壹周要闻

Advanced Packaging Signals Near-Full Utilization and Capacity Expansion: ASEH Raises 2026 LEAP Revenue Target to Over USD 4bn and Capex to USD 11.5bn

On October 29, ASE Technology Holding Co., Ltd. (ASEH) held its Q3 2026 earnings call and raised both its LEAP business outlook and full-year capital expenditure. Key points include:

• ●LEAP Revenue Target: ASEH raised its 2026 LEAP revenue target from USD 3.7bn to over USD 4bn and maintained its target to double LEAP revenue in 2027.
• ●Capacity Utilization: Overall LEAP capacity is near full utilization, with demand continuing to exceed supply, making further expansion necessary.
• ●Capital Expenditure: ASEH raised 2026 capex from USD 10.5bn to USD 11.5bn, its third increase this year. Of the additional USD 1bn, USD 500mn will be used for facilities and USD 500mn for equipment purchases.
• ●Investment Mix: About 60% of equipment investment will be allocated to LEAP projects, with the remaining 40% directed to mainstream operations.
• ●Adjacent Businesses: Full-process business revenue is expected to reach about USD 300mn in 2026 and exceed USD 1bn in 2027. Co-packaged optics (CPO) entered volume production in Q4 2026, with 2027 revenue expected to exceed USD 500mn and included in LEAP revenue.

ASEH sits at the advanced packaging and testing stage, a key bottleneck in the AI compute supply chain:

• ▲Upstream: Packaging substrates (ABF substrates), bonding equipment, epoxy molding compound (EMC), load boards and test fixtures; capacity expansion directly drives equipment and materials procurement.
• ▼Midstream: ASEH provides advanced packaging and testing services supporting CoWoS, SoIC and similar platforms. As a global OSAT leader, ASEH uses LEAP as the reporting category for its leading-edge assembly and packaging business.
• ●Downstream: AI chip designers including Nvidia, AMD and Broadcom; advanced packaging capacity directly affects the pace of AI chip shipments.

The impact is expected to cascade through the supply chain as follows:

• ■Packaging & Testing: Near-full LEAP utilization and the higher revenue target indicate stronger-than-expected AI chip packaging demand. With capex raised three times this year, packaging and testing is shifting from a back-end support function to a critical bottleneck for AI compute delivery.
• ■Capacity Constraints: Manufacturing space is currently the biggest bottleneck. Cleanroom construction cycles are longer than chip-design iteration cycles, making advanced packaging tightness difficult to ease in the near term and shifting pricing power toward packaging and testing providers.
• ■Upstream Equipment & Materials: Of the additional capex, USD 500mn is earmarked for equipment, with about 60% of equipment investment going to LEAP, supporting demand for bonding equipment, substrates and test equipment.
• ■Technology Evolution: CPO entered volume production in Q4 2026 and is expected to generate more than USD 500mn in revenue in 2027, moving co-packaged optics from concept to commercialization and opening a new path for next-generation AI interconnects.
• ■Customs Perspective: Tightening import and export controls on advanced packaging equipment and packaging substrates are making cross-border capacity deployment and equipment customs-clearance efficiency key variables in delivery schedules.

Update 1 | CXMT Q3 Revenue Reaches RMB 118.7bn, Up 19.3% QoQ; Quarterly Gross Margin at 89.53%, 9M Revenue Up 738% YoY

On October 30, CXMT Corporation released its Q3 2026 report, with a strong memory market continuing to drive scale expansion. Key figures include:

• ●Quarterly Revenue: Q3 revenue was approximately RMB 118.714bn, up about 19.30% QoQ.
• ●Quarterly Profit: Net profit was approximately RMB 88.983bn, up 19.38% QoQ; net profit attributable to shareholders was approximately RMB 54.435bn, up 3.01% QoQ; and net profit excluding non-recurring items was approximately RMB 55.237bn, up 5.31% QoQ.
• ●Profitability: Q3 gross margin was approximately 89.53%, up about 1.94 percentage points from the previous quarter.
• ●9M Results: Revenue reached RMB 269.024bn, up 738.51% YoY; net profit attributable to shareholders reached RMB 132.04bn, up 2,600.77% YoY.
• ●R&D Investment: R&D spending totaled RMB 11.071bn in the first nine months, as the company continued to increase investment in R&D.

CXMT is a leading domestic DRAM manufacturer, with scale expansion transmitting through the supply chain:

• ▲Upstream: Domestic supply chains for memory manufacturing equipment, including etching, thin-film deposition and hybrid bonding, as well as silicon wafers and photoresists; capacity expansion is driving equipment and materials orders.
• ▼Midstream: CXMT DRAM wafer manufacturing, with the G5 platform in volume production and 4F² architecture development advancing; the company ranks as the worlds fourth-largest DRAM manufacturer.
• ●Downstream: AI servers, data centers, smartphones and PCs, with DDR5 and LPDDR5X demand continuing to ramp.

• ■Q3 revenue reached RMB 118.714bn, up 19.30% QoQ, while 9M revenue reached RMB 269.024bn, up 738.51% YoY, taking the domestic memory leader above the RMB 100bn quarterly revenue threshold.
• ■Q3 gross margin reached 89.53%, up 1.94 percentage points QoQ, as higher memory prices and product-mix upgrades lifted profitability.
• ■Q3 net profit attributable to shareholders rose only 3.01% QoQ and net profit excluding non-recurring items rose 5.31% QoQ, both well below revenue growth, making marginal changes in costs and product mix worth monitoring.
• ■Customs Perspective: Rising volumes and prices in memory-chip imports and exports are making HS classification, customs value determination and port inspection turnaround times key variables in the memory supply chain.

Update 2 | NAURA 9M Revenue Reaches RMB 31.467bn as Orders Continue to Grow and Equipment Platform Extends into Advanced Packaging

On October 30, NAURA Technology Group released its Q3 2026 report, with equipment orders continuing to expand and its multi-category platform strategy advancing. Key points include:

• ●9M Revenue: Revenue for January-September 2026 reached RMB 31.467bn, up 15.26% YoY, driven by rapid AI-led growth in global semiconductor demand and continued industry strength, which expanded the companys order book.
• ●Quarterly Performance: Q3 revenue reached RMB 11.306bn, up 1.31% YoY and 14.91% QoQ; net profit attributable to shareholders was RMB 2.022bn, up 5.18% YoY and 16.52% QoQ.
• ●Product Portfolio: NAURAs IC equipment portfolio covers core categories including etching, thin-film deposition, thermal processing, wet cleaning, ion implantation, and photoresist coating and development, with its platform capabilities continuing to broaden.
• ●Inorganic Expansion: On October 15, NAURA announced plans to acquire 100% of Nuohe Jianwei for RMB 405mn. The target company has alignment control, compensation algorithms and precision motion-control technologies for hybrid bonding equipment, filling a gap in NAURAs advanced packaging equipment portfolio.
• ●Timing Watch: Q3 revenue growth of 1.31% YoY lagged the 15.26% growth for the first nine months, although sequential growth remained positive; equipment acceptance and revenue-recognition timing warrant continued monitoring.

NAURA operates at the semiconductor equipment manufacturing stage, with a platform portfolio spanning major wafer-fabrication processes:

• ▲Upstream: Core components such as RF power supplies, electrostatic chucks and precision motion-control systems; some high-end categories still rely on imports, while domestic substitution continues to advance.
• ▼Midstream: NAURA manufactures complete equipment for etching, thin-film deposition, thermal processing, cleaning, ion implantation, and photoresist coating and development, while extending into advanced packaging tools such as hybrid bonding equipment.
• ●Downstream: Mature-node and advanced-node fab expansions, where equipment delivery schedules directly affect when new capacity comes online.

• ■Expanding orders supported 15.26% YoY revenue growth in the first nine months. A broader multi-category platform is increasing the coverage of domestic equipment across fab production lines, moving from single-tool breakthroughs toward systematic equipment support.
• ■The proposed acquisition of Nuohe Jianwei would extend NAURAs capabilities into hybrid bonding and align its equipment portfolio with advanced packaging demand for HBM, Chiplets and other AI chips, positioning domestic equipment early in a new growth segment.
• ■Q3 revenue growth slowed to 1.31% YoY, highlighting equipment acceptance and revenue-recognition timing as a key variable in converting domestic equipment orders into reported revenue.
• ■Customs Perspective: Import dependence remains high for core components. HS classification, applicability of duty and tax exemptions, and bonded-repair arrangements directly affect equipment vendors delivery costs and lead times.

• 1

  U.S. AI Hardware Supply Chain Sells Off Sharply; PHLX Semiconductor Sector Index (SOX) Falls 12.25% as All 30 Constituents Decline

  Event: On November 5 local time, the U.S. AI hardware supply chain saw a broad selloff. The Nasdaq Composite fell more than 5.5%, while the PHLX Semiconductor Sector Index (SOX) closed down 12.25% with all 30 constituents lower. Astera Labs fell 19.62%, MACOM 18.35%, Credo 17.71%, AMD 17.26%, Marvell Technology 16.43% and Applied Materials 13.58%, as chips, memory, semiconductor equipment and optical communications all weakened.

  Positioning: Global semiconductor capital markets; the PHLX Semiconductor Sector Index (SOX) is a key barometer for global chip stocks.

  Impact: The AI compute sector saw concentrated profit-taking after a strong run-up, intensifying debate over the payback cycle for AI capital expenditure. Higher chip-stock volatility is making private-market financing and capacity-expansion decisions more cautious. The near-term sentiment shock does not change industry fundamentals, but valuation-reset pressure is spreading across the supply chain.

  Sources: Sina Finance; 10jqka index data (Nov. 5 close); Tencent News
• 2

  Samsung to Use 2nm at Second Taylor Fab for AMD and Nvidia HBM Base Dies; Construction to Begin This Month

  Event: On November 3, Reuters and South Korean media reported that Samsung Electronics plans to use its second foundry fab in Taylor, Texas, to produce high-bandwidth memory (HBM) base dies for AMD and Nvidia using its 2nm advanced process. Construction is expected to formally begin this month. Planned capacity has reportedly been fully booked by customers, with most orders coming from AMD, and the site covers approximately 2.7mn square feet.

  Positioning: HBM base-die manufacturing, leveraging Samsungs U.S.-based 2nm advanced-node capacity.

  Impact: HBM base-die capacity is shifting toward U.S.-based production, with Samsung using 2nm "Made in America" capacity to serve AMD and Nvidia orders. The HBM supply chain is becoming more regionalized, advanced nodes are increasingly tied to HBM, and the need for greater domestic autonomy in Chinas HBM supply chain is rising.

  Sources: Jiemian News; Reuters; TrendForce (Nov. 4); CFM Flash Market
• 3

  EU Announces EUR 525mn in Grants for Chip Startups to Narrow Gap with U.S. and China

  Event: On November 6, the European Union announced EUR 525mn in grant funding for chip startups to help them scale more quickly. Reuters said the measure is part of the EUs effort to develop Europes semiconductor industry and narrow the gap with the United States and China.

  Positioning: European semiconductor industrial policy and startup financing.

  Impact: Europe is using fiscal support to back chip startups and address gaps in manufacturing and design. Global competition in semiconductor industrial policy and subsidies is intensifying, while the overseas market and technology-cooperation environment for Chinese semiconductor companies is becoming more complex.

  Sources: SEMI China; Reuters
• 4

  ADI Completes Acquisition of Alif Semiconductor, Expanding Edge AI and MCU Capabilities

  Event: On November 4, Analog Devices (ADI) announced the completion of its acquisition of Alif Semiconductor. Combining ADIs strengths in sensing and signal processing with Alifs embedded AI and MCU technologies strengthens ADIs portfolio in edge AI and low-power computing.

  Positioning: Analog semiconductors and edge AI computing, spanning MCUs and embedded AI.

  Impact: The analog semiconductor leader is using M&A to strengthen its edge AI capabilities, accelerating consolidation across edge computing and on-device AI. As AI expands from the cloud to the edge, low-power MCUs and embedded AI are becoming new competitive focal points.

  Sources: EEWorld; ADI announcement
• 5

  Mitsui Chemicals Plans JSR Acquisition for Over JPY 1.3tn, Potentially Japans Largest-Ever Chemical-Sector Deal

  Event: On November 4, reports said Mitsui Chemicals plans to acquire semiconductor materials maker JSR from the government-backed Japan Investment Corporation (JIC) in a deal expected to exceed JPY 1.3tn (approximately USD 8.2bn / RMB 54.9bn). If completed, it would be the largest acquisition in the history of Japans chemical industry. JSR is the worlds second-largest photoresist supplier and holds a leading position in high-end materials such as EUV photoresists.

  Positioning: Semiconductor photoresist materials, a critical consumable for advanced-node manufacturing.

  Impact: Consolidation among Japanese materials suppliers is intensifying, raising concentration and pricing power in high-end photoresists. The urgency of domestic photoresist substitution in China is increasing, making materials supply-chain autonomy a key priority for advanced-node development.

  Sources: Sina Finance; Nikkei Chinese (Nov. 4); TrendForce (Nov. 5); 36Kr

Table 1 ASEH LEAP Business Targets and 2026 Capital Expenditure

Table 2 CXMT Q3 and 9M 2026 Results

Note: All data in this issue are drawn from companies official financial reports, earnings-call materials and public reports by authoritative financial media, with sources indicated. Institutional forecasts and business targets reflect company or institutional disclosures and do not constitute investment advice.