香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，且 表 明 不 會 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 KINGBOARD LAMINATES HOLDINGS LIMITED 建滔積層板控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1888） 董事會各委員會組成變動 董 事 會 宣 佈： 本公告乃由建滔積層板控股有限公司（「本公司」，連 同 其 附 屬 公 司「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.51(2)條 作 出。 董事辭任 本公司董事會（「董事會」）宣佈獨立非執行董事葉澍堃先生（「葉先生」）已自二零 二 五 年 十 二 月 三 十 一 日 起 辭 任 董 事 職 務，以 便 彼 能 夠 投 入 更 多 時 間 於 其 他 事 務。葉 先 生 於 辭 任 後 不 再 擔 任 董 事 會 薪 酬 委 員 ...

Group 1: AI and Technology Stocks - Wall Street strategists are currently dismissing concerns about an AI bubble, with predictions that technology stocks will lead the market until 2030, potentially pushing the S&P 500 index to between 10,000 and 13,000 points by then [1] - UBS strategists forecast the S&P 500 index to rise to 7,700 points by the end of next year, attributing market growth to earnings rather than valuation bubbles [1] - Ed Yardeni, founder of Yardeni Research, also predicts the S&P 500 will reach 7,700 points next year, citing factors such as the recently passed tax reform and the AI boom [1] Group 2: AI Sector Volatility - The AI sector is expected to experience increased volatility by 2026, as major tech companies like Nvidia, Microsoft, and Apple approach valuation ceilings, raising market expectations for performance and growth [2] - A few leading tech companies now account for 30-40% of the Nasdaq's market value, which is significant compared to the US annual GDP, indicating structural concentration risks [2] - Despite short-term pressures, long-term capital investment in AI across computing power, software, and applications is expected to continue, with market dynamics heavily influenced by the Federal Reserve's interest rate decisions [2] Group 3: Silver Market Dynamics - The silver market experienced significant volatility, with prices rising by 6% to nearly $84 per ounce before dropping over 3%, influenced by rumors of a major bank facing margin calls [3] - Analysts suggest that the recent surge in silver prices was driven more by sentiment and leveraged trading rather than fundamental changes, indicating a potential end to the recent rally [3] - The overall precious metals market is entering a high-volatility phase, with a shift from a "buy the dip" mentality to a focus on risk and market revaluation [3] Group 4: Copper Price Surge - International copper prices reached a historic high of $12,960 per ton, with a year-to-date increase exceeding 41%, driven by supply-demand dynamics and supportive monetary policy [5] - Major copper producers are lowering production forecasts due to mine accidents and declining ore grades, while demand is surging from energy transitions and AI-driven data center construction [5] - By 2050, demand for copper in AI data center electrical wiring is projected to increase sixfold, reaching approximately 3 million tons annually [5] Group 5: Industry Outlook - The copper market is expected to enter a long-term bullish phase due to ongoing demand from AI servers, electric vehicles, and high-speed communications, while supply constraints persist [6] - The focus in the copper industry is shifting from cost competition to performance and technology, with leading companies likely to maintain profitability and benefit from electronic industry upgrades [6] - Global economic recovery expectations are identified as a primary driver for rising copper prices, although excessive price increases could negatively impact global industrial development [7]

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Insights - Recent significant increases in copper and fiberglass cloth prices have led the company to issue a price increase notice for its copper-clad laminates, with the frequency of price hikes during the peak season exceeding expectations, validating the positive outlook for the copper-clad laminate and electronic cloth industries driven by AI demand [2][10]. - The company is positioned as a rare integrated player in the industry, with a simultaneous push for product upgrades, which is expected to lead to a dual benefit of price increases and enhanced profitability [10]. Financial Summary - Total revenue projections are as follows: - 2024A: 18,541 million HKD - 2025E: 21,784 million HKD (+11%) - 2026E: 25,080 million HKD (+17%) - 2027E: 28,353 million HKD (+15%) [4]. - Net profit forecasts are: - 2024A: 1,326 million HKD - 2025E: 2,349 million HKD (+77%) - 2026E: 3,123 million HKD (+33%) - 2027E: 3,815 million HKD (+22%) [4]. - The company maintains a target price of 20 HKD [10]. Market Data - The current stock price is 13.18 HKD, with a market capitalization of 41,324 million HKD and a total share count of 3,135 million [7]. - The stock has traded within a range of 6.68 to 13.92 HKD over the past 52 weeks [7]. Industry Context - The company is benefiting from a favorable pricing cycle in the copper-clad laminate market, with multiple price increases already implemented in recent months due to rising costs of raw materials [10]. - The strategic focus on high-end product structures is expected to align with the price increase cycle, enhancing profitability as new products are gradually introduced [10].

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.71% to 25,635.23 points and a total turnover of HKD 224.51 billion [1] - The Hang Seng Tech Index fell 0.3% to 5,483.01 points, while the Hang Seng China Enterprises Index decreased by 0.26% to 8,891.71 points [1] Consensus and Divergences - Huatai Securities noted two main consensus points: 1. The logic of the bulk commodity sector is solid, leading to a rapid revaluation 2. Weak recovery in domestic demand suggests a left-side allocation in the consumer sector [1] Blue Chip Performance - BYD Company (01211) led blue-chip stocks, rising 3.74% to HKD 97.1, contributing 20.66 points to the Hang Seng Index [2] - Other notable blue-chip performances included Geely Automobile (00175) up 3.43% and Industrial and Commercial Bank of China (01398) up 1.63% [2] Sector Highlights - The automotive sector saw most stocks rise, with NIO-SW (09866) up 4.89% and Xpeng Motors-W (09868) up 3.88% [3] - The robotics sector showed strong performance, with MicroPort Robotics-B (02252) surging 25.85% and UBTECH (09880) rising 9.13% [4] Individual Company News - UBTECH plans to acquire Fenglong Co. for HKD 1.665 billion, focusing on garden machinery and automotive components [5] - MicroPort Robotics reported over 230 cumulative orders for its surgical robots, with over 160 orders for its bronchoscopic surgical robot "Dudao" [5] Gold Sector Performance - Gold stocks generally retreated, with Zijin Mining International (02259) down 5.86% and Chifeng Jilong Gold Mining (06693) down 5.4% [5] - The gold market experienced volatility, with spot gold prices dropping below USD 4,450 per ounce [6] Power Sector Performance - Power stocks faced pressure, with Huaneng International (00902) down 6.48% and Datang International Power Generation (00991) down 4.7% [6] - The announcement of long-term electricity prices in Guangdong indicated a decline, with a 19.72 cents per kilowatt-hour drop [6] Notable Stock Movements - Junda Co. (02865) surged 21.65% following a strategic partnership announcement in the space energy sector [7] - Youjia Innovation (02431) rose 15.45% as the first batch of L3 autonomous vehicles began large-scale operation [8] - Goldwind Technology (02208) increased by 13.7% after the release of new listing standards for commercial rocket companies [9] - Jiantao Laminates (01888) rose 6.81% due to a price increase announcement amid rising copper prices [10] - MGM China (02282) fell 17.14% after a report indicated a significant increase in brand usage fees starting in 2026 [11]

Price Increases in the Chip Industry - The chip industry is experiencing a significant price increase trend, with various manufacturers announcing price hikes due to rising raw material costs and supply chain pressures [3][4] - Major companies such as TSMC, SMIC, Samsung, and Micron have implemented or are expected to implement price increases across their product lines [12][13][14][19] Raw Material and PCB Price Increases - Jiantek announced a second price increase in December, raising prices for its copper-clad laminates by 5% to 10% due to escalating raw material costs [9] - Nanya Plastics raised prices for all CCL products and PP by 8% starting November 20, citing increases in copper prices and other raw materials [10] Semiconductor Price Adjustments - TSMC has informed clients of a price increase for advanced technology nodes (5nm to 2nm) over the next four years, with expected increases of 8% to 10% for 5nm and up to 50% for 2nm wafers [12] - SMIC has raised prices for some of its production capacity by approximately 10% [13] Memory Chip Price Surge - Samsung has notified clients of a price increase for DRAM and NAND Flash products, with increases of 15% to 30% for certain DRAM types and 5% to 10% for NAND products [14] - Micron has announced a price increase of 20% to 30% for its storage products, effective from September 12 [16] Passive Component Price Increases - Multiple passive component manufacturers have joined the price increase trend, with companies like KEMET and Yageo announcing price hikes of 20% to 30% due to raw material cost pressures [30][33] - Panasonic has raised prices for certain tantalum capacitor models by 15% to 30% [35] Power Device Price Adjustments - China Resources Microelectronics confirmed a price increase for some IGBT products, driven by rising raw material costs and strong order performance [45] - Jingdao Microelectronics has raised prices for certain product series by 10% to 15% due to the increase in raw material prices [46] End-User Impact - Major PC manufacturers like Lenovo, Dell, and HP are planning to raise prices by up to 20% due to ongoing storage price increases [66] - Several smartphone manufacturers have paused procurement of storage chips, facing challenges with rising prices from suppliers [68]

Group 1 - The core viewpoint of the news is the strong performance of the A+H semiconductor industry chain in the Hong Kong stock market, with significant gains in various companies and the launch of the first ETF focused on the Hong Kong chip industry [1][3]. Group 2 - In the early trading session on December 29, stocks such as UBTECH and Shanghai Fudan rose over 10%, while Jiantao Laminates increased by over 7%, and Huahong Semiconductor and Fourth Paradigm gained over 2% [1]. - The first ETF focusing on the "Hong Kong chip" industry chain (159131) opened strong and is expected to continue its upward trend, with a real-time transaction amount exceeding 300 million CNY [1]. - The ETF is designed to track the "China Securities Hong Kong Stock Connect Information Technology Comprehensive Index," with a composition of 70% hardware and 30% software, including 42 Hong Kong tech companies [3]. - Notably, the ETF has significant weightings in companies such as SMIC (20.48%), Xiaomi Group-W (9.53%), and Huahong Semiconductor (5.80%), excluding major internet firms like Alibaba and Tencent [3]. - The IPO of Wallen Technology, the first GPU company listed in Hong Kong, has started, aiming to raise up to 4.85 billion HKD, with a subscription amount of 260.7 billion HKD, indicating strong demand [1][3].

（文章来源：每日经济新闻） 每经AI快讯，建滔积层板(01888.HK)涨超9%，截至发稿涨9.08%，报13.46港元，成交额6220.97万港 元。 ...

Core Viewpoint - 建滔积层板 (01888) has experienced a significant price increase of over 9% due to rising copper prices and tight supply of glass cloth, leading the company to raise material prices by 10% effective December 26 [1] Company Summary - 建滔积层板's stock price rose by 9.08%, reaching HKD 13.46, with a trading volume of HKD 62.21 million [1] - The company has implemented multiple price increases throughout the year, including a price hike of RMB 10 per board on August 15 and a 5% to 10% increase on December 1 due to surging costs of copper, glass cloth, and chemical raw materials [1] Industry Summary - According to Guojin Securities, the strong demand for AI and rising upstream material costs are likely to sustain price increases for copper-clad laminates [1] - The demand for AI-related products is driving both price and volume increases in PCB, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The mainland's leading copper-clad laminate manufacturers are expected to benefit from the slow expansion of overseas production capacity [1]

智通财经APP获悉，建滔积层板(01888)涨超9%，截至发稿，涨9.08%，报13.46港元，成交额6220.97万 港元。 国金证券研报指出，AI需求旺盛+上游原材料成本上升，覆铜板涨价有望持续。AI强劲需求带动PCB价 量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，四季度及明年业绩高增长有望持 续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。 消息面上，据报道，12月26日，建滔积层板发出涨价通知，表示目前铜价暴涨、玻璃布供应紧张，迫于 成本压力，将从当日起，对所有材料价格统一上调10%。值得注意的是，今年建滔积层板已多次涨价。 8月15日，建滔宣布旗下CCL全面涨价，每张板子调升人民币10元；12月1日，建滔因铜、玻璃布及化工 原材料价格大幅攀升发布调价公告，CEM-1/22F/V0/HB类产品价格上调5%，FR-4、PP类产品价格上调 10%。 ...

Investment Rating - The industry is rated positively, with a focus on AI-PCB, core computing hardware, and the Apple supply chain, indicating a bullish outlook for the upcoming quarters [4][27]. Core Insights - The demand for AI is robust, leading to price increases in copper-clad laminates (CCL), with a projected continuous rise due to escalating copper prices and material shortages [1][4]. - The semiconductor industry, particularly DRAM and NAND Flash, is expected to see significant price increases and revenue growth, with DRAM average selling prices projected to rise by approximately 58% year-on-year by 2026 [1][27]. - Companies like Google, Amazon, Meta, OpenAI, and Microsoft are anticipated to experience explosive growth in ASIC demand from 2026 to 2027, driven by strong AI requirements [1][4]. Summary by Sections 1. AI Demand and CCL Pricing - The report highlights a strong demand for AI, which is driving up the technical requirements for CCL, with price increases already implemented by major manufacturers like 建滔积层板 [1]. - The report anticipates that the price increases will lead to performance improvements starting in Q4, with a sustained upward trend expected [4]. 2. Semiconductor Market Outlook - The semiconductor market is projected to grow significantly, with DRAM revenues expected to exceed $300 billion by 2026, and NAND Flash revenues reaching $110.5 billion [1]. - The report notes that the average price of NAND Flash is expected to increase by 32% year-on-year [1]. 3. AI Hardware and ASIC Growth - The report emphasizes the strong demand for AI hardware, particularly in the context of ASIC production, with major tech companies ramping up orders [1][4]. - The anticipated growth in ASIC demand is expected to benefit the entire AI hardware supply chain, with companies currently operating at full capacity [4]. 4. Industry Segmentation and Performance - The report categorizes various segments within the electronics industry, indicating a stable upward trend in consumer electronics, PCB, and semiconductor chips [4]. - Specific segments such as passive components and advanced packaging are also noted for their robust performance, driven by AI and other technological advancements [4][20]. 5. Company Performance and Projections - Companies like 思泉新材 and 三环集团 are highlighted for their strong revenue growth and profitability, driven by AI-related demand and product innovations [29][31]. - The report suggests that companies involved in the AI-PCB and semiconductor equipment sectors are well-positioned to benefit from the ongoing trends in AI and semiconductor demand [27][32].