机械：先进封装产业+键合技术发展，共驱键合设备广阔空间

Investment Rating - The report provides a positive investment rating for the advanced packaging industry and bonding technology development, highlighting significant growth potential in the bonding equipment market [2]. Core Insights - The report emphasizes the mutual driving relationship between terminal market development and the iteration of bonding equipment, indicating that advancements in bonding technology present opportunities for equipment manufacturers [20][24]. - The rise of AI applications is expected to significantly boost the demand for advanced packaging solutions, particularly in high-end computing and data centers, leading to a projected 59% growth in the assembly equipment market from 2024 to 2026 [20][56]. - The report outlines the evolution of bonding methods, particularly the transition from traditional wire bonding to flip chip bonding, which offers advantages such as smaller size, higher density, and improved performance [23][30]. Summary by Sections 1. Terminal Market Development and Bonding Equipment Iteration - The semiconductor packaging equipment market is expected to grow in 2024 compared to 2023, driven by the demand from generative AI applications, despite a decline from the peak in 2021 [20]. - The report forecasts a 59% growth in the assembly equipment market from 2024 to 2026, supported by increased semiconductor unit production and rising capacity utilization [20]. 2. Opportunities for Equipment Manufacturers from Bonding Technology Development - Various bonding techniques are discussed, including anodic bonding, high vacuum wafer bonding, and hybrid bonding, each with specific applications and advantages [26][36]. - The report highlights the shift of wafer bonding equipment from MEMS applications to advanced packaging, showcasing the industry's adaptability and technological advancements [26]. 3. Rapid Development of Bonding Technology Amidst the AI Industry Wave - High Bandwidth Memory (HBM) technology has evolved significantly, with the latest iterations achieving higher capacities and bandwidths, indicating a strong market demand for advanced packaging solutions [60][69]. - The report notes that assembly costs in HBM manufacturing account for approximately 15% of total costs, emphasizing the importance of efficient bonding processes [62]. 4. Market Potential for Hybrid Bonding - The hybrid bonding market is projected to grow significantly, with an expected installation of 1,400 systems by 2030, translating to a market space of approximately €2.8 billion to €3.5 billion [43]. - The report identifies key applications for hybrid bonding, including high-performance computing and advanced memory solutions, indicating a broadening scope for this technology [43].