Core Viewpoint - The 9th China System-Level Packaging Conference (SiP China 2025) focuses on advanced packaging, Chiplet technology, and heterogeneous integration in the context of AI, highlighting the need for innovation in packaging solutions to meet the growing demands of AI computing power [2][28]. Group 1: Conference Overview - SiP China 2025 will take place from August 26-28, 2025, at the Shenzhen Convention Center [2]. - The main theme is "Intelligent Gathering of Chip Energy, Heterogeneous Interconnection - Innovation in Advanced Packaging and Chiplet Ecosystem in the AI Era" [2]. Group 2: Key Sessions and Topics - The main forum will cover macro trends and ecosystem building, featuring discussions on AI opportunities and challenges in advanced packaging [5][8]. - Notable speakers include industry leaders from companies like ASE, AT&S, and Siemens, discussing topics such as the trends in fan-out packaging and the integration of advanced packaging technologies [8][10][11]. Group 3: Technical Forums - Technical forums will focus on design innovation and application implementation, with sessions on testing and reliability solutions for micro-systems [15][18]. - Discussions will also include AI-driven Chiplet advanced packaging and the role of advanced packaging substrates in high-performance computing and AI applications [20][22]. Group 4: Participation and Sponsorship - The conference will feature participation from leading semiconductor companies and experts in AI chip design, emphasizing the importance of collaboration in advancing packaging technologies [28]. - Major sponsors include companies like DuPont, Ansys, and Heraeus, indicating strong industry support for the event [23][25].

Core Viewpoint - Tongfu Microelectronics has achieved significant growth, becoming a leading player in the semiconductor packaging and testing industry, which has attracted attention from major global companies like AMD [1][11]. Company Development - The history of China's semiconductor packaging industry reflects a struggle against foreign dominance, with early companies relying heavily on imports and facing skepticism about their capabilities [3][5]. - The establishment of Jiangfeng Electronics by Dr. Yao Lijun marked a turning point, as the company successfully produced high-purity sputtering targets, a critical material for chip manufacturing, overcoming significant technological barriers [9][11]. Market Position - Tongfu Microelectronics is now ranked third in China and tenth globally in the semiconductor packaging sector, with AMD entrusting 90% of its CPU packaging business to the company, indicating a strong level of trust in its technological capabilities [11][13]. - More than half of the world's top twenty semiconductor companies are clients of Tongfu Microelectronics, showcasing its growing influence in the industry [13]. Industry Trends - The success of Tongfu Microelectronics and other Ningbo-based companies highlights a broader trend of rapid advancement in China's high-tech sector, with significant achievements in various fields, including hydraulic pumps and nuclear reactor components [15]. - The emergence of Chiplet technology is seen as a potential opportunity for Chinese semiconductor companies to leapfrog traditional manufacturing limitations, allowing for innovative chip designs that can compete with advanced processes [15][16]. Conclusion - The narrative of Tongfu Microelectronics illustrates a shift in perception regarding China's capabilities in semiconductor manufacturing, emphasizing resilience and innovation in the face of international challenges [16].

Group 1 - The report by Aijimi highlights the growth of the semiconductor packaging and testing industry, projecting a total revenue of 87.056 billion yuan for listed companies in 2024, representing a year-on-year increase of 20.69% with a gross margin of approximately 15.67% [1] - The top three companies by total revenue in the packaging and testing sector are Changdian Technology (35.962 billion yuan), Tongfu Microelectronics (23.882 billion yuan), and Huatian Technology (14.462 billion yuan) [1] - The report indicates that the R&D expenditure as a percentage of revenue is highest for Liyang Chip (15.95%), Jingfang Technology (14.12%), and Weicai Technology (13.22%) [1] Group 2 - The advanced packaging market is expected to generate total revenue of $51.9 billion in 2024, with a year-on-year growth of 10.9%, and is projected to reach $78.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.05% from 2022 to 2028 [2] - The global semiconductor packaging market is forecasted to grow from $65.04 billion in 2020 to $118.6 billion in 2027, with a CAGR of 6.6%, while advanced packaging is expected to surpass traditional packaging in market size by 2027 [2] Group 3 - The domestic packaging and testing industry is performing well, with Chinese companies leading in brand strength, diverse teams, international operations, technical capabilities, quality assurance, production scale, and operational efficiency [3] - In 2023, capital expenditure in the advanced packaging sector reached $9.9 billion, primarily from major semiconductor companies and leading OSAT firms, with an expected increase to $11.5 billion in 2024 [3] - The report emphasizes that the growth of the semiconductor packaging market is driven by emerging technologies such as AI, IoT, cloud computing, and big data, which are increasing the demand for chips [3] Group 4 - The global Chiplet market is projected to grow from approximately $3.1 billion in 2023 to around $107 billion by 2033, with a CAGR of 42.5% from 2024 to 2033 [4] - Companies like Intel and TSMC have mature Chiplet technologies, while domestic firms such as Changdian Technology and Tongfu Microelectronics are also advancing in this area [4] - The 2.5D/3D packaging market is expected to expand from $9.4 billion in 2022 to $22.5 billion by 2028, with a CAGR of 15.6%, driven by high-performance computing and AI technologies [4]

Core Viewpoint - The article discusses the advancements in semiconductor technology, particularly in AI applications, focusing on key trends such as advanced packaging, CPO technology, and cooling solutions to address performance and efficiency challenges in AI accelerators [2][3]. Advanced Packaging Technology - Advanced packaging is evolving through Chiplet technology and hybrid bonding to enhance AI processor performance. The shift from silicon interposers to silicon bridges and organic RDL is aimed at cost reduction, with a future transition to panel-level packaging expected by 2028-2029 [4][5]. - Hybrid bonding is crucial for improving performance by reducing the bonding area through enhanced alignment precision [5]. CPO Technology - CPO (Co-Packaged Optics) is identified as the next-generation connection technology for AI data center servers, effectively reducing power consumption in high-bandwidth scenarios. However, high costs and the complexity of precise assembly remain significant challenges [6]. - The introduction of next-generation 448Gb SerDes technology may increase CPO adoption, as it addresses signal degradation issues by minimizing transmission distances [6]. Client Device Packaging - In client devices, semiconductor manufacturers are carefully selecting between Chiplet and monolithic architectures based on cost and performance considerations. For instance, AMD's latest Radeon series GPU has integrated previously Chiplet-based SRAM into a monolithic design [7]. - Apple's Vision Pro features a Chiplet package with two high-bandwidth custom DRAM chips, showcasing the trend towards specialized high-performance processors [7]. Cooling Solutions - Traditional cooling methods like air and water cooling are becoming less effective due to increasing power density in AI accelerators. Two-phase liquid cooling is emerging as a key solution due to its high energy efficiency and broad applicability [3][9]. - Different cooling technologies are suited for varying thermal densities: air cooling for below 10W/cm², two-phase liquid cooling for 10-100W/cm², and water cooling for above 100W/cm². The next-generation 3nm AI data center GPUs are expected to have thermal densities around 100W/cm², making two-phase liquid cooling particularly relevant [10][11][12].

Core Insights - Chipone Technology has successfully established itself as a leading player in the semiconductor IP industry, being recognized as "China's first semiconductor IP stock" after its listing on the STAR Market in August 2020 [1][2] - The company has achieved significant milestones, including being included in the STAR 50 index and successfully completing a refinancing issuance under the "light asset, high R&D investment" recognition standard [1][3] - As of the end of Q1 2025, Chipone's order backlog reached a record high of 2.456 billion yuan, maintaining a high level for six consecutive quarters, indicating strong demand and growth potential [1][3] Company Development - Chipone Technology was founded in 2001 and has evolved from providing standard cell libraries to offering comprehensive chip customization services and semiconductor IP licensing [2] - The company initially aimed for a NASDAQ listing but chose to return to the Chinese capital market, benefiting from the reforms and growth prospects of the STAR Market [2] R&D and Market Position - Chipone ranks first in China and eighth globally in semiconductor IP licensing revenue as of 2024, with a strong focus on high R&D investment, maintaining over 30% of revenue allocated to R&D from 2020 to 2024 [3][4] - The company has successfully developed 5nm system-on-chip (SoC) technology and is executing multiple projects in the 4nm/5nm range, showcasing its advanced design capabilities [3] Strategic Growth and Financing - The recent A-share private placement marks a significant step for Chipone, allowing for more flexible fund allocation towards R&D and innovation, which is crucial for maintaining competitive advantages [4][5] - The company is also exploring mergers and acquisitions to enhance its industry position and foster ecosystem development, leveraging its status as a leading semiconductor IP provider [5][6] AI and Chiplet Technology - The rise of artificial intelligence has created substantial demand for high-performance chips, particularly in the AI ASIC sector, where Chipone has made significant advancements [6][7] - Chipone's neural network processor (NPU) IP has been adopted in 142 AI chip models across various sectors, including servers and automotive, with over 100 million units shipped [6][7] - The company has been proactive in developing Chiplet technology, which allows for modular integration of chips, enhancing performance while balancing costs, particularly in cloud AI and high-end automotive applications [8]

Core Viewpoint - The "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" have shown initial results in supporting technology innovation and enhancing the quality of capital markets for innovative companies since their release nearly a year ago [1][2][3][4][5] Group 1: Company Responses and Initiatives - Ailis has actively responded to the "Eight Measures" by increasing R&D investment and expanding international collaborations, particularly in the global rollout of its product, Furmetin [1] - Baillie Tianheng has initiated a private placement to raise funds for innovative drug R&D, benefiting from the supportive policies for unprofitable companies [2] - Crystal Integration has successfully registered a 2 billion yuan technology innovation bond to enhance financing efficiency and has implemented a second phase of its equity incentive plan to attract and retain talent [2][3] - Tianyue Advanced has launched the world's first 12-inch silicon carbide substrate, achieving profitability with a net profit of 179 million yuan in 2024 [3] - Chip Origin has progressed with its refinancing project under the "light asset, high R&D investment" standard, aiming to accelerate its strategic layout in Chiplet technology [4][5] Group 2: Suggestions for Further Reform - Ailis suggests introducing more long-term capital and enhancing international connectivity for quality sci-tech companies [1] - Baillie Tianheng calls for an optimized regulatory mechanism for unprofitable companies and a diversified refinancing toolset to support long-term R&D enterprises [2] - Tianyue Advanced recommends increasing the institutional inclusivity for core technology companies in capital operations like refinancing and mergers [3] - Chip Origin emphasizes the importance of mergers and acquisitions to enhance industry collaboration and strengthen competitive positioning [4][5]

Macro Strategy - The report highlights that the merger and acquisition (M&A) market is entering a "fast lane," driven by favorable macroeconomic conditions and supportive policies, similar to the period from 2013 to 2015 [1][17][18] - The current macroeconomic environment is characterized by loose liquidity, which is conducive to M&A activities aimed at enhancing production efficiency and optimizing resource allocation [1][17] - The report notes that the focus of M&A activities is shifting towards emerging technology sectors, with significant advancements in AI, robotics, and smart driving technologies [1][17] Industry Insights - The report indicates that the current M&A wave is primarily led by state-owned enterprises, which accounted for 50% of completed projects in 2025, reflecting a strategic focus on key industries and sectors [1][17] - It emphasizes that the new M&A policies are designed to encourage high-value industries, particularly in technology, to foster innovation and industry upgrades [1][17] - The report suggests that the ongoing economic transformation necessitates M&A as a means to balance supply and demand, ultimately guiding the economy towards high-quality development [1][17] Company Recommendations - Lin Yang Energy is recommended for its stable expansion across three major business areas, benefiting from the tight electricity supply-demand balance in Hebei province [13][14] - Chipone Technology is highlighted for its leadership in ASIC chip customization, with a strong focus on AIGC and smart driving strategies, supported by a robust technology ecosystem [13][15] - Tai Ling Microelectronics is recognized for its innovative low-power wireless IoT chips, which are gaining traction in various high-value applications, positioning the company as a key player in the domestic market [13][15] - Huadong Medicine is noted for its innovative transformation, with new products expected to contribute to performance growth as the impact of previous generic drug policies diminishes [13][16]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 2025势银异质异构集成封装产业大会 将于 4月29日 在浙江宁波 · 甬江实验室举办。 会议议程 专题论坛： 异构集成研究中心成立仪式 09:00 09:10 相关领导 主办方、联合主办方致辞 09:10 09:20 相关领导 混合键合在异构集成先进封装中的应用 09:20 钟飞 主任助理、信息材料与微纳器件制备 09:40 平台负责人 爵江实验室 Chiplet EDA全流程:设计空间探索,物 理实现及多物理验证 09:40 吴晨 项目总监 10:00 芯粒CAD和制造浙江省工程研究中心/深圳 市比昂芯科技有限公司 聚焦2.5D/3D先进封装EDA平台,探索后 10:00 端全流程设计、仿真与验证协同创新模式 10:20 赵毅 创始人兼首席科学家 珠海硅芯科技有限公司 空部 10:20 10:40 硅基光芯片制造与集成工 ...

Core Insights - The continuous evolution of integrated circuit processes and innovative specialty processes enhances the competitive advantages of integrated circuit design service companies through their process analysis capabilities, full-process design capabilities, and project tape-out experience [1] - The diverse downstream demand has spurred the development of SoC (System on Chip) technology, which integrates various functional modules into a single chip to improve performance and reduce development cycles [1] - The rapid advancement of emerging technologies such as artificial intelligence and the Internet of Things (IoT) is driving innovations in advanced packaging and Chiplet technologies, which are crucial for the future of the integrated circuit industry [1][2][3] Industry Development and Trends - The integrated circuit industry is experiencing significant growth due to the rise of new applications in artificial intelligence, IoT, edge computing, automotive electronics, and medical electronics, creating new opportunities for development [5] - The advanced packaging market is projected to grow from $46.8 billion in 2023 to $78.6 billion by 2028, highlighting its importance in enhancing chip performance without changing transistor sizes [2] - Chiplet technology enhances design flexibility and reduces costs by allowing the integration of pre-manufactured chips, which can improve yield and overall design flexibility [3] - RISC-V architecture is gaining traction due to its flexibility, low cost, and low power consumption, positioning it as a potential third major architecture ecosystem alongside ARM and x86 [4] Emerging Applications - In artificial intelligence, the demand for computational power is surging, particularly for training and inference tasks, leading to increased interest in customized AI chips [6][7] - The IoT sector is expected to see over 23% growth in global connections by 2024, surpassing 25 billion, driven by advancements in wireless communication technologies [9][10] - The automotive industry is witnessing a rise in chip demand, with electric vehicles requiring significantly more chips than traditional vehicles, indicating a shift towards more integrated electronic architectures [11][12] - The medical electronics market is expanding, with a focus on low-power, high-performance chips for both professional medical devices and home health management tools [13]

添加文末微信，加 先进封装 群 2025势银异质异构集成封装产业大会 将于 4月29日 在浙江宁波 · 甬江实验室举办。 会议议程 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 ⊙ 09:00 - 12:00 专题论坛： 异构集成研究中心成立仪式 09:00 09:10 相关领导 主办方、联合主办方致辞 09:10 09:20 相关领导 混合键合在异构集成先进封装中的应用 09:20 钟飞 主任助理、信息材料与微纳器件制备 09:40 平台负责人 爵江实验室 Chiplet EDA全流程:设计空间探索,物 理实现及多物理验证 09:40 吴晨 项目总监 10:00 芯粒CAD和制造浙江省工程研究中心/深圳 市比昂芯科技有限公司 聚焦2.5D/3D先进封装EDA平台,探索后 10:00 端全流程设计、仿真与验证协同创新模式 10:20 赵毅 创始人兼首席科学家 珠海硅芯科技有限公司 空部 10:20 1 ...