Core Viewpoint - The advanced packaging concept continues to strengthen, with significant stock price increases observed in several companies within the sector [1] Company Performance - Shanzi Gaoke has reached its daily limit increase in stock price [1] - Other companies such as Baiwei Storage, Cambricon Technologies-U, Lianrui New Materials, Jiao Cheng Ultrasonic, Xingsen Technology, and Changdian Technology have also experienced stock price increases [1]

Investment Strategy - The first phase of the National Integrated Circuit Industry Investment Fund (大基金一期) was established in 2014 with a registered capital of 98.7 billion, and actual funds received were approximately 120 billion [3] - The second phase (大基金二期) was established in 2019 with a registered capital of 204.2 billion, and actual funds received were around 220 billion [3] - Significant investments from both phases were directed towards wafer manufacturing, including companies like SMIC, Hua Hong Semiconductor, and Changjiang Storage [3] - Investments also extended to the packaging segment, targeting companies such as Tongfu Microelectronics and Jiangsu Changjiang Electronics Technology [5] - The strategy focused on addressing the largest shortfall in the semiconductor industry, which is manufacturing, while also investing in the relatively stronger area of chip design [7] Management - The management of both phases is handled by Huaxin Investment Management Co., Ltd. (华芯), established in 2014 specifically for managing the fund [9] - The largest shareholder of Huaxin is the National Development Bank, which is also a significant contributor to the fund [9] - In the first phase, the Ministry of Finance was the largest contributor (36%), followed by the National Development Bank (22%) [10] - By the second phase, the Ministry of Finance remained the largest contributor (11.02%), with the National Development Bank as the second largest (10.78%) [10] - The first phase also involved Huaxin managing several market-oriented semiconductor funds to mitigate risks and enhance investment strategies [10] - By the second phase, Huaxin's investment capabilities had matured, managing 220 billion solely without additional fund managers [11]

Core Viewpoint - The article discusses the advancements and market potential of glass substrates in semiconductor packaging, highlighting their advantages over traditional materials and the expected growth in the market size from $213 million in 2024 to over $400 million by 2030 [3]. Group 1: Market Overview - The global semiconductor packaging glass substrate market is projected to reach approximately $213 million in 2024, with expectations to exceed $400 million by 2030, indicating a penetration rate of over 2% [3]. - Transitioning substrate sizes from 200mm to 300mm can save about 25% in costs, while moving from 300mm to board-level can achieve over 60% cost reduction [2]. Group 2: Advantages of Glass Substrates - Glass substrates offer superior surface flatness and low roughness, making them suitable for high-precision lithography and micro-line processing [3]. - They exhibit low warpage and high resistance to deformation due to adjustable thermal expansion coefficients, which can be aligned closely with silicon chips [3]. - The electrical performance of glass substrates is enhanced, reducing signal loss during transmission, which is crucial for high-speed applications [3]. - Glass substrates have better thermal conductivity compared to organic substrates, improving heat management in electronic systems [3]. - They possess excellent chemical stability, resisting moisture and environmental corrosion [3]. Group 3: Industry Developments - Several companies are actively developing glass substrate technologies, including Beijing BOE Sensor Technology, Jiangxi Woge Optoelectronics, and Wuhan Xinchengyuan Semiconductor, each focusing on different aspects of glass substrate applications [4][5][6]. - Shenzhen Deep Light Valley Technology has successfully established a production line for glass-based 3D optical waveguide chips, indicating advancements in the field [6]. - The industry is witnessing a trend towards integrating glass substrates in high-end semiconductor packaging, with companies like Xiamen Yuntian Semiconductor and Chongqing Glass Core Semiconductor planning significant production expansions [5][6]. Group 4: Upcoming Events - TrendBank plans to host the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [7].

Core Insights - The global IC substrate market is expected to grow moderately at a rate of 3.6%, reaching a revenue scale of $13.489 billion in 2024, with demand for ABF substrates and high-end BT substrates driven by AI data center and edge AI product upgrades, projected to reach $14.837 billion in 2025 [2] - The Chinese IC substrate market is rapidly emerging, with a revenue scale of $1.038 billion, reflecting a year-on-year growth of 34.9%. However, local companies mainly focus on MEMS, RF, and storage substrates, while high-end FCBGA substrates using ABF film are still dominated by international manufacturers [2][4] Industry Developments - ABF film, a high-performance insulating film in semiconductor packaging, consists of a PET substrate film and ABF resin, which includes epoxy resin or polyimide, curing agents, and special fillers [3] - Domestic companies have made progress in the localization of ABF film but are still in a catch-up phase [4] Company Progress - Major companies are advancing in the development of ABF film products: - Ajinomoto holds over 95% of the global market share and continues to innovate ABF film products to meet higher-end chip packaging demands [6] - Sekisui Chemical is developing self-researched insulating film materials for FC-BGA substrates [6] - Tainan Build-up Film (TBF) by Jinghua Technology has passed validation from multiple domestic and international packaging substrate manufacturers [6] - Panasonic is producing layered materials for semiconductor packaging substrates [6] - Wuhan Sanxuan Technology is one of the early domestic players in the research and development of dielectric materials for chip packaging [6] - Guangdong Yipas New Materials is entering the high-end packaging field with EBF and TPF films [6] - Other companies like Guangdong Shengyi Technology and Xi'an Tianhe Defense are also making strides in developing ABF-like films and have begun small-scale production [6] Upcoming Events - TrendBank plans to hold the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [7]

Core Viewpoint - Glass substrates are emerging as a superior alternative to organic substrates in advanced packaging due to their flatness, lower thermal expansion coefficient, and reduced warpage issues, making them ideal for high-frequency applications and 6G communications [2][3][5]. Group 1: Advantages of Glass Substrates - Glass substrates provide significant improvements in warpage reduction (50%) and positioning accuracy (35%) compared to organic substrates, facilitating the implementation of redistribution layers (RDL) with line widths and spacings below 2 micrometers [2]. - The dielectric constant of glass (2.8) is much lower than that of silicon (12), resulting in significantly lower transmission losses and enhanced signal integrity for high-frequency applications [3]. - Glass substrates are versatile and can be used as carriers, core substrates for embedded components, 3D stacking materials, or sealed cavities for sensors and MEMS [2]. Group 2: Manufacturing Challenges - Glass cutting is prone to micro-cracking, and the challenge of repeatedly manufacturing thousands of fine-pitch through-glass vias (TGV) hinders the full potential of glass substrates [3][22]. - The laser-induced deep etching (LIDE) technology is being improved to facilitate mass production of TGVs, allowing for the etching of vias as small as 3 micrometers with a spacing of 5 micrometers [10][11]. Group 3: Applications in 6G Technology - Glass substrates are ideal for 6G wireless communication networks, which require data rates exceeding 100 GHz, due to their high-frequency transmission capabilities and low loss characteristics [5]. - Heterogeneous integration in stacked glass can combine high-frequency front-end chips with low-loss interconnects, enhancing the performance of large-scale antenna arrays [5]. Group 4: Innovations in Glass Processing - The use of ABF (Ajinomoto Build-up Film) as a low-k dielectric and adhesive for glass bonding has shown promising results, achieving electrical performance up to 220 GHz with minimal loss [5][8]. - New methods for cutting glass substrates, such as embedding cut substrates in organic resin for edge protection, are being explored to minimize damage during handling [24]. Group 5: Yield Improvement Techniques - Predictive modeling and machine learning are being utilized to enhance yield rates in glass substrate manufacturing, particularly in identifying and mitigating defects early in the production process [18][19]. - The development of automated systems for wet etching and drying processes is aimed at improving the efficiency and yield of TGV manufacturing [10][11]. Group 6: Future Directions - The glass ecosystem is preparing for the continued growth in chip and substrate sizes in multi-chip advanced packaging, with significant progress being made in laser modification and high-frequency etching techniques [28]. - Ongoing research aims to further reduce micro-cracking during cutting processes and improve the compatibility of new processing techniques with stringent design rules [29].

Summary of the Conference Call for Aotwei Company Overview - **Company**: Aotwei - **Industry**: Photovoltaic Equipment and Lithium Battery Equipment Key Points and Arguments Photovoltaic Equipment Business - The increase in Aotwei's photovoltaic equipment business is primarily driven by capital inflow into the photovoltaic market and rising silicon material prices [2][3] - Aotwei's photovoltaic orders for the first half of the year reached 2.88 billion RMB, with an expected total of 6 billion RMB for the year, which is lower than last year's over 9 billion RMB but shows a smaller decline than the industry average [2][8] - Aotwei maintains a market share of 70%-80% in the photovoltaic equipment sector, with annual orders expected to be between 800 million to 1 billion RMB, potentially reaching 2 billion RMB in optimistic scenarios [2][12] - The company has a competitive edge due to its existing string welding machine technology and collaborations with leading companies like Longi and Aiko [2][12] Market Dynamics - The photovoltaic equipment market has seen a significant increase due to market capital inflow and rising silicon prices since June 2020, which has improved profitability across the entire photovoltaic supply chain [4][5] - Despite a decline in orders for many photovoltaic companies in Q2, battery sector profits have risen, indicating potential risks for future profitability [3][4] BC Battery Expansion - The expected annual expansion for BC batteries is 50GW, with equipment prices ranging from 25 million to 30 million RMB per GW. If Aotwei captures 40% of the market, it could generate an additional 500 million RMB in orders annually [2][13] - Technological upgrades in three-piece and four-piece technologies could release significant market potential, estimated at 2.4 billion to 4.8 billion RMB [2][13] Solid-State Battery Equipment - Aotwei's solid-state battery equipment is primarily linked to Yili Technology, with a current order of 50 million RMB and potential orders of 500 million to 1 billion RMB by 2026 [4][16] - The company is also developing new equipment for solid-state batteries, which could enhance its market position [18] Semiconductor and Other Business Areas - Aotwei has established a complete packaging line in the semiconductor sector, with orders nearing 100 million RMB and a target of achieving 1 billion RMB in orders within three years [20][21] - The company is also exploring opportunities in perovskite technology, although there are no strong order expectations yet [21] Future Outlook - Aotwei's new order expectations for 2025 are around 6 billion RMB, with over 80% coming from the photovoltaic business. If new technologies are successfully implemented, the total new orders could reach 8-10 billion RMB [17][22] - The projected profit for 2025 is around 600 million RMB, with potential growth to 800 million to 1 billion RMB by 2027-2028 as new businesses ramp up [22][23] - The estimated market value for Aotwei's various business segments could reach 250-300 billion RMB, indicating significant growth potential compared to its current market valuation [23] Additional Important Insights - The trend of machine replacement for manual labor in the AOI equipment market is accelerating, indicating a substantial market potential that could reach a hundred billion RMB if fully automated [15] - Aotwei's pricing strategy in the AOI market is competitive, with a selling price of 1.1 to 1.3 million RMB per unit compared to competitors, maintaining a gross margin of over 50% [15]

Core Insights - The article discusses the upcoming 2025 Advanced Packaging and HPC Thermal Management Conference, highlighting the industry's shift towards advanced packaging and thermal management technologies due to increasing power density and heat generation in semiconductor applications [3][5][9]. Group 1: Conference Overview - The conference will take place on September 25-26, 2025, in Suzhou, Jiangsu, organized by Flink and supported by various academic and research institutions [3][5]. - The event will feature over 50 keynote speeches and cover critical topics such as Chiplet technology, TGV and glass substrates, panel-level packaging, and advanced thermal management techniques [3][5][7]. Group 2: Agenda Highlights - The agenda includes a series of parallel forums focusing on advanced packaging innovations and high-performance thermal management solutions, with specific sessions dedicated to various technologies and applications [9][10][12]. - Key sessions will address the development trends in high-performance chips, advanced packaging materials, and innovative cooling technologies, including liquid cooling applications [10][17][21]. Group 3: Participant Engagement - The conference aims to facilitate deep dialogue and collaboration between industry, academia, and research sectors, encouraging participants to share their needs and innovations [23][24]. - There will be opportunities for one-on-one VIP matchmaking, product showcases, and a demand release platform to connect supply and demand within the industry [23][24].

Core Viewpoint - The interposer has transitioned from a supporting role to a focal point in the semiconductor industry, with major companies like Resonac and NVIDIA leading initiatives to develop advanced interposer technologies [1][28]. Group 1: Definition and Importance of Interposer - Interposer serves as a critical layer between chips and packaging substrates, enabling high-density interconnections and efficient integration of various chiplets into a system-in-package (SiP) [3][5]. - The interposer is essential for achieving higher bandwidth, lower latency, and increased computational density in advanced packaging [3][5]. Group 2: Types of Interposers - Two main types of interposers are currently in production: Silicon Interposer (inorganic) and Organic Interposer (Redistribution Layer) [5][6]. - Silicon Interposer has been established since the late 2000s, with TSMC pioneering its use in high-performance computing [6]. - Organic Interposer is gaining traction due to its lower production costs and flexibility, despite challenges in wiring precision and reliability [6][23]. Group 3: JOINT3 Alliance - The JOINT3 alliance, led by Resonac, consists of 27 global companies aiming to develop next-generation semiconductor packaging, focusing on panel-level organic interposers [8][11]. - The alliance plans to establish a dedicated center in Japan for advanced organic interposer development, targeting a significant increase in production efficiency and cost reduction [11][12]. - The shift to organic interposers is driven by the limitations of silicon interposers, particularly in terms of geometric losses and production costs [11][12]. Group 4: SiC Interposer as a New Direction - NVIDIA is exploring the use of Silicon Carbide (SiC) interposers for its next-generation GPUs, indicating a potential shift in materials used for interposers [17][19]. - SiC offers superior thermal conductivity and electrical insulation, making it suitable for high-performance AI and HPC applications, although manufacturing challenges remain [19][25]. Group 5: Competitive Landscape of Interposer Materials - The competition among silicon, organic, and SiC interposers is characterized by their respective advantages and disadvantages, influencing performance, cost, and scalability [20][22][23]. - Silicon interposers are currently dominant but face challenges as chip sizes increase, while organic interposers are expected to gain market share due to cost advantages [22][26]. - SiC interposers, if successfully developed, could become the standard for cutting-edge AI and HPC packaging in the long term [26]. Group 6: Future Trends - In the short term, silicon interposers will remain the market leader, while organic interposers are anticipated to see widespread adoption in the mid-term due to their cost and scalability benefits [26]. - Long-term projections suggest that SiC interposers may emerge as the preferred choice for advanced packaging once manufacturing hurdles are overcome [26].

Investment Strategy - The first phase of the National Integrated Circuit Industry Investment Fund (大基金一期) was established in 2014 with a registered capital of 98.7 billion, and actual funds received were approximately 120 billion [3] - The second phase (大基金二期) was established in 2019 with a registered capital of 204.2 billion, and actual funds received were around 220 billion [3] - Significant investments from both phases were directed towards wafer manufacturing, including companies like SMIC, Hua Hong Semiconductor, and Changjiang Storage [3] - Investments also extended to packaging segments, with companies such as Tongfu Microelectronics and Jiangsu Changjiang Electronics Technology [5] - The strategy focused on addressing the largest gaps in the semiconductor industry, particularly in manufacturing, while also investing in chip design, exemplified by companies like Huawei's HiSilicon [6][7] Management - The management of both phases is handled by Huaxin Investment Management Co., Ltd. (华芯), established in 2014 specifically for managing the fund [9] - The largest shareholder of Huaxin is the National Development Bank, which is also a significant contributor to the fund [9] - In the first phase, the Ministry of Finance was the largest contributor (36%), followed by the National Development Bank (22%), while in the second phase, the Ministry of Finance contributed 11.02% and the National Development Bank 10.78% [10] - The management structure raised questions about the dual role of the National Development Bank as both a manager and a major limited partner, reflecting a high level of trust from the state [10] - The first phase involved collaboration with other semiconductor investment institutions to mitigate risks, while the second phase saw a more mature investment capability with no additional management entities [10][11]

Group 1 - The company reported a revenue of 210 million yuan for the first half of 2025, representing a year-on-year growth of 32.91% [1] - Net profit reached 10.8764 million yuan, showing a significant increase of 562.05% year-on-year [1] - The company's smart card business is experiencing steady growth, with emerging fields such as semiconductor packaging materials and digital energy thermal management demonstrating strong innovation and strategic advancement [1] Group 2 - The company has achieved full industry chain coverage from chip application research and development, module packaging, smart card production and sales research to terminal applications [1] - The proportion of high-margin smart card one-stop service orders has increased during the reporting period [1] - The global smart card market is undergoing structural growth opportunities, with significant growth potential in regions such as Southeast Asia, the Middle East, and Africa [1] Group 3 - The company is implementing a development strategy of "extending the industrial chain and expanding new fields," with semiconductor packaging materials and digital energy thermal management becoming new growth drivers [2] - Orders for semiconductor packaging materials increased by 145.28% year-on-year in the first half of the year [2] - The company has completed the technical research and production line construction for copper pin heat dissipation base plates, upgrading product structure to meet high-demand applications such as IGBT and SiC power module packaging [2] Group 4 - The company's self-developed liquid cooling plates have competitive advantages in structural integration, thermal conductivity, and pressure resistance [2] - Related products are primarily aimed at high heat dissipation scenarios such as AI servers and high-performance computing [2] - The products have passed multiple rounds of technical validation and have received sample testing certification from some customers [2]