电子：先进封装助推玻璃基板产业快速成长

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [1]. Core Insights - The demand for AI chip computing power is increasing, leading to the emergence of glass substrates as a potential solution for advanced packaging [1][14]. - Intel launched the industry's first advanced packaging plan using glass substrates in September 2023, with plans for large-scale production by 2030 [15]. - Glass substrates exhibit superior physical properties, making them ideal for next-generation advanced packaging [19]. Summary by Sections 1. Glass Substrate as a Research Focus - The complexity of AI applications is driving the need for high-density computing and advanced packaging solutions, with glass substrates positioned as a viable alternative to traditional organic substrates [14]. - AMD's new EPYC processors support up to 384 threads, highlighting the increasing demands on chip manufacturing processes [14]. 2. Superior Properties of Glass Substrates - Glass substrates offer high surface flatness and low roughness, which are beneficial for high-density RDL wiring [19]. - They possess excellent chemical stability, effectively resisting moisture and environmental corrosion, ensuring long-term stability of packaged components [19]. - The thermal expansion coefficient of glass substrates is similar to that of silicon, reducing warping issues during packaging processes [23]. 3. TGV Technology as a Key Enabler - TGV (Through Glass Via) technology is crucial for achieving vertical electrical interconnections in glass substrates, essential for lightweight and integrated electronic devices [32]. - The challenges in TGV technology, such as hole formation and filling, have been addressed, with laser-induced etching emerging as a promising method for mass production [34]. 4. Accelerated R&D in the Glass Substrate Industry Chain - Major companies like Intel and Samsung are investing heavily in glass substrate R&D, with Intel committing $1 billion to establish a glass substrate production line [40]. - AMD is actively testing glass substrate integration into its chip designs, aiming for product launches by 2025-2026 [41]. 5. Related Companies - The domestic glass substrate packaging industry includes manufacturers such as Changdian Technology, BOE, and Tongfu Microelectronics [42]. - Key players in the laser equipment sector include Delong Laser and Dier Laser, while companies like Tiancheng Technology focus on via filling processes [44].