【中信证券：先进封装持续迭代升级，玻璃基板大有可为】中信证券研报称，我们看好未来在AI产业浪潮下高端芯片性能持续提升的趋势，其中玻璃基板的应用有望成为核心解决方案之一。当前我们认为玻璃基载板兼具趋势高确定性和市场弹性，有望率先量产落地，成为未来先进封装升级的重要方向，而玻璃中介层等方案的逐步落地，或进一步扩充玻璃基板应用的潜在空间。当前客户需求迫切，且众多产业大厂均已切入布局，商业化进程有望提速，我们重点看好玻璃基载板的发展及投资机会，建议重点关注各环节受益机会明确厂商：1）中游制造环节，技术能力、客户卡位、产品开发相对领先的公司；2）上游材料及设备环节，产品迭代升级幅度大、国产替代空间广阔的产业环节，建议关注以下方向，玻璃原片；TGV成孔；电镀；PVD；曝光；CMP。未来若玻璃中介层大规模应用，上述环节公司亦存在切入受益机会，同时我们也看到玻璃载体、玻璃桥等技术方向亦有较大增长放量机会。
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