【中天精装参股企业在存储芯片等领域取得进展】11月25日消息，中天精装参股的深圳远见智存科技有 限公司聚焦高带宽存储芯片(HBM)领域。目前，其HBM2/2e产品已完成终试，正推进量产与升级； HBM3/3e处于研发阶段，已完成前期预研和部分设计工作。 该公司另一参股企业科睿斯半导体科技(东 阳)有限公司，主营ABF载板相关业务，产品用于CPU、GPU、AI及车载等高算力芯片封装。项目一期 已投产，进展顺利。 此外，中天精装参股的合肥鑫丰科技有限公司专注存储芯片封测领域，为客户提 供封装与测试一体化服务。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和闭猎报 11.25 21:12:15 周= 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 扫码查看原文 中天精装:参股企业HBM产品进展及 业务布局情况 【中天精装参股企业在存储芯片等领域取得进展】 11月25日消息,中天精装参股的深圳远见智存科技 有限公司聚焦高带宽存储芯片(HBM)领域。目前, 其HBM2/2e产品已完成终试,正推进量产与升级; HBM3/3e处于研发阶段,已完成前期预研和部分设 ...

公司参股企业深圳远见智存科技有限公司聚焦高带宽存储芯片（HBM）领域，目前HBM2/2e产品已完 成终试，正推动量产和升级；HBM3/3e处于研发阶段，已完成前期预研和部分设计工作。公司参股企业 科睿斯半导体科技（东阳）有限公司主营ABF载板相关业务，产品用于CPU、GPU、AI及车载等高算力 芯片的封装，项目一期已投产、当前进展顺利。公司参股企业合肥鑫丰科技有限公司专注于存储芯片封 测领域，为客户提供封装与测试一体化服务。 ...

Core Viewpoint - The semiconductor industry is facing a critical shortage of essential raw materials, which poses a significant risk to the growth and stability of the trillion-dollar sector. This shortage is driven by geopolitical tensions, increased demand from AI and other technologies, and supply chain disruptions [4][5][24]. Group 1: Current Material Shortages - The semiconductor industry is experiencing a collective shortage of multiple raw materials, including gallium, indium phosphide, germanium, tungsten hexafluoride, and high-purity silicon, which are crucial for chip manufacturing [5][6]. - Gallium prices have surged over 40% in Europe due to export controls from China, leading to extended delivery times and reduced inventory at chip manufacturers [8][9]. - Indium phosphide is in severe shortage due to skyrocketing demand from AI applications, with some buyers willing to pay any price for available supplies [10][12]. Group 2: Price Increases and Supply Chain Impact - Germanium prices reached a 14-year high, with a price increase of over 350% since early 2023, driven by supply constraints and surging demand from low-orbit satellites and AI computing [13]. - Tungsten hexafluoride prices are expected to rise by 70% to 90% due to increased tungsten prices, which have doubled since early 2023, impacting chip manufacturing costs significantly [14][15]. - The shortage of high-end PCB materials, driven by a 50% year-on-year increase in demand for AI servers, is causing supply constraints for advanced chip packaging [16][17]. Group 3: Geopolitical and Policy Influences - The global semiconductor materials shortage is exacerbated by national security policies, with countries implementing export controls and strategic reserves to secure their supply chains [19][20]. - The U.S. is heavily reliant on China for gallium, with domestic production capabilities limited, leading to increased efforts to develop recycling technologies to mitigate shortages [8][9][19]. - China's export restrictions on key metals have led to a significant reduction in global supply, prompting other nations to seek self-sufficiency in critical materials [19][23]. Group 4: Long-term Industry Implications - The ongoing material shortages are likely to extend the technology iteration cycle in the semiconductor industry, delaying advancements in chip manufacturing and product releases [22]. - The shift towards regional self-sufficiency in semiconductor materials may lead to a bifurcation of the global supply chain, with a clear divide between China-led and U.S.-led technology ecosystems [23][24]. - The semiconductor industry's future will require a focus on resource management and innovation in recycling and alternative materials to address the challenges posed by limited raw materials [24][25].

Group 1 - Strong demand for AI is driving price increases in the semiconductor supply chain, particularly affecting passive components and copper foil substrates [1] - The PCB supply chain has experienced a supply-demand imbalance since the second half of this year, exacerbated by NVIDIA's significant resource absorption [1] - High demand for T-Glass fiberglass is leading to severe shortages in Q4, while copper foil substrates are expected to see a supply gap due to necessary upgrades in signal integrity standards [1] Group 2 - Goldman Sachs predicts that prices for non-NVIDIA ABF substrates will increase by 5% to 10% each quarter from Q4 2023 to Q4 2026, with BT substrates also experiencing significant price hikes [1] - The passive component industry may face tightening supply conditions by 2026, prompting major Taiwanese passive component manufacturers like Yageo to raise tantalum capacitor prices starting in November [1]

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a potential upside of over 15% relative to the benchmark index [4][5]. Core Insights - The report highlights a significant shortage of upstream materials affecting high-end substrates, with expectations that the supply issues will persist for about a year [1]. - The demand for high-end substrates is projected to grow alongside the increasing need for computing power driven by AI developments, creating a favorable investment landscape [3]. - Companies like Xingsen Technology are focusing on enhancing their IC packaging substrate business, achieving a revenue increase of 36.04% year-on-year in the first half of 2025 [2]. Summary by Sections Upstream Material Shortage - The shortage of materials such as T-Glass and quartz fabric is expected to impact high-end substrate shipments, with a peak shortage anticipated in the next six months [1]. - The chairman of Xinxing noted that the supply gap for high-end copper-clad laminates (CCL) is challenging, but improvements are expected starting from Q3 2026 [1]. Company Performance - Xingsen Technology's IC packaging substrate business generated revenue of 722 million yuan in the first half of 2025, with a focus on high-value products and expansion into the automotive market [2]. - The company is also seeing a significant increase in sample orders for FCBGA substrates, indicating potential for mass production opportunities [2]. Investment Opportunities - The report suggests continued attention to investment opportunities in companies such as Xingsen Technology, Shennan Circuit, Shengyi Technology, and Nanya New Materials due to the expected growth in high-end substrate demand and domestic substitution potential [3].

Summary of Conference Call on Copper Clad Laminate Price Trends Industry Overview - The conference call discusses the copper clad laminate (CCL) industry, focusing on price trends and supply chain dynamics related to raw materials such as copper foil and fiberglass cloth [1][2][3]. Key Points and Arguments 1. **Price Increases**: CCL prices have been rising continuously, with a notable increase in LME copper prices by over 16% from the beginning to the end of September, prompting manufacturers to implement price hikes of 5%-10% [1][2]. 2. **Supply Constraints**: The primary driver of price increases is the tight supply of materials, particularly for mid to low-end materials, while high-end materials have also seen slight price increases [1][3]. 3. **High Demand for High-End CCL**: There is a significant surge in demand for high-end CCL, with leading manufacturers focusing on developing advanced materials. However, production speeds are slow, leading to supply shortages [1][5]. 4. **Impact of Raw Material Supply**: A decrease in the supply of fiberglass cloth and standard copper foil has significantly impacted the CCL market, making mid to low-end CCL more scarce and driving up processing fees [1][6]. 5. **PCB Manufacturers' Strategies**: PCB manufacturers are keen to lock in prices quickly to mitigate future raw material cost increases. They prefer established CCL suppliers to ensure product quality and delivery stability, which supports strong demand for leading CCL manufacturers [1][7]. 6. **Future Price Trends**: Future price increases will depend on average copper prices and supply-demand dynamics. If average copper prices reach 11,000 yuan or higher in October or November, a third wave of price increases may occur [1][8]. 7. **AI Material Development**: The demand for AI materials is driving the need for high-quality CCL, with major companies using advanced materials like Ma 8 and Ma 9. Domestic companies are also adapting to these trends [1][9]. 8. **BT Substrate Price Increases**: The price of BT substrates has risen due to high demand for Low-CT fiberglass cloth, which has been largely acquired by major clients like NVIDIA, leading to supply shortages [1][11]. 9. **Future Trends in PCB Industry**: The PCB industry is expected to trend towards narrower and high-density interconnect (HDI) designs, driven by advancements in domestic GPU technology and increasing performance requirements [1][12]. Additional Important Insights - The conference highlighted the importance of monitoring raw material prices and supply conditions, as fluctuations can significantly impact the CCL market and related industries [1][8]. - The competitive landscape is evolving, with leading companies like Shengyi Technology and Nanya Technology gaining market share due to their established reputations and product quality [1][9]. - The potential for panic buying in the market, as seen with the recent DDR4 production halts by major manufacturers, could lead to temporary price spikes but is not expected to last indefinitely [1][13].

Group 1 - The core event is the official launch of the FCBGA packaging substrate project by CoreSys Semiconductor Technology (Dongyang) Co., Ltd., marking a significant step towards addressing the domestic shortage of high-end packaging substrates [1] - CoreSys focuses on the research, design, production, and sales of high-end packaging substrates, aiming to become a global leader in this field, with its main product being FCBGA substrates used in high-performance chips like CPUs, GPUs, and AI applications [1] - The project is planned in three phases, with the goal of achieving domestic substitution of ABF substrates and establishing a demonstration base for high-end FCBGA substrate production in China [1] Group 2 - Zhongtian Precision Decoration's 2025 semi-annual report indicates the company is leveraging opportunities in the accelerating digital and intelligent transformation, focusing on strategic transformation and investment in the semiconductor industry [2] - The company has made indirect investments in CoreSys and other semiconductor-related enterprises, aiming to create synergies with its controlling subsidiaries and enhance business capabilities [2] - Since being acquired by the Dongyang State-owned Assets Supervision and Administration Commission in June 2024, Zhongtian Precision Decoration has rapidly and deeply engaged in the semiconductor self-sufficiency and domestic substitution sectors, with the launch of CoreSys marking a significant advancement in its semiconductor strategy [2]

Core Viewpoint - The report from Zheshang Securities highlights that Shenzhen South Circuit has effectively seized three major growth opportunities: AI computing power upgrades, recovery in the storage market, and the electrification and intelligence of automobiles, resulting in significant revenue and profit growth in the first half of the year [1] Financial Performance - Revenue reached 10.45 billion yuan, representing a year-over-year increase of 26% [1] - Net profit attributable to the parent company was 1.36 billion yuan, with a year-over-year growth of 38% [1] Market Opportunities - There is a rapid increase in global demand for AI-related products such as GPU/ASIC, servers, 800G switches, and optical modules [1] - The storage market is showing signs of recovery, which is beneficial for the company [1] Strategic Positioning - The company is positioned as a leading domestic PCB manufacturer, a major player in BT substrates, and a frontrunner in ABF substrates [1] - The company is actively promoting the construction of relevant production capacity projects and technological research and development layouts [1] Future Outlook - The company is expected to continue benefiting from the industrial upgrade opportunities brought about by the current wave of AI innovation [1] - The investment rating is maintained at "Buy" [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the impact of new technologies on the PCB (Printed Circuit Board) manufacturing industry, particularly focusing on the CoWoP (Chip-on-Wafer-on-Panel) and Carop (Chip-on-Board) processes, which are expected to enhance performance and efficiency in high-performance computing applications, especially for NVIDIA's GPUs and CPUs. Key Points and Arguments 1. New PCB Manufacturing Techniques - NVIDIA's new scheme utilizes embedded substrate materials, increasing the complexity of PCB manufacturing, requiring 1/3 oz copper foil or peelable copper foil [1] - The Carop process eliminates ABF substrates, directly mounting chips on PCBs, which necessitates higher flatness and tighter spacing [2] 2. Material Demand Changes - The demand for Low CTE (Coefficient of Thermal Expansion) electronic cloth has significantly increased due to the larger area of embedded substrates, which is now 3-4 times larger than before [1][5] - The annual demand for Low CTE glass cloth is projected to be around 750,000 square meters, with a monthly increase of approximately 4 million square meters expected to start in 2027 [14][15] 3. Supplier Landscape - Major suppliers of embedded substrate materials include Taiko and Dousan, with specific models like EM526, EM528, EMC892, and EMC896 being highlighted [3][4] - The market is also seeing contributions from Korean companies, although their market share is smaller [4] 4. Technical Specifications and Requirements - The new PCB designs require a minimum of 18 layers of Low CTE electronic cloth for 7 to 9 stage HDI (High-Density Interconnect) technology, doubling the previous requirements [10][11] - The increase in glass cloth layers to 10 is necessary to accommodate complex circuit designs [8] 5. Performance Enhancements - The new scheme is expected to double the computational power due to increased pin counts and improved design methodologies [9] - The transition to higher performance, lower dielectric loss systems is anticipated by 2027, with corresponding increases in PCB area and material requirements [29] 6. Challenges and Future Outlook - The production of high-layer PCBs is challenging due to thickness, small holes, and stringent flatness requirements, which may take years to achieve high yield rates [19] - The new COOP scheme has been researched and applied domestically, with limited international attention [18] 7. Material Composition and Quality - The resin system primarily consists of PPO and hydrocarbon, with increased purity requirements leading to a projected 10% increase in demand [21] - The use of HVLP (High-Volume Low-Pressure) copper foil is critical for meeting the new performance standards [36] 8. Market Trends - The overall demand for Low CTE glass cloth is expected to quadruple as new projects progress, with current monthly demand only in the hundreds of thousands of square meters [16] - The industry is moving towards more advanced materials that meet stringent performance criteria, including low thermal expansion and low shrinkage stress [40] Additional Important Insights - The transition to new technologies is gradual, with major companies like Google, Meta, and Amazon unlikely to adopt these changes in the short term [28] - The expected completion of new projects is projected for late 2026 to 2027, with significant ramp-up in production anticipated thereafter [17]

Core Viewpoint - The PCB (Printed Circuit Board) industry is experiencing significant growth, driven by increased demand from major tech companies for high-end PCBs to support AI chip development and the recovery of automotive and consumer electronics sectors [1][3][9]. Group 1: Industry Performance - PCB stocks have surged, with notable gains: Shenghong Technology up over 145%, Dongshan Precision up over 88%, and Shengyi Technology up over 51% since April 8 [2][3]. - The electronic ETF (515260) has seen a strong performance, with a 1.2% increase in early trading, reflecting the robust demand in the PCB sector [1]. Group 2: Demand Drivers - Major tech companies like Meta, Google, and Amazon are investing in self-developed AI chips, leading to a surge in demand for high-end PCBs, with the number of layers in AI server PCBs increasing from 20 to over 40, raising their value by 3-5 times [3][4]. - The automotive sector is witnessing a shift towards smart vehicles, with the value of PCBs per electric vehicle rising from 500 yuan to 8000 yuan, driven by advancements in intelligent driving technologies [5]. - The consumer electronics sector is also evolving, with the demand for flexible PCBs and substrate-like PCBs increasing due to the rise of foldable and AI-enabled smartphones [6]. Group 3: Financial Trends - Over 13 billion yuan of net inflow into the electronic sector has been recorded, indicating strong investor interest and confidence in the PCB industry [7]. - The PCB industry's growth is supported by breakthroughs in high-frequency materials and processes, with domestic companies like Shengyi Technology challenging the dominance of Japanese firms [8]. Group 4: Future Outlook - The PCB industry's current growth is attributed to a combination of AI infrastructure development, technological upgrades, and domestic substitution, with expectations for continued high performance in AI servers and automotive electronics [9]. - Analysts predict a favorable outlook for the electronic sector, driven by macroeconomic policies, inventory cycles, and AI innovation, suggesting a potential for valuation expansion in 2025 [9].