新力量NewForce总第4946期
First Shanghai Securities·2026-01-19 08:09

Investment Rating - The report maintains a "Buy" rating for several companies within the advanced packaging and domestic semiconductor sectors, indicating a positive outlook for these industries [6][16]. Core Insights - The advanced packaging industry is experiencing increased demand due to ongoing AI investments, with significant growth expected in the hardware supply chain [5][6]. - Domestic packaging companies are poised to benefit from both overseas and local demand, with expectations of price increases in advanced packaging services [6][10]. - The report highlights specific companies to watch, including Longi Technology, Tongfu Microelectronics, and Yinxin Electronics, as well as materials suppliers like Huahai Chengke and Lianrui New Materials [6][10]. Summary by Sections Advanced Packaging Sector - The report emphasizes the strong demand for advanced packaging, particularly from TSMC's CoWoS packaging, which is currently in short supply, leading to increased orders for domestic companies [5][6]. - Taiwanese companies are reportedly raising prices for packaging services by 5-30%, reflecting a bullish market sentiment [5][6]. Domestic Semiconductor Opportunities - The report identifies a favorable cycle for domestic packaging companies driven by AI investments, with a projected increase in advanced process releases in 2026 [6][8]. - Major domestic players are expected to capture a significant share of the growing demand, with ByteDance and Alibaba projected to invest heavily in domestic computing power [7][8]. Supply Chain Dynamics - The report notes that supply chain constraints, particularly in IC substrates due to upstream material shortages, are creating bottlenecks, which could benefit leading companies like Shenzhen Circuit and Pengding Holdings [10][12]. - The overall supply-demand balance in the optical module industry is also highlighted, with recommendations to focus on companies like Zhongji Xuchuang that are proactively managing supply chain challenges [12]. Investment Recommendations - The report suggests a diversified investment approach across various sectors, including consumer hardware, domestic computing power, and overseas CSP/ASIC supply chains, with specific stock picks provided [14][16].