中信证券：关注先进封装需求提升以及封装涨价趋势

市场资讯01-23

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　中信证券研究文|徐涛王子源　　在原材料价格上涨、AI和存储等需求增加的背景下，我们认为当前有望步入新一轮封装涨价的起点，而在国产算力需求牵引下先进封装的市场关注度有望提升。我们建议当前核心围绕先进封装和存储封装环节进行布局。　　▍当前我们建议关注封装板块，属于在半导体板块中相对滞涨，基本面有边际变化的环节，变化...

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CoWoS先进封装，我们认为近期有如下几点催化：\n　　1）根据公司公告，盛合晶微IPO已于2025年10月30日被上海证券交易所科创板受理，正在审核阶段，并于2026年1月7日进行了一轮问询函回复。盛合晶微为国内先进封装头部企业，近期市场对其关注度进一步提升。\n　　2）台积电先进封装持续满载，根据Trendforce，台积电正规划将8吋晶圆厂转做先进封装，在AI需求驱动下，全球先进封装产能持续处于紧俏状态。\n　　3）先进制程产能是国产算力芯片的重要瓶颈，近期国内先进制程产能正积极扩产，国产算力芯片供给有望提升，由于晶圆产能需与先进封装产能相配合，有望同步带动先进封装需求提升。\n　　▍当前或进入新一轮封装涨价的起点：\n　　封测环节受到上游基板和引线框架涨价影响（背后为金、铜等金属价格上涨），开始向下游传导，目前主要还是以顺价为主，但部分体量相对较小、稼动率高的厂商具有更高的涨价空间，从而有望带来净利率提升，我们认为当前或为新一轮封测提价的起点。\n　　▍存储封测出现涨价：\n　　根据台湾经济日报，台系厂商由于存储封测订单涌进，开始调升存储封测价格，涨幅可达三成，我们认为当前存储价格上涨对配套封测环节利润率有正向影响。\n　　▍未来关注CPO（光电合封，Co-packaged Optics）相关封装机会：\n　　CPO有望成为AI数据中心的重要技术路线，其工艺核心是将光芯片（PIC）和电芯片（EIC）异质整合，需要封装厂具备D2W混合键合能力。\n　　▍风险因素：\n　　行业景气度低于预期，市场竞争加剧，技术进展不及预期，国际贸易摩擦超预期加剧\n　　▍投资策略：\n　　我们认为当前有望进入新一轮封装涨价的起点，且在国产算力需求牵引下先进封装的市场关注度有望提升。我们建议当前核心围绕先进封装和存储封装环节进行布局。\n新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：凌辰","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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