Recently, the AI computing power race has really pushed HBM (High Bandwidth Memory) into the spotlight. NVIDIA's H200 chip equipped with HBM technology achieves ultra-high bandwidth through 3D stacking and has become an essential component for training large models. How strong is the demand growth? It’s moving exponentially upward.

Honestly, this is not just a simple technological iteration but a very clear industry opportunity. The story of domestic substitution is easy to tell, but the key is supported by real performance growth. Major funds have already deeply布局, and the炒作逻辑 has shifted from vague "concept hype" to real "profit from segmented links."

Breaking it down, there are several particularly noteworthy links in this industry chain:

First is the upstream core manufacturing and packaging/testing segment. This part bears the highest technical barriers and is the most densely valued part of the supply chain. Whoever can secure a position here will hold the discourse power. Key material supplies and cooperation with international giants are decisive at this level.

Second is the supporting equipment and materials. Testing equipment and packaging materials, which seem like supporting roles, actually directly determine whether production capacity can keep up. Once HBM orders ramp up, the utilization rates of these segments will directly increase, with significant performance elasticity.

Third is the advanced packaging process itself. TSV (Through-Silicon Via) technology is the "vascular system" for achieving 3D stacking; without it, the entire stacking process cannot proceed. There are also new technological directions like TGV (Glass Via). Although not mainstream yet, breakthroughs could trigger a new wave of industry revaluation.

From the market rhythm perspective, the HBM market has entered the second stage. The first stage was concept hype and technical validation, which is now over. The second stage is actual capacity release and performance realization. In this phase, "order visibility" and "technological barriers" are particularly critical indicators. High order visibility indicates demand is certain, and high technological barriers mean competitors cannot replace the technology in the short term.

From a broader perspective, the global AI arms race has just begun. Companies in the Chinese industry chain with "positioning" advantages are just starting to be revalued. In the short term, focus on utilization rates and order delivery; in the long term, whether they can achieve technological breakthroughs is key. This is the true long-term logic.