广东生益科技股份有限公司 关于与东莞松山湖高新技术产业开发区管理委员会 签订项目投资意向协议的公告 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。 重要内容提示： 特别风险提示：项目具体方案仍需董事会或股东会最终审批，项目方案存在变更的 可能性；项目建设用地最终能否成功交易以及能否顺利开展存在不确定性；项目实施尚需政 府立项核准及报备、环评、能评、报规划、施工招标和取得施工许可证等前置审批工作，如 因国家或地方有关政策调整、项目核准等实施条件因素发生变化，项目的实施可能存在变更、 延期、中止或终止的风险；协议双方均具有履约能力，未来协议履行以及本项目投入运营后 的经营业绩可能面临国家政策、法律法规、行业宏观环境、工程施工周期变化等方面的影响， 尚存在不确定性风险；项目投资可能会对公司现金流造成压力。 一、对外投资概述 （一）对外投资基本情况 广东生益科技股份有限公司（以下称"公司"）与东莞松山湖高新技术产业开发区管理 委员会（以下简称"松山湖管委会"）经友好协商，并在东莞市政府同意推动公司万江老厂 区地块收储工作，采用一揽子解 ...

股票简称：生益科技 股票代码：600183 公告编号：2026—001 （一）审议通过《关于与东莞松山湖高新技术产业开发区管理委员会签订项目投资意 向协议的议案》 同意公司与东莞松山湖高新技术产业开发区管理委员会签订《项目投资意向协议》，并 授权董事长或依法授权的代理人员签署相关文件及处理相关涉及的事项。 表决结果：同意 12 票，反对 0 票，弃权 0 票，回避 0 票。 广东生益科技股份有限公司 第十一届董事会第十一次会议决议公告 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"）第十一届董事会第十一次会议于 2025 年 12 月 30 日以通讯表决方式召开。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 上述议案经董事会战略委员会事前认可并审议通过后同意提交董事会审议。 内容详见公司于 2026 年 1 月 5 日登 ...

生益科技公告，公司与东莞松山湖高新技术产业开发区管理委员会经友好协商，并在东莞市政府同意推 动公司万江老厂区地块收储工作，采用一揽子解决方案的基础上，双方就公司投资建设高性能覆铜板项 目的相关事项达成合作意向，签订《东莞松山湖高新技术产业开发区项目投资意向协议》，意向投资金 额约45亿元，以满足高性能覆铜板持续增长的需求。 （文章来源：第一财经） ...

生益科技公告称，公司与东莞松山湖高新区管委会签订高性能覆铜板项目投资意向协议，意向投资约45 亿元，用地约298亩，使用年限50年。2025年12月30日，公司董事会已审议通过相关议案，无需提交股 东会。项目采取整体规划、分期建设和报批方式。不过，该项目方案需董事会或股东会最终审批，用地 交易、审批、运营等存在不确定性，投资或对现金流造成压力。 ...

Core Insights - In 2025, the market capitalization increment of A-share listed companies in Guangdong Province reached 42.7 billion, representing a growth of 27.95% compared to the beginning of the year [1] Group 1: Market Capitalization Growth - The top five companies contributing to market capitalization growth all exceeded 100 billion, with Industrial Fulian leading at an increment of 805 billion, marking a growth rate of 188.46% and contributing 18.85% to the total market capitalization increase in the province [1] - The remaining four companies in the top five, namely China Ping An, Shenghong Technology, Luxshare Precision, and Shunyi Technology, each had market capitalization increments below 300 billion, with their contributions to the overall growth rate not exceeding 7% [1] Group 2: Market Capitalization Decline - The companies experiencing the most significant market capitalization decline in Guangdong Province included Mindray Medical, Haitian Flavoring, Huali Group, Poly Development, and Transsion Holdings [1] - Mindray Medical's market capitalization decreased by 78.3 billion, which is significantly higher than the other four companies, each of which saw declines not exceeding 40 billion [1]

Market Overview - The component sector declined by 1.6% on December 31, with Junya Technology leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Top Gainers in the Component Sector - Zhongying Technology (300936) closed at 39.00, up 6.97% with a trading volume of 44,200 shares and a transaction value of 171 million [1] - Shengye Electric (920128) closed at 27.90, up 6.16% with a trading volume of 26,700 shares [1] - Kexiang Co., Ltd. (300903) closed at 19.29, up 5.99% with a trading volume of 486,200 shares and a transaction value of 941 million [1] - Tianjin Pulin (002134) closed at 26.79, up 5.22% with a trading volume of 182,400 shares and a transaction value of 481 million [1] Top Decliners in the Component Sector - Junya Technology (603386) closed at 15.33, down 6.24% with a trading volume of 411,800 shares [2] - Jingwang Electronics (603228) closed at 73.09, down 4.24% with a trading volume of 189,100 shares and a transaction value of 1.401 billion [2] - Dongshan Precision (002384) closed at 84.65, down 3.15% with a trading volume of 338,900 shares and a transaction value of 2.894 billion [2] Capital Flow Analysis - The component sector experienced a net outflow of 2.346 billion from institutional investors, while retail investors saw a net inflow of 1.687 billion [2][3] - Major stocks like Shengyi Technology (600183) had a net inflow of 1.51 billion from institutional investors, while retail investors had a net outflow of 1.07 billion [3] - Kexiang Co., Ltd. (300903) saw a net inflow of 85.14 million from institutional investors, but a net outflow of 97.73 million from retail investors [3]

Investment Rating - The report maintains an "Overweight" rating for the copper-clad laminate industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [96]. Core Insights - The copper-clad laminate market is expected to recover in 2024, with global sales projected to reach $15.013 billion, representing a year-on-year growth of 17.90%. This recovery is attributed to the resurgence in consumer electronics demand and increased requirements for high-end copper-clad laminates driven by AI computing power [6][27]. - A new wave of price increases is anticipated in the copper-clad laminate sector, driven by rising raw material costs, high demand from downstream PCB manufacturers, and the concentrated market share of laminate manufacturers, which grants them significant pricing power [6][47]. - AI is driving the high-end product development in the copper-clad laminate market, with expectations for increased value as new platforms from companies like NVIDIA adopt advanced materials [65][71]. Summary by Sections 1. Market Recovery and Applications - Copper-clad laminates are widely used in various sectors, including consumer electronics, computers, communications, and automotive electronics. The market is set to recover in 2024, reversing a two-year decline [14][27]. 2. Price Increase Trends - Historical data shows that the copper-clad laminate industry has experienced two major price increase cycles in the past decade, primarily driven by rising raw material costs and strong end-user demand. Current trends indicate that manufacturers are already implementing price hikes due to increased costs of copper and other materials [38][44][55]. 3. AI-Driven High-End Product Development - The demand for high-performance copper-clad laminates is increasing due to AI computing requirements. The introduction of new materials, such as M8.5+ and M9, is expected to significantly enhance product value and performance [65][71]. 4. Investment Recommendations - The report suggests focusing on two main investment lines: companies benefiting from the price increases of conventional copper-clad laminates and those with high-end laminate or electronic copper foil product reserves. Key companies identified include Shengyi Technology, Nanya New Material, Huazheng New Material, Jin'an Guoji, Defu Technology, and Tongguan Copper Foil [93].

Group 1: Strategy Overview - The report indicates that the market is gradually shifting focus from a single narrative around AI to a broader range of sectors, suggesting that a new investment theme for 2026 is emerging as the market stabilizes and industry rotation accelerates [5][12][15] - The report highlights that the recent rally in the market is driven by a recovery in global risk assets, with expectations of a cross-year market trend starting to take shape [5][12] Group 2: Metal Industry Insights - The report notes that the sharp rise in non-ferrous metals is likely driven by increased demand from high-margin and growth-oriented sectors, which are more tolerant of price increases [5][13] - It emphasizes that the relationship between metal prices and AI investments is similar to the past dynamics between coal/power and new energy sectors, indicating a potential for significant price movements in metals due to AI-related consumption [5][13] Group 3: Currency and Trade Dynamics - The report discusses a new cycle of RMB appreciation, driven by changes in export structure and settlement methods, suggesting that the impact of RMB appreciation on export competitiveness may be less severe than previously thought [6][14] - It highlights that the current high-value export sectors in China possess significant market share and production capacity, which enhances their resilience against trade protectionism [6][14] Group 4: Investment Recommendations - The report recommends focusing on industrial resource products that resonate with AI investments and global manufacturing recovery, including copper, aluminum, tin, lithium, crude oil, and oil transportation [7][15] - It also suggests investing in Chinese equipment export chains that have confirmed cyclical bottoms, such as power grid equipment, energy storage, lithium batteries, photovoltaics, and engineering machinery [7][15] Group 5: Company-Specific Insights - For Yun Aluminum Co. (000807.SZ), the report recommends a long-term investment due to favorable conditions for aluminum exports and potential price increases driven by supply-side reforms and low inventory levels [17] - For Hengli Hydraulic (601100.SH), the report highlights the company's growth potential due to rising global market share and collaboration with leading companies in robotics [18] - For China Southern Airlines (1055.HK), the report notes the expected improvement in industry supply-demand dynamics and the company's large fleet size as key growth drivers [21] - For Li Ning (2331.HK), the report points to management improvements and the upcoming Olympic cycle as catalysts for growth [24] - For Blue Special Optics (688127.SH) and Shengyi Technology (600183.SH), the report emphasizes strong demand in downstream sectors and the potential for price increases due to supply constraints [26][27] - For Te Bao Biological (688278.SH), the report highlights the expected commercial success of its growth hormone product and the potential for new indications to drive revenue growth [28]

PCB Industry Research Summary Industry Overview - The PCB industry outlook for 2026 is optimistic, with AI computing power remaining the main theme. The market size is expected to grow from $84.5 billion in 2025 to between $94 billion and $98 billion in 2026 [1][3] - AI-related PCB demand is projected to significantly increase, particularly in high-end HDI and multilayer boards, driven by the needs of companies like NVIDIA, Huawei, and Ascend [1][5] Key Trends and Developments - The CCL segment shows promising growth prospects, with a shortage of high-speed materials leading to significant ASP (Average Selling Price) increases. Leading domestic companies like Shennan Circuits are integrating into NVIDIA's supply chain, which is expected to drive volume growth in the coming years [1][7] - The PCB equipment sector, particularly drilling machines (including back drilling and laser drilling), is crucial. Domestic company Dazhong CNC is highlighted as a key player, with significant growth expected in high-end back drilling equipment [1][8] Financial Performance - In 2025, the PCB sector performed exceptionally well, achieving an average return of 150%, outperforming the overall electronic sector's return of approximately 40% [2] - Despite fluctuations in the PCB market throughout 2025, leading companies exceeded performance expectations, contributing to a substantial increase in the sector [11] Material and Equipment Insights - Upstream material prices are generally on an upward trend, with copper prices reaching historical highs and fiberglass prices continuing to rise, which is pushing up CCL and PCB product prices [4][15] - The demand for AI-related products is expected to account for 50-60% of total PCB demand by 2026, significantly impacting production capacity and operational rates [4][31] Investment Opportunities - Investment opportunities are emerging in various segments, including high-end HDI, multilayer boards, and the CCL sector, with companies like Dazhong CNC and Nanya showing potential [4][16] - Traditional consumer electronics PCB companies are also making strides in the AI computing sector, with companies like Pengding and Dongshan increasing capital expenditures and securing orders from major clients [27] Future Outlook - The PCB industry is expected to continue benefiting from the growth in AI-related demand, with the proportion of AI in total PCB demand projected to rise from nearly 30% in 2025 to higher levels in 2026 [12][31] - The industry is entering a prolonged capacity expansion cycle, with significant capital expenditures planned by multiple companies to meet growing market demands [14] Conclusion - The PCB industry is poised for significant growth driven by AI computing needs, technological advancements, and strategic investments in capacity expansion. The overall sentiment for 2026 remains positive, with various segments showing robust potential for returns [10][24]

Core Viewpoint - Shengyi Technology has maintained its position as a leading global player in the rigid copper-clad laminate industry, focusing on high-end markets driven by the demand for AI and advanced packaging technologies [5][6]. Group 1: Company Overview - Shengyi Technology has been deeply engaged in the copper-clad laminate and related electronic materials sector for 40 years, consistently ranking second globally in sales since 2013 [5][6]. - The company’s copper-clad laminate production has grown from 600,000 square meters in 1985 to over 140 million square meters projected for 2024, achieving a global market share of 13.7% [6][7]. Group 2: Market Trends and Demand - The demand for high-end copper-clad laminates is increasing due to the rise of AI servers, data centers, and new communication technologies, which require materials with low dielectric loss and high reliability [6][7]. - The company is experiencing a surge in orders as downstream PCB manufacturers stock up in response to rising prices of core raw materials like copper [5][6]. Group 3: Product Development and Innovation - Shengyi Technology has developed a range of products that have received certification from advanced end customers, with applications in AI servers, 5G antennas, and communication networks [7][9]. - The company invests over 4.5% of its revenue in R&D annually, with a projected increase to 5.67% in 2024, reflecting a commitment to innovation and technology advancement [9]. Group 4: Global Expansion and Strategic Initiatives - Shengyi Technology is expanding its global footprint, with recent projects in Thailand aimed at enhancing production capacity and meeting market demands in Southeast Asia and beyond [11]. - The company has established long-term partnerships with major PCB manufacturers and tech giants, positioning itself within the supply chains of the top three global server manufacturers [11].