电子行业周报：三星扩产先进封装，2025 AI功能在智能眼镜渗透率或将超60%

Investment Rating - The industry investment rating is maintained as "Overweight" [7][19]. Core Insights - High-speed copper connections: The GB200 features 5000 NVLink copper cables, and the related industry chain is expected to continue benefiting. With the rapid development of artificial intelligence, the demand for AI servers and high-throughput switches is increasing, which will drive the growth of high-speed backplane connectors. The global backplane connector market was valued at 2 billion USD in 2021 and is projected to reach 5 billion USD by 2031 [4][31]. - Domestic substitution: It is anticipated that the sales revenue of domestic semiconductor equipment will grow by 35% in 2024, exceeding 110 billion CNY, with a market share in mainland China increasing to 30%, up 5 percentage points from 2023 [5][74]. - Advanced packaging: Samsung is expanding its advanced packaging capabilities, which is expected to benefit the related industry chain. The importance of packaging in HBM products is increasing, prompting Samsung to invest in both domestic and overseas production bases [72]. Summary by Sections 1. Core Insights and Investment Recommendations - AI edge: The penetration rate of AI functions in the smart glasses market is expected to exceed 60% by 2025, with the related industry chain likely to benefit continuously [71]. - High-speed copper connections: Benefiting from the development of AI servers, the industry chain is expected to benefit, with recommendations to focus on companies like Wolong Materials, Jingda Co., and others [23]. - Advanced packaging: The industry chain is expected to see accelerated growth due to major semiconductor manufacturers' continued investment in advanced packaging [23]. 2. Market Review - During the week of December 23-27, the A-share Shenwan Electronics Index fell by 0.66%, underperforming the CSI 300 Index by 2.01 percentage points [76]. - The performance of the Shenwan electronic secondary industry was mixed, with components rising by 1.32% and electronic chemicals II falling by 3.69% [10][47]. 3. Industry News - SK Hynix received a direct subsidy of 458 million USD from the U.S. Department of Commerce to support its AI chip packaging facility in Indiana [15][30]. - Longxin Technology announced that it is providing the latest VR Quest3 display module for Meta and is accelerating production expansion [18][33].