Tungsten, Germanium, Zinc - Geopolitical Risks May Drive Tungsten Prices Higher Again

English summary

### Tungsten, Germanium, Zinc - Geopolitical Risks May Drive Tungsten Prices Higher Again Time: 2026-07-30 18:49:24 Content: 国泰海通证券 | Semiconductor: Super nodes drive domestic computing power chips into a golden development period Events: ① Domestic packaging and testing plants are intensively expanding: 汇成股份 plans to invest 7.5 billion yuan to build the 'HITS Advanced Packaging R&D and Industrialization Project'; 甬矽电子 plans to invest 10.3 billion yuan to build the third-phase IC packaging and testing project for microelectronics high-end integrated circuits. ② Advanced packaging supply-demand tension: Advanced packaging such as CoWoS still has a supply-demand gap of about 10%. ASE has raised advanced packaging prices by over 20% at most (CoWoS, FoCoS, etc.). ③ Testing foundry price increase: 利扬芯片 has raised prices for some testing services by 10%-15% since April 1, 2026. ...