几十年前，当人们谈论芯片时，他们讨论的是晶体管数量；今天，内存价格飙升成为头条，其背后是一 场决定未来的材料创新变革。 2026年的内存短缺背后，其实质是计算需求的爆炸性增长正在考验传统半导体技术的物理极限。当每比 特高带宽内存消耗的晶圆面积是标准DDR5的三倍。 当AI芯片功率密度逼近千瓦级别，一个更更具决定性的转变正在半导体封装领域发生：一片平滑如镜 的玻璃即将悄然划定全球半导体产业的新疆界，内存市场的剧烈动荡仅仅是表层涟漪。 有机基板已经走到了尽头 几十年来，由有机树脂制成的封装基板一直是行业标准，但AI和高性能计算芯片的指数级需求正在突 破这些材料的物理极限。有机基板在热应力下会发生膨胀和翘曲，无法适应AI处理器的大尺寸和严苛 工作条件。 传统有机基板正面临信号传输损耗大、热膨胀系数与硅芯片匹配度差、大尺寸封装易翘曲等严峻问题。 这些问题不仅限制了芯片性能，还增加了封装复杂度和成本。 当AI训练集群需要数千张GPU协同工作时，这些微观的物理不匹配会在系统层面上累加成致命的性能 瓶颈。 相比之下，玻璃基板以其低介电损耗、优异热稳定性和与硅相近的热膨胀系数等独特优势，迅速成为突 破现有瓶颈的关键材料。这种 ...

随着摩尔定律趋近物理极限，异构集成已成为提升芯片系统性能、功能与集成度的核心路 径。而在这一技术演进中， 玻璃基板正从一种备选材料，迅速崛起为支撑下一代高密度、高 性能、多功能集成的 "关键路径"平台 。 玻璃基板作为具备高平整度、低热膨胀系数、低介电损耗及优异机械与化学稳定性的核心半 导体关键材料，已从传统显示领域核心应用，全面拓展至先进半导体封装、 MEMS 与传感 器、AI 高性能计算、5G/6G 射频通信、光电子集成及功率半导体等领域的核心赛道。 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 电子玻璃 群 依托玻璃通孔（ TGV）等核心技术实现芯片高密度异构集成与互连升级，是后摩尔时代突破 芯片性能瓶颈、支撑半导体产业技术迭代的战略性基础材料，其应用边界与市场渗透率正持 续扩容，成为半导体材料领域的重要发展方向。 要将玻璃的理论优势转化为可靠的量产产品，传统加工技术因应力、微裂纹和精度限制而面 临挑战 ，为此势银网络研讨会有幸邀请到了来自 乐普科（上海）光电有限公司 的 EQ&WQ 部门经理 李建先生 和 RENA Technologies Gm ...

Core Viewpoint - The semiconductor industry is shifting from process competition to packaging innovation, with glass substrates emerging as a key material to overcome performance bottlenecks in advanced packaging [1][2]. Group 1: Industry Dynamics - Major companies like Samsung, Intel, AMD, and Nvidia are actively exploring glass substrates for next-generation chip development, indicating a strategic focus on this material [1]. - Recent developments include Japan's Rapidus exploring glass substrate technology and Samsung's plans to establish a joint venture with Sumitomo Chemical for glass substrate production [1][2]. Group 2: Advantages of Glass Substrates - Glass substrates offer significant advantages over traditional organic substrates and silicon interposers, including lower dielectric loss, excellent thermal stability, and high flatness [3][4]. - The electrical performance of glass substrates is superior, with signal transmission loss at 10GHz being only 0.3dB/mm, and dielectric loss reduced by over 50% compared to organic substrates [4]. - Glass substrates can achieve a thermal expansion coefficient (CTE) of 3-5ppm/°C, matching silicon chips and reducing warpage by 70% during thermal cycling [4]. Group 3: Types of Glass Substrates - Glass substrates are categorized into glass interposers and glass core substrates, each serving different roles in advanced packaging scenarios [3][6]. - Glass interposers are primarily used in 2.5D packaging, enabling high-density interconnections between multiple chips [6]. - Glass core substrates are aimed at 3D packaging and chiplet integration, providing a stable solution for increasing chip sizes and I/O counts [8]. Group 4: Industry Competition - The competition in the glass substrate market is intensifying, with companies like Intel, Samsung, TSMC, and new entrants like Rapidus and Absolics making significant investments and strategic moves [12][14][20]. - Intel has invested over $1 billion in developing glass substrate technology and aims for large-scale application by 2026-2030 [12][13]. - Samsung is pursuing a dual-line strategy, focusing on both rapid commercialization and long-term technological breakthroughs in glass substrates [14][15]. Group 5: Challenges and Barriers - The glass substrate industry faces challenges in scaling production, with many companies still in the early stages of development and validation [34][39]. - Key technical challenges include the efficiency and yield of TGV (Through Glass Via) processes, high-density wiring, and bonding reliability [35][41]. - Cost remains a significant barrier, with the production costs of glass substrates being substantially higher than traditional organic substrates, limiting their application in price-sensitive markets [39][40]. Group 6: Domestic Developments - Domestic companies in China are actively pursuing opportunities in the glass substrate market, leveraging their expertise in glass processing and precision manufacturing [23][30]. - Companies like BOE and Wog Glass are making strides in developing glass substrates for semiconductor packaging, with plans for mass production and technological advancements [24][25]. - The establishment of industry alliances and collaborations between academia and industry is fostering innovation and addressing common technical challenges in the glass substrate sector [30][31].

Core Viewpoint - Huike Co., Ltd. is undergoing its IPO process, with a focus on increasing revenue through major clients and new investment projects aimed at enhancing production capacity and technology [1][5]. Revenue and Clients - Huike's revenue is projected to grow from 26.965 billion yuan in 2022 to 40.282 billion yuan in 2025, indicating a continuous upward trend [3]. - Major clients include TCL Group, Hisense Group, and Xiaomi Group, with sales to these clients showing consistent growth over the years [3][4]. - Sales revenue from the top five clients accounted for approximately 38.37% to 42.86% of total revenue during the reporting period [4]. Investment Projects - The company plans to raise 8.5 billion yuan through its IPO to fund three key projects: - "Changsha New OLED R&D Upgrade Project" (total investment of 3 billion yuan) - "Changsha Oxide R&D and Industrialization Project" (total investment of 3 billion yuan) - "Mianyang Mini-LED Intelligent Manufacturing Project" (total investment of 2.5 billion yuan) [5]. - The Changsha Oxide project is expected to add a monthly capacity of 15,000 large panels, generating an estimated annual revenue of approximately 3.495 billion yuan upon full production [5]. Operating Costs and Suppliers - Direct materials accounted for 70.36% to 64.00% of Huike's main business costs over the reporting period, while manufacturing expenses showed a slight increase [6][8]. - The procurement prices for key raw materials such as polarizers and chips have generally decreased, contributing to a slight decline in the proportion of direct materials in total costs [7]. - The company’s top five suppliers accounted for approximately 27.34% to 28.87% of total raw material procurement costs during the reporting period [9][10].

证券日报网讯12月22日，崇达技术（002815）在互动平台回答投资者提问时表示，公司官网显示，公司 与中山大学等知名高校及研究机构保持产学研合作。关于玻璃基板，子公司普诺威正紧跟市场方向，积 极探索相关的研发或技术。 ...

12月17日，玻璃基Micro-LED（COG-基于TFT背板的玻璃基 Micro-LED 技术）领军企业辰显光电与高端半导体装备制造商新益昌正式签订战略合作框架 协议。双方将聚焦玻璃基Micro-LED芯片巨量转移这一核心工艺环节，共同攻克技术瓶颈，展望其在商业显示、智慧会议、透明显示、车载显示等广阔场 景的应用前景，携手破解行业量产化与成本优化的核心痛点，共赴千亿蓝海市场。 当前，玻璃基Micro-LED技术已从实验室验证阶段，全面进入工程化、产业化的加速期。尤其是在大尺寸高像素密度、高亮度、高精度无缝拼接显示及车 载、创新商业展示、舞台、智能医疗与家居等新型空间显示领域，玻璃基技术凭借其高可靠性、结构简洁性、超高像素密度、高透光率及微米级拼接精度 等显著优势，正加速推动COG Micro-LED技术在智能显示时代的渗透与革新。 此外，随着AI芯片算力需求爆发式增长，先进封装技术对基板材料提出了更高要求，玻璃基板替代传统有机基板的趋势已然显现。AMD、苹果、英伟 达、英特尔、台积电、微软等全球半导体与科技巨头纷纷布局玻璃基方案，为其在半导体先进封装及高端光通信领域的产业化应用注入强大动力。 辰显光电在此领 ...

今日，玻璃基Micro-LED(COG-基于TFT背板的玻璃基Micro-LED技术)领军企业辰显光电与高端半导体 装备制造商新益昌正式签订战略合作框架协议。双方将聚焦玻璃基Micro-LED芯片巨量转移这一核心工 艺环节，共同攻克技术瓶颈，展望其在商业显示、智慧会议、透明显示、车载显示等广阔场景的应用前 景，携手破解行业量产化与成本优化的核心痛点，共赴千亿蓝海市场。 当前，玻璃基Micro-LED技术已从实验室验证阶段，全面进入工程化、产业化的加速期。尤其是在大尺 寸高像素密度、高亮度、高精度无缝拼接显示及车载、创新商业展示、舞台、智能医疗与家居等新型空 间显示领域，玻璃基技术凭借其高可靠性、结构简洁性、超高像素密度、高透光率及微米级拼接精度等 显著优势，正加速推动COG Micro-LED技术在智能显示时代的渗透与革新。 此外，随着AI芯片算力需求爆发式增长，先进封装技术对基板材料提出了更高要求，玻璃基板替代传 统有机基板的趋势已然显现。AMD、苹果、英伟达、英特尔、台积电、微软等全球半导体与科技巨头 纷纷布局玻璃基方案，为其在半导体先进封装及高端光通信领域的产业化应用注入强大动力。 辰显光电在此领域布局 ...

Core Viewpoint - The article emphasizes the critical role of material innovation in driving the next generation of AI computing power, highlighting the shift from traditional silicon-based materials to advanced materials that can meet the increasing demands of AI applications [2][53]. Group 1: Key Materials for AI Computing - Advanced channel materials are essential for semiconductor transistors, directly influencing speed, power consumption, and integration [4]. - AI chips require channel materials with high mobility, high switching ratio, high stability, low power consumption, low leakage current, and ultra-thin thickness [6]. - Various materials such as MoS₂, black phosphorus, InGaAs, germanium, and carbon nanotubes are identified as promising candidates for next-generation AI chips, each with specific performance metrics [7][10][11][12][14]. Group 2: Gate and Dielectric Materials - Gate and dielectric materials are crucial for controlling the flow of current in transistors, affecting switching speed, power consumption, and reliability [17]. - Hafnium oxide (HfO₂) and its doped variants are highlighted for their low leakage currents and high dielectric constants, suitable for advanced logic chips [18][20][21]. Group 3: Substrate Materials - Substrate materials provide physical support and thermal management for semiconductor chips, impacting performance and reliability [23]. - Silicon carbide (SiC) and gallium oxide (β-Ga₂O₃) are noted for their high breakdown fields and thermal conductivity, making them suitable for AI power modules [24][25]. Group 4: Non-volatile Storage Materials - Phase change materials and resistive switching materials are identified for their potential in next-generation memory applications, offering high speed and low power consumption [26][27]. Group 5: Advanced Packaging and Integration Materials - Materials for substrate and interconnects, such as silicon photonic intermediates and glass substrates, are crucial for enhancing signal transmission speed and reducing power loss [29][30]. - Diamond-based thermal management materials are highlighted for their superior heat dissipation capabilities, essential for high-performance AI chips [32]. Group 6: New Computing Paradigms - Photonic computing materials, such as lithium niobate and silicon-based photonic materials, are discussed for their potential to significantly increase processing speed while reducing energy consumption [35][36]. - Quantum computing materials, including superconductors and diamond nitrogen-vacancy centers, are essential for developing quantum computing hardware [38][39]. Group 7: Investment Logic - The investment opportunity lies in material innovation that can replace traditional silicon technologies, aligning with national strategies for semiconductor supply chain security [53]. - Focus areas for investment include advanced logic and storage materials, packaging and thermal management materials, and frontier materials for emerging computing paradigms [54]. Group 8: Conclusion - The article presents a comprehensive overview of the material innovations driving the AI computing revolution, emphasizing the importance of these advancements for China's semiconductor industry and global competitiveness [56].

Group 1 - The report highlights that the global semiconductor market is expected to grow significantly, with revenues projected to increase by 22.5% to $772 billion in 2025 and further by 26.3% to $975 billion in 2026, driven by strong demand for AI applications and data center infrastructure [2][10][12] - The semiconductor materials market in China is projected to grow from 75.58 billion yuan in 2020 to 143.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.44%, reaching 174.08 billion yuan by 2025 [12][15][16] - The report identifies several companies listed on the Beijing Stock Exchange that are involved in semiconductor materials, including Geberit, Jiaxian Co., Tianma New Materials, and others, which are positioned in critical segments of domestic substitution with high technical barriers and market scarcity [2][17][19] Group 2 - The report notes that the chemical new materials sector on the Beijing Stock Exchange experienced a slight decline of 0.16% during the week, with specific sectors like metal new materials and professional technical services showing positive growth [3][25][29] - Individual stocks such as KQ Co. and XWL Co. showed significant weekly gains, with KQ Co. increasing by 9.35% and XWL Co. by 6.03% [3][32][33] - The report provides insights into the price trends of various chemical products, including MDI and TDI, indicating fluctuations in the market that could impact related companies [34][35]

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 1 投资框架:当我们在谈新材料的时候,我们 到底在谈什么 当说投资新材料的时候,到底是在投什么 合金邮轮 木质帆船 蒸汽船 复合材料游艇 资料来源: Shutterstock , Borri, United Yacht,中国航海博物馆,天风证券研究所 请务必阅读正文之后的信息披露和免责申明 4 请务必阅读正文之后的信息披露和免责申明 3 我们认为,投资新材料,投资的是未来新兴产业。材料工业是现代化工业体系的基石,每一轮技术革命都与 � 新材料的发现、发明和推广密不可分。发展战略性新兴产业和未来产业，其基础是先进材料产业; 我们认为,投资新材料,投资的是产业结构转型升级。从农业文明、到工业文明、再到信息文明,每一阶段 � 主导产业不同——从一个阶段发展到另外一个阶段，产业结构面临转型升级，而这又要有能与之匹配的新材 彩。 投资新材料,判断产业生命周期至关重要 请务必阅读正文之后的信息披露和免责申明 投资新材料,判断产业生命周期至关重要 通常,处于导入期的新材料,产业化变数或较小 --- 产品形态基本定型、产 ...