证券日报网讯 1月8日，世运电路（603920）在互动平台回答投资者提问时表示，TGV玻璃基板是半导 体封装领域的前沿技术路线，公司近年来已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺 与产业链关键环节进行技术研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与 储备。 ...

格隆汇1月8日丨世运电路(603920.SH)在互动平台表示，TGV玻璃基板是半导体封装领域的前沿技术路 线，公司近年已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺与产业链关键环节进行技术 研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与储备。 ...

格隆汇1月8日丨世运电路(603920.SH)在互动平台表示，TGV玻璃基板是半导体封装领域的前沿技术路 线，公司近年已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺与产业链关键环节进行技术 研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与储备。 ...

报导强调，这场技术竞赛的关键时间点将与英伟达下一代Rubin 架构AI 芯片的发表连结，该产品 预计于2026 年下半年问世。据悉，每颗Rubin 架构AI 芯片将配备多达8 个HBM4 堆叠，这将极 大的拉动对高层数HBM 的需求。不过，尽管业界对16 层堆叠的HBM4 充满期待，但短期内市场 随着人工智能（AI）算力需求的爆发式成长，全球AI 芯片龙头英伟达（Nvidia）正准备再次推高 全球AI 记忆体供应链的技术极限。根据市场消息来源指出，英伟达已正式向主要供应商发出需 求 ， 评 估 最 早 于 2026 年 第 四 季 交 货 16 层 堆 叠 HBM 的 可 行 性 。 如 此 迫 使 三 星 电 子 （ Samsung Electronics）、SK 海力士（SK hynix）与美光（Micron Technology）加速研发时程，更提前 开启了下一代AI 芯片的核心零件争夺战。 根据韩国媒体报导，目前市场焦点仍集中在12 层堆叠HBM4 的供应商认证与量产准备上，预计12 层堆叠的产品将于2026 年初进入全面商业化阶段。然而，英伟达显然不满足于此，近期已经在询 问下一代产品的状况。虽然， ...

Core Viewpoint - The semiconductor underfill market is experiencing significant growth driven by the increasing demand for high reliability and miniaturization in electronic products, particularly in sectors like consumer electronics, automotive electronics, and industrial control systems [5][10][14]. Group 1: Product Definition and Scope - Semiconductor underfill is a critical material used in the packaging process, filling the gap between chips and substrates to enhance reliability under thermal and mechanical stress [4]. - The primary functions of underfill include thermal management, structural strength enhancement, and improved mechanical performance of the packaging [4]. Group 2: Industry Background and Development History - The underfill industry began in the late 1980s, evolving from basic epoxy materials to advanced formulations that address the challenges of modern semiconductor packaging [6][7]. - The market has matured significantly since the mid-2000s, with a notable expansion in applications due to the rise of smartphones and wearable devices [7]. Group 3: Current Industry Status - The demand for underfill materials is primarily driven by consumer electronics, automotive electronics, and industrial control systems, with a notable shift towards high-performance and environmentally friendly materials [10][11]. - The industry is characterized by a complex competitive landscape, with international firms dominating high-end markets while local companies are gradually increasing their market share [18][19]. Group 4: Development Trends - Future trends indicate a focus on high-performance, environmentally friendly, and intelligent materials, with significant growth potential in emerging markets such as automotive electronics and 5G communication [11][12]. - Innovations in materials and processes, including low CTE and high thermal conductivity materials, are expected to meet the stringent requirements of next-generation applications [19][20]. Group 5: Market Size and Growth Forecast - The global semiconductor underfill market is projected to grow at a CAGR of 10.48%, reaching USD 721 million by 2024 and exceeding USD 1.443 billion by 2031, with China expected to account for 24.72% of the global market share by 2031 [14][17]. Group 6: Regional Market Dynamics - The Asia-Pacific region, particularly China, is becoming a major growth driver, contributing 29.28% of global consumption by 2024, while high-end markets remain dominated by international players [17]. Group 7: Competitive Landscape and Challenges - The market is marked by a dichotomy of high-end monopolies and mid-to-low-end competition, with leading firms maintaining a technological edge through continuous R&D investments [18]. - Geopolitical factors and supply chain security are increasingly influencing competition, necessitating local firms to innovate and adapt to maintain market access [21].

Core Viewpoint - The semiconductor underfill market is expected to grow significantly, driven by the increasing demand for high-performance and reliable chips in modern electronic products, with a projected market size of $1.44 billion by 2031 and a CAGR of 11.2% from 2025 to 2031 [2][13]. Market Overview - Semiconductor underfill is a material used in semiconductor packaging to fill the gaps between chips and substrates, enhancing mechanical strength, thermal conductivity, and thermal cycling stability [1]. - The demand for underfill materials is increasing due to the miniaturization of electronic devices and the need for advanced packaging technologies such as 3D packaging and system-in-package (SiP) [1]. Market Size and Growth - The global semiconductor underfill market is projected to reach $1.44 billion by 2031, with a compound annual growth rate (CAGR) of 11.2% [2]. - The wafer/panel-level underfill is the dominant product type, accounting for approximately 65.2% of the market share [10]. Key Players - Major manufacturers in the global semiconductor underfill market include NAMICS Corporation, Henkel, Panasonic, Resonac, Shin-Etsu Chemical, and others, with the top ten companies holding about 73.0% of the market share in 2024 [7]. Application Segmentation - Consumer electronics represent the largest demand source for underfill materials, holding approximately 46.6% of the market share [12]. Market Drivers - The growth of the semiconductor underfill market is primarily driven by the increasing demand for high-performance and reliable chips due to advancements in technologies such as 5G, artificial intelligence, and the Internet of Things (IoT) [13]. - The development of advanced packaging technologies, including 3D packaging and flip-chip packaging, further increases the demand for underfill materials [13]. Challenges and Risks - The production process of underfill materials is complex, requiring continuous innovation in material selection, formulation, and manufacturing processes to ensure high quality and stability [14]. - Fluctuations in raw material prices and global supply chain disruptions may impact market dynamics, especially in uncertain economic conditions [14]. Downstream Demand Trends - The demand for semiconductor underfill materials is growing in various sectors, including consumer electronics, communication devices, and automotive electronics, driven by the increasing need for miniaturized and high-performance chips [15]. - The automotive electronics sector is particularly influenced by the rapid development of autonomous driving technologies, which significantly boosts the demand for high-performance semiconductors [15].

Summary of Conference Call Records Industry Overview - The conference call focuses on the semiconductor and photovoltaic equipment industry, specifically the developments and strategies of Maiwei Company in these sectors [1][2][3]. Key Points and Arguments Semiconductor Equipment Business - Maiwei has been expanding into the semiconductor sector since 2021, with new orders for semiconductor equipment expected to reach approximately 1 billion yuan in 2024, doubling to 2 billion yuan in 2025, and potentially reaching 4 billion yuan in 2026 [1][6]. - The company is heavily investing in research and development, with nearly 1 billion yuan allocated for R&D in 2024, of which 40% is directed towards semiconductor equipment [1][4]. - Maiwei's product offerings in the semiconductor manufacturing process include etching and thin film deposition equipment, which together account for about 40% of storage capital expenditure [1][7][8]. - The company is focusing on niche markets within the high selectivity etching equipment sector, introducing silicon oxide and polysilicon etching devices to capture greater market share [1][10]. Growth Projections - The front-end process orders are projected to grow significantly, with estimates of over 800 million yuan in 2025 and 1.5 to 2 billion yuan in 2026 [1][11]. - The back-end process, which includes equipment for advanced packaging, is also expected to see substantial growth, with orders anticipated to reach 1.5 billion yuan in 2025 and 2 to 2.5 billion yuan in 2026 [3][17]. Competitive Landscape - Maiwei's R&D investment is notably higher than its peers in the photovoltaic equipment sector, which typically invest only 200 to 300 million yuan [5]. - The company is competing against major international players in the high selectivity etching equipment market, such as Tale, Lam, and Applied, while also focusing on domestic competitors [9]. Technological Advancements - Maiwei is advancing in various bonding technologies, including Thermal Compression Bonding (TCB) and Hybrid Bonding, which are expected to be widely adopted in high bandwidth memory (HBM) and CoWoS packaging fields [3][14]. - The company is also developing laser cutting and precision equipment for display technologies, targeting applications in OLED, Micro LED, and Mini LED [15][16]. Photovoltaic Equipment Developments - In the photovoltaic sector, Maiwei is concentrating on HJT (Heterojunction Technology) and perovskite technologies, with a target power output of 800 watts in 2025, up from 730 watts in 2024 [18]. - The company has made significant advancements in perovskite technology, achieving a single-line capacity of 200 megawatts and a conversion efficiency of approximately 29% [18]. Financial Outlook - The company anticipates a profit of around 800 million yuan in 2025, with projections of 800 to 900 million yuan in 2026, indicating strong growth potential in both semiconductor and photovoltaic sectors [20]. Additional Important Information - Maiwei's focus on R&D and its strategic positioning in niche markets are key factors contributing to its rapid growth and competitive advantage in the semiconductor equipment industry [5][19]. - The company is actively engaging in demo testing for next-generation perovskite stacking technologies, indicating a commitment to innovation and long-term growth [20].

Company Overview - Suzhou Jingfang Semiconductor Technology Co., Ltd. was established in 2005 and is located in Suzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 652.171706 million RMB [2] - Suzhou Jingfang has made investments in 7 companies and participated in 13 bidding projects [2] Patent Acquisition - The company has obtained a patent titled "Packaging Structure and Chip," with the authorization announcement number CN223230341U, applied for on August 2024 [1] - The patent describes a packaging structure that includes a substrate with a first and second surface, through-holes, and multiple insulation layers designed to enhance reliability by reducing stress on the contact points between the metal layer and the pads [1] - The innovative design of the insulation layers aims to protect the first insulation layer from stress concentration, thereby improving the overall reliability of the packaging structure [1]

Core Viewpoint - The departure of Dr. Gang Duan from Intel to Samsung signifies a shift in the semiconductor industry's glass substrate technology landscape, particularly in the context of rising AI chip demands [2][29]. Group 1: Intel's Historical Context and Innovations - Intel has historically led the transition from ceramic to organic packaging in the 1990s, developing the ABF substrate technology, which became a mainstream choice for high-end chip packaging [3]. - The limitations of ABF substrates have become apparent as AI chips demand higher performance, prompting a shift towards glass substrates, which offer superior electrical performance and manufacturing maturity [3][4]. - Intel's glass substrate research has been ongoing for over a decade, with significant breakthroughs achieved between 2021 and 2023, leading to the establishment of a scalable production line [7]. Group 2: Glass Substrate Advantages and Market Dynamics - Glass substrates provide design flexibility, improved power transmission, and enhanced signal integrity, making them suitable for AI and data center applications [8]. - Intel's announcement of the first glass substrates for advanced packaging in September 2023 has intensified competition in the industry [4]. - Despite the technological advancements, Intel's strategic focus has shifted towards core product lines, indicating a potential move towards outsourcing glass substrate production rather than in-house development [12][13]. Group 3: Samsung's Strategic Moves - Samsung has accelerated its plans for glass substrate production, aiming to establish a trial production line by late 2024 and achieve mass production by 2026 [15][16]. - The recruitment of Dr. Gang Duan enhances Samsung's capabilities in glass substrate technology, positioning the company to meet the growing demand for advanced packaging solutions [15][20]. - Samsung's strategy includes collaboration with its subsidiaries to leverage combined expertise in glass substrate development, contrasting with Intel's shift towards external procurement [21][29]. Group 4: Competitive Landscape and Future Outlook - Other players, including TSMC and various Taiwanese semiconductor equipment manufacturers, are also entering the glass substrate arena, indicating a competitive and rapidly evolving market [23][25]. - Companies like SKC and LG Innotek are actively developing glass substrates, with plans for mass production and partnerships with major tech firms [25][26]. - The overall trend suggests that the glass substrate technology will play a crucial role in the future of AI chips, potentially leading to a new wave of innovation and industry restructuring [29].

Core Viewpoint - Intel's recent decisions to cut promising projects and lay off key personnel, including a significant talent loss to Samsung, indicate a shift in focus towards reducing operational losses and enhancing shareholder value, potentially jeopardizing its long-term technological advancements [2][3]. Group 1: Talent Loss and Company Strategy - Intel has lost a key employee, Dan Gang, who was responsible for glass substrate and EMIB technology, to Samsung, highlighting the company's struggle to retain talent amid aggressive restructuring efforts [2]. - The company has made radical decisions in its organizational structure and vision, aiming to reduce operational losses and improve shareholder value, which has led to the cancellation of promising projects and significant layoffs [2][3]. Group 2: Glass Substrate Technology - Intel initially planned to integrate glass substrate technology into its packaging services by the end of 2025, leveraging its years of development in this area to maintain a competitive edge [3]. - The glass substrate technology is expected to revolutionize semiconductor packaging and support the ongoing progress of Moore's Law, particularly in data centers, artificial intelligence, and high-performance computing [3]. Group 3: Advantages of Glass Substrate - Glass substrates offer significant advantages over traditional organic substrates, including ultra-low flatness, excellent thermal stability, and higher mechanical stability, which are crucial for high-power chip cooling [4]. - The potential for increased interconnect density with glass substrates is notable, with Intel indicating a tenfold increase compared to organic substrates, allowing for more transistors to be packed into a single package [4][5]. Group 4: Challenges and Future Prospects - The introduction of glass substrates faces challenges such as fragility, complex manufacturing processes, and limited layering capabilities, which require innovative engineering solutions [6]. - Despite these challenges, the development and application of glass substrate technology are expected to play an increasingly important role in meeting the semiconductor industry's demand for higher performance and lower power consumption [7].