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【大涨解读】算力:行业景气度被验证,海外龙头大厂业绩、资本开支超预期,GPT-5也有望在8月发布
Xuan Gu Bao· 2025-07-31 03:12
Group 1: Market Performance - The computing power sector experienced significant gains on July 31, with stocks such as Invec, Changfei Fiber, and Hewei Electric seeing consecutive increases, while Chunzhong Technology and Siquan New Materials reached their daily limit [1] - Notable stock performances included Invec (002837.SZ) with a price of 40.21, up 10.01%, and a market cap of 338.70 billion; Hewei Electric (603063.SS) at 37.90, also up 10.01%, with a market cap of 172.28 billion [2] Group 2: Industry Developments - Meta announced an increase in its capital expenditure forecast for 2025 to between 66 billion and 72 billion, driven by investments in talent, infrastructure, data centers, and energy to support the evolving AI competition [4] - Microsoft reported fourth-quarter revenue of 76.44 billion, exceeding analyst expectations, and projected capital expenditures for the next fiscal year to exceed 30 billion [4] - The Ministry of Industry and Information Technology in China emphasized the acceleration of high-quality development in computing power infrastructure during the release of the National Information Development Report (2024) [4] Group 3: Institutional Insights - Guosheng Securities noted that some CSP manufacturers have revised their annual expenditure forecasts upward, indicating a high demand for computing power, with light communication becoming a crucial component of AI infrastructure [5] - According to招商证券, there is a noticeable trend of computing power demand overflow from leading overseas manufacturers, with significant growth in international business for top IDC companies [5] - Huachuang Securities highlighted the rapid iteration of AI large models and smart hardware applications driving a surge in demand for high-performance servers, GPUs, and advanced PCBs [5]
国信证券:CoWoP有望商用 PCB工艺及设备随之升级
智通财经网· 2025-07-30 06:12
Group 1 - The core concept of CoWoP (Chip on Wafer on PCB) is to stack or place multiple chips directly on the PCB without an intermediate IC substrate, which improves electrical performance by shortening interconnection paths and reducing parasitic effects [1] - CoWoP is expected to gradually commercialize, with the PCB directly supporting the wafer, leading to reduced signal transmission loss and delay, as well as decreased packaging thickness and area, while enhancing heat dissipation [1] - SLP (Substrate-like PCB) performance is anticipated to improve significantly with the penetration of CoWoP, as it is positioned between HDI boards and IC substrates in terms of specifications and performance [2] Group 2 - SLP manufacturing relies heavily on the mSAP (Modified Semi-Additive Process) technology, which requires high precision in photolithography and laser direct imaging (LDI) to achieve fine lines [3] - Domestic companies such as Shenzhen Circuits, Pegatron, and Xingsen Technology have accumulated technology in both SLP and IC substrate processes, positioning them to benefit from future advancements [3] - Upstream equipment manufacturers like Chipbond and Dazhu CNC are also expected to benefit from production line upgrades due to the increasing demand for advanced SLP technology [3]