随着算力基础设施建设提速，散热技术成为制约AI服务器性能释放的关键因素。在风冷向液冷的技术 迭代中，中国制造企业凭借深厚的工艺积淀，加速切入全球算力供应链。 近日，澄天伟业董事长冯学裕接受《证券日报》记者专访，深度解析了公司"智能卡+半导体封装材料 +液冷"三轮驱动战略。 在冯学裕看来，企业的转型并非盲目跟风，而是基于自身工艺底蕴的"自然生长"。他预计，公司液冷业 务在2026年将迎来爆发式增长，有望在营收规模上超越智能卡业务，成为驱动未来发展的核心引擎。 智能卡业务积极转型 近年来，随着移动支付的普及，实体智能卡步入存量阶段。冯学裕认为，作为公司深耕二十余年的基本 盘，智能卡业务依然是现金流的重要来源。 "底座没有变。"冯学裕在采访中强调。他认为，目前国内支付形态发生变化，但在全球范围内，涉及身 份认证、金融安全及万物互联的领域，智能卡的需求依然刚性。 更重要的是，澄天伟业并未固守传统物理卡片，而是敏锐捕捉到了eSIM（嵌入式SIM卡）及"空中下 载"（OTA）技术带来的新机遇。在冯学裕的规划中，未来智能卡业务将不再仅仅是硬件销售，而会向 服务延伸。 例如，通过OTA技术，设备可以直接连接并激活信息，这种服 ...

证券日报网1月9日讯 ，长电科技（600584）在接受调研者提问时表示，公司凭借与国际大客户及国内 主流车企的紧密合作，以汽车电子核心产品为驱动，带动各类周边汽车电子芯片的成品制造业务发展； 值得关注的是，先进封装技术及更高规格晶圆的芯片正快速进入汽车电子领域，推动先进封装在该领域 的落地规模持续扩大，这与前几年的发展态势存在明显差异，同时面向汽车电子的功率器件、电源管理 芯片呈现全面发展态势，在汽车电子架构各主要环节均涌现出新的技术需求与应用场景，因此明年将有 更多相关新产品在工厂落地量产。尤其在国内，公司位于上海临港（600848）的汽车电子工厂将依托当 地完善的汽车电子产业链，在核心客户推动与产业链日趋成熟的背景下逐步发力，上述重点领域的相关 产品将同步供应国内及海外客户，精准匹配"在中国，为中国"的市场需求，综上，公司对汽车电子业务 充满信心，将持续提升汽车电子业务收入占比。 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 玻璃凭借其优异的热稳定性、电绝缘性和透光性等独特属性，已成为先进半导体封装中一种 极具前景的材料。然而要充分 解锁 玻璃的潜力， 就 需要 创新玻璃微加工技术实现高精度 的 玻璃通孔（ TGV ）。 本文重点论述了 市场对 玻璃微 结构， 包括 盲槽 / 通槽 、预划片 沟 道及微流道 等加工能 力的迫切需求，这些技术对热管理和高密度互连等至关重要。 激光诱导深蚀刻（ LIDE ）技术为此提供了可靠解决方案，能够在不破坏材料完整性的前提 下实现高精度、高深宽比的玻璃微结构加工。本文也将着重探讨了激光诱导深蚀刻（ LIDE ）技术如何突破传统加工方法的局限，及其对新一代半导体封装发展的推动作用。 引言 半导体器件复杂度的不断提升与尺寸的持续微型化，对先进封装技术提出了更为严苛的要求 —— 不仅需要实现高密度互连，还需兼顾高效的热管理能力与可靠的机械稳定性。 在这一背景下，玻璃凭借其优异的电绝缘性能、高热稳定性以及良好的透光性等特性，被视 为替代传统硅和有机基板的重要 主材 受到广泛关注。 然而，要将玻璃真正应用于半导体封装并充分 ...

Core Viewpoint - The semiconductor industry is shifting from process competition to packaging innovation, with glass substrates emerging as a key material to overcome performance bottlenecks in advanced packaging [1][2]. Group 1: Industry Dynamics - Major companies like Samsung, Intel, AMD, and Nvidia are actively exploring glass substrates for next-generation chip development, indicating a strategic focus on this material [1]. - Recent developments include Japan's Rapidus exploring glass substrate technology and Samsung's plans to establish a joint venture with Sumitomo Chemical for glass substrate production [1][2]. Group 2: Advantages of Glass Substrates - Glass substrates offer significant advantages over traditional organic substrates and silicon interposers, including lower dielectric loss, excellent thermal stability, and high flatness [3][4]. - The electrical performance of glass substrates is superior, with signal transmission loss at 10GHz being only 0.3dB/mm, and dielectric loss reduced by over 50% compared to organic substrates [4]. - Glass substrates can achieve a thermal expansion coefficient (CTE) of 3-5ppm/°C, matching silicon chips and reducing warpage by 70% during thermal cycling [4]. Group 3: Types of Glass Substrates - Glass substrates are categorized into glass interposers and glass core substrates, each serving different roles in advanced packaging scenarios [3][6]. - Glass interposers are primarily used in 2.5D packaging, enabling high-density interconnections between multiple chips [6]. - Glass core substrates are aimed at 3D packaging and chiplet integration, providing a stable solution for increasing chip sizes and I/O counts [8]. Group 4: Industry Competition - The competition in the glass substrate market is intensifying, with companies like Intel, Samsung, TSMC, and new entrants like Rapidus and Absolics making significant investments and strategic moves [12][14][20]. - Intel has invested over $1 billion in developing glass substrate technology and aims for large-scale application by 2026-2030 [12][13]. - Samsung is pursuing a dual-line strategy, focusing on both rapid commercialization and long-term technological breakthroughs in glass substrates [14][15]. Group 5: Challenges and Barriers - The glass substrate industry faces challenges in scaling production, with many companies still in the early stages of development and validation [34][39]. - Key technical challenges include the efficiency and yield of TGV (Through Glass Via) processes, high-density wiring, and bonding reliability [35][41]. - Cost remains a significant barrier, with the production costs of glass substrates being substantially higher than traditional organic substrates, limiting their application in price-sensitive markets [39][40]. Group 6: Domestic Developments - Domestic companies in China are actively pursuing opportunities in the glass substrate market, leveraging their expertise in glass processing and precision manufacturing [23][30]. - Companies like BOE and Wog Glass are making strides in developing glass substrates for semiconductor packaging, with plans for mass production and technological advancements [24][25]. - The establishment of industry alliances and collaborations between academia and industry is fostering innovation and addressing common technical challenges in the glass substrate sector [30][31].

" 将化学I/O键合首次引入半导体先进封装领域。 " 作者丨李溪 编辑丨余快 雷峰网独家获悉，近日半导体封装服务商深圳瑞沃微半导体（以下简称"瑞沃微"）完成数千万元A轮融 资，由中信建投资本、西湖科创投、南山战新投等知名机构投资，谦恒资本担任长期财务顾问。 中国半导体封装测试市场规模在2024年超3000亿元，传统封装技术仍为行业主流。深圳瑞沃微半导体科 技有限公司成立于2021年12月，位于深圳南山区，定位于半导体先进封装技术创新与应用，历经多年研 发，已打造适用于多种半导体细分应用的先进封装技术平台，该平台将化学I/O键合首次引入半导体先进 封装领域，跨界融合逆向增材等先进制造技术，实现了半导体芯片键合、布线和模组贴装一体化制程，解 决了部分传统半导体封装的高投入、低产出的行业痛点。 公司首创的面板级常温、无压、铜-金化学I/O键合技术，能够实现更高密度的I/O键合、更好的散热性 能、更高的可靠性以及超薄型式的器件和模组产品。 南山战新投表示，市场上，封装是个大体量市场，空间广阔。技术上，公司的封装技术有特色，在满足客 户更小，更轻薄的产品需求的同时，也提升了产品质量。未来也有望在应用在更高端的产品封装领 ...

Core Viewpoint - The company is transitioning from panel manufacturing to semiconductor IC packaging, with a focus on fan-out panel-level packaging products, which have begun stable shipments. The chairman anticipates a recovery in the panel industry by 2026, with a positive start to the year [1][2]. Group 1: Transition to Semiconductor Industry - The company has successfully entered the semiconductor industry by launching fan-out panel-level packaging services, utilizing chip-first technology for satellite ground reception device packaging. The current focus is on consolidating existing customers rather than expanding [1]. - The chairman mentioned that the fan-out panel-level packaging technology involves advanced through-silicon via (TSV) technology, which is energy-intensive, and there is no rush to ship these products next year. The company aims to obtain customer certification for TSV and redistribution layer (RDL) technologies in the coming year [1]. Group 2: Market Outlook for the Panel Industry - The chairman noted a slight price increase for some panel products in December, indicating a potential price increase atmosphere for January. He believes that the fourth quarter of 2025 will be the bottom of the panel industry, with a recovery expected in 2026, particularly for TV panels [2]. - Currently, the company is not signing long-term contracts exceeding one year with customers, only one-year agreements with flexible pricing adjustments. There is some urgency for orders due to rising memory prices, but future developments remain uncertain [3]. Group 3: Strategic Developments and Workforce - The company has approximately 40,000 employees, excluding recent mergers with Pioneer through its subsidiary CarUX. It is diversifying into the automotive and semiconductor packaging industries while consolidating panel production capacity towards a light-asset model [5]. - The chairman emphasized the importance of smaller generation factories, such as 3.5-generation plants, for fan-out panel-level packaging, as larger generation lines may incur higher costs if production fails. Smaller factories transitioning to semiconductor packaging services can sometimes be more advantageous [5].

值得注意的是，中天精装全资子公司中天精艺认购了中经芯玑17.38%的合伙份额，并借助这个平台投 资了多家半导体产业链企业。本次交易的收购方长江半导体为中经芯玑参投的芯玑半导体联合长江云河 与上海世禹共同设立。本次投资进展事项完成后，长江半导体拟向中国高科导入半导体封装业务，聚焦 HBM封装、定制化封装产品。 中天精装公告显示，其近年对外投资模式纵深布局半导体产业链。中天精装表示，将持续关注有关对外 投资的后续进展，保持战略定力，充分利用有关资源优势，积极推动、力争实现参控股企业的协同发 展，为公司长远、高质量发展构建有力支点。(CIS) 12月21日，中天精装（002989）发布公告称，公司近日收到参投企业书面通知，参投企业长江半导体拟 受让方正国际教育的100%股权，从而间接收购中国高科（600730）的控制权。 本次投资进展事项完成后，中国高科间接控股股东变更为长江半导体，公司的实际控制人(共同实际控 制人)为东阳市人民政府国有资产监督管理办公室、孙维佳、梁猛、贺怡帆、曹龙。 ...

Core Viewpoint - The recent 46% equity transfer of Anjieli Meiwai Electronics (Xiamen) Co., Ltd. to state-backed investment entities is expected to enhance its capacity in high-end packaging substrates and drive the development of China's semiconductor packaging sector [1][4][6]. Company Overview - Anjieli Meiwai was established in December 2019 and focuses on various technologies including substrates, HDI, and battery module technology, providing comprehensive solutions from design to assembly [1][4]. - The company anticipates a revenue of 7.9 billion yuan in 2024, with R&D investment constituting 8% of total revenue [1][4]. Investment Details - The equity transfer involved several state-owned entities, including the National Integrated Circuit Industry Investment Fund Phase III and local investment groups, aimed at supporting semiconductor manufacturing projects [1][6]. - The National Integrated Circuit Industry Investment Fund Phase III is a national capital platform established to promote the development of the semiconductor industry, with a long investment and recovery period to match the long cycles of semiconductor technology [6]. Industry Insights - IC substrates are critical in connecting and transmitting signals between bare chips and PCBs, and their importance is increasing as advanced packaging becomes essential for AI chip delivery capabilities [2][6]. - The transition from BT substrates to ABF substrates represents a significant technological advancement, raising requirements for equipment, materials, and yield [3][6]. - The capital injection from the National Fund and local state-owned enterprises is expected to accelerate Anjieli Meiwai's production capacity and technological upgrades, fostering collaboration across the semiconductor supply chain [3][6].

每经AI快讯，有投资者在投资者互动平台提问：公司IC封装业务四季度产能利用率大概是多少， FCGBA产线四季度的大概产能利用率是多少？ 兴森科技（002436.SZ）12月18日在投资者互动平台表示，公司CSP封装基板整体产能规模5万平米/月， 原3.5万平/月产能已满产，新扩1.5万平/月产能爬坡进度较快。FCBGA封装基板项目市场拓展、客户认 证均按计划稳步推进中。公司经营情况请关注后续的定期报告。 （记者 王瀚黎） ...

Core Viewpoint - The advanced packaging industry is experiencing high expectations for the future development potential of Fan-out wafer-level packaging (FOWLP) and Fan-out panel-level packaging (FOPLP) technologies, driven by large-scale orders from TSMC's InFO series and CoWoS-R products [2] Group 1: Market Trends and Projections - The global demand for high-end Fan-out (FO) products is limited, with high-value orders primarily secured by leading international companies [2] - By 2025, the domestic Fan-out packaging market in China is projected to exceed $100 million, with a year-on-year growth of 29%, and FOWLP expected to account for 73% of this market [4] - The demand for wafer-level Fan-out packaging is currently less than 10,000 pieces per month (equivalent to 300mm), which is a strategic focus for most packaging manufacturers [4] Group 2: Competitive Landscape - Domestic advanced packaging companies in China possess strong technical competitiveness, but the demand for high-value FO orders remains limited, leading to a rapid increase in the number of players in the market [2] - Longji Technology is expected to hold a dominant market share in the FOWLP sector in mainland China, ranking fourth globally [4] Group 3: Future Development and Strategies - The industry needs to explore larger-scale and broader application areas for FO wafer products, such as discrete devices, power chips/modules, and audio/RF/radar modules, which have lower requirements for wafer reconstruction packaging [2] - The FOPLP technology is anticipated to become the preferred solution in low-value application scenarios as its maturity and production line utilization improve [4] - The FOWLP technology is expected to maintain a high growth rate of over 30% penetration in the next five years, as domestic manufacturers expand their product applications and accumulate process cases [4]