公众号记得加星标⭐️，第一时间看推送不会错过。 台积电在嘉科园区建2座CoWos先进封装厂，虽工安意外频传，但仅部分工区停工，对进度影响不 大，反而是7月台风及豪雨影响较大，嘉义县长翁章梁透露，目前第2厂已装机测试，预计明年投入量 产，第1厂预计明年装机，后年投入量产，有望为地方带来3000名就业人口，据了解，未来会扩厂设 多座3D先进封装厂。 台积电嘉义厂区今年传出多次工安意外，外界忧影响工程及装机进度。据了解，仅有部分工区停工， 对整体进度影响不大，台积电厂区目前部分取得使用执照，已经进厂开始装机，预计明年投入量产。 台积电有计划扩厂，将在嘉义科学园区2期再设约6座3D先进封装厂。 加星标⭐️第一时间看推送，小号防走丢 求点赞 求分享 求推荐 台积电先进封装营运二处嘉义厂长许永隆说，丹娜丝台风让嘉义县许多校园严重受损，台积电调度临 时办公室的工班支援，优先复原学校设施，临时办公室工程延宕，现在还是「临时办公室中的临时办 公室」，简称「临临办」，这是台积电第一次发明的模式，希望与地方长远合作，共好共荣。 （来源：联合报） *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不 ...

Core Viewpoint - The stock of ChipSource Microelectronics has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 45.37%, indicating volatility in the semiconductor equipment sector [1][2]. Financial Performance - For the period from January to September 2025, ChipSource Microelectronics reported a revenue of 990 million yuan, a year-on-year decrease of 10.35%, and a net profit attributable to shareholders of -10.05 million yuan, reflecting a significant decline of 109.34% [2]. - Cumulative cash dividends since the company's A-share listing amount to 139 million yuan, with 86.89 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 15.37% to 16,000, while the average circulating shares per person decreased by 13.17% to 12,633 shares [2]. - The top ten circulating shareholders include notable funds such as Nuoan Growth Mixed A and Harvest SSE STAR Chip ETF, with some funds reducing their holdings significantly [3].

Group 1 - The advanced packaging, CPO, and semiconductor sectors are leading the market, with the CSI Chip Industry Index rising by 2.1% as of 11:00 AM [1] - Notable stocks include ChipMotion Technology and ChipOrigin, both up over 6%, and Wintech and Haiguang Information, up over 5% and 4% respectively [1] - Ping An Securities predicts continued growth in the semiconductor industry, driven by positive demand from AIGC and consumer sectors, alongside an acceleration in domestic semiconductor industry localization [1] Group 2 - The CSI Chip Industry Index consists of 50 stocks involved in chip design, manufacturing, packaging, testing, semiconductor materials, and production equipment, with over 50% in digital chip design and approximately 17% in semiconductor equipment [1] - The CSI Semiconductor Materials and Equipment Theme Index includes 40 stocks, with 60% in semiconductor equipment and 20% in semiconductor materials [1] - The E Fund Chip ETF (516350) and E Fund Semiconductor Equipment ETF (159558) track these indices, providing investors with a streamlined way to invest in industry leaders [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the Sci-Tech Innovation Board, with the Sci-Tech 100 Index rising by 1.22% and the ETF increasing by 1.01%, indicating a bullish trend in the technology sector [1] - The technology sector is leading the A-share market, with significant gains in solid-state batteries, advanced packaging, semiconductors, CPO, and storage chips, contributing to the strength of related indices [1] - The Chief Economist of Guohai Securities predicts a continued slow bull market for A-shares, with technology remaining a key focus [1] Group 2 - Bank of China International notes that AI application companies are showing signs of performance improvement, with the launch of Gemini3 indicating rapid enhancements in large model capabilities [2] - The AI industry is transitioning from "tool innovation" to "ecosystem integration," with vertical applications validating business models in specific scenarios, revealing profit potential [2] - The AI industry chain has experienced a rotation from overseas computing power to domestic computing power, with AI applications still offering high cost-performance ratios for investment [2] Group 3 - The Sci-Tech 100 Index ETF has seen a significant increase in scale, growing by 135 million yuan over the past week, and its shares have increased by 11.1 million [3] - The ETF has experienced a net outflow of 69.1 million yuan recently, but has attracted a total of 152 million yuan over the last five trading days [3] - The top ten weighted stocks in the Sci-Tech 100 Index account for 25.77% of the index, with notable companies including Huahong Semiconductor and GuoDun Quantum [3]

Core Viewpoint - The A-share technology sector is experiencing a significant rally, driven by key concepts such as solid-state batteries, advanced packaging, semiconductors, CPO, and storage chips, leading to a strong performance in related indices [1] Group 1: Market Performance - As of 10:05 AM, the Sci-Tech Innovation Board 50 Index rose by 2.4%, while the ChiNext Index increased by 2.1% [1] - The Sci-Tech Innovation Board 50 Index consists of 50 stocks with high market capitalization and liquidity, with over 65% of its composition from the semiconductor industry [1] - The ChiNext Index is made up of 100 stocks from the ChiNext market, with approximately 60% of its composition from AI hardware and the new energy industry chain [1] Group 2: Investment Outlook - According to Guosen Securities, the foundation for the current slow bull market remains intact due to sustained global technology investment enthusiasm, ongoing "anti-involution" policies, and increased household savings entering the market [1] - There is potential for continued strength in A-share indices, with a focus on strong industry trends in technology, particularly in "AI+" and policy-driven "anti-involution" and self-controllable sectors [1] Group 3: Investment Products - The Sci-Tech Innovation Board 50 ETF (588080) and ChiNext ETF (159915) are leading products in their respective indices, with management fees of only 0.15% per year, providing investors with a low-cost way to invest in leading technology innovation companies [1]

Core Viewpoint - The stock of Jing Sheng Mechanical & Electrical Co., Ltd. has shown fluctuations in price and trading volume, with a notable increase in share price this year despite recent declines in the short term [1][2]. Financial Performance - For the period from January to September 2025, Jing Sheng Mechanical reported a revenue of 8.273 billion yuan, a year-on-year decrease of 42.86%, and a net profit attributable to shareholders of 901 million yuan, down 69.56% year-on-year [2]. - Cumulatively, the company has distributed a total of 3.241 billion yuan in dividends since its A-share listing, with 2.027 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 86,800, reflecting a rise of 25.88%, while the average number of tradable shares per shareholder decreased by 20.56% to 14,189 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 42.4866 million shares, a decrease of 538,400 shares from the previous period [3].

Core Viewpoint - 瑞德智能 has not yet invested in companies within the third-generation semiconductor and advanced packaging industry chain through the funds it participates in [1] Group 1 - 瑞德智能 is involved in investment activities but has not allocated funds to the third-generation semiconductor sector [1] - The company has also not made investments in the advanced packaging industry chain [1]

Core Insights - The article discusses the increasing demand for advanced packaging technologies in the semiconductor industry, particularly due to the tight capacity of TSMC's CoWoS technology, which has led companies to consider Intel's EMIB as an alternative solution [1][2]. Group 1: TSMC's CoWoS Capacity Constraints - TSMC's CoWoS advanced packaging capacity is highly constrained, making it difficult for many ASIC and second-tier AI chip manufacturers to secure sufficient support [1]. - The demand for cloud AI chips has surged, leading to full capacity utilization at TSMC and its associated testing supply chain [2]. - There is a growing need for local production in the U.S., which TSMC currently cannot fully meet due to the requirement of returning the backend processes to Taiwan [2]. Group 2: Intel's EMIB Technology - Intel's EMIB technology is gaining attention due to its cost-effectiveness and good thermal performance, making it suitable for products with lower technical specifications [2][3]. - Companies like Marvell and MediaTek are reportedly exploring EMIB to offer more affordable solutions to their customers [2]. - EMIB is seen as a mature technology that can support urgent Tier 2 projects that require quick design-to-production timelines [3][4]. Group 3: Industry Movements and Collaborations - Major companies like Apple and Qualcomm are actively recruiting talent with knowledge of EMIB technology, indicating a strategic shift towards this packaging method [3]. - The integration of TSMC's front-end wafer fabrication with Intel's EMIB backend is being considered as a viable business model for AI chip supply chains [5]. - There is a trend of increasing collaboration among companies testing EMIB, which may lead to stable order volumes in the long term if successful [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 45.12 CNY [1][4] Core Views - The company achieved a record high quarterly revenue of 100.6 billion CNY in Q3 2025, with a year-on-year growth of 6% and a net profit of 4.8 billion CNY, reflecting a 5.7% increase year-on-year and an 81% increase quarter-on-quarter [8] - The company is experiencing significant growth in its computing electronics, industrial and medical electronics, and automotive electronics segments, with respective year-on-year revenue increases of 70%, 41%, and 31% [8] - The company is focusing on optimizing its product structure and transitioning to advanced packaging technologies, which is expected to enhance profitability as new capacities come online [8] Financial Summary - The company’s projected net profits for 2025-2027 are 17.2 billion CNY, 22.2 billion CNY, and 27.0 billion CNY respectively, with adjustments made to expense ratios and gross margins [4][9] - Revenue for 2025 is expected to reach 40.846 billion CNY, reflecting a 13.6% year-on-year growth [6] - The gross margin is projected to improve to 14.4% by 2026, indicating a positive trend in profitability [6]

Group 1 - The core point of the article highlights the contrasting trends in the baking industry, with rising prices due to increased raw material costs, while popular brands like 85°C are closing multiple stores due to brand aging and intensified market competition [2] - 85°C has closed its last store in Beijing and is reducing operations in cities like Hangzhou, Shanghai, and Nanjing [2] - The demand for advanced packaging solutions in the semiconductor industry is increasing, leading companies like 美满电子 and 联发科 to consider Intel's EMIB technology for ASIC chip designs [2] Group 2 - 华夏幸福 is undergoing financial due diligence by a debt committee, with the company unable to define its obligations to cooperate [3] - 优必选 has secured a 2.64 billion yuan order for humanoid robots, expected to be delivered in December [4][6] - The holiday season in the U.S. is anticipated to maintain stable consumer spending despite higher prices due to new tariffs, with retailers like Walmart and Target showing positive early signals for sales [5] Group 3 - 高盛 has set a target price of 53.5 HKD for 小米集团-W, anticipating more AI-related achievements that will enhance its ecosystem [6] - 美团's subsidiary, 昆明团骑信息科技, has increased its registered capital by 75% to 70 million USD, indicating growth in its software and technology services [7] - 蚂蚁集团 and 紫金矿业 have invested in the fusion technology research company 星能玄光, which focuses on innovative energy solutions [8] Group 4 - 茅台 has denied rumors about plans to establish 850 direct stores nationwide, clarifying that such information is false and damaging to its brand image [9] - 阿里巴巴's AI assistant app, 千问, has achieved over 10 million downloads in its first week of public testing, making it the fastest-growing AI application [10] - The movie "Zootopia 2" has set a record for pre-sale box office for imported animated films in China, surpassing 1.82 billion yuan [11] - Apple is streamlining some positions in its sales department to enhance customer engagement, while still continuing to hire [12]