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，资本支出方面，公司目前仍维持 全年85亿元的开支计划不变。关于下一步扩产规划，公司将基于对市场的研判，包括人工智能需求带动 的相关需求快速增长的情况下，继续聚焦高端产能布局。产能结构规划将围绕以下几方面展开：一是应 用领域倾斜，结合未来市场预判，保持向汽车电子、运算存储、高密度电源等领域适度侧重；二是深化 客户合作，始终重视客户关系，持续强化与头部高端客户的绑定；三是加大研发投入，聚焦先进封装技 术及前沿领域的突破，推动技术发展与应用需求深度契合。总体来看，结合当前先进封装的旺盛需求趋 势，公司将持续加大相关投资力度。明年资本开支计划具体规划将按公司时间表，通常在年初进行披 露。 ...

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 先进制程的成本暴涨体现在设计和建厂两端： 制程从平面 FET 演进至 FinFET、Nanosheet 后，量子效应、测试验证难度激增，导致设计成本指数级上 升；5nm 工厂投资是 20nm 的 5 倍，中小企业已无力承担先进制程的资本开支。 图表清晰展示，随着关键尺寸微缩，设计成本从 65nm 的 2800 万美元飙升至 2nm 的 7.25 亿美元，建厂投入同步激增。 这背后意味着 行业集中度将向头部晶圆厂倾斜，而先进封装通过 "混合制程" 让中小企业无需依赖先进制程即可参与高端芯片设计，成为行业格局重构的 关键变量。 芯粒异构集成的核心是 "按需分配工艺" ——CPU 等核心部件用 3nm 先进制程，I/O、模拟电路用成熟制程，最大化性价比。 与单片集成相比，其优势集中在 "IP 复用""良率改善""缩短上市时间"： IP 复用避免重复设计，研发周期缩短 30% 以上；小芯片良率远高于大芯片，拆 分后整体良率叠加，实际生产成本大幅降低；独立验证机制减少试错成本，快速响应市场需求。 这背后是 芯片行业 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3] Core Viewpoints - The report highlights that AI is driving advanced packaging demand, with significant growth in storage-related businesses [2][4] - The semiconductor packaging sector experienced a slight decline in gross margin in Q3 2025, but year-on-year comparisons show growth [11][12] - The report emphasizes the importance of advanced packaging technologies in enhancing chip performance and integration, particularly with the ongoing development of Chiplet packaging concepts [4][5] Summary by Sections Overview - In Q3 2025, the semiconductor packaging sector's gross margin slightly decreased, with a gross margin of 21.09%, which is higher than the average of 15.79% for leading packaging companies [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - AI is significantly boosting demand for advanced packaging, with notable growth in the storage sector [17] - Major companies like ASE achieved revenues of 22.63 billion RMB in Q3 2025, reflecting an 8.34% quarter-on-quarter increase and a 16.90% year-on-year increase [18][19] - Advanced packaging services are expected to continue driving growth, particularly in AI-related applications [19][20] Testing - AI-related business growth is notable, with companies like Jingyuan Electronics reporting a revenue increase of 31.99% year-on-year in Q3 2025 [5][41] - Wei Ce Technology's revenue for the first three quarters of 2025 reached 10.83 billion RMB, a 46.22% year-on-year increase, driven by strong demand in computing and automotive electronics [5][41] Equipment - The report indicates that AI growth is leading to a continuous increase in orders, with companies like Besi reporting a 36.5% quarter-on-quarter increase in new orders [5][41] - ASMPT's revenue in Q3 2025 was 33.13 billion RMB, a 7.6% quarter-on-quarter increase, driven by growth in SMT business [5][41] Investment Recommendations - The report suggests focusing on companies benefiting from AI-driven demand, including packaging companies like ASE, Tongfu Microelectronics, and Changdian Technology, as well as testing companies like Jingyuan Electronics and Wei Ce Technology [5][41]

Core Insights - The article emphasizes that artificial intelligence (AI) is reshaping the global technology landscape through an unprecedented hardware-driven investment supercycle, with capital expenditures for AI-optimized data centers expected to exceed $7 trillion by 2030 [1][36] - This surge is attributed to two structural transformations: the industrialization of generative AI models and the physical construction of hyperscale computing facilities capable of training trillion-parameter systems [1] - Major hyperscale data center operators are projected to account for over $320 billion of this investment, with significant contributions from companies like Amazon, Microsoft, Google, and Meta [1] AI Infrastructure Investment - The current wave of AI investment marks a structural breakthrough compared to traditional cloud computing cycles, focusing on throughput density rather than just computational elasticity [4] - The semiconductor market for data centers is expected to grow significantly, with a 44% year-over-year increase in Q2 2025 and a further 33% growth in 2026 [4] - The AI supercycle is leading to a "computational economy," where every dollar spent on AI directly translates into downstream demand for semiconductors, power infrastructure, and specialized cooling systems [4] Semiconductor Industry Dynamics - The AI revolution is altering the growth trajectory of the semiconductor industry, making it the foundational layer of the global computational economy [5] - NVIDIA reported Q3 revenue of $57.01 billion, exceeding market expectations, with data center revenue growing 66% year-over-year [5] - Major cloud service providers are expected to increase their AI spending by 34% to $440 billion over the next 12 months, highlighting the concentration of AI demand among hyperscale operators [5] Custom Chip Trends - The adoption of custom chip designs is accelerating among hyperscale data centers, marking a significant shift in the semiconductor industry [20] - Companies like Amazon, Google, Microsoft, and Meta are transforming chip design into a core competitive strategy, with Amazon's Trainium2 and Inferentia2 chips offering better cost-performance ratios than NVIDIA's offerings [20][23] - This shift allows hyperscale data centers to better control costs, enhance energy efficiency, and improve supply chain resilience [20] Power and Cooling Innovations - The rapid growth of AI infrastructure is pushing power and cooling constraints to the forefront, with global data center power demand expected to exceed 1,000 terawatt-hours by 2026 [16] - Companies are securing long-term power agreements to ensure energy supply, with significant investments in nuclear and renewable energy sources [16] - Cooling management is becoming critical, with over 40% of new GPU clusters expected to adopt advanced cooling systems by the end of 2026 [17] Strategic Collaborations - Notable collaborations between major players are shaping the AI infrastructure landscape, including NVIDIA's $5 billion investment in Intel to develop next-generation AI infrastructure [27] - Microsoft has secured a $17.4 billion multi-year agreement with Nebius for dedicated GPU computing capacity, while AMD and OpenAI have established a supply agreement for up to 6 gigawatts of Instinct GPUs [28][29] - These partnerships are indicative of a broader trend where hyperscale operators are becoming active architects in the semiconductor ecosystem [27][29] Future Outlook - By 2030, the semiconductor industry is expected to evolve into a geopolitical and industrial competition centered around capacity control and ecosystem dominance [32] - The AI infrastructure investment is projected to exceed $7 trillion, fundamentally altering the power dynamics within the semiconductor supply chain [32] - The industry's future will depend on integrating energy efficiency, supply chain resilience, and ecosystem coordination to navigate geopolitical challenges and ensure sustainable growth [37][41]

Core Points - The article discusses the "2025 Heterogeneous Integration Frontier Forum" organized by the Yongjiang Laboratory in collaboration with TrendBank and the Ningbo Electronic Industry Association, scheduled for November 17-19, 2025, in Ningbo, Zhejiang [2][23]. - The forum aims to address challenges and breakthroughs in heterogeneous integration technology in chip applications, promoting industry collaboration and innovation [2][23]. Event Details - The forum will feature keynotes from industry experts, academic institutions, and emerging companies, focusing on advanced packaging industry trends and the current state of technology [2][23]. - The event will include a series of thematic forums, including discussions on micro-nano manufacturing technologies, advanced packaging, and optical chip innovations [10][21]. Agenda Highlights - The opening ceremony will include speeches from government leaders and representatives from the organizing bodies, followed by a series of thematic reports and discussions on various topics related to heterogeneous integration and advanced packaging technologies [6][10]. - Notable speakers include experts from major companies and academic institutions, discussing topics such as silicon photonic integration and advanced packaging trends [10][11][21]. Registration Information - The forum is expected to attract 300-500 participants, with registration fees set at RMB 2500 per person, offering early bird discounts and student rates [24][23]. - Participants will receive conference materials, lunch, and access to the evening banquet [24]. Participant List - A partial list of registered participants includes professionals from leading companies such as Huawei, Longxin Storage, and various semiconductor technology firms, indicating strong industry interest [25][26].

Core Points - The 2025 Heterogeneous Integration Frontier Forum will be held from November 17 to 19, 2025, in Ningbo, organized by the Yongjiang Laboratory in collaboration with TrendBank and the Ningbo Electronic Industry Association [2][41]. - The forum aims to discuss advancements in heterogeneous integration technologies and their applications in various sectors, including micro-nano manufacturing and advanced packaging [20][41]. Event Details - The forum will take place at the Ningbo Pan Pacific Hotel, with an expected attendance of 300 to 500 participants [41]. - A verification line for information materials and micro-nano device preparation will also be inaugurated during the event [2]. Accommodation Information - Special hotel rates have been arranged for attendees at the Ningbo Pan Pacific Hotel, with prices ranging from 350 to 600 RMB per night depending on room type [6][10]. - Additional nearby hotels are suggested for accommodation, including the Ningbo Radisson and the Ningbo Yidong Howard Johnson Hotel [8][11]. Agenda Highlights - The forum will feature a series of keynote speeches, panel discussions, and specialized forums focusing on topics such as advanced packaging, micro LED technology, and optical chip innovations [14][36]. - Notable speakers include industry leaders and experts from various organizations, discussing trends, challenges, and technological advancements in the semiconductor and micro-nano sectors [20][31][38]. Registration and Fees - Registration for the forum is priced at 2500 RMB per person, with early bird discounts available for those who register before October 31 [42]. - Student discounts are also offered, allowing students to attend for 1500 RMB [42].

Core Viewpoint - The article discusses the upcoming "2025 Heterogeneous Integration Frontier Forum" organized by TrendBank and the Yongjiang Laboratory, focusing on advancements in semiconductor integration technology and its applications in the chip industry [2][27]. Event Overview - The forum will take place from November 17-19, 2025, at the Pan Pacific Hotel in Ningbo, Zhejiang [2][27]. - It aims to gather experts from academic institutions, industry groups, and investment firms to discuss challenges and breakthroughs in heterogeneous integration technology [2]. Agenda Highlights - The opening ceremony will feature speeches from government leaders and key stakeholders, including the CEO of TrendBank [8]. - Various parallel forums will cover topics such as advanced packaging, micro LED integration, and optical chip innovations [10][18][22]. - Notable presentations will include discussions on micro-nano manufacturing technologies, advanced packaging trends, and the latest developments in optical chip technology [11][15][23]. Participation Details - The forum expects to host between 300 to 500 participants, with different ticket options available, including early bird discounts [27][28]. - The ticket prices range from RMB 1,500 for students to RMB 2,500 for general attendees, excluding accommodation [28].

Group 1 - Semiconductor stocks continue to decline, with notable drops in companies such as SMIC (down 5.07% to HKD 70.15), Hua Hong Semiconductor (down 4.91% to HKD 77.45), and Shanghai Fudan (down 2.78% to HKD 40.64) [1] - On October 7, the U.S. House of Representatives "Special Committee" released an important report on semiconductor export controls related to China, proposing nine recommendations to expand export restrictions [1] - According to a report from CICC, the U.S. semiconductor export controls signify a shift in trade friction towards core upstream technologies and raw materials, accelerating domestic industry chain self-sufficiency and promoting domestic substitution [1] Group 2 - Huatai Securities reported insights from the SEMICON WEST semiconductor industry annual conference, indicating market concerns about a potential bubble in global AI, yet maintaining overall optimism supported by strong growth in token usage [1] - TSMC's progress in building factories in the U.S. is on track, although supporting facilities still need improvement, with expectations to maintain high gross margins due to technological advantages [1] - Advanced packaging is highlighted as a key technology that may sustain Moore's Law in the AI era, presenting investment opportunities for related foundry and equipment companies [1]

Summary of Key Points from Conference Call Records Industry Overview - The global semiconductor capital expenditure is expected to decline to $210 billion in 2025, remain flat in 2026, and potentially grow in 2027, indicating short-term pressure on the equipment sector but long-term benefits from increased capital spending [1][2][6] - Advanced packaging technology is becoming crucial for extending Moore's Law, with companies like TSMC actively investing in this area, benefiting equipment suppliers such as Lam Research [1][2][18] - The AI bubble poses risks, but companies with strong profitability like NVIDIA are better positioned to withstand potential downturns, highlighting the need to assess the sustainability of their business models [1][3][7] Company-Specific Insights - TSMC's Arizona factory construction is progressing, with large-scale growth expected by 2027, indicating limited short-term impact on capital expenditure [1][6][13] - TSMC's North American operations are strategically located near customers, with a rising share of high-performance computing (HPC) clients, making it a robust investment target [1][14][15] - Domestic semiconductor companies in China are experiencing growth opportunities due to increased demand from Huawei and U.S. export controls, with companies like North Huachuang and Zhongwei being noteworthy [1][20] Market Performance - Chinese tech stocks have shown strong performance this year, with the top seven companies rising by 68%, compared to a 23% increase for the U.S. tech giants, despite lower valuations for Chinese firms [4] - The semiconductor equipment sector has recently outperformed the market, driven by Intel's recovery and the expansion of the memory cycle from DRAM to NAND, with projected capital expenditure growth of 9% in 2026 and 4% in 2027 [17] Advanced Packaging Technology - Advanced packaging technology is identified as a key trend in the semiconductor industry, allowing for increased chip density and transistor counts, with TSMC generating 11% of its revenue from this segment [18][19] Investment Considerations - The capital expenditure to operating cash flow ratio has reached over 80%, indicating a shift towards debt financing for growth, with most companies still having room for development due to relatively low leverage [9] - TSMC's valuation metrics show a PE ratio of 24x for 2026, compared to 30x for the "Magnificent Seven," suggesting it is a stable investment option with a projected ROE of 30% and annual profit growth of 25%-30% [16] Conclusion - The semiconductor industry is navigating through a complex landscape of capital expenditure fluctuations, technological advancements, and market dynamics, with both opportunities and risks present for investors. Companies like TSMC and emerging domestic players in China are positioned to capitalize on these trends.

Core Viewpoint - The semiconductor industry is transitioning into the "post-Moore era," where traditional scaling methods are becoming less effective due to physical limits and rising costs. Advanced packaging technologies are emerging as a key focus area, driven by the demand for AI chips requiring high performance and low latency [1]. Industry Overview - The global advanced packaging market is projected to exceed $79.4 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% from 2024 to 2030, primarily fueled by AI and high-performance computing demands [1]. - Major players in the advanced packaging sector include TSMC, Intel, and Samsung, each adopting unique competitive strategies to dominate the high-end packaging market [1]. TSMC's Advanced Packaging Strategy - TSMC leads the advanced packaging market with its "3D Fabric" platform, which includes CoWoS, InFO, and SoIC technologies, covering various application scenarios [2]. - The CoWoS technology has evolved to its fifth generation, supporting high-density integration and significantly enhancing memory bandwidth for high-performance computing applications [5]. - InFO technology focuses on cost-sensitive applications, enabling low-cost, thin packaging solutions, while SoIC technology allows for true 3D chip stacking [6][10]. Intel's Advanced Packaging Approach - Intel is developing its advanced packaging capabilities through EMIB and Foveros technologies, targeting high-performance computing and AI markets [7]. - EMIB technology connects bare chips using silicon bridges, while Foveros enables vertical stacking of chips, enhancing flexibility and performance [10]. Samsung's Advanced Packaging Innovations - Samsung is advancing its packaging technologies with I-Cube and X-Cube systems, addressing both 2.5D and 3D IC packaging needs [11]. - The I-Cube technology integrates logic chips and HBM on the same interposer, while the X-Cube technology enhances system integration through vertical electrical connections [12][13]. - Samsung is also focusing on SoP (System on Panel) technology, which aims to challenge TSMC's dominance in high-end AI chip packaging by offering larger integration spaces and lower costs [14][16]. Domestic Players in Advanced Packaging - Chinese companies are making strides in the advanced packaging sector, with a projected market size of 69.8 billion yuan in 2024, driven by firms like Changjiang Electronics Technology, Tongfu Microelectronics, and Huatian Technology [17]. - Changjiang Electronics is recognized as a leader in advanced packaging, leveraging its XDFOI Chiplet platform to support high-density interconnections [18]. - Tongfu Microelectronics has established a strong position through collaborations with AMD, focusing on AI and HPC advanced packaging [20]. - Huatian Technology is expanding its capabilities in advanced packaging through significant R&D investments and partnerships [22]. Future Outlook - The global advanced packaging market is expected to reach $56.9 billion by 2025, surpassing traditional packaging for the first time, with domestic firms poised to capture more market share [32]. - The ongoing development of AI computing chips and the trend towards self-sufficiency in high-end advanced packaging present significant opportunities for domestic players to narrow the gap with international leaders [32].