Core Viewpoint - Yongxi Electronics (Ningbo) Co., Ltd. has announced that its convertible bond, "Yongxi Convertible Bond," is expected to meet the redemption conditions based on the stock price performance [2][11]. Group 1: Convertible Bond Issuance and Terms - The company issued a total of 1,165,000 hands (11,650,000 bonds) of convertible bonds worth 116,500 million yuan, with a maturity of six years and a face value of 100 yuan per bond [2][3]. - The initial conversion price for the "Yongxi Convertible Bond" is set at 28.39 yuan per share, which was adjusted to 28.36 yuan per share following a stock incentive plan [4][5][6]. Group 2: Redemption Conditions - The bond will be subject to conditional redemption if the company's stock price remains at or above 130% of the conversion price (36.87 yuan per share) for at least five trading days within a future 20-day period [2][11]. - The company has the right to redeem all or part of the unconverted bonds at face value plus accrued interest if the stock price conditions are met or if the unconverted balance falls below 30 million yuan [9][11]. Group 3: Trading and Conversion Period - The trading of the "Yongxi Convertible Bond" commenced on July 16, 2025, and the conversion period is from January 5, 2026, to June 25, 2031 [3][4].

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2026-005 | | --- | --- | --- | | 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20日已有10个交易日的收盘价不低于"甬矽转债"当期转股 价格的130%（即不低于36.87元/股）。若未来连续20个交易日内，仍有5个交易 日公司股票的收盘价格不低于当期转股价格的130%（含130%），将触发《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。赎回条款触发当 日，公司将召开董事会审议决定是否按照债券面值加当期应计利息的价格赎回 全部或部分未转股的"甬矽转债"，并及时履行信息披露义务。 根据《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》 的有关规定，公司可能触发可转换公司债券 ...

格隆汇1月20日｜有投资者在互动平台向甬矽电子提问：有消息称涨价潮已经蔓延到封测端了，请问公 司近期或未来有提价计划吗？亦或是跟客户签订的长单价格随行就市？甬矽电子回复称，公司目前稼动 率饱满，产品价格稳中向好。 ...

Group 1 - Several A-share listed companies in the semiconductor industry have reported positive earnings forecasts for 2025, indicating a recovery in the sector [1][3] - Jin Haitong expects a net profit of 160 million to 210 million yuan for 2025, representing a year-on-year growth of 103.87% to 167.58%, driven by increasing demand in semiconductor packaging and testing equipment [1] - Lanke Technology anticipates a net profit of 2.15 billion to 2.35 billion yuan for 2025, with a growth of 52.29% to 66.46%, benefiting from the booming AI industry and increased shipment of interconnect chips [2] Group 2 - Baiwei Storage forecasts a net profit of 850 million to 1 billion yuan for 2025, reflecting a significant growth of 427.19% to 520.22%, supported by rapid growth in AI-related business and advancements in packaging capabilities [2] - Yongxi Electronics expects a net profit of 75 million to 100 million yuan for 2025, with a growth of 13.08% to 50.77%, as production capacity and utilization rates for wafer-level products continue to improve [2] - Shenghong Technology predicts a net profit of 4.16 billion to 4.56 billion yuan for 2025, showing a growth of 260.35% to 295.00%, driven by large-scale production of high-end products in AI computing and data centers [3] Group 3 - TCL Technology forecasts a net profit of 4.21 billion to 4.55 billion yuan for 2025, with a year-on-year increase of 169% to 191%, maintaining competitive advantages in large-size products while rapidly growing in the small and medium-size market [3] - The positive earnings forecasts across various segments of the semiconductor industry indicate a recovery and an upward trend in the sector, providing development dividends for companies [3] - Experts emphasize the need for semiconductor companies to adapt to new market trends driven by AI, increase R&D investment, enhance innovation capabilities, and improve global competitiveness [3]

（文章来源：证券日报） 证券日报网讯 1月19日，甬矽电子在互动平台回答投资者提问时表示，公司目前稼动率饱满，产品价格 稳中向好。 ...

第1笔成交价格为47.65元，成交7.49万股，成交金额356.85万元，溢价率为-5.00%，买方营业部为中信 证券股份有限公司上海世博馆路证券营业部，卖方营业部为中信证券股份有限公司杭州延安路证券营业 部。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月19日，甬矽电子收跌3.93%，收盘价为50.16元，发生1笔大宗交易，合计成交量7.49万股，成交金额 356.85万元。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为753.65万元。该股近5个交易日累 计上涨20.72%，主力资金合计净流入3.29亿元。 责任编辑：小浪快报 ...

1月19日，甬矽电子大宗交易成交7.49万股，成交额356.85万元，占当日总成交额的0.21%，成交价47.65元，较市场收盘价50.16元折价5%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 角矽电子 | 688362 | 47.65 356.85 | 7.49 | 中信证券股份有限 公司上海世博馆路 | 中信证券股份有限 公司杭州延安路证 | | ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The semiconductor industry is expected to experience significant growth driven by advancements in AI and high-end packaging technologies. TSMC has raised its capital expenditure guidance for 2026 to between $52 billion and $56 billion, a substantial increase of up to 36.9% from 2025, with a focus on advanced packaging and testing [3][4] - Major companies are actively expanding capacity to meet the rising demand for advanced packaging, with investments in new facilities and technologies across various sectors, including automotive and AI [4] - Price increases in packaging services are anticipated due to strong structural demand and rising raw material costs, with some companies already implementing price hikes of up to 30% [5] Summary by Sections Capital Expenditure and Growth - TSMC's capital expenditure for 2026 is projected to be between $52 billion and $56 billion, with advanced packaging investments expected to contribute over 10% of revenue by 2026 [3] - The revenue contribution from advanced packaging is expected to grow from approximately 8% in 2025 to slightly above 10% in 2026, indicating a higher growth rate than the overall company growth [3] Capacity Expansion - Major players like Changdian Technology and Jinglong Technology are investing heavily in new facilities to enhance their testing capabilities for high-end semiconductors, with investments reaching billions [4] - Companies such as Tongfu Microelectronics and Nexperia are also planning significant investments to boost their packaging capacities, indicating a trend of expansion in response to market demand [4] Price Trends in Packaging - The packaging industry is experiencing price increases driven by high demand for AI and memory chips, with companies like ASE and others in Taiwan raising prices by 5-20% and up to 30% respectively [5] - The increase in raw material costs, including metals like gold and copper, is contributing to the overall rise in packaging costs, which may lead to improved profitability for packaging companies [5] Investment Recommendations - Investors are advised to focus on domestic companies actively engaged in high-end advanced packaging, such as Changdian Technology and Tongfu Microelectronics, as well as those benefiting from the sector's growth like Yongxi Electronics and Huada Technology [6]

Core Viewpoint - The article discusses the significant investment and strategic shifts in the semiconductor packaging industry, particularly focusing on advanced packaging technologies driven by the AI wave and the structural changes in the storage industry [1][2]. Group 1: Investment and Market Trends - SK Hynix announced a 19 trillion KRW (approximately 12.9 billion USD) investment to build an advanced chip packaging factory in Cheongju, South Korea, reflecting the structural changes in the storage industry due to AI [1]. - The global advanced chip packaging market is projected to grow from 50.38 billion USD in 2025 to 79.85 billion USD by 2032, with a compound annual growth rate (CAGR) of 6.8% [2]. - By early 2026, leading packaging and testing companies are expected to ramp up advanced packaging capacity, indicating a competitive landscape focused on advanced packaging capabilities [2]. Group 2: TSMC's Dominance - TSMC is recognized as the leader in advanced packaging, holding over 60% market share in semiconductor manufacturing and establishing significant competitive barriers in advanced packaging technologies [2][3]. - TSMC has developed three branches of CoWoS technology: CoWoS-S for medium-sized chips, CoWoS-R for greater design flexibility, and CoWoS-L for large AI chips [3]. - TSMC's SoIC technology, based on CoWoS and wafer-on-wafer stacking, offers higher interconnect density and improved performance compared to traditional 2.5D packaging [3]. Group 3: Capacity Expansion and Technological Advancements - TSMC's CoWoS capacity is projected to increase 6-8 times from 2023 to 2026, with a CAGR exceeding 60% [5]. - TSMC's new advanced packaging facilities, including the flagship AP6 plant in Zhunan, are designed for full automation and are expected to handle significant orders from major clients like NVIDIA and AMD [5][6]. - TSMC is also expanding its advanced packaging capabilities in the U.S. with plans for two new facilities in Arizona, focusing on SoIC and CoPoS technologies [6]. Group 4: Competitors' Strategies - ASE, as the largest packaging and testing foundry, is benefiting from the advanced packaging trend, with over 60% of its ATM business expected to come from advanced packaging by 2025 [9]. - ASE is developing its own 2.5D packaging platform, FOCoS, and is expanding its production capacity across multiple sites, including a new K28 plant aimed at meeting the demand for AI and GPU chips [10][11]. - Amkor is enhancing its market position through partnerships, such as its collaboration with Intel on EMIB technology, and expanding its facilities in the U.S. to meet advanced packaging demands [15][16]. Group 5: Mainland China's Participation - Mainland Chinese companies are actively investing in advanced packaging technologies and capacity, with firms like Yongxi Electronics and Changjiang Electronics focusing on high-density packaging and automotive electronics [20][22]. - Yongxi Electronics is establishing a new production base in Malaysia to enhance its overseas strategy, while Changjiang Electronics is expanding its automotive electronics packaging capabilities [21][22]. - Tongfu Microelectronics is also increasing its advanced packaging capacity, particularly in automotive and high-performance computing sectors, to meet growing market demands [23][24]. Group 6: Future Outlook - The article concludes that while TSMC's dominance in advanced packaging is unlikely to be challenged in the short term, other specialized packaging firms are seeking to differentiate themselves through flexible capacity and innovative technologies [25][27]. - The collective expansion of packaging firms represents a significant industry bet on the demand for AI-driven computing power, with the potential for winners to emerge as the market stabilizes and technology paths clarify [27].

Group 1 - A-share market trading volume has returned to over 30 trillion yuan, with the Shanghai Composite Index closing at 4101.91 points, down 0.26% [1] - The semiconductor industry chain remains active, with stocks like Tianyue Advanced and Yongxi Electronics hitting the daily limit of 20% [1] - The electric grid equipment sector saw significant gains, with multiple stocks including Electric Power Research Institute and Senyuan Electric reaching their daily limit [1][2] Group 2 - The electric grid equipment sector is driven by supply-demand dynamics, with the State Grid Corporation announcing a planned investment of 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [2] - The overseas market for electric grid investments is expected to accelerate, with supply shortages leading to extended delivery times for transformers and high-voltage cables [2] - The storage chip sector is experiencing strong performance, with companies like Baiwei Storage and Jibang Long hitting daily limits, driven by increased demand from AI and server capacity [4] Group 3 - Research indicates that the storage market is surpassing historical highs, with prices expected to rise by 40% to 50% in Q1 2026 and an additional 20% in Q2 [4] - The A-share market is anticipated to maintain a steady upward trend, supported by factors such as improved profitability and capital market reforms [5] - Investment strategies for 2026 suggest a balanced approach, focusing on high-yield opportunities, technology growth driven by AI, and cyclical recovery investments [6]