行业点评报告：先进封装龙头积极抢滩布局，产业进入“扩产+提价”新阶段

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The semiconductor industry is expected to experience significant growth driven by advancements in AI and high-end packaging technologies. TSMC has raised its capital expenditure guidance for 2026 to between $52 billion and $56 billion, a substantial increase of up to 36.9% from 2025, with a focus on advanced packaging and testing [3][4] - Major companies are actively expanding capacity to meet the rising demand for advanced packaging, with investments in new facilities and technologies across various sectors, including automotive and AI [4] - Price increases in packaging services are anticipated due to strong structural demand and rising raw material costs, with some companies already implementing price hikes of up to 30% [5] Summary by Sections Capital Expenditure and Growth - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, with advanced packaging investments expected to contribute over 10% of revenue by 2026 [3] - The revenue contribution from advanced packaging is expected to grow from approximately 8% in 2025 to slightly above 10% in 2026, indicating a higher growth rate than the overall company growth [3] Capacity Expansion - Major players like Changdian Technology and Jinglong Technology are investing heavily in new facilities to enhance their testing capabilities for high-end semiconductors, with investments reaching billions [4] - Companies such as Tongfu Microelectronics and Nexperia are also planning significant investments to boost their packaging capacities, indicating a trend of expansion in response to market demand [4] Price Trends in Packaging - The packaging industry is experiencing price increases driven by high demand for AI and memory chips, with companies like ASE and others in Taiwan raising prices by 5-20% and up to 30% respectively [5] - The increase in raw material costs, including metals like gold and copper, is contributing to the overall rise in packaging costs, which may lead to improved profitability for packaging companies [5] Investment Recommendations - Investors are advised to focus on domestic companies actively engaged in high-end advanced packaging, such as Changdian Technology and Tongfu Microelectronics, as well as those benefiting from the sector's growth like Yongxi Electronics and Huada Technology [6]