中邮证券研报指出，通富微电中高端产品营业收入提升，供应链及上下游产业投资收益增厚业绩。公司 预计2025年度实现归母净利润11.0-13.5亿元，预计同比增长62.34%-99.24%；主要系2025年内，全球半 导体行业呈现结构性增长，公司积极进取，产能利用率提升，营收增幅上升，特别是中高端产品营业收 入明显增加。同时，得益于加强经营管理及成本费用的管控，公司整体效益显着提升。此外，公司准确 把握产业发展趋势，围绕供应链及上下游布局产业投资，取得了较好的投资收益，增厚了公司2025年业 绩。拟定增募资不超过44亿元，强化存储、汽车、晶圆级、高性能计算及通信等领域封测。本次公司定 增募资，主要投向下游高景气度、国产替代加速、技术密集的增长领域，提升现有产能规模与供给弹 性，以更好地承接下游市场复苏及结构性增长机遇，为国内外龙头客户提供更稳健的本土化封测支撑， 并为承接新兴优质客户奠定产能基础，巩固公司在全球封测产业的领先地位。维持"买入"评级。 ...

Core Viewpoint - The Guangzhou Municipal Bureau of Industry and Information Technology is soliciting opinions on policies aimed at promoting high-quality development of the integrated circuit industry during the 14th Five-Year Plan period, focusing on advanced packaging and testing technologies [1] Group 1: Policy Initiatives - The policy emphasizes the development of advanced packaging technologies such as wafer-level, system-level, fan-out, flip-chip, silicon through-hole, Chiplet heterogeneous integration, and 3D packaging [1] - It also highlights the importance of advanced wafer-level testing technologies, including pulse sequence testing, MEMS probes, and IC integrated probe cards [1] Group 2: Financial Support - The policy proposes financial support for the construction of advanced packaging and testing production lines, offering subsidies of up to 20% of the new equipment purchase amount, with a cap of 20 million yuan per project [1] - Integrated circuit packaging and testing companies are encouraged to increase investment in technological upgrades, with corresponding rewards for eligible investment projects [1]