公司及广新集团的董事、高级管理人员、持股比例超过 5%的股东及其他关联方不存在 参与本期可交换债券认购的情况。 本期可交换债券主承销商中信证券及关联方合计认购并获配 0.20 亿元。上述交易的 报价及程序符合相关法律法规的规定。 股票简称：生益科技 股票代码：600183 公告编号：2026—013 广东生益科技股份有限公司 关于持股 5%以上股东非公开发行可交换公司债券 发行完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广东生益科技股份有限公司（以下简称"公司"或"生益科技"）持股 5%以上股东广 东省广新控股集团有限公司（以下简称"广新集团"）以其持有的部分本公司股票为标的 申请非公开发行不超过 30 亿元的"广东省广新控股集团有限公司 2025 年面向专业投资者 非公开发行可交换公司债券"（以下简称"本次可交换债券"），已于 2025 年 10 月获得上 海证券交易所无异议函。广新集团拟发行本次可交换债券项下的第一期，债券名称为"广 东省广新控股集团有限公司 2026 年面向专业投资者非公开发行科技创新可交 ...

Core Viewpoint - The CCL (Copper Clad Laminate) industry is entering a significant price increase phase driven by strong demand from AI technology, with major manufacturers like Kingboard Laminates initiating multiple price hikes, indicating a structural change rather than a simple cyclical rebound [2][10]. Group 1: Price Increases and Market Dynamics - Kingboard Laminates has announced five price increases within a few months, with a cumulative increase exceeding 40% per sheet, signaling the start of a price uptrend in the CCL industry [2]. - Other manufacturers, such as Shengyi Technology, are following suit with their own price adjustments, marking a comprehensive industry-wide price increase [2]. - The successful price hikes are supported by a simultaneous recovery in downstream demand, with manufacturers regaining pricing power starting in 2026 [2][5]. Group 2: Demand for High-End Materials - The demand for high-frequency and high-speed CCL materials, specifically M8 and M9 grades, is surging due to the stringent requirements of top AI chips from companies like NVIDIA and Google [4][12]. - M9 materials, which are essential for next-generation AI servers, require advanced production techniques and are significantly more expensive than M8 materials, with prices nearly double [13][17]. - The production of high-end CCL materials is constrained by the need for specialized raw materials, leading to a supply shortage for standard materials [5][11]. Group 3: Supply Chain and Cost Structure - Raw materials account for approximately 90% of CCL production costs, with copper foil, electronic cloth, and resin being the primary components [10]. - Recent price increases in copper and other raw materials have not been fully passed on to customers, indicating that CCL manufacturers are absorbing some cost pressures while still benefiting from strong demand [10][21]. - The market for AI CCL is projected to grow significantly, with estimates suggesting a market size of $2.3 billion in 2025 and a 60% increase to $3.6 billion in 2026 [5]. Group 4: Competitive Landscape - The CCL market is highly concentrated, with leading companies like Taimo and Shengyi Technology holding significant market shares in the high-end segment [8]. - The competitive dynamics are shifting towards companies that can meet the stringent certification requirements for high-end materials, creating high barriers for new entrants [17]. - The ongoing AI-driven transformation is expected to lead to a structural change in the industry, with a focus on technological advancements and profit differentiation among leading firms [17][25].

Group 1 - SpaceX plans to submit an IPO prospectus soon, aiming to raise over $75 billion through the IPO [5] - The target valuation for SpaceX is set at $1.75 trillion, which would make it the sixth-largest company by market capitalization in the U.S. if achieved [5] - The New York Stock Exchange is competing for the listing, but SpaceX has not made a final decision regarding which exchange to choose [5] Group 2 - Direct core suppliers for SpaceX include companies such as 信维通信, 西部材料, and 派克新材 [6] - Indirect supply chain supporting companies include 晋拓股份, 航天电器, and 电连技术 [6] - Beneficiary companies from equity and industrial synergy include 利欧股份, 蓝思科技, and 震有科技 [6]

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI server and PCB (Printed Circuit Board) industry, particularly the advancements in materials and technology related to AI platforms and their components. Key Points AI Platform Upgrade - The new generation AI server architecture has shifted from "mid-board + CP board" to "switch backplane/orthogonal backplane + computing board," significantly increasing the requirements for backplane layers and material performance [1] - The Virtuoso cabinet inherits the GB300 design and upgrades materials, resulting in a 2x increase in PCB value, with each unit requiring 5 LPU cabinets and 1 CPU cabinet, all needing high-end PCBs [1] - This architectural adjustment is expected to increase PCB quantity by 2-3 times and value by 4-5 times, leading to a substantial rise in demand for copper-clad laminates (CCL) [1] Production Timeline - Core product mass production timelines are set: Rubin is expected to start mass production in Q3 2026, with PCB/CCL materials confirmed by late Q2 to early Q3; Alt in Q4 2026; and Fermi in the second half of 2027, with design completion in 2026 [1] Material Demand and Certification - M9 and M10 materials are projected to see explosive demand, with M9 CCL demand reaching millions of units by 2026 and increasing to 20-30 million units by 2027 alongside the Rubin platform [2] - M10 material certification has begun, with Nvidia requiring a loss factor (Df) of 0.0003. The competitive materials include PTFE (best electrical performance) and hydrocarbon resin + M10 filler, with PTFE outperforming M9 by 20%-30% [2] - M9 solutions have been confirmed, utilizing either "hydrocarbon resin + Q fabric" or "PTFE + fiberglass-free fabric," with a stable yield of 90% for M9 CCL, ready for mass production [2] Supply Chain and Pricing - The supply side is highly concentrated, with CTE fabric currently in severe shortage, priced at 120 RMB/kg, expected to rise further in 2026. New production capacity is anticipated to be released in the second half of 2026 [3] - Q fabric is primarily supplied by Asahi Kasei and domestic suppliers, with domestic prices 20%-30% lower than overseas [3] - Price increases for CCL are expected in 2025 due to rising costs of glass fabric and copper foil, with a projected 20%-30% increase in prices being passed down to end-users by April 2026 [3] PCB Market Dynamics - Due to the surge in PCB demand and value, existing suppliers are unable to meet capacity, prompting Nvidia to onboard new suppliers to ensure supply and reduce costs, with 2-4 suppliers per material number [4] - Key suppliers for LPU and CPU boards are identified, with a notable shift in market share towards new entrants like Jingwang Electronics and Dongshan Precision, while traditional players like Shenghong Technology see a decline in market share despite increased absolute order volumes [4] Copper Foil Specifications - Specifications for copper foil are being upgraded in line with material advancements, with M9 requiring HVP4 copper foil and M10 requiring HVP5/HVP6, with demand for HVP4 expected to reach 8,000-30,000 tons by 2027 [4] - Domestic manufacturers like Tongguan and Longdian Huaxin are accelerating the replacement of foreign suppliers due to price advantages [4] Market Potential - The market potential for CCL is significant, with GB300 cabinets requiring 50 CCLs and 60 PPs, while Rubin Ultra cabinets require 200 CCLs and 240 PPs. The value of core products is highlighted, with LPU boards valued at 20,000-30,000 RMB each and next-generation switch backplanes exceeding 800,000 RMB [5] - The global demand for M9 CCL is projected to reach 20-30 million units by 2027, corresponding to an area of over 20 million square meters, indicating a market size of several billion RMB [5] - Key beneficiaries across various segments are identified, including Shengyi Technology in CCL, Feilihua in electronic fabric, Jingwang Electronics in PCB manufacturing, and Tongguan Copper Foil in copper foil [5]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the **AI hardware, software, and cloud sectors** in China, highlighting the global AI investment cycle and its implications for various sectors and stocks [1][2][6]. Core Insights 1. **Global AI Investment Cycle**: - Investors are keen on identifying sectors and stocks that are well-positioned to benefit from the ongoing global AI investment cycle [1]. - The discussion emphasized the potential of **CPO (Co-package optics)** as a megatrend, with debates on its ability to replace traditional pluggable transceivers and copper cables in AIDC networking [1][2]. 2. **China's AI Value Chain**: - Investors are looking for opportunities in China's AI value chain, particularly in companies that are less exposed to geopolitical risks [1][6]. - Key beneficiaries identified include **Zhongji InnoLight (300308 CH)**, **Shengyi Technology (600183 CH)**, **Victory Giant (300476 CH)**, **Accelink (002281 CH)**, and **Shennan Circuits (002916 CH)**, all rated as "Buy" [1][11]. 3. **CPO Market Dynamics**: - CPO is expected to have a larger Total Addressable Market (TAM) in scale-up networks, but it is not anticipated to disrupt transceiver companies in scale-out networks [2]. - Leading transceiver companies like **InnoLight** and **Eoptolink** are expected to maintain strong fundamentals, with investors showing interest in the CPO value chain beneficiaries [2]. 4. **PCB/CCL Sector**: - The PCB/CCL sector in China is projected to benefit from volume upticks driven by GPU and ASIC platform upgrades starting in the second half of 2026 [3]. - Concerns about competition and stretched valuations were noted, with interest in both leading players and smaller companies that may gain market share [3][5]. 5. **China's Domestic AI Supply Chain**: - Investors are focusing on "local champions" in China's AI supply chain, which are less affected by the "de-coupling" trend [6]. - Companies like **Cambricon (688256 CH)** and LLM developers such as **Zhipu (2513 HK)** and **MiniMax (0100 HK)** are highlighted as potential investment opportunities [6]. 6. **Software Sector Concerns**: - There is a prevailing caution among investors regarding the software sector, particularly concerning the impact of LLMs on traditional software business models [7]. - While some believe the "LLM killing software" narrative is exaggerated, concerns about growth outlook and valuations persist [7]. Additional Important Insights - **Valuation Concerns**: Many investors expressed worries about stretched valuations across various sectors, particularly in optical components and software [2][3][7]. - **Supply Chain Bottlenecks**: Investors are actively seeking insights into supply bottlenecks and key beneficiaries in the upstream supply chain, especially in light of shortages in materials like glass fiber and copper foil [5][6]. - **Investment Timing**: Investors are waiting for more favorable entry points in the software sector, looking for signs of accelerating top-line growth and margin improvements before committing [7]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current landscape in the AI and related sectors in China.

Summary of Shengyi Technology Co Ltd. Conference Call Company Overview - **Company**: Shengyi Technology Co Ltd. (600183.SS) - **Industry**: Greater China Technology Hardware - **Current Stock Price**: Rmb60.60 - **Market Capitalization**: Rmb138,402.6 million - **Price Target**: Raised to Rmb70.00 from Rmb22.00 Key Points Industry Dynamics - **AI Server Demand**: Expected to grow, benefiting Shengyi's CCL business both domestically and internationally. Potential for share gains with NVIDIA due to low current supply share [2][4] - **CCL Capability**: Shengyi is improving its CCL capabilities, becoming one of the few companies with M8 and above capability, which is crucial for AI applications [2][24] - **Competition**: Shengyi has been losing market share in the ASIC PCB segment, particularly with the Trainium2 PCB project, where competitors like Gold Circuit Electronics (GCE) are gaining ground [2][4][26] Financial Performance - **Earnings Estimates**: EPS estimates for 2025 and 2026 have been raised by 42% and 81%, respectively, reflecting improved performance and market conditions [36] - **Revenue Growth**: Projected revenue growth from Rmb20,388 million in 2024 to Rmb44,411 million by 2027, with significant increases in gross profit margins [48] - **Margins**: Gross margin expected to improve from 26.5% in 2025 to 28.8% in 2027, while operating margin is projected to rise from 15.7% to 18.1% over the same period [48] Risks and Challenges - **Raw Material Costs**: Price hikes for PCB/CCL materials (gold, copper, glass cloth, resin) could impact margins, particularly in mid- and low-end products [3][12] - **Market Share Loss**: Continued share loss in the ASIC PCB market could hinder overall growth, especially with major projects like Trainium3 where Shengyi is expected to hold less than 10% market share [2][4][26] - **AI Revenue Contribution**: AI revenue from key overseas customers is projected to remain below 10% by 2027, which is not sufficient to justify a bullish stance at current valuations [4][27] Valuation Insights - **Current Valuation**: Trading at approximately 28x 2026e P/E, which is considered fair compared to a five-year average of 24x [4][27] - **Price Target Methodology**: The new price target of Rmb70.00 is based on a residual income model, reflecting higher growth expectations from CCL share gains in the high-end market [38][39] Conclusion - **Investment Rating**: The stock is rated as Equal-weight, indicating a cautious outlook despite potential growth in the AI segment and improvements in CCL capabilities [5][13] - **Future Outlook**: While there are opportunities for growth, particularly in AI, the company faces significant challenges in maintaining market share and managing costs, which could impact profitability [4][12][27]

Summary of Shengyi Tech (600183.SS) Conference Call Company Overview - **Company**: Shengyi Technology - **Industry**: High-end Copper Clad Laminate (CCL) manufacturing Key Points 1. CCL Market Dynamics - Management is optimistic about the increasing demand for CCL driven by AI infrastructure and the migration towards high-speed connections with lower power consumption. This trend is expected to lead to a specification upgrade in CCLs, particularly from switch boards and midplanes to compute boards and backplanes, which will increase the dollar content per AI server rack [2][3] 2. Material Supply Challenges - The supply chain for CCL materials, including copper foil, fabric (fiberglass or quartz), and chemicals, is facing challenges. The main shortage is in fabric, while copper foil and chemicals have a relatively stable supply. Copper foil is primarily sourced from Japan, with increasing contributions from Taiwan and mainland China. Fabric supply is tight due to slow capacity expansion from major Japanese suppliers, although expansion is expected to begin in the second half of 2025 [3] 3. Commitment to Capacity and R&D - Shengyi is focused on expanding its capacity and investing in R&D to enhance CCL technology. The company aims for early product launches, sufficient capacity, and improved production yield rates to meet growing demand. Innovative solutions, including new materials and processing techniques, are being developed to support high-end CCL production [4] 4. Financial Projections - The global AI servers CCL market is projected to grow significantly, with expected market values increasing by 142% and 222% year-over-year in 2026 and 2027, respectively. The contribution of M9 and above value is anticipated to rise from 10% in 2026 to 45% in 2027. Shengyi's market share in AI servers is expected to expand from less than 5% in 2025 to 15% by 2027 [1][2] 5. Valuation and Price Target - The 12-month target price for Shengyi Tech is set at RMB 111, based on a target P/E multiple of 31x for the 2027E EPS. This valuation reflects the correlation between P/E and EPS growth among Shengyi's peers [7] 6. Risks - Key risks identified include lower-than-expected investments in AI infrastructure, reduced allocation for CCLs, and potential changes in technology direction that could impact demand [7] 7. Financial Metrics - Market Cap: RMB 154.2 billion / $22.4 billion - Revenue Projections: RMB 20,388.3 million in 2024, increasing to RMB 56,340.1 million by 2027 - EBITDA Projections: RMB 2,860.8 million in 2024, increasing to RMB 11,906.6 million by 2027 - EPS Projections: RMB 0.74 in 2024, increasing to RMB 3.58 by 2027 - Dividend Yield: Expected to rise from 3.2% in 2024 to 4.7% in 2027 [8] Conclusion - Shengyi Technology is well-positioned to capitalize on the growing demand for high-end CCLs driven by AI advancements. The company's commitment to R&D and capacity expansion, along with favorable market projections, supports a positive investment outlook. However, potential risks related to market dynamics and supply chain challenges should be monitored closely.

Core Insights - The demand for PCB is driven by scale, speed, and integration, with a focus on the progress of substrate integration, backplane development, and optical-copper fusion [3][6] - The data center PCB market is projected to grow from $12.5 billion in 2024 to $23 billion by 2030, with a CAGR of 10.7% from 2024 to 2030 [13] - Key technological advancements include substrate integration with CoWoP, backplane applications in Kyber racks, and the integration of optical systems in EOCB [18][23][34] PCB Sector - The expansion of computing clusters is leading to increased demand for high-layer, high-density, and high-speed interconnect PCBs [6][12] - The integration of complex functions through substrate and backplane technologies is enhancing PCB capabilities [6][12] - The introduction of CoWoP technology by Nvidia aims to improve signal integrity and reduce power loss, although challenges remain in mSAP process and supply chain constraints [18][19] CCL Sector - The transition to M9-M10 specifications is driven by the need for higher speed and cost-driven price increases [5][37] - The dielectric performance of CCL must be upgraded to ensure signal integrity as speeds and frequencies increase [5][37] - The main materials for CCL are expected to see significant price increases due to supply constraints and rising demand from AI applications [58][63] Key Companies - Key players in the PCB sector include Huadian Co., Shennan Circuit, Shenghong Technology, and others, with a focus on high-layer and high-density PCB production [76] - Huadian Co. is a core supplier for switches and ASIC PCBs, while Shennan Circuit leads in data communication PCBs and packaging substrates [76] - Shenghong Technology is involved in Nvidia's interconnect definitions, focusing on capacity expansion and breakthroughs in ASIC and switch technologies [76] Investment Opportunities - The report highlights the importance of monitoring the progress of high-speed CCL certification and the sustainability of price increases [3][5] - Companies like Huadian Co. and Shenghong Technology are positioned to benefit from advancements in AI and high-speed interconnect technologies [76] - The focus on high-end materials and technologies in the PCB and CCL sectors presents significant investment opportunities as demand continues to rise [58][63]

Market Overview - A-shares collectively declined, with the Shanghai Composite Index down 0.81% to 4,095 points, and over 3,800 stocks fell amid cautious market sentiment[16] - Brent crude oil prices remained above $100 per barrel for the second consecutive trading day, with a rise of 3.1% on Friday, closing at $98.71 per barrel[27] - The U.S. stock market saw the S&P 500 drop 0.6%, marking its fourth consecutive day of decline, influenced by geopolitical tensions and rising oil prices[10] Economic Indicators - The U.S. GDP growth for Q4 was significantly revised down to 0.7% from 1.4%, indicating a slowdown in economic activity[30] - The Michigan Consumer Sentiment Index fell to 55.5, slightly below market expectations, reflecting consumer concerns amid rising inflation[30] Sector Performance - In the U.S., the technology sector led declines, with the Information Technology Index down 1.29%, while defensive sectors like Utilities rose by 0.94%[10] - In Hong Kong, the Hang Seng Index fell 0.98%, with notable declines in the technology sector, while energy stocks gained due to rising oil prices[12] Investment Insights - Nvidia's upcoming GTC 2026 conference is anticipated to provide insights into AI developments, with a target price of $300, reflecting potential growth in the AI sector[9] - Joyy Inc. reported strong earnings, exceeding market expectations, with a target price of $92, driven by robust advertising growth and a diversified business model[9] Currency and Commodity Trends - The U.S. Dollar Index rose by 0.6% to 100.36, reflecting a strengthening dollar amid rising oil prices and geopolitical tensions[26] - Gold prices fell by 1.2% to $5,061.7 per ounce, as market concerns about the economic impact of the Iran conflict weighed on demand for precious metals[27]

Summary of the China PCB Sector Conference Call Industry Overview - **Sector**: China PCB (Printed Circuit Board) Sector - **Key Focus**: Developments in LPU (Large Processing Unit) and Kyber midplane designs, CCL (Copper Clad Laminate) pricing dynamics, and substrate market trends Key Points PCB Design Developments - Upcoming GTC will highlight updates on LPU and Kyber midplane designs - Two potential PCB solutions for LPU identified: 1. Adopting a design similar to HGX with LPU accelerator cards on a universal baseboard (UBB) 2. Connecting LPU and CPU via a midplane, akin to CPX design - Kyber midplane developments include third round of Blackwell-based 78L MLB sampling, with Rubin Ultra-based solutions potentially exceeding 100 layers - Final design decisions and supplier allocations expected by mid-year, with mass production anticipated in Q4 2026 to H1 2027 - M9+Q glass identified as the most feasible CCL solution for both LPU and Kyber midplane [1][10] CCL Pricing Dynamics - A cost inflation-driven CCL pricing cycle has commenced, with glass fabric being the tightest raw material - High-end low-dk/CTE fabric and commodity E-glass prices have increased by 18% in the first two months of 2026 - Processing fees for copper foil have risen over 15% year-to-date, while resin supply remains relaxed but volatile - Conventional FR4 suppliers have issued price increases of 10-20% to PCB customers, with further adjustments likely - AI-related high-speed CCL pricing remains stable as suppliers prioritize share allocation over cost transfer [2][9] Substrate Market Trends - A-share BT substrate makers have been conservative on pricing, lagging behind regional peers - Expectation for A-share players to catch up on price lifts in Q1 2026, with gross margin upside anticipated from Q2 2026 - Order visibility remains strong into mid-2026 due to sustained memory cycle - ABF demand is improving, but Chinese suppliers have not yet begun mass production for overseas customers [3][18] Company Preferences and Sentiment - Preferred companies include Shengyi Tech (SYT) and Shennan Circuits, which have substrate exposure or existing AI exposure at key customers - Improved sentiment noted for FastPrint, although it is positioned further downstream in the AI supply chain [4] Financial Performance and Forecasts - SYT's Q4 2025 net profit expected between Rmb807-1,007 million, up 120-175% YoY - KBL anticipates 2025 net profit exceeding HK$2.39 billion, up over 80% YoY - CCL entering an upcycle driven by raw material costs and supply tightness, with conventional CCL leading price increases [9][18] Capacity and Investment Trends - Concerns about oversupply in the AI PCB supply chain due to aggressive capacity additions, particularly among PCB suppliers - CAPEX discipline noted among high-end CCL and upstream materials vendors - Projected growth of 66% in China PCB output value and 70% in CCL output value by the end of 2028 from 2025 levels [23][24] Risks and Considerations - Potential risks of high-end PCB oversupply in the next two years are mitigated by: 1. Increased complexity in designs leading to lower production yields 2. Not all announced PCB projects translating to real supply due to qualification challenges [24][26] Conclusion - The China PCB sector is poised for growth driven by advancements in technology and increasing demand for AI-related applications, despite challenges in pricing and capacity management. Key players are expected to benefit from strategic positioning and market dynamics in the coming years [1][2][3][4][9][18][23][24].