Group 1 - The core point of the news is that Yongxi Electronics experienced a decline of 5.33% in its stock price, reaching 44.44 yuan per share, with a trading volume of 170 million yuan and a turnover rate of 0.92%, resulting in a total market capitalization of 18.242 billion yuan [1] - Yongxi Electronics, established on November 13, 2017, and listed on November 16, 2022, is located in Yuyao City, Zhejiang Province, and specializes in integrated circuit packaging and testing [1] - The company's main business revenue composition includes: system-level packaging products (41.16%), flat no-lead packaging products (37.79%), high-density fine-pitch bump flip-chip products (14.67%), wafer-level testing products (4.24%), and other products (1.61% and 0.52%) [1] Group 2 - From the perspective of Yongxi Electronics' top ten circulating shareholders, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 11,800 shares in the third quarter, now holding 2.2388 million shares, accounting for 0.8% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion yuan, and has achieved a return of 8.67% this year, ranking 1569 out of 5579 in its category [2] - The fund manager, Cui Lei, has a cumulative tenure of 7 years and 89 days, with a total asset scale of 137.02 billion yuan, achieving the best fund return of 279.97% and the worst return of -15.93% during the tenure [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The semiconductor packaging industry is experiencing a price increase due to rising costs in testing and packaging services, with major players like Daymoon and Taiwanese firms initiating price hikes of 5%-20% and close to 30% respectively [5] - The demand for semiconductor packaging is driven by the expansion of data centers and the recovery of orders in industrial control, leading to high operational rates for packaging manufacturers [5] - Domestic companies are accelerating the development of 2.5D packaging technology, with significant advancements and production capabilities being established, marking 2026 as a pivotal year for domestic advanced packaging capacity expansion [5] - Key companies to watch include Changdian Technology, Tongfu Microelectronics, and others that are positioned at the forefront of domestic computing power support [5] Summary by Sections Recent Market Performance - The report notes a recent market performance with fluctuations of -13%, 3%, 19%, 35%, 51%, and 67% in various sectors compared to the CSI 300 index [2] Industry Dynamics - The semiconductor packaging sector is facing structural supply-demand mismatches, compounded by rising prices of essential raw materials like gold, silver, and copper [5] - The 2.5D packaging technology is becoming mainstream, with leading global companies holding over 80% market share, while domestic firms are working to close the technology and capacity gaps [5] Investment Recommendations - The report suggests focusing on key enterprises with advanced packaging capabilities and those in the supporting supply chain, including companies like Changchuan Technology and Jinhai Tong [5]

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：118057 | 债券简称：甬矽转债 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 过上海证券交易所交易系统以大宗交易方式合计减持"甬矽转债"1,610,040张， 占"甬矽转债"发行总量的13.82%。具体变动情况如下： 一、可转债基本情况及配售情况 经中国证券监督管理委员会《关于同意甬矽电子（宁波）股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕1042号）同 意，甬矽电子（宁波）股份有限公司（以下简称"公司"）向不特定对象发行 116,500.00万元的可转换公司债券，期限6年，每张面值为人民币100元，发行数 量 为 1,165,000 手 （ 11,650,000 张 ） 。 本 次 发 行 的 募 集 资 金 总 额 为 人 民 币 1,165,000,000.00元，扣除不含税的发行费用13,701,179.22元，实际募集资金净 ...

Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. has decided not to exercise the early redemption rights for its convertible bonds, "Yongxi Convertible Bonds," despite meeting the conditions for early redemption, in order to protect investor interests and demonstrate confidence in the company's long-term development and intrinsic value [2][8]. Group 1: Convertible Bond Basic Information - The company issued convertible bonds worth 1.165 billion yuan on June 26, 2025, with a maturity of six years and a face value of 100 yuan per bond [3]. - The bonds were listed for trading on the Shanghai Stock Exchange starting July 16, 2025, under the name "Yongxi Convertible Bonds" and code "118057" [4]. - The initial conversion price for the bonds was set at 28.39 yuan per share, which was later adjusted to 28.36 yuan per share due to a stock incentive plan [5][6]. Group 2: Redemption Terms and Trigger Conditions - The bonds have a conditional redemption clause that allows the company to redeem them if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [7]. - The company’s stock price met this condition from January 7 to January 27, 2026, triggering the conditional redemption clause [2][7]. Group 3: Decision on Early Redemption - On January 27, 2026, the company's board of directors decided not to exercise the early redemption rights for the "Yongxi Convertible Bonds," citing confidence in the company's long-term growth and current market conditions [2][8]. - The company will not exercise the early redemption rights for the next three months, and if the redemption conditions are met again after April 28, 2026, the board will convene to decide on the matter [2][8].

Core Viewpoint - The storage market is experiencing a significant price increase, with Samsung Electronics raising NAND flash contract prices by over 100% starting January 2026, driven by strong demand for AI-related hardware and supply-demand imbalances across the semiconductor industry [1] Group 1: Price Increases in the Semiconductor Industry - The price increase in storage chips is spreading to the foundry and packaging/testing sectors, with some foundries planning to raise prices by 5-20% due to rising demand for AI-related power ICs and reduced production from major manufacturers [3][4] - The demand for AI servers is driving a rapid price increase across the semiconductor supply chain, with foundries and packaging companies responding to the increased demand and rising raw material costs [3][4] Group 2: Expansion in Packaging and Testing - Companies in the packaging and testing sector are actively expanding capacity, with investments announced for new facilities in Malaysia and increased funding for advanced packaging companies in China [5] - The leading packaging company, ASE Technology, has raised its price increase forecast for 2026 due to strong AI semiconductor demand and capacity constraints [4] Group 3: Passive Component Price Surge - There is a significant price increase in passive components, with major manufacturers like Huaxin Technology and Yageo announcing price hikes of 10-20% due to rising costs of raw materials and increased demand from AI servers [6][8] - The demand for passive components, particularly MLCCs, has surged, with usage in AI server motherboards increasing by over 100% compared to traditional servers [9][10] Group 4: Raw Material Cost Pressures - The prices of key raw materials such as copper, silver, and gold have reached record highs, contributing to the rising costs of passive components [10] - The expectation of price increases leads to stockpiling by distributors, further exacerbating supply constraints and driving prices higher [11]

Core Viewpoint - The storage market is experiencing a price increase trend that is expected to continue into 2026, affecting not only storage chips but also the foundry and packaging sectors, as well as passive components [1][4]. Group 1: Price Increases in the Semiconductor Industry - Micron Technology and other manufacturers are raising prices due to supply chain pressures and increased costs, with price adjustments for products like MCU and Norflash ranging from 15% to 50% [2]. - Samsung Electronics has negotiated a price increase of over 100% for NAND flash contracts with major customers, effective from January 2026 [2]. - The demand for AI-related hardware is driving a supply-demand imbalance, leading to price hikes in both foundry and packaging sectors [2][4]. Group 2: Foundry and Packaging Sector Dynamics - Foundries are increasing prices by 5% to 20% due to rising raw material costs and strong demand for AI-related power ICs [5][6]. - The packaging sector is also seeing price increases, with companies like ASE Technology raising their forecasts for price hikes to 5% to 20% due to AI semiconductor demand and capacity constraints [6]. - Companies are expanding their production capabilities in response to the increased demand, such as Yongxi Electronics planning to invest in a new packaging and testing facility in Malaysia with a total investment of up to 2.1 billion yuan [7]. Group 3: Passive Component Price Trends - Passive components, including resistors and capacitors, are experiencing significant price increases, with major manufacturers like Huaxin Technology announcing price hikes effective February 1 [17][18]. - The price increases are attributed to rising costs of raw materials, including metals like silver and copper, which have seen substantial price increases [19][21]. - The demand for high-end capacitors in AI servers has surged, leading to a shift in production capacity and a reduction in supply for mid-range components, further driving up prices [20][22].

Group 1 - The storage sector in the US stock market showed strength, with Micron Technology rising by 5%, SanDisk by over 3%, Western Digital by nearly 3%, and Seagate Technology by over 2% as of January 27 [1] - The semiconductor industry is experiencing widespread price increases due to tight supply and rising costs, with companies like Zhongwei Semiconductor announcing price hikes of 15% to 50% for products like MCU and Norflash [2][3] - AI-related demand is driving the need for increased computing power, leading to a supply-demand imbalance in the semiconductor industry, prompting wafer foundries and packaging/testing companies to raise prices by 5% to 20% [3][4] Group 2 - Morgan Stanley has revised its price increase expectations for leading packaging company ASE, anticipating a 5% to 20% increase in wafer packaging prices due to strong AI semiconductor demand and capacity constraints [4] - Companies like Yongxi Electronics are expanding production capacity in response to rising demand and material costs, with plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing facility in Malaysia [4] - Recent reports indicate a significant price increase in passive components, with major players like Huaxin Technology announcing price hikes for resistors effective February 1, driven by rising costs of raw materials and increased demand from AI servers [13][15] Group 3 - The demand for passive components, particularly MLCCs, has surged due to AI server requirements, with usage increasing by over 100% compared to traditional servers [14] - The prices of key metals used in passive components, such as copper and silver, have risen significantly, contributing to the overall increase in component prices [15] - Companies are facing challenges from rising labor, electricity, and raw material costs, leading to further price adjustments across the industry [15]

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：118057 | 债券简称：甬矽转债 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 甬矽电子（宁波）股份有限公司（以下简称"公司"）股票自2026年1 月7日至2026年1月27日已有15个交易日的收盘价不低于"甬矽转债"当期转股 价格的130%（含130%，即不低于36.87元/股），已触发《甬矽电子（宁波）股 份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募 集说明书》"）中规定的有条件赎回条款。 公司于2026年1月27日召开第三届董事会第二十七次会议，审议通过了 《关于不提前赎回"甬矽转债"的议案》，董事会决定本次不行使"甬矽转债" 的提前赎回权利，不提前赎回"甬矽转债"。 在未来3个月内（即2026年1月28日至2026年4月27日），如"甬矽转债" 再次触发上述有条件赎回条款，公司均不行使提前赎回权利。在此之后以2026 年4 ...

平安证券股份有限公司 经上海证券交易所自律监管决定书（2025）163号文同意,公司本次发行的 116.500.00 万元可转换公司债券于 2025 年 7 月 16 日起在上海证券交易所上市交 易，债券简称"甬矽转债"，债券代码"118057"。 平安证券股份有限公司(以下简称平安证券或保荐人)作为承接甬矽电子 (宁波) 股份有限公司（以下简称甬矽电子或公司）首次公开发行股票并在科 创板上市持续督导工作及向不特定对象发行可转换公司债券的保荐人，根据 《证券发行上市保荐业务管理办法》《可转换公司债券管理办法》《上海证券交 易所上市公司自律监管指引第 12 号 -- 可转换公司债券》《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》《上海证券交易所科创板上市公司 自律监管指引第1 号 -- 规范运作》等有关规定,对甬矽电子不提前赎回"甬 砂转债"的事项进行了审慎核查，并发表本核查意见，具体情况如下: 关于甬矽电子(宁波)股份有限公司 不提前赎回"甬矽转债"的核查意见 一、可转债基本情况 (一)可转债发行情况 经中国证券监督管理委员会《关于同意甬矽电子(宁波)股份有限公司向 不特定对象发行可转换公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve revenue of 4.2 to 4.6 billion yuan in 2025, representing a year-on-year increase of 16.37% to 27.45%, with a net profit attributable to the parent company of 75 to 100 million yuan, an increase of 13.08% to 50.77% [5] - The global semiconductor industry continues to grow, driven by demand in artificial intelligence, high-performance computing, and data center infrastructure [5] - The company is enhancing its advanced packaging capabilities, which are expected to improve delivery times and quality control for clients [5] - The company plans to invest up to 2.1 billion yuan in a new integrated circuit packaging and testing production base in Malaysia to deepen cooperation with overseas clients [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.4 billion, 5.5 billion, and 7 billion yuan respectively, with net profits of 90.53 million, 273.14 million, and 453.60 million yuan [10][11] - The company anticipates a revenue growth rate of 22.68% in 2025 and 24.51% in 2026 [11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.67 yuan, and 1.11 yuan respectively [10][11]