Market Overview - The Hang Seng Index fell by 0.55%, down 149 points, closing at 26,850 points, while the Hang Seng Tech Index dropped by 1.83% [1] - The trading volume in the Hong Kong stock market reached HKD 163.9 billion in the morning session [1] Company Highlights - Jiexin International Resources (03858) rose over 5%, reaching a new high as black tungsten ore prices surpassed 500,000 yuan, prompting several tungsten companies to raise long-term contract prices [1] - Likin Resources (02245) increased by over 10% due to disruptions in Indonesian nickel ore quotas, while Zhongwei New Materials (02579) gained over 9% [1] - China Rare Earth Holdings (03788) experienced significant volatility, rising by 8% after announcing the termination of its spin-off listing plan and plans to rename itself "Rare Earth Gold" [1] - Ocean Park Hong Kong (02255) surged over 10%, with visitor numbers on the first day of the New Year holiday increasing by 60% year-on-year [1] - Zhipu (02513) rose over 4% after announcing a collaboration with Huawei to open-source a new generation image generation model [1] - China Heartland Fertilizer (01866) increased by over 4%, anticipating a potential global urea supply shortage, and has been actively repurchasing shares [1] - Woan Robotics (06600) gained over 7% following the release of its humanoid intelligent robot, Onero [1] - Jiantao Laminates (01888) saw a nearly 6% increase after announcing a price hike, which is expected to become a trend in the copper-clad laminate industry [1] - Qiu Tai Technology (01478) declined over 7% as Citigroup reported that the company's net profit last year fell below expectations [1] Other Notable Movements - Kanglong Chemical (03759) dropped over 5% after announcing a placement of shares at an 8.5% discount, aiming to raise nearly HKD 1.32 billion [2] - Trip.com Group (09961) plummeted over 19% due to an investigation by the State Administration for Market Regulation for alleged monopoly practices, while Same City Travel (00780) fell over 11% [2]

Core Viewpoint - The leading copper foil substrate company, Jiantao, has announced a price increase due to rising copper prices and tight supply of glass cloth, marking its third price hike since the second half of 2025 [1] Company Summary - Jiantao's stock rose nearly 6% during trading, currently up 4.25% at HKD 12.99, with a trading volume of HKD 165 million [1] - The company has issued a price increase notice to customers, stating that raw material costs can no longer be absorbed, leading to a comprehensive price increase of 10% for new orders [1] Industry Summary - According to China Merchants Securities, price increases will be a dominant theme in the CCL industry for 2025-2026 [1] - Guotai Junan Securities reports that strong demand from AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production [1] - The demand for AI copper-clad laminates is also strong, and due to slow overseas expansion, domestic leading manufacturers are expected to benefit significantly [1]

Group 1 - The core viewpoint of the article highlights that Jiantao's stock price has increased significantly, driven by rising copper prices and tight supply of glass cloth, leading to a price hike for their products [1] - Jiantao has issued a price increase notice to customers, indicating a 10% increase in the price of new orders due to unsustainable raw material costs, marking the third price hike since the second half of 2025 [1] - According to China Merchants Securities, price increases are expected to be a dominant theme in the CCL industry for 2025-2026 [1] Group 2 - Guojin Securities reports that strong demand from AI is driving both price and volume increases in the PCB sector, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The performance growth in the fourth quarter and next year is anticipated to continue due to the strong demand for AI-related products [1] - Domestic copper-clad laminate manufacturers are expected to benefit significantly from the slow expansion of overseas production capacity [1]

Ac t i o n | 14 Jan 2026 08:04:03 ET │ 17 pages Kingboard Laminates Holdings (1888.HK) Open 30D CW on Upcoming Likely Strong 2H25 Results CITI'S TAKE We open a 30-day positive CW on KBL. 1) The company should pull forward its results date to mid-Mar vs end-Mar historically. We expect it will release a profit alert in Jan/Feb. 2) We forecast 2H25 earnings to double to HK$1.209bn yoy and core earnings should rise 58% to HK$1.155bn. This should accelerate against 28%/10% respectively during 1H25. 3) Mgmt shoul ...

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: 建滔積層板控股有限公司 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) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | | 2,000,000,000 | 本月 ...

机构：国泰海通证券 研究员：鲍雁辛/舒迪/花健祎/杨冬庭 本报告导读： 近期由于铜价和玻纤布价格大幅上涨，公司覆铜板再发涨价函，旺季提价频率超预期，验证AI 需求带 来的显著挤压效果下，覆铜板行业和电子布行业的景气度。 投资要点： 维持"增持" 评级。近期由于铜价和玻纤布价格大幅上涨，公司覆铜板再发涨价函，公司作为行业稀缺 的一体化布局公司，产品高端化同步推进，有望步入涨价+升级双击的盈利上行周期。维持公司2025- 2027 年净利分别为23.49/31.23/38.15 亿港元，维持目标价20港元。 月内铜价和玻纤布提涨，成本驱动下覆铜板再次涨价。12 月26 日建滔发布涨价函，由于目前铜价暴 涨，玻璃布供应紧缺，迫于成本压力公司对所有材料上调10%价格。历史上铜价和玻纤布向上的周期 中，传统覆铜板的价格周期也较为乐观，2025 年下半年以来，公司8 月、10 月、12 月月初已经提价三 次，12 月再次提涨，月内两次提涨超预期。意味着AI 景气驱动下全产业链进入良性提价周期。 公司同时布局铜箔、电子布和覆铜板，作为行业一体化龙头有望能全环节受益于涨价周期。 外售上游材料同步涨价，或有望带动电子布行业跟涨 ...

建滔积层板(01888)公布，独立非执行董事叶澍堃先生已辞任董事职务，亦将不再担任董事会薪酬委员 会主席，以及董事会审核委员会及董事会提名委员会成员。容海恩女士将获委任为独立非执行董事、薪 酬委员会主席以及审核委员会及提名委员会成员，自2025年12月31日起生效。 ...

Core Viewpoint - The company announced changes in its board of directors, including the resignation of an independent non-executive director and the appointment of a new independent non-executive director, effective December 31, 2025 [1] Group 1 - Independent non-executive director Ye Shukun has resigned from his position, effective December 31, 2025 [1] - Sir Rong Haiyan will be appointed as an independent non-executive director, effective December 31, 2025 [1]

智通财经APP讯，建滔积层板(01888)公布，独立非执行董事叶澍堃先生已辞任董事职务，亦将不再担任 董事会薪酬委员会主席，以及董事会审核委员会及董事会提名委员会成员。容海恩女士将获委任为独立 非执行董事、薪酬委员会主席以及审核委员会及提名委员会成员，自2025年12月31日起生效。 ...

KINGBOARD LAMINATES HOLDINGS LIMITED 建滔積層板控股有限公司 建滔積層板控股有限公司董事（「董 事」）會（「董事會」）成 員 載 列 如 下，自 二 零 二 五 年 十 二 月 三 十 一 日 起 生 效： 執行董事 張國華先生 （主 席） 張國強先生 （董 事 總 經 理） 張國平先生 林家寶先生 張家豪先生 張頌鳴女士 周培峰先生 非執行董事 董 事 會 設 有 三 個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 職 位 的 資 料。 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1888） 董事名單及其角色和職能 羅家亮先生 獨立非執行董事 張魯夫先生 龔永德先生 何國鳴先生 容海恩女士 C 相關董事委員會主席 M 相關董事委員會成員 香 港，二 零 二 五 年 十 二 月 三 十 日 | | 董事委員會 | 審 核 | 薪 酬 | 提 名 | | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | | 龔永德先生 | | C ...