Triumph Science & Technology Co Ltd

Nvidia is evaluating glass substrate packaging solutions and working with German equipment maker SCHMID and other companies to advance related equipment development. It also hopes panel makers in South Korea, Japan, and elsewhere can complete glass substrate development within two years. SCHMID disclosed in its earnings call that it is jointly developing glass substrate equipment with core companies in the supply chains of Nvidia, Intel, and AMD, but technical difficulties remain in the metallization step for through-glass vias, and customer certification has not yet been completed. According to TrendForce analysis, TSMC's CoPoS will focus on 310 by 310 millimeter substrate sizes in the near term. 2026 is a critical verification period for equipment and material suppliers, pilot production is expected in 2027, and formal mass production will begin in the second half of 2028. Li Wenqi, general manager of Shanghai Yibu Semiconductor, said TSMC originally planned to start mass production this year, but recent information shows it has been postponed to 2028. Domestically, BOE Chairman Chen Yanshun said the company is preparing to invest in a mass production line for semiconductor glass substrate carriers. Its 20-layer large-size glass substrate sample has passed six semiconductor-grade reliability tests and has been sent to leading domestic AI chip makers. Lens Technology's wholly owned subsidiary Lens International signed a memorandum of cooperation with Intel. Woge Optoelectronics' Hubei Phase One production line with annual capacity of 100,000 square meters of through-glass via substrates will complete certification with multiple customers in the first half of 2026 and enter small-batch supply. Triumph Science and Technology is investing 150 million yuan in Bengbu to build a pilot line for advanced packaging glass with through-glass vias. TCL Technology is investing 500 million yuan to establish Shenzhen Yunqi New Materials, in which it holds a 51 percent stake. On the equipment side, Delphi Laser's panel-level glass substrate via equipment has already begun shipping. S.C New Energy Technology's dedicated bubble cleaning equipment for through-glass via glass substrates and fully automatic hole-filling electroplating equipment have completed full-process testing and begun shipping.

On July 29, the glass and fiberglass concept fell 3.13% intraday. Among related constituent stocks, Sinoma Science & Technology dropped 6.63%, Honghe Technology fell 5.93%, Triumph Science & Technology declined 4.80%, Feilihua lost 2.83%, and Changhai Composite Materials slid 2.35%. SDIC Securities noted that driven by AI computing demand and a strong wind power market, the industry's product mix is accelerating its upgrade toward high-end offerings. In 2026, supply and demand are expected to be tight, with a clear trend of rising prices for electronic fabrics. Demand for fiberglass rovings is forecast to reach 8.02 million tons in 2026, an increase of 470,000 tons year-on-year, while new capacity remains limited, leaving room for further improvement in industry profitability. Changjiang Securities pointed out that the industry is likely to return to a tight supply-demand balance in 2026, with a clear upward trend in prosperity. A sharp rise in platinum prices has pushed up unit investment costs by more than 15%, significantly dampening companies' willingness to invest. Combined with lower new production in 2026 compared to 2025 and a bottoming-out recovery in overseas demand, prices have upward momentum. Looking ahead to 2027, the industry may face a notable supply gap.