USISH(SH:601231)2026-02-28 02:35Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around Huanxu Electronics and its collaboration with Taiwan Semiconductor Manufacturing Company (TSMC) and ASE Technology Holding Co. in the semiconductor packaging and testing industry Core Points and Arguments - The LPU stacking technology utilizes TSMC's SOIC process, indicating a stronger reliance on TSMC's manufacturing system [1] - The collaboration with ASE Technology is expected to enhance the synergy in core packaging and testing operations [1] - The future trend in the industry is moving towards vertical power supply, with the next-generation architecture COWOS adopting this structure [1] - ASE Technology will supply the VRM (Voltage Regulator Module) components, while Huanxu Electronics will be responsible for the transition from 800V to 48V power supply [1] - There is optimism regarding vertical integration opportunities at the group level, particularly in power modules, CPO switches, and server power supplies [1] Other Important but Possibly Overlooked Content - The emphasis on vertical integration suggests a strategic shift in the industry towards more cohesive supply chain management and reduced dependency on multiple suppliers [1] - The mention of specific voltage transitions (800V to 48V) highlights the technological advancements and the need for efficient power management solutions in modern electronics [1]