首席周观点：2025年第4周

Group 1: Advanced Packaging Industry - CoWoS is a 2.5D advanced packaging technology developed by TSMC, integrating multiple chips on a single silicon interposer [2][3] - The advanced packaging market in China is expected to exceed 110 billion yuan by 2025, with a compound annual growth rate (CAGR) of 26.5% [3] - Major companies in mainland China involved in advanced packaging include Changjiang Electronics Technology, Tongfu Microelectronics, and Huada Semiconductor [3] - CoWoS technology is primarily used in AI computing chips and HBM, with NVIDIA accounting for over 50% of TSMC's CoWoS capacity [3] - CoWoS-L is anticipated to become the main packaging type in the next phase, combining advantages of CoWoS-S and InFO technologies [4] - Investment opportunities in the advanced packaging sector include companies like Changjiang Electronics Technology, Tongfu Microelectronics, and Huada Semiconductor [4] Group 2: Metal Industry - The global molybdenum supply increased from 257,300 tons in 2019 to 277,800 tons in 2023, with a CAGR of approximately 1.9% [5] - Molybdenum demand is expected to grow at a CAGR of 3.8% from 2024 to 2027, driven by sectors like aerospace and automotive [5] - The global antimony supply is projected to decrease by 9% in 2024, leading to a widening supply-demand gap [6] - The global soft magnetic materials market is expected to grow from $29.4 billion in 2023 to $43.8 billion by 2027, with a CAGR of 8.3% [7] - The global MIM market is projected to expand from $4.019 billion in 2023 to $8.098 billion by 2030, with a CAGR of 10.7% [8] Group 3: Non-Banking Financial Sector - The implementation of favorable policies is expected to gradually improve the performance of the non-banking financial sector [11] - The capital market reform and macroeconomic recovery trends are anticipated to drive the return of industry value [11][12] - The insurance sector is expected to see a recovery in demand due to increased consumer awareness and the downtrend in deposit rates [12] Group 4: Agriculture and Livestock Industry - The average price of live pigs in 2024 is projected to be 17.08 yuan/kg, a 10.91% increase compared to 2023 [22] - The number of live pigs slaughtered in December increased by 23.11% month-on-month, indicating a rise in supply [24] - Major pig farming companies are expected to report significant profit growth in 2024, with estimates for Muyuan Foods at 170-180 billion yuan, a 522.21% increase year-on-year [26]