"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 信号高速高频传输与高效运算不仅驱动布线互联密度提升、线宽线距加速微缩， bumping键 合也在不断走向高密集成。 Bumping industry trends Bump工艺几乎在所有中高端产品封装中都有采用，囊括了智能手机、消费电子、汽车电 子、高性能计算等绝大多数应用场景（CPU、GPU、DDIC、AP、BB、MEMS、FPGA、 ASIC、Memory等等）。 无凸点键合（混合键合技术）当前仅应用于特定高阶应用场景，如HBM5、3D NAND、3D CIS、3D DRAM、3D SOC以及Micro LED等，但这些无bumping产品的异构集成工艺主要 在前道制程完成，即晶圆厂内部完成，对于封装厂来说仅是模组的封装，无法承接这些产 品。 Bumping应用 文章来源：势银（TrendBank） Bumping工艺与倒装芯片直接相关，不管是FCBGA/FCCSP，还是目前火热的HBM封装、 COWOS系列封装都已采用倒装技术，这使得封装集成密度陡然提升，bumping制程也在从 C4 bump向细间距bump、micr ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 钻孔工序是指在PCB上加工出各种导通孔，经金属化电镀后成为层与层的连接线路，以实现多 层板的层间互连互通的工艺，主要采用机械钻孔及激光钻孔两大技术，这两类技术主要借由机 械钻孔机和激光钻孔机实现。 激光直接成像设备 显影蚀刻退膜设备 自动光学检测设备 棕化线 压合 冷/热压机 X射线钻靶机 钻孔 镭射钻孔机 机械钻孔机 钻孔研磨机 电镀 PTH沉铜线 垂直连续电镀线 曝光(外层曝光) 激光直接成像系统 贴膜机 显影线 检测(外层蚀刻) 蚀刻退膜线 张膜蚀刻连退锡线 自动光学检测设备 曝光 (焊阻及文字) 激光直接成像设备 烘烤机 主要产品分类及运用场景 PCB上的孔主要分为通孔、盲孔和埋孔三种类型，机械钻孔和激光钻孔常作为互补工艺使用。 一般而言，通孔多采用机械钻孔加工，而盲孔和埋孔则更适合激光钻孔工艺。机械钻孔以钻针 为核心耗材，由于受钻针直径所限，难以实现极小的孔径要求，且在钻孔后还需进行毛刺清 理。相比之下，激光钻孔能够达到更高的加工精度，但需依据基材特性选择CO2激光或紫外 （UV）激光，并需在钻孔前后进行相应处理，因 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 PCB（Printed Circuit Board）是"电子产品之母"，是实现电子元器件电气连接和功能整合的 载体，其上游为树脂、铜箔、电子级玻纤布、覆铜板、油墨等原材料行业。随着AI应用的加速 演进和AI终端的蓬勃发展，PCB需求深受终端市场影响，呈稳定增长趋势。覆铜板是一种将电 子玻纤布或其他增强材料浸以树脂，一面或双面覆以铜箔并经热压制成的板状材料，主要承担 电路的互连导通、绝缘与支撑功能，直接影响信号传输速度、损耗及阻抗等关键性能。相关研 究机构进一步拆解PCB的成本结构，其中覆铜板占比约为27.30%，是PCB最为重要的基材。 中游:PCB制造 高多层板 HDI 沪电股份 深南电路 胜宏科技 景旺电子 生益电子 东山精密 鹏鼎控股 方正科技 广合科技 封装基板 FPC 鹏鼎控股 东山精密 深南电路 兴森科技 鹏鼎控股 PCB设备 大族数控 芯碁微装 PCB耗材 东威科技 鼎泰高科 中钨高新 下游: 应用领域 通信设备 汽车电子 天弘科技 Arista 比亚迪 特斯拉 思科 理想汽车 小鹏汽车 锐捷网络 蔚来 消费电子 ...

Core Viewpoint - The rapid growth in demand for servers and switches driven by AI infrastructure is leading to a surge in the need for high-end PCB products such as HDI and high multilayer boards, which are essential for meeting the high load and high-frequency operation requirements of AI applications [2][10]. Group 1: HDI Boards - Definition and Function: HDI boards are high-density interconnect printed circuit boards that achieve complex circuit functions in smaller spaces through higher wiring density and advanced structures like buried and blind vias [3]. - Application Scenarios: HDI boards are crucial for miniaturizing and enhancing the performance of electronic products, widely used in smartphones, 5G base stations, and autonomous vehicles [5]. Group 2: High Multilayer Boards - Definition and Function: High multilayer boards typically have more than 10 layers and are designed to provide sufficient wiring channels and stable electrical environments for complex, high-speed signal systems [6]. - Application Scenarios: These boards are essential components in high-end servers, core communication devices, and applications requiring high reliability, such as aerospace and supercomputers [9]. Group 3: Market Development and Competitive Landscape - Market Growth: The global PCB market is projected to reach $98.4 billion by 2027, with an 8-year CAGR of 6%. In China, the PCB market is expected to grow from 226.7 billion yuan to 346.9 billion yuan from 2019 to 2024, with a 5-year CAGR of 9% [10]. - Competitive Landscape: Leading companies in Japan and Taiwan dominate the high-end PCB and HDI sectors, while top Chinese manufacturers are rapidly emerging in the high-speed multilayer board market [10]. Group 4: Key Domestic Enterprises' Latest Developments - Shenghong Technology: The company is expanding its production capacity for high-end HDI and multilayer PCBs across multiple locations, including factories in Huizhou, Thailand, Vietnam, and Malaysia [13]. - Dongshan Precision: The company has announced a $1 billion investment plan for Multek, with approximately $200 million already invested in upgrading existing facilities [13]. - Shennan Circuit: The company has eight ongoing projects with a total investment of about 17 billion yuan, focusing on high-layer boards and HDI technology [13]. - Unimicron Technology: The company plans to invest 4.3 billion yuan in a project for high-end PCBs to meet the long-term demand from AI and high-speed computing applications [14].

Core Viewpoint - The article discusses the strategic development and financial performance of Xiamen Hongxin Electronic Technology Group Co., Ltd., highlighting its transition towards AI computing and flexible electronics, showcasing significant revenue growth and profitability improvements in recent quarters [3][4][6]. Business Segment Development Flexible Printed Circuit (FPC) Business - The FPC business achieved revenue of 28.03 billion yuan in the first three quarters of 2025, with a gross margin improvement to 9.27%, up from 1.06% in 2023, marking a successful turnaround [4][5]. - Key drivers for improvement include favorable external conditions from AI smartphones and domestic market recovery, internal reforms enhancing operational efficiency, and breakthroughs in high-end product segments [5]. - The company is expanding its FPC business globally, establishing production bases in Vietnam and Thailand to mitigate market risks and enhance competitiveness [5]. AI Computing Business - The AI computing segment generated revenue of 14.82 billion yuan in the first half of 2025, a year-on-year increase of 33.85%, making it the largest business segment, accounting for 42.88% of total revenue [6]. - Core growth drivers include server production, significant growth in computing resource leasing services, and leading advantages in liquid cooling technology [6]. - The company has established a smart manufacturing base for AI servers and is focusing on enhancing delivery efficiency through innovative technologies [6]. Strategic Direction - The company's future strategy revolves around a "flexible electronics + green computing" dual-drive model, focusing on high-end FPC and global expansion [7]. - Goals include increasing the gross margin of FPC from 9.27% in 2025 to over 25%, accelerating global capacity layout, and deepening collaborations with AI terminal manufacturers [7][8]. - The AI computing business aims for scalable growth, with targets of 100,000 PFlops by the end of 2025 and 300,000 PFlops by the end of 2026, alongside expanding the high-margin computing service business [7][8].

Core Viewpoint - The semiconductor TGV technology is gaining attention in the industry, but large-scale application in China is not expected until the end of 2025, as the industry awaits a technological breakthrough to unlock its potential [2][6]. Group 1: Current Applications and Market Potential - The largest current application for semiconductor TGV technology is in micro-nano processing devices, accounting for 73% of the market, primarily in various physical quantity sensors such as pressure and inertial sensors [4]. - RF devices are the first to be industrialized within the potential scenarios of TGV technology, but their market contribution is limited. Future growth will be driven by advanced packaging applications like CPO and storage-computing chips [5]. - By 2030, if breakthroughs in glass core packaging substrates occur, it will significantly enhance the integration technology routes for CPO and storage-computing chips [5]. Group 2: Challenges and Competitive Landscape - TGV technology shows strategic potential in the Mini LED/Micro LED display sector, but market penetration remains uncertain. The main focus for TGV in MLED applications is on glass-based MiP packaging and glass-based PCB backplanes [5]. - MLED products are accelerating their development of TFT glass substrates and MLED modules, influenced by the traditional LCD/OLED supply chain, which poses a significant challenge to TGV technology in the MLED space [5]. Group 3: Future Outlook - The large-scale industrialization of TGV technology is not expected until 2025, but this period marks the initial emergence of potential application scenarios. Domestic TGV technology projects are primarily focused on panel-level types, projected to account for 70% by 2025 [6]. - As product yield improves and substrate sizes increase, the market share for TGV technology is expected to expand to 80% by 2030, although wafer-level TGV technology will maintain a stable market in specific microelectronic device integration areas due to existing production line equipment and processes [6].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 电子玻璃 群 近年来，随着中国大陆对于显示面板产业在实际政策、技术研发等方面的支持与推进，已然使 得中国大陆成为了全球最大的显示面板制造中心。据相关数据预测，至 2028年中国大陆 LCD 面板产能市占率将达75％。 然而，由于 "国补"的刺激与退坡影响，据相关数据显示，2025年中国上半年电视品牌整机出 货量为1662.5万台，同比增长1.4%；下半年为1627.0万台，同比大幅下降16.9%，全年电视 品牌整机出货仅3289.5万台，同比下降8.5%。 在此背景下，中国台湾省以及日韩的 LCD显示面板企业也开始逐渐优化自己的产能，并开始寻 求新的增长点。其中，中国台湾省"面板双雄"之一的群创光电，也开始将部分重心转移至 FOPLP等非显示面板业务。 相关信息披露，群创 FOPLP已在开始量产出货，月产量数百万颗；而2026年群创将持续推进 FOPLP的RDL与TGV技术研发与量产层面，并以完成客户验证为最终目标。 据势银（ TrendBank）调研表明，群创开展FOPLP技术布局的核心在于AI应用，同时结 ...

Core Viewpoint - The advanced packaging market is experiencing significant growth driven by the increasing demand for AI and computing power, leading to a supply-demand imbalance in the global advanced packaging market, which is projected to reach approximately $45 billion in 2024, accounting for about 55% of the total semiconductor packaging market [2]. Market Growth - The global advanced packaging market is expected to grow to around $80 billion by 2030, with a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030, becoming a core component in the value upgrade of the semiconductor industry [2]. - The Chinese advanced packaging market is predicted to reach approximately 39.9 billion RMB in 2022, with a CAGR of about 15%, significantly higher than the global average growth rate, indicating a "blue ocean" market potential [2]. Key Materials Demand - DAF films and underfill materials are essential in packaging processes, with DAF films used to connect chips to substrates and underfill materials widely applied in FC and BGA packaging processes to ensure reliability and stability [3]. - The Chinese DAF film market is expected to exceed 1 billion RMB by 2026, with a CAGR exceeding 12% [3]. - The global underfill market is projected to grow at a CAGR of 10.48%, reaching $721 million in 2024 and surpassing $1.443 billion by 2031, with China's market performance expected to exceed the global average [3]. Domestic Market Landscape - The DAF film and underfill markets are currently dominated by foreign companies, with domestic firms like Debang Technology, Yonggu Technology, and others just beginning to enter the DAF film market [5]. - Debang Technology is leading in domestic production, with its underfill materials solutions continuously improving and achieving small batch deliveries by mid-2025 [9]. - Other domestic companies, such as Hans New Materials and Yonggu Technology, are also making strides in the underfill product line, with Hans focusing on chip packaging adhesives [13]. Production Capacity - Debang Technology has achieved small batch deliveries of DAF products, while other companies like Yonggu Technology have limited production capacity for DAF films [13]. - The emerging player, Juting Xincai, is expected to enhance local supply chain convenience and contribute to the localization of advanced packaging materials, aligning with the explosive growth in computing power demand [13].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 玻璃凭借其优异的热稳定性、电绝缘性和透光性等独特属性，已成为先进半导体封装中一种 极具前景的材料。然而要充分 解锁 玻璃的潜力， 就 需要 创新玻璃微加工技术实现高精度 的 玻璃通孔（ TGV ）。 本文重点论述了 市场对 玻璃微 结构， 包括 盲槽 / 通槽 、预划片 沟 道及微流道 等加工能 力的迫切需求，这些技术对热管理和高密度互连等至关重要。 激光诱导深蚀刻（ LIDE ）技术为此提供了可靠解决方案，能够在不破坏材料完整性的前提 下实现高精度、高深宽比的玻璃微结构加工。本文也将着重探讨了激光诱导深蚀刻（ LIDE ）技术如何突破传统加工方法的局限，及其对新一代半导体封装发展的推动作用。 引言 半导体器件复杂度的不断提升与尺寸的持续微型化，对先进封装技术提出了更为严苛的要求 —— 不仅需要实现高密度互连，还需兼顾高效的热管理能力与可靠的机械稳定性。 在这一背景下，玻璃凭借其优异的电绝缘性能、高热稳定性以及良好的透光性等特性，被视 为替代传统硅和有机基板的重要 主材 受到广泛关注。 然而，要将玻璃真正应用于半导体封装并充分 ...

Group 1 - The core viewpoint of the article emphasizes the rising importance of glass substrates in semiconductor technology, particularly in the context of heterogeneous integration as a key pathway to enhance chip system performance and functionality [2] - Glass substrates are recognized for their high flatness, low thermal expansion coefficient, low dielectric loss, and excellent mechanical and chemical stability, expanding their applications from traditional display fields to advanced semiconductor packaging, MEMS, sensors, AI high-performance computing, 5G/6G RF communication, optoelectronic integration, and power semiconductors [2] - The article highlights the strategic significance of glass through-silicon vias (TGV) technology in achieving high-density heterogeneous integration and interconnection upgrades, which are essential for overcoming performance bottlenecks in the post-Moore's Law era [2] Group 2 - LPKF Laser & Electronics AG, established in 1976 and headquartered in Garbsen, is a leading supplier of innovative laser solutions, having developed specialized technologies and equipment for various industries including electronics, semiconductors, solar photovoltaics, medical, and automotive sectors [5] - The Vitrion brand under LPKF has introduced the LPKF LIDE laser-induced deep etching technology for processing thin glass, with applications in microsystems, sensors, high-density packaging in the post-Moore era, RF packaging, and display component production [5] - RENA Technologies GmbH is a global leader in wet chemical surface treatment equipment, providing high-value innovative solutions to help clients achieve higher standards in semiconductor, medical technology, glass, additive manufacturing, and renewable energy sectors [7] - RENA's modular equipment design and customized R&D capabilities enable it to offer high-precision wet chemical processing equipment and technical solutions to high-end manufacturing industries worldwide [7]