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 行业|深度|研究报告 2025年7月7日 一、先进封装概述 1. 传统封装与先进封装 封装可以分为传统封装和先进封装,两者在需要的设备,材料以及技术方面具有较大的差异。相比传统 封装,先进封装具有小型化、轻薄化、高密度、低功耗和功能融合等优点,不仅可以提升性能、拓展功 能、优化形态,相比系统级芯片,还可以降低成本。 目前,带有倒装芯片(FC)结构的封装、圆片级封装(WLP)、系统级封装(SiP)、2.5D 封装、3D 封装等均被认为属于先进封装范畴。 先进封装深度:应用领域、代表技术、市场 空间、发展展望及相关公司深度梳理 得益于生成式人工智能和高性能计算(HPC)这两大长期趋势有力推动,叠加移动和消费市场回暖以及 汽车先进封装解决方案的拓展,将为先进封装市场规模增长注入动力。先进封装技术也沿着多元化方向 发展。根据 Yole 预测,全球先进封装市场规模将从 2023年的 378 亿美元增至 2029 年的 695 亿美元。 这一增长主要得益于 AI、高性能计算及 5G/6G 技术对算力密度的极致需求,以及数 ...

Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]

Core Viewpoint - Company Qizhong Technology plans to raise up to 850 million yuan through convertible bonds to invest in two projects aimed at enhancing its advanced packaging and testing capabilities for integrated circuits [1][5]. Investment Projects - The total investment for the high-pin-count micro-sized bump packaging and testing project is approximately 41.95 million yuan, with the company planning to use 41.9 million yuan from the raised funds [3]. - The advanced power and flip-chip packaging technology renovation project at Qizhong Technology (Suzhou) has a total investment of about 43.17 million yuan, with 43.1 million yuan expected to be funded from the new issuance [3]. - The combined total investment for both projects is around 85.11 million yuan, with the company intending to utilize 85 million yuan from the fundraising [3]. Business Focus and Market Position - Over half of the raised funds will be allocated to enhance the packaging and testing capacity for non-display chips, which currently contribute less than 10% to the company's revenue in 2024 [5]. - Qizhong Technology is one of the few domestic firms capable of large-scale production of various bump manufacturing technologies and has maintained a leading position in advanced packaging technology [6]. - The company reported a projected revenue of nearly 2 billion yuan in 2024, with its display driver chip packaging business expected to sell 1.845 billion units, generating 1.758 billion yuan in revenue, ranking third globally in this sector [6]. Financial Performance and Stock Status - Since its IPO in April 2023, Qizhong Technology's stock has underperformed, trading below its initial offering price of 12.1 yuan per share, with a notable drop to around 8 yuan [9]. - The company has experienced a decline in net profit, reporting 313 million yuan in 2024, a decrease of 15.71% year-on-year, attributed to rising costs such as equipment depreciation and employee compensation [10]. - The company plans to repurchase shares at a price not exceeding 16.61 yuan per share, with a total repurchase amount between 75 million and 150 million yuan [9].

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 [Table_Report] 相关报告 甬矽转债定价：首日转股溢价率 23%~28% ---东北固收转债分析 报告摘要： [Table_Summary] 6 月 24 日，甬矽电子发布公告，拟于 2025 年 6 月 26 日通过网上发行可 转债，公司本次计划发行可转换公司债券募集资金总额不超过 11.65 亿 元。其中 9 亿元拟用于投资"多维异构先进封装技术研发及产业化项目"， 总投资 14.64 亿元；2.65 亿元拟用于补充流动资金。 甬矽转债发行方式为优先配售，网上发行，债项和主体评级 A+。发行规 模为 11.65 亿元，初始转股价格为 28.39 元，参考 6 月 25 日正股收盘价 格 29.46 元，转债平价 103.77 元，参考同期限同评级中债企业债到期收 益率（6 月 24 日）为 5.97%，到期赎回价 113 元，计算纯债价值为 83.7 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券 ...

Core Viewpoint - Advanced packaging demand is just beginning, and the company will continue to invest heavily in this area, particularly in Southeast Asia, while strengthening production lines for automotive and robotics testing [1][2] Group 1: Company Strategy - The company plans to increase investments in advanced packaging and testing capabilities, with panel-level packaging set to begin small-scale production by the end of the year [2] - The CEO emphasized that the company will not hold back on investments, particularly in advanced packaging, until at least 2026 [1] Group 2: Market Outlook - The global semiconductor market is expected to reach $1 trillion in the next decade, driven primarily by AI as a key innovation force [1] - The company anticipates a 10% year-over-year increase in advanced packaging revenue this year, reflecting strong demand in the AI hardware sector [1] Group 3: Industry Trends - TSMC's CoPoS advanced packaging technology is seen as an upgrade to CoWoS, with the potential for outsourcing production to packaging partners as demand increases [2] - The company views the diversification strategies of offshore clients as both a challenge and an opportunity for the Taiwanese semiconductor industry [2]

SEMI日前宣布2030全球半导体产值达到1万亿美元，吴田玉表示，虽然近期面临关税以及亚币升 值等不确定因素，但1万一美元目标没有改变，保守估计未来十年必能达标，「就算2030年达不 到，但2032年、2033年一定会达到。」 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体芯闻综合。 封测龙头日月光投控25日举行股东会，营运长吴田玉表示，尽管当前国际政经情势动荡，但AI应 用爆发带动先进封测需求，公司下半年营运审慎乐观，预估今年尖端先进制程封测营收将年增 10%，成为推升整体营收成长的关键动能。 针对大尺寸扇出型面板封装（FOPLP）布局，吴田玉指出，相关产线投资规模达2亿美元，第2季 已进驻机器设备，最快年底可望出货，并同步扩充高端封装FoCoS产能。资料显示，2024年日月 光先进封装与测试营收达6亿美元，占封测营收比重约6%，今年将再增逾10亿美元，一般业务将 成长6至9%。 此外，面对英伟达（NVIDIA）等客户扩大在美设厂，吴田玉证实，日月光美国测试厂正积极规 划，以因应AI芯片复杂封测需求。其他客户则仍在审慎评估中。他强调，全球关税、汇率与战争等 变数虽多，但产业如同生物体会寻找出 ...

罗博特科(300757.SZ)公告称，公司全资子公司ficonTEC Service GmbH和ficonTEC Automation GmbH与 同一交易对手美国某头部公司A及其子公司签订日常经营合同，合同金额约为1,710万欧元（折合人民币 已超过1亿元），占公司2024年度经审计 营业收入的比例超过了12.82%，达到公司自愿披露日常重大经 营合同的披露标准。上述合同的履行有助于公司提升在光电子封测设备前沿领域的技术水平，巩固领先 优势，提升核心竞争力。本合同的顺利履行预计将对公司本年度及未来年度经营业绩产生积极影响。 ...

近日，国内高端芯片封测龙头盛合晶微上市辅导工作完成验收，距上市仅一步之遥。其在国内高端封测 领域地位领先，若顺利上市将带动上游半导体设备需求。预计2031年全球封装设备市场规模达775.4亿 美元。国内封装设备企业芯源微发展势头良好，已形成四大业务板块，产品应用于海内外大厂，营收大 幅提升。公司在多个细分领域打破国际垄断，是国内唯一提供量产型前道涂胶显影机的厂商，新产品不 断推进验证。2025年国内前道涂胶显影市场规模预计超130亿，公司份额仅5%，国产替代空间大。随着 盛合晶微上市，以芯源微为代表的半导体设备行业有望迎来新发展高潮。 国内唯一，全球寡头，尖端设备大杀四方 股票名称["盛合晶微","芯源微"] 板块名称["半导体设备","高端芯片封测"] 盛合晶微、芯源微、半导体设备 看多看空文中提到盛合晶微若顺利上市将显著带动对上游相关半导体设备的需求，芯源微作为封 装设备相关领域代表企业，技术、产品快速突破，业绩提升，在多个细分领域打破国际垄断，国 产替代空间巨大，伴随着盛合晶微上市，半导体设备行业将迎来新的发展高潮，所以看多A股。 和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的 ...

上海泽昌律师事务所 关于 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买 资产并募集配套资金暨关联交易 之 补充法律意见书（三） 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200120 二零二五年六月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 关于深圳至正高分子材料股份有限公司重大资产置换、发 行股份及支付现金购买资产并募集配套资金暨关联交易之 补充法律意见书（三） 编号：泽昌证字 2025-03-02-15 致：深圳至正高分子材料股份有限公司 根据《中华人民共和国公司法（2023 修订）》 《中华人民共和国证券法（2019 修订）》《上市公司重大资产重组管理办法（2025 修正）》等法律、行政法规、 规章和规范性文件的相关规定，上海泽昌律师事务所接受深圳至正高分子材料股 份有限公司委托，作为本次重组事宜的专项法律顾问。 为本次重组之目的，本所已于 2025 年 2 月 28 日出具了《上海泽昌律师事务 所关于深圳至正高分子材料股份有限公司重大资产置换、发行股份及支付现金购 买资产并募集 ...

业界最新消息指出，力成已经将旗下FOPLP技术正式定名PiFO，技术类似台积电的CoPoS，透过 不同名称与其他业者做出区隔。事实上，力成在该技术耕耘最久，早在2019年实现量产。力成先 前也强调，目前全球真正具大规模FOPLP生产能力的业者仅有公司一家，并看好未来在AI世代 中，高阶逻辑芯片的异质封装，将采用更多FOPLP解决方案。 台积电部分，尽管对外尚未详细解释在面板级封装的技术细节， 但MoneyDJ早前已率先掌握 ，其 预计在2026年设立首条CoPoS实验线，并将落脚旗下采钰(6789)，而真正大规模生产的量产厂也 已 敲 定 将 落 脚 在 嘉 义 AP7 ， 目 标 2028 年 底 至 2029 年 之 间 实 现 大 规 模 量 产 ， 首 家 客 户 将 由 辉 达 (NVIDIA)拔得头筹。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 MoneyDJ 。 继CoWoS后，FOPLP(扇出型面板级封装)成为近来最受嘱目的先进封装技术。据业界消息，在该 技术上，主要竞争的三大厂在命名上也各有千秋，其中，台积电(2330)取名为CoPoS(Chip-on- Panel-on ...