"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 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 珠海硅芯科技有限公司 诚邀您莅临于2025年4月29日在浙江 · 宁波 （ 甬江实验室） 举办的 2025势银异质异构集成封装产业大会 公司介绍 珠海硅芯科技有限公司主要从事新一代2.5D/3D堆叠芯片EDA软件设计的研发及产业化。创始人团队从2008年开始研究2.5D/3D芯片设计方法，是世界最 早期研究设计方法的研究团队之一，并在堆叠芯片EDA后端布局、布线、可测试、可靠性等方面均有世界领先成果。 公司自主研发3Sheng Integration Platform，分为系统级架构设计、物理实现、Multi-die测试容错、分析仿真、多Chiplet集成验证五大中心，涵盖堆叠 芯片设计所需环节的全流程工具。目前，硅芯科技系列产品已通过先进封装产业验证，完成设计制造闭环，并打造首批客户案例，全方位助力 AI,GPU,CPU, ...

"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 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 长川科技 董事、副总经理 钟锋浩 已 确认参 加 2025势银异质异构集成封装产业大会 ，并作为嘉宾进行主题为 《 Chiplet异构集成对测试技术 的挑战 》 的演讲。 钟锋浩， 长川科技董事、副总经理，高级工程师，专注集成电路测试装备研究开发近30 年，是集成电路测试装备领域一流资深技术专家，Chiplet测试标准编写组组长，全国集 成电路标准化技术委员会TC599专家成员。目前已申请集成电路测试技术相关专利79 项。 杭州长川科技股份有限公司 成立于2008年4月，是一家专注于集成电路封测装备研发、 生产和销售的高新技术企业，主要产品包括集成电路测试机、分选机、探针台、AOI设备 和自动化检测装备，客户包含了日月光、台积电、华天科技、长电科技、通富微电、矽 力杰等国内外一流集成电路企业。通过17年的技术积累和研发创新， ...

"未来，公司将持续进行先进封装技术的研发工作，加强市场洞察和细分市场研究，重点开展面向AI(人 工智能)、XPU(各类处理器统称)、存储器以及汽车电子相关应用或产品的开发，推进2.5D平台技术的成 熟转化，积极布局CPO(光电合封)封装技术。上述新的发展领域将成为公司新的发展增长点。"4月11 日，在天水华天科技（002185）股份有限公司(以下简称"华天科技")召开的2024年度业绩说明会上，公 司总经理崔卫兵在回答《证券日报》记者提问时表示。 华天科技的主营业务为集成电路封装测试，目前公司集成电路封装产品主要应用于计算机、消费电子及 智能移动终端、物联网、工业自动化控制、汽车电子等电子整机和智能化领域。 2024年，华天科技实现营业收入144.62亿元，同比增长28%；归属于上市公司股东的净利润6.16亿元， 同比增长172.29%。 对于业绩增长的主要原因，华天科技董事会秘书常文瑛向《证券日报》记者表示："2024年，在相关电 子终端产品需求回暖的影响下，集成电路景气度回升。受此影响，公司订单增加，产能利用率提高，营 业收入较2023年有显著增长，从而使得公司经营业绩大幅提高。" 从整个行业来看，得益于 ...

Core Viewpoint - The semiconductor industry is transitioning from "device scaling" to "architectural innovation," with advanced packaging technologies like Fan-Out Wafer Level Packaging (FOWLP), Chiplet heterogeneous integration, and 3D stacking becoming essential for overcoming performance bottlenecks [1][3]. Group 1: Advanced Packaging Technologies - Advanced packaging technologies are critical for enhancing performance in the semiconductor industry, especially as traditional scaling approaches reach physical limits [1]. - The demand for advanced packaging materials is driven by the rapid growth in AI and automotive electronics, necessitating higher density, lower power consumption, and improved thermal management [3][5]. Group 2: Innovations in Packaging Materials - Henkel has introduced LOCTITE® ECCOBOND LCM 1000AG-1, a low-stress, ultra-low warpage liquid compression molding material suitable for wafer-level packaging and FOWLP, specifically designed to support AI chips [5]. - The company has developed a liquid molding bottom fill adhesive that simplifies processes by merging filling and encapsulation steps, enhancing packaging efficiency and reliability [5]. - Henkel's new capillary bottom fill adhesive for system-on-chip applications optimizes high flow performance, ensuring uniform flow and rapid filling while reducing stress damage during packaging [5][6]. Group 3: Automotive Electronics - The rise of electric vehicles and autonomous driving technologies has created new challenges for semiconductor packaging materials, requiring high thermal conductivity and reliability under extreme conditions [7][9]. - Henkel has launched several innovative solutions for automotive applications, including LOCTITE® ABLESTIK ABP 6395TC, designed for high reliability and thermal conductivity, suitable for power devices and automotive electronics [9]. - Another product, LOCTITE® ABLESTIK ABP 8068TH, utilizes pressure-less silver sintering technology, offering low stress and high thermal conductivity, making it ideal for semiconductor packaging [9][10]. Group 4: Sustainability and Localization - Henkel is committed to sustainability, developing tools to assess carbon footprints and promoting eco-friendly packaging solutions, such as 100% PCR resin tubes [11]. - The company is enhancing its local operations in China, with significant investments in R&D and production capabilities, including the recent establishment of a new factory in Yantai [11]. - Henkel's focus on material innovation and local partnerships aims to strengthen its position in the advanced packaging market and contribute to the sustainable development of the semiconductor industry [11][12].

Investment Rating - The report maintains a "Positive" investment rating for the semiconductor industry [8] Core Insights - The global semiconductor sales are expected to grow by 11% year-on-year to reach $69.72 billion in 2025, driven by the recovery in consumer electronics demand and structural demand from AI technology [2][4] - The semiconductor equipment market is projected to grow by 7.7% year-on-year to $12.15 billion in 2025, with a significant contribution from the domestic market in China [2][5] - The report emphasizes the importance of advanced packaging technology in enhancing the performance of domestic chips, suggesting a focus on growth opportunities in upstream equipment and materials [5][6] Summary by Sections Industry Performance - The global semiconductor sales are estimated at approximately $62.69 billion in 2024, reflecting a 19% year-on-year increase, with further growth expected in 2025 [4] - The growth is primarily driven by the recovery in consumer electronics and the integration of AI technology [4][14] - The supply side shows high capacity utilization rates among leading foundries, with price improvements noted [4][29] Semiconductor Equipment - Global semiconductor equipment sales are expected to reach $112.8 billion in 2024, with a projected increase to $121.5 billion in 2025 [5][46] - The growth rates for wafer fabrication, packaging, and testing equipment are forecasted at 6.8%, 16.0%, and 14.6% respectively [5] - The domestic semiconductor equipment market in China is expected to account for 45% of the total market by the end of 2024 [5][51] Semiconductor Materials - The global semiconductor materials market revenue is projected to recover, with a growth rate of 7% expected in 2024 [6] - Advanced packaging technology is anticipated to create new demand for materials such as PSPI photoresists and bonding adhesives [6][19] Sector Valuation - As of February 27, 2025, the dynamic P/E ratios for semiconductor equipment and materials are 64x and 93x, respectively, indicating a favorable valuation environment [7] - The report suggests that the sector is poised for dual drivers of valuation and performance growth due to sustained demand and improved sentiment towards domestic capabilities [7]

Investment Rating - The report rates the electronic industry as "Overweight" (first-time rating) [1] Core Insights - DeepSeek has achieved three major breakthroughs in algorithm efficiency, significantly reducing memory usage and inference latency while maintaining model performance [1][2] - The optimization of algorithms does not diminish the value of the computing power industry but rather restructures demand, leading to a multi-tier growth engine in the trillion-level computing power market [1][29] - The demand for high-performance computing chips remains strong due to the continuous expansion of model parameters and training data [1][35] Summary by Sections Breakthroughs in DeepSeek Architecture - DeepSeek optimizes from input processing to computation and output stages, enhancing computing efficiency while reducing redundant calculations [2] - The introduction of a KV cache mechanism reduces inference complexity significantly, leading to lower resource consumption [2][5] - The Multi-Head Latent Attention (MLA) technology reduces KV cache space by over 90% while maintaining performance [5] Efficiency Improvements - The DeepSeek-V3 model activates only about 5.5% of parameters per token, significantly lowering computational load [8][10] - The GRPO algorithm allows for high-level reasoning capabilities without the need for supervised fine-tuning, achieving better performance with reduced training costs [21][25] Market Demand and Growth - The report predicts that the global advanced packaging revenue will grow from approximately $37.8 billion in 2023 to $69.5 billion by 2029, with a compound annual growth rate of 11% [1] - The demand for advanced packaging technologies, such as 2.5D and 3D packaging, is expected to rise as traditional methods face limitations [1][51] Investment Recommendations - The report suggests focusing on key players in the 2.5D/3D packaging technology, including equipment manufacturers and OSAT companies [1]

股票简称：蓝箭电子 股票代码：301348 佛山市蓝箭电子股份有限公司 FOSHAN BLUE ROCKET ELECTRONICS CO.,LTD. （佛山市禅城区古新路 45 号） 首次公开发行股票并在创业板上市之 上市公告书 保荐人（主承销商） （海口市南宝路36号证券大厦4楼） 二零二三年八月 特别提示 佛山市蓝箭电子股份有限公司（以下简称"蓝箭电子"、"本公司"、"发行 人"或"公司"）股票将于 2023 年 8 月 10 日在深圳证券交易所创业板上市。本公 司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初期 切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行股 票并在创业板上市招股说明书中的相同。 2 第一节 重要声明与提示 一、重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书的真实性、准确性、完 整性，承诺上市公告书不存在虚假记载、误导性陈述或者重大遗漏，并依法承担法律 责任。 深圳证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明 对本公司的任何保证。 本公司提醒广大投资者认 ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 佛山市蓝箭电子股份有限公司 FOSHAN BLUE ROCKET ELECTRONICS CO.,LTD. （佛山市禅城区古新路 45 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （海口市南宝路 36 号证券大厦 4 楼） 创业板投资风险提示 佛山市蓝箭电子股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1- ...

本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 佛山市蓝箭电子股份有限公司 FOSHAN BLUE ROCKET ELECTRONICS CO.,LTD. （佛山市禅城区古新路 45 号） 招股意向书 （海口市南宝路 36 号证券大厦 4 楼） 创业板投资风险提示 首次公开发行股票并在创业板上市 保荐人（主承销商） 佛山市蓝箭电子股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1- ...

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不确定性、 尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。 投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎作出投资决定。 佛山市蓝箭电子股份有限公司 FOSHAN BLUE ROCKET ELECTRONICS CO.,LTD. （佛山市禅城区古新路 45 号） 首次公开发行股票并在创业板上市 招股说明书 免责声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 保荐人（主承销商） 的招股说明书作为投资决定的依据。 （注册稿） （海口市南宝路 36 号证券大厦 4 楼） 佛山市蓝箭电子股份有限公司 招股说明书（注册稿） 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根 ...