Group 1 - Changxin Storage has initiated the listing guidance with CICC and CITIC Securities as advisory institutions, aiming to enter the capital market [1] - Established in 2016, Changxin Storage focuses on the research, design, production, and sales of DRAM products, with a registered capital of 60.19 billion yuan and a current valuation of 140 billion yuan [1] - The DRAM market is highly concentrated, dominated by Samsung, SK Hynix, and Micron, which hold market shares of 36.5%, 35%, and 21.5% respectively, while Changxin Storage holds approximately 5%-6% [1] Group 2 - In the HBM sector, Changxin Storage's HBM2E samples are expected to be sent to customers in the first half of 2025, with mass production planned for the first half of 2026, targeting a production capacity of about 10,000 wpm by the end of 2026 and expanding to 40,000 wpm by the end of 2028 [1] - Both Changxin Storage and Yangtze Memory Technologies (YMTC) achieved quarterly revenues exceeding 1 billion USD in Q1 2025, marking a significant milestone for domestic storage companies on the global stage [1][2] - The rise of Changxin Storage and YMTC is expected to have a profound impact on the domestic storage industry and the semiconductor sector, enhancing China's position in the global semiconductor supply chain and reducing reliance on imported storage chips [2]

Core Insights - HBM (High Bandwidth Memory) is a crucial technology for AI servers and is expected to be widely adopted in the autonomous driving market in the future [1] - China's HBM industry is developing, with HBM2 and HBM2E currently in mass production, and HBM3 and HBM3E expected to achieve breakthroughs by 2026E/2027E [1] - SK Hynix is the global leader in the HBM market, holding a 55% market share, followed by Samsung at 41% and Micron at 3% [1] Group 1 - SK Hynix launched the world's first TSV-based HBM product in 2013 and has since introduced several generations of HBM products, including HBM2, HBM2E, and HBM3 [1] - In April 2023, SK Hynix completed functionality verification of a 12-layer HBM3 product (24 GB), and in August 2023, it launched the high-performance 8-layer HBM3E product [1] - The company plans to start mass production of the 12-layer HBM3E product (36 GB) in October 2024 and is developing a 16-layer HBM3E product with a capacity of 48 GB [1] Group 2 - SK Hynix's HBM stacking technology has evolved from TC-NCF and MR-MUF to Advanced MR-MUF, with significant developments in wafer-level packaging (WLP) and TSV technology since around 2000 [2] - The 12-layer HBM3 and HBM3E products utilize Advanced MR-MUF technology, and the upcoming 16-layer HBM3E product will also employ this technology [2] Group 3 - Both Samsung and SK Hynix have established their own HBM supply chains, with Samsung relying on Japanese and Korean equipment suppliers, while SK Hynix partners with HANMI Semiconductor and others [3] - HANMI Semiconductor holds approximately 65% of the global TCBonder market and nearly 90% in the HBM3E TCBonder sector, indicating a strong position in the supply chain [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自digitimes ，谢谢 。 三星电子（Samsung Electronics）近来重兵部署在HBM先进制程，但供应链传出，三星HBM3E 认证进度再遭卡关，由于Google投入自行设计AI伺服器晶片，原打算搭配三星HBM3E，并送交台 积电进行CoWoS封装，但日前却突然通知三星HBM遭撤下。 据了解，事发源头是来自三星HBM3E未能通过NVIDIA认证，Google为求保险起见，可能改换美 光（Micron）产品递补供应，相关市场消息近日在业界传得沸沸扬扬。 对此，DIGITIMES向三星求证，三星回覆无法评论客户相关事宜，相关开发计画仍按照进度执 行。 相关供应链指出，根据规划，三星向NVIDIA送出的HBM3E认证确实进入开奖揭晓阶段，原本预 期最快在2025年第1季向NVIDIA放量供应HBM3E，而NVIDIA迟迟未明确对外公布最后的认证结 果，但Google改换供应商的动作，已被视为三星HBM3E认证不顺的重要指标。 客户改换供应传言间接证实三星HBM3E卡关 先前外电曾报导，联发科将打入Google新世代的AI供应链，双方将携手开发下一 ...

Core Viewpoint - Samsung plans to launch its first mobile product featuring LPW DRAM memory by 2028, which is expected to significantly enhance performance and reduce power consumption in mobile devices [1][15]. Group 1: HBM in Automotive Sector - The automotive industry is increasingly adopting HBM memory due to the rising demand for real-time data processing and high-resolution image handling in advanced driving assistance systems and smart cockpit systems [2][4]. - SK Hynix's HBM2E has already been integrated into Waymo's autonomous vehicles, marking a significant entry of HBM into the automotive sector [3]. - The global automotive storage chip market is projected to grow from $4.76 billion in 2023 to $10.25 billion by 2028, with demand for HBM in automotive applications expected to surpass that in data centers [5]. Group 2: HBM in Mobile Devices - The rapid advancement of AI and 5G technologies is driving the need for high-performance memory in mobile devices, as they require higher bandwidth and lower latency for complex applications [7][9]. - Mobile HBM, developed by Samsung and SK Hynix, utilizes advanced 3D stacking technology to significantly increase memory bandwidth, achieving data transfer rates of hundreds of GB/s [9][10]. - Samsung's LPW DRAM is expected to achieve a bandwidth of over 200GB/s, a 166% increase compared to existing LPDDR5x, while reducing power consumption to 1.9pJ/bit, which is 54% lower than LPDDR5x [16]. Group 3: Competitive Landscape - Samsung and SK Hynix are competing in the mobile HBM market, with Samsung focusing on high bandwidth designs and SK Hynix prioritizing low power consumption and cost-effectiveness [20][21]. - The development of mobile HBM is expected to shift from a supplier-centric model to a demand-driven approach, allowing for customized solutions tailored to specific customer needs [21]. - As both companies advance their technologies, the competition will likely influence the market dynamics for mobile HBM, impacting the performance of smartphones, PCs, and AR/VR devices [20][26].

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