AI发展的关键，HBM堆叠工艺的演变-从TC-NCF、MR-MUF到Advanced MR-MUF

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the HBM (High Bandwidth Memory) industry, particularly the evolution of HBM stacking technology and its implications for AI development and semiconductor packaging [1][2]. Core Insights and Arguments - The domestic HBM industry faces challenges from international supply chains and must develop key equipment and materials independently to catch up with leading overseas companies like SK Hynix, which has launched a 36GB HBM product and plans to introduce a 48GB product [1][5]. - Advanced packaging technologies have reduced pitch sizes to 25-40 micrometers, increasing bonding difficulty. Technologies such as Intel's Foveros and TSMC's CoWoS are examples of this trend [1][9]. - Thermal Compression Bonding (TCB) is crucial for high-density packaging, enhancing production efficiency through large-scale reflow soldering, where SK Hynix holds a competitive advantage [1][18]. - Hanmi Semiconductor, in collaboration with SK Hynix, dominates the TCB equipment market for HBM, holding a 60%-70% market share [1][13]. - Hybrid Bonding technology shows advantages in high-layer HBM stacking (over 16 layers), primarily used in CIS, 3D NAND, and future 3D DRAM applications [1][20]. Additional Important Content - Domestic equipment companies like Changchuan Technology and Lvdou Intelligent are developing PCB and TCB equipment but have not yet achieved mass production. A significant acceleration in domestic substitution is expected between the second half of 2025 and 2026 [4][22][23]. - The HBM stacking process is closely linked to AI development, as increased parameter quantities in AI require higher memory capacity and bandwidth from HBM [2]. - Reports of Hanmi Semiconductor cutting off supply of TCB equipment to mainland China lack confirmed sources, and domestic clients have not received any notifications regarding supply cuts [3]. - The KNS roadmap indicates that flip chip and TCB technologies have specific applications across different pitch sizes, with emerging technologies gradually developing to provide more options in the market [10][11]. - Global key players in advanced packaging include KuniSofa, CES, ASTA, APTC, and Korean companies like Hanmi Semiconductor, which are driving technological advancements in the industry [12]. This summary encapsulates the critical aspects of the conference call, highlighting the current state and future trends of the HBM industry, along with the competitive landscape and technological advancements.