Core Viewpoint - Advanced packaging has become a critical battleground for foundries and packaging companies amid the slowdown of Moore's Law and the explosive demand for AI/HPC solutions. Major players globally, including TSMC, Samsung, ASE, and domestic firms like JCET, Tongfu Microelectronics, and Huatian Technology, are accelerating capacity expansion to seize this key industry opportunity in the coming years [1]. Group 1: Market Trends and Projections - The global advanced chip packaging market is expected to grow from $50.38 billion in 2025 to $79.85 billion by 2032, with a compound annual growth rate (CAGR) of 6.8% [1]. - The demand for high-performance, low-power packaging solutions is driven by AI large models, autonomous driving, cloud computing, and edge computing [1]. Group 2: TSMC's Strategy and Expansion - TSMC's advanced packaging revenue is projected to exceed 10% in 2024, surpassing ASE to become the largest packaging supplier globally, driven by the surge in CoWoS demand [3]. - TSMC plans to invest an additional $100 billion in the U.S., including two advanced packaging plants in Arizona, expected to start construction in the second half of next year and enter mass production by 2028 [5]. - TSMC is set to launch CoWoS-L in 2026 and SoW-X in 2027, enhancing its capabilities significantly in the AI/HPC era [6]. Group 3: Samsung's Cautious Approach - Samsung has adopted a more cautious stance compared to TSMC, previously shelving a $7 billion advanced packaging facility due to uncertain customer demand [7]. - Recent contracts with Tesla and Apple highlight the necessity for Samsung to reconsider its advanced packaging investments [7][8]. - Samsung's integrated model of "memory + foundry + packaging" positions it well for future demand once customer needs become clearer [8]. Group 4: ASE's Expansion and Technological Advancements - ASE is enhancing its advanced packaging capabilities in Kaohsiung, focusing on CoWoS, SoIC, and FOPLP technologies [9]. - ASE's new K18B factory in Kaohsiung will serve AI and HPC demands, while the K28 factory will expand CoWoS testing capacity [9][10]. - ASE's technology evolution includes advancements in 3D Advanced RDL technology, which is crucial for various applications [10][11]. Group 5: Amkor's U.S. Investment - Amkor is expanding its advanced packaging facility in Peoria, Arizona, with a total investment of $2 billion, expected to create over 2,000 jobs [13]. - The new facility will primarily support TSMC's CoWoS and InFO technologies, establishing a local closed-loop for wafer manufacturing and packaging [14]. - Amkor's expansion aligns with U.S. semiconductor policies, emphasizing the need for a complete backend capability to maintain competitiveness in AI and HPC [14]. Group 6: Domestic Players' Development - JCET, Tongfu Microelectronics, and Huatian Technology are rapidly advancing in the advanced packaging sector, each developing unique strategies [15]. - JCET is focusing on various advanced packaging technologies and plans to invest 8.5 billion yuan in 2025, targeting high-performance applications [16][17]. - Tongfu Microelectronics has deepened its partnership with AMD, becoming its largest packaging supplier, and is making significant progress in large-size FCBGA technology [18][19]. - Huatian Technology is exploring CPO technology and has achieved significant growth in revenue, indicating a shift towards system integration in advanced packaging [20][21].

Core Insights - The company, Chip Origin, reported a record high revenue of 1.284 billion yuan for Q3 2025, marking a year-on-year increase of 78.77% and a quarter-on-quarter increase of 119.74% [2] - Despite the significant revenue growth and a substantial reduction in losses, the company has struggled to turn a profit, remaining in a loss position for several quarters [5][6] - AI computing demand has been a major driver of order and revenue growth, with AI-related orders accounting for approximately 65% of new orders in Q3 2025 [3][4] Revenue and Orders - The company expects to sign new orders worth 3.249 billion yuan in the first three quarters of 2025, surpassing the total new orders for the entire year of 2024 [3] - The Q3 2025 new orders reached 1.593 billion yuan, representing a year-on-year increase of 145.8% [3] - The one-stop chip customization service has seen significant growth, with chip design revenue expected to reach 429 million yuan (up 291.76% quarter-on-quarter) and volume production revenue expected to reach 609 million yuan (up 133.02% quarter-on-quarter) [2] Industry Context - The global semiconductor market is projected to grow from approximately 580 billion dollars in 2024 to 1.2 trillion dollars by 2030, with AI semiconductors expected to account for over 70% of the total market by that time [4] - The rapid development of artificial intelligence technologies, particularly generative AI models, has led to increased demand for computing power, driving semiconductor companies to innovate and develop advanced chip architectures [4] Challenges and Profitability - Despite high order levels maintained for eight consecutive quarters, the company has not seen a corresponding improvement in profitability, with losses continuing to widen in recent quarters [5][6] - The semiconductor industry is characterized by high investment and slow returns, making it difficult for companies to achieve profitability quickly [6] - The company's business structure, which includes chip design and semiconductor IP licensing, has varying profit margins, with licensing fees yielding significantly higher margins compared to design and volume production [6][7] Market Performance - The company's stock price has increased by 254.78% year-to-date, reflecting strong market performance despite ongoing losses [7] - The competitive advantage of the company lies in the design and licensing segments of the chip industry, where it has a relatively smaller gap compared to international leaders [7]

2025 年 10 月1 5-17日 ， 第二届湾区半导体产业生态博览会（湾芯展2025） 将在 深圳会展中心（福田） 盛 大举办。 作为备受瞩目的半导体行业盛会，本届湾芯展 60,000m 2 展览面积，将携手国内外 600 余家 半 导体优质企 业，预计为 60,000+ 专业观众带来贯穿半导体产业链的前沿技术成果和最新解决方案。 展会时间 2025年10月15日 9:00-17:00（周三） 2025年10月16日 9:00-17:00（周四） 2025年10月17日 9:00-16:00（周五） 展会地点 深圳会展中心（福田） 1/2/9号馆 交通指引 福利放送： 免费公交/地铁乘车券 展会期间，观众可凭参观证到【咨询处】领取纸质乘车券，数量有限，先到先得。 行李寄存点 如需行李寄存服务，可前往1号馆1Q32【行李寄存处】 观众进馆流程 ①扫码注册 扫描下方二维码，填写基本信息完成预登记，凭"我的胸卡"，前往"自助打印处"打印证件。 ②自助/人工换证 自助换证：观众签到处（201、205、215） 人工换证：205 ③入场核验 一人一证，凭证件入场 注： 本展会为专业性展会，谢绝18周岁以下人士入场。 ...

Core Viewpoint - The "2025 Bay Area Semiconductor Industry Ecosystem Expo" will be held in Shenzhen from October 15 to 17, showcasing the latest achievements in the global semiconductor industry with over 600 participating companies and an exhibition area exceeding 60,000 square meters [1][5]. Group 1: Event Overview - The expo aims to achieve "higher specifications, broader radiation, deeper integration, and better services" [1][5]. - Last year's inaugural event featured 400 companies and an exhibition area of 40,000 square meters, indicating significant growth for this year's event [5]. Group 2: Industry Growth - Shenzhen's semiconductor industry is projected to reach a scale of 256.4 billion yuan in 2024, reflecting a year-on-year growth of 26.8% [1][8]. - In the first half of this year, the industry size reached 142.4 billion yuan, maintaining a rapid growth rate of 16.9% [1][8]. Group 3: Policy and Support - Shenzhen has implemented a series of policies to support the semiconductor and integrated circuit industry, including ten specific measures aimed at high-end chip product breakthroughs and enhancing design and manufacturing capabilities [7][8]. - The city has established a 5 billion yuan industry investment fund to focus on key areas and weaknesses within the industry chain [7]. Group 4: International and Brand Development - The expo will feature three special exhibition areas focusing on AI chips, RISC-V ecosystems, and Chiplet technologies, promoting new technologies and products [6]. - Major domestic companies such as Northern Huachuang and Shanghai Microelectronics will participate, aiming to establish a globally influential "China Semiconductor Independent Brand First Exhibition" [6].

Group 1 - The core focus of the company is on the research and development of fully automated micro-level high-precision micro-assembly equipment and Mini LED repair equipment [2] - The company has launched a 3μm high-precision placement equipment that can be applied in the Chiplet-specific equipment field, enabling domestic substitution [2] - The micro-assembly equipment has entered the supply chain systems of major organizations such as China Aerospace Science and Technology Corporation and AVIC Optoelectronics [2]

如果您希望可以时常见面，欢迎标星收藏哦~ 在全球AI加速演进的当下，算力已成为推动科技创新的核心引擎。从ChatGPT到DeepSeek，从多 模态大模型到Agent应用，指数级攀升的算力需求正在重塑半导体产业格局。与此同时，摩尔定律 趋缓、先进制程逼近物理极限，国际巨头纷纷押注Chiplet、CPO、3D-IC 等先进封装路线，产业 生态主导权日益集中。 对中国半导体而言，如何突破"低端锁定"，实现设计—制造—封测—EDA的全链条自主协同，已 成为迫在眉睫的战略课题。在这样的背景下，9月23日下午，由珠海硅芯科技有限公司与机械工业 出版社与联合发起的"引领AI算力'芯'时代——开创半导体产业新纪元"主题论坛在北京成功举办。 本次论坛由专攻2.5D / 3D堆叠芯片EDA领域的硅芯科技牵头组织，将分散在不同领域的议题包括 CPO、RISC-V、EDA/IP、存算一体这些高耦合、跨领域的议题首次整合进一场系统性论坛，既 打破了过去"各说各话"的局面，也标志着产业层面对"系统级协同"的认知正在提升。值得注意的 是，硅芯与机械工业出版社的合作，不仅是技术层面的联合，更是产业与知识平台的结合：前者深 耕产业痛点与工程 ...

Core Viewpoint - The article emphasizes the significance of TGV (Through Glass Via) technology in enhancing chip performance and its growing adoption in the semiconductor industry, driven by the demand for miniaturized electronic devices and advanced packaging solutions [2][3]. Group 1: TGV Technology Overview - TGV technology is crucial for improving interconnect density and signal integrity in high-speed circuits, enabling smaller and more powerful devices [2][3]. - The integration of TGV can simplify manufacturing processes by eliminating the need for separate interconnect layers, despite facing challenges such as material brittleness and processing defects [3][6]. Group 2: Market Growth and Applications - The demand for TGV substrates is expected to surge, particularly in IoT applications, with an estimated 50% of new IoT devices anticipated to incorporate TGV technology to enhance performance and reduce size [3]. - In high-performance computing, TGV glass substrates can boost chip performance by up to 40% while significantly reducing energy consumption [3]. Group 3: Industry Developments and Innovations - Recent advancements include significant investments in TGV technology, with companies like Chengdu Maike Technology securing hundreds of millions in funding to enhance TGV process development and production capabilities [7]. - Various projects and collaborations are underway, such as the establishment of a TGV manufacturing base in Jiangsu and the development of advanced TGV equipment by companies like Dazhu Semiconductor and Dongxu Group [7][8]. Group 4: Challenges and Considerations - TGV technology faces challenges related to material brittleness, processing defects, and cost control, which may hinder its widespread adoption [6]. - The need for reliable filling materials and thermal expansion coefficient matching is critical to ensure the structural integrity and performance of TGV substrates [6]. Group 5: Upcoming Events and Collaborations - TrendBank is organizing the 2025 Heterogeneous Integration Annual Conference in Ningbo from November 17-19, focusing on advanced packaging technologies, including TGV and FOPLP [9]. - The conference aims to foster collaboration between industry and academia, promoting technological innovation and application in the semiconductor field [9].

Core Viewpoint - The Chiplet concept sector is experiencing a strong performance, with notable gains in specific stocks such as Pengding Holdings reaching the daily limit increase [1] Company Summary - Pengding Holdings has hit the daily limit increase, indicating strong investor interest and confidence in the stock [1] - Jintuo Co. and Lihexing are also among the stocks showing significant gains, reflecting a broader positive trend in the Chiplet sector [1]

Core Viewpoint - Chipone Technology (688521.SH), a leading company in the domestic semiconductor IP and chip customization sector, experienced a stock price surge, reaching the daily limit of 20% following the announcement of record-high new orders and a strategic acquisition plan [1][2][3]. Group 1: Financial Performance - As of September 11, 2025, Chipone signed new orders worth 1.205 billion yuan, marking a significant increase of 85.88% compared to the entire third quarter of 2024 [2][3]. - The total order backlog reached 3.025 billion yuan by the end of June 2025, representing a 23.17% increase from the end of the first quarter of 2025 [2][3]. - Approximately 64% of the new orders are related to AI computing, indicating a strong market demand in this segment [2][3]. Group 2: Strategic Developments - Chipone announced plans to acquire a 97.0070% stake in Chip Lai Technology to enhance its industry footprint [1][6]. - The acquisition is expected to strengthen Chipone's capabilities in AI ASIC design and improve its market competitiveness in key business areas [7][8]. - The company raised 1.807 billion yuan through a private placement to fund projects related to AIGC and smart mobility, as well as new IP development [1][8]. Group 3: Market Sentiment - The market has reacted positively to Chipone's announcements, with a significant increase in institutional holdings, reaching a record high of 142 million shares held by 632 funds [4][5]. - The stock price has seen substantial growth, increasing 6.51 times since September 18, 2024, and 2.5 times since the beginning of 2025 [4][5]. - Analysts expect that as the company's strategic initiatives progress and orders convert into revenue, its financial performance will improve significantly [9].

Core Insights - The semiconductor packaging and testing technology has become a crucial element in overcoming the dual challenges of "physical limits" and "industrial chain disruptions" in the context of the global semiconductor industry's rapid transformation and geopolitical tensions [1] Group 1: Industry Trends - The advanced packaging sector is seen as a core pathway to continue Moore's Law, with technologies such as 2.5D/3D, Chiplet, and Fan-Out accelerating the integration of design and manufacturing [1] - The geopolitical landscape is reshaping supply chains, necessitating a dual approach of self-sufficiency and globalization for China's packaging industry [1] Group 2: Regional Developments - Jiangsu province, holding nearly half of the national packaging capacity, has become a significant hub for the semiconductor packaging industry, with the Yangtze River Delta region accounting for over 81% of the national total [2] - By 2024, Jiangsu's packaging revenue is projected to exceed 170 billion yuan, with key enterprises achieving breakthroughs in system-level packaging and 2.5D packaging technologies [2] Group 3: Market Dynamics - The domestic integrated circuit industry has seen a continuous increase in prosperity, with sales reaching 1,045.8 billion yuan, a year-on-year growth of 18% [3] - The advanced packaging market is growing at a rate that outpaces traditional packaging, driven by the demand for high-density, diversified, and miniaturized packaging solutions [3]