先进封装事件点评：新芯股份IPO申请获受理，先进封装有望加速推进

Investment Rating - The report assigns an "Overweight" rating to the semiconductor industry and specifically to the advanced packaging sector [4][13]. Core Insights - The IPO application of Wuhan Xinxin Integrated Circuit Co., Ltd. has been accepted by the Shanghai Stock Exchange, focusing on three-dimensional integration and SOI industry ecosystem construction, which is expected to drive breakthroughs in the domestic advanced packaging industry [3]. - The advanced packaging market is projected to reach USD 78.6 billion by 2028, accounting for 58% of the total packaging market, driven by industries such as AI, 5G communication, and high-performance computing [3]. - The report emphasizes the importance of 2.5D/3D packaging and HBM (High Bandwidth Memory) technology in the AI computing era, with HBM market demand expected to grow at an annual rate of 52.5% over the next two years [3]. Summary by Sections Industry Overview - The report highlights the acceptance of Xinxin's IPO application as a significant catalyst for the advanced packaging sector, which is anticipated to accelerate development [4]. Company Focus - Xinxin is recognized as a leading semiconductor specialty process wafer foundry in China, with a strong focus on specialty memory, analog-digital mixed signals, and three-dimensional integration [3]. - The company is the largest NOR Flash manufacturer in mainland China and has achieved mass production of its 55nm RF-SOI process platform [3]. Market Trends - The report notes that CoWoS technology has become mainstream in high-performance computing, with major companies like NVIDIA and Google adopting it [3]. - The demand for HBM is highlighted, with a market size projected to approach USD 20 billion by 2025, driven by AI computing needs [3]. Recommended Stocks - The report recommends several companies in the advanced packaging space, including Xinyuan Micro, Tuojing Technology, Changdian Technology, Tongfu Microelectronics, and Weicai Technology, all of which are expected to benefit from the growth in advanced packaging [3].