Summary of Conference Call on Taiwan PCB & Laminates Industry Industry Overview - The focus is on the ABF (Ajinomoto Build-up Film) and BT (Bismaleimide Triazine) sectors, which are currently experiencing an upcycle driven by AI demand and T-glass shortages [2][3][12]. Key Points ABF and BT Sector Dynamics - **ABF Consumption and Pricing**: There is an expected increase in ABF consumption driven by AI chips, with a projected growth of +75% year-over-year in 2026E. This is supported by ABF specification migration and CoWoS (Chip-on-Wafer-on-Substrate) capacity ramp-up [4][29]. - **Price Hikes**: Anticipated price hikes for ABF starting in 4Q25E due to T-glass shortages and rising material costs. BT prices are also expected to rise, influenced by memory demand and copper/gold price increases [3][41][42]. T-glass Shortage - **Impact on ABF/BT Sector**: T-glass shortages are expected to intensify in 2H25, affecting both ABF and BT sectors. New suppliers from Taiwan, such as Taiwan Glass Industry and Nan Ya Plastics, are expected to join the supply chain, but significant relief is not anticipated until 2H26E [3][17][25]. - **Supply Chain Challenges**: Current T-glass suppliers are unable to meet demand, leading to tight supply conditions for BT substrates. This situation is exacerbated by rising AI demand, which is consuming T-glass resources [17][24]. Company-Specific Insights - **Investment Recommendations**: - NYPCB has been upgraded to "Buy" with a target price raised to NT$360 from NT$175, driven by demand for high-speed switches and potential ASIC project wins [5][6]. - Unimicron is also favored, with a target price increase to NT$220 from NT$165, supported by improving yields in compute boards [5][6]. - Kinsus remains a "Buy" with a target price raised to NT$160 from NT$115, benefiting from BT price hikes and potential orders from tier-1 ABF players [5][6]. Financial Projections - **Earnings Estimates**: - Kinsus: EPS projected to increase from 3.69 to 5.98 in the next fiscal year. - Nan Ya PCB: EPS expected to rise from 1.89 to 2.30. - Unimicron: EPS forecasted to grow from 2.09 to 3.11 [6][9]. Risks and Considerations - **Market Risks**: Potential FX headwinds could dampen profitability in 2H25E. The balance of supply and demand for ABF is uncertain, with several conditions needing to be met for improvement in 2H26E [5][44]. - **Supply Chain Vulnerabilities**: Companies like AMD and AWS may face challenges if T-glass shortages persist, as they have lower bargaining power compared to larger players like Nvidia and Broadcom [53][56]. Conclusion - The ABF and BT sectors are poised for growth driven by AI demand and T-glass shortages, with significant price hikes expected. Companies like NYPCB, Unimicron, and Kinsus are well-positioned to benefit from these trends, although risks related to supply chain dynamics and market conditions remain [2][5][12].

Investment Rating - The investment rating for Shennan Circuits is "Buy" with a 12-month target price of Rmb152, indicating a potential upside of 40% from the current price of Rmb108.6 [9][12]. Core Insights - Shennan Circuits is positioned as a key supplier in the high-end PCB market in China, benefiting from domestic AI infrastructure investments, which are expected to drive robust revenue and net profit growth [9]. - The company is experiencing a strong demand for AI-related products, with overall PCB capacity utilization exceeding 90% and AI-related capacity running at full production [3][9]. - The ABF business is in the early ramp-up stage, with expectations of narrowing losses in 2025 due to cost control and increased revenue [4][9]. Summary by Sections Raw Material Costs - Raw material costs, particularly for gold and copper-related materials, are on the rise, prompting Shennan to negotiate prices with suppliers. Gold-related materials account for less than 10% of total procurement [2][9]. - Management plans to pass some of the cost increases to customers due to high overall demand and utilization levels [2]. PCB Outlook - The demand for PCBs is robust, driven by local AI needs, including AI accelerators and high-speed optical transceivers. This demand is expected to improve the product mix and gross margin outlook into 2Q~3Q25 [3][9]. ABF Business Status - The Guangzhou ABF plant reported a pre-tax loss of Rmb550 million in 2024, but management anticipates a reduction in losses for 2025, projecting revenues of over Rmb100 million [4][9]. - Monthly depreciation costs are expected to remain below Rmb30 million, with current costs at Rmb25 million [6][9]. Financial Projections - Revenue projections show a growth trajectory from Rmb17,907 million in 2024 to Rmb26,694 million by 2027, with net income expected to rise from Rmb1,879 million in 2024 to Rmb4,014 million in 2027 [7][12].

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][44] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income of $1.1 billion or $1.82 per share [5][45] - Assets under management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [6][34] Business Line Data and Key Metrics Changes - The credit business showed strong performance with origination of $56 billion, a nearly 30% growth year over year [31] - Private equity fund performance was highlighted, with Fund 10 achieving a net IRR of 19%, significantly outperforming industry peers [15] - In retirement services, the company raised $26 billion in the first quarter, driven by strong demand for guaranteed income products [18][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998 [12] - The equity market saw significant concentration, with 10 stocks in the S&P 500 accounting for 40% of the index [11] - The company experienced increased competition in retail sales of fixed annuities, despite tighter spreads [17] Company Strategy and Development Direction - The company emphasized a focus on origination as a source of excess return, willing to reduce leverage and wait for favorable market conditions [8][10] - The strategy includes a pivot towards private assets, with expectations of increased demand from traditional asset managers [22][24] - The company is actively pursuing partnerships with traditional asset managers to integrate private assets into their offerings [88][90] Management's Comments on Operating Environment and Future Outlook - Management described the current market as volatile but expressed confidence in the company's positioning and ability to navigate challenges [27][41] - The outlook for the company remains positive, with expectations of continued strong performance in capital formation and asset origination [34][40] - Management acknowledged potential headwinds from competitive pressures and interest rate changes but remains focused on long-term growth [47][60] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate capabilities [49] - The company has $64 billion of dry powder available for investment, positioning it well for future opportunities [14] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are currently prioritizing cash and lower-risk assets to prepare for wider spreads in the future [55][61] Question: How are flows in the AAA channel and the durability of April flows? - Management reported strong momentum in the wealth channel, with AAA flows remaining stable and a positive outlook for the rest of the year [67][68] Question: What is the outlook for institutional demand amid market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see significant opportunities for growth [72][78] Question: How does the company view the potential backlash from foreign LPs reducing allocations to U.S. markets? - Management acknowledged the risk but emphasized that the U.S. capital markets remain essential for global funding needs, suggesting that Apollo is well-positioned to navigate these dynamics [102][104]

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][7] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income at $1.1 billion or $1.82 per share [6][7] - Assets Under Management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [7][34] Business Line Data and Key Metrics Changes - The asset management segment saw FRE growth driven by an 18% increase in management fees, particularly strong in credit, which grew by 23% [44] - Origination activity reached $56 billion, a nearly 30% growth year over year, with significant contributions from diversified channels [31][34] - Athene's net invested assets grew by 15% year over year, driven by record organic inflows across various channels [46][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998, indicating a highly competitive market environment [12][13] - The retail channel for fixed annuities experienced increased competition, with tighter spreads leading to a strategic focus on less competitive channels [18][19] - The company raised $26 billion in the first quarter and an additional $10 billion in April, investing in safer assets like cash and treasuries [19][20] Company Strategy and Development Direction - The company emphasizes a focus on origination as a source of excess return, with a willingness to reduce leverage and wait for favorable market conditions [9][11] - The strategy includes leveraging partnerships with traditional asset managers to integrate private assets into their offerings, anticipating a significant demand for private investments [86][90] - The company is positioned to capitalize on market volatility, with a strong pipeline of proprietary origination and a focus on maintaining a balance between capital growth and origination capacity [78][88] Management's Comments on Operating Environment and Future Outlook - Management described the current market as one of "hyper U.S. exceptionalism," with significant global capital flowing into U.S. markets [11][12] - The outlook includes expectations for continued strong demand for guaranteed income products due to an aging population and higher interest rates [17][20] - Management remains cautious about the competitive landscape and potential headwinds from rising costs and market volatility, but is optimistic about the company's positioning and origination capabilities [21][48] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate business [49] - The company is focused on maintaining a disciplined approach to capital allocation, returning $1.7 billion to shareholders over the past year through dividends and share repurchases [49] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are cautious due to competitive pressures and rising costs, but see potential for wider spreads in the future [55][61] Question: How are flows in the wealth channel, particularly AAA? - Management reported strong momentum in the wealth channel, with significant growth in inflows and a positive outlook for the remainder of the year [67][70] Question: What is the outlook for institutional demand amidst market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see opportunities for growth in this area [73][78] Question: How does the company view the impact of foreign LPs reducing allocations to private markets? - Management acknowledged the potential risk but emphasized that the company's diversified business mix provides insulation against such dynamics [101][102]

为什么要采用先进封装？ 自半导体工业诞生以来，集成电路就一直被封装在封装件中。最初的想法主要是保护内部脆 弱的硅片不受外部环境的影响，但在过去的十年中，封装的性质和作用发生了巨大的变化。 虽然芯片保护仍然重要，但它已成为封装中最不引人关注的作用。 本文探讨了封装领域最大的变化，即通常所说的先进封装。先进的含义并没有明确的定义。相反， 该术语广泛涵盖了多种可能的封装方案，所有这些方案都比传统的单芯片封装复杂得多。先进封装 通常封装了多个元件，但组装方式却千差万别。 在这种讨论中，经常会提到 2.5D 或 3D 封装，这些描述指的是内部元件的排列方式。 本文首先讨论了从外部观察到的封装类型，然后向内讨论了高级封装所集成的基本组件。之后，将 更详细地探讨每个组件。大部分讨论将涉及高级软件包的各种组装过程。文章最后探讨了任何技术 讨论都必须涉及的四个主题--工程师如何设计先进封装、如何对其进行测试、先进封装的总体可靠 性影响以及任何安全影响。 文章还简要讨论了两个相关的广泛话题。首先是键合。虽然这是封装的一个必要组成部分，但它本 身也是一个很大的话题，在此不作详细讨论。其次是不属于集成电路但可能包含在封装中的各类元 ...