点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 芯片基板是承载芯片裸片的核心介质，也是芯片封装流程的最后环节，其中玻璃基板被视为下一代芯片基板的核心方向。 中国作为全球玻璃基板重要市场，市场规模整体呈现上升趋势。 中研网数据显示，中国玻璃基板市场规模从2020 年的252 亿元增长至2024 年的 361 亿元，复合增长率达9.4%。 玻璃基板行业集中度较高，全球市场的核心厂商以美国康宁、日本旭硝子及日本电气硝子为主，头部三家企业（CR3）的市场占有率合计达 88%。 据中商产业研究院数据，2023年全球玻璃基板市场份额分布如下：康宁（48%）、旭硝子（23%）、电气硝子（17%）、东旭光电 （8%）。 随着AI 算力芯片向大尺寸、高集成度方向快速演进，传统封装基板的性能已逐渐逼近物理极限，难以满足新的技术需求。 作为一种薄玻璃片，玻 璃基板相较于传统有机基板优势明显。玻璃基板不仅具备更低的信号损耗、更高的尺寸稳定性与超低平坦度，而且拥有高密度通孔能力与更精细 的线宽线距控制水平，同时还能承受更高温度。 玻璃基板凭借这些优势，已成为台积电、英特尔等行业巨头 ...

证券研究报告 行业研究 / 行业点评 2025 年 10 月 09 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 集成电路制造领涨电子行业。本周（2025/9/29-10/03）SW 电子行业指数（+2.78%），涨 跌幅排名 6/31 位，沪深 300 指数（+1.99%）。SW 一级行业指数涨跌幅前五分别为：有色 金属（+7.13%），电力设备（+4.84%），钢铁（+3.56%），房地产（+3.01%），国防军 工（+2.94%），涨跌幅后五分别为:银行（-1.20%），煤炭（-0.84%），通信（-0.62%）， 石油石化（-0.38%），社会服务（-0.19%）。本周 SW 电子三级行业指数涨跌幅前三分别 是：集成电路制造（+6.93%），集成电路封测（+4.50%），数字芯片设计（+4.14%）； 涨跌幅后三分别是：品牌消费电子（-0.99%），面板（+0.06%），半导体材料（+0.80%）。 2025 年 9 月 23 日，据《经济日报》报道，鸿海集团旗下的玻璃工厂正达在 CoWoS 先进封 装玻璃基板领域成功攻坚，取得技术突破，预计将在明后年陆续开启该产品的交 ...

Core Viewpoint - Huawei's Full Connect 2025 Conference showcased the Lingqu Unified Interconnection Protocol, announcing the launch of Ascend 950/960/970 and Kunpeng 950/960 over the next three years, highlighting the gradual enhancement of domestic AI computing chip capabilities amid US-China tensions [9][58]. Group 1: AI Computing Chip Development - The Ascend NPU roadmap includes the release of Ascend 950 (PR and DT versions) in 2026, followed by 960 in 2027 and 970 in 2028, with significant performance improvements [15][20]. - The Kunpeng CPU will see the launch of Kunpeng 950 in late 2026 and Kunpeng 960 in early 2028, supporting advanced computing needs [20][34]. - Domestic chip manufacturers like Haiguang and Cambricon are projecting substantial revenue growth, with Haiguang targeting a CAGR of 44% over three years [3][58]. Group 2: Advanced Manufacturing and Semiconductor Industry - The domestic lithography machine industry is focusing on complete machines and related components, with expectations for advanced process expansion by 2026 [3][59]. - The domestic semiconductor industry is expected to benefit from the acceleration of independent and controllable demands, particularly in advanced logic and storage production lines [3][62]. Group 3: Storage and Edge Computing - The demand for inference and edge computing storage is increasing, with significant growth expected in AI PCs, smartphones, and wearable devices by 2026 [4][58]. - Domestic manufacturers are enhancing their enterprise storage product lines, with companies like Jiangbolong and Baiwei Storage launching new enterprise-level solutions [4][58]. Group 4: Investment Recommendations - Investment opportunities are suggested in AI computing chips, high-end chip manufacturing, packaging, storage, and related equipment and materials [5].

Core Viewpoint - The Shanghai Stock Exchange issued a regulatory warning to Dingxin Communications for providing inaccurate information regarding its collaboration with Pingtouge Semiconductor, which may mislead investors [1][4]. Group 1: Company Actions and Responses - On September 18, Dingxin Communications stated on the E Interaction platform that it had signed a comprehensive technology authorization agreement with Pingtouge Semiconductor [2]. - Following this announcement, Dingxin Communications' stock price hit the daily limit up on September 19 [2]. - On September 19, the company clarified that its previous statement was inaccurate, specifying that the technology authorization only pertains to low-cost, low-power embedded CPU cores for traditional applications, not AI computing chips [3]. Group 2: Regulatory Actions - The Shanghai Stock Exchange's decision highlighted that Dingxin Communications failed to accurately disclose specific details about the collaboration, which could mislead investors, violating the stock listing rules [4]. - The company's then Secretary of the Board, Hu Sixiang, was specifically warned for not fulfilling his responsibilities in information disclosure [4]. Group 3: Financial Performance - In the first half of 2025, Dingxin Communications reported a revenue of 704 million yuan and a net loss attributable to shareholders of 219 million yuan [4].

Core Insights - The chairman and general manager of the company, Zhuang Zhiqing, addressed investor concerns regarding AI computing chip collaborations and business development plans, showcasing the company's professional strength and growth potential in the chip design service sector [1][2] - Despite the overall performance being impacted by fluctuations in downstream customer demand in the first half of 2025, the company's chip design business revenue grew by 30.13%, and the number of completed tape-out verification projects increased by 80.56%, indicating a solid foundation for future mass production [1] Business Development - The company has established a core technology system around ASIC design services, which includes large-scale SOC rapid design and verification technology, large-scale chip rapid physical design technology, system performance evaluation and optimization technology, and engineering service technology [1] - The company has developed a series of reusable and configurable SoC industry application solutions and high-performance IP, covering various fields such as IoT, artificial intelligence, consumer electronics, industrial control, automotive electronics, and data center high-speed storage, catering to diverse customer needs [1] Market Outlook - Zhuang Zhiqing indicated that downstream customer demand is gradually recovering, and the company will continue to emphasize technological innovation and R&D investment to strengthen long-term competitiveness [2] - The company's future development prospects are promising, supported by the recovery of downstream demand and its technological accumulation across multiple application areas [2]

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [2]. Core Insights - Huawei's AI chip roadmap for the next three years was unveiled at the Huawei Connect 2025 conference, showcasing the gradual release of Ascend 950/960/970 and Kunpeng 950/960 chips, highlighting the increasing strength of domestic AI computing chips amid the US-China rivalry [1][6]. - Domestic advanced logic and memory expansion expectations are optimistic, suggesting potential investment opportunities in the AI computing industry chain and semiconductor self-sufficiency [1][6]. - The report emphasizes the growth prospects of domestic AI computing chip manufacturers, with companies like Haiguang and Cambrian setting ambitious revenue growth targets for the next three years [6][64]. Summary by Sections Huawei Connect 2025 Conference - The conference introduced the UnifiedBus protocol for supernode interconnection, aiming to redefine efficient and scalable AI computing infrastructure [12][13]. - Huawei's roadmap for Ascend chips includes the release of Ascend 950PR and 950DT in 2026, with significant performance improvements expected in subsequent models [19][20]. - The Atlas 900 A3 SuperPoD was launched, supporting up to 384 cards and achieving a computing power of 300 PFLOPS, with plans for larger configurations in future models [28][31]. Domestic Semiconductor Industry - The domestic lithography machine industry is focusing on complete machines and related components, with expectations for advanced process expansion in 2026 [6][66]. - The report highlights the increasing demand for advanced processes, with companies like SMIC and Huahong planning significant capacity expansions [68][71]. - Domestic equipment, materials, and components are expected to benefit from the expansion of advanced production lines and the push for self-sufficiency [71]. Investment Recommendations - The report suggests focusing on investment opportunities in AI computing chips, high-end chip manufacturing, packaging, storage, and related equipment and materials [6][7]. - Specific companies to watch include SMIC, Haiguang, Cambrian, and various domestic storage and EDA/IP firms [8].

Core Viewpoint - The A-share technology innovation chip sector experienced significant movement on September 15, with the Sci-Tech Chip 50 ETF (588750) showing a trading amplitude of 4.32% and a transaction volume exceeding 1.2 billion yuan, indicating strong market interest in semiconductor stocks [1][2]. Group 1: Market Performance - The Sci-Tech Chip 50 ETF opened at 1.493 and reached a high of 1.508, with a low of 1.445, reflecting a trading volume of 82.24 million shares [1]. - Key component stocks such as SiRuPu surged over 15%, while NaXinWei and AiWei Electronics rose over 12% and 7% respectively, indicating a strong rally in the chip sector [1]. Group 2: Policy Impact - On September 13, the Ministry of Commerce announced an anti-dumping investigation into imported analog chips from four U.S. manufacturers, which could significantly impact the domestic semiconductor market [3][4]. - The investigation targets general-purpose interface chips and gate driver chips, with a reported dumping margin exceeding 300% and a market share of 41% in China [4]. Group 3: Industry Growth - The global semiconductor market is projected to grow, with a forecasted size of $346 billion in the first half of 2025, reflecting an 18.9% year-on-year increase, while domestic analog chip companies are expected to see a 30% increase in net profit [4][5]. - The domestic analog chip sector is entering a "triple dividend period" characterized by policy protection, technological breakthroughs, and domestic substitution [4]. Group 4: Company Performance - Domestic analog companies showed strong performance in Q2 2025, with significant growth in sectors such as industrial and photovoltaic, alongside stable consumer demand [5][6]. - Notable companies in the sector include Shengbang Co., which reported a 21% year-on-year revenue increase, and NaXinWei, which saw a 66% increase [6].

Group 1 - The National Integrated Circuit Industry Investment Fund's third phase has initiated its first project by investing up to 450 million RMB in the registered capital of Tuojing Jianke, which is a subsidiary of Tuojing Technology [1][5] - Tuojing Technology plans to raise up to 4.6 billion RMB through a private placement to enhance its main business [3][12] - The investment by Guotou Jixin will account for approximately 12.71% of Tuojing Jianke's registered capital after the capital increase [1][5] Group 2 - Tuojing Jianke focuses on advanced bonding equipment for three-dimensional integration, including hybrid bonding and fusion bonding devices [8] - The company has launched several products, including wafer-to-wafer hybrid bonding equipment and precision measurement devices, which are already being shipped to clients in advanced storage and logic sectors [8][10] - The market for hybrid bonding equipment is expected to grow significantly, with projections indicating a market size increase from 46.1 million USD in 2024 to over 150 million USD by 2027 [10] Group 3 - Tuojing Technology's financial data shows projected revenues of 97.3 million RMB and a net loss of 2.1 million RMB for 2024 [11] - The company aims to use the funds raised from the private placement for the construction of a high-end semiconductor equipment industrialization base and a cutting-edge technology research center [12][13] - The global investment in 300mm wafer fab equipment is expected to grow significantly, with China leading the investment scale [12][14]

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index fell by 3.74% as of September 4, with significant declines in component stocks such as Huafeng Measurement Control down 7.99% and Zhongwei Company down 5.97% [1] - The Sci-Tech Semiconductor ETF (588170) also decreased by 3.80%, with the latest price at 1.16 yuan, and it achieved a new high in scale at 548 million yuan [1] - The ETF experienced continuous net inflows over the past four days, totaling 95.55 million yuan, with a peak single-day net inflow of 41.56 million yuan [1] Group 2 - The recent issuance of the "Artificial Intelligence +" action plan emphasizes the need for enhanced intelligent computing power coordination and support for AI chip innovation, indicating a growing opportunity for AI computing power as a foundational infrastructure [1] - Ping An Securities highlights the strong demand for underlying computing power infrastructure driven by the rapid development of artificial intelligence, suggesting that domestic computing chip design manufacturers are likely to benefit significantly [2] - The semiconductor materials and equipment industry is identified as a key area for domestic substitution, with low domestic replacement rates and high potential for growth due to the expansion of semiconductor demand driven by the AI revolution [2]

Core Viewpoint - The company Helin Micro-Nano (688661) announced the postponement of two major fundraising projects from its 2021 private placement due to cyclical fluctuations in the semiconductor industry and delays in client product development [1] Group 1: Project Delays - The MEMS process wafer testing probe R&D mass production project has been postponed to September 2027 [1] - The substrate-level testing probe R&D mass production project has been postponed to December 2025 [1] - The delays are attributed to technical limitations and the shift in the supply chain towards domestic alternatives, which has extended the R&D and validation cycles [1] Group 2: Financial Performance - In the first half of 2025, the company achieved revenue of 440 million yuan, a year-on-year increase of 91.53% [1] - The net profit reached 30.69 million yuan, marking a turnaround from losses, driven by the recovery in demand for AI computing chips and storage chips, as well as accelerated domestic substitution [1] - The net cash flow from operating activities was 56.70 million yuan, a year-on-year increase of 2566%, primarily due to increased sales collections [1] Group 3: Shareholder Activity and Future Plans - From February to August 2025, the chairman reduced his shareholding by 1.0055 million shares, with a market value of approximately 42.19 million yuan [1] - The vice chairman also reduced his shareholding by 1.1683 million shares during the same period [1] - On September 1, the company announced plans to issue H-shares for a listing in Hong Kong [1]