股票简称：生益科技 股票代码：600183 公告编号：2026—012 广东生益科技股份有限公司 关于持股 5%以上股东拟非公开发行可交换公司债券 办理持有股份担保及信托登记的公告 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换公司债券 （第一期）"（以下简称"本期可交换债券"），已向中国证券登记结算有限责任公司上海分 公司申请办理相关担保及信托登记，以保障本期可交换债券持有人交换标的股票和本期可 公司于近日收到广新集团通知，本期可 ...

证券代码：600183 证券简称：生益科技 公告编号：2026-011 重要内容提示： 广东生益科技股份有限公司 | | | 关于授权湖南绿晟环保股份有限公司开展 期货套期保值业务的公告 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"）于 2026 年 3 月 11 日，召 开第十一届董事会第十三次会议，审议通过了《湖南绿晟环保股份有限公司关于 开展境内期货套期保值业务的可行性报告》《关于授权湖南绿晟环保股份有限公 司开展期货套期保值业务的议案》，经审计委员会事先认可并发表审核意见。前 述事项无需提交股东会审议。 | 交易目的 | □获取投资收益 套期保值（合约类别：商品；□外汇；□其他：________） | | --- | --- | | | □其他：________ | | | 以湖南绿晟环保股份有限公司（以下简称"湖南绿晟"）的 全资子公司永兴鹏琨环保有限公司（以下简称"永兴鹏琨"） 开设的期货账户，仅限于永兴鹏琨所经营的以铜为主及其富 | | 交易品种 | | | | ...

湖南绿晟环保股份有限公司关于开展境内期货 套期保值业务的可行性报告 随着湖南绿晟环保股份有限公司（以下简称"湖南绿晟"）下属全资子公司 永兴鹏琨环保有限公司（以下简称"永兴鹏琨"）的电路板项目及稀贵金属项目 投产，湖南绿晟目前金属产品共计 10 种，包括铜、镍、锌、金、银、铂、钯、 铑、钌、铱，是湖南绿晟实现利润的主要贡献产品，金属市场价格的波动，将对 湖南绿晟的效益产生重大影响。为规避金属产品价格大幅波动带来的经营风险， 确保湖南绿晟利润目标，开展铜、金、银、镍、锌、铂、钯境内期货套期保值业 务是规避价格风险的有效手段。现将相关可行性分析说明如下： 一、套期保值的必要性 1、开展期货市场进行套期保值，是国内外有色金属行业的通行做法。套期 保值业务可以使湖南绿晟在未来金属价格波动情况下，对可能产生的风险进行对 冲，避免亏损或减少亏损，化解生产经营风险，锁定目标利润，保证生产活动的 平稳进行，科学保障公司稳健发展。 2、有利于湖南绿晟科学合理地组织生产。由于期货市场具有价格发现的功 能，对现货商品的未来价格趋势有一定的预期，湖南绿晟利用期货市场的信号， 调整相应的原料供应、生产、销售计划，避免盲目性。 3、有利 ...

股票简称：生益科技 股票代码：600183 公告编号：2026—010 广东生益科技股份有限公司 第十一届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 广东生益科技股份有限公司（以下简称"公司"）第十一届董事会第十三次会议于 2026 年 3 月 11 日以通讯表决方式召开。2026 年 3 月 6 日，公司以邮件方式向董事及高级管理人 员发出本次董事会会议通知和会议资料。本次会议应参加董事 12 人，实际参加董事 12 人， 符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《湖南绿晟环保股份有限公司关于开展境内期货套期保值业务的可行 性报告》 表决结果：同意 12 票，反对 0 票，弃权 0 票，回避 0 票。 表决结果：同意 12 票，反对 0 票，弃权 0 票，回避 0 票。 上述议案经董事会审计委员会事前认可并审议通过后同意提交董事会审议，并发表书面 审核意见：公司控股孙公司湖南绿晟环保股份有限公司（以下简称"湖南绿晟"）开展期货 套期保 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating a favorable outlook for the sector [5]. Core Insights - SRAM is expanding its applications in AI inference, with stacking solutions aiding in capacity expansion. This presents significant investment opportunities in related companies [3][8]. - The report highlights the potential of SRAM architecture in AI inference, emphasizing its high access speed and low latency, which are critical for data requiring quick access [7]. - The industry is witnessing a trend towards 3D stacking solutions for SRAM, which can enhance density and overcome traditional capacity limitations [7]. Summary by Sections Investment Recommendations and Targets - Key companies to watch include: - Zhaoyi Innovation (兆易创新) and Beijing Junzheng (北京君正) for customized storage solutions [3][8]. - Hengshuo Co., Ltd. (恒烁股份) for SRAM-based digital computing solutions [3][8]. - Changdian Technology (长电科技) and Tongfu Microelectronics (通富微电) for advanced packaging [3][8]. - Companies like Deep South Circuit (深南电路) and Huitian Technology (沪电股份) are expected to benefit from NVIDIA's new chip solutions [3][8]. - Upstream PCB companies such as Shengyi Technology (生益科技) and Nanya Technology (南亚新材) are also highlighted [3][8]. Industry Developments - NVIDIA is set to unveil new AI inference chip solutions at the GTC 2026 conference, which could drive further SRAM applications [7]. - The report notes that SRAM's architecture is gaining recognition for its potential in AI inference, particularly for small parameter models and intermediate results [7]. - The 3D stacking technology, such as AMD's 3D V-Cache, is noted for its ability to significantly increase SRAM cache capacity [7][15].

Summary of Conference Call Notes Industry Overview - The focus is on the PCB (Printed Circuit Board) industry, particularly in relation to AI applications and innovations in technology [1][2]. Key Points and Arguments 1. **Market Concerns Addressed**: - The cancellation of orthogonal backplane is deemed false; new samples have been sent since February, and NVIDIA is expected to showcase related content at the GTC conference [2][3]. - There is no clear information on material downgrades; clients are pursuing multiple parallel solutions, with trends for M8 and M9 penetration continuing to strengthen [3]. - PCB's strong asset nature leads to a stepwise increase in capacity; a vacuum period for new capacity release among leading PCB companies is expected from H2 2025 to H1 2026, which may temporarily lower performance growth rates [3]. - AI products can quickly transfer costs due to material price increases, with controllable impacts on leading companies [3]. 2. **Recommendations**: - Continued recommendations for companies such as **Shengyi Technology**, **Huada Empyrean**, and **Victory Technology** as key investment opportunities [1][2]. 3. **Upcoming Events**: - The NVIDIA GTC conference is anticipated to showcase innovations like orthogonal backplanes and CPO, which could catalyze growth in the computing and PCB sectors [4]. - The expected rollout of orthogonal backplane solutions by year-end is projected to enhance visibility for industry growth in the coming years [4]. 4. **New Applications**: - Incremental applications such as middle boards and VPD vertical power distribution boards are expected to see increased certainty in their implementation [4]. - LPU chips are anticipated to become a significant addition to NVIDIA's inference landscape, benefiting PCB upgrades and increasing PCB's share in AI Bill of Materials (BoM) from 3%-5% to 5%-10% [4]. 5. **Price Increase Logic**: - High copper prices and rising electronic fabric costs, along with shortages in high-end T-glass fabric, are expected to support accelerated price increases for copper-clad laminates, BT substrates, and ABF substrates [4]. - Since Q4 2025, copper-clad laminates (FR4) and BT/ABF substrates have seen price increases of approximately 15%-20%, with further increases of 10%-20% anticipated in H1 2026, potentially leading to significant profit elasticity for related companies [4].

Summary of Key Points from the Conference Call Industry Focus - The conference call primarily focused on the **artificial intelligence (AI) network sector**, particularly the **co-packaged optics market trends**, and the **global printed circuit board (PCB) / copper clad laminate (CCL) industry** dynamics, including supply-demand patterns and competitive landscape [1][2] Core Insights and Arguments Artificial Intelligence Network Sector - Investors are particularly interested in the **supply-demand dynamics of optical modules** and the trends in **co-packaged optics technology** [1] - The **AI data center market** is viewed positively by most investors, who see it as a long-term growth opportunity for optical communication companies, driven by increased capital expenditures from global cloud service providers and the technological upgrade from **800G to 1.6T** [2] - Some investors express uncertainty about the **development trends of co-packaged optics**, questioning whether this technology will disrupt the business models of optical module companies [2] - Nomura suggests that co-packaged optics may become a competitive solution in horizontal network expansions, while pluggable optical modules will maintain a longer lifecycle due to lower implementation difficulty and a more mature supply chain [2] - Key component companies benefiting from the high entry barriers in the co-packaged optics field include **Corning** and **Lumentum**, particularly in the fiber optics and high-power laser sectors [2] - Japanese companies such as **Fujikura**, **Sumitomo Electric**, and the unlisted **Xuan Guang Advanced Components** are highlighted as having potential opportunities in the global co-packaged optics supply chain [2] Printed Circuit Board / Copper Clad Laminate Industry - Investors are keen to understand the successful development experiences of Chinese AI PCB / CCL companies over the past 2-3 years, while also expressing concerns about the sustainability of current demand growth and potential overcapacity risks [3] - Nomura believes that continuous technological innovation from **graphics processing units (GPUs)** and **application-specific integrated circuits (ASICs)** will support material and product upgrades in 2026 and 2027, potentially accelerating the industry into an upgrade cycle starting in the second half of 2026 [3] - Supply shortages of key raw materials such as **glass fiber**, **copper foil**, and **resins**, as well as equipment like **laser drilling machines**, are expected to persist, allowing leading PCB / CCL companies to maintain their competitive edge through more efficient supply chain management [3] - The competitive landscape in the **high-density interconnect PCB** sector is viewed as more favorable compared to the **high-layer PCB** sector, with the CCL industry exhibiting a higher concentration than the PCB industry [3] - Core recommended stocks include **Shenghong Technology** and **Shengyi Technology**, with Shengyi being a leading CCL supplier in China and Shenghong serving as a high-density interconnect PCB supplier for **NVIDIA** [3] Concerns Regarding Japanese Suppliers - Some investors are worried that Japanese upstream suppliers are adopting a conservative approach to capacity expansion, while their Chinese counterparts are more aggressive, potentially allowing Chinese companies to capture market share and impact the high-profit business of Japanese firms [4] Software Sector Insights - Most investors currently hold a negative view of the software sector, primarily due to concerns that **large language models (LLMs)** and **open AI agents** will disrupt the software industry [5] - Nomura agrees with this sentiment, indicating that valuation pressures in the software sector will persist in the short term due to a weak macro environment and intense competition, with many Chinese software companies facing growth challenges [5] - Despite the negative outlook, Nomura believes that a clear trend of differentiation will emerge within the software industry, where companies that integrate deeply into business processes and leverage LLMs and AI technologies to provide smarter solutions will thrive and not be disrupted [5]

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to supply chain constraints and rising raw material costs [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to a tighter supply-demand balance in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand for MLCC - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices for Korean MLCCs and leading manufacturers considering price hikes due to sustained high demand [31][32] - The supply-demand balance for high-end MLCCs is tight, with production rates at leading companies reaching 90-95%, indicating a potential for continued price increases [32] 3. Upstream Raw Material Price Increases and Semiconductor Price Trends - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply conditions [34] - Power semiconductors are also entering a new price increase phase, with companies like 新洁能 (New Clean Energy) announcing price hikes of at least 10% due to increased manufacturing costs [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the Shanghai and Shenzhen 300 index by 2.94 percentage points [37] - Year-to-date, the electronic sector has risen by 14.94%, again outperforming the broader index [37]

Investment Rating - The report maintains a "Recommended" rating for companies such as 中芯国际 (SMIC) and 通富微电 (Tongfu Microelectronics) [2][3] Core Insights - The electronic industry is experiencing a comprehensive "inflation" phase, with multiple segments seeing price increases due to rising costs and supply chain constraints [7][34] - AI demand is driving price hikes in PCB upstream materials, with significant increases in costs for electronic cloth and copper foil, leading to a new round of price increases in the CCL (Copper Clad Laminate) sector [10][17] - The MLCC (Multi-Layer Ceramic Capacitor) market is entering a price increase cycle, driven by high demand from AI servers and supply constraints from leading manufacturers [31][32] Summary by Sections 1. AI Demand Driving Price Increases in PCB Upstream Materials - The CCL industry has initiated a new round of price increases, with Japanese manufacturers announcing price hikes of over 30% for copper foil substrates and adhesive films [10] - The demand for high-end products is squeezing traditional production capacities, leading to tighter supply in electronic cloth [19] - The HVLP (High Voltage Low Profile) copper foil market is experiencing an expanding supply-demand gap, enhancing the industry's pricing power [24] 2. AI Industry Driving Demand Upward, MLCC Enters Price Increase Cycle - The MLCC sector is seeing a surge in prices, with a nearly 20% increase in spot prices and leading manufacturers considering price hikes due to sustained high demand from AI applications [31][32] - The global high-end MLCC market is currently in a state of supply-demand imbalance, with utilization rates of leading manufacturers reaching 90%-95% [32] 3. Upstream Raw Material Price Increases + AI Demand Driving Semiconductor Price Increases - The semiconductor industry is expected to continue its price increase trend due to rising raw material costs and tight supply of 8-inch wafers [34] 4. Market Review - The electronic sector saw a weekly increase of 4.02%, outperforming the CSI 300 index by 2.94 percentage points, with a year-to-date increase of 14.94% [37]

Flash | 01 Mar 2026 11:17:15 ET │ 12 pages Shengyi Technology (600183.SS) Preliminary Results Mean 4Q25 a Slight Miss, But Still Promising Growth Outlook for 2026E CITI'S TAKE Shengyi announced the 2025 preliminary results with revenue / net profit surging 39% / 92% yoy to Rmb28.431bn / Rmb3.334bn respectively. This implies the 4Q25 net profit of Rmb886m soaring 142% yoy. However, this was still slightly lower than previous midpoint guidance of Rmb902m. See Fig 1 for the quarterly P&L trend. Despite the mil ...