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Headlines
Applied Materials raised its stake in Besi to approximately 20%, accelerating consolidation in advanced packaging equipment.
Samsung and SK Hynix have scheduled mass production and delivery of 8-layer HBM4 for NVIDIA in Q2 next year.
According to JWEI Research, memory sales fell 20%–30% in October, with localized price inversion.
CICT set a new record with 3.2 Pb/s multi-core optical fiber transmission, validating 1.2 Tb/s optical modules.
Chuanchuan Technology posted a 103.92% YoY rise in Jan–Sep net profit; Nexchip’s Q3 non-recurring net profit jumped 697.53%.
In-depth Analysis
Optical Communications & Optical Chips: CICT achieved a single-fiber capacity 32 times higher than commercial G.652 fiber, validating the multi-core fiber capacity expansion roadmap. Tengjing Technology ships passive components for 800G/1.6T in volume, and Eoptolink is ramping up 1.6T shipments rapidly. Lumentum surged over 8% on US markets.
Advanced Packaging & Testing: Applied Materials raised its stake in Besi to roughly 20%, as equipment vendors expand into hybrid bonding. Qiangyi Co., Ltd. completed qualification and moved its 2.5D MEMS probe cards into mass production, with Jan–Sep net profit up 49.12%. Chuanchuan Technology reported revenue of RMB 5.942 billion and net profit of RMB 1.765 billion. No fresh updates on ABF substrates or build-up films today.
SiC & Power Semiconductors: Taiji Semiconductor plans to invest RMB 300 million in a high-power device industrial base to expand high-end packaging and testing capacity. No new updates on SiC pricing or automotive-grade adoption.
Memory & Compute Chips: 8-layer HBM4 will be delivered to NVIDIA in Q2 next year, while 12-layer remains the mainstream variant this year. Dongxin Semiconductor posted Q3 net profit of RMB 830 million, up 59% quarter-on-quarter. ChangXin Memory guides Q3 profit of RMB 53.4–54.9 billion. Sluggish channel memory sales and price inversion diverge from rising contract prices. Apple will equip the iPad mini with the A20 Pro chip, and iPhone Duo orders have been lifted by 30%.
Equipment & Materials: Chuanchuan Technology’s operating cash flow jumped 1114.71%. Nexchip recorded Q3 non-recurring net profit of RMB 191 million (+697.53%), running mature nodes at full capacity. No new pricing announcements for photoresist or silicon wafers today.
Wafer Foundry: Nexchip generated Jan–Sep revenue of RMB 9.310 billion (+14.52%). SMIC and Hua Hong released no new filings. Earnings reports from Samsung and SK Hynix this week will verify industry momentum.
Policy & Macro: The 15th Five-Year Plan for National Informatization targets the completion of a new-generation communication network by 2030. Central banks of the US, Europe and Japan hold policy meetings this week.
Daily Investment Tips
1. Consolidation and order delivery in advanced packaging equipment and testing represent the most definitive thematic trend. The AMAT-Besi deal signals that front-end equipment vendors are accelerating into bonding. Watch for standalone breakthroughs in domestic probe cards, testers and hybrid bonding.
2. For memory, watch the divergence of “rising contract prices vs. stagnant spot market”: channel sales are down 20%–30% with price inversion. If this persists in Q4, memory module players face rising inventory impairment risks, while vendor contracts and HBM remain resilient.
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