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 ...

证券代码：688352 证券简称：颀中科技 公告编号：2026-009 转债代码：118059 转债简称：颀中转债 合肥颀中科技股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 二、对公司的影响及应对措施 本次事故未造成人员伤亡，事故导致凸块制程段部分无尘室环境及生产设备受到影响，具体损失情况正 在核实评估，初步预计或将对2026年全年业绩产生一定影响。公司已对受损资产投保财产险，相关保险 核损理赔工作有序推进。苏州颀中因本次事故部分需后续处理的产品的生产进度，公司正统筹安排合肥 厂区产能提供支应，并加速凸块产能扩充，尽最大努力保障客户订单交付，同时全力加快多元化芯片封 测事业的布局与扩展。 截至本公告日，公司生产经营情况正常。公司将全力配合相关部门对事故进行调查，认真查明事故原 因，敦促下属子公司加强自身的安全管理，防止类似事故再次发生。 三、风险提示 公司指定信息披露媒体为《上海证券报》《中国证券报》《证券时报》《证券日报》《经济参考报》等 及上海证券交易所网站（www.sse.com.cn），公司发布的信息均以在上述指定媒体披露的信息为准。公 司将密切关注本次事故的具体影响，并及时按规定履 ...

Core Viewpoint - Qizhong Technology (688352.SH) is increasing its investment in advanced packaging by acquiring a 2.27% stake in HeXin Integrated Circuit Co., Ltd. for 50 million yuan, aiming to enhance its position in the high-end computing chip packaging market and diversify its non-display chip business [1][2]. Group 1: Investment and Strategic Moves - The investment in HeXin Integrated is not merely a financial transaction but a strategic initiative aimed at achieving industrial chain synergy, targeting the high-end computing chip packaging market while addressing gaps in non-display chip business [2][3]. - HeXin Integrated, established in 2021, focuses on high-end packaging and testing for integrated circuits, with a registered capital exceeding 10.57 billion yuan, serving sectors like information communication, AI, big data centers, and automotive electronics [2][3]. Group 2: Technological and Ecological Synergy - The collaboration will enable deep synergy in customer bases, technology, and industrial ecosystems, with Qizhong leveraging its established customer relationships in display drivers and power management, while HeXin offers unique positioning in 5G/6G and AI [2][3]. - Qizhong's expertise in bump manufacturing and flip-chip packaging complements HeXin's strengths in 2.5D/3D integration, creating a comprehensive technology chain and enhancing core technological barriers through shared R&D resources [2][3]. Group 3: Business Performance and Future Outlook - Qizhong Technology, under the control of the Hefei State-owned Assets Supervision and Administration Commission, has solidified its leading position in the display driver chip packaging sector, with projected revenue of 1.758 billion yuan and sales of 18.45 billion units in 2024 [4]. - The company reported a revenue of 1.605 billion yuan for the first three quarters of 2025, marking an 11.8% year-on-year increase, although net profit decreased by 19.2% [4]. - Qizhong is accelerating its diversification strategy, with over half of the 839 million yuan raised from convertible bonds directed towards enhancing non-display chip packaging capacity, which is expected to generate an additional annual revenue of over 790 million yuan upon reaching full production [4][5].

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the advanced packaging sector, particularly in the semiconductor testing and packaging industry, which is experiencing heightened market attention due to capacity constraints and rising material costs [1][2]. Core Insights and Arguments 1. **CoWoS Capacity Shortage** TSMC's CoWoS (Chip on Wafer on Substrate) is undergoing continuous expansion, yet the capacity remains insufficient. This has led to demand overflow to other packaging and testing companies such as ASE and KYEC, resulting in tight capacity [1]. 2. **Rising Material Costs** The prices of precious metals like gold, silver, and copper are on the rise, with gold prices increasing over 70%, silver prices rising over 170%, and copper prices up approximately 36% from early to late 2025. This surge in material costs is expected to lead to price hikes in metal packaging materials [1]. 3. **Strong Demand for Storage** The demand for storage solutions, particularly from DRAM and NAND Flash manufacturers, is robust. Companies like Powertech, HwaCom, and Nanya are seeing a surge in orders, pushing capacity utilization rates to near full capacity. Recent price adjustments for testing and packaging services have reached increases of up to 30% [2]. 4. **Potential for Further Price Increases** Several packaging companies have indicated that due to overwhelming orders, there may be a second wave of price increases in the near future [3]. 5. **Increased Capital Expenditure (Capex) Projections** - TSMC's capital expenditure for 2026 is expected to exceed initial forecasts. - ASE has continuously raised its capex projections. - KYEC's capex for 2026 is projected to reach a historical high of 39.4 billion New Taiwan Dollars. - Changdian Technology is also increasing investments, with a capex of 8.5 billion for 2025. - Tongfu Microelectronics is planning a total investment of approximately 3.5 billion for storage and computing testing projects. - Yongxi Electronics intends to invest 2.1 billion for a factory in Malaysia. This indicates that 2026 will be a significant year for capital expenditures in both domestic and international packaging companies, benefiting upstream equipment and materials sectors [4]. Other Important Insights - The overall trend in the semiconductor packaging industry suggests a tightening of capacity and increasing costs, which could present both challenges and opportunities for investors in related sectors. The anticipated capital expenditures signal a strong commitment to growth and expansion within the industry [4].

颀中科技公告称，公司此前向不特定对象发行8.50亿元可转换公司债券，实际募资净额8.39亿元。募投 项目"颀中科技（苏州）有限公司先进功率及倒装芯片封测技术改造项目"的实施主体为全资子公司苏州 颀中，公司拟用募资向其提供不超4.28亿元无息借款，期限至项目完成，仅限用于该项目。该事项已获 董事会审议通过，审计委员会同意，保荐人无异议。 ...

Industry Insights - The current supply tightness in the memory industry is driven by a surge in AI data center demand and increasing complexity in memory manufacturing, rather than a deliberate adjustment of customer structures by manufacturers [1] - Substantial improvement in memory supply is expected to take a long time, with the tight situation likely to persist until around 2028 [1] - Major packaging and testing companies in Taiwan, such as Liancheng, Huadong, and Nanmao, are experiencing overwhelming orders, leading to a first round of price increases approaching 30%, which will reflect in financial reports starting from Q1 [1] - Memory chips account for approximately 30% of the integrated circuit market, with mainland China being the second-largest storage sales market globally, following the United States [1] - Domestic storage companies like Changxin Storage and Yangtze Memory Technologies are rapidly catching up in technology and are expected to enhance competitiveness through continuous R&D and process improvements [1] Company Developments - Huicheng Co., Ltd. is strategically investing in Xinfeng Technology and establishing a partnership with Huadong Technology to expand its DRAM packaging and testing business, focusing on advanced packaging for 3D DRAM [2] - Tongfu Microelectronics is collaborating with domestic storage manufacturers for strategic synergy in storage packaging and testing [3]

Group 1: Investment Potential - Amkor Technology Inc. is identified as a hot tech stock with a raised price target of $50 from Needham, reflecting a strong Buy rating [1] - The firm anticipates significant growth in AI wafer demand, particularly in GPUs and custom AI chips, positioning Amkor as a primary beneficiary in the CoWoS (advanced packaging) market over the next five years [1] Group 2: Infrastructure Expansion - The company is making a substantial $7 billion investment in a new advanced packaging and test campus in Arizona, expected to create up to 3,000 jobs [2] - Management is optimizing its manufacturing footprint in Japan, which is projected to enhance corporate gross margins by approximately 100 basis points by the end of 2027 [2] Group 3: Revenue Outlook - Amkor expects a sequential revenue decline of around 8% in Q4 2025, with guidance set between $1.775 billion and $1.875 billion, influenced by seasonal factors and a 5% year-over-year decline in consumer revenue due to a specific wearable product lifecycle [3]

Core Viewpoint - Tongfu Microelectronics (002156) plans to raise up to 4.4 billion yuan through a private placement of shares to enhance its production capacity in various sectors, including storage chip packaging and testing, automotive applications, wafer-level packaging, and high-performance computing and communication fields [1]. Group 1 - The company aims to use the raised funds for capacity enhancement projects in storage chip packaging [1]. - The funds will also support capacity improvements in packaging for emerging applications such as automotive [1]. - Additional allocations include wafer-level packaging capacity enhancement projects [1]. Group 2 - The company intends to improve its capacity in high-performance computing and communication packaging [1]. - The funds will be utilized to supplement working capital and repay bank loans [1].

Group 1 - The company, Blue Arrow Electronics (301348.SZ), has the capability to cover the entire process of packaging and testing for wafers ranging from 4 inches to 12 inches, addressing the needs of various fields such as consumer electronics, automotive electronics, and industrial control [1] - The company has established an annual production scale exceeding 19 billion units, with actual output being dynamically adjusted based on market order demand and capacity utilization [1]

Core Viewpoint - Qipai Technology has faced continuous losses and negative gross margins over the past two years, primarily due to industry downturns, pricing pressures, and increased fixed asset investments, but is showing signs of improvement in 2024 as the industry recovers [1][2]. Financial Performance - Gross margins from 2022 to the first half of 2025 were 0.99%, -17.43%, -5.94%, and -5.60%, with net profits of -58.56 million, -130.97 million, -102.11 million, and -58.67 million respectively [2]. - The main reasons for losses include product pricing being lower than costs, with significant price declines in key products like SOT, SOP, and QFN/DFN, which dropped by 12.17%, 15.08%, and 11.66% in 2023 [2]. - Fixed costs remain high, with manufacturing expenses consistently accounting for 48%-52% of main business costs, and depreciation reaching 121 million in 2023, a 14.3% increase year-on-year [2][3]. Capacity Utilization and Cost Pressure - Capacity utilization rates were 72.67% in 2022 and 68.13% in 2023, expected to improve to 80.57% in 2024 and 86.30% in the first half of 2025 [3]. - The company has invested 865 million in construction projects from 2022 to 2024, increasing fixed assets from 1.579 billion to 2.173 billion, leading to an average annual depreciation increase of over 15% [3]. Industry Comparison - Qipai Technology's performance trends align with the semiconductor packaging and testing industry, which has faced similar gross margin pressures [4]. - The company’s QFN/DFN products are the only ones with positive gross margins, contributing 32.06% of revenue in 2024 with a gross margin of 8.98% [4]. - Compared to industry peers, Qipai's gross margin of -5.45% in 2024 is significantly lower than the industry average of 13.43%, primarily due to its lower advanced packaging ratio [4]. Debt and Liquidity - As of June 2025, the company reported a current ratio of 0.41, a quick ratio of 0.29, and a debt-to-asset ratio of 66.87%, all below industry averages [5]. - The company has a total of 550 million in interest-bearing liabilities, with short-term borrowings of 121 million and long-term borrowings of 290 million [5]. - Qipai has a bank credit line of 924 million, with 314 million remaining available, and reported positive operating cash flow of 14.11 million in the first half of 2025 [5]. Future Outlook - The global packaging and testing market is expected to grow at a compound annual growth rate of 5.9% from 2024 to 2029, with advanced packaging being a key driver [6][7]. - Qipai anticipates improved gross margins and operational performance in 2025 due to increased capacity utilization and product structure optimization [6][7].