上世纪70年代末，日本著名的调味品公司味之素开始研究副产品的应用。 而当我们回望半导体行业近百年发展历程，像味之素这样跨界成功的半导体"隐形冠军"，远不止一两家。 从拖拉机到洁净室 上世纪20年代，在美国中西部的农场中，弗兰克·唐纳森（Frank Donaldson）望着自己报废的拖拉机发动机，陷入了沉思。 他遇到了一个简单的问题：每次耕地，发动机就会吸入大量尘土，不出几天就得大修。但解决方案却不简单——如何在不影响进气量的前提下，把那些微 小的灰尘颗粒拦截下来？ 唐纳森用了一年时间，尝试了十几种材料和结构，最终发明了世界上第一个实用的拖拉机空气滤清器。这个简陋的装置用多层金属网和棉纤维构成过滤 层，能够捕捉99%以上的尘埃颗粒，而且不会明显降低发动机功率。 当地的农民们疯抢这个小小发明，在随后的日子里，以唐纳森命名的公司，迅速成为了美国最大的工业过滤器制造商。 2024年，在台积电的3纳米工厂之中，一套价值数千万美元的化学气体过滤系统正在运转，而这套系统的核心技术，正是出自百年前的拖拉机滤清器。 在对蛋白质和氨基酸（关键调味料成分）进行研究时，味之素研发团队发现副产物可以做出拥有极高绝缘性的树脂类合成材料， ...

公众号记得加星标⭐️，第一时间看推送不会错过。 上世纪70年代末，日本著名的调味品公司味之素开始研究副产品的应用。 在对蛋白质和氨基酸（关键调味料成分）进行研究时，味之素研发团队发现副产物可以做出拥有极高 绝缘性的树脂类合成材料，于是创造出了一种具有高耐用性，低热膨胀性，易于加工和其他重要特征 的热固性薄膜，该膜被命名为ABF。 1996年，英特尔与味之素联系，寻求使用氨基酸技术开发薄膜型绝缘子，这两家企业合作研发出了 FC-BGA（Flip Chip Ball Grid Array），最终让ABF成为了FC-BGA产品的主要方案。 那时没人会想到，这种从制作味精时产生的"废料"中提炼出的薄膜，最终会垄断全球99%的高端CPU 和GPU封装市场。到2021年，当全球芯片荒席卷而来时，味之素ABF材料的交付周期长达30周，英 特尔、AMD和英伟达等巨头不得不排队等待这家调味料公司的供货。 而当我们回望半导体行业近百年发展历程，像味之素这样跨界成功的半导体"隐形冠军"，远不止一两 家。 在漫长的时间里，唐纳森公司的工程师发现了一个惊人的相似性：半导体工厂面临的问题，本质上和 一百年前的拖拉机一模一样，就是如何防止 ...

Core Viewpoint - The article discusses the upcoming Future Industries New Materials Expo 2026 (FINE2026), focusing on five common demands in future industries, including advanced semiconductors, advanced batteries, lightweight materials, low-carbon sustainability, and thermal management [1]. Group 1: Company Developments - Hongchang Electronics announced the completion of its "Functional High-End Copper Clad Laminate Electronic Materials Project," which will produce 7.2 million high-end copper clad laminates and 14.4 million meters of semi-cured sheets annually [1]. - The company adjusted the expected operational date for its "80,000 tons of electronic-grade functional epoxy resin project" from December 31, 2025, to June 30, 2026, based on the project's actual progress [3][4]. Group 2: Project Investments - The total investment for the epoxy resin project is 420.99 million yuan, with 171.36 million yuan sourced from raised funds, and the construction period is set for 24 months [2]. - The project will produce various types of resins, including 50,000 tons of low-bromine epoxy resin, 5,000 tons of high-bromine epoxy resin, 4,500 tons of lead-free epoxy resin, 10,000 tons of solvent-based epoxy resin, 10,000 tons of solid epoxy resin, and 500 tons of high-frequency and high-speed resin [2]. Group 3: Industry Context - The FINE2026 expo will feature over 800 participating companies, research institutions, and thematic forums, highlighting China's rise in future industries and its leadership in global new materials innovation [6]. - The expo will cover various sectors, including advanced semiconductors, AI, quantum technology, and smart vehicles, showcasing the latest advancements in materials and devices [7].

Group 1 - The core material for FCBGA packaging substrate is ABF film, as stated by the company on the investor interaction platform [1]

Core Insights - The global IC substrate market is expected to grow moderately at a rate of 3.6%, reaching a revenue scale of $13.489 billion in 2024, with demand for ABF substrates and high-end BT substrates driven by AI data center and edge AI product upgrades, projected to reach $14.837 billion in 2025 [2] - The Chinese IC substrate market is rapidly emerging, with a revenue scale of $1.038 billion, reflecting a year-on-year growth of 34.9%. However, local companies mainly focus on MEMS, RF, and storage substrates, while high-end FCBGA substrates using ABF film are still dominated by international manufacturers [2][4] Industry Developments - ABF film, a high-performance insulating film in semiconductor packaging, consists of a PET substrate film and ABF resin, which includes epoxy resin or polyimide, curing agents, and special fillers [3] - Domestic companies have made progress in the localization of ABF film but are still in a catch-up phase [4] Company Progress - Major companies are advancing in the development of ABF film products: - Ajinomoto holds over 95% of the global market share and continues to innovate ABF film products to meet higher-end chip packaging demands [6] - Sekisui Chemical is developing self-researched insulating film materials for FC-BGA substrates [6] - Tainan Build-up Film (TBF) by Jinghua Technology has passed validation from multiple domestic and international packaging substrate manufacturers [6] - Panasonic is producing layered materials for semiconductor packaging substrates [6] - Wuhan Sanxuan Technology is one of the early domestic players in the research and development of dielectric materials for chip packaging [6] - Guangdong Yipas New Materials is entering the high-end packaging field with EBF and TPF films [6] - Other companies like Guangdong Shengyi Technology and Xi'an Tianhe Defense are also making strides in developing ABF-like films and have begun small-scale production [6] Upcoming Events - TrendBank plans to hold 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]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the convertible bond market and its performance in the context of the broader equity market, particularly focusing on the Chinese market dynamics and external geopolitical factors [1][5][6]. Core Insights and Arguments - **Market Dynamics**: The convertible bond market is experiencing a structural shift due to favorable external conditions, such as easing geopolitical tensions and supportive domestic policies, which have led to a bullish outlook for July [1][5]. - **Convertible Bonds Performance**: Convertible bonds have shown better resilience and upside potential compared to common stocks, particularly in a low-interest-rate environment where funds are increasingly chasing yield [1][4][5]. - **Sector Focus**: Key sectors to watch include AI, military, semiconductors, humanoid robots, and new consumption areas like dairy and beverages, which are expected to have strong earnings visibility [1][6][11]. - **Banking Sector Trends**: There is a notable acceleration in the exit of bank convertible bonds, with significant amounts expected to flow back into the pure bond market or into new bottom-fishing opportunities [1][7]. Important but Overlooked Content - **Convertible Bond Ratings**: In the first half of the year, 37 convertible bonds had their ratings downgraded, but the impact was manageable, with most experiencing limited price declines [7]. - **Solar Industry Outlook**: The solar sector is currently facing increased competition but is expected to stabilize as leading companies reduce production and consolidate, making it a potential bottom-fishing opportunity [8]. - **Investment Strategies**: Strategies such as downshift speculation and YTM replacement are highlighted as viable approaches for investors, particularly in the pharmaceutical sector [3][27]. - **Company-Specific Insights**: - **Hua Zheng Co.**: The company has turned profitable with a focus on high-frequency substrates and advanced materials, indicating a positive short-term outlook [12]. - **Guo Li Co.**: Expected revenue growth of 50% to 100% due to strong demand in military and semiconductor sectors [13]. - **Shui Yang Co.**: The company is leveraging both proprietary and agency brands to drive growth in the high-end beauty market [14]. - **Hua You Co.**: Positioned well in the new energy vehicle sector, benefiting from strong demand and integrated supply chain advantages [15][17]. - **Jing Wang Electronics**: The company is gaining traction in the GPU supply chain, indicating a positive performance outlook despite industry pressures [18]. - **Anji Technology**: The company is seeing significant growth in semiconductor materials, bolstered by partnerships with major players like TSMC [19]. - **Hang Yu Co.**: The company is well-positioned in the military sector with a solid order book and improving margins [20]. Conclusion - The overall sentiment for the convertible bond market and specific sectors remains optimistic, driven by favorable macroeconomic conditions and sector-specific growth opportunities. Investors are encouraged to focus on high-growth areas with strong earnings visibility while being mindful of potential risks associated with credit and market volatility [1][5][11].