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SK Hynix resumes construction of its Dalian NAND Phase‑2 fab, expanding capacity by approximately 50% with commissioning scheduled for H1 next year, accelerating the memory capacity‑expansion cycle.
Vertilite’s RMB 5‑billion high‑end indium phosphide laser‑chip base settles in Changzhou. Yuanjie Tech plans a RMB 4.268‑billion capacity expansion for laser chips, marking intensive capital‑spending execution for optical‑chip localization.
JPMorgan raised its global memory‑market size forecast for 2026‑2028 to USD 1.82 trillion for 2028, projecting further tightening of supply‑demand balance in 2027.
TSMC approved a joint venture with Sony to develop next‑generation image sensors. TSMC will contribute approximately JPY 282 billion, and total project investment reaches around JPY 1 trillion.
Foxconn Industrial Internet posted H1 net profit of RMB 23.74 billion, surging 95.99% year‑on‑year. The Philadelphia Semiconductor Index rose 1.5 %, with ASML and KLA leading gains across the equipment segment.
In-depth Analysis
Optical Communications / Optical Chips: On August 11, Vertilite signed an agreement to locate its high‑end optical‑communication chip and device R&D‑and‑manufacturing base in Changzhou, with total investment of approximately RMB 5 billion. The project will focus on building R&D and mass‑production lines for high‑end indium phosphide (InP) laser chips. On the same day, Yuanjie Tech announced plans to invest RMB 4.268 billion in a semiconductor‑technology industrial park to expand capacity for high‑end laser chips. According to Luxshare‑Precision’s interim report, its optical‑module business generated revenue of RMB 626 million, surging 11‑fold year‑on‑year. Its SLP products have penetrated the high‑end 800G/1.6T market with volume shipments, while 3.2T products are under development. Jingsai Technology has achieved mass‑production readiness for 312.5 MHz ultra‑high‑frequency differential oscillators, advancing domestic substitution of crystal oscillators for high‑end optical modules. Shanghai’s 15th Five‑Year Plan lists CPO high‑speed optical interconnection as a core priority for intelligent‑computing hardware research.
Advanced Packaging: No major updates today. Previous news regarding CoWoS/FoCoS and ASE Group’s price hikes has been fully covered in prior briefings. Honsda reported notable growth in general‑semiconductor backlog driven by AI‑hardware and advanced‑packaging demand, sustaining prosperity in back‑end processes. JPMorgan estimates supply can only meet 70%‑80% of memory‑customer demand next year. As a bottleneck for HBM capacity expansion, advanced packaging remains in tight supply‑demand balance.
SiC / Third‑Generation Semiconductors: No major updates today. CCTC Electronics has confirmed robust GaN/SiC order books and high capacity‑utilization rates. Automotive‑grade adoption and substrate capacity expansion proceed as scheduled with no new catalysts.
Memory & Computing Chips: SK Hynix resumes construction of its Dalian NAND Phase‑2 fab, adding roughly 50,000 wafer starts per month. Combined with the Phase‑1 fab’s 100,000 monthly wafer starts, total local capacity will rise by about 50%. JPMorgan raised its memory‑market‑size forecast (USD 969 billion for 2026 → USD 1.44 trillion for 2027 → USD 1.82 trillion for 2028), though multiple investment banks warn that AI‑driven price hikes may moderate. TSMC approved a joint venture with Sony to develop next‑generation image sensors (TSMC contribution: approx. JPY 282 billion; total investment: approx. JPY 1 trillion; mass production targeted for 2029). Nation‑Technology announced price increases of 10%‑20% for selected products effective October 1.
Equipment & Materials: On August 11, the Philadelphia Semiconductor Index rose 1.5 %, led by ASML (+3.69 %) and KLA (+3.6 %). E Fund’s semiconductor‑equipment ETF saw net inflows for four consecutive days, with 489 million shares subscribed in a single session. Qiangrui Technology plans a RMB 1.05 billion private placement for liquid‑cooling components and precision parts for high‑end semiconductor equipment. Juhe Materials intends to contribute RMB 500 million to an industrial fund for semiconductor‑material exposure.
Policy / Macro Backdrop: Shanghai released the 15th Five‑Year Plan for the software and information‑service industry, planning 100,000‑card‑scale intelligent‑computing clusters. It promotes deep integration of home‑grown chips and mainstream large‑language models around core links including GPU/NPU, CPO and HBM. South Korea’s Q2 exports hit an all‑time high of USD 275.5 billion, rising 57.3 % year‑on‑year, driven mainly by semiconductors. Castle Securities stated that assets held by semiconductor leveraged ETFs have fallen to approximately USD 31 billion (‑42 % versus end‑June). Leverage reset is nearing completion, building rebound potential.
Daily Investment Tips
1. Optical‑chip localization has entered a phase of intensive capital‑spending execution, with Vertilite and Yuanjie Tech announcing capacity‑expansion projects totalling nearly RMB 10 billion. Coupled with tight supply of indium‑phosphide substrates, the upstream materials and laser‑chip segments merit close monitoring. Nevertheless, leading optical‑module players are undergoing corrections from elevated levels, resulting in heightened short‑term volatility.
2. The resumption of memory capacity expansion resonates with upward price‑forecast revisions by institutions. That said, warnings of “moderating price‑hike momentum” coexist with risks of pull‑backs from high valuations. It is advisable to focus on the equipment‑and‑materials segment with higher certainty. No new catalysts emerged for advanced packaging and SiC today; prior views remain unchanged.
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