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 ...