公众号记得加星标⭐️，第一时间看推送不会错过。 在AI芯片快速发展的浪潮中，GPU、AI ASIC等高性能计算（HPC）核心，以及HBM（高带宽内 存），正成为采用 2.5D/3D 封装技术的高端产品的主力军。先进封装平台对于提升器件的性能和带 宽至关重要，其重要性已使其成为半导体领域最热门的话题，热度甚至超越了以往的尖端工艺节点。 近期，有关英特尔的先进封装技术 EMIB 正被科技巨头苹果和高通评估的消息引发了广泛关注：苹 果在相关招聘信息中，寻求熟悉 CoWoS、EMIB、SoIC、PoP 等技术的 DRAM 封装工程师；高通 也在招募资料中心产品管理总监，要求熟悉英特尔EMIB技术。虽然这些动作尚不意味着两大芯片设 计巨头已正式转向，但它们明确透露出全球顶级自研芯片企业正在积极评估英特尔作为台积电之外的 潜在替代方案。 图片来源：高通公司 而在AI芯片的先进封装领域，台积电、英特尔和三星已经形成了"三强鼎立"的格局。由于自身定位不 同，这三家公司在产业链中也承担着不同的封装角色。据Yole Group的分析，短期来看，2025年第 二季度先进封装收入将超过120亿美元。在人工智能和高性能计算强劲需求的推 ...

Group 1 - The core event was the 2025 Yixing Yangxian Ecological Tourism Resort (Huzhen) Industry Chain Attraction and Exchange Conference, which gathered business representatives and elite scholars to discuss cooperation and development [1] - The establishment of the China Electric Power Construction Research Center for New Quality Productivity aims to inject new momentum into industrial innovation in Huzhen, fostering more new quality productivity [1] - Four projects were agreed upon during the conference, covering high-end manufacturing and chip packaging, synthetic biology and health, aerospace and smart electricity, and advanced new materials [1] Group 2 - Huzhen is accelerating the optimization of its industrial layout, focusing on building a modern industrial system led by ecological cultural tourism, supported by advanced manufacturing, and driven by modern scientific and technological innovation [2] - The region plans to continuously improve the business environment, implement policy support, enhance service efficiency, and promote a development pattern that integrates large and small enterprises, forming a robust industrial cluster [2]

尽管官方数据显示中国GDP尚未赶超美国，但不少美国学者却提出了颇具争议的观点，中国的GDP被"人为压低"了。 若采用更科学、全面的统计方法，中国经济的真实规模或许已经接近甚至超越美国。 这样的论断让世界经济学界炸开了锅：如果属实，那么全球经济格局将发生翻天覆地的变化。 究竟是什么让美国学者作出这样的判断？ 关于"中国GDP被低估"的争论，首先要从统计方法的不同说起。 虽然GDP看似是个统一的经济指标，但在不同国家，其计算口径和标准却千差万别。 例如，美国在统计GDP时，会把部分非市场活动也算进去，包括毒品交易、非法赌博、卖淫、甚至居民自住房屋的"虚拟租金"。 这些行为虽然不合法，却被美国经济学界认为"产生经济效益"，因而被纳入国民经济总量。而中国的统计体系则严格排除这类"灰色经济"，确保GDP仅反映 合法、可验证的生产与服务活动。 美国的服务业比重高达70%以上，其中法律、医疗、教育、金融等高价行业的收费极高。例如美国的律师时薪常常是中国的数十倍，大学学费是中国的二十 倍，医疗费用更是令人咋舌。 这些行业高昂的价格虽然推高了美国的GDP，却未必代表实际生活水平更高。 反观中国，虽然服务业占比相对较低，但实体经 ...

Group 1 - The city plans to start 174 major projects in Q4 2025, with a total investment of 123.96 billion yuan, focusing on industrial projects which account for 73.6% of the total investment [1] - The advanced packaging comprehensive experimental platform project in East Lake High-tech Zone aims to establish a domestic high-end chip advanced packaging production line, expected to start in October and begin trial operation in October next year [1] - The total investment in pillar industry projects, including optoelectronic information and new energy, is 20.94 billion yuan, accounting for 54.8% of the advanced manufacturing projects [2] Group 2 - Among the 174 projects, 52 are infrastructure projects with an investment of 18.05 billion yuan, and 19 are livelihood improvement projects with an investment of 14.7 billion yuan [3] - The new projects in the livelihood improvement sector focus on education, healthcare, and elderly care, with a total investment of 12.54 billion yuan, representing 85.3% of the livelihood improvement projects [4] - The construction of the Wuhan Shipbuilding Vocational Technical College new campus is expected to support the development of the shipbuilding industry in the region [3] Group 3 - The city's fixed asset investment growth rate for the first eight months is 2.5%, with industrial investment growing at 13.2% for 20 consecutive months [4] - New energy vehicle investments have surged by 89.5%, driven by strong demand in the electric manufacturing and electronic information sectors [4] - The city aims to enhance investment efficiency and effectiveness while planning for the "14th Five-Year Plan" to support strategic and quality industrial projects [5]

Core Viewpoint - The article discusses the evolution and significance of on-die interconnects in advanced packaging technologies, highlighting the transition from traditional single-die packages to multi-die packages that require internal interconnects [2][6]. Group 1: On-Die Interconnects - On-die interconnects have become essential for signal transmission within chips, especially as advanced packaging allows for multiple components within a single package [2][6]. - The internal interconnect methods can be categorized into bonds and various interconnect structures, with bonding being a direct connection to the die or package substrate [2][6]. Group 2: Bonding Techniques - Bonding methods are broadly classified into three categories: wire bonding, C4 bump bonding, and direct bonding, with wire bonding being the oldest and still widely used for small dies [6][7]. - C4 bonding involves connecting solder balls directly to the die pads, allowing for higher connection density, particularly in BGA packages [20][24]. - Hybrid bonding, a newer technique, allows for direct bonding of metal pads without intermediary materials, enhancing connection reliability [38][39]. Group 3: Substrate and Interposer Technologies - Substrates in advanced packaging are similar to PCBs, consisting of alternating layers of metal wiring and dielectric materials, facilitating signal routing [47][50]. - Interposers serve as intermediary layers that enable multiple chip connections, improving signal integrity and reducing communication power consumption [58][61]. - The use of silicon interposers is prevalent due to their high wire density, although they are more expensive than organic materials [63][64]. Group 4: Material Considerations - The choice of materials for substrates and interposers is critical, with options including organic materials, silicon, and glass, each offering different performance characteristics [51][68]. - Organic interposers are being explored as a cost-effective alternative to silicon interposers, with ongoing developments in their manufacturing processes [69][70]. Group 5: Future Trends - The article emphasizes the ongoing research and development in hybrid bonding and interposer technologies, aiming to achieve tighter connection pitches and improved performance in future semiconductor applications [39][42][73].

Group 1: Electricity Consumption and Economic Growth - Nanjing's total electricity consumption reached 37.238 billion kWh in the first half of the year, with a GDP of 917.918 billion yuan, reflecting a 5.3% year-on-year growth [1] - The peak electricity load in Nanjing hit a historical high of 16.43 million kW on July 7, indicating strong economic activity [1] Group 2: Consumer Activity and Power Demand - From January to July, the wholesale and retail sector's electricity consumption increased by 12.55% year-on-year, driven by events like music and beer festivals [2] - The core area of the Fuzimiao business district saw a 13% year-on-year increase in electricity consumption since July, attributed to the vibrant night market economy [2] - The "Rich Road" area, a popular tourist destination, experienced a 19% increase in electricity usage, necessitating upgrades to outdated power distribution equipment [2] Group 3: Digital Economy and Power Usage - Nanjing Tencent Digital Co., Ltd. reported a staggering 520.26% year-on-year increase in electricity consumption from January to July, highlighting the growth in the digital economy [4] - The average load of Tencent's data center is 70,000 kW, equivalent to the simultaneous operation of six manufacturing plants [4] Group 4: Green Transition and Electric Vehicle Growth - Nanjing's production of new energy vehicles surged by 45% in volume and 68.9% in retail value in the first half of the year, with over 4000 public charging stations and more than 220,000 private charging piles [5] - The electricity consumption of the charging and swapping service industry rose by 51.64% year-on-year, reflecting the growing market for electric vehicles [5] Group 5: Advanced Manufacturing and Power Support - The second industry in Nanjing saw a 4.1% year-on-year increase in added value, with significant projects in advanced manufacturing [6] - The Chip Technology AI advanced packaging base project in Jiangbei New Area requires high power reliability, with the power supply company completing necessary infrastructure ahead of schedule [6] Group 6: Efficient Power Services for Industry - The Nanjing power supply company has successfully completed 43 major project connections this year, enhancing the electricity service environment for businesses [7] - The rapid response to power supply requests, such as the 3000 kVA application for the Yika Intelligent Vehicle project, demonstrates the efficiency of the local power service [7]

Group 1 - The company, Woge Optoelectronics (603773.SH), is collaborating with multiple clients in the industry to develop advanced packaging for glass-based high-performance chips [1] - The project related to the industrial application of these chips in large servers is progressing smoothly [1] - The company indicates that while the project is on track, it will require some time before entering full industrial application [1]

Group 1 - The world's first physical robot 4S store has opened in Beijing, offering sales, spare parts, after-sales service, and feedback services, differentiating itself from traditional car 4S stores by showcasing multiple brands of robots [2] - GAC Group showcased several robots at the World Robot Conference, planning to start mass production in 2027 and aiming for a revenue exceeding 1 billion by 2030, with a focus on healthcare and security applications [2][3] - Global smart glasses shipments saw a 110% year-on-year increase in the first half of 2025, driven by strong demand for Meta's Ray-Ban smart glasses and the entry of new brands like Xiaomi and RayNeo [2][3] Group 2 - Samsung is developing a new advanced packaging technology called System on Panel (SoP) to compete for large-scale chip system integration orders, utilizing a rectangular panel size of 415mm x 510mm [2]

Group 1 - The core viewpoint of the article is that Xin Henghui (301678.SZ) focuses on the packaging of IoT eSIM chips primarily for IoT identity recognition [1] - The downstream application areas for the company's IoT eSIM chips include wearable devices, IoT consumer electronics, and industrial IoT [1]

Core Viewpoint - The shortage of BT substrates is causing a continuous tightening of BGA packaging capacity, leading to delivery cycles extending beyond 20 weeks, while COB packaging is gaining preference due to its cost-effectiveness and stable raw material supply [1] Group 1: BT Substrate Overview - BT resin substrates are essential for BGA packaging, providing mechanical reliability under extreme temperature cycles due to their low thermal expansion coefficient [2] - BGA packaging typically uses multi-layer stacked structures (6-8 layers) for high-reliability chip support [2] Group 2: Causes of BT Substrate Shortage - The surge in AI server demand is straining BT material capacity, with TSMC's advanced packaging expansion prioritizing ABF substrate orders, which share raw materials with BT substrates [3] - Apple has mandated its memory chip suppliers to use BT substrates for the iPhone 17 series, increasing future demand for this packaging solution [3] - Supply-side issues include extended delivery times for key materials like copper foil substrates and high-grade fiberglass cloth, with delays of 4-5 months reported [3] - Geopolitical factors and tariff uncertainties have led to stockpiling by manufacturers, amplifying short-term demand [3] Group 3: Domestic Replacement Progress - Domestic BT substrate manufacturers are still in a technology ramp-up phase, relying on imported materials and equipment, with a highly concentrated supply of low CTE fiberglass cloth [4] - Japanese companies dominate the high-end low CTE fiberglass market, holding 92% market share, while domestic alternatives face significant technical challenges [4] Group 4: Future Supply Outlook - A turning point in BT substrate supply is expected in the second half of 2026, driven by capacity ramp-up and technological advancements in East Asia [5] - Key milestones include the certification of Taiwanese fiberglass suppliers and the ramp-up of domestic production, which will significantly increase supply [5] - By Q3 2026, the shortage rate is projected to narrow to 5%-7%, although challenges remain in high-end sectors due to certification processes and non-linear growth in AI server demand [6]