Core Viewpoint - Advanced packaging has become a critical battleground for foundries and packaging companies amid the slowdown of Moore's Law and the explosive demand for AI/HPC solutions. Major players globally, including TSMC, Samsung, ASE, and domestic firms like JCET, Tongfu Microelectronics, and Huatian Technology, are accelerating capacity expansion to seize this key industry opportunity in the coming years [1]. Group 1: Market Trends and Projections - The global advanced chip packaging market is expected to grow from $50.38 billion in 2025 to $79.85 billion by 2032, with a compound annual growth rate (CAGR) of 6.8% [1]. - The demand for high-performance, low-power packaging solutions is driven by AI large models, autonomous driving, cloud computing, and edge computing [1]. Group 2: TSMC's Strategy and Expansion - TSMC's advanced packaging revenue is projected to exceed 10% in 2024, surpassing ASE to become the largest packaging supplier globally, driven by the surge in CoWoS demand [3]. - TSMC plans to invest an additional $100 billion in the U.S., including two advanced packaging plants in Arizona, expected to start construction in the second half of next year and enter mass production by 2028 [5]. - TSMC is set to launch CoWoS-L in 2026 and SoW-X in 2027, enhancing its capabilities significantly in the AI/HPC era [6]. Group 3: Samsung's Cautious Approach - Samsung has adopted a more cautious stance compared to TSMC, previously shelving a $7 billion advanced packaging facility due to uncertain customer demand [7]. - Recent contracts with Tesla and Apple highlight the necessity for Samsung to reconsider its advanced packaging investments [7][8]. - Samsung's integrated model of "memory + foundry + packaging" positions it well for future demand once customer needs become clearer [8]. Group 4: ASE's Expansion and Technological Advancements - ASE is enhancing its advanced packaging capabilities in Kaohsiung, focusing on CoWoS, SoIC, and FOPLP technologies [9]. - ASE's new K18B factory in Kaohsiung will serve AI and HPC demands, while the K28 factory will expand CoWoS testing capacity [9][10]. - ASE's technology evolution includes advancements in 3D Advanced RDL technology, which is crucial for various applications [10][11]. Group 5: Amkor's U.S. Investment - Amkor is expanding its advanced packaging facility in Peoria, Arizona, with a total investment of $2 billion, expected to create over 2,000 jobs [13]. - The new facility will primarily support TSMC's CoWoS and InFO technologies, establishing a local closed-loop for wafer manufacturing and packaging [14]. - Amkor's expansion aligns with U.S. semiconductor policies, emphasizing the need for a complete backend capability to maintain competitiveness in AI and HPC [14]. Group 6: Domestic Players' Development - JCET, Tongfu Microelectronics, and Huatian Technology are rapidly advancing in the advanced packaging sector, each developing unique strategies [15]. - JCET is focusing on various advanced packaging technologies and plans to invest 8.5 billion yuan in 2025, targeting high-performance applications [16][17]. - Tongfu Microelectronics has deepened its partnership with AMD, becoming its largest packaging supplier, and is making significant progress in large-size FCBGA technology [18][19]. - Huatian Technology is exploring CPO technology and has achieved significant growth in revenue, indicating a shift towards system integration in advanced packaging [20][21].

21世纪经济报道记者 吴佳楠 深圳报道 半导体与集成电路是全球科技竞争的战略高地，也是推动产业升级的核心引擎。 10月10日，"2025湾区半导体产业生态博览会"新闻发布会在深圳举行。深圳市发展和改革委员会主任郭 子平在会上表示，得益于政策、资金、人才、平台等方面的协同发力，深圳市半导体与集成电路产业生 态持续优化，产业发展成效显著，正朝着加快打造具有全球重要影响力的产业创新发展高地而稳步迈 进。 据透露，产业规模上，2024年深圳半导体与集成电路产业规模达2564亿元，同比增长26.8%；2025年上 半年继续保持快速增长态势，产业规模达1424亿元，同比增长16.9%。产业结构上，深圳半导体与集成 电路产业细分领域更均衡，包括制造、封测、设备等细分领域规模，2024年跟2020年相比均达到了翻一 番。 比如针对研发流片的补贴，《若干措施》第二条提到支持企业、高校和科研院所开展芯片设计流片，对 于参与晶圆制造厂多项目晶圆流片的项目单位，按照流片费用的30%给予资助，最高可达300万元。对 于首次完成全掩模工程产品流片的项目单位，且工艺制程在28纳米及以下的，按照流片费用的30%给予 资助，最高可达1000万 ...

长存长鑫新一轮扩产，供应链投资解读 20250924 摘要 美国禁令下，中国半导体设备国产替代加速，尤其在非光刻和检测设备 领域，国产化率逐步提高，缓解了产能扩张瓶颈，成熟逻辑、模拟、功 率等领域扩产或放缓，但先进制程和存储领域将加速。 中美贸易博弈导致芯片原产地认定，国内中芯国际、华虹等 Fab 厂受益 于订单回流，稼动率较高，表现优于其他地区，凸显国产替代在保障供 应链安全中的重要性。 国产替代和华为产业链是当前科技板块中相对低位且具投资潜力的领域， 尤其关注 3D 封装、先进制程、先进封装等，以及 AI 算力增长带来的市 场机会，如长江存储、长鑫存储、中芯国际等。 长存和长兴均在筹备 IPO，产能扩张温和但超年初预期，长存 FAB 3 将 在 2026 年进行层数升级和国产化率提高，Nan 产品层数将达 300 层以 上，国产化率预计达 60%-80%，利好供应设备厂商。 长存预计 2026 年二季度至三四月份分三阶段进行扩产招投标，总量约 5~6 万片，对应设备采购需求约 50~60 亿美金，刻蚀设备占比最大 （约 40%），薄膜沉积占 25%。 Q&A 长江存储和长鑫存储近期扩产的背景和原因是什么？ ...

Core Viewpoint - Intel is in discussions with multiple companies, including Apple, to seek additional external funding and collaboration opportunities following investments from SoftBank, the U.S. government, and Nvidia [1] Group 1: Intel's Strategic Moves - Intel is exploring partnerships and funding opportunities with various companies, indicating a proactive approach to enhance its financial and operational capabilities [1] - The negotiations with Apple are particularly significant, as they may lead to a closer collaboration between the two companies [1] Group 2: Potential Collaboration with Apple - Intel has initiated talks with Apple regarding potential investment and collaboration, although these discussions are still in the early stages and may not result in a formal agreement [1] - The collaboration is expected to focus on semiconductor contract manufacturing, with Apple likely becoming a customer for Intel's advanced packaging services [1]

Core Insights - The Nanjing Investment Promotion Conference on September 23 saw the signing of 59 projects with a total planned investment of 891.87 billion yuan, reflecting strong corporate confidence in Nanjing's development potential [1][2] Group 1: Industry Projects - Among the 51 industrial projects signed, 40 are manufacturing projects with an investment of 532.21 billion yuan, accounting for 78.4% of the project count and 66.3% of the investment amount, highlighting Nanjing's solid manufacturing foundation and transformation direction [2][3] - The signed manufacturing projects include 32 projects in the "4+6" industry sectors, with a total investment of 407.94 billion yuan, representing 80% of the number of manufacturing projects and 76.7% of the investment amount [2] Group 2: Capital Investment - Eight fund projects with a total scale of 89.66 billion yuan focus on new-generation information communication, biomedicine, and intelligent manufacturing, providing essential financial support for industrial upgrades [4][5] - The funds are strategically aligned with Nanjing's key development industries, such as software and information services, industrial software, and new energy sectors like hydrogen energy and smart grid systems [4][6] Group 3: Investment Environment - Over 20 projects in the recent signing are reinvestment projects from existing enterprises, indicating strong confidence in Nanjing's investment environment [7] - The continuous investment from companies like Huada Technology and Singapore's Golden Eagle Group reflects a long-term positive outlook on Nanjing's development environment [7]

Core Viewpoint - The A-share market is experiencing a vibrant "technology blossom" with various sectors such as semiconductors, computing power, humanoid robots, and the new energy vehicle industry chain showing strong performance, despite the Shanghai Composite Index hovering around the 3900-point mark [1][6]. Semiconductor Sector - The semiconductor sector is highlighted by the significant rise of Cambrian Technology, which surged over 6% to reclaim the 1500 yuan mark [1]. - The liquid cooling server concept has gained traction, with Chunzhong Technology seeing its stock price increase by 180.55% this year, despite the company not being directly involved in liquid cooling server production [1]. Computing Power Sector - The computing power sector has also seen notable gains, with Huasheng Tiancheng hitting the daily limit and Zhongke Shuguang rising over 7% [3]. Automotive Industry Chain - The automotive industry chain is strengthening, driven by Elon Musk's recent purchase of 2.57 million shares of Tesla, valued at approximately 1 billion USD, marking his first increase in holdings since February 2020 [4]. - Companies like Haon Electric and Wanxiang Qianchao have reached new highs, with Haon Electric surpassing 200 yuan per share [4]. Market Trends and Analysis - According to Zheshang Securities, the market's main line needs to lead the development of the trend, with a focus on sectors that show significant internal differentiation for potential rebound opportunities [6]. - Fangzheng Securities notes that September is a traditional window for strong industry rotation, with the market seeking opportunities amid rapid shifts [7]. - The report emphasizes the importance of maintaining volume and trend, suggesting that sectors with significant global replacement potential should be prioritized [8]. Investment Recommendations - Fangzheng Securities recommends focusing on three main lines: 1. Semiconductor self-control, driven by factors such as new U.S. sanctions and rising storage prices [8]. 2. New energy vehicles, particularly in smart driving and solid-state batteries, with expectations for large-scale deployment by 2026 [8]. 3. Biomedicine, with an emphasis on companies with rich overseas licensing pipelines and upcoming clinical data [8].

Group 1 - The global semiconductor foundry market (Foundry 2.0) is expected to see a revenue growth of 19% year-on-year by Q2 2025, driven primarily by advanced processes and advanced packaging [1] - TSMC's market share is projected to increase from 31% in Q2 2024 to 38% in Q2 2025, attributed to the ramp-up of 3nm technology and CoWoS expansion [1] - The OSAT industry is expected to accelerate its revenue growth rate from 5% to 11%, with notable contributions from companies like ASE and KYEC, the latter benefiting from AI GPU demand with over 30% year-on-year growth [1] Group 2 - Advanced packaging technology is becoming increasingly important, with chip manufacturers expected to rely on it to enhance chip performance [2] - The third quarter growth drivers include the traditional consumer electronics peak season, accelerated AI applications and orders, and current subsidy policies in mainland China [2] - Foundry 2.0 is defined as a transformation from traditional foundry services to a technology integration platform, encompassing pure foundry, non-memory IDM, OSAT, and photomask manufacturers [2]

Core Insights - The A-share market experienced narrow fluctuations today, with all three major indices maintaining an upward trend. The STAR 50 Index and the ChiNext Index performed particularly well, despite a slight decrease in trading volume. The technology sector showed strong performance, alongside stable sectors like gold and healthcare, which had previously seen limited gains [2][6][9]. Market Performance - The Shanghai Composite Index rose by 0.46%, the Shenzhen Component Index increased by 1.05%, and the ChiNext Index surged by 2.29%. The Shanghai 50 Index saw a modest increase of 0.16%, while the CSI 300 Index rose by 0.60%. The STAR 50 Index and the CSI 1000 Index increased by 1.18% and 0.84%, respectively. The total market turnover was approximately 2.78 trillion yuan [2][9]. Sector Performance - In terms of sector performance, the telecommunications sector led with a gain of 5.18%, followed by metal materials and mining at 2.85%, and healthcare at 2.82%. Conversely, the insurance sector declined by 2.32%, banks fell by 1.10%, and comprehensive finance dropped by 0.87%. Notable concept stocks included optical modules (+7.04%), gold and jewelry (+5.69%), and cobalt mining (+4.35%) [9]. Market Drivers - The narrow fluctuations in the A-share market were attributed to strong performance in the technology sector, particularly in computing hardware, driven by a surge in demand for AI infrastructure. Additionally, the gold and precious metals sector benefited from the ongoing interest rate cut cycle. Innovative drugs and advanced packaging sectors also showed strong performance today. However, sectors like insurance and satellite internet, which had previously seen significant gains, experienced a pullback [9]. Future Outlook - The report maintains a bullish outlook on the Chinese stock market, suggesting that monetary and fiscal support policies are likely to continue. Historical experiences indicate that domestic policy interventions can help the market withstand external risks and volatility. A gradual recovery in the fundamentals is expected to support a bullish market trend, drawing parallels to bull markets in 1999, 2014, and 2019 [9]. Investment Strategy - The report recommends focusing on the STAR 50 Index, ChiNext Index, Shenzhen Component Index, and Hang Seng Technology Index at the index level. Sector-wise, it suggests monitoring non-bank sectors that align with value trends during a "slow bull" market, as well as technology growth sectors such as AI computing, innovative drugs in Hong Kong, and self-sufficient sectors like chips and military technology. Additionally, sectors benefiting from improved supply-demand dynamics, such as metals, transportation, chemicals, lithium batteries, photovoltaics, and pig farming, are highlighted for potential investment [9].

Core Insights - The electronic industry in 2025 H1 achieved a revenue of 1,850.3 billion yuan, a year-on-year increase of 19%, with a net profit of 85.2 billion yuan, up 31% [1] - The demand for AI cloud computing hardware is expected to remain strong, driving significant growth in the industry [1][2] - The PCB sector is benefiting from robust demand, with 2025 H1 revenue reaching 132.7 billion yuan, a 25.2% increase, and net profit of 12.39 billion yuan, up 59.3% [2] - The semiconductor equipment sector is accelerating its domestic production, with 2025 H1 revenue of 38.92 billion yuan, a 31.7% increase, and net profit of 6.31 billion yuan, up 20.3% [3] - The design sector reported a revenue of 58.137 billion yuan in 2025 H1, a 19.5% increase, with net profit rising 67.5% to 8.62 billion yuan [4] Electronic Industry Performance - In 2025 H1, the electronic industry saw a revenue of 1,850.3 billion yuan, with a net profit of 85.2 billion yuan, reflecting strong growth [1] - The gross margin for 2025 H1 was 15.8%, with a net margin of 4.5%, showing improvements compared to the previous year [1] PCB Sector Insights - The PCB sector's revenue in 2025 H1 was 132.7 billion yuan, with a net profit of 12.39 billion yuan, indicating strong performance driven by AI demand [2] - The second quarter of 2025 saw PCB revenue of 70.25 billion yuan, a 24.5% increase, and net profit of 7.01 billion yuan, up 56.6% [2] Semiconductor Equipment Sector - The semiconductor equipment sector reported a revenue of 38.92 billion yuan in 2025 H1, with a net profit of 6.31 billion yuan, reflecting a strong growth trajectory [3] - The second quarter of 2025 saw revenue of 21.04 billion yuan, a 33.5% increase, and net profit of 3.74 billion yuan, up 19.4% [3] Design Sector Performance - The design sector achieved a revenue of 58.137 billion yuan in 2025 H1, with a net profit of 8.62 billion yuan, benefiting from domestic substitution trends [4] - The second quarter of 2025 saw revenue of 32.04 billion yuan, a 21.9% increase, and net profit of 5.16 billion yuan, up 64.4% [4] Other Electronic Segments - Other electronic segments, including consumer electronics and automotive electronics, reported varied performance, with significant growth in some areas [5] - In 2025 H1, consumer electronics revenue was 878.43 billion yuan, with a net profit of 32.79 billion yuan, reflecting a 15.4% increase [4][5] Investment Outlook - The demand for AI-related products is expected to drive growth in the semiconductor and electronic sectors, with a focus on AI-PCB and domestic production benefiting from ongoing trends [6]

Market Overview - On August 29, major A-share indices rose collectively, with a total trading volume of 2.83 trillion yuan, a decrease of 170.7 billion yuan compared to the previous trading day [1] - Key market sectors included lithium batteries and lithium mining, which saw significant gains, while the semiconductor sector experienced a pullback [1] Stock Performance - A total of 64 stocks hit the daily limit up, with 9 stocks achieving consecutive limit ups, and 19 stocks failed to close at the limit, resulting in a limit-up rate of 77% (excluding ST and delisted stocks) [3] - Notable stocks included Tianpu Co., which achieved a limit up for the sixth consecutive day, and Dechuang Environmental, which reached a four-day limit up [4] Top Stocks on the Dragon and Tiger List - The top three net purchases on the Dragon and Tiger list were Tongfu Microelectronics, China Rare Earth, and Shengtun Mining, with net purchases of 747 million yuan, 545 million yuan, and 431 million yuan, respectively [2] - The top three net sales were Huasheng Tiancheng, Wantong Development, and Hongbaoli, with net sales of 479 million yuan, 401 million yuan, and 283 million yuan, respectively [6] Company Highlights - Tongfu Microelectronics reported a revenue of 13.038 billion yuan for the first half of the year, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, up 27.72% year-on-year, exceeding expectations [9] - China Rare Earth expects a net profit of 136 million to 176 million yuan for the first half of 2025, representing a year-on-year increase of 155.75% to 172.12%, driven by rising rare earth prices and improved marketing strategies [12] - Shengtun Mining plans to repurchase shares worth 500 million to 600 million yuan at a price not exceeding 11.82 yuan per share, aimed at employee stock ownership or equity incentives [15] Institutional Activity - Institutional net purchases included Wancheng Group, Longyang Electronics, and Xianda Intelligent, with net purchases of 308 million yuan, 92.27 million yuan, and 71.57 million yuan, respectively [7] - Institutional net sales were led by Zhongcai Technology, Chuanrun Co., and Aerospace Hongtu, with net sales of 194 million yuan, 86.67 million yuan, and 72.50 million yuan, respectively [8]