申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 5月18日，通富微电（002156）公告称，第二大股东国家集成电路产业投资基金（简称"大基金"）计划 在6月11日至9月8日期间，通过集中竞价或大宗交易减持不超过3793.99万股，占总股本2.5%，按最新股 价估算套现规模或超9.5亿元。这是大基金自2024年第四季度以来第三次减持，持股比例将从8.77%进一 步降至6%左右，减持原因为"自身经营管理需要"。 公告发布后， 股吧讨论热度飙升，投资者形成两大阵营。 乐观派 ：投资者注意到此次减持比例低于此前预期的3%，且大基金仍保留6%持股，并非清仓式退出， 叠加公司近期完成对京隆科技26%股权收购（强化测试环节布局），部分资金认为这是产业资本的正常 周期退出， 不影响公司与AMD等核心客户的合作稳定性 ——通富微电2023年先进封装产量占中国市场 22.25%，深度绑定AMD（订单占比超80%），在Chiplet、HBM封装等前沿领域技术储备扎实。 谨慎派 ：作为行业"风向标"的大基金连续减持，难免引发对板块情绪的担忧： 近期半导体板块已有26 家公司发布减持公告，形成"减持潮"效应 ，而通富微电一季 ...

Financial Performance - The company's net profit for 2024 reached 930 million CNY, a year-on-year increase of 44.33% [2] - Revenue from the storage semiconductor business was 3.522 billion CNY, growing by 37.62% compared to the previous year [3] Business Operations - The company operates dual bases for semiconductor packaging and testing in Shenzhen and Hefei, with ongoing capacity improvements [3] - The Shenzhen base received a Level 3 certification for intelligent manufacturing, while the Hefei base was recognized as a digital workshop in Anhui Province [3] R&D and Technology - The company is focusing on advanced packaging technologies, including Bumping and RDL projects, which have achieved mass production [3] - The company has increased its R&D personnel, particularly in the storage semiconductor sector [6] Market Strategy - The global semiconductor market is projected to grow by 11.2% in 2025, reaching a size of 697 billion USD, with strong growth in the storage market driven by AI and high-performance computing [8] - The company aims to enhance its market position by optimizing its supply chain strategy and expanding into European and other international markets [7] Risk Management - The company has a robust accounts receivable management system, with accounts receivable primarily aged within one year, mitigating large-scale bad debt risks [3] - The company is committed to adhering to market regulations and enhancing its value management practices [4] Future Outlook - The company plans to transition from manufacturing to creating value through supply chain solutions, focusing on digitalization and AI applications [6] - The company aims to strengthen its position in the semiconductor packaging sector and enhance its capabilities in high-end manufacturing [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 9.335 billion yuan in Q1 2025, representing a year-on-year increase of 36.44%, and a net profit attributable to shareholders of 203 million yuan, up 50.39% year-on-year [3][4]. - The integration of Shengdi Semiconductor has enhanced the company's strength, with significant growth driven by high-demand sectors such as AI and automotive electronics [8]. - The company's gross margin reached 12.63% in Q1 2025, an increase of 0.43 percentage points year-on-year, while the net profit margin rose to 2.18%, up 0.22 percentage points year-on-year [8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 93.35 billion yuan, a 36.44% increase year-on-year, and a net profit of 2.03 billion yuan, reflecting a 50.39% year-on-year growth [3][4]. - The company's inventory stood at 3.604 billion yuan, down 4.96% from the previous quarter, indicating continued inventory reduction [8]. Market Position and Growth Drivers - The company is focusing on high-performance packaging technology and has made strategic investments in high-value markets such as automotive electronics, high-performance computing, and 5G communications [8]. - The revenue breakdown for 2024 shows that communication electronics accounted for 44.8%, consumer electronics 24.1%, computing electronics 16.2%, automotive electronics 7.9%, and industrial and medical electronics 7.0% [8]. Future Outlook - The company expects net profits attributable to shareholders to reach 1.992 billion yuan in 2025, 2.472 billion yuan in 2026, and 2.889 billion yuan in 2027, with corresponding price-to-earnings ratios of 31X, 25X, and 21X [8].

Group 1: SiC Substrate Market - The global N-type SiC substrate market is projected to experience a revenue decline of 9% in 2024, amounting to $1.04 billion, due to weakened demand in the automotive and industrial sectors, alongside intensified market competition and significant price drops [1] Group 2: Semiconductor Packaging and Testing Market - The combined revenue of the top ten semiconductor packaging and testing companies is expected to reach $41.56 billion in 2024, reflecting a year-on-year growth of 3% [4] - ASE Holdings and Amkor maintain their leading positions, while companies like JCET and Tianshui Huatian are experiencing double-digit growth, posing strong challenges to the existing market structure [4][5] Group 3: AI Chip Development - The demand for AI servers is accelerating the self-research of ASIC chips among major North American cloud service providers, with new versions expected to be released every 1-2 years [6] - The proportion of AI chips sourced from foreign suppliers like NVIDIA and AMD in the Chinese market is anticipated to decrease from approximately 63% in 2024 to about 42% in 2025, while local suppliers are expected to increase their share to 40% under government policy support [6]

Core Viewpoint - The article discusses the acquisition of Yuanlong Electronics by ASE Technology Holding Co., Ltd. (日月光投控) through its subsidiary, Taiwan Fulei Electronics, with a focus on the potential privatization and restructuring of Yuanlong to adapt to the upcoming AI era [1][2]. Group 1: Acquisition Details - ASE Technology plans to acquire Yuanlong Electronics at a price of NT$9 per share, with a maximum purchase of 15,100 shares, totaling NT$136 million, representing a premium of approximately 3.09% based on Yuanlong's closing price of NT$8.73 [1]. - The acquisition period is set from May 15 to June 24, aiming to restructure Yuanlong's operations and promote business transformation [1]. - Post-acquisition, ASE Technology's stake in Yuanlong is expected to reach 68.18%, with the acquisition potentially leading Yuanlong towards privatization [1][2]. Group 2: Financial Performance of Yuanlong - Yuanlong's Q1 financial report shows consolidated revenue of NT$268 million, a quarter-on-quarter increase of 14.2% and a year-on-year increase of 24.6% [1]. - Despite revenue growth, Yuanlong reported a net loss of NT$128 million for Q1, marking the highest quarterly loss in nearly four years, with a loss per share of NT$1.06 [1]. - As of the end of Q1, Yuanlong's net asset value per share was NT$-0.42, down from NT$0.62 at the end of the previous year, putting it at risk of delisting [1]. Group 3: Market Challenges - The 6-inch power semiconductor wafer foundry market is facing pricing pressures, leading to high operational costs for Yuanlong and resulting in nine consecutive quarters of losses [2]. - The competitive landscape has intensified due to price wars from Chinese manufacturers in the MOSFET market, pushing power semiconductor manufacturers towards high-voltage technologies and third-generation semiconductor research [2]. - The integration of Yuanlong into ASE Technology is expected to leverage group resources for operational restructuring, potentially transitioning to third-generation semiconductor processes [2]. Group 4: OSAT Market Overview - According to TrendForce, the top 10 OSAT companies are projected to see a 3% year-on-year revenue growth in 2024, reaching $41.56 billion [3]. - ASE Technology leads the market with revenues of $18.54 billion, capturing nearly 45% of the market share [3]. - Other notable companies include Amkor with $6.32 billion, Changjiang Electronics with $5 billion, and Tongfu Microelectronics with $3.32 billion [3][4]. Group 5: Industry Trends - The OSAT sector is experiencing increasing technical demands, shifting from traditional manufacturing to advanced integration and packaging solutions driven by AI and edge computing [5]. - The industry is adapting to high-frequency and high-density packaging requirements, indicating a significant transformation in operational strategies [5].

Group 1 - The core point of the news is that ASE Technology Holding Co., Ltd. (日月光投控) plans to acquire shares of Yuanlong Electronics (元隆电子) at NT$9 per share, with a total acquisition amount reaching NT$136 million, representing a premium of approximately 3.09% based on the closing price of NT$8.73 [1][2] - The acquisition period is set from May 15 to June 24, with the aim of restructuring Yuanlong's operations and promoting business transformation, while also protecting shareholder interests [2] - Following the acquisition, ASE Technology is expected to hold 68.18% of Yuanlong's shares, which may lead Yuanlong towards privatization to better prepare for future opportunities in the AI sector [2][3] Group 2 - Yuanlong's first-quarter financial report shows a consolidated revenue of NT$268 million, a quarter-on-quarter increase of 14.2% and a year-on-year increase of 24.6%, but it still reported a net loss of NT$128 million, marking the highest quarterly loss in nearly four years [2] - The company has faced continuous losses for nine consecutive quarters, with a net loss per share of NT$1.06 and a negative net asset value of NT$-0.42 per share as of the end of the first quarter [2] - The 6-inch power semiconductor wafer foundry market is under pressure due to intense competition from Chinese manufacturers, leading to high operational costs for Yuanlong and poor profitability [3]

5月13日，中央国债登记结算有限责任公司日前发布通知，为落实国家减税降费精神，进一步优化债券 市场投资环境，推动我国债券市场对外开放，中央国债登记结算有限责任公司决定，对2025年1月1日 （含）之后通过中国人民银行或银行间市场结算代理人在中央结算公司开户的境外央行类机构，全额免 除500元/户的账户开户费。以上优惠措施自2025年1月1日起实施。后续如有调整，中央结算公司将另行 通知。对于2025年1月1日（含）之后发生上述业务并已实际支付的相关费用，中央结算公司将对适用上 述规定的减免部分作退还处理。 NO.2 自然资源部：加快推进新一轮找矿突破战略行动，大力发展海洋经济 每经记者｜杨建 每经编辑｜彭水萍 ｜2025年5月14日 星期三｜ NO.1 中央结算公司：减免境外央行类机构账户开户费用 5月13日，据TrendForce集邦咨询最新封测研究报告，2024年全球封测(OSAT)市场面临技术升级和产业 重组的双重挑战。从营收分析，日月光控股、安靠维持领先地位，值得关注的是，得益于政策支持和本 地需求带动，长电科技和天水华天等封测厂营收皆呈双位数成长。TrendForce集邦咨询表示，2024年全 球前 ...

以下文章来源于TrendForce集邦 ，作者TrendForce TrendForce集邦 . TrendForce集邦咨询是一家全球高科技产业研究机构，研究领域横跨存储器、AI服务器、集成电路与半 导体、晶圆代工、显示面板、LED、AR/VR、新能源（含太阳能光伏、储能和电池）、AI机器人及汽 车科技等，提供前瞻性行业研究报告、产业分析 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 TrendForce集邦，谢谢。 根据TrendForce集邦咨询最新半导体封测研究报告，2024年全球封测(OSAT)市场面临技术升级 和产业重组的双重挑战。从营收分析，日月光控股、Amkor（安靠）维持领先地位，值得关注的 是，得益于政策支持和本地需求带动，长电科技和天水华天等封测厂营收皆呈双位数成长，对既 有市场格局构成了强大的挑战。 TrendForce集邦咨询表示，2024年全球前十大封测厂合计营收为415.6亿美元，年增3%。 | 排名 | 公司 | | 营收(USD Billion) | | Top10营收占比 | | | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - The global OSAT (Outsourced Semiconductor Assembly and Test) market is facing dual challenges of technological upgrades and industry restructuring in 2024 [1] - Major players like ASE Technology Holding and Amkor continue to maintain their leading positions, while companies such as Changdian Technology and Tianshui Huatian are experiencing double-digit revenue growth due to policy support and local demand [1] - The total revenue of the top ten OSAT companies is projected to reach $41.56 billion in 2024, reflecting a year-on-year increase of 3% [1]

Industry Insights - The global OSAT market is facing dual challenges of technological upgrades and industry restructuring in 2024 [1] - The top ten OSAT companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a year-on-year growth of 3% [2][3] Company Performance - ASE Holdings (日月光控股) remains the leader with a revenue of $18.54 billion in 2024, a slight decrease of 0.7% from 2023, holding a market share of 44.6% [3][5] - Amkor (安靠) ranks second with a revenue of $6.32 billion, down 2.8% year-on-year, primarily due to weak demand in automotive electronics [3][6] - JCET (长电科技) is third with a revenue of $5 billion, showing a significant growth of 19.3%, driven by improving demand in consumer electronics and AI PC markets [3][7] - TFME (通富微电) ranks fourth with a revenue of $3.32 billion, up 5.6%, benefiting from recovering demand in communications and consumer electronics [3][8] - PTI (力成科技) is fifth with a revenue of $2.28 billion, reflecting a modest growth of 1% due to transitional challenges in advanced packaging [3][9] - TSHT (天水华天) ranks sixth with a revenue of $2.01 billion, achieving the highest growth rate of 26% among the top ten OSAT companies, supported by advancements in packaging technology [3][10] - WiseRoad (智路封测) is seventh with a revenue of $1.56 billion, up 5%, driven by semiconductor demand recovery [3][11] - Hana Micron (韩亚微) ranks eighth with a revenue of $0.92 billion, growing 23.7% due to strong performance from memory clients [3][12] - KYEC (京元电子) is ninth with a revenue of $0.91 billion, down 14.5%, impacted by the sale of a subsidiary but benefiting from growth in AI server and HPC chip markets [3][13] - ChipMOS (南茂科技) rounds out the top ten with a revenue of $0.71 billion, up 3.1%, driven by stable demand in automotive and OLED sectors [3][14] Market Trends - The 2024 OSAT market indicates a restructuring of the value chain, with increasing demands for advanced packaging technologies driven by AI and edge computing [14] - The market is characterized by a dual-axis trend of "mature leaders' stability and the rise of regional new forces," setting the stage for future competition in advanced packaging and heterogeneous integration technologies [14]