According to the CICC research report, glass substrates are in the “0 to 1” stage. The core scenario is advanced packaging, which has high potential for growth. The world's leading manufacturers are generally in the pilot line construction, sample delivery, and customer verification stages. 2027-2028 is expected to be a key point for small-batch commercial use. At the same time, glass substrates are being opened simultaneously in the fields of CPO optoelectronics co-packaging, consumer electronics, communications, etc., and there is plenty of room for growth. The total space for glass substrates is nearly 50 billion yuan by 2030, and the long-term penetration rate is expected to reach 100 billion yuan. Device-side suggestions focus on two core investment paths: 1. Focus on the core incremental process: TGV equipment, high-precision high-density holes in the glass panel. Compared with TSV, the process omits the insulation layer and reduces the loss of high-speed signals; 2. It is recommended to focus on equipment with high value, high technical barriers, and low localization rates in equipment with improved glass characteristics and board level packaging characteristics: such as PVD, electroplating, exposure, and inspection. Among them, PVD and electroplating processes are complicated, accounting for about 40% of production line investment. High barriers in the electroplating process and the easy occurrence of hollow core holes have a great impact on the yield of the substrate, and the overall localization rate is still low.

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