东兴证券：东兴晨报-20250116

Group 1: Advanced Packaging Industry - CoWoS is a 2.5D advanced packaging technology developed by TSMC, integrating multiple chips on a single silicon interposer [1][2] - The advantages of CoWoS include high integration, speed, reliability, and cost-effectiveness, while challenges include manufacturing complexity and thermal management [1][2] - The advanced packaging market in China is expected to exceed 110 billion yuan by 2025, with a compound annual growth rate of 26.5% [2] - Major players in the CoWoS demand include NVIDIA, which accounts for over 50% of TSMC's CoWoS capacity [2] - Domestic companies involved in advanced packaging include Changjiang Electronics, Tongfu Microelectronics, and Huada Technology, each with unique technologies [2][3] - CoWoS-L is anticipated to become the primary packaging type, combining advantages of CoWoS-S and InFO technologies [3] Group 2: Light Industry Manufacturing - The light industry manufacturing sector experienced a decline of 1.4% in 2024, underperforming compared to the CSI 300 index [7] - Home furnishing sales faced significant pressure due to real estate completion data, but are expected to recover with government subsidies [8] - The textile manufacturing sector showed a 30% increase, while the apparel and home textile sectors struggled [7][8] - The home furnishing sector is projected to stabilize in 2025, supported by government subsidies and improved real estate policies [8] - Export demand is expected to remain strong, particularly for companies with low exposure to tariff impacts [10] Group 3: Computer Industry - The computer sector's performance has been stable, with a rebound observed in the second half of the year [21] - Investment opportunities are identified in the fields of domestic innovation (信创) and AI applications, which are expected to drive growth [22][23] - The sector is characterized by high volatility and potential for rapid valuation increases, influenced by policy and technology [22] - Key investment targets include companies involved in the domestic innovation ecosystem and those with AI application capabilities [23] Group 4: Transportation and Infrastructure - Anhui Expressway plans to acquire two high-quality toll roads for 4.77 billion yuan, which are expected to enhance profitability [16][17] - The acquired assets have significant revenue-generating potential, with remaining toll collection periods of 15 and 18 years [16][17] - The acquisition is seen as reasonable, with expected net profits of 225 million yuan for 2024, leading to an increase in overall company profitability [18][19]