半导体材料跟踪点评：盛合晶微进入辅导验收阶段，关注先进封装材料投资机会

Investment Rating - The investment rating for the semiconductor industry is "Positive" (maintained) [1] Core Insights - The semiconductor industry is expected to see a recovery in downstream demand, leading to improved market conditions [3] - The domestic high-end semiconductor packaging and testing leader, Shenghe Jingwei, has entered the guidance acceptance stage for its IPO, focusing on mid-stage silicon wafer manufacturing and advanced packaging [3] - The global semiconductor packaging materials market is estimated to be approximately $21.98 billion in 2023, with a domestic localization rate of about 15% for semiconductor materials and less than 30% for packaging materials [4] Summary by Sections - Shenghe Jingwei's IPO: Shenghe Jingwei's IPO guidance status has changed to acceptance, with its 12-inch high-density bumping processing and packaging capabilities reaching world-class levels. The company is also developing advanced three-dimensional system integration chip business [3] - Market Size and Localization: The global semiconductor packaging materials market is valued at $21.98 billion, with significant portions allocated to various materials. The localization rate for semiconductor materials in China is around 15%, and for packaging materials, it is less than 30% [4] - Key Materials and Beneficiaries: Various materials critical to advanced packaging processes are identified, including electroplating solutions, PSPI, photoresists, polishing materials, masks, and target materials, with specific companies highlighted as beneficiaries [6]