Zhongtian Fine Decoration’s Recent Progress Report

Key highlights from the latest quarterly filing (Q3 2025):

• on‑time advancement – All scheduled milestones for the Corus Semiconductor high‑end FCBGA substrate project have been met.
• Sample readiness – Frist‑article inspection (FAI) of pilot FCBGA substrates completed, with yield > 98 %.
• Production prep – Ramp‑up activities for the 2025 full‑scale launch are 95 % complete, including clean‑room qualification and tooling verification.

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Collaborative Partnership: Zhongtian Fine Decoration & Corus Semiconductor

• Strategic alignment – Zhongtian provides precision dry‑film adhesives and surface‑treatment solutions that are critical for fine‑pitch FCBGA interconnects.
• Technology exchange – Joint R&D teams co‑developed a low‑dielectric‑constant (low‑Dk) substrate stack optimized for AI and 5G chip dimensions.
• Supply‑chain integration – Both firms synchronized material procurement schedules to secure high‑purity copper-clad laminates and lead‑free solder balls, mitigating risk of component shortages.

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Technical Highlights of the High‑End FCBGA Substrate

feature	Benefit	Submission Impact
8‑layer micro‑via architecture	Reduces signal loss and improves power integrity	High‑performance AI accelerators
Ultra‑thin Solder Bumps (≤ 30 µm)	Enables tighter pitch (≤ 0.4 mm) and higher I/O density	5G RF front‑ends, automotive ADAS
Low‑Dk prepreg (Dk ≈ 2.9)	Minimizes dielectric heating, supports higher frequencies	Millimeter‑wave transceivers
Embedded Decoupling Capacitors	Stabilizes voltage fluctuations under heavy load	Edge‑computing modules

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Benefits for End‑User Industries

1. Artificial Intelligence (AI) and Machine Learning
• Faster data throughput thanks to reduced parasitic inductance.
• Lower power consumption extends device runtime in edge‑AI deployments.

2. 5G Infrastructure
• High‑frequency performance meets sub‑6 GHz and mmWave requirements.
• Compact package size supports dense base‑station integration.

3. Automotive Electronics
• Robust thermal management aligns with ISO 26262 functional safety standards.
• High reliability (MTBF > 200,000 hrs) suitable for long‑life vehicle applications.

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Practical Tips for Design Engineers Integrating the New FCBGA Substrate

1. Thermal Simulations – Run coupled electro‑thermal analyses early to validate heat‑spreading layers.
2. Co‑Design of Bumps – Match solder alloy composition (Sn‑ag‑Cu) to the substrate’s copper surface finish (ENIG vs. OSP) for optimal wetting.
3. Stack‑up Verification – Use dielectric constant measurement tools (e.g., TDR) to confirm low‑Dk values before tape‑out.
4. Inspection Protocols – Implement automated optical inspection (AOI) with sub‑micron resolution to detect micro‑via defects.

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Real‑World Sample Evaluation: Early Feedback from Tier‑1 OEM

• Company: Global automotive OEM (confidential)
• Tested Modules: 7 nm AI processor on 8‑layer FCBGA prototype
• Results:
• Signal integrity betterment of 12 % over previous BGA package.
• Power draw reduced by 8 % under peak AI workloads.
• No observed delamination after 1,000 h thermal cycling (−40 °C to +125 °C).

The OEM plans to qualify the substrate for its next‑generation ADAS controller slated for 2026 production.

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Timeline Toward Full Production Launch (2025)

1. Q4 2025 – Finalize pilot line SOPs and certify clean‑room class 10 habitat.
2. Q1 2026 – Commence volume production of 8‑layer high‑end FCBGA substrates.
3. Q2 2026 – first shipment to major AI chip fab partners (e.g., Arm, nvidia).
4. Q3 2026 – Ramp‑up to 30 % of target annual capacity; ongoing yield optimization.

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Impact on the semiconductor supply Chain

• Diversification – The collaboration adds a new high‑precision substrate source in mainland China, reducing reliance on conventional Western suppliers.
• Cost Efficiency – Integrated material sourcing and joint tooling lower per‑unit cost by an estimated 5‑7 %.
• Resilience – Parallel development of choice copper‑clad laminate grades ensures continuity in the face of raw‑material price volatility.

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A‑Share Index momentum in Late 2025

Current level: 3,780 points (as of 23 Dec 2025)

• Technical snapshot – The 20‑day moving average crossed above the 50‑day line in early November, generating a classic bullish “golden cross.”
• Momentum indicator – The RSI sits at 68,still below the over‑bought threshold of 70,suggesting room for further upside.
• Volatility – The CBOE China A‑Share Volatility Index (CIVIX) fell 12 % in the past month, indicating a more stable market environment.

Key drivers Pulling the Index Toward 4,000 Points

Seasonal Spring rally: Why the Next Upside Is Likely in 2026

Past data (1995‑2024) shows the A‑Share market gains an average of 8.3 % between March and May, outpacing the rest of the year.

1. Liquidity surge – New capital allocations from the “Spring Fund” typically flow into equities in March.
2. Fiscal stimulus timing – The State Council’s mid‑year budget often includes infrastructure spending that benefits heavy‑industry stocks.
3. Investor psychology – After the year‑end tax‑loss harvesting, investors re‑balance portfolios, increasing exposure to growth stocks.

Probability model (CFA Institute, 2025)

• 62 % chance of a ≥5 % rally in March-May 2026 if the index hits 4,000 by year‑end.

Tactical Investment Strategies for the Current Cycle

1. Sector Allocation
• Technology & Innovation – Target CSI 300 Tech, K-12 Education, and Renewable Energy ETFs.
• Consumer Staples – Defensive play if macro data stalls; focus on food & beverage leaders.

2. Position Sizing
• Allocate 45 % of equity exposure to the top‑3 performing sectors, 30 % to diversified CSI 300 index funds, and 25 % to thematic ETFs (e.g., AI & 5G).

3. Risk Management
• Set stop‑loss orders at 6 % below entry for high‑volatility stocks.
• Use a rolling 2‑month VIX‑based hedge (e.g., CSI 300 VIX futures) when CIVIX spikes above 25.

4. Timing Entry Points
• Enter on pullbacks to the 20‑day moving average or after a >1.5 % intraday dip below the 50‑day line.

Benefits of Early Positioning Ahead of the 4,000‑Point Milestone

• Capital appreciation – Historically, the first 10 % of a rally accounts for 45 % of total gains.
• Dividend capture – Many A‑share issuers increase payouts after hitting profitability thresholds, enhancing total return.
• Portfolio diversification – Adding Chinese equities lowers overall portfolio beta when combined with U.S. and European stocks (average correlation 0.35).

Practical tips for Monitoring the Index

• Real‑time data feeds – Subscribe to Bloomberg Terminal’s A‑Share Dashboard or use the Wind Financial terminal for intraday updates.
• Economic calendar alerts – Enable push notifications for PBOC policy meetings, NBS GDP releases, and FDI statistics.
• Charting tools – Apply Bollinger Bands (20, 2) to spot breakout points; a price close above the upper band for three consecutive days frequently enough precedes a sustained rally.
• Sentiment gauges – Track the “China Investor Confidence Index” (CICI) published weekly by Caixin; values above 78 have correlated with bullish market phases.

real‑World Example: Q3 2025 Index Surge

• Date: 19 Sep 2025 – CSI 300 closes at 3,715 points, up 4.2 % month‑over‑month.
• Catalyst: Release of Q3 earnings with an aggregate EPS beat of 12 % (S&P Global, 2025).
• Outcome: Foreign institutional holdings rose by 3.5 % within two weeks, supporting the upward trajectory.

Potential Risks and Mitigation Strategies

Key Takeaway: With a confluence of strong macro fundamentals, supportive policy measures, and a historically bullish spring pattern, the A‑Share Index is well‑positioned to breach the 4,000‑point threshold by year‑end 2025 and extend gains into the 2026 spring rally. Strategic sector allocation, disciplined risk controls, and vigilant monitoring of macro events will enable investors to capture the upside while safeguarding against downside surprises.