Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3] Core Viewpoints - The report highlights that AI is driving advanced packaging demand, with significant growth in storage-related businesses [2][4] - The semiconductor packaging sector experienced a slight decline in gross margin in Q3 2025, but year-on-year comparisons show growth [11][12] - The report emphasizes the importance of advanced packaging technologies in enhancing chip performance and integration, particularly with the ongoing development of Chiplet packaging concepts [4][5] Summary by Sections Overview - In Q3 2025, the semiconductor packaging sector's gross margin slightly decreased, with a gross margin of 21.09%, which is higher than the average of 15.79% for leading packaging companies [11][12] OSAT (Outsourced Semiconductor Assembly and Test) - AI is significantly boosting demand for advanced packaging, with notable growth in the storage sector [17] - Major companies like ASE achieved revenues of 22.63 billion RMB in Q3 2025, reflecting an 8.34% quarter-on-quarter increase and a 16.90% year-on-year increase [18][19] - Advanced packaging services are expected to continue driving growth, particularly in AI-related applications [19][20] Testing - AI-related business growth is notable, with companies like Jingyuan Electronics reporting a revenue increase of 31.99% year-on-year in Q3 2025 [5][41] - Wei Ce Technology's revenue for the first three quarters of 2025 reached 10.83 billion RMB, a 46.22% year-on-year increase, driven by strong demand in computing and automotive electronics [5][41] Equipment - The report indicates that AI growth is leading to a continuous increase in orders, with companies like Besi reporting a 36.5% quarter-on-quarter increase in new orders [5][41] - ASMPT's revenue in Q3 2025 was 33.13 billion RMB, a 7.6% quarter-on-quarter increase, driven by growth in SMT business [5][41] Investment Recommendations - The report suggests focusing on companies benefiting from AI-driven demand, including packaging companies like ASE, Tongfu Microelectronics, and Changdian Technology, as well as testing companies like Jingyuan Electronics and Wei Ce Technology [5][41]

Core Insights - The company is engaged in providing services to overseas clients, including IoT, automotive-grade, and high-end PMIC products, along with customized packaging and testing services based on client needs [1] Group 1 - The company has recently mentioned verification activities related to major clients in Taiwan and Europe and the U.S. [1] - The inquiry from investors specifically asked if the verification business is related to artificial intelligence [1] - The company confirmed that its product offerings include IoT and automotive-grade products, indicating a diverse portfolio [1]

Core Viewpoint - The company emphasizes its commitment to market value management and has undertaken share buybacks to stabilize its market value while expanding its client base in the semiconductor industry [1] Group 1: Market Value Management - The company has completed two rounds of share buybacks as of September 30, 2025, totaling 5,103,601 shares and exceeding 120 million yuan in buyback amount to boost market confidence [1] Group 2: Product and Client Development - The company has developed a comprehensive "Bumping+CP+FC+FT" turnkey testing capability in its second phase, with improving capacity and utilization rates for wafer-level testing products, leading to rapid revenue growth [1] - The main clients include leading chip design companies in mainland China and top clients in Taiwan, with ongoing efforts to expand into European and American markets [1]

| 证券代码：688362 | 证券简称：甬矽电子 公告编号：2025-094 | | --- | --- | | 债券代码：118057 | 债券简称：甬矽转债 | 注：持股比例以四舍五入的方式保留两位小数。 公司董事会将对上述承诺事项的履行情况进行持续监督，并按照相关法律 法规、规范性文件的规定及时履行信息披露义务。 特此公告。 甬矽电子（宁波）股份有限公司董事会 2025年11月25日 基于对公司未来发展前景的信心以及长期投资价值的认可，同时为增强广 大投资者信心，切实维护投资者权益和资本市场稳定，公司控股股东甬顺芯、 实际控制人王顺波自愿承诺：自2025年11月17日（首次公开发行限售股上市流 通日）起24个月内（即2025年11月17日至2027年11月16日），不以任何形式减 持其直接持有的公司股份。在上述承诺期间，如发生资本公积转增股本、派送 股票红利、配股等产生新增股份的情形，亦遵守该不减持承诺。 截至本公告披露日，公司控股股东甬顺芯、实际控制人王顺波直接持股情 况如下： | 股东名称 | 直接持股数量（股） | 持股比例（%） | | --- | --- | --- | | 甬顺芯 | 74 ...

Market Overview - The Shanghai Composite Index closed at 3939.81 points, with a decline of 0.81%, and the total trading volume of A-shares reached 1,945.96 billion yuan [1] Stocks Breaking the Annual Line - A total of 35 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates including: - Guangyun Technology with a deviation rate of 19.13% - Longxun Co., Ltd. at 15.24% - Central Plaza at 7.88% [1] Top Performers - The top three stocks with the highest deviation rates are: 1. Guangyun Technology: Today's price increase of 19.99%, turnover rate of 9.16%, annual line price of 13.81 yuan, latest price at 16.45 yuan [1] 2. Longxun Co., Ltd.: Price increase of 20.00%, turnover rate of 19.74%, annual line price of 69.30 yuan, latest price at 79.86 yuan [1] 3. Central Plaza: Price increase of 10.11%, turnover rate of 9.48%, annual line price of 3.63 yuan, latest price at 3.92 yuan [1] Additional Notable Stocks - Other stocks that have recently crossed the annual line with lower deviation rates include: - Tianlong Group, Jinyu Medical, and Meili Cloud, which have just crossed the annual line [1]

Core Points - The Shanghai Composite Index is at 3937.29 points, with a decrease of 0.87%, and the total trading volume of A-shares is 1,593.98 billion yuan [1] - 30 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks that have broken through the annual line include: - Guangyun Technology (光云科技) with a deviation rate of 19.13% and a price increase of 19.99% [1] - Longxun Co., Ltd. (龙迅股份) with a deviation rate of 15.24% and a price increase of 20.00% [1] - Haohan Depth (浩瀚深度) with a deviation rate of 6.26% and a price increase of 8.69% [1] Trading Metrics - The trading volume for A-shares today is reported at 1,593.98 billion yuan [1] - The turnover rates for the top stocks that broke through the annual line vary, with Longxun Co., Ltd. at 17.65% and Guangyun Technology at 8.82% [1] Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Tianlong Group (天龙集团) with a deviation rate of 0.00% [2] - Jinyu Medical (金域医学) with a deviation rate of 0.05% [2] - Lihua Micro (力合微) with a deviation rate of 0.07% [2]

Core Insights - Yongxi Electronics experienced a 5.05% increase in stock price, reaching 32.03 CNY per share, with a trading volume of 197 million CNY and a turnover rate of 1.54%, resulting in a total market capitalization of 13.148 billion CNY [1] Company Overview - Yongxi Electronics (Ningbo) Co., Ltd. is located in Yuyao City, Zhejiang Province, established on November 13, 2017, and listed on November 16, 2022 [1] - The company's main business involves integrated circuit packaging and testing, with revenue composition as follows: 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% [1] Shareholder Information - Among the top ten circulating shareholders of Yongxi Electronics, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 11,800 shares in the third quarter, now holding 2.2388 million shares, which accounts for 0.8% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 27.78%, ranking 1837 out of 4212 in its category, while the one-year return is 24.32%, ranking 1864 out of 3956 [2] - The fund manager, Cui Lei, has been in the position for 7 years and 13 days, managing total assets of 122.76 billion CNY, with the best fund return during the tenure being 181.49% and the worst being -15.93% [2]

Group 1 - The Chinese semiconductor industry is at a historical intersection driven by "domestic substitution" and the "AI technology revolution" [3][6] - The upcoming IC China 2025 event will focus on strengthening technological innovation and ensuring the stability of the industrial supply chain [4] - The semiconductor sector has shown strong performance in the A-share market, with a cumulative increase of 40.63% in the semiconductor index year-to-date [5][6] Group 2 - A total of 29 semiconductor stocks are predicted to have a net profit growth rate exceeding 20% in 2026 and 2027, according to institutional forecasts [7] - Among the stocks with significant growth potential, Haiguang Information has the highest number of institutional ratings, with 31 reports highlighting its advancements in AI computing [7][8] - The stock with the highest upside potential is Yongxi Electronics, with a projected increase of 61.5% compared to institutional target prices [8]

Core Viewpoint - The semiconductor packaging and testing industry is currently experiencing stable and improving prices, with the company focusing on high-end packaging and testing services to enhance profitability [1] Company Performance - For the first three quarters of 2025, the company achieved operating revenue of 316,995.50 thousand yuan, representing a year-on-year growth of 24.23% [1] - The net profit attributable to shareholders increased by 48.87% year-on-year [1] Market Outlook - Growth in the IoT, computing, and automotive sectors is expected to further boost the company's profitability [1] - The company anticipates continued revenue growth, which will positively impact profitability through economies of scale [1] Strategic Initiatives - The company plans to increase R&D investment, enhance market development, and focus on cost reduction and efficiency improvement to strengthen core competitiveness [1] - The company aims to effectively manage operations to improve performance and intrinsic value [1]

Core Viewpoint - The company emphasizes the importance of market value management and has undertaken share buybacks to boost market confidence and stabilize its market value [1] Group 1: Share Buyback Details - As of September 30, 2025, the company has completed two rounds of share buybacks, totaling 5,103,601 shares [1] - The total amount spent on these buybacks exceeds 120 million yuan [1] Group 2: Business Strategy and Goals - The company aims to strengthen its core business and enhance profitability through various measures [1] - There is a commitment to guide the market value of listed companies back to their intrinsic value, supporting healthy corporate development [1] - The company seeks to improve the ability and level of investor returns [1]