Group 1 - The core viewpoint of the article highlights the positive performance of Jiantao Group and its subsidiaries, driven by the growth in the PCB and CCL industries due to AI infrastructure expansion [1] - Jiantao Laminated Board (01888) saw an increase of 5.47%, reaching HKD 15.23, while Jiantao Group (00148) rose by 1.67%, reaching HKD 31.62 [1] - Goldman Sachs reported that the Chinese PCB and CCL industries are experiencing a dual trend of "acceleration and scaling," benefiting leading companies through specification upgrades, increased shipment volumes, and capacity expansion [1] Group 2 - Guotai Junan Securities noted that Jiantao has raised prices three times since August 2025, with an unexpected increase in December, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] - The company is strategically positioned in copper foil, electronic cloth, and copper-clad laminates, suggesting that as an industry leader, it is likely to benefit from the price increase cycle across all segments [1]

Group 1 - The Hong Kong stock market saw a rise in the shares of Kwan Tong Group, with Kwan Tong Laminated Board (01888.HK) increasing by 5.47% to HKD 15.23 [1] - Kwan Tong Group (00148.HK) also experienced a gain, rising by 1.67% to HKD 31.62 [1]

Core Viewpoint - The report highlights that the Chinese PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industries are experiencing a dual trend of "acceleration and scaling" driven by the AI infrastructure boom, benefiting leading companies through specification upgrades, increased shipment volumes, and capacity expansion [1] Group 1: Company Performance - Jiantao's stock prices have risen, with Jiantao Laminated Board (01888) up by 5.47% to HKD 15.23 and Jiantao Group (00148) up by 1.67% to HKD 31.62 [1] - Jiantao has implemented price increases three times in August, October, and December, with an additional unexpected price hike in December, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] Group 2: Industry Trends - According to Goldman Sachs, the PCB and CCL industries are benefiting from a robust growth cycle due to AI infrastructure, leading to significant growth opportunities for top-tier companies [1] - The industry is entering a favorable price increase cycle, with Jiantao positioned as an integrated leader benefiting from price hikes across copper foil, electronic cloth, and copper clad laminates [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 建滔集團有限公司 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00148 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.1 | HKD | | 200,000,000 | | 2. 股份分類 | ...

Group 1 - China Merchants Securities maintains an "Accumulate" rating for JD Health (06618.HK), highlighting its "medicine + pharmacy" dual-driven model and leading market share in retail pharmacies, with O2O delivery times as fast as 9 minutes [1] - China Everbright Securities International maintains an "Accumulate" rating for Biren Technology (06082.HK), noting its position as the first company in China to use 2.5D chip packaging technology and its strong commercial progress with over 2 billion yuan in unfulfilled orders [1] - Huachuang Securities maintains a "Strong Buy" rating for Hesai Technology (02525.HK), emphasizing its leadership in the global LiDAR market and significant cost reductions achieved through self-developed chips, with a delivery target of 200,000 units by 2025 [1] Group 2 - CICC maintains an "Outperform" rating for Haidilao (06862.HK), reporting stable table turnover rates in H2 and better-than-expected cost optimization, with new brand strategies accelerating growth [2] - CICC maintains an "Outperform" rating for Shuangdeng Co. (06960.HK), identifying it as a leader in communication and data center energy storage, benefiting from increased capital expenditure in global AIDC and the trend of lithium battery replacing lead-acid [2] Group 3 - CITIC Securities maintains a "Buy" rating for Kintor Group (00148.HK), noting the positive impact of price increases on its CCL business and the expected growth in PCB business volume [3] - CITIC Securities maintains a "Buy" rating for Shougang Resources (00639.HK), highlighting its resource scarcity and leading cost control, with expected performance growth amid rising coking coal prices in 2026-27 [3] - Shenwan Hongyuan maintains a "Buy" rating for Beautiful Garden Medical Health (02373.HK), emphasizing its accelerated industry consolidation through acquisitions and a significant increase in store numbers [3] - China Merchants Securities maintains an "Accumulate" rating for Baiguoyuan Group (02411.HK), noting its stock incentive plan and strategic upgrades aimed at restoring same-store growth and opening pace [3]

Core Viewpoint - The article highlights the significant growth potential in the AI server market, particularly driven by Nvidia's upcoming product releases and the increasing capital expenditures from major AI and internet companies, which will benefit PCB suppliers like 建滔集团 [2][5]. Group 1: Company Performance - 建滔集团's stock price increased by nearly 5% during the trading session, closing up 3.60% at HKD 27.66, with a trading volume of HKD 63.35 million [2][5]. Group 2: Market Predictions - Market forecasts indicate that Nvidia's GB300 AI server cabinet shipments are expected to reach 55,000 units next year, representing a year-on-year growth of 129% [2][5]. - The next-generation Vera Rubin 200 platform is anticipated to start shipping in the fourth quarter of next year [2][5]. Group 3: Technological Advancements - The Vera Rubin super chip, showcased by Nvidia's CEO Jensen Huang at the GTC conference, features a CPU codenamed Vera and two large Rubin GPUs [2][5]. - The RubinUltra NVL576 will utilize the Kyber architecture, incorporating orthogonal backplane technology, which replaces copper cables with multi-layer PCB boards for direct connections in Switchtray, Midplane, and CX9/CPX [2][5]. Group 4: Industry Insights - 湘财证券 suggests that the substantial capital expenditure plans from AI and internet giants will drive the continuous expansion of computing power clusters [2][5]. - The transition from copper cables to PCBs and the upgrade of PCB materials in the new server architecture will significantly enhance the value of PCBs per server [2][5]. - 建滔集团 is recognized as a leading supplier in the domestic PCB sector, leveraging a vertically integrated supply chain from chemical raw materials to copper-clad laminates and PCBs, covering all categories including single, double, multi-layer, and HDI [2][5].

湘财证券认为，AI大厂和互联网大厂的巨额资本开支计划将推动算力集群持续扩容。在新一代服务器 结构中，PCB对于铜缆的替代，以及PCB材料的升级，将会推动单台服务器PCB价值量大幅提升。据 悉，建滔集团为国内PCB领域的主流供应商，依托"化工原料—覆铜板—PCB"全产业链垂直整合，PCB 业务覆盖单/双/多层及HDI等全品类。 建滔集团(00148)涨近5%，截至发稿，涨4.34%，报27.86港元，成交额6202.38万港元。 消息面上，据最新市场预测显示，英伟达GB300AI服务器机柜明年出货量有望达到5.5万台，同比增长 129%。更值得关注的是，下一代Vera Rubin200平台预计将于明年第四季度开始出货。此前，在10月底 的GTC会议上，黄仁勋首次公开展示了Vera Rubin超级芯片，搭载了一颗代号Vera的CPU和两颗体积庞 大的Rubin GPU。在RubinUltra NVL576使用的Kyber架构中，将会应用正交背板技术，在Switchtray、 Midplane与CX9/CPX中，由多层PCB板代替铜缆直接连接。 ...

智通财经APP获悉，建滔集团(00148)涨近5%，截至发稿，涨4.34%，报27.86港元，成交额6202.38万港 元。 湘财证券认为，AI大厂和互联网大厂的巨额资本开支计划将推动算力集群持续扩容。在新一代服务器 结构中，PCB对于铜缆的替代，以及PCB材料的升级，将会推动单台服务器PCB价值量大幅提升。据 悉，建滔集团为国内PCB领域的主流供应商，依托"化工原料 — 覆铜板—PCB"全产业链垂直整合， PCB业务覆盖单/双/多层及HDI等全品类。 消息面上，据最新市场预测显示，英伟达GB300 AI服务器机柜明年出货量有望达到5.5万台，同比增长 129%。更值得关注的是，下一代Vera Rubin 200平台预计将于明年第四季度开始出货。此前，在10月底 的GTC会议上，黄仁勋首次公开展示了Vera Rubin超级芯片，搭载了一颗代号Vera的CPU和两颗体积庞 大的Rubin GPU。在RubinUltra NVL576使用的Kyber架构中，将会应用正交背板技术，在Switchtray、 Midplane与CX9/CPX中，由多层PCB板代替铜缆直接连接。 ...

12月18日下午，内蒙古双欣环保（001369）材料股份有限公司（以下简称"双欣环保"，股票代码： 001369.SZ）首次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及市场认可度，双欣环保董事长张飞雄介绍，公司产品在国内销往29 个省（自治 区、直辖市），部分产品出口欧洲、南美洲、东南亚等地的40余个国家和地区。公司的聚乙烯醇、特种 纤维、醋酸乙烯和电石产品均获评"内蒙古自治区名牌产品"，双欣牌聚乙烯醇和高强高模聚乙烯醇纤维 产品于2021年获得内蒙古自治区首份《中国出口商品品牌证明书》。公司与建滔集团、吉林化纤 （000420）、东方雨虹（002271）等聚乙烯醇及相关产品下游行业内具有较强影响力的厂家以及北元化 工、唐山三友氯碱有限责任公司等电石下游大型客户建立了长期稳定的合作关系。 天眼查信息显示，双欣环保是一家专业从事聚乙烯醇（PVA）、特种纤维、醋酸乙烯（VAC）、碳化钙 （电石）等PVA产业链上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。 其中，PVA作为水溶性可降解高分子材料，广泛应用于精细化工、绿色建筑、可降解包装、汽车、光 电、医药等多个领域 ...

增持后，Hallgain Management Limited最新持股数目为482,995,700股，持股比例由43.56%上升至43.57%。 格隆汇12月18日丨根据联交所最新权益披露资料显示，2025年12月11日，建滔集团(00148.HK)获Hallgain Management Limited在场内以每股均价27.55港元增 持20万股，涉资约551万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法國 | | --- | --- | --- | --- | --- | --- | | | | 股份數目 | | | (苗多國上犹* 註 有投票權股期 (日 / 月 / 份權益 | | | | | | | 份百分比 年) | | | | | | | 96 | | CS20251216E00277 Hallgain Management | 1101(L) | | 200,000(L) | HKD 27.5500 | 482,995,700(L) 43.57(L)11/12/2025 ...