Core Viewpoint - The A-share market is experiencing significant interest in high bandwidth memory (HBM) concepts, with related stocks seeing substantial capital inflow and price increases. SK Hynix and NVIDIA have finalized an HBM4 supply agreement, with a price increase of over 50% compared to HBM3E, and predictions of operating profits exceeding 70 trillion KRW by 2025 [1]. Group 1: Company Developments in HBM - Zhongtian Precision has a 6.71% indirect stake in Visionary Storage and is focused on HBM technology, with HBM2/2e products in final testing and HBM3/3e in development, targeting applications in AI and edge devices [1]. - Unisoc's HBM products are still in the R&D phase, with future iterations planned based on user needs, particularly for specialized industry applications [2]. - Jingce Electronics has aging testing equipment for HBM chips and has received orders for related products, benefiting from the demand surge due to AI developments [3]. - Longxin Technology is collaborating with industry partners on HBM R&D, aiming to enhance bandwidth and reduce latency for future GPGPU needs [4]. - Aisen Co. has developed advanced packaging materials applicable to HBM storage chips [5]. - Kuaike Intelligent is advancing TCB equipment for HBM packaging, which is crucial for the process [6]. - Sanxiang New Materials is focusing on electronic-grade zirconium and hafnium materials, which are essential for HBM and other high-performance storage chips, with some products already sent to semiconductor clients [6]. Group 2: Market Trends and Predictions - The HBM4 high premium is currently benefiting overseas oligopolies, while domestic companies are primarily focused on thematic trading, necessitating close monitoring of certification progress and DRAM price increases for valuation flexibility [1]. - The demand for large-capacity, high-performance storage chips is rising, leading to tighter supply of core materials [6].

彭博：长江存储正考虑明年在中国内地进行IPO，估值可能在2000至3000亿元，这可能是内地近年来最大的IPO。目前长江存储和长鑫存储的IPO细节仍处于初步阶段。 https://t.co/dMM4jZ6XN6外汇交易员 (@myfxtrader):路透：长鑫存储计划明年一季度在上海IPO，估值最高可达3000亿元。长鑫存储据悉计划通过此次发行筹集200亿至400亿元，可能最早于11月向投资者公布招股说明书。长鑫存储正在大力投资，以赶超韩国SK海力和三星等市场领先者，尤其是在高带宽内存（HBM）领域。 ...

Core Viewpoint - Hanmi Semiconductor is confident in dominating the increasingly competitive HBM4 (High Bandwidth Memory) TC bonding machine market and has received orders for the next-generation Fluxless Bonder, expected to be delivered in the second half of the year [1][2]. Group 1: Company Performance and Market Position - Hanmi Semiconductor reported a projected sales revenue of 180 billion KRW and an operating profit of 86.3 billion KRW for Q2 2025, representing year-on-year growth of 45.8% and 55.7% respectively, with an operating profit margin of 47.9% [2]. - The company anticipates that if the growth trend continues in the second half of the year, total sales for the year could reach between 800 billion and 1.1 trillion KRW [2]. Group 2: Market Strategy and Customer Base - Hanmi Semiconductor aims to secure all major customers' orders for HBM4 TC bonding machines, leveraging long-term partnerships and accumulated mass production experience [3]. - The company is actively expanding its overseas sales of TC bonding machines, with profit margins in international markets being 30-40% higher than domestic ones [3]. Group 3: Technological Advancements - The company is preparing to deliver Fluxless Bonding machines this year, which will reduce bonding gaps and enable thinner HBM packaging structures [4]. - Hanmi Semiconductor is also developing Hybrid Bonding equipment, which does not use bump connections, aiming to further reduce packaging thickness and improve heat dissipation [4]. - A planned investment of 100 billion KRW is set for a new factory to produce next-generation products, with the Hybrid Bonding machine expected to launch in 2027 [4].