新技术前瞻专题系列（七）：先进封装行业：CoWoS五问五答

Investment Rating - The industry investment rating is "positive," indicating a relative performance stronger than the market benchmark index by more than 5% [70]. Core Insights - The CoWoS (Chip on Wafer on Substrate) technology is a 2.5D advanced packaging method that integrates multiple chips on a single silicon interposer, enhancing chip interconnectivity and performance [3][4]. - The advanced packaging market in China is projected to exceed 110 billion yuan by 2025, with a compound annual growth rate (CAGR) of 26.5% [4][30]. - The demand for CoWoS technology is driven by the rise of AI computing chips and high bandwidth memory (HBM), with NVIDIA accounting for over 50% of the CoWoS capacity at TSMC [4][33]. Summary by Sections CoWoS Technology Overview - CoWoS is a 2.5D advanced packaging technology that connects chips to a silicon wafer and integrates them with a substrate, allowing for high-density interconnects [3][4]. - The technology has undergone five iterations since its development by TSMC in 2011, with different types including CoWoS-S, CoWoS-R, and CoWoS-L, each with unique characteristics and applications [4][19]. Advantages and Challenges of CoWoS - Advantages include high integration, speed, reliability, and cost-effectiveness compared to traditional packaging methods [22][25]. - Challenges involve manufacturing complexity, yield issues, electrical integrity, and thermal management [28][22]. Market Landscape - The global advanced packaging market has grown from $30 billion in 2020 to $43.9 billion in 2023, with a projected increase to $47.25 billion in 2024 [30][32]. - In China, the advanced packaging market is expected to grow significantly, driven by the increasing demand for high-performance computing and AI applications [30][32]. Key Players in China - Major companies involved in the CoWoS technology in China include Changjiang Electronics Technology, Tongfu Microelectronics, and Huada Semiconductor, each with unique technological capabilities and market positions [39][44][50]. Future Trends in CoWoS Technology - CoWoS-L is anticipated to become the primary packaging type, combining the advantages of CoWoS-S and InFO technologies, enhancing electrical performance and integration flexibility [5][56]. - The introduction of embedded deep trench capacitors (eDTC) in CoWoS-L is expected to improve power distribution network performance significantly [56][58]. Investment Recommendations - The report suggests that the advanced packaging sector will continue to benefit from the growth of AI and high-performance computing, with recommended investment targets including Changjiang Electronics Technology, Tongfu Microelectronics, and Huada Semiconductor [60].