Investment Rating - The report rates the chemical industry as "Outperform" [2] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices this year. Key areas to focus on in July include safety regulations, supply changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [2][12] Summary by Sections Industry Dynamics - In the week of June 30 to July 6, among 100 tracked chemical products, 25 saw price increases, 56 saw declines, and 19 remained stable. The average price of TDI increased by 7.02% week-on-week, while the average price of acrylic acid rose by 3.65% [11][36] Investment Recommendations - The report suggests focusing on safety regulations and supply changes affecting the pesticide and intermediate sectors, performance fluctuations from the first half of the year, the growing importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies. Long-term investment themes include sustained high crude oil prices benefiting the oil and gas extraction sector, rapid development in downstream industries, and policy support for demand recovery [12][19] Key Products and Price Changes - TDI prices increased to 12,013 CNY/ton, while acrylic acid prices reached 7,100 CNY/ton, reflecting a 14.52% year-on-year increase. The average price of crude oil also saw slight increases, with WTI at 66.50 USD/barrel and Brent at 68.30 USD/barrel [11][35][36] Company Highlights - Satellite Chemical and Anji Technology are highlighted as "gold stocks" for July, with both companies showing strong revenue and profit growth in 2024. Satellite Chemical reported a revenue of 45.648 billion CNY, a 10.03% increase year-on-year, while Anji Technology achieved a revenue of 1.835 billion CNY, a 48.24% increase year-on-year [13][19]

Core Insights - The article discusses significant developments in the semiconductor industry, highlighting investments, policy changes, and market trends that could impact future growth and competition in the sector. Group 1: Investment and Policy Initiatives - Shenzhen has established a semiconductor and integrated circuit investment fund with a total scale of 5 billion yuan to support the optimization and quality improvement of the industry chain [5] - Shanghai has implemented joint support policies for key industrial chains, including integrated circuits and aerospace, to accelerate the cultivation of these sectors [5] - Hong Kong has approved the construction of its first 8-inch silicon carbide wafer factory, marking a significant step in semiconductor manufacturing [5] Group 2: Market Trends and Projections - South Korea's semiconductor exports increased by 11.6% year-on-year in June, reaching a record high of $14.97 billion [7] - The U.S. Senate has passed a tax bill that could increase tax credits for semiconductor companies building new factories from 25% to 35% [8] - By 2030, mainland China is projected to surpass Taiwan and become the largest semiconductor wafer foundry center globally, capturing 30% of the total installed capacity [8] Group 3: Company Developments - TSMC is reportedly planning to cease production on its GaN production line to focus on advanced packaging [6] - Samsung's semiconductor division is expected to report a 39% drop in operating profit for Q2 due to delays in supplying advanced memory chips to Nvidia [11] - The bankruptcy review application for the advanced packaging equipment company, Paixin Semiconductor, has been filed, indicating financial distress [9][10] Group 4: Technology and Innovation - Tokyo University has developed a new gallium-doped indium oxide crystal material that could replace silicon, enhancing performance in AI and big data applications [19] - The upcoming LPDDR6 memory is set to be mass-produced by Samsung in late 2025, with Qualcomm as the first adopter [19] Group 5: Market Analysis - TrendForce reports that the price of 16Gb DDR4 DRAM chips continues to rise, while PC-grade DRAM prices are losing momentum [16] - CFM forecasts that LPDDR4X prices will increase by over 20% in Q3 2025, while LPDDR5X prices will see slight increases [17]

美商务部取消部分对华芯片设计 EDA 工具出口限制。 据报道，随着中美实施旨在促进两国关键技术流动的贸易协议，特朗 普政府已取消了对华芯片设计软件（EDA）销售的至少部分出口许可 要求。7 月 3 日消息，新思科技（Synopsys）于当地时间 7 月 2 日宣 布，美国商务部已解除此前对该公司向中国出口的限制措施。7 月 3 日，Cadence 表示，美国已取消对中国芯片设计软件的出口限制，并 正在恢复受影响客户对软件和技术的访问。 AI 拉升 PCB 需求，CCL 需求保持高景气。 AI 的发展将深刻改变 PCB 产业链的格局。AI 产业浪潮对 PCB 数据处 理能力和可靠性方面提出更高技术要求。CCL（覆铜板）是 PCB 的核 心原材料，由树脂、玻纤布、铜箔等复合制成，直接决定 PCB 的电 气性能、机械性能和散热能力。CCL 相关公司业绩与 PCB 产业链景气 度高度绑定，尤其受益于高端 CCL（如高频高速、低损耗、ABF 基板） 需求大涨，典型企业包括建滔积层板、生益科技、华正新材等。 特朗普表示已签署 12 国关税信函，将于 7 日发出。 7 月 4 日，特朗普表示已签署 12 国关税信函，将于 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 台积电正积极研发先进封装技术"晶圆系统（SoW：system over wafer）"，将超大规模、超高速系 统集成在直径300毫米的大尺寸硅晶圆或相同直径的圆盘状载体（支撑体）上。SoW通过将多个硅片 或微型模块以二维矩阵排列，兼具超大规模、超高速的运算能力、高速、高密度的数据传输，以及降 低功耗。 InFO_oS 的优势在于尺寸扩展相对容易，并且通过为封装基板选择 InFO 的 RDL，可以制作超多层 布线板。2018 年开始量产尺寸为光罩尺寸 1.5 倍的 InFO_oS。 InFO_SoW是InFO技术在大型晶圆尺寸封装中的应用 InFO_SoW 是将 InFO_oS 的基板尺寸（RDL 尺寸）扩展至直径 300 毫米的硅晶圆尺寸。InFO 的精 细高密度再分布层 (RDL) 扩展至晶圆尺寸，并将众多硅芯片面朝下（硅芯片的电路面朝向 RDL）放 置在 RDL 上。将电源模块和包含输入/输出 IC 的连接器安装在放置硅芯片的 RDL 背面，即可形成 系统模块。 将"InFO"技术应用于低成本、高性能大封装 SoW技术的起源，在于台积电针对移动处理器所研发的 ...

华尔街金融巨头摩根士丹利近日发布研报称，"芯片代工之王"台积电(TSM.US)已经启动建设310mm Panel-Level chiplet先进封装试产线(即CoPoS先进封装体系)，并带动ASE等半导体设备与先进封装设备 巨头们将FOPLP尺寸同步收缩至300/310mm，意味着"圆片级CoWoS向面板级CoPoS先进封装"的封装超 级更新迭代正式进入投资与初步试制造期。 台积电启动的CoPoS试产线意味着，这家芯片制造巨头正式掀起覆盖芯片上游到下游产业链的"先进封 装大变革"。CoPoS未来主要用于大规模解决CoWoS先进封装产能瓶颈以及初步流片与整个制造到封装 环节的成本问题，面向下一代AI训练/推理AI GPU/AI ASIC，追求一次封装更大规模chiplet芯粒、更高 HBM堆叠数，以实现指数级性能提升并且相比于CoWoS有望缩减扩张产能的成本。 大摩的全球芯片产业链调研数据显示，台积电已经投资建设CoPoS310mm试产线，ASE几乎同期发布采 用300mm面板的2.3D封装技术(FOCoS-Bridge)，显示先进封装产业正加速向310mm过渡。2025年6月， 日本电子封装学会(JIEP)研 ...

消息称台积电为专注在高成长市场，近期已陆续缩减在成熟制程的资源，并有意淡出氮化镓(GaN)市 场，GaN产品所在的晶圆五厂仅供应至2027年7月1日，之后将改做先进封装使用。(新浪财经) ...

证券研究报告 | 策略点评 指数涨跌情况：今日 A 股主要指数涨跌互现。截止收盘，沪指涨 0.39%，收报 3457.75 点；深证成指涨 0.11%，收报 10476.29 点；科创 50 跌 0.86%，收报 994.80 点；创业板指跌 0.24%，收报 2147.92 点。总体上，全天个股涨跌参 半，Wind 数据显示，全市场 2628 只个股上涨，2542 只个股下跌，247 只个股 收平。沪深两市今日成交额合计 14660 亿元，较上个交易日缩量 208.42 亿元。 2025 年 07 月 01 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250701 今日关注 行业涨跌情况：今日申万一级行业涨多跌少，综合、医药生物、银行、有色 金属、公用事业、建筑材料等行业领涨，计算机、商贸零售、通信、传媒、 电力设备、房地产等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为中船系、创新药、抗生素、维生素、 仿制药、创业板低价股、水电、生物科技等权、先进封装、超硬材料、宠物 经济、CRO、医疗物资出口 ...

芯片产业链持续走高 华维设计等十余股涨停 智通财经7月1日电，芯片产业链盘中持续拉升，光刻机、先进封装等方向领涨，华维设计、锴威特、三 超新材、大为股份、海立股份等十余股涨停，蓝箭电子、科隆股份、耐科装备、龙芯中科均涨超10%。 ...

"聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 先进封装板块持续拉升，同兴达（002845）、康达新材（002669）、朗迪集团（603726）、快克智能 （603203）、博敏电子（603936）等多股涨停。 ...

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 核心观点 日 交 先进封装:尖端先进封装需求持续增长,Al相关仍为主要驱动 CCH 20 20 1 堆叠互联:FC/WLP/2.5D/3D四大方案助力封装技术迭代结构升维 2备:传统工艺升级&先进技术促前道设备增量 手标的 【 ◎ 提示 ◆ FC/WLP/2.5D/3D四大方案助力封装技术迭代结构升维。（1）FC:信号路径优化、散热性能提升、I/O引脚密度增加 Yole数据,2024Q2 FCBGA营收为23亿美元,环比增长6.8%,同比增长18%。由于人工智能需求的增长以及更多采用 FCBGA的2.5D/3D封装,预计未来几个季度市场将保持健康增长;FCCSP未来两年收入将有所增长,主要原因是存储需求修 正及Al相关需求维持高位。（2）WLP:先在整片晶圆上同时对众多芯片进行封装、测试，最后切割成单个器件，并直接贴装 到基板或PCB上，生产成本大幅降低。根据Yole数据，2029年WLCSP预计规模为24亿美元;FO（含IC基板）预计规模为43 亿美元。（3）多芯片互联:①2.5D:利用CoWoS封装技 ...