继续重点看好存储及先进封装投资机遇

Summary of Conference Call Notes Industry Overview - The storage and advanced packaging industry is experiencing price increases, with companies like Powertech Technology, HwaCom Systems, and Nanya Technology operating at near full capacity, leading to price hikes of up to 30% expected by 2026, driven by rising raw material costs and client price increases [1][4][5]. Key Insights and Arguments - Price Increase Potential: Chinese mainland storage packaging companies such as Deep Technology's Peidun, HwaCom, Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor have the potential to raise prices, although market expectations are currently insufficient [1][5]. - Investment in Advanced Packaging: SK Hynix's investment of $12.9 billion in an advanced packaging facility indicates a shift in focus towards post-process advanced packaging to enhance customer loyalty and bargaining power [1][6]. - TSMC's Capital Expenditure: TSMC has revised its 2026 capital expenditure forecast to $52-56 billion, with about 10% allocated for advanced packaging, raising market interest in advanced technologies like CoWoS [1][7]. - Micron's Acquisition: Micron's $1.8 billion acquisition of Powertech's facility is expected to contribute to production by mid-2027, reflecting sustained high demand for storage [1][8]. Market Dynamics - Global Market Share: The two major players hold approximately 10% of the global market share, while China's overall storage demand exceeds 30%, indicating significant growth potential for the Chinese market [1][9]. - Focus on Key Companies: Companies linked to the two major players, such as Jinghe, HwaCom, Deep Technology, and Tongfu Microelectronics, are highlighted as key investment opportunities due to their expected price adjustments [1][10]. Advanced Packaging Developments - Domestic Capacity Breakthrough: The domestic advanced packaging sector is entering a critical breakthrough phase, with expected improvements in yield and utilization rates by 2026, which will be crucial for valuation and profitability [1][11]. - AI Chip Performance: The performance of AI chips is heavily reliant on 2.5D/3D packaging, with domestic leaders like Huawei, Cambricon, and Haiguang expected to ramp up shipments [1][12]. Price Impact on Storage Backend Market - Opportunities from Price Increases: The price hikes in storage are creating significant opportunities, with major clients increasing orders and various product lines experiencing price increases ranging from single to double digits [1][13]. Equipment Sector Opportunities - Testing Equipment Demand: The expansion of domestic computing power and production lines is driving demand for testing equipment, which is crucial for advanced packaging [1][14]. Investment Recommendations - Focus on Advanced Packaging: There is a strong recommendation to invest in companies with key advanced packaging capabilities and those positioned to benefit from the domestic computing power support, such as Changdian Technology, Tongfu Microelectronics, and Deep Technology [1][15].