深度报告-2025-08-11-国盛证券-AI需求全面爆发_看好先进封装产业链机遇页_34页_4mb

AI Driven Growth in Semiconductor Market with Advanced Packaging Opportunities

Introduction

AI is spearheading a new era of semiconductor growth, aiming for a $1 trillion market by 2030, with HPC/AI dominating 45% of the share. Key developments include:

• AI's demand for higher energy efficiency and performance driving advancements in packaging.
• Advanced packaging, such as CoWoS, becoming essential for AI chips.

Market Outlook

• Semiconductor market projected to reach $1 trillion by 2030, with AI as a primary growth driver.
• Global tech investments surged, e.g., Google's CapEx increased to $85 billion, Meta to $660-720 billion, showcasing AI's economic impact.

Advanced Packaging

• CoWoS Technology: A 2.5D packaging solution enabling chip integration for AI, with key variants like CoWoS-S, CoWoS-R, and CoWoS-L. Current capacity is constrained, with planned expansions to meet demand.
• Innovation: Technologies like SoIC and SoW (System on Wafer) offer higher integration and efficiency, crucial for AI scaling.

Investment and Domestic Opportunities

• AI demand is fostering domestic growth in advanced packaging, including CoWoS capabilities in China.
• Chinese companies like Chang电科技 (XDFOI) and Yong Si Jinyi are advancing in capabilities to address supply chain needs.
• Semicon chip shortages in China highlight the need for local capacity and technological breakthroughs.

Key Risks

• Demand uncertainty for AI components.
• Challenges in scaling advanced packaging production sustainably.
• Geopolitical restrictions on technology exports limit international access, driving domestic innovation.

Summary Conclusions

• AI is transformative for semiconductors, making advanced packaging a high-growth sector.
• Global collaboration and expansion efforts are underway, with risks mitigating through domestic development.