Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

Investment Rating - The report suggests a focus on companies in the advanced packaging industry and highlights potential investment opportunities in CPU manufacturers like AMD and Intel [3][4]. Core Insights - Intel's recent earnings report confirms a shortage of CPUs, with a revenue of $13.67 billion for Q4 2025, a year-on-year decline of 4.1% but a quarter-on-quarter increase of 3%. The client computing group (CCG) revenue was $8.19 billion, down 6.6% year-on-year, while the data center and AI (DCAI) segment saw a revenue increase of 8.9% to $4.74 billion [2]. - The report emphasizes the rising importance of CPU performance in the Agentic AI era, suggesting that CPU shortages could significantly enhance the profitability of related companies [3]. - The advanced packaging supply chain is experiencing increased demand due to AI investments, with companies like TSMC facing capacity constraints and price increases expected in the packaging sector [4]. - Domestic packaging companies are anticipated to benefit from strong overseas demand and a surge in local demand for advanced packaging processes in 2026 [4]. - The report highlights the emergence of domestic computing power solutions, with significant investments from major internet companies expected in 2026, indicating a growing market for domestic computing power [5][6]. Summary by Sections Intel's Financial Performance - Intel's Q4 2025 revenue was $13.67 billion, with a decline in CCG revenue and growth in DCAI revenue. The guidance for Q1 2026 is between $11.7 billion and $12.7 billion, lower than expected due to capacity constraints [2]. Advanced Packaging Industry - The advanced packaging sector is experiencing a boom, with companies like ASE and Amkor expected to raise prices by 5-20% due to high demand and limited supply [4]. Domestic Computing Power - The report identifies a strong opportunity for domestic computing power solutions, with significant investments from companies like ByteDance and Alibaba expected to drive demand in 2026 [6]. IC Substrate Supply Chain - The IC substrate supply chain is facing shortages due to limited supply of glass fiber, with domestic companies likely to benefit from price increases in the market [7]. Global Computing Power Demand - The report anticipates sustained high growth in computing power demand driven by AI applications, with companies like Google planning to double their computing power every six months [8]. Stock Recommendations - The report recommends several stocks, including domestic computing power companies like Cambricon and SMIC, as well as companies in the advanced packaging and IC substrate sectors [10].

Group 1 - Jiangsu Changdian Technology Co., Ltd. has seen its stock price drop by 3.49% to 47.31 CNY per share, with a total market capitalization of 846.57 billion CNY and a trading volume of 60.12 billion CNY, marking a cumulative decline of 10.07% over the past three days [1] - The company's main business involves integrated circuit system integration, design simulation, technical development, product certification, wafer testing, and packaging testing, with 99.59% of its revenue coming from chip testing services [1] Group 2 - Zhongke Wotu Fund holds a total of 9,082 shares of Changdian Technology across three funds, resulting in a floating loss of approximately 15,500 CNY today and a total floating loss of 48,100 CNY over the past three days [2] - The fund's largest holding, Zhongke Wotu Wo Jia Mixed A, increased its holdings by 1,800 shares to a total of 5,200 shares, representing 2.35% of the fund's net value, with a floating loss of about 8,892 CNY today [3] - Zhongke Wotu Transformation Upgrade Mixed A reduced its holdings by 1,400 shares to 3,200 shares, accounting for 2.4% of the fund's net value, with a floating loss of approximately 5,472 CNY today [4]

Group 1 - The A-share market experienced a collective decline on January 27, with the Shanghai Composite Index down by 0.32%. The sectors showing gains included metals, banking, and oil, while electric equipment and pharmaceuticals saw the largest declines [1] - In the semiconductor sector, the performance was mixed. The chip ETF (159995.SZ) fell by 1.00%, while some component stocks like Ruixin Micro and Zhongwei Company increased by 2.85% and 2.23%, respectively. However, companies like Jing Sheng Machinery and Sanan Optoelectronics performed poorly, with declines of -3.82% and -3.07% [1] Group 2 - According to TrendForce, the global server shipment volume is expected to grow at an annual rate of 12.8% by 2026, with AI server shipments projected to grow over 28%, up from 24.2% in 2025. This growth is driven by significant investments in AI infrastructure by global CSPs [3] - The storage industry, including DRAM and NAND Flash, is expected to see its market value reach $551.6 billion by 2026, a year-on-year increase of 134%, and continue to grow by 53% to $842.7 billion in 2027. Samsung Electronics is reported to increase NAND flash supply prices by over 100% in Q1 2026, highlighting a severe supply-demand imbalance in the semiconductor market [3] - The packaging and testing segment of the storage chip industry is benefiting from a recovery in downstream demand, with leading manufacturers operating at near full capacity and service prices increasing by approximately 30%. This indicates a positive trend in the storage industry, with growth in both volume and price [3]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Changjiang Electronics Technology Co., Ltd. (长电科技), Haiguang Information Technology Co., Ltd. (海光信息), and Guanghe Technology Co., Ltd. (广合科技) [7][14] Core Insights - Jiangsu Changjiang Electronics Technology Co., Ltd. has made significant progress in the CPO product technology field, successfully delivering samples of its XDFOI process silicon photonic engine, which optimizes energy efficiency and bandwidth performance [12][13] - Intel showcased its EMIB glass substrate technology at the NEPCON Japan electronics exhibition, demonstrating the capability of glass substrates to support complex multi-chip configurations, offering advantages over traditional organic substrates [13] - The report highlights the increasing demand for PCBs driven by emerging technologies such as 5G, AI, and automotive electronics, with China becoming the largest PCB production base globally [28][29] Summary by Sections Company Performance and Forecast - Jiangsu Changjiang Electronics Technology Co., Ltd. is projected to have an EPS of 1.23 in 2026 with a PE ratio of 39.73 [7][14] - Haiguang Information Technology Co., Ltd. is expected to achieve an EPS of 1.58 in 2026 with a PE ratio of 174.68 [7][14] - Guanghe Technology Co., Ltd. is forecasted to have an EPS of 2.67 in 2026 with a PE ratio of 37.33 [7][14] Industry Dynamics - The electronic industry saw a 1.39% increase in the week of January 19-23, ranking 22nd among the primary industries [15][24] - The AI computing-related sub-sector experienced a significant increase, with the integrated circuit packaging and testing sector rising by 7.25% [18][20] - The PCB industry is expected to recover from a downturn, with revenue growth projected to stabilize in 2025 after a challenging period in 2023 [29][30] Market Trends - The report notes a trend of increasing orders in the data processing sector, with AI-related orders constituting over 73% of new contracts for companies like Chip Origin Technology [42][43] - The automotive industry faces challenges due to rising memory prices, which could significantly impact manufacturing costs and supply availability [46][47]

Summary of Conference Call Records Industry Overview - The NAND flash contract prices have been raised for the second time in 2026, with an increase exceeding 100%, significantly higher than the market's previous expectation of 20% in November last year [1][2] - The DRAM price increase has also been revised, but it has received less attention due to already high expectations [1][2] - The storage price increase cycle is expected to continue until the third quarter of 2026, benefiting related design, equipment, and module companies [1] Key Companies and Investment Opportunities - **Chip Design Companies**: Companies like Junzheng, Zhaoyi Innovation, and Purun are expected to benefit from downstream storage price increases [3] - **CSP Manufacturers**: Chip Source Co., as a leading player in the domestic computing power sector, is anticipated to see significant performance growth due to ASIC chip demand driven by CSPs [5] - **Advanced Packaging Companies**: Longji Technology and Tongfu Microelectronics are highlighted for their 2.5D packaging capabilities, with the latter's business expected to grow in the first quarter of 2026 [6][10] - **Emerging Companies**: Companies like Xiyin Electronics and Baiwei Storage are noted for their advancements in advanced packaging technology [6][12] Market Dynamics - The storage market is experiencing a confluence of three major cycles: technological upgrades, financing cycles for the two storage companies, and AI-driven price cycles [2] - The overall packaging industry is being driven by AI cloud and terminal penetration, storage super cycles, and the expansion of mature processes [8] - The capacity utilization rate in the packaging industry is expected to improve significantly, with projections for 2026 indicating a more robust state [8] Advanced Packaging Developments - Longji Technology is focusing on high-performance computing and storage terminals, with a projected capacity utilization rate of nearly 80% by the third quarter of 2025 [9] - Tongfu Microelectronics has been collaborating with overseas clients since 2019, achieving a competitive level in advanced packaging technology [10] - Yongxi Electronics aims to increase its market share in advanced packaging, focusing on high-end products and maintaining high investment in 2.5D packaging and AI-related technologies [11][14] Impact of AI and Sandbox Technology on CPU Sector - The implementation of sandbox technology for Agent applications is expected to create additional demand for CPU servers, benefiting companies like AMD, Intel, and Haiguang Information [15][16] - The sandboxing approach allows for a controlled environment for executing code, which is crucial for managing risks associated with Agent operations [15] Conclusion - The storage and advanced packaging sectors are poised for growth driven by technological advancements and market dynamics, with several companies identified as key players for investment opportunities. The integration of AI and sandbox technology is also expected to create new demand in the CPU market, presenting further investment potential.

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - Strong demand for computing power driven by AI is creating investment opportunities across various segments of the industry [2][8]. - The report highlights a supply-demand imbalance in hardware related to AI, with significant growth expected in the semiconductor and storage sectors [7]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - **AI Computing Hardware**: - Wafer Manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and Packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others - Server Storage: Lanke Technology (688008, Buy) - CPU: Haiguang Information (688041, Buy), Loongson Technology (688047, Not Rated), and others - Passive Components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) - Server Manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) - Analog and Power Chips: Naxin Micro (688052, Buy), and others - Semiconductor Equipment: Zhongwei Company (688012, Buy), and others [3][8]. AI Applications and Edge Computing - Investment opportunities in edge AI applications are expected to grow, with significant advancements in hardware integration across consumer electronics like PCs, TVs, and smartphones [7][9]. - The report anticipates that major tech companies will launch innovative AI products, enhancing user interaction and creating new growth opportunities for related businesses [7].

Group 1 - Jiangyin High-tech Zone has achieved significant milestones in the semiconductor industry, with Shouxin Semiconductor delivering its self-developed Dubhe series 12-inch PECVD equipment to advanced logic process customers and the first domestically produced Merak series 12-inch low-temperature oxide PECVD equipment to major silicon wafer clients, marking a new stage in the scale application of multiple devices [1] - The microelectronics industrial park in Jiangyin covers an area of 5,000 acres and hosts leading companies such as Changdian Technology and Shenghe Jingwei, with the recent signing of a key semiconductor equipment manufacturing project by South Korea's Wonik IPS, further boosting the park's development [1] - The integrated circuit industry in Jiangyin High-tech Zone is projected to generate revenues of 40 billion yuan by 2025 and 70 billion yuan by 2030, with the expectation of adding 2-3 listed companies, making solid progress towards the goal of a 100 billion yuan microelectronics industrial park [1] Group 2 - Jiangyin High-tech Zone has attracted 73 upstream and downstream enterprises, including Xingan Technology and Delong Laser, to collaborate in the third-generation semiconductor industry, and has undertaken 9 national and provincial major projects, receiving 7 national and provincial technology achievement awards [2] - The zone has established a complete industrial chain from special steel smelting to high-end wire materials and has been recognized with several national honors, including being named a national new industrialization industry demonstration base [2] - Since the 14th Five-Year Plan, Jiangyin High-tech Zone has adopted a transformation path of "industrial clusters + characteristic parks," accelerating the renewal of traditional industries and the growth of emerging industries, achieving a comprehensive ranking of 43rd in the national high-tech zone evaluation [2] Group 3 - The Qishan Lake Science and Innovation Valley, covering 13.2 square kilometers, is set to be fully operational by the second half of 2026, focusing on future industries such as rocket chains and satellite chains, with plans to attract 5 leading enterprises and 10 gazelle companies by 2030 [3] - The innovation ecosystem in artificial intelligence will be developed around core technologies such as embodied robotics and vertical large models, aiming for an annual output value exceeding 10 billion yuan [3] - Jiangyin High-tech Zone has launched a 100 million yuan innovation development fund and 10 specific measures to support the entire innovation chain, with the establishment of several international innovation centers in collaboration with Southeast University [3] Group 4 - Since the 14th Five-Year Plan, Jiangyin High-tech Zone has implemented a series of support policies, including 30 measures for technological innovation and the Panlong Talent Plan 4.0, to foster enterprise growth and expand industry sectors [4] - The zone has established an industrial development fund and built a matrix of various funds, including angel investment, venture capital, and mergers and acquisitions, along with 15 national-level research and development institutions and platforms [4] - By 2025, the science and technology innovation "flying land" initiative has attracted 213 technology projects and 239 high-end talents, with a focus on high-quality development and the cultivation of new productive forces [4]

（来源：新华日报） □ 本报记者 俞圣彤 新年伊始，江阴高新区内传来喜讯：首芯半导体向国内先进逻辑工艺客户交付了自主研发的Dubhe系列 12寸PECVD设备，并向大硅片头部客户交付首台国产Merak系列12寸低温氧化物PECVD设备。此次同 步发货，标志着该公司多款设备迈入规模化应用新阶段，也标志着在薄膜沉积设备领域的技术与交付能 力进一步获得产业认可。 走进首芯半导体所在的微电子产业园，一座占地5000亩的"芯"高地跃然眼前：这里汇聚了全球第三的封 测龙头企业长电科技，3D堆叠封装技术全球领先的盛合晶微。近日，韩国圆益IPS半导体核心设备制造 项目成功签约落地，为园区发展再添"芯"动力。 一簇簇"芯"火，掀起江阴高新区集成电路产业发展燎原之势，2025年，园区集成电路企业营收达400亿 元，预计2030年将达700亿元，新增2—3家上市企业，在完成千亿级微电子产业园区的目标上迈出坚实 一步。 "第三代半导体产业节点上的任何一家企业，都能在这里找到供应链伙伴以及未来合作客户，这就是全 产业链布局的意义。"江阴市未来产业投资发展集团有限公司董事长、总经理费凯介绍，园区依托一批 链主企业，招引昕感科技、德龙激光 ...

Core Insights - The future of computing power will be determined by optical transmission efficiency, highlighting the critical role of optical interconnect technology and the growing market enthusiasm for indium phosphide (InP) materials [1][2] - The global AI infrastructure spending is expected to exceed $1 trillion by 2026, driving the rapid iteration of data center optical modules to 800G/1.6T and beyond [1] - The demand for InP materials is surging due to their unique properties, with a significant supply-demand gap projected to persist until 2026 [1][9] Group 1: InP Material Advantages - InP exhibits over ten times the electron mobility of silicon, making it suitable for high-frequency and high-speed applications, particularly in optical communication at critical wavelengths [3][4] - InP's high thermal resistance and radiation tolerance are essential for AI servers and data centers operating in high-temperature environments [3] - InP is positioned as the core material for high-end long-distance communication, outperforming silicon and gallium arsenide in efficiency and adaptability [4] Group 2: Market Demand Drivers - The explosive growth of AI data centers is the primary driver for the increasing demand for InP, with 800G optical modules becoming standard [6] - The introduction of Co-Packaged Optics (CPO) technology is expected to significantly increase the demand density for InP substrates, with a projected market growth of 166 times by 2030 [7] - In addition to data centers, InP is penetrating advanced fields such as LiDAR, 5G/6G mobile communications, low Earth orbit satellite communications, and quantum computing [8] Group 3: Global Market Dynamics - The global InP industry is characterized by a high degree of oligopoly, with major players like Sumitomo Electric and AXT dominating over 95% of the market [9] - A significant supply-demand gap is anticipated, with a projected need for 2 million InP devices by 2025 against a production capacity of only 600,000 [9] - Major manufacturers are ramping up production capacity to address this gap, with AXT planning to double its capacity by 2026 [9][10] Group 4: Domestic Industry Developments - Chinese companies are accelerating efforts to break the foreign monopoly in the InP market, with several firms achieving significant milestones in production capacity and technology [10][11] - The domestic market is witnessing a collaborative push towards a full-chain upgrade in the InP industry, enhancing quality and efficiency [12] - Government policies are supporting the development of InP materials, including tax reductions and funding for research in high-purity indium production [12] Group 5: Future Outlook and Challenges - The InP industry is on the brink of a significant scale-up, driven by the urgent need for high-performance materials in AI and optical communication [18] - Despite the promising outlook, challenges such as low crystal growth yield and high costs remain, necessitating technological advancements and cost reductions [14][15] - Geopolitical factors and export controls are creating uncertainties in the global supply chain, impacting the InP industry's growth trajectory [16]