点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 芯片基板是承载芯片裸片的核心介质，也是芯片封装流程的最后环节，其中玻璃基板被视为下一代芯片基板的核心方向。 中国作为全球玻璃基板重要市场，市场规模整体呈现上升趋势。 中研网数据显示，中国玻璃基板市场规模从2020 年的252 亿元增长至2024 年的 361 亿元，复合增长率达9.4%。 玻璃基板行业集中度较高，全球市场的核心厂商以美国康宁、日本旭硝子及日本电气硝子为主，头部三家企业（CR3）的市场占有率合计达 88%。 据中商产业研究院数据，2023年全球玻璃基板市场份额分布如下：康宁（48%）、旭硝子（23%）、电气硝子（17%）、东旭光电 （8%）。 随着AI 算力芯片向大尺寸、高集成度方向快速演进，传统封装基板的性能已逐渐逼近物理极限，难以满足新的技术需求。 作为一种薄玻璃片，玻 璃基板相较于传统有机基板优势明显。玻璃基板不仅具备更低的信号损耗、更高的尺寸稳定性与超低平坦度，而且拥有高密度通孔能力与更精细 的线宽线距控制水平，同时还能承受更高温度。 玻璃基板凭借这些优势，已成为台积电、英特尔等行业巨头 ...

证券研究报告 行业研究 / 行业点评 2025 年 10 月 09 日 电子 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 集成电路制造领涨电子行业。本周（2025/9/29-10/03）SW 电子行业指数（+2.78%），涨 跌幅排名 6/31 位，沪深 300 指数（+1.99%）。SW 一级行业指数涨跌幅前五分别为：有色 金属（+7.13%），电力设备（+4.84%），钢铁（+3.56%），房地产（+3.01%），国防军 工（+2.94%），涨跌幅后五分别为:银行（-1.20%），煤炭（-0.84%），通信（-0.62%）， 石油石化（-0.38%），社会服务（-0.19%）。本周 SW 电子三级行业指数涨跌幅前三分别 是：集成电路制造（+6.93%），集成电路封测（+4.50%），数字芯片设计（+4.14%）； 涨跌幅后三分别是：品牌消费电子（-0.99%），面板（+0.06%），半导体材料（+0.80%）。 2025 年 9 月 23 日，据《经济日报》报道，鸿海集团旗下的玻璃工厂正达在 CoWoS 先进封 装玻璃基板领域成功攻坚，取得技术突破，预计将在明后年陆续开启该产品的交 ...

Group 1 - Tesla and Apple are exploring the introduction of glass substrates to enhance the performance of semiconductor chips and data centers [1] - Both companies have met with manufacturers developing glass substrates to discuss technology and potential collaboration, although no contracts have been signed yet [1] - The global glass substrate market is primarily dominated by American and Japanese companies, while domestic companies in China are accelerating their research due to growing demand [1] Group 2 - Changdian Technology has made continuous breakthroughs in key technologies such as glass substrates and advanced packaging for large-size FCBGA [2] - Wog Optical has successfully progressed in the industrial application of advanced packaging for high-performance chips in large servers through collaboration with multiple clients [3]

玻璃基板相比现有的塑料基板翘曲（warpage）现象更少，且更容易实现微细电路，因此正在成为 新一代半导体基板的候选方案。它被视为能够提升数据处理速度、进而大幅提高半导体和AI性能 的关键技术。这也是英特尔、AMD、三星电子、亚马逊（AWS）、博通等企业推动玻璃基板引入 的原因。 特斯拉和苹果对玻璃基板表现出兴趣，同样被认为与AI密切相关。 特斯拉正在推进电动车自动驾驶和人形机器人商用化。要实现汽车或机器人自主判断和行动，高性 能半导体必不可少。业内解读认为，特斯拉已将玻璃基板视作实现下一代半导体的重要技术，并在 跟进相关开发动向。部分观点甚至预测，特斯拉的自动驾驶（FSD）芯片未来有可能采用玻璃基 板。 苹果则被认为是出于AI应对的目的而关注玻璃基板。外界普遍批评苹果在AI时代的应对措施不 足，此举被解读为其希望围绕iPhone构建AI服务。也有观点认为，苹果可能会在AI基础设施，如 服务器和数据中心中使用玻璃基板。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 etnews 。 随着人工智能（AI）需求的扩散，业界普遍认为两家公司意在通过玻璃基板提升半导体与数据中 心的性能。作为全球代表性 ...

Core Viewpoint - The article discusses the advancements and market potential of glass substrates in semiconductor packaging, highlighting their advantages over traditional materials and the expected growth in the market size from $213 million in 2024 to over $400 million by 2030 [3]. Group 1: Market Overview - The global semiconductor packaging glass substrate market is projected to reach approximately $213 million in 2024, with expectations to exceed $400 million by 2030, indicating a penetration rate of over 2% [3]. - Transitioning substrate sizes from 200mm to 300mm can save about 25% in costs, while moving from 300mm to board-level can achieve over 60% cost reduction [2]. Group 2: Advantages of Glass Substrates - Glass substrates offer superior surface flatness and low roughness, making them suitable for high-precision lithography and micro-line processing [3]. - They exhibit low warpage and high resistance to deformation due to adjustable thermal expansion coefficients, which can be aligned closely with silicon chips [3]. - The electrical performance of glass substrates is enhanced, reducing signal loss during transmission, which is crucial for high-speed applications [3]. - Glass substrates have better thermal conductivity compared to organic substrates, improving heat management in electronic systems [3]. - They possess excellent chemical stability, resisting moisture and environmental corrosion [3]. Group 3: Industry Developments - Several companies are actively developing glass substrate technologies, including Beijing BOE Sensor Technology, Jiangxi Woge Optoelectronics, and Wuhan Xinchengyuan Semiconductor, each focusing on different aspects of glass substrate applications [4][5][6]. - Shenzhen Deep Light Valley Technology has successfully established a production line for glass-based 3D optical waveguide chips, indicating advancements in the field [6]. - The industry is witnessing a trend towards integrating glass substrates in high-end semiconductor packaging, with companies like Xiamen Yuntian Semiconductor and Chongqing Glass Core Semiconductor planning significant production expansions [5][6]. Group 4: Upcoming Events - TrendBank plans to host the 2025 Heterogeneous Integration Annual Conference from November 17-19, 2025, in Ningbo, focusing on advanced packaging technologies and fostering collaboration between industry and academia [7].

Core Viewpoint - Glass substrates are emerging as a superior alternative to organic substrates in advanced packaging due to their flatness, lower thermal expansion coefficient, and reduced warpage issues, making them ideal for high-frequency applications and 6G communications [2][3][5]. Group 1: Advantages of Glass Substrates - Glass substrates provide significant improvements in warpage reduction (50%) and positioning accuracy (35%) compared to organic substrates, facilitating the implementation of redistribution layers (RDL) with line widths and spacings below 2 micrometers [2]. - The dielectric constant of glass (2.8) is much lower than that of silicon (12), resulting in significantly lower transmission losses and enhanced signal integrity for high-frequency applications [3]. - Glass substrates are versatile and can be used as carriers, core substrates for embedded components, 3D stacking materials, or sealed cavities for sensors and MEMS [2]. Group 2: Manufacturing Challenges - Glass cutting is prone to micro-cracking, and the challenge of repeatedly manufacturing thousands of fine-pitch through-glass vias (TGV) hinders the full potential of glass substrates [3][22]. - The laser-induced deep etching (LIDE) technology is being improved to facilitate mass production of TGVs, allowing for the etching of vias as small as 3 micrometers with a spacing of 5 micrometers [10][11]. Group 3: Applications in 6G Technology - Glass substrates are ideal for 6G wireless communication networks, which require data rates exceeding 100 GHz, due to their high-frequency transmission capabilities and low loss characteristics [5]. - Heterogeneous integration in stacked glass can combine high-frequency front-end chips with low-loss interconnects, enhancing the performance of large-scale antenna arrays [5]. Group 4: Innovations in Glass Processing - The use of ABF (Ajinomoto Build-up Film) as a low-k dielectric and adhesive for glass bonding has shown promising results, achieving electrical performance up to 220 GHz with minimal loss [5][8]. - New methods for cutting glass substrates, such as embedding cut substrates in organic resin for edge protection, are being explored to minimize damage during handling [24]. Group 5: Yield Improvement Techniques - Predictive modeling and machine learning are being utilized to enhance yield rates in glass substrate manufacturing, particularly in identifying and mitigating defects early in the production process [18][19]. - The development of automated systems for wet etching and drying processes is aimed at improving the efficiency and yield of TGV manufacturing [10][11]. Group 6: Future Directions - The glass ecosystem is preparing for the continued growth in chip and substrate sizes in multi-chip advanced packaging, with significant progress being made in laser modification and high-frequency etching techniques [28]. - Ongoing research aims to further reduce micro-cracking during cutting processes and improve the compatibility of new processing techniques with stringent design rules [29].

Core Viewpoint - Glass is gaining attention as the next-generation packaging substrate material due to its numerous advantages over organic substrates, including lower thermal expansion, improved flatness, and reduced transmission loss for high-frequency applications [1][2][3]. Group 1: Advantages of Glass Substrates - Glass substrates are significantly flatter and have a lower thermal expansion coefficient compared to organic substrates, simplifying lithography processes [2]. - The warpage issues associated with multi-chip packaging have been notably improved with glass substrates, allowing for better chip bonding and alignment [2]. - Glass substrates provide extremely low transmission loss for high-frequency devices, making them suitable for applications like 6G communications [3][4]. Group 2: Manufacturing Challenges - The cutting of glass substrates can lead to micro-cracks, which pose a significant manufacturing challenge [3][17]. - The process of creating through-glass vias (TGV) is complex, with challenges in achieving high yield rates due to the need for precise laser etching and filling techniques [6][12]. - Despite the challenges, companies like Intel continue to invest heavily in glass substrate technology, indicating a strong belief in its potential for high-performance computing and AI applications [3][12]. Group 3: Innovations in Glass Processing - Recent advancements in laser-induced deep etching (LIDE) technology have improved the manufacturing process for TGVs, allowing for smaller and more precise vias [6][10]. - The use of automated systems for wet etching processes has been developed to enhance the efficiency and yield of glass substrate production [7][10]. - New methods, such as embedding cut glass substrates in organic resin for edge protection, are being explored to mitigate issues related to cracking during processing [19][20]. Group 4: Future Outlook - The glass ecosystem is preparing for the ongoing growth in chip and substrate sizes for advanced multi-chip packaging, with significant progress being made in the industry [22]. - The potential for direct laser etching using excimer lasers is being considered as a more environmentally friendly alternative to traditional methods, provided it can meet the requirements for subsequent copper filling [22]. - Continued research into polymer retraction techniques before cutting may help prevent micro-cracking, indicating a focus on improving manufacturing processes for glass substrates [22].

Core Insights - The company reported a revenue of 18.605 billion yuan for the first half of 2025, representing a year-on-year increase of 20.14%, while the net profit attributable to shareholders decreased by 23.98% to 471 million yuan [1] - The global semiconductor sales reached 346 billion USD in the first half of 2025, showing a year-on-year growth of 18.9%, indicating a positive recovery trend in the industry [1] - The company is focusing on high-value applications such as automotive electronics, high-performance computing, storage, and 5G communications, with significant growth in automotive electronics and industrial sectors [2] Financial Performance - In the first half of 2025, the company achieved a gross margin of 13.47%, a slight increase of 0.11 percentage points year-on-year [1] - The second quarter of 2025 saw a gross margin of 14.31%, reflecting a quarter-on-quarter improvement of 1.68 percentage points, indicating a recovery in profitability [1] - The company expects to maintain strong performance in the second half of the year by improving capacity utilization, product structure, and internal management [1] Strategic Focus - The company continues to innovate in advanced packaging technologies, with breakthroughs in key areas such as glass substrates and large-size FCBGA [1] - The automotive electronics segment experienced a year-on-year growth of 34.2%, while the industrial and medical sectors grew by 38.6% [2] - The company is enhancing its technical advantages in automotive semiconductor packaging and is progressing well in capacity construction, with a new factory in Shanghai nearing completion [2] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.642 billion, 2.316 billion, and 3.034 billion yuan, with respective year-on-year growth rates of 2.01%, 41.04%, and 31.03% [3] - The current stock price corresponds to price-to-earnings ratios of 41.47, 29.40, and 22.44 for the years 2025, 2026, and 2027, respectively [3] - Given the recovery trend in the semiconductor industry and the company's extensive layout in advanced packaging and high-value sectors, a "buy" rating is maintained [3]

①最受益PCB迭代的竟然是这类材料，在AI算力服务器PCB中成本已接近60%，国内能生产目前最高等级 型号的企业主要为这两家；②高端铜箔、玻璃纤维布会跟随PCB进行迭代升级，单价、用量提升，这两类 企业营收有望长期受益；③玻璃基板可能是PCB下一代新材料革命性方向，这家企业已积极进行玻璃基板 与先进封装的结合研发。 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 前言 ...

Core Viewpoint - Concerns are rising that South Korean equipment manufacturers entering the glass substrate market may face a long-term shortage of orders due to Intel's recent decision to halt research and development in this area, which could delay the commercialization of glass substrates, a key component for next-generation AI semiconductors [2][3] Group 1: Intel's Decision and Market Impact - Intel has recently suspended its glass substrate R&D as part of an internal reorganization and cost-cutting strategy, focusing on core businesses like CPUs and foundry services [2] - The company reported a loss of $18.8 billion (approximately 26.29 trillion KRW) last year, marking its first annual loss since 1986, prompting significant restructuring efforts [2] - Glass substrates are seen as crucial for high-performance AI semiconductors due to their superior heat resistance, reduced warping, and approximately 40% faster data processing speed compared to existing plastic substrates [2] Group 2: South Korean Equipment Manufacturers - Over 20 South Korean equipment companies are actively entering the glass substrate market, believing they can remain competitive due to similarities in technology with existing equipment [3] - However, uncertainties are increasing, with some companies indicating that U.S. tariff policies are hindering their capacity to pursue new business opportunities, potentially delaying orders for glass substrate equipment in the latter half of the year [3] - The financial burden of investing in glass substrate business is concerning for small and medium-sized materials, components, and equipment companies, as evidenced by the losses reported by Korea's National Semiconductor Company, which recorded an operating loss of 38 billion KRW (approximately $27.14 million) in the first half of this year [3]