Investment Rating - The report initiates coverage of K&S (KLIC US) with a Buy rating, and BE Semiconductor (BESI NA) with a Neutral rating, while maintaining a Buy rating on ASMPT (522 HK) [3][6][11]. Core Insights - Advanced packaging (AP) is expected to evolve significantly from 2025 onwards, with a shift from CoWoS-S to CoWoS-L/R, increased adoption of SoIC driven by HBM5, and potential upgrades in InFO technology led by Apple [3][6]. - The semiconductor cycle's recovery is a key catalyst for K&S and ASMPT, given their substantial sales exposure to conventional packaging [3][6]. CoWoS Technology - CoWoS technology is transitioning from CoWoS-S to CoWoS-L, with TSMC expected to increase its CoWoS-L capacity from approximately 20% in 2024 to nearly 60% in 2025 [7][21]. - CoWoS-S is anticipated to face oversupply due to non-TSMC supply chain expansions, while CoWoS-L is expected to be in demand for high-end GPUs [7][28]. SoIC Technology - SoIC is projected to gain importance with the adoption of high-NA EUV technology, although headwinds are expected in 2025 due to limited new adopters and potential capex constraints from Intel [8][14]. - AMD is currently the major adopter of SoIC, with potential future demand driven by Apple and HBM technologies [8][14]. InFO Technology - Apple is likely to adopt upgraded InFO technology from 2026 onwards, necessitating capacity upgrades to accommodate new application processor designs [9][20]. - The transition from InFO-PoP to InFO-M is expected as the I/O count between DRAM and application processors becomes insufficient [9][20]. Company-Specific Insights - K&S is positioned to be the primary TCB supplier for TSMC's on-wafer process starting in 2025, benefiting from the shift towards CoWoS-L technology [3][6]. - ASMPT is expected to gain market share in the HBM market from a low base, with its TCB potentially adopted by TSMC and Apple in the future [3][6]. - BE Semiconductor faces challenges due to rich valuations and potentially disappointing hybrid bonding orders in 2025 [3][6].

Fundraising Overview - The company, Chiplet Microelectronics (Shanghai) Co., Ltd., has received approval from the China Securities Regulatory Commission to issue shares to specific investors, raising a total of RMB 1,806,856,851.88 [1][2] Special Account and Supervision Agreement - The company has established a special account for the raised funds, which will only be used for the designated projects and not for any other purposes [2][3] - A tripartite supervision agreement has been signed between the company, the sponsoring institution (Guotai Junan Securities Co., Ltd.), and the banks holding the funds to ensure proper management and usage of the raised capital [2][3] Specific Projects and Fund Allocation - The funds will be allocated to research and development projects in the fields of AIGC (Artificial Intelligence Generated Content) and smart mobility, specifically for the Chiplet solution platform [3][4] - The agreement stipulates that the funds must be used solely for the specified projects, ensuring investor protection and compliance with relevant regulations [4][5] Monitoring and Reporting - The sponsoring institution is responsible for ongoing supervision of the fund usage, conducting at least biannual on-site inspections to verify compliance with the agreement [6][7] - The company is required to notify the sponsoring institution of any significant expenditures from the special account and provide detailed expenditure reports [8][9]

Core Insights - The article discusses Meta's ambitious plans to challenge NVIDIA's dominance in the AI server market with its MTIA series of products, aiming for significant production volumes and advanced technology [3][5]. Group 1: Meta's MTIA Series - Meta is developing the MTIA T-V1, T-V1.5, and T-V2 models, with T-V1 and T-V1.5 expected to have a combined shipment target of 1-1.5 million units by the end of 2026, with T-V1.5 making up a larger share [5][4]. - The MTIA T-V1.5 will feature a doubled intermediary layer size and a PCB with up to 40 layers, while T-V2 is expected to utilize larger CoWoS packaging and require liquid cooling systems with power systems exceeding 170KW [4][5]. Group 2: Market Dynamics - In 2026, the shipment volume of AI ASICs is projected to surpass that of GPGPUs, with NVIDIA currently holding over 80% of the AI server market value share, while ASIC AI servers account for approximately 8-11% [6][7]. - By 2025, the combined shipment of Google TPU and AWS Trainium 2 is expected to reach 40-60% of NVIDIA's GPU shipments, indicating a shift in market dynamics [7]. Group 3: Cost and Technical Considerations - The article highlights a divergence in views regarding the necessity and cost of ASICs, with some large cloud service providers (CSPs) advocating for ASICs to bridge technology gaps despite higher BOM costs, while NVIDIA's CEO suggests that most ASIC projects may be canceled due to economic viability concerns [9][10]. - The high costs associated with ASICs stem from the need for larger CoWoS packaging and high-spec PCBs, which are essential for performance compensation and thermal management [11][12]. Group 4: PCB Market Potential - The article notes that the market for ASIC and GPU PCBs is expected to double in value, with a projected growth rate of 65% next year, indicating a significant opportunity for PCB suppliers [16]. - Companies like Huada Empyrean (WUS) are highlighted as potential beneficiaries of this growth, providing advanced PCBs for Meta's MTIA [17][19].

Core Viewpoint - NVIDIA's CEO Jensen Huang asserts that NVIDIA's growth will continue to outpace that of Application-Specific Integrated Circuits (ASICs), citing a high failure rate among ASIC projects and emphasizing NVIDIA's technological advancements and cost optimization [2][3]. Group 1: NVIDIA's Market Position - Huang believes that while many companies are developing ASICs, about 90% will fail, similar to the high failure rate of startups [2]. - NVIDIA is not overly concerned about the competition from ASICs, as they recognize that without NVIDIA, the computing field cannot thrive [3]. - Huang emphasizes that the development of ASICs is not the main challenge; rather, the deployment requires significant investment and expertise, which NVIDIA possesses [4]. Group 2: NVLink Fusion Announcement - NVIDIA introduced NVLink Fusion, a technology aimed at integrating third-party CPUs and accelerators with NVIDIA's ecosystem, allowing for semi-custom designs [5][7]. - NVLink Fusion enables non-NVIDIA CPUs to connect to NVIDIA GPUs via a short-distance chip-to-chip connection, enhancing flexibility for system vendors [9][11]. - The technology is seen as a step towards allowing third-party chip manufacturers to integrate their designs with NVIDIA's high-performance NVLink network [15]. Group 3: Industry Collaboration - Companies like Alchip, AsteraLabs, Marvell, and MediaTek are confirmed to be developing accelerators that will support NVLink Fusion, indicating a growing ecosystem around NVIDIA's technology [15]. - Fujitsu and Qualcomm are also working on new CPUs that will pair with NVIDIA GPUs, aiming to enhance efficiency through NVLink Fusion [15]. - Cadence and Synopsys are participating as technical partners in the NVLink Fusion initiative, providing IP blocks and design services to companies looking to build compatible hardware [16].

Core Insights - Marvell Technology, Inc. has introduced an innovative multi-die packaging solution that significantly reduces the total cost of ownership (TCO) for custom AI accelerator silicon, enabling designs that are 2.8 times larger than traditional single-die implementations [1][7] - The new packaging technology addresses challenges in the AI era, such as power management and supply chain complexities, allowing hyperscalers to accelerate time-to-market and enhance supply chain flexibility [2][4] Company Developments - The multi-die packaging platform is part of Marvell's comprehensive IP portfolio for custom AI compute platforms and has been qualified with a major hyperscaler, now entering production ramp [1][7] - Marvell's approach integrates advanced features such as a modular RDL interposer, which reduces design costs and increases chiplet yields by allowing individual die replacements [5][10] Industry Context - The chiplet processor market is projected to grow by 31% annually, reaching $145 billion by 2030, highlighting the importance of advanced packaging technologies in the evolution of chiplet architectures [4] - Collaboration with leading companies in the semiconductor industry, such as ASE and Amkor Technology, emphasizes the critical role of advanced packaging in enhancing performance and efficiency for AI and accelerated compute devices [9][10] Technical Innovations - The Marvell RDL interposer design allows for shorter die-to-die interconnects and supports the integration of passive devices to minimize signal noise, enhancing the overall performance of AI designs [6][5] - The platform supports the integration of HBM3 and HBM3E memory, with plans for future HBM4 designs, showcasing Marvell's commitment to advancing memory technologies in AI infrastructure [8][11]

Group 1 - EDA-related stocks showed strong performance on the 29th, with significant price increases for several companies [1] - Companies like GeLun Electronics saw a 20% increase, closing at 27.77 CNY per share, while Broadcom Micro closed at 56.74 CNY per share [1] - The U.S. government has effectively cut off some American companies' channels to sell semiconductor design software to China, prompting a response from China's Ministry of Commerce [1] Group 2 - The EDA industry is primarily dominated by Synopsys, Cadence, and Siemens EDA, with ongoing active mergers and acquisitions [2] - Synopsys announced the acquisition of EDA leader Ansys, receiving conditional approval from the U.S. Federal Trade Commission, while Siemens is set to complete its acquisition of Altair in March 2025 [2] - Domestic wafer fabs are expanding, driving demand for EDA tools, and local EDA companies are actively pursuing mergers [2] Group 3 - Huada Jiutian has focused on the development of EDA software tools and is involved in several national major projects [3] - The company plans to acquire 100% of Chip and Semiconductor through a combination of stock issuance and cash payment, enhancing its EDA capabilities [3] - The semiconductor design companies and wafer fabs are closely collaborating with EDA firms to accelerate the application of domestic tools [3]

一见Auto . 汽车竞争中的野心、方法论与新秩序。21世纪经济报道旗下汽车报道品牌。 以下文章来源于一见Auto ，作者易思琳 作 者丨易思琳 编 辑丨吴晓宇 图 源丨2 1世纪经济报道 梁远浩 摄 为了加速芯片后续的自研工作，理想开始引入有经验、有战略眼光的高级人才。 《2 1汽车·一见Au t o》从多位信源处获悉， 五一假期之后，理想汽车新入职了一位2 2级的高 管，化名张开元，向CTO谢炎直接汇报。 在公司的组织架构上，该高管目前暂时放在二级部 门"系统运营"下，该部门负责人是龙开文，职级为2 1。 一位知情人士告诉我们， 张开元在某国产芯片大厂工作超过2 0年，在芯片集成、半导体先进 制程封 装 等方 面有着 丰厚的经验 。 " 从小角 色一路 爬上 来，从小 组长到部门负责 人甚 至副总 裁，非常清楚芯片制造过程中会出现什么问题、有哪些坑。" 芯片流程很复杂，需要一个站位高、有丰富量产经验的人来主导，知道芯片的全流程是怎么样 的 、 理 想 还 需 要 补 齐 哪 些 人 才 。 " 2 2 级 的 人 ， 能 在 很 短 的 时 间 内 把 一 支 队 伍 拉 起 来 ， 而 这 件 事，1 ...

Investment Rating - The industry investment rating for Semiconductor Production Equipment is Attractive [2]. Core Insights - The semiconductor manufacturing equipment market is expected to experience growth driven by advancements in generative AI and increased demand for high-performance computing [117]. - The report highlights a shift in capital expenditure trends, with significant investments anticipated in both front-end and back-end processes, particularly in response to evolving technology needs [117]. - The report notes that while there are uncertainties regarding US tariffs and restrictions on China, the overall growth potential of the semiconductor manufacturing equipment market remains strong [117]. Market Environment - The semiconductor production equipment market is projected to see low-single digit negative growth in 2025, influenced by various factors including demand fluctuations in China and global market dynamics [19][22]. - The report indicates that sales of wafer fabrication equipment (WFE) to China are expected to slow down, with significant implications for the market outlook [22]. - The demand for advanced packaging technologies, such as CoWoS, is increasing, driven by the need for high-performance computing solutions [38]. Capital Expenditure Trends - Capital expenditure (capex) for DRAM is expected to decrease in China while increasing outside of China, with NAND investments rebounding [17]. - The report anticipates that capex directed at HBM4 will ramp up fully from the second half of 2025, reflecting the growing demand for high-bandwidth memory in AI applications [36]. - The CHIPS Act is expected to significantly impact the back-end equipment market, with substantial subsidies allocated to enhance domestic semiconductor manufacturing capabilities [39][40]. Technological Advancements - The concept of chipletization is highlighted as a key trend, offering advantages such as reduced chip area and improved yields, which are critical for enhancing semiconductor performance [15]. - The report discusses the emergence of new technologies, including glass substrates and photoelectric fusion, which are expected to drive innovation in semiconductor manufacturing [36]. - The introduction of advanced packaging methods, such as Panel Level Packaging (PLP), is noted for its potential to improve manufacturing efficiency and output [99].

Investment Rating - The industry investment rating for Semiconductor Production Equipment is Attractive [2]. Core Insights - The semiconductor manufacturing equipment market is expected to experience growth driven by advancements in generative AI and increased demand for high-performance computing [117]. - The report highlights a shift in capital expenditure trends, with significant investments anticipated in both front-end and back-end processes, particularly in response to evolving technology needs [117]. - The report notes that while there are uncertainties regarding US tariffs and restrictions on China, the overall growth potential of the semiconductor manufacturing equipment market remains strong [117]. Market Environment - The WFE (Wafer Fabrication Equipment) market is projected to see low-single digit negative growth in 2025, with specific segments like NAND and foundry showing varied growth rates [19][22]. - Sales exposure to China is expected to decline, with significant implications for companies like Kokusai Electric, SCREEN Holdings, and Tokyo Electron, whose sales to China as a percentage of total sales are forecasted to decrease [22][21]. - The demand for advanced packaging technologies, such as CoWoS (Chip on Wafer on Substrate), is anticipated to increase, driven by the need for high-performance computing solutions [38][117]. Technology Trends - The concept of chipletization is gaining traction, allowing for reduced chip area and increased yields, which is crucial for optimizing semiconductor production [15]. - The report discusses the impact of the CHIPS Act, which is expected to significantly boost the back-end equipment market, growing at twice the rate of the front-end equipment market [39][40]. - Innovations in packaging technologies, such as PLP (Panel Level Package) and HBF (High Bandwidth Memory), are highlighted as promising developments that could enhance production efficiency [99][101]. Future Outlook - The semiconductor production equipment market is poised for transformation, with generative AI driving new demands and opportunities for innovation [117]. - The report emphasizes the importance of sustainability in investment, particularly in the context of AI and semiconductor demand, as companies like Microsoft plan to increase their capital expenditures significantly [36][86]. - The anticipated growth in mobile HBM (High Bandwidth Memory) capacity for edge AI devices is projected to ramp up significantly from 2025 onwards, indicating a robust market for related production equipment [81][84].

Company Overview - Tongfu Microelectronics is an integrated circuit packaging and testing service provider, offering one-stop services for design simulation and packaging testing across various fields including AI, high-performance computing, and 5G [2][5] - The company has established production bases in multiple locations, including Jiangsu, Anhui, and Malaysia, enhancing its ability to serve clients locally [2][3] - In 2024, the company acquired a 26% stake in Jinglong Technology, which is expected to improve investment returns and create more value for shareholders [2][3] Financial Performance - Revenue for 2021, 2022, 2023, and 2024 was 15.812 billion, 21.429 billion, 22.269 billion, and 23.882 billion CNY respectively [3] - Net profit for the same years was 0.957 billion, 0.502 billion, 0.169 billion, and 0.678 billion CNY respectively [3] - In Q1 2025, revenue reached 6.092 billion CNY, a 15.34% increase year-on-year, with net profit of 0.101 billion CNY, a 2.94% increase [4] Industry Trends - The semiconductor industry is entering an upward cycle, with global semiconductor sales expected to reach 627.6 billion USD in 2024, a 19.1% increase from 2023 [3] - Memory products, particularly high-performance DRAM and server SSDs, are projected to grow significantly, with memory product growth rates reaching 75.6% [3] - The global integrated circuit packaging and testing market is expected to reach 82 billion USD in 2024, a 7.8% increase [3] Business Operations - The company has seen significant growth in its core areas, including a 46% increase in mobile SOC and over 200% growth in automotive products [6][7] - In 2024, the company applied for 95 patents, achieving a total of 142 authorized patents, reflecting its commitment to innovation [7][9] - The company plans to invest 6 billion CNY in 2025 for facility construction, production equipment, IT, and R&D [12] Strategic Initiatives - The company is focusing on high-value products and advanced packaging technologies, including Chiplet and 2D+ packaging [5][6] - It has successfully localized procurement for over 100 materials, significantly reducing costs [7] - The company is enhancing its market share in advanced packaging through strategic collaborations with international clients [8]