SK Hynix and Intel collaborate to advance! The bottleneck in advanced packaging capacity is expected to ease. Investors ahead of time have accumulated multiple stocks (list)

Two major semiconductor giants have reportedly made big announcements!

SK Hynix teams up with Intel to test EMIB technology

According to media reports citing overseas sources, as TSMC’s CoWoS (chip-on-wafer-on-substrate) packaging capacity continues to be in short supply, South Korea’s memory chip giant SK Hynix is working with Intel to carry out R&D on 2.5D packaging technology.

The report says SK Hynix is considering adopting Intel-developed 2.5D packaging technology, “Embedded Multi-Die Interconnect Bridge (EMIB).” The company is currently conducting tests to combine HBM and system semiconductors with Intel-provided EMIB embedded substrates, and has also kicked off research on the supply of raw materials required for EMIB mass production.

Insiders say Intel’s proactive marketing strategy for EMIB, together with current supply-and-demand dynamics in the AI packaging market, is expected to help the technology become an important part of the AI packaging supply chain. Google and SK Hynix have both shown interest in EMIB in succession, signaling that Intel’s market penetration in advanced packaging is making concrete progress, and also opening up a new revenue stream for this chip giant that is undergoing a strategic transformation.

In another report, it is said that Intel is in ongoing discussions with at least two major customers regarding its advanced packaging services. Google and Meta are expected to become potential adopters in future designs, and NVIDIA’s next-generation Feynman architecture GPU may also adopt EMIB advanced packaging technology.

A highly promising alternative to CoWoS

TSMC’s CoWoS technology is currently the mainstream solution for AI chip 2.5D packaging, but as the AI arms race intensifies, persistent capacity bottlenecks have become one of the core pain points constraining the AI chip supply chain.

It is understood that EMIB falls under the category of 2.5D packaging technology. It is Intel’s independently developed 2.5D packaging technology that embeds small, high-density silicon bridge chips into an organic packaging substrate, providing high-bandwidth, low-latency, low-power interconnects between adjacent Dies without using a full-silicon interposer layer. This can significantly reduce costs and improve design flexibility.

Guojin Securities describes EMIB as “the horizontal high-speed highway of the era of AI’s large computing power”—by enabling Chiplet interconnects with high bandwidth and low cost through embedded silicon bridges, it avoids cost constraints caused by large-area silicon interposers.

（Source: Guojin Securities research report）

Advanced packaging and testing are entering a period of opportunities for domestic substitution and technological upgrades

Data from market research firm Yole shows that advanced packaging has become a core driver of growth in the semiconductor market. It is expected to exceed 79.4 billion by 2030, with a compound annual growth rate of 9.5% from 2024 to 2030. Demand for AI and high-performance computing is the main driving force.

In a research report earlier, Shanghai Securities pointed out that AI has generated demand for ultra-large packaging, and ASICs are expected to shift from CoWoS to EMIB technology. In addition to the fact that most of CoWoS’s capacity is long occupied by NVIDIA GPUs and other customers are being squeezed out, packaging size and U.S. manufacturing demand have also prompted North American CSPs such as Google and Meta to begin actively engaging with Intel on EMIB solutions.

Huaxin Securities also believes that chip packaging is evolving from a back-end process into a core front-end bottleneck that determines system performance.

According to Hualong Securities, as Moore’s Law approaches physical and economic limits, the path of simply improving performance through process miniaturization is no longer sustainable. Technologies represented by Chiplet (chiplets) and advanced packaging (such as CoWoS) achieve system-level performance breakthroughs through heterogeneous integration, and have become a key engine for sustaining the development of computing power. This greatly increases the strategic value of the packaging and testing segment.

“Against the backdrop of geopolitics, China’s mainland packaging and testing industry, with a relatively higher degree of self-controllability, is now entering a strategic window for domestic substitution and technological upgrades.”

Multiple concept stocks received aggressive buying from financing clients this month

According to Eastmoney’s concept sector data, currently there are more than 30 A-share stocks related to the advanced packaging concept, with a combined total market value exceeding 2 trillion yuan. Cambricon’s scale is far ahead, with Shenghe Jingwei in second place at nearly 270 billion yuan. Baowei Storage, Chipsino Corporation, and Lianxun Instruments all have market values exceeding 100 billion yuan.

From the beginning of the year to date, about 90% of advanced packaging concept stocks have recorded share price gains. In addition to Lianxun Instruments, Hongshida, and Shenghe Jingwei being three newly listed stocks, Baowei Storage and Vogt Optoelectronics’ share prices have both doubled. Chipsino Corporation and Heshun Petroleum, which plans to cross-sector acquire Kexin Technology, have both surged by more than 90%. Feikai Materials, Tongfu Microelectronics, Yongxi Electronics, and Changdian Technology—all 8 stocks—have each risen by more than 50% within the year.

Since May, the advanced packaging sector has shown strong performance. Only Chipsino Corporation has fallen by 4.8%; the price performance of other concept stocks has risen. Hongshida and Shenghe Jingwei have surged by 48% and 40%, respectively. Tiancheng Technology, Jintuo Shares, Feikai Materials, Changdian Technology, and Heshun Petroleum have all risen within the month by between 20% and 30%.

In terms of funds, Eastmoney Choice data shows that during the month, 11 advanced packaging concept stocks received net financing purchases of more than 50 million yuan. Cambricon was “swept” by financing clients, with net financing of 2.03 billion yuan. Baowei Storage, Tongfu Microelectronics, and Changdian Technology received 708 million, 518 million, and 481 million yuan, respectively, as financing bought aggressively. Chipsino Corporation, Huarun Micro, Huadian Technology, and Yongxi Electronics all recorded net financing amounts between 180 million and 360 million yuan.

In its financial report, AI chip leader Cambricon said that the company will strengthen core technologies through independent R&D, carry out research on key advanced packaging technologies for large-model demand, build a specialized advanced packaging technology platform, and flexibly and efficiently adapt to the packaging needs of different scenarios with differentiated products, thereby consolidating the company’s long-term competitiveness in the intelligent chip sector.

Tongfu Microelectronics is AMD’s core packaging and testing supplier. Both sides focus on improving AI and high-computing-power packaging and testing capabilities, accelerating the development of 3nm advanced process products and building advanced packaging capabilities.

Changdian Technology recently said at an earnings briefing that in 2026 the company has increased its fixed asset investment budget to 10 billion yuan, mainly for advanced packaging production line construction and expansion of mainstream packaging capacity.

Since its founding, Yongxi Electronics has focused on the advanced packaging segment within the integrated circuit packaging and testing business. The company has continued to increase R&D investment in advanced packaging, has actively planned new product lines including 2.5D/3D, Bumping, CP, wafer-level packaging, FC-BGA, and automotive electronics, and has continued to enhance its product layout and customer service capabilities.

（Source: Eastmoney Research Center）