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]

Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

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% year-on-year [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 Performance and Projections - The company is projected to achieve revenues of 4.4 billion yuan in 2025, 5.5 billion yuan in 2026, and 7 billion yuan in 2027, with net profits of 90.53 million yuan, 273.14 million yuan, and 453.60 million yuan respectively [10][11] - The expected growth rates for revenue are 22.68% in 2025, 24.51% in 2026, and 27.00% in 2027 [10] - The company's gross margin is projected to improve from 17.5% in 2025 to 19.9% in 2027, while the net profit margin is expected to rise from 2.0% to 6.5% over the same period [11]

Investment Rating - The report suggests a focus on companies in the advanced packaging industry and highlights potential investment opportunities in CPU manufacturers like AMD and Intel [3][4]. Core Insights - Intel's recent earnings report confirms a shortage of CPUs, with a revenue of $13.67 billion for Q4 2025, a year-on-year decline of 4.1% but a quarter-on-quarter increase of 3%. The client computing group (CCG) revenue was $8.19 billion, down 6.6% year-on-year, while the data center and AI (DCAI) segment saw a revenue increase of 8.9% to $4.74 billion [2]. - The report emphasizes the rising importance of CPU performance in the Agentic AI era, suggesting that CPU shortages could significantly enhance the profitability of related companies [3]. - The advanced packaging supply chain is experiencing increased demand due to AI investments, with companies like TSMC facing capacity constraints and price increases expected in the packaging sector [4]. - Domestic packaging companies are anticipated to benefit from strong overseas demand and a surge in local demand for advanced packaging processes in 2026 [4]. - The report highlights the emergence of domestic computing power solutions, with significant investments from major internet companies expected in 2026, indicating a growing market for domestic computing power [5][6]. Summary by Sections Intel's Financial Performance - Intel's Q4 2025 revenue was $13.67 billion, with a decline in CCG revenue and growth in DCAI revenue. The guidance for Q1 2026 is between $11.7 billion and $12.7 billion, lower than expected due to capacity constraints [2]. Advanced Packaging Industry - The advanced packaging sector is experiencing a boom, with companies like ASE and Amkor expected to raise prices by 5-20% due to high demand and limited supply [4]. Domestic Computing Power - The report identifies a strong opportunity for domestic computing power solutions, with significant investments from companies like ByteDance and Alibaba expected to drive demand in 2026 [6]. IC Substrate Supply Chain - The IC substrate supply chain is facing shortages due to limited supply of glass fiber, with domestic companies likely to benefit from price increases in the market [7]. Global Computing Power Demand - The report anticipates sustained high growth in computing power demand driven by AI applications, with companies like Google planning to double their computing power every six months [8]. Stock Recommendations - The report recommends several stocks, including domestic computing power companies like Cambricon and SMIC, as well as companies in the advanced packaging and IC substrate sectors [10].

1月26日，甬矽电子跌4.41%，成交额10.26亿元。两融数据显示，当日甬矽电子获融资买入额6527.25万 元，融资偿还1.25亿元，融资净买入-6010.24万元。截至1月26日，甬矽电子融资融券余额合计5.24亿 元。 截至9月30日，甬矽电子股东户数2.10万，较上期增加25.61%；人均流通股13336股，较上期减少 20.14%。2025年1月-9月，甬矽电子实现营业收入31.70亿元，同比增长24.23%；归母净利润6312.47万 元，同比增长48.87%。 分红方面，甬矽电子A股上市后累计派现4280.43万元。 融资方面，甬矽电子当日融资买入6527.25万元。当前融资余额5.21亿元，占流通市值的2.74%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，甬矽电子1月26日融券偿还2407.00股，融券卖出3780.00股，按当日收盘价计算，卖出金额 17.53万元；融券余量7.16万股，融券余额332.10万元，超过近一年90%分位水平，处于高位。 资料显示，甬矽电子(宁波)股份有限公司位于浙江省余姚市中意宁波生态园兴舜路22号，成立日期2017 年11月13日，上市日期2 ...