📊 TrendForceTrendForceCodex · 实盘不做把握 5/10
北京时间·🕒 发布 11:47:46时区推断·⟳ 抓取 11:47:56·⚡ 决策 08-04 11:55:17 +7m21s·84.2 天前
传力积电成为英特尔 EMIB 硅电容独家供应商，联电获硅桥订单动能
事件方向对力积电（6770.TW）和联电（2303.TW）偏正面：报道称力积电切入英特尔 EMIB-T 硅电容并成为关键独家供应商，联电制造 EMIB 硅桥。
📄 原文TrendForce↗ 原文
[News] PSMC Reportedly Becomes Intel’s Exclusive EMIB Silicon Capacitor Supplier; UMC May See Order Boost Intel’s EMIB-…
不做 力积电（6770.TW）
方向偏正面但不做：本条是二手媒体报道且未披露 Intel 订单金额、ASP 或利润弹性，扩产信息部分已在上月法说会出现；信号到达时台股已盘中近三小时，主题已有同日扩散，当前不具备清晰未定价 edge。
不做 联电（2303.TW）
方向偏正面但不做：硅桥订单逻辑成立但未披露金额或占联电营收比例，联电市值与收入基数较大，单一 EMIB 硅桥传闻不足以支撑盘中追多。
不做 联电 ADR（UMC.US）
不做：UMC.US 是联电同源 ADR，但美股下次开盘前台股本地市场会先完成反应；在本地反应未知且订单量级未披露时，ADR 隔夜追随没有独立 edge。
不做 爱普科技（6531.TW）
不做：爱普科技虽与硅电容/IPD 主题相关，但当前报道没有点名其获得 Intel 订单，且“力积电独家供应”反而削弱其作为同向受益腿的确定性。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 2026-08-04财经媒体扩散Economic Daily News非一手TrendForce 称原始消息来自《经济日报》，核心内容是力积电进入 Intel EMIB-T 供应链、联电承接硅桥订单需求；未拿到一手公告时间。
- 内部库命中同日转述，强调 EMIB-T 成本低于 CoWoS、2027 年量产与良率接近 90%，说明主题已有英文圈扩散。
- TrendForce 发布英文报道并二次整理力积电硅电容、联电硅桥和 EMIB-T 先进封装逻辑；非公司公告或 Intel 官方订单。市场反应:台股此时已连续交易，行情工具未取得实时台股价，只能看到 2026-08-03 日线。
关键理由
- 事件方向对力积电（6770.TW）和联电（2303.TW）偏正面：报道称力积电切入英特尔 EMIB-T 硅电容并成为关键独家供应商，联电制造 EMIB 硅桥。
- 量级仍缺关键数字：报道披露的是产能规划和订单需求强劲，但没有 Intel 订单金额、单价、毛利或占力积电/联电营收比例，难以给出可回测正期望。
- 内部定量库确认 EMIB-T 已从 2025 年导入、2026 年起放量，且 Intel Foundry 对外第三方封测收入基数仅约 3.07 亿美元，但这说明产业方向成立，不等于本条报道对两家公司仍有新增未定价 alpha。
主要风险
- TrendForce 明示信息来自《经济日报》和 WccfTech，且力积电扩产计划部分来自上月法说会，当前更像供应链题材再扩散而非一手新订单公告。
- 台股收到时已是 2026-08-04 11:47 台北盘中，力积电和联电近 20 日均经历多次涨跌停式波动，若早盘已按同一消息交易，盘中再追的执行 edge 不清。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-08-04 · 影响 weakens
未命中力积电本次订单金额或收入占比，反而显示公开可核的是产能满载与扩产叙事，量级不足以支撑直接追多。
检索:力积电 Intel EMIB 硅电容 IPD 产能 营收 占比 - 做多前查反向 · 来源 kb_search · 日期 2026-08-04 · 影响 weakens
未命中联电硅桥订单金额、客户收入占比或利润弹性；对联电这种大盘成熟制程公司，未量化订单较难形成短线重估。
检索:联电 Intel EMIB 硅桥 订单 产能 营收 占比 - 做多前查反向 · 来源 kb_search · 日期 2026-08-04 · 影响 weakens
同日已有 EMIB-T 成本和良率主题转述，说明产业逻辑正在扩散，降低了盘中后到信号的新鲜度。
检索:Intel EMIB-T 先进封装 costs 50% less CoWoS 90% yield 原文 ↗ - 做多前查反向 · 来源 price_snapshot · 日期 2026-08-03 · 影响 weakens
力积电近 20 日 -24.66%、联电近 20 日 -28.92%，但两者期间多次涨跌停式波动，显示主题拥挤和波动很高，不能把低位当成做多理由。
检索:PSMC UMC 6770.TW 2303.TW recent price snapshot price-in
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原文全文
展开原文 · 2,480 字
[News] PSMC Reportedly Becomes Intel’s Exclusive EMIB Silicon Capacitor Supplier; UMC May See Order Boost
Intel’s EMIB-T advanced packaging ecosystem is driving strong order momentum across its supply chain. According to Economic Daily News , Powerchip Semiconductor Manufacturing Corp. (PSMC) has entered Intel’s EMIB-T supply chain through its 12-inch integrated passive device (IPD) platform, becoming the exclusive supplier of Intel’s key silicon capacitors. The report says PSMC’s existing capacity has been fully booked, driving capacity expansion. Meanwhile, UMC is also seeing strong order demand as it manufactures the silicon bridges for Intel’s EMIB.
Amid robust demand, PSMC plans to expand monthly silicon capacitor capacity to 5,000 8-inch wafers and 8,000–10,000 12-inch wafers in the second half of next year, while also evaluating additional fab space, as the company said during its earnings call last month, according to Economic Daily News .
As the report indicates, unlike conventional multilayer ceramic capacitors (MLCCs), silicon capacitors can be integrated directly into the package, shortening power delivery paths and improving power integrity. As AI GPUs, ASICs, and high-speed networking chips continue to demand higher power, silicon capacitor demand is expected to grow accordingly, becoming a key growth driver for PSMC’s specialty process business while supporting a higher-value product mix and improved profitability.
UMC Strengthens Its Position in Intel’s EMIB Supply Chain
Meanwhile, UMC has entered Intel’s EMIB supply chain by leveraging its mature 12-inch process to manufacture the silicon bridges in EMIB substrates. Sources say UMC currently manufactures these components at its 12-inch fabs in Taiwan and Singapore for Intel and its partners. As noted by Economic Daily News, EMIB embeds small silicon bridges in the package substrate, which may help ease CoWoS capacity constraints by reducing reliance on large interposers. Wccftech adds that EMIB-T is about 50% less expensive than TSMC’s CoWoS, while Intel expects to begin high-volume deployment in 2027 with package yields already nearing 90%.
Read more
[News] TSMC Reportedly Develops EMIB-like Packaging with Kinsus to Prevent Potential Customer Shift to Intel
[News] MediaTek Advances 400G SerDes on 2nm, Targeting Google TPU v10 and Meta AI ASIC Orders
(Photo credit: PSMC)
Please note that this article cites information from Economic Daily News and Wccftech .
Intel’s EMIB-T advanced packaging ecosystem is driving strong order momentum across its supply chain. According to Economic Daily News , Powerchip Semiconductor Manufacturing Corp. (PSMC) has entered Intel’s EMIB-T supply chain through its 12-inch integrated passive device (IPD) platform, becoming the exclusive supplier of Intel’s key silicon capacitors. The report says PSMC’s existing capacity has been fully booked, driving capacity expansion. Meanwhile, UMC is also seeing strong order demand as it manufactures the silicon bridges for Intel’s EMIB.
Amid robust demand, PSMC plans to expand monthly silicon capacitor capacity to 5,000 8-inch wafers and 8,000–10,000 12-inch wafers in the second half of next year, while also evaluating additional fab space, as the company said during its earnings call last month, according to Economic Daily News .
As the report indicates, unlike conventional multilayer ceramic capacitors (MLCCs), silicon capacitors can be integrated directly into the package, shortening power delivery paths and improving power integrity. As AI GPUs, ASICs, and high-speed networking chips continue to demand higher power, silicon capacitor demand is expected to grow accordingly, becoming a key growth driver for PSMC’s specialty process business while supporting a higher-value product mix and improved profitability.
UMC Strengthens Its Position in Intel’s EMIB Supply Chain
Meanwhile, UMC has entered Intel’s EMIB supply chain by leveraging its mature 12-inch process to manufacture the silicon bridges in EMIB substrates. Sources say UMC currently manufactures these components at its 12-inch fabs in Taiwan and Singapore for Intel and its partners. As noted by Economic Daily News, EMIB embeds small silicon bridges in the package substrate, which may help ease CoWoS capacity constraints by reducing reliance on large interposers. Wccftech adds that EMIB-T is about 50% less expensive than TSMC’s CoWoS, while Intel expects to begin high-volume deployment in 2027 with package yields already nearing 90%.
Read more
[News] TSMC Reportedly Develops EMIB-like Packaging with Kinsus to Prevent Potential Customer Shift to Intel
[News] MediaTek Advances 400G SerDes on 2nm, Targeting Google TPU v10 and Meta AI ASIC Orders
(Photo credit: PSMC)
Please note that this article cites information from Economic Daily News and Wccftech .
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