI\\\n   </strong>\\\n   <strong>\\\n    占比持续提升\\\n   </strong>\\\n   。SiGe曾经是LNA的主流工艺，SOI与化合物半导体工艺相比，不仅性能优，而且易于与Swich集成，随着未来射频前端集成度的提升，未来SOI占比会持续提升。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/+CJ3GJpOafgAAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"+CJ3GJpOafgAAAAASUVORK5CYII=\\\" height=\\\"252\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Switch\\\n   </strong>\\\n   <strong>\\\n    和Tuner\\\n   </strong>\\\n   <strong>\\\n    普遍采取Fabless\\\n   </strong>\\\n   <strong>\\\n    模式，SOI\\\n   </strong>\\\n   <strong>\\\n    代工产业链已成熟。\\\n   </strong>\\\n   产业链上游为SOI晶圆，供应商主要有法国Soitec、日本信越、环球、中国新傲科技（沪硅产业）等，其中法国Soitec是最大的SOI晶圆供应商，生产尺寸主要是6~12英寸，国内厂商新傲科技具备8英寸SOI晶圆生产能力。\\\n   <strong>\\\n    代工厂主要有美国\\\n   </strong>\\\n   <strong>\\\n    GlobalFoundry\\\n   </strong>\\\n   <strong>\\\n    （GF\\\n   </strong>\\\n   <strong>\\\n    ）、韩国三星、瑞士STM\\\n   </strong>\\\n   <strong>\\\n    、联电、以色列TowerJazz\\\n   </strong>\\\n   <strong>\\\n    、中国华虹和中芯国际\\\n   </strong>\\\n   等，其中Global Foundry是全球最大的SOI代工厂，为Skyworks、Qorvo等国际大厂代工，客户中也有唯捷创芯等国产厂商；TowerJazz的第一大客户为国内射频前端龙头卓胜微。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/elJg1WGqAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"elJg1WGqAAAAAElFTkSuQmCC\\\" height=\\\"404\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   2）壁垒相对较低，国内龙头迅速发展\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    射频开关与LNA\\\n   </strong>\\\n   <strong>\\\n    的技术壁垒相对低于滤波器和PA\\\n   </strong>\\\n   <strong>\\\n    ，竞争厂商众多\\\n   </strong>\\\n   。由于模块化趋势，目前过半Switch和LNA集成在模组之中。而分立式的Switch和LNA则主要应用在中低端手机中，市场玩家众多。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    在分立式Switch\\\n   </strong>\\\n   <strong>\\\n    市场，主要由卓胜微和Qorvo\\\n   </strong>\\\n   <strong>\\\n    主导\\\n   </strong>\\\n   。国内厂商卓胜微的市场份额最高，2018年已占据全球33%份额，2019-2021年份额仍在快速增长。Qorvo在2018年占据24%份额，排名第二；国内厂商锐迪科（紫光展锐）份额也较高，2018年占据13%份额，和英飞凌并列排名第三。其他厂商还有立积电子、Skyworks等，份额较低。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    Tuner\\\n   </strong>\\\n   <strong>\\\n    全部是分立形式，4G\\\n   </strong>\\\n   <strong>\\\n    时代Qorvo\\\n   </strong>\\\n   <strong>\\\n    主导，5G\\\n   </strong>\\\n   <strong>\\\n    时代卓胜微等厂商迎头赶上\\\n   </strong>\\\n   。2018年属于4G时代，全球Tuner市场规模较小，Qorvo占据Tuner市场68%市场份额，产品品类齐全，下游包含高端机到低端机，在OEM中机型占据很高份额；高通占据16%份额，客户以三星与LG为主；其他厂商包括Skywoks、英飞凌等。进入5G时代以后，随着Tuner市场规模的迅速提升，其他厂商也纷纷入局发力，例如2019年卓胜微市场份额快速提升，截止2021年已经在Tuner市场占据较高份额。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/tC4EhIAQEAJCQAgIASEgBNwiIILeLXxysxAQAkJACAgBISAEhIAQ8C8BEfT+5S+tCwEhIASEgBAQAkJACAgBtwj8P4z6XwoTiFPAAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"tC4EhIAQEAJCQAgIASEgBNwiIILeLXxysxAQAkJACAgBISAEhIAQ8C8BEfT+5S+tCwEhIASEgBAQAkJACAgBtwj8P4z6XwoTiFPAAAAAAElFTkSuQmCC\\\" height=\\\"256\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    分立式LNA\\\n   </strong>\\\n   <strong>\\\n    市场格局较为分散\\\n   </strong>\\\n   。由于市场规模较小，目前市场上并没有专注于LNA产品的厂商，仅作为配套产品，市场格局分散。高通市场份额最高，2018年市占率达到30%，因为分立LNA主要应用于OEM机型，而高通在OEM市场进展较好。其他玩家包含NXP、H、Skyworks等。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_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\\\" type=\\\"image/png\\\" data-filename=\\\"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\\\" height=\\\"251\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    开关和LNA\\\n   </strong>\\\n   <strong>\\\n    是国产化率较高的射频前端器件。\\\n   </strong>\\\n   国内有开关和LNA产品的厂商很多，如卓胜微、迦美信芯、紫光展锐、昂瑞微、艾为、飞骧科技、唯捷创芯等，但把开关作为主要产品的公司较少，如卓胜微、迦美信芯、韦尔股份（开关/LNA是公司射频产品线的主要产品）、艾为电子（开关/LNA是公司射频产品线的主要产品），其他厂商大多把开关、LNA作为副线产品。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ap+AtK+EBACQkAICAEhIASEgBDQgYCIvg5QJaQQEAJCQAgIASEgBISAEKhqAiL6Vf0EpH0hIASEgBAQAkJACAgBIaADgf8HXXhbC8tU3A4AAAAASUVORK5CYII=\\\" type=\\\"image/png\\\" data-filename=\\\"ap+AtK+EBACQkAICAEhIASEgBDQgYCIvg5QJaQQEAJCQAgIASEgBISAEKhqAiL6Vf0EpH0hIASEgBAQAkJACAgBIaADgf8HXXhbC8tU3A4AAAAASUVORK5CYII=\\\" height=\\\"277\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    1\\\n   </strong>\\\n   <strong>\\\n    ）成本及产能优势\\\n   </strong>\\\n   。卓胜微依靠规模优势与晶圆厂TowerJazz形成保持紧密合作，目前已经成为TowerJazz全球前两大客户，与晶圆厂的紧密合作不仅能保障产能紧缺时期的供应，且公司的晶圆成本显著低于其他厂商，成本优势十分显著。\\\n   <strong>\\\n    卓胜微是全球射频开关龙头，卓胜微的主要竞争优势在于\\\n   </strong>\\\n   ：\\\n   <br/>\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2\\\n   </strong>\\\n   <strong>\\\n    ）产品优势-\\\n   </strong>\\\n   <strong>\\\n    高专注带来的丰富且快速迭代的产品优势\\\n   </strong>\\\n   。卓胜微是少数专注于射频开关领域的公司，相比于其他公司来说产品线更丰富，快速产品迭代也有助于维持利润率。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    3\\\n   </strong>\\\n   <strong>\\\n    ）客户优势\\\n   </strong>\\\n   。目前卓胜微已在安卓核心厂商中占据重要份额，与客户维护了良好合作关系，掌握了先发优势。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;color:rgb(199, 62, 58);\\\">\\\n   （4）WiFi：小而美赛道，多方势力切入\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    手机端WiFi\\\n   </strong>\\\n   <strong>\\\n    射频前端市场主要被村田、Qorvo\\\n   </strong>\\\n   <strong>\\\n    、Skyworks\\\n   </strong>\\\n   <strong>\\\n    、NXP\\\n   </strong>\\\n   <strong>\\\n    等海外龙头垄断\\\n   </strong>\\\n   。根据Yole对手机WiFi模组份额的统计（2018），村田占据50%份额，为iPhone和三星的旗舰机供应WiFi模组；环旭电子虽然占据38%模组份额，但只负责SiP封装环节，WiFi射频前端芯片来源于Skywork、Qorvo、Murata、NXP等。 韩国公司SEMCO为三星旗舰机型供应WiFi射频前端芯片。\\\n  </span>\\\n </div>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/UTQPiRTdLRQEnqeFtAaYNTAzvee9n1RsAIGAEjYASMwMtNYFzi+nKjsbczAkbACBgBI2AEjIAR+DYR+C+Kw32aK2AYyQAAAABJRU5ErkJggg==\\\" type=\\\"image/png\\\" data-filename=\\\"UTQPiRTdLRQEnqeFtAaYNTAzvee9n1RsAIGAEjYASMwMtNYFzi+nKjsbczAkbACBgBI2AEjIAR+DYR+C+Kw32aK2AYyQAAAABJRU5ErkJggg==\\\" height=\\\"281\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    立积电子、中国大陆厂商康希通信分别占中国大陆市场30%\\\n   </strong>\\\n   <strong>\\\n    、5%\\\n   </strong>\\\n   <strong>\\\n    的份额。跟手机相比，路由器终端竞争格局要更加分散化，中国厂商更容易拓展份额。\\\n   </strong>\\\n  </span>\\\n </div>\\\n <ul style=\\\"margin:0px;padding:0px;list-style:none;\\\">\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      立积电子\\\n     </strong>\\\n     ：根据立积2020年业绩交流会，公司在WiFi路由器射频前端全球市占率接近20%，其中WiFi6市占率不到10%；立积电子占中国大陆路由器WiFi FEM份额约30%。\\\n    </span>\\\n   </div>\\\n  </li>\\\n  <li style=\\\"margin:0px;padding:0px;list-style:none;font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <div>\\\n    <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n     <strong>\\\n      康希通信\\\n     </strong>\\\n     ：大陆WiFi FEM龙头，优势主要在于高性能的WiFi6产品，近两年开始快速起量，2020年约占中国大陆市场5%的份额，在WiFi6产品上具备显著的性能优势，获得主要方案厂商的认证及进入参考设计方案。\\\n    </span>\\\n   </div>\\\n  </li>\\\n </ul>\\\n <div>\\\n  <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/fhzt5z9dD2I+fOOEWqgVGSEk14L3Qo6d5jYVliHK80U3qIsjszEAEF3nltUj5zMg4fQVeg0CyYwYPBIGRZubEvBkf4471hDoeEJBqxJa+mPuatWttWlFR2MM4eFBAnqkDu6SLB5QwRlgzL0SZaHTgISCJ+ENVmyIgAiIgAiIgAiJwOQj8H3vzUPfilzsJAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"fhzt5z9dD2I+fOOEWqgVGSEk14L3Qo6d5jYVliHK80U3qIsjszEAEF3nltUj5zMg4fQVeg0CyYwYPBIGRZubEvBkf4471hDoeEJBqxJa+mPuatWttWlFR2MM4eFBAnqkDu6SLB5QwRlgzL0SZaHTgISCJ+ENVmyIgAiIgAiIgAiJwOQj8H3vzUPfilzsJAAAAAElFTkSuQmCC\\\" height=\\\"260\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"680\\\"/>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    WiFi6\\\n   </strong>\\\n   <strong>\\\n    时代，路由器WiFi FEM\\\n   </strong>\\\n   <strong>\\\n    厂商及PA\\\n   </strong>\\\n   <strong>\\\n    厂商谋求切入手机WiFi\\\n   </strong>\\\n   <strong>\\\n    市场。\\\n   </strong>\\\n   随着WiFi6产品不断起量，海外龙头将发展重心转向高毛利率的WiFi6 FEM，为其他厂商切入手机WiFi市场提供了契机：\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    1）\\\n   </strong>\\\n   <strong>\\\n    路由器WiFi FEM\\\n   </strong>\\\n   <strong>\\\n    厂商-\\\n   </strong>\\\n   <strong>\\\n    立积电子、康希通信、卓胜微等\\\n   </strong>\\\n   ：路由器端与手机端的WiFi FEM有很多相似性，立积电子、康希通信等厂商在路由器市场上积累了丰富的经验，未来几年有望向手机WiFi市场持续渗透。\\\n  </span>\\\n </div>\\\n <div>\\\n  <span style=\\\"font-size:15px;font-family:&quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing:1.5px;\\\">\\\n   <strong>\\\n    2\\\n   </strong>\\\n   <strong>\\\n    ）PA\\\n   </strong>\\\n   <strong>\\\n    厂商-\\\n   </strong>\\\n   <strong>\\\n    唯捷创芯、芯朴科技、紫光展锐等：\\\n   </strong>\\\n   PA是WiFi FEM的核心器件，并且两者下游客户都是手机厂商，因此PA厂商切入WiFi FEM市场有一定的优势。传统的PA产品市场竞争激烈，导致国内PA厂商盈利能力较差，随着WiFi FEM市场规模增长，PA厂商这几年有望切入WiFi市场，例如唯捷创芯、芯朴、紫光展锐等都成立了WiFi产品线。\\\n  </span>\\\n </div>\\\n <div>\\\n  <br/>\\\n </div>\\\n <div>\\\n  <span>\\\n  </span>\\\n </div>\\\n <div>\\\n  <div>\\\n   <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n    *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。\\\n   </p>\\\n  </div>\\\n  <div>\\\n   <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n    <br/>\\\n   </p>\\\n  </div>\\\n  <div>\\\n   <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n    <strong>\\\n     今天是《半导体行业观察》为您分享的第2797内容，欢迎关注。\\\n    </strong>\\\n   </p>\\\n  </div>\\\n  <div>\\\n   <div>\\\n    <div>\\\n     <div>\\\n      <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n       推荐阅读\\\n      </p>\\\n     </div>\\\n    </div>\\\n    <div>\\\n     <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n      <br/>\\\n     </p>\\\n     <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n      ★\\\n      <a href=\\\"https://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&amp;mid=2247615531&amp;idx=1&amp;sn=8b00dc5ac3f6a93eeec7a40f8dbf7fdb&amp;chksm=fd6f69ecca18e0fa7d30579030cebc57f73274df72a433169b9ff924723ea5a39356a58620f3&amp;token=1651404036&amp;lang=zh_CN&amp;scene=21#wechat_redirect\\\" style=\\\"color:rgb(51, 51, 51);text-decoration:none;\\\" target=\\\"_blank\\\">\\\n 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style=\\\"color:rgb(51, 51, 51);text-decoration:none;\\\" target=\\\"_blank\\\">\\\n       <span>\\\n        台积电的多重隐忧\\\n       </span>\\\n      </a>\\\n     </p>\\\n     <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n      <br/>\\\n     </p>\\\n    </div>\\\n    <div>\\\n     <div>\\\n      <div>\\\n       <div>\\\n        <div>\\\n         <div>\\\n          <div>\\\n           <div>\\\n            <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n             半导体行业观察\\\n            </p>\\\n           </div>\\\n          </div>\\\n          <div>\\\n           <div>\\\n            <img src=\\\"两万字解读射频前端，国产现状如何？ - 电子元件 - 半导体行业观察_files/ARx46izkHobrAAAAAElFTkSuQmCC\\\" type=\\\"image/png\\\" data-filename=\\\"ARx46izkHobrAAAAAElFTkSuQmCC\\\" height=\\\"258\\\" style=\\\"border:none;margin:0px auto;display:block;max-width:680px;\\\" width=\\\"258\\\"/>\\\n           </div>\\\n          </div>\\\n         </div>\\\n        </div>\\\n        <div>\\\n         <div>\\\n          <div>\\\n           <img src=\\\"data:image/svg+xml,%3csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3e %3c/svg%3e\\\"></img>\\\n          </div>\\\n         </div>\\\n        </div>\\\n       </div>\\\n       <div>\\\n        <div>\\\n         <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n          『\\\n          <strong>\\\n           半导体第一垂直媒体\\\n          </strong>\\\n          <span>\\\n           』\\\n          </span>\\\n         </p>\\\n         <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n          <strong>\\\n           实时 专业 原创 深度\\\n           <br/>\\\n          </strong>\\\n         </p>\\\n         <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n          <br/>\\\n         </p>\\\n         <p style=\\\"margin:0px;padding:0px;text-indent:2em;\\\">\\\n          <strong>\\\n           识别二维码\\\n          </strong>\\\n          ，回复下方关键词，阅读更多\\\n         </p>\\\n        </div>\\\n        <div>\\\n         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153);text-align:right;margin-top:26px;\\\">责任编辑：Sophie</div>\\\n\\t\\t\\t\\t\\t\\t\\t</div>\\\n\\t\\t\\t\\t\\t\\t\\t\\\n\\t\\t\\t\\t\\t\\t<span style=\\\"display:block;height:0px;clear:both;visibility:hidden;\\\">.</span></div>\\\n\\t\\t\\t\\t\\t</div></div></div></div></div></div></div></div>\\\n</span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":206671}]"
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