Summary of Conference Call Notes Company and Industry Involved - The notes focus on **Zhongtai Electronics** and **Changdian Technology**, which are key players in the semiconductor packaging and testing industry, particularly in the context of AI advancements and market recovery in the semiconductor sector [1][2]. Core Points and Arguments - **High Capacity Utilization**: The company has maintained high capacity utilization rates in Q1, indicating strong demand despite seasonal trends. This is attributed to the global AI boom and the ongoing recovery in the semiconductor market [1]. - **Price Increases**: Major global competitor, ASE Technology, has initiated price increases ranging from 5% to 20%. Zhongtai Electronics is expected to follow suit, which could lead to profit margins exceeding those seen in 2021 during the current cycle [1]. - **Revenue Projections**: According to Wind consensus estimates, the company's revenue is projected to reach **40.4 billion yuan** by 2025, representing a **30% increase** compared to 2021. Significant growth is anticipated in 2026, which will enhance profit elasticity [1]. - **Demand for Advanced Packaging**: The demand for advanced packaging solutions, essential for AI chips, is expected to surge. As manufacturing capacity ramps up in 2026, the testing and packaging segment is likely to experience a demand explosion [1]. - **High Revenue Potential from Advanced Packaging**: The unit price for 2.5D/3D packaging is projected to reach **$10,000 per piece**. Assuming a production of **10,000 pieces per month**, this could generate an annual revenue of **$1.2 billion**, highlighting the high profit margins and potential for significant revenue growth [1]. Other Important but Possibly Overlooked Content - **Long-term Industry Positioning**: The company has been strategically positioning itself in the advanced packaging sector for several years, which places it in a favorable position to benefit from the anticipated industry growth [1]. - **Market Dynamics**: The semiconductor testing and packaging industry is experiencing a revaluation of assets due to the high capital intensity of various segments, as indicated by the "smile curve" analysis [2].

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月10日，集成电路ETF（159546）开盘涨0.45%，报2.023元。集成电路ETF（159546）重仓股方面，寒 武纪开盘涨1.67%，中芯国际涨0.23%，海光信息涨1.90%，兆易创新跌2.00%，澜起科技跌0.55%，豪威 集团涨0.03%，紫光国微跌0.01%，长电科技涨0.02%，芯原股份涨2.00%，通富微电涨0.12%。 集成电路ETF（159546）业绩比较基准为中证全指集成电路指数收益率，管理人为国泰基金管理有限公 司，基金经理为麻绎文，成立（2023-10-11）以来回报为101.55%，近一个月回报为0.75%。 ...

半导体龙头ETF工银（159665）业绩比较基准为国证半导体芯片指数收益率，管理人为工银瑞信基金管 理有限公司，基金经理为史宝珖，成立（2022-12-22）以来回报为91.91%，近一个月回报为0.17%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月9日，半导体龙头ETF工银（159665）开盘涨1.82%，报1.954元。半导体龙头ETF工银（159665）重 仓股方面，中芯国际开盘涨1.86%，海光信息涨3.43%，寒武纪涨2.22%，北方华创涨1.45%，兆易创新 涨2.82%，中微公司涨1.62%，澜起科技涨4.49%，豪威集团涨1.20%，拓荆科技涨1.72%，长电科技涨 2.59%。 来源：新浪基金∞工作室 ...

A股市场 半导体股集体走强，其中， 国芯科技涨超13%， 芯原股份涨超12%， 长光华芯、 华海诚科涨 超9%， 国科微、 灿芯股份、 太极实业、 源杰科技、 广立微涨超7%， 华亚智能、 江丰电子、 中船特 气、 帝科股份、 长电科技涨超6%， 摩尔线程、 天岳先进、 兆易创新、 寒武纪涨超5%。 ...

责任编辑：栎树 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688262 | 国芯科技 | 1 | 13.49 | 150亿 | 46.62 | | 688521 | 芯原股份 | 1 | 12.64 | 1136 Z | 57.65 | | 688048 | 长米华芯 | 1 | 9.90 | 258 乙 | 16.57 | | 688535 | 华海城科 | | 9.09 | 122亿 | 13.31 | | 300672 | 国科微 | + | 7.71 | 313亿 | 33.92 | | 688691 | 灿芯股份 | | 7.54 | 161亿 | 31.68 | | 600667 | 太极实业 | 1 | 7.44 | 208亿 | 24.97 | | 688498 | 源杰科技 | 4 | 7.31 | 663亿 | 20.19 | | 301095 | 广立微 | 第 | 7.28 | 155亿 | 7.71 | | 003043 | 华亚智能 | 长 | 6.96 | 70.5 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688262 | 国芯科技 | 1 | 13.49 | 150亿 | 46.62 | | 688521 | 芯原股份 | 1 | 12.64 | 1136 Z | 57.65 | | 688048 | 长米华芯 | 1 | 9.90 | 258 乙 | 16.57 | | 688535 | 华海城科 | | 9.09 | 122亿 | 13.31 | | 300672 | 国科微 | + | 7.71 | 313亿 | 33.92 | | 688691 | 灿芯股份 | | 7.54 | 161亿 | 31.68 | | 600667 | 太极实业 | 1 | 7.44 | 208亿 | 24.97 | | 688498 | 源杰科技 | 4 | 7.31 | 663亿 | 20.19 | | 301095 | 广立微 | 兼 | 7.28 | 155亿 | 7.71 | | 003043 | 华亚智能 | 长 | 6.96 | 70.50亿 | 13. ...

Core Viewpoint - The recent adjustment of shareholding ratios by major players in the domestic semiconductor packaging and testing industry, namely Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor, aims to optimize the equity structure of Huajin Semiconductor, enhancing its technological research and development capabilities and driving high-quality industry growth [1][13]. Shareholding Changes - The shareholding ratio of Changdian Technology, Tongfu Microelectronics, and Huada Semiconductor in Huajin Semiconductor has been reduced from approximately 4.325% to 2.747% [1]. - Other notable shareholders include Beijing Zhongke Micro Investment Management Co., Ltd. and Wuxi Guochuang Chip Investment Management Partnership, which also experienced changes in their shareholding percentages [4][14]. Company Background - Huajin Semiconductor was established in 2012 as a collaborative effort among leading packaging and testing companies and research institutions, with a registered capital of 462.4682 million yuan [14]. - The company focuses on advanced packaging technologies such as TSV, 2.5D/3D, and Chiplet, and plays a crucial role in key technology breakthroughs and standard formulation within the industry [14][16]. Technological Capabilities - Huajin Semiconductor has built a leading semiconductor packaging and testing research center in China, with a team of nearly 100 researchers, over half of whom hold doctoral or master's degrees [16]. - The company has applied for over 1,300 patents, ranking among the top globally in the number of patents related to 2.5D/3D packaging and TSV technologies [16].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

2月6日，半导体ETF（159813）开盘跌1.34%，报1.182元。半导体ETF（159813）重仓股方面，中芯国 际开盘跌1.48%，海光信息跌1.00%，寒武纪跌1.49%，北方华创跌0.45%，兆易创新跌2.43%，中微公司 跌1.23%，澜起科技跌1.87%，豪威集团跌0.88%，拓荆科技跌0.37%，长电科技跌1.50%。 半导体ETF（159813）业绩比较基准为国证半导体芯片指数收益率，管理人为鹏华基金管理有限公司， 基金经理为罗英宇，成立（2020-04-17）以来回报为79.62%，近一个月回报为3.35%。 来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

（来源：淘金ETF） 1. 北方华创（002371） 作为国内半导体设备绝对龙头，北方华创的主营业务覆盖刻蚀机、薄膜沉积设备、清洗机等全品类核心 制程设备，是存储芯片制造的上游基石。在存储芯片涨价周期中，国内存储厂扩产与技术升级将直接带 动其设备订单增长。其在3D NAND、HBM等先进制程设备领域的突破，深度适配国产存储的技术迭代 需求，不仅为长江存储、长鑫科技等头部企业提供设备支撑，更在全球存储设备市场中建立起国产替代 的核心竞争力。随着存储芯片行业进入超级周期，原厂扩产与技术升级的需求将持续释放，北方华创凭 借全品类设备布局与技术积累，将充分受益于存储厂资本开支的增长，同时其在海外市场的拓展也将进 一步打开成长空间。 2. 华虹公司（688347） 国内特色工艺制造龙头，华虹公司具备成熟的存储芯片代工能力，聚焦NOR Flash、eMMC、SPI NAND 等存储品类，是国内少数能提供存储芯片代工服务的企业。在存储涨价潮下，其代工订单量价齐升，与 国内存储企业的深度绑定，使其充分承接国产替代的产能转移需求。随着AI与消费电子需求复苏，存 储芯片代工产能紧张格局将持续，华虹公司凭借成熟的工艺与稳定的产能交 ...