电子行业2024年中期策略研讨会：大算力时代必经之路，先进封装正崛起

Investment Rating - The report rates the industry as "Overweight" [2] Core Insights - The advanced packaging market is projected to grow from $44.3 billion in 2022 to $78.6 billion by 2028, with a CAGR of 10.6% [4][28] - The 2.5D/3D packaging segment is expected to see significant growth, with a market size increasing from $9.2 billion in 2022 to $25.8 billion by 2028, achieving a CAGR of 18.7% [4][32] - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion yuan, is anticipated to catalyze advancements in the semiconductor industry, particularly in advanced storage and packaging [8][52] Summary by Sections AI Wave and Advanced Packaging - Advanced packaging technologies are essential for achieving high density, high integration, and low power consumption in integrated circuits, helping to overcome limitations posed by the "storage wall," "area wall," "power wall," and "function wall" [16][24] Semiconductor Recovery and Packaging - The semiconductor industry is showing signs of recovery, with packaging and testing companies expected to benefit from increased demand driven by consumer electronics and AI applications [6][49] - The packaging sector is projected to experience a volume and price increase, with some companies already initiating price hikes due to rising demand and material costs [6][49] National Fund Phase III and Focus Areas - The National Fund Phase III aims to support advanced manufacturing and packaging, with a focus on overcoming sanctions in advanced wafer manufacturing and addressing high-performance computing needs [8][52] Opportunities in Advanced Packaging Supply Chain - The advanced packaging industry is undergoing significant changes, with a focus on differentiated segments such as 2.5D/3D packaging and related materials and equipment [10][56] - Key companies in the advanced packaging space include Tongfu Microelectronics, Changdian Technology, and Huada Semiconductor, which are actively expanding their capabilities [10][71]