长电科技 20250903 摘要 长电科技 2025 年中报显示收入 186 亿元，同比增长 20%，但净利润 4.7 亿元同比下滑，主要因先进厂产品导入期及研发费用上升，国际政 策不确定性影响部分客户需求。然而，长电先进收入超 10 亿元，同比 增长近 40%，净利润 2.8 亿元，净利率达 27.48%。 长电科技境外核心工厂星科金朋和长电韩国收入分别为 60 亿元和 66 亿 元，同比分别增长 1.8%和 6.8%。星科金朋盈利 5 亿元，长电韩国亏损 1,600 万元。新收购的深南半导体表现出色，收入 16.24 亿元，利润 7,000 万元，净利率超 4%。 芯片封装技术正经历快速迭代，从传统拉线封装到 2.5D 及未来 3D 封装。 长电先进受益于先进封测高价值量，2025 上半年净利率达 27.5%。泛 新封装市场规模不断扩大，全球占比已超 50%，狭义新封装市场规模预 计 2027-2028 年达百亿美元级别。 手机和 AI 是驱动新型芯片封装发展的核心下游应用。手机对面积和散热 提出更高要求，AI 对算力需求大幅提升，推动先进封装技术发展。长电 科技通过长电绍兴参与新型芯片封装市场，2025 ...

Group 1 - The recent performance of the Asia-Pacific market has been strong, with Vietnam showing significant improvements due to major reforms [1][2] - The VN-Index has rebounded nearly 30% from its April low, while the VN30 index has surged almost 60%, reaching historical highs [3] - Despite the rising indices, liquidity has not significantly improved, with the main driving forces being the real estate and banking sectors [5][6] Group 2 - In the first half of the year, Vietnam's real estate loan balance skyrocketed to 3,180 trillion VND, a year-on-year increase of 140% [7] - Techcombank's real estate loans accounted for 59% of its total loans, with a growth rate of 21.5%, double the average growth rate of the bank [8] - In contrast, 144,000 companies went bankrupt in Vietnam in the first seven months of the year, a year-on-year increase of 15.1% [9] Group 3 - The disparity between the struggles of the real economy and the asset bubble is stark, reminiscent of the market crash in 2022 [11][12] - From April 2020 to January 2022, the Vietnamese stock market surged by 400%, followed by a decline of over 66% due to foreign capital withdrawal [13][14] - The current situation bears similarities to past events, raising concerns about potential market corrections [14][15] Group 4 - Vietnam's housing prices have increased by an average of 59% over the past five years, ranking first globally [57] - As of 2025, housing prices continue to soar, with average prices in Hanoi reaching approximately 8 million VND per square meter, a 5.6% increase from the previous month and a 24% increase year-on-year [59] - The average income of Vietnamese citizens only began to rise in the second half of 2022, with an increase of less than 30% since then [61] Group 5 - Vietnam's manufacturing sector faces challenges due to a lack of heavy industry foundation, which hampers capital accumulation and industrial upgrading [41][42] - The historical context of Vietnam's economic reforms since 1986 has led to a concentration of wealth and power in a few sectors, particularly real estate and banking [51][52] - The ongoing energy shortages pose a significant barrier to the growth of Vietnam's manufacturing capabilities, with electricity demand expected to outpace supply [127][128] Group 6 - The Vietnamese government has approved amendments to its population policy to stimulate population growth, addressing concerns about an aging population [82] - The country's electricity supply issues are exacerbated by inadequate infrastructure and reliance on imported coal, leading to significant operational challenges for manufacturing [90][91] - The potential for Vietnam to become a major manufacturing hub is hindered by these systemic issues, raising questions about the sustainability of its economic growth [133][134]