公司新增订单连续六个季度同比回升，AI服务器与国内需求共振带动SMT加速复苏，SEMI随HBM扩产 进入新一轮上行周期。先进封装占比提升、SMT结构改善及费用优化带来毛利率与盈利拐点，2025– 2027年业绩弹性充分。 地缘政治+国产替代共振，中国市场份额预期提升 在美国出口管制与国产化替代加速背景下，国内封测厂资本开支保持高增，公司作为封装设备唯一具备 ECD供应能力的厂商，结合中国深度本地化网络与领先客户资源，将持续受益于供应链自主可控与国产 化政策红利。 财通证券主要观点如下： 先进封装设备放量，全面布局深度受益 全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持续放量周期。公司在 先进封装拥有完整的设备矩阵，覆盖沉积、TCB、HB、Fan-out与SiP等核心环节，TCB市占率全球第 一，HB设备完成代际升级并量产交付。随着HBM扩产启动、先进逻辑厂设备采购周期延续，公司有望 在行业结构性扩张中获得最大增量，先进封装收入与全球占有率持续提升。 订单与盈利双拐点，高毛利产品占比提升推动利润修复 财通证券（601108）发布研报称，ASMPT(00522)因AI ...

智通财经APP获悉，财通证券发布研报称，ASMPT(00522)因AI服务器与国内市场需求的共振，推动了 SMT业务的加速复苏，同时SEMI也随着HBM的产能扩张步入新一轮上行周期。首次覆盖，给予"增 持"评级。 财通证券主要观点如下： 先进封装设备放量，全面布局深度受益 在美国出口管制与国产化替代加速背景下，国内封测厂资本开支保持高增，公司作为封装设备唯一具备 ECD供应能力的厂商，结合中国深度本地化网络与领先客户资源，将持续受益于供应链自主可控与国产 化政策红利。 投资建议：公司受益于先进封装长期趋势、订单恢复及盈利结构改善，成长逻辑清晰。该行预计公司 2025-2027年营业收入分别为141.14/165.73/189.05亿港元，同比分别增长6.69%/17.42%/14.07%，实现归 母净利润4.19/11.13/17.15亿港元，对应2025-2027年PE为85/32/21倍，首次覆盖，给予"增持"评级。 风险提示：技术路线替代风险；传统下游需求疲软风险；地缘政治与供应链中断风险；客户订单波动风 险。 全球AI/HPC带动TCB、HybridBonding等先进封装工艺快速渗透，设备需求进入持 ...

Core Insights - The report from Jinyuan Securities highlights the exponential growth in costs associated with advanced processes in the semiconductor industry, particularly noting that the design cost of a 2nm chip is approximately $725 million, which is 25 times that of a 65nm chip [1][2] - Capital expenditures (CapEx) for building semiconductor manufacturing facilities also reflect this trend, with the investment required for a 5nm chip factory being five times that of a 20nm factory [1][2] Advanced Packaging Trends - The shift towards advanced packaging is driven by the combination of chiplets and high-end advanced packaging, which allows for mixed processes, reduced time to market, reusability, and improved yield [2] - Chiplets can utilize different processes based on demand, such as using 3nm technology for CPUs while employing mature processes for I/O or analog circuits, thus shortening R&D cycles and design costs [2] - The performance per watt per dollar (Perf/Watt/Dollar) indicates that large chips combined with 3D stacking are more suitable for medium and small systems, while complex systems benefit from the "small die with better yield" approach [2] AI Chip Performance - In terms of raw computational performance, AI-specific chips (ASICs) are weaker than AI GPUs, and even large language models like GPT-4 cannot run on a single chip [3] - To match the performance of AI GPUs, ASICs require larger clusters of dedicated chips, and advanced packaging through chiplets and heterogeneous integration is key to maximizing performance while controlling costs [3] Technological Evolution in Advanced Packaging - The core of technological evolution in advanced packaging is the continuous increase in interconnect I/O count and bandwidth density, transitioning from high-density electronic interconnects to incorporating optical interconnects [4] - The second generation of packaging aims to support higher interconnect I/O demands in the AI era, addressing bandwidth and power consumption bottlenecks [4] 2.5D Packaging Technology - Silicon bridge packaging technology serves as a 2.5D solution, integrating one or more silicon bridges within a specific packaging substrate to ensure interconnectivity between multiple chips [5] - The main factors limiting 2.5D interconnect density include solder bridging risks, intermetallic compounds, and underfill process challenges [5] - Direct bonding and hybrid bonding techniques are crucial for enhancing interconnect density by eliminating solder layers and achieving closer interconnect spacing [5] Advanced Packaging Market Outlook - The advanced packaging market in China is projected to reach approximately 96.7 billion yuan in 2024, accounting for 30.95% of the global market, with expectations to grow to 188.8 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 14.30% [7] - By 2029, China's advanced packaging and testing market is anticipated to represent 36% of the global market size [7] - The unit packaging cost is higher due to the complexity of processes and the use of silicon interposers and embedded silicon bridge technology [7] Related Companies - Equipment manufacturers include Tuojing Technology (688072.SH), Zhongwei Company (688012.SH), Shengmei Shanghai (688082.SH), Guangli Technology (300480.SZ), Beifang Huachuang (002371.SZ), and Zhongke Feimiao (688361.SH) [7] - Material suppliers include Dinglong Co., Ltd. (300054.SZ), Anji Technology (688019.SH), and Feikai Materials (300398.SZ) [7] - OSAT companies include Shenghe Jingwei (unlisted), Changdian Technology (600584.SH), and Shenzhen Technology (000021.SZ) [7]

1月7日，迈为股份盘中下跌2.16%，截至10:25，报182.63元/股，成交10.64亿元，换手率2.96%，总市值 510.28亿元。 资料显示，苏州迈为科技股份有限公司位于江苏省苏州市吴江区芦荡路228号;江苏省苏州市吴江区大兢 路8号，成立日期2010年9月8日，上市日期2018年11月9日，公司主营业务涉及高端智能制造装备的设 计、研发、生产与销售。主营业务收入构成为：太阳能电池成套生产设备75.00%，单机18.10%，配件 及其他6.90%。 迈为股份所属申万行业为：电力设备-光伏设备-光伏加工设备。所属概念板块包括：OLED、先进封 装、半导体、钙钛矿电池、百元股等。 截至9月30日，迈为股份股东户数3.31万，较上期增加4.48%；人均流通股5840股，较上期减少4.28%。 2025年1月-9月，迈为股份实现营业收入62.04亿元，同比减少20.13%；归母净利润6.63亿元，同比减少 12.56%。 分红方面，迈为股份A股上市后累计派现13.49亿元。近三年，累计派现10.13亿元。 机构持仓方面，截止2025年9月30日，迈为股份十大流通股东中，睿远成长价值混合A（007119）位居 ...

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 先进制程的成本暴涨体现在设计和建厂两端： 制程从平面 FET 演进至 FinFET、Nanosheet 后，量子效应、测试验证难度激增，导致设计成本指数级上 升；5nm 工厂投资是 20nm 的 5 倍，中小企业已无力承担先进制程的资本开支。 图表清晰展示，随着关键尺寸微缩，设计成本从 65nm 的 2800 万美元飙升至 2nm 的 7.25 亿美元，建厂投入同步激增。 这背后意味着 行业集中度将向头部晶圆厂倾斜，而先进封装通过 "混合制程" 让中小企业无需依赖先进制程即可参与高端芯片设计，成为行业格局重构的 关键变量。 芯粒异构集成的核心是 "按需分配工艺" ——CPU 等核心部件用 3nm 先进制程，I/O、模拟电路用成熟制程，最大化性价比。 与单片集成相比，其优势集中在 "IP 复用""良率改善""缩短上市时间"： IP 复用避免重复设计，研发周期缩短 30% 以上；小芯片良率远高于大芯片，拆 分后整体良率叠加，实际生产成本大幅降低；独立验证机制减少试错成本，快速响应市场需求。 这背后是 芯片行业 ...

Investment Rating - The report assigns a "Buy" rating for the stocks of the companies analyzed, indicating a positive outlook for their performance in the market [3]. Core Insights - The demand for SiC (Silicon Carbide) power devices is driven by the upgrade of power density in AI data center power systems, with a projected market size of approximately $1.15 billion by 2030 in the global 800V data center segment [1]. - Advanced packaging thermal materials and AR (Augmented Reality) glasses are identified as new growth drivers for SiC, with SiC's excellent thermal conductivity making it suitable for applications in advanced packaging and AR optics [2]. Summary by Sections SiC Demand and Market Potential - The upgrade of power systems in AI data centers is categorized into four stages, enhancing the demand for SiC power devices, particularly in the power conversion segment [1]. - The potential market size for SiC and GaN (Gallium Nitride) power devices in 800V AI data centers is estimated to be around $2.56 billion, with SiC devices accounting for approximately 45% of this market [1]. Advanced Packaging and AR Glasses - SiC's superior thermal performance positions it well for use in advanced packaging thermal materials, with companies like NVIDIA planning to adopt SiC in their next-generation products by 2027 [2]. - In the AR glasses sector, SiC's high refractive index allows for improved optical performance, enhancing user experience and image clarity [2]. Key Stocks and Financial Projections - The report highlights key stocks with their respective EPS (Earnings Per Share) projections and PE (Price to Earnings) ratios, indicating strong growth potential for companies like Dongyangguang and Daoshi Technology [3].

格隆汇1月6日｜华源证券研报指出，长电科技发布新一轮股权激励计划，多层次目标彰显发展信心。该 激励计划有望进一步建立、健全公司长效激励机制，加强公司团队凝聚力和人才队伍的稳定性。公司聚 焦高算力、AI端侧、汽车等关键应用领域，拥有行业领先的半导体先进封装技术。随着降本增效措施 进一步夯实，产能逐步释放，高端产品占比提升，后续公司利润弹性有望得到释放。鉴于AI算力、汽 车等下游应用对先进封装较强的需求预期，以及公司在先进封装领域持续的技术投入和产能扩充，维 持"增持"评级。 ...

全球OLED面板出货量稳健增长，在智能手机、平板、笔电、车载等领域的渗透率有望不断提升。25H1 我国显示面板全球份额首超50%，国内面板厂商相继布局高世代OLED产线，叠层OLED等新技术不断 推进，带动OLED材料需求进一步增长。2024年全球OLED显示材料市场销售额达24.4亿美元，预计 2031年达84.98亿美元，2025-2031年CAGR为19.8%。2024年我国OLED有机材料(终端+前端材料)市场规 模约为57亿元，同比大幅提升31%。目前OLED通用辅助材料国产化率约为12%，终端材料国产化率不 足5%，国内厂商不断进行国产化突破，同时随着国内OLED面板产能和市占率的扩张，国产OLED有机 发光材料市场空间有望持续扩大。另一方面，PSPI材料性能优异，与传统光刻胶相比可简化光刻工艺， 是OLED显示制程的核心主材。日本和美国企业占据全球PSPI主导地位。随着我国集成电路、OLED面 板等产业需求的进一步扩大，国内PSPI市场规模有望持续扩增，国产产品放量可期。 投资建议 智通财经APP获悉，中银国际发布研报称，受益于下游行业快速发展、先进技术不断迭代以及国产替代 大背景，电子材料领域 ...

Core Viewpoint - The stock of Aisen Co., Ltd. has experienced fluctuations, with a recent decline of 2.01% and a total market capitalization of 6.202 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Group 1: Stock Performance - As of January 6, Aisen's stock price was 70.37 yuan per share, with a trading volume of 131 million yuan and a turnover rate of 3.28% [1]. - Year-to-date, Aisen's stock price has decreased by 0.01%, with a 5-day decline of 1.26%, a 20-day increase of 35.85%, and a 60-day increase of 41.02% [1]. Group 2: Financial Performance - For the period from January to September 2025, Aisen achieved a revenue of 439 million yuan, representing a year-on-year growth of 40.71%, and a net profit attributable to shareholders of 34.476 million yuan, up 44.67% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, Aisen had 7,993 shareholders, an increase of 24.95% from the previous period, with an average of 6,916 circulating shares per shareholder, a decrease of 19.97% [2]. - The company has distributed a total of 17.1292 million yuan in dividends since its A-share listing [3]. - Among the top ten circulating shareholders, the Southern Information Innovation Mixed A fund is the ninth largest, holding 741,200 shares as a new shareholder [3]. Group 4: Company Overview - Aisen Co., Ltd. was established on March 26, 2010, and went public on December 6, 2023. The company specializes in the research, production, and sales of electronic chemicals [1]. - The main revenue sources for Aisen include electroplating solutions and supporting reagents (45.37%), electroplating materials (29.31%), photoresists and supporting reagents (21.91%), and other electronic chemicals (3.41%) [1].

迈为股份所属申万行业为：电力设备-光伏设备-光伏加工设备。所属概念板块包括：OLED、先进封 装、半导体、钙钛矿电池、光伏玻璃等。 截至9月30日，迈为股份股东户数3.31万，较上期增加4.48%；人均流通股5840股，较上期减少4.28%。 2025年1月-9月，迈为股份实现营业收入62.04亿元，同比减少20.13%；归母净利润6.63亿元，同比减少 12.56%。 分红方面，迈为股份A股上市后累计派现13.49亿元。近三年，累计派现10.13亿元。 机构持仓方面，截止2025年9月30日，迈为股份十大流通股东中，睿远成长价值混合A（007119）位居 第六大流通股东，持股600.52万股，相比上期减少90.59万股。香港中央结算有限公司位居第七大流通股 东，持股472.32万股，相比上期减少67.93万股。易方达创业板ETF（159915）位居第八大流通股东，持 股322.43万股，相比上期减少54.14万股。南方中证500ETF（510500）位居第十大流通股东，持股 205.42万股，为新进股东。 1月6日，迈为股份盘中下跌2.02%，截至09:39，报190.11元/股，成交2.85亿元，换手率0 ...