半导体板块：晶圆制造设备需求维持高位；CoPoS、HBM-TCB 等后端技术值得关注-Semiconductor_SPE sector_ WFE demand remains high; CoPoS, HBM-TCB, and other back-end technologies noteworthy

J P M O R G A N Asia Pacific Equity Research 27 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Semiconductor/SPE sector WFE demand remains high; CoPoS, HBM-TCB, and other back-end technologies noteworthy In this report, we raise our wafer fab ...