Core Insights - Intel is experiencing significant talent loss due to financial constraints, layoffs, and project cancellations, prompting competitors like Samsung Electronics to aggressively recruit skilled engineers from Intel [1][2][3] - Samsung is particularly targeting engineers with expertise in advanced packaging technology, glass substrates, and backend power delivery systems, which are critical for next-generation semiconductor projects [1][2] - The ongoing layoffs at Intel, which aim to reduce the workforce by 75,000, are seen as an opportunity for Samsung to acquire top talent in the semiconductor industry [1][3] Group 1 - Intel's recent layoffs and project cancellations have led to a talent exodus, with many engineers moving to Samsung Electronics and its subsidiaries [1][2] - Samsung is focusing on hiring experienced packaging process engineers, especially in areas where it lacks expertise, such as backend power delivery and glass substrates [2] - The departure of key engineers, including Intel's chief packaging engineer Gang Duan, highlights the severity of talent loss at Intel [2] Group 2 - Industry experts predict that Intel's ongoing reduction of investment in foundry-related projects will continue to result in talent outflow [3] - Intel's CEO has acknowledged that past investments in capacity exceeded demand, indicating a shift in the company's development strategy [3] - Samsung is advised to selectively recruit talent based on actual departmental needs rather than solely on their Intel background [3]

Group 1 - The core viewpoint highlights a strong performance in the semiconductor sector, with the STAR Market Semiconductor Materials and Equipment Index rising by 2.54% as of August 20, driven by significant gains in constituent stocks such as Xinyi Chang and Zhongke Feimeng [1] - The STAR Semiconductor ETF (588170) has shown a cumulative increase of 3.18% over the past week, with a recent price of 1.13 yuan, indicating a positive trend in investor sentiment [1] - The liquidity of the STAR Semiconductor ETF is robust, with a turnover rate of 29.2% and a trading volume of 135 million yuan, reflecting active market participation [1] Group 2 - Yole forecasts that the global advanced packaging market will grow from $37.8 billion in 2023 to $69.5 billion by 2029, driven primarily by demand in telecommunications and infrastructure, including AI and high-performance computing [2] - Open Source Securities emphasizes the advantages of diverse advanced packaging technologies, which can deliver high performance, low cost, compact size, and shorter cycles, presenting investment opportunities in domestic packaging manufacturers [2] - The STAR Semiconductor ETF (588170) and its linked funds focus on semiconductor equipment (59%) and materials (25%), highlighting the importance of domestic substitution in the semiconductor industry [2][3]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 随着半导体工艺逼近物理极限，集成电路产业正加速向"超越摩尔"时代跃迁，芯片功率密度与发热量剧 增。5G、AI、HPC、数据中心等新兴领域对高效热管理技术提出迫切需求。先进封装与热管理技术成为 突破算力瓶颈、应对高功率密度挑战的核心引擎。基于此，启明产链将于 9月25-26日在江苏苏州举 办"2025先进封装及热管理大会" 。 本次大会由国家第三代半导体技术创新中心（苏州） 梁剑波教授担任大会主席，甬江实验室作为支持单 位， 目前已有19家单位确认演讲： 中国科学院化学研究所/甬江实验室/ 浙江大学绍兴研究院/哈尔滨工 业大学/中山大学/芯和半导体/青禾晶元/ 齐力半导体/ 芯力半导体/中国科学院深圳先进技术研究院/中 国科学院宁波材料技术与工程研究所。 01 INTRODUCTION 大会概况 2025先进封装及热管理大会聚焦高算力热管理挑战，设置 先进封装与异质异构论坛、高算力热管理创新 论坛、液冷技术与市场应用论坛三大板块， 围绕chiplet、2.5D/3D等先进封装技术、以及热界面材料、 碳基（金 ...

Core Viewpoint - The 9th China System-Level Packaging Conference (SiP China 2025) focuses on advanced packaging, Chiplet technology, and heterogeneous integration in the context of AI, highlighting the need for innovation in packaging solutions to meet the growing demands of AI computing power [2][28]. Group 1: Conference Overview - SiP China 2025 will take place from August 26-28, 2025, at the Shenzhen Convention Center [2]. - The main theme is "Intelligent Gathering of Chip Energy, Heterogeneous Interconnection - Innovation in Advanced Packaging and Chiplet Ecosystem in the AI Era" [2]. Group 2: Key Sessions and Topics - The main forum will cover macro trends and ecosystem building, featuring discussions on AI opportunities and challenges in advanced packaging [5][8]. - Notable speakers include industry leaders from companies like ASE, AT&S, and Siemens, discussing topics such as the trends in fan-out packaging and the integration of advanced packaging technologies [8][10][11]. Group 3: Technical Forums - Technical forums will focus on design innovation and application implementation, with sessions on testing and reliability solutions for micro-systems [15][18]. - Discussions will also include AI-driven Chiplet advanced packaging and the role of advanced packaging substrates in high-performance computing and AI applications [20][22]. Group 4: Participation and Sponsorship - The conference will feature participation from leading semiconductor companies and experts in AI chip design, emphasizing the importance of collaboration in advancing packaging technologies [28]. - Major sponsors include companies like DuPont, Ansys, and Heraeus, indicating strong industry support for the event [23][25].

Core Viewpoint - The article emphasizes the critical importance of the United States maintaining its leadership in the semiconductor technology sector for economic and national security reasons. It highlights the need for increased federal investment in semiconductor research and development to address competitive gaps and ensure innovation in key industries such as AI, high-performance computing, and defense [1][2][3]. Group 1: Federal Investment and Research Projects - The CHIPS R&D projects represent a significant investment of $540 billion aimed at enhancing domestic semiconductor manufacturing capacity and innovation [3]. - The federal government, through the Semiconductor Research Office (CRDO), is implementing a comprehensive strategy to ensure cutting-edge semiconductor technologies are developed and manufactured in the U.S. [2][3]. - The CRDO projects are designed to democratize access to innovation assets, which would otherwise be unattainable without public funding [2][3]. Group 2: Importance of Semiconductor Research - Ongoing semiconductor research projects are expected to address innovation challenges and drive advancements across the computing stack [5]. - The National Advanced Packaging Manufacturing Program (NAPMP) has allocated $300 million for its first R&D funding project, focusing on materials and substrates [18]. - The NAPMP aims to strengthen domestic semiconductor advanced testing, assembly, and packaging capabilities [17]. Group 3: Advanced Packaging Technology - Advanced packaging technology is crucial for enhancing the performance of AI and high-performance computing chips, allowing for more efficient designs and manufacturing processes [15][17]. - The U.S. currently holds only 4% of the global packaging supply chain, highlighting the need for strategic development in this area [17]. - The NAPMP is coordinating with other initiatives to invest in semiconductor and AI ecosystems, emphasizing the importance of advanced packaging innovation [17]. Group 4: Collaboration and Innovation - The NSTC aims to establish long-term R&D resources for the U.S. semiconductor ecosystem, facilitating collaboration among industry players, startups, and academia [22][23]. - The NSTC is developing three major facilities to support large-scale commercialization and prototyping efforts, including the EUV Accelerator and Design Collaboration Facility [48][52]. - The SMART USA initiative focuses on advancing digital twin technology to optimize semiconductor manufacturing processes and reduce costs significantly [30][33]. Group 5: Measurement and Precision - The CHIPS metrology project is investing in enhancing the industry's ability to perform critical measurements for process verification and failure analysis [36]. - Accurate measurement capabilities are essential for maintaining high standards in semiconductor manufacturing, especially as feature sizes decrease [36]. Group 6: Future Directions - The article concludes that the ongoing federal research projects must adapt to evolving innovation landscapes to maintain U.S. competitiveness in the semiconductor sector [38][39]. - Continuous collaboration with industry partners is essential to ensure these projects fulfill their promise of driving semiconductor innovation in the U.S. [40].

Core Viewpoint - The "2024-2025 Annual 8th China IC Unicorn" list was released by the China IC Unicorn Alliance, highlighting 12 unicorn companies and 2 emerging companies in the integrated circuit industry, aiming to support high-quality development in China's semiconductor sector through systematic valuation and industry empowerment [1][2]. Group 1: Selection Background and Core Objectives - The selection is based on the successful hosting of seven previous events, covering the entire integrated circuit industry chain, including design, manufacturing, packaging, testing, materials, and equipment [2]. - The evaluation criteria include technological innovation, market competitiveness, and ecological collaboration, leading to the selection of 12 unicorns and 2 emerging companies that represent the forefront of China's semiconductor industry [2]. Group 2: Unicorn Companies as Innovation Benchmarks - The 12 selected unicorn companies span key areas such as storage and computing, communication and RF, high-end manufacturing and materials, automotive electronics and smart terminals, core devices and advanced packaging, consumer electronics, and the Internet of Things [3]. - The selected companies set benchmarks for the industry through their technological breakthroughs and market implementations [3]. Group 3: Emerging Companies as Future Growth Drivers - The "Emerging Companies" award recognizes innovative companies with significant technological potential that were established more recently, specifically: 1. Beijing Pingxin Technology Co., Ltd. 2. Cixin Technology Group Co., Ltd. [3]. Group 4: Industry Trends and Ecological Outlook - The semiconductor industry is experiencing dual opportunities for technological restructuring and market expansion, driven by emerging demands such as AI and new energy [4]. - The technological layouts and product innovations of the listed companies align with IDC's forecast for global semiconductor market growth by 2025, addressing the needs for storage density and speed in AI computing, connectivity in IoT devices, and high reliability in automotive electronics [4]. - Specific examples include: - United Storage's high-bandwidth flash memory and Kangying Semiconductor's ePOP chips for AI computing needs [4]. - Feixiang Technology's 5G RF modules and Bolu Intelligent's Wi-Fi+BLE chips for IoT connectivity [4]. - Xihua Technology's automotive-grade MCUs and Ximaiwei's advanced packaging technologies for new energy vehicles [4]. - Zhenxin's wafer processing technology and Kainuo Zhongxing's optical materials for specialized applications [4]. Group 5: About the China IC Unicorn Selection - The China IC Unicorn selection aims to encourage the healthy and rapid development of competitive and investment-worthy integrated circuit companies, summarizing successful business models and enhancing their domestic and international influence [7]. - Since its inception in 2018, the selection has successfully hosted eight sessions, with over 1,500 participating companies and more than 200 recognized companies, of which nearly 30 have successfully gone public or been acquired [7]. Group 6: About the China IC Unicorn Alliance - Established in 2021, the China IC Unicorn Alliance consists of over 90 well-known enterprises and organizations from various sectors, aiming to integrate resources across the semiconductor industry chain and promote technological innovation and industrial upgrades [8]. - The alliance has over 1,000 member companies covering all aspects of the industry chain, including design, manufacturing, packaging, testing, and materials [8].

Group 1 - Huawei's recent patent application for a "four-chip" packaging design has garnered attention, potentially resembling NVIDIA's Rubin Ultra architecture, indicating Huawei's commitment to developing advanced packaging technology [1] - The Guangzhou Development Zone has issued policies to support the high-quality development of the integrated circuit industry, aiming to establish a core area for China's integrated circuit sector [1] - Advanced packaging technology is seen as a crucial method to enhance chip performance and reduce costs, particularly for AI training chips and automotive-grade SoCs, with major domestic packaging and wafer factories improving 2.5D packaging processes and expected to scale up production in the second half of the year [1] Group 2 - The advanced packaging materials market is characterized by high technical barriers and is largely dominated by foreign companies, but the domestic production of these materials is expected to accelerate due to the shift of global semiconductor capacity to China and considerations of supply chain security and cost control [2] - Key companies in the advanced packaging sector include Changdian Technology, Weicai Technology, Yongxi Electronics, and Huada Technology, indicating a competitive landscape in the industry [3]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor advanced packaging industry Core Insights - Advanced packaging technology is a critical link between chip design and application, significantly enhancing chip performance and reducing power consumption while alleviating constraints in high-end chip manufacturing processes. The Chinese government places high importance on the development of the semiconductor industry, implementing various policies to support independent innovation and technological breakthroughs, making research into China's semiconductor advanced packaging industry particularly significant [2] Summary by Sections Overview of the Semiconductor Packaging Industry - Packaging is a core process in semiconductor manufacturing, involving the placement, fixation, sealing of chips, and connecting chip contacts to the packaging shell [14][18] - The four core functions of packaging include physical protection, mechanical support, electrical connection, and thermal management [17] Development of Packaging Technology - The development of semiconductor packaging technology can be divided into four stages, with the current global packaging technology being in the advanced packaging stage [19][21] - The core goals of packaging technology evolution include miniaturization, improved electrical performance, enhanced thermal management, and cost reduction [21] Market Analysis - The Chinese semiconductor packaging market is expected to reach 355.19 billion yuan by 2025, with advanced packaging accounting for 32% of the market [45][47] - The global packaging testing market is projected to grow from $51 billion in 2016 to $72.27 billion by 2025, with advanced packaging expected to capture half of the market share [47] Advanced Packaging Manufacturers Overview - Global advanced packaging market participants include IDM, Foundry, and OSAT manufacturers, with leading companies adopting a "large platform + technology branch" architecture covering various advanced packaging technologies [51] - Major OSAT manufacturers in mainland China have formed industrial capabilities in advanced packaging through independent research and mergers, covering a wide range of applications from consumer electronics to AI chips [7]

Investment Rating - The report does not explicitly state an investment rating for the semiconductor advanced packaging industry Core Insights - Advanced packaging technology is a critical link between chip design and application, significantly enhancing chip performance and reducing power consumption while alleviating constraints in high-end chip manufacturing processes [2] - The Chinese government places high importance on the development of the semiconductor industry, implementing various policies to support independent innovation and technological breakthroughs [2] - The advanced packaging market is expected to grow rapidly, with China's packaging market projected to reach 355.19 billion yuan by 2025, with advanced packaging accounting for 32% of the market [45][47] Summary by Sections Overview of the Semiconductor Packaging Industry - Packaging is a core process in semiconductor manufacturing, involving the placement, fixation, sealing of chips, and connecting chip contacts to the package shell [14][18] - The development of semiconductor packaging technology can be divided into four stages, with the current stage being advanced packaging [19][21] Advanced Packaging Technology Types - The global advanced packaging market includes IDM, Foundry, and OSAT manufacturers, with leading companies adopting a "large platform + technology branch" architecture [4][51] - Major OSAT manufacturers in China have formed industrial capabilities through independent research and acquisitions, covering a wide range of applications from consumer electronics to AI chips [7] Market Dynamics - The global packaging testing market is expected to grow from $51 billion in 2016 to $72.27 billion by 2025, with advanced packaging projected to capture half of the market share [47] - China's packaging testing market is growing at a compound annual growth rate (CAGR) of 12.54%, significantly higher than the global market's 3.89% [47] Importance of Advanced Packaging - Advanced packaging is essential for integrating multiple functions within a system, enhancing overall system performance beyond the limitations of Moore's Law [35][38] - The report highlights that advanced packaging can improve chip performance without shrinking process nodes, addressing the rising costs associated with advanced process development [39][44]

Summary of Changdian Technology Conference Call Company Overview - **Company**: Changdian Technology - **Industry**: Semiconductor Packaging Key Financial Performance - **2024 Revenue**: 35.96 billion RMB, a year-on-year increase of 21.2%, with Q4 revenue surpassing 10 billion RMB [2][5] - **2025 Q1 Revenue**: 9.34 billion RMB, a year-on-year increase of 36.4%, marking a historical high for the same period [2][6] - **R&D Investment**: 1.72 billion RMB in 2024, a year-on-year increase of 19.3%, indicating a strong focus on technological innovation [2][5] - **Gross Margin**: 13.1% in 2024, a decrease of 0.6 percentage points due to domestic market price pressures and raw material cost fluctuations; however, it rebounded to 12.6% in Q1 2025 [2][7] Business Segments Performance - **Computing Electronics Revenue Growth**: 92.9% year-on-year in Q1 2025, driven by the consolidation of Saintde Semiconductor [2][6] - **Automotive Electronics Revenue Growth**: 66% year-on-year in Q1 2025 [2][7] - **Industrial and Medical Electronics Revenue Growth**: 45.8% year-on-year in Q1 2025 [2][7] - **Cash Flow**: 5.83 billion RMB net cash flow from operating activities in 2024, a 31.5% increase year-on-year; Q1 2025 cash flow reached 10.49 billion RMB [3][12] Strategic Initiatives - **Dual Supply Chain Strategy**: In response to geopolitical and tariff impacts, the company is optimizing its global layout with a dual supply chain strategy [2][4] - **Capital Expenditure Plans**: 8.5 billion RMB planned for 2025, a 40% increase year-on-year, aimed at enhancing supply chain resilience [2][4][18] - **Focus on Advanced Packaging**: Continuous investment in advanced packaging, particularly in computing and automotive electronics, with expectations that automotive electronics will exceed 20% of total revenue in the coming years [2][14] Market Outlook - **2025 Market Sentiment**: Despite uncertainties from tariffs, the overall market outlook remains optimistic, with AI driving semiconductor market growth and recovery in storage, communication, and automotive sectors [2][8] - **China for China Trend**: Increased discussions with international clients regarding automotive electronics and high-end storage, indicating a shift towards localized production [2][20] Operational Insights - **Production Capacity Utilization**: Overall capacity utilization improved significantly in Q1 2025, with specific lines experiencing capacity shortages [2][16] - **Investment in Automation**: The company is implementing advanced automation projects to ensure high-quality production for automotive products [2][21] Challenges and Responses - **Geopolitical and Tariff Challenges**: The company is closely monitoring tariff impacts and adjusting its overseas and domestic production strategies accordingly [2][16][20] - **Supply Chain Resilience**: Ongoing efforts to strengthen supply chain resilience through strategic partnerships and resource optimization [2][16][24] Conclusion Changdian Technology demonstrates robust financial performance and strategic initiatives aimed at capitalizing on growth opportunities in the semiconductor packaging industry, while effectively navigating geopolitical challenges and market dynamics.