Core Viewpoint - The article emphasizes the rapid development and industrialization of hybrid bonding technology as a key enabler for overcoming performance bottlenecks in the semiconductor industry, particularly in the post-Moore's Law era [1][12]. Group 1: Hybrid Bonding Technology Overview - Hybrid bonding technology, also known as direct bonding interconnect, is a core technology in advanced packaging, enabling high-density vertical interconnections between chips through copper-copper and dielectric bonding [3][12]. - This technology allows for interconnect distances below 1μm, significantly increasing the number of I/O contacts per unit area compared to traditional bump bonding, which has distances above 20μm [3][5]. - Advantages include improved thermal management, enhanced reliability, flexibility in 3D integration, and compatibility with existing wafer-level manufacturing processes [3][5]. Group 2: Industry Adoption and Applications - Major semiconductor companies like SK Hynix and Samsung are adopting hybrid bonding in their products, such as HBM3E and 3D DRAM, achieving significant improvements in thermal performance and chip density [5][8]. - Samsung's implementation of hybrid bonding has reduced chip area by 30% while enhancing integration [8]. - TSMC's SoIC technology and NVIDIA's GPUs also utilize hybrid bonding to improve performance and density in advanced applications [10][11]. Group 3: Market Growth and Equipment Demand - The global hybrid bonding equipment market is projected to grow from approximately $421 million in 2023 to $1.332 billion by 2030, with a compound annual growth rate (CAGR) of 30% [13]. - Equipment manufacturers are competing to meet the rising demand for high-precision bonding machines and related technologies, with companies like Applied Materials and ASMPT leading the charge [13][14]. Group 4: Competitive Landscape - Applied Materials is focusing on building a comprehensive hybrid bonding ecosystem through strategic investments and partnerships, aiming to cover the entire process from material to bonding [14][15]. - ASMPT is enhancing its position by developing high-precision bonding technologies and collaborating with industry leaders to drive standardization [17][22]. - BESI is capitalizing on the demand for AI chips and HBM packaging, with a significant market share in CIS sensors and a focus on high-precision bonding equipment [18][19]. Group 5: Future Trends and Challenges - The shift from 2D scaling to 3D integration is reshaping the competitive landscape in the semiconductor industry, with hybrid bonding technology at the forefront [22][23]. - Despite its potential, hybrid bonding faces challenges such as high costs and stringent manufacturing environment requirements, which may slow its widespread adoption [23][21].

Core Insights - The report by Arm highlights the increasing complexity in chip design due to the slowing of Moore's Law and the rising demands of AI workloads, emphasizing energy efficiency as a primary consideration for AI computing [1][2] - The semiconductor industry is shifting towards innovative alternatives such as custom chips, compute subsystems (CSS), and chiplets to enhance performance and efficiency [1][2] Chip Design Challenges - Achieving a balance between computing power and energy efficiency is a significant challenge, necessitating close collaboration with foundries to optimize transistors for both dynamic and leakage power [2] - Optimization must occur at various levels, from transistor to architecture, including SoC design and data center operations, with a focus on protecting data during transmission to reduce power consumption [2] Custom Chip Trends - Custom chips are becoming a crucial trend in the semiconductor industry, with major cloud service providers accounting for nearly half of global cloud server procurement spending in 2024 [3] - The key to custom chip design lies in ensuring high reusability between chips and software, which helps address cost and time-to-market challenges [3] Security Considerations - As AI technology evolves, so do security threats, prompting the semiconductor industry to develop multi-layered hardware and software protection systems [3] - AI is also being leveraged to enhance security measures, enabling rapid identification of suspicious activities and potential vulnerabilities [3] Software Ecosystem Importance - The software ecosystem is vital for unlocking the potential of new chip architectures, requiring seamless compatibility with AI frameworks and optimization support for custom chips [4] - The slowing of Moore's Law necessitates closer collaboration between chip design and manufacturing, with advanced packaging technologies driving innovation [4] Chiplet Technology - Chiplet technology is still in its early exploratory phase, with standardization of design and interfaces being critical for effective integration and communication between chiplets [5] - Arm's Chiplet System Architecture (CSA) aims to standardize communication methods among chiplets, ensuring interoperability across different suppliers [5] Advanced Packaging and Performance - The demand for AI computing is accelerating the convergence of various technologies, with chiplet designs allowing for modular isolation of different functional blocks to enhance cost-effectiveness [6] - Advanced packaging techniques, such as 3D packaging, improve performance and efficiency by reducing data transmission distances and power consumption [6] Standardization Benefits - The true value of advanced packaging and chiplet technology lies in standardization, enabling rapid configuration of chiplets to meet diverse performance needs, thus shortening product time-to-market [7]

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a notable increase in revenue for Q1 2025 but significant losses in 2024, particularly in net profit and non-recurring net profit [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.565 billion, a year-on-year increase of 5.59%, but reported a net loss of 98 million, a decrease of 165.02% year-on-year. The non-recurring net profit was a loss of 159 million, down 582.26% year-on-year [1]. - For Q1 2025, the company reported revenue of 689 million, a year-on-year increase of 64.92%, and a net profit of 38 million, marking a return to profitability [1]. Segment Performance - In 2024, the display business generated revenue of 1.591 billion, a decrease of 8.98% year-on-year; the semiconductor business saw revenue of 768 million, an increase of 94.65%; and the new energy business reported revenue of 167 million, down 30.71% [2]. - For Q1 2025, the display business revenue was 382 million, up 42.46%; the semiconductor business revenue was 212 million, up 63.71%; and the new energy business revenue surged to 78 million, a year-on-year increase of 429.71% [2]. Profitability and Cost Structure - The overall gross margin for 2024 was 39.97%, a decrease of 8.98 percentage points, with a net margin of -8.69%, down 12.37 percentage points [3]. - The gross margin for the display business was 38.36%, down 11.36 percentage points; for the semiconductor business, it was 45.75%, down 7.08 percentage points; and for the new energy business, it was 30.81%, down 4.74 percentage points [3]. - The company’s R&D expenses increased by 13.03% year-on-year to 724 million, reflecting a commitment to innovation despite the financial losses [3]. Strategic Initiatives - The company is increasing its focus on advanced process technologies, particularly in the 14nm and below categories, with successful deliveries of key products [4]. - The strategic investment in Hubei Xingchen aims to deepen partnerships with core customers and enhance capabilities in advanced packaging technology [5]. Future Outlook - Revenue projections for 2025-2027 are estimated at 3.458 billion, 4.587 billion, and 5.946 billion, with expected net profits of 249 million, 393 million, and 559 million respectively, indicating a positive growth trajectory [5].

为什么要采用先进封装？ 自半导体工业诞生以来，集成电路就一直被封装在封装件中。最初的想法主要是保护内部脆 弱的硅片不受外部环境的影响，但在过去的十年中，封装的性质和作用发生了巨大的变化。 虽然芯片保护仍然重要，但它已成为封装中最不引人关注的作用。 本文探讨了封装领域最大的变化，即通常所说的先进封装。先进的含义并没有明确的定义。相反， 该术语广泛涵盖了多种可能的封装方案，所有这些方案都比传统的单芯片封装复杂得多。先进封装 通常封装了多个元件，但组装方式却千差万别。 在这种讨论中，经常会提到 2.5D 或 3D 封装，这些描述指的是内部元件的排列方式。 本文首先讨论了从外部观察到的封装类型，然后向内讨论了高级封装所集成的基本组件。之后，将 更详细地探讨每个组件。大部分讨论将涉及高级软件包的各种组装过程。文章最后探讨了任何技术 讨论都必须涉及的四个主题--工程师如何设计先进封装、如何对其进行测试、先进封装的总体可靠 性影响以及任何安全影响。 文章还简要讨论了两个相关的广泛话题。首先是键合。虽然这是封装的一个必要组成部分，但它本 身也是一个很大的话题，在此不作详细讨论。其次是不属于集成电路但可能包含在封装中的各类元 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 自半导体工业诞生以来，集成电路就一直被封装在封装件中。最初的想法主要是保护内部脆 弱的硅片不受外部环境的影响，但在过去的十年中，封装的性质和作用发生了巨大的变化。 虽然芯片保护仍然重要，但它已成为封装中最不引人关注的作用。 本文探讨了封装领域最大的变化，即通常所说的先进封装。先进的含义并没有明确的定义。相反， 该术语广泛涵盖了多种可能的封装方案，所有这些方案都比传统的单芯片封装复杂得多。先进封装 通常封装了多个元件，但组装方式却千差万别。 在这种讨论中，经常会提到 2.5D 或 3D 封装，这些描述指的是内部元件的排列方式。 本文首先讨论了从外部观察到的封装类型，然后向内讨论了高级封装所集成的基本组件。之后，将 更详细地探讨每个组件。大部分讨论将涉及高级软件包的各种组装过程。文章最后探讨了任何技术 讨论都必须涉及的四个主题--工程师如何设计先进封装、如何对其进行测试、先进封装的总体可靠 性影响以及任何安全影响。 文章还简要讨论了两个相关的广泛话题。首先是键合。虽然这是封装的一个必要组成部分，但它本 身也是一个很大的话题，在此不作详细讨论。其次是不属于集成电路但可能包含 ...

"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]