Group 1: Core Insights - GenAI applications require high-speed, high-bandwidth, and low-latency memory for real-time data processing, making fast data access critical for decision-making and predictions [2] - The competition landscape in memory technology is evolving, with challenges in memory design and emerging trends shaping the future of high-performance computing [4][6] - Custom HBM (High Bandwidth Memory) is becoming essential for AI systems, with significant growth expected as companies like NVIDIA, Amazon, and Microsoft drive its development [26][28] Group 2: Competitive Landscape - Samsung is lagging in HBM due to conservative actions in advanced testing and packaging, focusing too much on cost while failing to meet customer demands for heat dissipation and power consumption [7] - SK Hynix is leading the market by addressing NVIDIA's power and thermal constraints through innovative memory unit designs and backend processing [7][8] - Micron is entering the HBM market later than competitors, planning to launch HBM3e by 2025, while adopting proven bonding equipment and internal voltage conversion technologies [7][8] Group 3: China's Influence - China's influence in the storage market is expected to grow, depending on the new demand environment shaped by GenAI, technological changes, and U.S.-China policies [9] - By 2024, China's DRAM manufacturer CXMT is projected to account for 13% of global capacity, 6% of shipments, and 3.7% of revenue, with potential growth to match Micron's capacity by 2025 [12] - The Chinese semiconductor industry is working towards domestic supply chains for HBM and DRAM, but faces challenges due to U.S. regulations on advanced equipment [12][18] Group 4: Smartphone Integration - The integration of GenAI with smartphones is a significant development, requiring transformative memory solutions and altering the competitive landscape [11] - Samsung plans to improve HBM3e by Q1 2025, potentially increasing its HBM shipment from 8-9 billion gigabits to 11-12 billion gigabits [11] - China aims for domestic production of HBM3 by 2025, with a focus on self-sufficiency in GPU manufacturing and related technologies [11] Group 5: Future Trends and Innovations - The future of memory solutions will focus on balancing bandwidth, capacity, power consumption, and cost, with ARM's recent strategic adjustments influencing configurations [22] - Innovations like Processing In Memory (PIM) and Wide I/O are expected to enhance performance in high-end smartphones and other applications, although their adoption timelines vary [15][22] - The custom HBM market is projected to grow significantly, with estimates suggesting it could account for 30-40% of the overall HBM market by 2030 [29]

Investment Rating - The report indicates a positive investment outlook for the domestic computing power industry, driven by the surge in AI applications and infrastructure investments from major cloud service providers [3]. Core Insights - The demand for AI applications is expected to lead to significant growth in the domestic computing power industry, with major investments from cloud service providers like Alibaba, ByteDance, and Tencent [3][12]. - Advances in semiconductor manufacturing processes are reshaping the global semiconductor landscape, with China making notable progress in advanced processes [3][27]. - AI-enabled devices are anticipated to proliferate across various sectors, including smartphones, PCs, wearables, and IoT devices, with a focus on enhancing user experience through AI integration [3][48]. Summary by Sections Infrastructure: Cloud Providers Leading Domestic Computing Power Breakthrough - Major cloud providers are expected to drive a resurgence in capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [12]. - The AIDC hardware spending is projected to benefit from increased demand for computing chips and storage solutions, particularly in the context of AI infrastructure [13]. Advanced Manufacturing: Multi-Dimensional Breakthroughs in Advanced Processes - China has achieved an 8% market share in advanced semiconductor processes as of 2023, with local foundries like SMIC and HHGrace making strides in narrowing the technology gap [27]. - The report highlights the importance of advanced packaging technologies such as CoWoS and SoIC, which are being industrialized in China [37]. Intelligent Terminals: A Blooming Era for Edge AI - The report forecasts that by 2025, the global market for GenAI smartphones will reach approximately 420 million units, representing a year-on-year growth of 82.7% [48]. - Apple is expected to lead in smart edge devices, with significant investments in IoT and wearable technology, enhancing AI capabilities across its product lines [50]. Key Investment Targets - The report identifies several key companies across various sectors, including: - Infrastructure: Lanqi Technology, Demingli, and Jiewate [3]. - Advanced Manufacturing: SMIC, Huahong, and Changdian Technology [3]. - Edge AI/SoC: Xiaomi Group, Lenovo Group, and Rockchip [3]. - Autonomous Driving: Horizon Robotics and Weir Shares [3].

Core Viewpoint - The semiconductor packaging and testing industry is undergoing significant changes as traditional OSAT (Outsourced Semiconductor Assembly and Test) companies face intense competition from foundries like TSMC, Samsung, and Intel, which are entering the advanced packaging sector. Traditional OSAT firms are actively expanding their capabilities and investing in advanced packaging technologies to maintain their market positions [1][16][38]. Group 1: Traditional OSAT Companies' Expansion - ASE Group (日月光) is expanding its advanced packaging capacity by investing $200 million in a FOPLP production line in Kaohsiung, Taiwan, aiming for mass production by the end of the year [2][3]. - ASE has also inaugurated its fourth and fifth factories in Penang, Malaysia, with a total investment of $300 million to meet the growing demand for automotive semiconductors and AI applications [3][4]. - ASE is acquiring two packaging factories from Infineon in the Philippines and South Korea for approximately NT$2.1 billion to enhance its capabilities in automotive and industrial automation applications [5][6]. Group 2: Amkor Technology's Developments - Amkor plans to triple the annual production capacity of its factory in Vietnam from 1.2 billion to 3.6 billion units, reflecting strong growth in the region [7][8]. - The company is investing $2 billion to build an advanced semiconductor packaging and testing facility in Arizona, USA, primarily serving TSMC and Apple [8][9]. Group 3: Longsys Technology's Innovations - Longsys Technology is focusing on high-density packaging technologies, including 2.5D/3D packaging, and has launched a high-end manufacturing project in Jiangsu with a total investment of 10 billion yuan [9][24]. - The company has developed a high-density heterogeneous integration technology platform, XDFOI, which has entered stable mass production and is being applied in high-performance computing and AI fields [24][25]. Group 4: Tongfu Microelectronics' Advancements - Tongfu Microelectronics has established a 2.5D/3D packaging platform and is expanding its capabilities in high-performance computing, with new processes developed for chiplet packaging [28][29]. - The company is also focusing on glass substrate packaging technology to meet the demands of various high-performance chip applications [29][30]. Group 5: Huada Semiconductor's Strategic Moves - Huada Semiconductor is investing in advanced packaging technologies, including SiP and 3D packaging, and has launched a new 2.5D packaging technology platform to cater to AI demands [31][32]. - The company is also developing a 3D Matrix packaging platform that integrates TSV and eSiFo technologies for high-density heterogeneous integration [35][36]. Group 6: Powertech Technology's Expansion - Powertech Technology is expanding its testing capabilities in Japan with a new investment of 5 billion yen to enhance its semiconductor testing and mass production capabilities [13][14]. - The company is evaluating a proposal to establish a high-end chip packaging factory in Japan, aiming to leverage the country's advanced testing technology and stable automotive chip market [14][36].

股票代码：002156 股票简称：通富微电 公告编号：2025-007 深圳至正高分子材料股份有限公司（股票简称：至正股份，股票代码： 603991，以下简称"至正股份"）拟收购AAMI控制权，至正股份将向公司发行股 份收购公司持有的滁州广泰和嘉兴景曜出资额（以下简称"本次交易"）。至正 股份收购AAMI交易涉及向上海证券交易所（以下简称"上交所"）、中国证券监 督管理委员会（以下简称"中国证监会"）等相关监管机构的申请审核注册工作， 公司本次与至正股份的交易作为至正股份收购AAMI交易的一部分，存在可能被暂 停、中止或者取消的风险。 通富微电子股份有限公司 关于受让嘉兴景曜合伙份额 暨与专业投资机构共同投资合伙企业的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 通富微电子股份有限公司（以下简称"公司"或"通富微电"）出资2亿 元受让深圳市领先半导体发展有限公司（以下简称"领先半导体"）持有的滁州 广泰半导体产业发展基金（有限合伙）（以下简称"滁州广泰"）146,722,355.58 元出资额（占滁州广泰合伙份额的31.90%），以 ...

证券代码：002156 证券简称：通富微电 公告编号：2025-006 通富微电子股份有限公司 关于收购京隆科技（苏州）有限公司 26%股权 通富微电子股份有限公司（以下简称"公司"或"通富微电"）分别于 2024 年 4 月 26 日和 2024 年 5 月 13 日召开第八届董事会第三次会议及 2023 年度股 东大会，审议通过了《关于收购京隆科技（苏州）有限公司 26%股权的议案》，同 意公司以现金 13.78 亿元（含税金额）收购京元电子股份有限公司（以下简称"京 元 电 子 "） 通 过 KYEC Microelectronics Co.,Ltd. （以下简称" KYEC Microelectronics"或"KYEC"）持有的京隆科技（苏州）有限公司（以下简称 "京隆科技"、"目标公司"）26%的股权。公司与京元电子、KYEC Microelectronics、 苏州工业园区产业投资基金（有限合伙）、苏州欣睿股权投资合伙企业（有限合 伙）、上海国资国企综改试验私募基金合伙企业（有限合伙）、京隆科技签订《京 隆科技（苏州）有限公司股权买卖协议》。本次交易资金来源为自筹资金。本次 交易完成后，公司将持 ...

证券代码：002156 证券简称：通富微电 公告编号：2025-005 通富微电子股份有限公司 一、 减持计划的实施结果 关于持股 5%以上股东减持计划时间届满暨减持结果公告 公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 通富微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日在指定信息披露媒体《证券 时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《大股东减持股份预披露公告》（公告编 号：2024-061），公司股东国家集成电路产业投资基金股份有限公司（以下简称"产业基金"）计划 自披露减持计划公告日起 15 个交易日后的 3 个月内（即 2024 年 11 月 4 日至 2025 年 2 月 3 日），以 集中竞价或大宗交易方式减持持有的公司股份不超过 45,527,907 股（即不超过公司股份总数的 3%）。 1、股份来源：非公开发行股票方式取得的股份，公司于 2018 年 1 月 22 日披露了《通富微电 ...

证券时报网讯，通富微电（002156）1月24日发布2024年业绩预增公告，预计实现净利润为6.20亿元 ~7.50亿元，净利润同比增长265.91%~342.64%。 通过对2024年业绩预增50%以上的个股走势进行统计发现，预告发布后当日股价上涨的占比66.10%，股 价发布当日股价涨停的有25家。 预告发布后5日股价上涨的占比73.58%。 证券时报•数据宝统计显示，通富微电今日收于28.87元，上涨2.41%，日换手率为4.00%，成交额为 17.39亿元，近5日上涨0.52%。 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of RMB 620 million to RMB 750 million for 2024, representing an increase of 265.91% to 342.64% compared to RMB 169.44 million in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is projected to be RMB 580 million to RMB 680 million, reflecting an increase of 875.06% to 1043.17% from RMB 59.48 million year-on-year [2]. - Basic earnings per share are anticipated to be between RMB 0.41 and RMB 0.49, compared to RMB 0.11 in the previous year [2]. - The performance forecast is based on preliminary estimates by the company's finance department, with final figures to be confirmed in the 2024 annual report [6]. Industry Trends - The semiconductor industry is entering an upward cycle, driven by demand from data centers, automotive electronics, and favorable policies for consumer electronics [4]. Operational Efficiency - The company has achieved significant growth in operating income, particularly in mid-to-high-end products, due to effective market expansion and product optimization [5]. - The overall efficiency of the company has improved significantly through enhanced management and cost control measures [5].

证券代码：002156 证券简称：通富微电 公告编号：2025-003 通富微电子股份有限公司 关于持股 5%以上股东股份变动比例触及 1%整数倍的公告 公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 通富微电子股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日在指定 信息披露媒体《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《大 股东减持股份预披露公告》（公告编号：2024-061），公司股东国家集成电路产业投 资基金股份有限公司（以下简称"产业基金"）计划自披露减持计划公告日起 15 个交易日后的 3 个月内（即 2024 年 11 月 4 日至 2025 年 2 月 3 日），以集中竞价 或大宗交易方式减持持有的公司股份不超过 45,527,907 股（即不超过公司股份总 数的 3%）。 2024 年 11 月 6 日，公司收到产业基金出具的《关于通富微电子股份有限公司 股份 1%变动告知函》，截至 20 ...

证券代码：002156 证券简称：通富微电 公告编号：2025-002 通富微电子股份有限公司 关于持股 5%以上股东股份变动比例超过 1%的公告 公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 本次变动是否存在违反《证 券法》《上市公司收购管理办 法》等法律、行政法规、部 门规章、规范性文件和本所 业务规则等规定的情况 是□ 否☑ 如是，请说明违规的具体情况、整改计划和处理措 施。 5.被限制表决权的股份情况 按照《证券法》第六十三条 的规定，是否存在不得行使 表决权的股份 是□ 否☑ 如是，请说明对应股份数量占现有上市公司股本的比 例。 6.30%以上股东增持股份的进一步说明（不适用） 7.备查文件 1.中国证券登记结算有限责任公司持股变动明细 ☑ 2.相关书面承诺文件 □ 3.律师的书面意见 □ 4.深交所要求的其他文件 □ 本次减持计划未违反《证券法》《上市公司收购管理办法》《上市公司股东减持 股份管理暂行办法》《深圳证券交易所股票上市规则》《深圳证券交易 ...