CAITONG SECURITIES·2026-01-29 10:30Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The semiconductor packaging industry is experiencing a price increase due to rising costs in testing and packaging services, with major players like Daymoon and Taiwanese firms initiating price hikes of 5%-20% and close to 30% respectively [5] - The demand for semiconductor packaging is driven by the expansion of data centers and the recovery of orders in industrial control, leading to high operational rates for packaging manufacturers [5] - Domestic companies are accelerating the development of 2.5D packaging technology, with significant advancements and production capabilities being established, marking 2026 as a pivotal year for domestic advanced packaging capacity expansion [5] - Key companies to watch include Changdian Technology, Tongfu Microelectronics, and others that are positioned at the forefront of domestic computing power support [5] Summary by Sections Recent Market Performance - The report notes a recent market performance with fluctuations of -13%, 3%, 19%, 35%, 51%, and 67% in various sectors compared to the CSI 300 index [2] Industry Dynamics - The semiconductor packaging sector is facing structural supply-demand mismatches, compounded by rising prices of essential raw materials like gold, silver, and copper [5] - The 2.5D packaging technology is becoming mainstream, with leading global companies holding over 80% market share, while domestic firms are working to close the technology and capacity gaps [5] Investment Recommendations - The report suggests focusing on key enterprises with advanced packaging capabilities and those in the supporting supply chain, including companies like Changchuan Technology and Jinhai Tong [5]