Group 1 - Citigroup and JPMorgan have upgraded the rating of Bitcoin mining company Riot Platforms (RIOT.US) and adjusted ratings for other major Bitcoin mining stocks [1] - Citigroup analyst Peter Christensen noted that recent dynamics in high-performance computing/AI, including partnerships like Oracle and OpenAI's $300 billion infrastructure collaboration, prompted a reassessment of Riot's planned high-performance computing/AI capacity [1] - Citigroup raised Riot's rating from "Neutral" to "Buy/High Risk" and increased the target price from $13.75 to $24 [1] Group 2 - JPMorgan analysts estimated a 50% probability that Riot, Cipher (CIFR.US), and IREN (IREN.US) will sign high-performance computing hosting agreements for their remaining capacity [2] - JPMorgan believes Riot has the highest relative upside potential (+14%) among its peers [2] - IREN's rating was downgraded from "Neutral" to "Underweight," but the target price was raised from $16 to $24 [2]

格隆汇9月25日丨江波龙(301308.SZ)在互动平台表示，公司与华为在采购销售层面暂无合作。公司企业 级产品适用于高性能计算（HPC）、AI训练/推理等多种应用场景。 ...

穆迪指出，尽管海外投资不断增加，以及中国大陆的发展势头强劲，但台湾、韩国和日本仍将继续主 导高端芯片制造。 报告也说，半导体已成为东南亚地区出口和制造业增长的重要引擎。去年，半导体占马来西亚商品出 口总额的26%，菲律宾为32%。越南的半导体出口占比也稳步上升，到2023年已达到约6%。 公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容来自 联合早报 。 地缘政治紧张局势与经济不确定因素促使亚洲半导体企业加快寻求地域多元化布局。未来五年，亚洲 有望凭借成本优势、成熟的产业生态系统及深厚技术专长，继续在全球半导体制造领域保持领先地 位。 国际信用评级机构穆迪（Moody's）最新发布的报告指出，亚洲目前掌握全球超过75%的晶片制造产 能，涵盖逻辑芯片、存储芯片和DAO晶片（指的是分立、模拟、光电子和传感器），以及关键材料 的供应链。 穆迪说，组装、测试和封装市场目前主要集中在北亚地区，但东南亚也正稳步推进产能扩张。东南亚 目前拥有的相关设施数量仅次于中国大陆和中国台湾，预计到2032年将占据全球约24%的产能。 从细分市场来看，马来西亚在半导体制造的后端环节依然保持领先。随着外国投资持续增长，越南 ...

Market Overview - The A-share market experienced wide fluctuations, with a significant rebound in the indices on Wednesday, leading to a total trading volume exceeding 2.3 trillion yuan [3][10] - The semiconductor industry chain saw a comprehensive rally, while the new energy sector also became active, indicating a concentration of funds towards technology [3][10] Key Variables for Market Continuation - The sustainability of the market rebound led by semiconductors depends on several key variables: 1. Continuous expansion of trading volume is crucial, with Tuesday's trading volume nearing 2.5 trillion yuan but slightly shrinking on Wednesday [3][11] 2. The performance of leading stocks, particularly a state-owned enterprise in the semiconductor sector, significantly influences market sentiment [3][11] 3. The implementation of supportive policies for the semiconductor industry will directly affect the pace of domestic substitution and the overall industry fundamentals [3][11] Sector Analysis Semiconductor Sector - The semiconductor sector has shown strong performance, with a year-on-year increase of 10.10% in 2023 despite a weak overall market [7] - National policies are supportive, with the establishment of the third phase of the National Integrated Circuit Industry Investment Fund, which promotes upgrades across the semiconductor industry chain [7] - The global semiconductor market is expected to grow by over 15% in 2025, driven by rising demand for AI and high-performance computing [7] New Energy Sector - Stocks in the new energy sector, including energy metals and photovoltaic equipment, have seen significant gains, supported by recent government initiatives aimed at optimizing industry layout and promoting quality management [8][9] - The new energy sector is expected to continue benefiting from the global push towards carbon neutrality, with ongoing demand for lithium batteries, photovoltaics, and energy storage [9] Real Estate Sector - The real estate sector has rebounded, aided by new policies in major cities that enhance market conditions for homebuyers [10] - The industry is transitioning from individual case breakthroughs to a model of replication, which is expected to facilitate risk clearance and a healthy cycle within the sector [10] Investment Strategy - The report suggests a strategic approach to investing, focusing on high-quality companies with clear industry prospects while reducing exposure to overvalued sectors [12] - Maintaining flexible capital reserves is recommended to adapt to market changes effectively [12]

来源：市场投研资讯 （来源：上海证券研究） 市场行情回顾 过去一周（09.15-09.19），SW电子指数上涨2.96%，板块整体跑赢沪深300指数3.40个百分点，从六大 子板块来看，消费电子、电子化学品Ⅱ、光学光电子、半导体、元件、其他电子Ⅱ涨跌幅分别为 4.85%、3.61%、2.89%、2.79%、1.37%、0.74%。 中美贸易摩擦加剧、终端需求不及预期、国产替代不及预期。 报告名称：《台积电领衔晶圆代工2.0市场，英伟达50亿美元注资英特尔——电子行业周报 （2025.09.15-2025.09.19）》 分析师：陈凯 SAC编号：S0870525070001 研报发布日期：2025年9月22日 发布机构： 上海证券有限责任公司 核心观点 25Q2台积电营收突破302亿美元，晶圆代工2.0市占率达到38%。9月16日，根据芯智讯援引市场研究机 构CounterpointResearch最新公布的数据显示，受益于人工智能（AI）、高性能计算（HPC）芯片旺盛需 求，2025年第二季全球半导体代工市场达到了417亿美元。其中，台积电的市占率高达70.2%，当季营 收突破302亿美元，较上季增长18. ...

Core Insights - The SW Electronics Index increased by 2.96% from September 15 to September 19, outperforming the CSI 300 Index by 3.40 percentage points [2] - In the six sub-sectors, the performance was as follows: Consumer Electronics (4.85%), Electronic Chemicals II (3.61%), Optical Electronics (2.89%), Semiconductors (2.79%), Components (1.37%), and Other Electronics II (0.74%) [2] Semiconductor Market Overview - TSMC's revenue surpassed $30.2 billion in Q2 2025, with a market share of 38% in the Foundry 2.0 segment [3] - The global semiconductor foundry market is projected to reach $41.7 billion by Q2 2025, with TSMC holding a dominant market share of 70.2% [3] - TSMC's revenue grew by 18.5% compared to the previous quarter, with nearly 75% of its revenue coming from advanced process technologies below 7nm [3] - Major clients include NVIDIA, AMD, and Apple, indicating strong demand for advanced chips driven by AI and high-performance computing [3] - Samsung's efforts in 2nm GAA technology are hindered by a lack of large-scale production orders, limiting its ability to challenge TSMC's market position [3] Strategic Partnerships - NVIDIA announced a $5 billion investment in Intel to enhance collaboration in the data center and personal computing sectors [4] - Intel will customize x86 CPUs for NVIDIA, which will integrate these into its AI infrastructure platform [4] - This partnership aims to merge NVIDIA's AI capabilities with Intel's extensive x86 ecosystem, potentially positioning NVIDIA as a significant shareholder in Intel [5] Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery by 2025, with an improved competitive landscape and profitability [6] - Recommended stocks include those in semiconductor design with low PE/PEG ratios, such as Zhongke Lanyun and Juchip Technology, as well as key materials and carbon-silicon industry leaders [6]

Core Viewpoint - The stock prices of companies related to Moore Threads surged collectively following the announcement of its upcoming IPO, with significant gains observed in several stocks [1][3]. Group 1: IPO Details - Moore Threads plans to raise 8 billion yuan through its IPO, primarily for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [1]. - The Shanghai Stock Exchange's listing review committee is scheduled to meet on September 26 to review Moore Threads' IPO application [1]. Group 2: Market Reaction - Stocks such as Heertai and Yingqu Technology, which directly hold shares in Moore Threads, experienced a 10% increase and reached their daily limit [4]. - Other companies with indirect stakes, like Honglida and Chuling Information, saw their stock prices rise by 20% [4]. Group 3: Shareholding Structure - Heertai holds a direct stake of 1.03% in Moore Threads, while Yingqu Technology holds 0.34% [4]. - Honglida has an indirect holding of approximately 0.31% through its investment in a venture capital partnership, and Chuling Information has an indirect holding of about 0.02% [4][6]. Group 4: Performance Metrics - Heertai's stock has increased by 178.53% this year, while ST Huaton has seen a remarkable rise of 285.41% [6]. - Other companies like Zhongke Lanyun and Lianmei Holdings also reported varying degrees of stock price increases [5][6].

Group 1 - HBM chips have become the standard for AI computing, with their core advantage stemming from the vertical stacking structure of DRAM chips [2] - The main chip stacking technology currently is Thermal Compression Bonding (TCB), which faces limitations as the number of stacked layers exceeds 16, affecting yield and signal integrity [2][4] - Hybrid bonding technology emerges as a revolutionary solution, allowing for direct copper-to-copper bonding between DRAM chips, enhancing interconnect density without the limitations of bumps [2][4] Group 2 - The semiconductor industry is shifting towards small chips and 3D integrated chip (3DIC) technology due to the slowdown of Moore's Law, making packaging a key factor in driving AI chip performance [4][6] - According to Yole Group, the evolution of chip bonding technology is moving towards hybrid bonding as the ultimate goal, with a projected market growth for hybrid bonding equipment to reach $397 million by 2030 [6][9] Group 3 - Hybrid bonding technology offers significant advantages over TCB, including a 15x increase in interconnect density, 11.9x speed improvement, and over 100x energy efficiency performance [9][10] - Despite the higher infrastructure costs, the cost per interconnect is reduced by 10 times with hybrid bonding, and it can lower the HBM stack temperature by 20% [9][10] Group 4 - Currently, no company has successfully achieved mass production of hybrid bonding equipment due to challenges such as existing TCB machines being sufficient, high precision requirements, and the high cost of hybrid bonding machines [12][21] - Predictions indicate that by 2030, the cumulative installation of hybrid bonding equipment will range from 960 to 2000 units, reflecting a 7% increase from previous forecasts [12][14] Group 5 - Major players in the hybrid bonding equipment market include Besi, which has seen significant revenue growth and strategic partnerships, particularly with Applied Materials [21][22] - South Korean companies like Hanmi Semiconductor and Hanwha Semitech are key competitors in the hybrid bonding space, with Hanmi holding a dominant market share in TCB machines [23][24] Group 6 - LG Electronics is entering the hybrid bonding equipment market through a national project aimed at developing HBM hybrid bonding machines, indicating a strategic focus on semiconductor equipment [25][26] - Samsung is also developing its own hybrid bonding machines through its subsidiary SEMES, aiming to reduce reliance on external suppliers [27] Group 7 - In China, companies like Tuojing Technology and Qinghe Crystal Semiconductor are making strides in hybrid bonding equipment, with Qinghe announcing the launch of the world's first dual-mode hybrid bonding equipment [29] - Besi predicts that the hybrid bonding market will reach €1.2 billion by 2030, driven by the transition from TCB to hybrid bonding technology [29]

Investment Rating - The report indicates a positive investment outlook for the AI PCB and complete machine sectors, highlighting strong performance in the semiconductor industry driven by AI demand [1][6]. Core Insights - The semiconductor sector, particularly TSMC, reported a record revenue of NT$3,357.7 billion in August 2025, marking a 34% year-on-year increase, driven by AI-related demand [6][8]. - The report emphasizes the growth in various segments, including testing, storage, and EMS, with companies like 京元电子 and 南亚科 showing significant revenue increases [9][16]. - The overall sentiment in the industry remains optimistic, with expectations of continued growth in AI applications and advanced manufacturing processes [14][16]. Summary by Relevant Sections AI Sector - TSMC's revenue reached NT$3,357.7 billion in August 2025, a 34% increase year-on-year, driven by AI demand [6]. - 京元电子's revenue grew by 32% year-on-year, supported by increased capital expenditure and expansion into high-end testing capacity [9]. Semiconductor Manufacturing - The report notes that 联电, 世界先进, and 力积电 experienced slight revenue changes, with 联电's revenue down 7% year-on-year [16]. - The high-performance computing sector continues to show growth potential despite some market fluctuations [16]. Storage Market - 南亚科's revenue surged by 141% year-on-year, attributed to increased demand for DDR4 memory as major manufacturers shift focus to high-bandwidth memory [16]. EMS Sector - Companies like 鸿海 and 纬创 reported significant revenue growth, with 纬创's revenue increasing by 198% year-on-year, driven by strong AI server demand [14][16]. - The report highlights that the overall EMS sector is benefiting from the AI trend, with expectations of continued growth in the coming quarters [14]. PCB and CCL Markets - The PCB sector saw companies like 欣兴 and 金像电 reporting revenue growth of 5% and 65% year-on-year, respectively, indicating a recovery in market demand [12][14]. - 台光电's revenue increased by 53% year-on-year, reflecting strong growth across various product lines [12].

Core Viewpoint - Glass substrates are emerging as a superior alternative to organic substrates in advanced packaging due to their flatness, lower thermal expansion coefficient, and reduced warpage issues, making them ideal for high-frequency applications and 6G communications [2][3][5]. Group 1: Advantages of Glass Substrates - Glass substrates provide significant improvements in warpage reduction (50%) and positioning accuracy (35%) compared to organic substrates, facilitating the implementation of redistribution layers (RDL) with line widths and spacings below 2 micrometers [2]. - The dielectric constant of glass (2.8) is much lower than that of silicon (12), resulting in significantly lower transmission losses and enhanced signal integrity for high-frequency applications [3]. - Glass substrates are versatile and can be used as carriers, core substrates for embedded components, 3D stacking materials, or sealed cavities for sensors and MEMS [2]. Group 2: Manufacturing Challenges - Glass cutting is prone to micro-cracking, and the challenge of repeatedly manufacturing thousands of fine-pitch through-glass vias (TGV) hinders the full potential of glass substrates [3][22]. - The laser-induced deep etching (LIDE) technology is being improved to facilitate mass production of TGVs, allowing for the etching of vias as small as 3 micrometers with a spacing of 5 micrometers [10][11]. Group 3: Applications in 6G Technology - Glass substrates are ideal for 6G wireless communication networks, which require data rates exceeding 100 GHz, due to their high-frequency transmission capabilities and low loss characteristics [5]. - Heterogeneous integration in stacked glass can combine high-frequency front-end chips with low-loss interconnects, enhancing the performance of large-scale antenna arrays [5]. Group 4: Innovations in Glass Processing - The use of ABF (Ajinomoto Build-up Film) as a low-k dielectric and adhesive for glass bonding has shown promising results, achieving electrical performance up to 220 GHz with minimal loss [5][8]. - New methods for cutting glass substrates, such as embedding cut substrates in organic resin for edge protection, are being explored to minimize damage during handling [24]. Group 5: Yield Improvement Techniques - Predictive modeling and machine learning are being utilized to enhance yield rates in glass substrate manufacturing, particularly in identifying and mitigating defects early in the production process [18][19]. - The development of automated systems for wet etching and drying processes is aimed at improving the efficiency and yield of TGV manufacturing [10][11]. Group 6: Future Directions - The glass ecosystem is preparing for the continued growth in chip and substrate sizes in multi-chip advanced packaging, with significant progress being made in laser modification and high-frequency etching techniques [28]. - Ongoing research aims to further reduce micro-cracking during cutting processes and improve the compatibility of new processing techniques with stringent design rules [29].