证券代码：002156 证券简称：通富微电 公告编号：2026-013 通富微电子股份有限公司 关于2026年度第一期科技创新债券发行结果的公告 2026年1月29日 公司于2026年1月28日发行通富微电子股份有限公司2026年度第一期科技创 新债券（简称：26通富微电SCP001(科创债)），债券募集资金已于2026年1月29 日到账。具体发行结果如下： | 名称 | 通富微电子股份有限 公司2026年度第一期 | 简称 | 26通富微电SCP001(科创债) | | --- | --- | --- | --- | | | 科技创新债券 | | | | 代码 | 012680312.IB | 期限 | 270天 | | 起息日 | 2026年1月29日 | 兑付日 | 2026年10月26日 | | 计划发行总额（万 | 20,000.00 | 实际发行总额 | 20,000.00 | | 元） | | （万元） | | | 发行利率 | 1.77% | 发行价格 | 100.00 | | | | （百元面值） | | | 主承销商 | | 招商银行股份有限公司 | | | 簿记管理人 | | 招商银行股 ...

证券代码：002156 证券简称：通富微电 通富微电子股份有限公司投资者关系活动记录表 编号：2026-003 | 投资者关系活动 ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 中大君悦：陈修能、曲芳；东吴证券：刘玥娇；彤源：麦世学； | | 人员姓名 | 农银汇理基金：张璋；华宝信托：张卿隆；太平养老：张凯；华 | | | 源电子：熊宇翔；弘毅远方：陈祥辉；源乐晟：吴雨哲；博衍基 | | | 金：卢湛 | | 时间 2026 | 年 1 月 29 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书 蒋澍 | | 员姓名 | | | | 一、公司概况 | | | 通富微电是集成电路封装测试服务提供商，为全球客户提供 | | | 从设计仿真到封装测试的一站式服务。公司的产品、技术、服务 | | | 全方位覆盖了人工智能、高性能计算、大数据存储、显示驱动、 | | 5G | 等网络通讯、信息终端 ...

Core Insights - The number of active Agents is projected to surge from 28.6 million in 2025 to 2.216 billion by 2030, with a compound annual growth rate (CAGR) of 139% [1] - The total number of tasks executed annually is expected to explode from 44 billion in 2025 to 415 trillion by 2030, reflecting a CAGR of 524% [1] - The estimated annual Token consumption will increase dramatically from 0.0005 P in 2025 to 152,667 P by 2030, indicating a staggering CAGR of 3,418% [1] Group 1: Agent Development Trends - The trend is shifting from single LLMs to Agents, significantly boosting the demand for parallel processing [1] - Domestic and international models are accelerating Agent development, with notable advancements such as Kimi's new open-source model K2.5 and Anthropic's Claude in Excel plugin [1][2] - Agents enhance single LLMs by incorporating decision orchestration, enabling them to autonomously plan tasks and utilize external tools, thus addressing limitations in context awareness and real-time information retrieval [2] Group 2: Multi-Agent Systems (MAS) - Multi-Agent Systems are emerging as a new form of Agents, exemplified by Kimi K2.5, which can manage 100 sub-agents and execute 1,500 tool calls in parallel, reducing execution time by up to 4.5 times compared to single agents [2] Group 3: CPU as a Critical Support - CPUs are crucial for Agent performance, affecting latency, throughput, and power consumption, with CPU processing accounting for up to 90.6% of total latency [3] - In Agent operations, CPUs handle tasks that GPUs cannot, such as executing external tools and system-level task orchestration, thus becoming essential for efficient resource allocation [3] Group 4: Investment Recommendations - As the demand for Agents grows, CPUs are expected to become a key performance bottleneck, leading to increased demand for core supply chain companies such as Haiguang Information, Longxin Zhongke, Guanghe Technology, Tongfu Microelectronics, and Lanke Technology [4]

Core Insights - The main focus of the news is the significant outflow of capital from various stocks, indicating a potential shift in investor sentiment and market dynamics. Group 1: Stock Performance and Capital Outflow - Industrial Fulian experienced the highest capital outflow of 5.09%, totaling 5.444 billion yuan [1][2] - Sunshine Power saw a capital outflow of 1.558 billion yuan with a decline of 4.92% [1][2] - China Aluminum had a capital outflow of 1.452 billion yuan, but its stock price increased by 3.49% [1][2] - Tongling Nonferrous Metals recorded a capital outflow of 1.204 billion yuan with a notable increase of 10.06% in stock price [1][2] - Semiconductor company SMIC faced a capital outflow of 1.109 billion yuan, with a decrease of 4.2% [1][2] Group 2: Sector Analysis - The consumer electronics sector, represented by Industrial Fulian and Luxshare Precision, showed significant capital outflows of 5.444 billion yuan and 1.068 billion yuan respectively [1][2] - The photovoltaic equipment sector, represented by Sunshine Power, experienced a capital outflow of 1.558 billion yuan [1][2] - The non-ferrous metals sector, including China Aluminum and Tongling Nonferrous Metals, had mixed results with capital outflows of 1.452 billion yuan and 1.204 billion yuan respectively [1][2] - The semiconductor sector, represented by SMIC, faced a capital outflow of 1.109 billion yuan [1][2] Group 3: Additional Stock Movements - Other notable stocks with significant capital outflows include: - Luoyang Molybdenum with 1.080 billion yuan and a slight decrease of 0.04% [1][2] - Hunan Silver with a capital outflow of 1.062 billion yuan and an increase of 4.95% [1][2] - Xiamen Tungsten with a capital outflow of 0.821 billion yuan and a decline of 7.11% [1][3] - The electronics components sector, represented by Huadian Co. and Shenghong Technology, also saw capital outflows of 0.895 billion yuan and 0.740 billion yuan respectively [1][3]

Group 1 - The core viewpoint of the articles indicates a significant price increase trend in the technology sector, particularly in cloud computing and semiconductor products, driven by supply-demand imbalances and rising costs [1][6][7] - Zhongwei Semiconductor announced a price adjustment for MCU and Nor flash products, with increases ranging from 15% to 50% [1] - Guokai Micro also declared a comprehensive price hike, with increases up to 80%, leading to a surge in stock prices for both Zhongwei Semiconductor and Guokai Micro [6] Group 2 - Major global players in the cloud computing market, including Google Cloud and Amazon Web Services (AWS), have announced price increases, breaking a long-standing trend of declining prices in the industry [7][8] - AWS raised prices for its EC2 machine learning capacity blocks by approximately 15%, indicating a shift in pricing strategies due to rising demand for AI-related services [8] - The stock performance of cloud computing-related companies has been robust, with several stocks experiencing significant gains, such as Zhuoyi Information rising over 110% and others like Oputai and Liansheng Technology increasing by over 50% [8] Group 3 - Growth prospects for cloud computing stocks appear strong, with 33 stocks expected to have net profit growth rates exceeding 20% over the next two years, and several companies projected to achieve over 50% growth [9]

Summary of the Conference Call Industry Overview - The semiconductor industry is experiencing a price increase across the board, particularly in the packaging and testing (封测) segment, driven by strong demand from AI applications [1] - The price increase for packaging services from companies like ASE (日月光) is projected to rise by 5%-20%, exceeding previous expectations of 5%-10% [1] Core Insights - **Demand Drivers**: Advanced packaging is essential for AI chips, and with the expansion of advanced manufacturing expected to ramp up in 2026, a significant demand surge in the packaging segment is anticipated [1] - **Supply Dynamics**: Local packaging manufacturers are actively investing in 2.5D/3D packaging technologies and are making substantial capital expenditures (Capex) to expand capacity, positioning themselves to meet the expected demand surge [1] Financial Projections - The unit price for 2.5D/3D packaging, exemplified by the multi-chip integration packaging from 盛合晶微, is expected to reach 50,000 yuan per piece, with a gross margin of approximately 30%+ under conditions of 63% capacity utilization [1] - Assuming a production rate of 10,000 pieces per month, this could lead to an additional revenue of 6 billion yuan annually, significantly enhancing net profits [1] Key Players in the Industry - **Packaging Manufacturers**: Notable companies include 长电科技, 通富微电, 佰维存储, 甬矽电子, 汇成股份, and 华天科技 [1] - **Third-party Testing Firms**: Companies such as 伟测科技 and 利扬芯片 are mentioned [1] - **Equipment Manufacturers**: Key players include 金海通, 华峰测控, 芯碁微装, 芯源微, and 华海清科 [1] Risk Factors - Potential risks include industry conditions not meeting expectations and technological advancements not progressing as anticipated [1]

Summary of Conference Call on Electronic Components Price Surge Industry Overview - The electronic components industry is experiencing a price surge, with a recent price increase announcement from a simulation chip manufacturer, 英集芯 (Injoinic) [1] - The ongoing price increases are expected to continue, presenting investment opportunities in this sector [1] Key Points Downstream Demand - Downstream customer replenishment efforts have exceeded expectations, driven by strong demand from AI, automotive, and general industrial sectors [1] - Low inventory levels among downstream customers are contributing to strong replenishment motivation [1] - Advanced packaging and storage expansions are occupying mature process capacities, further intensifying the demand for replenishment [1] Upstream Costs - Significant increases in commodity prices are anticipated, with gold, silver, and copper futures expected to rise by over 50%, 150%, and 50% respectively by 2025 [2] - From early 2026, gold and silver futures prices are projected to increase by 18% and 54% [2] Midstream Components - Since the downturn in 2022, several segments within the electronic components field have maintained relatively low profit margins [2] - The tightening supply-demand dynamics and rising upstream costs have created strong price increase demands across various segments [2] - Since the second half of 2025, multiple manufacturers in storage, CCL, BT substrates, wafer foundry, packaging testing, LED, power devices, analog chips, and passive components have issued price increase notices, with this trend spreading to more manufacturers [2] - Some segments are experiencing multiple rounds of price increases [2] Beneficiary Segments - Segments with high AI exposure or favorable supply-demand dynamics are expected to benefit more from the price surge [2] - Notable companies to watch include: - Storage sector: 兆易创新 (GigaDevice), 普冉股份 (Prysmian) - CCL sector: 生益科技 (Shengyi Technology), 建滔集团 (Kingboard) - Wafer foundry: 中芯国际 (SMIC), 华虹半导体 (Huahong) - Power sector: 扬杰科技 (Yangjie), 新洁能 (Newclean), 捷捷微电 (Jiejie Microelectronics) - Analog sector: 纳芯微 (Naxin Micro), 思瑞浦 (Silead) - Packaging sector: 甬矽科技 (Yongxi), 长电科技 (Changdian), 通富微电 (Tongfu Microelectronics) [2]

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry [5] Core Insights - The ongoing shortage of niche storage is expected to continue, with AI demand opening up incremental growth opportunities [2][8] - AI demand is anticipated to drive the need for niche storage, particularly in applications such as automotive, industrial, and security [7] - Domestic manufacturers are positioned competitively in the niche storage market and are likely to benefit from the supply constraints caused by international suppliers exiting this segment [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengshuo [3][8] - Other relevant companies include domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage, as well as semiconductor equipment firms such as Zhongwei, Jingzhida, and Beifang Huachuang [3][8] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [3][8] Market Dynamics - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a substantial contraction in supply [7] - For instance, the global MLC NAND Flash capacity is projected to decrease by 41.7% in 2026 due to supply shrinkage, which is expected to drive prices significantly higher [7] - Domestic firms are gaining market share in niche storage, with Zhaoyi Innovation holding approximately 18.5% of the NOR Flash market in 2024, ranking second globally [7]

Agent 趋势乘风起，关注 CPU 产业机遇 电子 证券研究报告/行业点评报告 2026 年 01 月 28 日 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | 2026-01-05 沿主线，买缺口》2025-12-10 3、《【中泰电子】4F2+CBA 是国产 颈》2025-12-01 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：王芳 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740521120002 | 海光信息 ...

Group 1 - Micron Technology will build a new NAND factory in Singapore, investing approximately $24 billion over the next ten years [1] - The new facility will provide 700,000 square feet of cleanroom space and is expected to start production in the second half of 2028, driven by demand from AI and data center applications [1] - WSTS forecasts that the global semiconductor market will grow by 26.3% in 2026, reaching $975 billion, with storage and logic ICs being the main growth drivers [3] Group 2 - TSMC expects capital expenditures for 2026 to be between $52 billion and $56 billion, an increase of 27% to 37% compared to 2025 [2] - Micron's capital expenditure plan for fiscal year 2026 is set to increase from $18 billion to approximately $20 billion, focusing on enhancing HBM capacity and 1-gamma product supply [2] - The cleanroom industry is expanding due to increased investments in high-tech industries, with a trend towards consolidation and scale among service providers [3]