According to the CITIC Securities Research Report, we are optimistic about the future trend where the performance of high-end chips will continue to improve under the AI industry wave. Among them, the application of glass substrates is expected to become one of the core solutions. Currently, we believe that glass-based carrier boards have both high trend certainty and market elasticity, and are expected to take the lead in mass production and become an important direction for future advanced packaging upgrades, and the gradual implementation of solutions such as glass intermediates may further expand the potential space for glass substrate applications. Currently, customer demand is urgent, and many major industrial companies have already entered the layout, and the commercialization process is expected to accelerate. We are optimistic about the development and investment opportunities of glass substrates. We recommend focusing on the beneficial opportunities of each link and clarifying manufacturers: 1) midstream manufacturing, technical capabilities, customer cards, and relatively leading companies in product development; 2) upstream materials and equipment, product iterative upgrades, and broad domestic replacement space. It is recommended to focus on the following directions: original glass; TGV perforation; electroplating; PVD; exposure; CMP. If glass intermediates are applied on a large scale in the future, the companies mentioned above will also have opportunities to benefit. At the same time, we also see significant growth opportunities in technology such as glass carriers and glass bridges.

According to the CITIC Securities Research Report, we are optimistic about the future trend where the performance of high-end chips will continue to improve under the AI industry wave. Among them, the application of glass substrates is expected to become one of the core solutions. Currently, we believe that glass-based carrier boards have both high trend certainty and market elasticity, and are expected to take the lead in mass production and become an important direction for future advanced packaging upgrades, and the gradual implementation of solutions such as glass intermediates may further expand the potential space for glass substrate applications. Currently, customer demand is urgent, and many major industrial companies have already entered the layout, and the commercialization process is expected to accelerate. We are optimistic about the development and investment opportunities of glass substrates. We recommend focusing on the beneficial opportunities of each link and clarifying manufacturers: 1) midstream manufacturing, technical capabilities, customer cards, and relatively leading companies in product development; 2) upstream materials and equipment, product iterative upgrades, and broad domestic replacement space. It is recommended to focus on the following directions: original glass; TGV perforation; electroplating; PVD; exposure; CMP. If glass intermediates are applied on a large scale in the future, the companies mentioned above will also have opportunities to benefit. At the same time, we also see significant growth opportunities in technology such as glass carriers and glass bridges.