Group 1 - Resonac, a Japanese semiconductor materials manufacturer, announced a price increase of over 30% for copper foil substrates (CCL) and adhesive films used in printed circuit boards (PCBs) starting March 1 due to tight supply and soaring prices of raw materials like fiberglass cloth [1] - Market rumors suggest that NVIDIA's Rubin Ultra may abandon orthogonal backplanes in favor of copper cable solutions, but industry insiders indicate that the core positioning of orthogonal backplanes remains unchanged [1] - According to Guotai Junan Securities, since the second half of 2025, Jiantao has raised prices three times in August, October, and December, with another increase in December exceeding expectations, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] Group 2 - Jiantao's stock (01888) has seen an increase of over 5%, with a current price of 13.96 HKD and a trading volume of 81.7041 million HKD [2]

Group 1 - The Hang Seng Index fell by 0.1%, down 26 points, closing at 26,559 points, while the Hang Seng Tech Index decreased by 0.4% [1] - Baidu Group (09888) led blue-chip stocks with a 4% increase following the official release of its Wenxin large model version 5.0 [1] - Tianzuo Zhixin (09903) surged over 14%, reaching a new high since its listing, with plans to release a roadmap for its next three generations of GPGPU products on January 26 [1] - Minshi Group (00425) rose over 10%, benefiting from the increase in European electric vehicle production and actively entering humanoid robots and liquid cooling sectors [1] - Junda Co., Ltd. (02865) increased by over 14%, planning to raise funds through a share placement for the development of space photovoltaic battery products [1] - Yingshi Intelligent (03696) rose over 5%, achieving a new peak as its AI-enabled tumor drug development capabilities received further recognition [1] Group 2 - Jiantao Group's stock (01888) rose over 2%, with Goldman Sachs optimistic about the Chinese PCB and CCL industries [2] - Pacific Shipping (02343) increased by over 7%, reaching a new high as the BDI index climbed to a two-week high [3] - China Shipbuilding Defense (00317) rose over 3%, with its 2025 performance forecast meeting market expectations, likely benefiting from the integration of shipbuilding assets [4] - CNOOC Services (02883) increased by over 4%, converting $746 million in debt to equity to enhance its oil and gas business in Norway [5] - Kingsray Biotechnology (01548) fell over 6%, following a significant drop of over 11% in its joint venture Legend Biotech's stock price [6] - Nanshan Aluminum International (02610) dropped over 8% due to a 6.4% discount on a rights issue, raising net proceeds of HKD 1.99 billion [7] - New stock Longqi Technology (09611) debuted with a price of HKD 32.5, up 4.84% on its first day of trading [8]

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]

Group 1 - The core viewpoint of the article highlights that JianTao Laminated Board (01888) has seen a stock price increase of over 5%, currently trading at 13.96 HKD with a transaction volume of 81.7041 million HKD, driven by supply tightness and rising prices of raw materials like fiberglass cloth [1] - Resonac, a Japanese semiconductor materials manufacturer, announced a price increase of over 30% for copper foil substrates (CCL) and adhesive films used in printed circuit boards (PCB) starting March 1, due to supply constraints [1] - Market rumors suggest that NVIDIA's Rubin Ultra may switch from orthogonal backplanes to copper cable solutions, although industry insiders maintain that the core positioning of orthogonal backplanes remains unchanged [1] Group 2 - According to Guotai Junan Securities, JianTao has raised prices three times in August, October, and December since the second half of 2025, with an unexpected price increase occurring twice within 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, and as an industry leader, it is expected to benefit from the price increase cycle across all segments [1]

Summary of Kingboard Laminates (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates (1888.HK) - **Industry**: Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing - **Profile**: A leading global supplier of CCL and upstream raw materials, including glass fiber, copper foil, and epoxy resin, with over 20 plants in China and abroad, serving diverse markets such as consumer electronics, home appliances, and automotive [3][4] Key Points from the Conference Call - **CCL Pricing Trends**: - CCL prices have been raised multiple times in Q3 and Q4 of 2025 due to increased costs of copper and fiberglass, with expectations for continued price increases into January 2026 [4] - The management attributes the rising prices to heightened demand for AI-related CCL, as some suppliers are reallocating capacity from non-AI to AI products [4] - **Market Demand and Growth Projections**: - There is a strong demand for CCL driven by the adoption of next-generation high-end AI server platforms, with expectations for the global CCL market for AI servers to grow at a CAGR of 178% from 2025 to 2027, reaching approximately US$19 billion by 2027 [2] - The M9+ CCL segment is anticipated to contribute significantly to this growth due to its higher dollar content [2] - **Strategic Focus**: - Kingboard is focusing on providing total solutions for clients and expanding its capacity to meet rising AI demand, leveraging its expertise in both CCL and raw materials to differentiate itself from competitors [1][4] - Plans are in place to expand in-house fiberglass production specifically for AI CCL [4] - **Competitive Advantages**: - The company's vertical integration strategy allows it to offer cost-effective products, enhancing its competitive edge in the market [3] Additional Insights - **Management's Perspective**: The management emphasizes that product performance is heavily reliant on the company's proprietary knowledge regarding product formulas and manufacturing processes [4] - **Investment Context**: The insights from the management align with a broader positive outlook on the CCL market, particularly in relation to AI applications, indicating potential investment opportunities in this sector [2] This summary encapsulates the critical insights from the conference call regarding Kingboard Laminates, highlighting its market position, pricing strategies, growth projections, and competitive advantages in the evolving landscape of the PCB and CCL industry.

Group 1 - The stock of Jiantao Laminated Board (01888.HK) has increased by over 5%, currently trading at 14.05 HKD, with a transaction volume of 315 million HKD [1]

Group 1 - The core viewpoint of the article highlights that Jiantao's stock price has increased by over 5%, currently trading at 14.05 HKD, with a transaction volume of 315 million HKD, driven by rising copper prices and tight supply of glass cloth [1] - On December 26, Jiantao issued a price increase notice, raising prices of all materials by 10% due to cost pressures from soaring copper prices and supply shortages [1] - Guotai Junan Securities noted that since the second half of 2025, Jiantao has raised prices three times in August, October, and December, indicating a favorable pricing cycle across the entire industry chain driven by AI demand [1] Group 2 - The company is strategically expanding into copper foil, electronic cloth, and copper-clad laminates, positioning itself as an industry leader likely to benefit from the price increase cycle across all segments [1] - Guojin Securities reported that strong AI demand is driving both price and volume increases in PCB, with many AI-PCB companies experiencing robust orders and full production, suggesting continued high growth in Q4 and next year [1] - The demand for AI copper-clad laminates remains strong, and due to slow expansion of overseas production, domestic leading manufacturers are expected to benefit significantly [1]

Core Viewpoint - The company JianTao (01888) has raised prices by 10% across all materials due to soaring copper prices and a shortage of glass cloth, indicating a positive pricing cycle driven by AI demand in the industry [1] Group 1: Company Performance - JianTao's stock price increased by over 5%, reaching HKD 14.05 with a trading volume of HKD 315 million [1] - The company has implemented price increases three times since August 2025, with another increase in December, indicating strong pricing power amid rising costs [1] Group 2: Industry Trends - The strong demand for AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The demand for AI copper-clad laminates is also strong, and domestic leading manufacturers are expected to benefit from slow overseas expansion in this segment [1]