"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 电子玻璃 群 随着摩尔定理趋近物理极限，集成电路行业进入了 "后摩尔时代"，先进封装的发展成为芯片 性能提升的重要突破口。AI及算力市场持续高涨的需求也进一步"倒逼"封装技术持续演化。 持续爆发的算力需求使得全球先进封装市场实质上处于"供不应求"状态。 据 相关市场机构 数据测算， 2024年全球先进封装市场规模约为 450亿美元，占全球半导体封装市场总额的 55%左右 ，且该占比例仍处于持续增加的动态变化之中 。 相关机构 预计， 到 2030年全球先进封装市场规模将增长至约800亿美元，2024-2030年 复合年增长率达到9.4% ，成为推动半导体行业价值升级的核心环节。 中国市场同样增长潜 力巨大。 而对中国先进封装市场规模的预测显示， 2022年中国先进封装市场规模约为 399亿人民币 ， CAGR约为15%，显著高于全球平均增长率，市场潜力巨大，呈现出"蓝海"局面。 作为封装工艺中必不可少的关键材料， DAF膜和底部填充胶 （underfill）的市场需求也受惠 于此。 DAF膜用于连接芯片与基板 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 SK海力士将投资19万亿韩元（约合900亿人民币），在忠清北道清州市建设其第七座半导体后端工 厂。此举旨在响应政府的区域均衡发展政策，同时提升供应链效率和未来竞争力。 SK海力士于1月13日宣布，决定对先进封装厂P&T7进行新的投资，以稳定响应全球人工智能（AI） 存储器需求，并优化清州工厂的生产。 P&T7工厂计划建于清州科技城工业园区内一块7万坪的土地上。工程将于今年4月开工，预计明年年 底竣工。总投资额为19万亿韩元。SK海力士此前已拆除了位于清州的原LG 2号工厂旧址上的建筑 物，该地块此前已被该公司收购，用于建设P&T7工厂。随后，该公司根据半导体超级周期（繁荣） 市场的情况，最终确定了建设时间和投资规模。 P&T7是一家先进封装厂，负责将前端晶圆厂生产的半导体芯片封装成产品，并进行最终的质量验 证。P&T7建成后，该公司将拥有三个先进封装中心：首都圈京畿道利川市、非首都圈清州市以及位 于美国印第安纳州西拉法叶的生产基地。 SK海力士解释说："先进的封装工艺对于连接前端工艺、物流和运营稳定性都非常重要。"他补充 道："经过对国内外多个候选地点的考察，考 ...

Core Viewpoint - TSMC is focusing on advanced packaging as a key growth area, with plans to establish a "General Factory Manager" position to oversee all facilities, likely filled by Chen Cheng-hsien, who has extensive experience in the company [1][2]. Group 1: Advanced Packaging Business - TSMC's advanced packaging business, previously contributing about 6-7% of revenue, is expected to grow significantly due to surging AI demand, particularly for CoWoS technology, which has been in development since 2009 [1][3]. - The gross margin for TSMC's advanced packaging business has reached approximately 80%, contributing significantly to the company's overall profitability [1]. - TSMC is expanding its advanced packaging capabilities with new facilities in Taiwan and Arizona, including two new advanced packaging plants expected to be operational by the end of 2028 [3][4]. Group 2: Leadership Changes - Recent retirements of key executives, including Lin Jin-kun and Yu Zhen-hua, have led to increased attention on TSMC's succession planning and leadership transitions [2]. - Chen Cheng-hsien is anticipated to be promoted to the newly created "General Factory Manager" role, overseeing multiple advanced packaging facilities [2][3]. - TSMC is expected to announce further leadership changes by late January 2026, reflecting ongoing organizational adjustments [2]. Group 3: Technological Developments - TSMC is advancing its CoWoS technology, with new variants like CoWoS-S, CoWoS-R, and CoWoS-L being developed to meet high-performance computing (HPC) needs [4]. - The company plans to introduce a new CoWoS-L technology with a 5.5x larger mask size to address the high demand for this advanced packaging solution [4]. - TSMC is also shifting focus to CoPoS technology, integrating CoWoS with fan-out panel-level packaging (FOPLP), with plans to establish a CoPoS pilot line by 2026 [5].

1月12日，汇成股份涨0.66%，成交额9.10亿元，换手率5.81%，总市值157.89亿元。 异动分析 存储芯片+先进封装+OLED+芯片概念+人民币贬值受益 1、2025年10月14日公司，合肥新汇成微电子股份有限公司举办特定对象调研活动，向舟资本、兴全基 金、平安资管等多家机构投资者披露重磅布局：公司通过直接与间接投资相结合，拿下合肥鑫丰科技有 限公司（简称 "鑫丰科技"）27.5445% 股权，并与鑫丰科技股东华东科技（苏州）有限公司（简称 "华 东科技"）达成战略合作，共同拓展 3D DRAM 等存储芯片封测业务，瞄准 AI 基建时代下存储芯片的爆 发式需求。 2、据2023年2月投资者关系活动记录表： Chiplet先进封装技术是凸块制造、Fan-out、3D、SiP等高端先 进封装技术的集合，公司掌握的凸块制造技术是Chiplet的基础之一。在研发端，公司将以客户需求为导 向，基于凸块制造技术，纵向拓展技术边界，积极布局Fan-out、2.5D/3D、SiP等高端先进封装技术。 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入-4836.21万-4023.14万-89 ...

封测是 集成电路 产业链不可或缺的后道环节。新岁交替之际，多个封测项目宣布新进展： 通富微电 拟 募资44亿元加码高端封测、 长电科技 车规级封测工厂通线、京隆科技高阶测试新厂投用、 和林微纳 加 码封测领域投资等一系列重大项目相继落地，覆盖车规级、高阶芯片、 先进封装 等多个核心赛道。 通富微电拟募资44亿加码封测 2026年1月9日，国内 半导体 封测龙头企业通富微电子股份有限公司（简称"通富微电"）发布公告，拟 向特定对象发行A股股票募集资金总额不超过44亿元，重点投向存储芯片、 汽车电子 、晶圆级封测及 高性能计算与通信等核心领域的产能提升项目，同时预留部分资金补充流动资金及偿还银行贷款。根据 公告披露的募资投向明细，四大产能提升项目合计拟投入募集资金31.7亿元，占募资总额的72%。 | | | | 单位:万元 | | --- | --- | --- | --- | | 序号 | 项目 | 项目投资总额 | 拟使用募集资金 投入 | | - | 存储芯片封测产能提升项目 | 88,837.47 | 80,000.00 | | 2 | 汽车等新兴应用领域封测产能提升项目 | 109,955.80 | ...

AI算力、先进封装与汽车电子"三轮驱动"，开启量价齐升窗口期 1)AI算力逻辑：芯片复杂度跃迁导致测试向量深度指数级膨胀，单芯片测试时间成倍延长，驱动机台需 求"量增";同时，千瓦级功耗芯片对设备的主动热管理及信号完整性提出极端要求，推升单机价值量。2) 先进封装逻辑：Chiplet架构使得KGD测试成为刚需，测试节点由封测向晶圆环节前移;异构集成与系统 复杂度上行推动SLT系统级测试需求，形成了ATE之外的流程新增量。3)汽车电子逻辑：智能车芯片数 量呈翻倍增长，AEC-Q100严苛标准下的三温循环测试使得三温探针台与三温分选机需求刚性放大，测 试设备在汽车电子领域具备长期、可验证的放量逻辑。 全球格局呈现美日双寡头高度垄断，平台化与垂直整合成为巨头演进路径 半导体测试设备是集成电路产业链的核心装备，也是决定产能效率与产品良率的关键瓶颈 测试环节贯穿晶圆制造(CP)与封装(FT)全生命周期，承担着"剔除早期失效"与"把好最后一关"的重任。 在半导体后道产线设备投资中，测试设备价值量占比最高。根据SEMI数据，2025年测试设备在后道产 线投资中占比预计达63.6%，显著高于封装设备，是封测厂商的核心资产配置 ...

证 券 研 究 报 告 半导体测试设备行业深度研究报告 算力迭代与先进封装重塑价值，国产测试设 推荐（维持） 备步入替代加速期 行业研究 电子 2026 年 01 月 12 日 华创证券研究所 证券分析师：岳阳 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 行业基本数据 -9% 14% 37% 60% 25/01 25/03 25/06 25/08 25/10 26/01 2025-01-09~2026-01-09 电子 沪深300 相关研究报告 《算力芯片行业深度研究报告：算力革命叠浪起， 国产 GPU 奋楫笃行》 2025-12-24 《电子行业深度研究报告：3C、消费、高端制造 等多轮驱动，3D 打印发展空间广阔》 2025-12-15 《电子行业 2026 年度投资策略：人工智能引领科 技革命，算力需求爆发催化产业升级》 2025-12-02 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 半导体测试设备是集成电路产业链的核心装备，也是决定产能效率与产品良率 的关键瓶颈。测试环节贯穿晶圆制造（CP）与封装（FT）全生命周期，承担着 "剔除 ...

Core Viewpoint - The company is focusing on advanced packaging and testing business, enhancing its one-stop delivery capability and achieving significant growth in revenue and net profit due to strong demand from major clients and improved operational efficiency [1][2]. Group 1: Financial Performance - The company expects to achieve revenue of 4.2-4.6 billion yuan in 2025, representing a year-on-year growth of 16.37%-27.45% [1] - The projected net profit for 2025 is between 75-100 million yuan, with a year-on-year increase of 13.08%-50.77% [1] - For Q4 2025, the anticipated revenue is 1.03-1.43 billion yuan, with a year-on-year change of -2.60%-35.22% and a quarter-on-quarter change of -11.18%-23.32% [1] Group 2: Client Base and Market Position - The company has established a stable client base primarily consisting of leading design companies in various segments, with MediaTek and Realtek among the top five clients [2] - AIoT revenue is expected to account for nearly 70% of total revenue, driven by innovation and increasing demand for new application scenarios [2] - The company is also focusing on the automotive and computing sectors, which are projected to see growth due to the development of domestic automotive design companies and localization strategies of overseas manufacturers [2] Group 3: Technological Advancements - The company has made significant progress in the 2.5D packaging field, successfully delivering customer samples for various structures and actively advancing 3D Chiplet technology [3] - The advanced packaging technology platform includes three product series: H series, R series, and V series, covering a wide range of packaging solutions from 2D to 3D [3] Group 4: Investment Outlook - The company is expected to gradually release profit margins as the depreciation period of existing investment equipment comes to an end, with revised revenue forecasts for 2025-2027 set at 4.509/5.625/7.011 billion yuan [4] - The projected net profit for the same period is adjusted to 98/305/431 million yuan [4]

Core Viewpoint - Changdian Technology (600584) emphasizes its strong technical foundation and extensive mass production experience, maintaining technological synchronization with leading international companies [1] Group 1: Technological Development - The company is increasing its investment in advanced packaging, covering mainstream technology routes [1] - Continuous optimization of technology layout and processes has led to the establishment of multi-level packaging and testing capabilities [1] Group 2: Production and Capacity Expansion - Changdian Technology is actively promoting the product ramp-up of its advanced wafer-level manufacturing project [1] - The company is accelerating capacity expansion in accordance with customer requirements [1] Group 3: Revenue Growth - The mid-term goal indicates that the revenue share from computing-related electronic business will continue to increase [1]

Group 1 - TSMC announced a consolidated revenue of approximately NT$335 billion for December 2025, representing a month-over-month decrease of 2.5% but a year-over-year increase of 20.4%, marking a record high for the same period and exceeding NT$300 billion for six consecutive months [1] - The company's revenue for 2025 is projected to exceed NT$3 trillion, reaching approximately NT$3.8 trillion, with a year-over-year growth of 31.6%, setting a new annual revenue record [1] - In Q4 2025, TSMC's revenue surpassed NT$1 trillion, reaching NT$1.04 trillion, with a quarter-over-quarter increase of 4.8% and a year-over-year increase of 16.3%, also exceeding financial forecasts [1] Group 2 - TSMC is accelerating production capacity expansion in advanced processes and advanced packaging due to insufficient capacity amid strong market demand, while reallocating resources from less urgent mature processes [3] - The company is transferring some mature process equipment from Taiwan to its 12-inch facility in Singapore to create more space for advanced process equipment [3] - TSMC's CEO confirmed that Qualcomm is facing capacity shortages, leading the company to negotiate with Samsung for the production of its next-generation processors using Samsung's 2nm process [3] Group 3 - TSMC's board approved an investment of over US$179.25 million to acquire land for a new factory in Phoenix, Arizona, covering approximately 365.27 hectares, which, combined with an existing site, totals over 810 hectares, larger than the Hsinchu Science Park [4] - The land acquisition is expected to support an investment of approximately US$165 billion in building three additional 12-inch wafer fabs, two advanced packaging plants, and a research center to meet market demand [4] - TSMC is also selling machinery to World Advanced Semiconductor Manufacturing Corporation (VSMC) for an estimated US$71 million to US$73 million to enhance its 12-inch wafer capacity [4] Group 4 - VSMC, in collaboration with NXP Semiconductors, plans to establish a 12-inch wafer fab in Singapore with a total investment of approximately US$7.8 billion, enhancing geographical resilience and accelerating the semiconductor ecosystem in Singapore [5] - TSMC stated that the newly acquired land in Arizona is primarily for operational and production use, but the company is currently in a quiet period and cannot comment on the transfer of equipment to Singapore [5]