消息面上，央视财经称，过去半年全球存储芯片价格持续上涨。CFM闪存市场近日发布2025年Q4存储 市场展望报告。报告指出，预计四季度，服务器eSSD涨幅将达到10%以上，DDR5 RDIMM价格涨幅约 10%~15%。 责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688347 | 中红公司 | 1 | 13.48 | 2256 乙 | 179.75 | | 300475 | 香农芯创 | 1 | 10.19 | 466亿 | 253.63 | | 000021 | 深科技 | + | 10.01 | 481亿 | 62.63 | | 002156 | 通富微电 | + | 10.01 | 671亿 | 49.80 | | 603283 | 塞腾股份 | 1 | 10.00 | 145亿 | 6.36 | | 600667 | 太极实业 | | 9.95 | 187亿 | 31.22 | | 002409 | 雅克科技 | | 9.23 | 383亿 | 40.32 | | 68800 ...

Core Viewpoint - The A-share market opened positively on the first trading day after the National Day and Mid-Autumn Festival holiday, with all three major indices rising, indicating strong market sentiment and sector performance [1] Market Performance - The Shanghai Composite Index opened up by 0.4%, the Shenzhen Component Index by 0.53%, and the ChiNext Index by 0.4% [1] - The gold and non-ferrous metal sectors experienced significant gains, with stocks like Chifeng Jilong Gold Mining and Sichuan Gold hitting the daily limit, while Shandong Gold and Western Gold rose over 7% [1] - International gold prices have surpassed the $4,000 mark, reaching new highs [1] Sector Highlights - The controllable nuclear fusion concept saw a strong opening, with stocks such as Hezhong Intelligent and Yongding Co. hitting the daily limit, following key breakthroughs in China's nuclear fusion device BEST construction [1] - The storage chip sector also performed well at the beginning of the trading session, with stocks like CanSemi and Xiangnong Chip rising over 13%, and companies like Shenzhen Technology and Tongfu Microelectronics hitting the daily limit [1] - Institutions reported a continuous increase in DRAM spot prices, contributing to the positive sentiment in the storage chip sector [1]

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

Core Viewpoint - The semiconductor industry is transitioning into the "post-Moore era," where traditional scaling methods are becoming less effective due to physical limits and rising costs. Advanced packaging technologies are emerging as a key focus area, driven by the demand for AI chips requiring high performance and low latency [1]. Industry Overview - The global advanced packaging market is projected to exceed $79.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030, primarily fueled by AI and high-performance computing demands [1]. - Major players in the advanced packaging sector include TSMC, Intel, and Samsung, each adopting unique competitive strategies to dominate the high-end packaging market [1]. TSMC's Advanced Packaging Strategy - TSMC leads the advanced packaging market with its "3D Fabric" platform, which includes CoWoS, InFO, and SoIC technologies, covering various application scenarios [2]. - The CoWoS technology has evolved to its fifth generation, supporting high-density integration and significantly enhancing memory bandwidth for high-performance computing applications [5]. - InFO technology focuses on cost-sensitive applications, enabling low-cost, thin packaging solutions, while SoIC technology allows for true 3D chip stacking [6][10]. Intel's Advanced Packaging Approach - Intel is developing its advanced packaging capabilities through EMIB and Foveros technologies, targeting high-performance computing and AI markets [7]. - EMIB technology connects bare chips using silicon bridges, while Foveros enables vertical stacking of chips, enhancing flexibility and performance [10]. Samsung's Advanced Packaging Innovations - Samsung is advancing its packaging technologies with I-Cube and X-Cube systems, addressing both 2.5D and 3D IC packaging needs [11]. - The I-Cube technology integrates logic chips and HBM on the same interposer, while the X-Cube technology enhances system integration through vertical electrical connections [12][13]. - Samsung is also focusing on SoP (System on Panel) technology, which aims to challenge TSMC's dominance in high-end AI chip packaging by offering larger integration spaces and lower costs [14][16]. Domestic Players in Advanced Packaging - Chinese companies are making strides in the advanced packaging sector, with a projected market size of 69.8 billion yuan in 2024, driven by firms like Changjiang Electronics Technology, Tongfu Microelectronics, and Huatian Technology [17]. - Changjiang Electronics is recognized as a leader in advanced packaging, leveraging its XDFOI Chiplet platform to support high-density interconnections [18]. - Tongfu Microelectronics has established a strong position through collaborations with AMD, focusing on AI and HPC advanced packaging [20]. - Huatian Technology is expanding its capabilities in advanced packaging through significant R&D investments and partnerships [22]. Future Outlook - The global advanced packaging market is expected to reach $56.9 billion by 2025, surpassing traditional packaging for the first time, with domestic firms poised to capture more market share [32]. - The ongoing development of AI computing chips and the trend towards self-sufficiency in high-end advanced packaging present significant opportunities for domestic players to narrow the gap with international leaders [32].

证券日报网讯通富微电9月29日在互动平台回答投资者提问时表示，公司对半导体行业长期成长空间和 公司发展趋势，充满信心。展望2025年下半年，业界分析认为，需求持续增长的AI和新能源汽车等新 兴领域依旧是半导体行业关键驱动力。AMD在AI高性能计算芯片领域有较强的优势；公司也将围绕半 导体行业发展方向，积极拓展其他高端客户。公司的产能利用率会随着市场供需情况、客户结构情况的 变化而相应变化。 （文章来源：证券日报） ...

Core Viewpoint - The company is actively developing advanced packaging technologies and expanding its production capacity to capture market opportunities in high-value products and trending market directions [2] Group 1: Company Strategy - The company is focusing on long-term development by enhancing its capabilities in fan-out, wafer-level, and flip-chip packaging technologies [2] - The company is also strategically positioning itself in cutting-edge packaging technologies such as Chiplet and 2D+ to create a differentiated competitive advantage [2] Group 2: Market Position - Currently, the company has no business cooperation with Nvidia, indicating a potential area for future growth or partnership opportunities [2]

Group 1 - The company, Tongfu Microelectronics (002156.SZ), announced a breakthrough in technology research and development in the field of Chip-on-Photonic (CPO) packaging, expected in the first half of 2025 [2] - The related products have passed preliminary reliability testing, indicating progress in the company's CPO project [2] - Future developments will be determined based on customer and market demand, suggesting a responsive approach to market conditions [2]

Core Viewpoint - Company has made significant progress in technology research and development in the field of Chip-on-Panel (CPO) and has passed preliminary reliability tests for related products [1] Group 1 - Company plans to assess future developments based on customer and market demand [1] - The breakthrough in CPO technology is expected to be realized in the first half of 2025 [1]

Core Viewpoint - The company emphasizes its advanced packaging technologies and aims to capture market opportunities in high-value products, while currently having no collaboration with Nvidia [1] Group 1: Technology Development - The company is developing advanced packaging technologies such as fan-out, wafer-level, and flip-chip packaging, and is expanding its production capacity [1] - The company is actively laying out top-tier packaging technologies like Chiplet and 2D+, creating a differentiated competitive advantage [1] Group 2: Market Position - The company is aligning with industry technology trends and focusing on future high-value products and market hotspots [1] - There is currently no business collaboration between the company and Nvidia [1]

Group 1 - The company is confident in the long-term growth potential of the semiconductor industry and its own development trends [1] - The demand for AI and new energy vehicles is expected to continue driving growth in the semiconductor sector, particularly in the second half of 2025 [1] - The company plans to actively expand its high-end customer base in line with the development direction of the semiconductor industry [1] Group 2 - AMD has a strong advantage in the AI high-performance computing chip sector, which is expected to contribute positively to the company's capacity utilization and performance [1] - The company's capacity utilization will fluctuate based on market supply-demand conditions and customer structure [1]