证券代码：600183 证券简称：生益科技 公告编号：2025-062 广东生益科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示 性公告 股东广东省广新控股集团有限公司保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 2025 年 12 月 9 日，广东生益科技股份有限公司（以下简称"公司"）收 到公司持股 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"） 的通知，广新集团于 2025 年 11 月 26 日至 2025 年 12 月 9 日期间通过上海证券 交易所以集中竞价交易方式减持股份 12,910,100 股，占公司总股本 （2,429,119,230 股，下同）的比例为 0.53%，其所持公司股份比例由 24.38%减 少至 23.85%，权益变动触及 1%刻度。现将有关事项公告如下： 重要内容提示： 权益变动方向 比例增加□ 比例减少 权益变动前合计比例 24.38% 权益变动后合计比例 23.85% 本次变动是否违反已作出的承诺、意向、计划 是□ 否 是否触发强制 ...

生益科技公告，股东广新集团于2025年11月26日至12月9日期间通过上海证券交易所集中竞价方式减持 公司股份1291.01万股，占公司总股本的0.53%。广新集团持股比例由24.38%减少至23.85%，权益变动触 及1%刻度。本次减持为广新集团前期披露的减持计划的一部分，不违反承诺、不触发强制要约收购义 务。权益变动后，广新集团减持股份计划尚未实施完毕。 ...

每经AI快讯，12月9日，生益科技（600183）(600183.SH)公告称，公司收到公司持股5%以上股东广东 省广新控股集团有限公司(简称"广新集团")的通知，广新集团于2025年11月26日至2025年12月9日期间 通过上海证券交易所以集中竞价交易方式减持股份1291.01万股，占公司总股本的比例为0.53%，其所持 公司股份比例由24.38%减少至23.85%，权益变动触及1%刻度。 ...

Core Viewpoint - The approval of NVIDIA's H200 AI chip export to China by President Trump is seen as a strategic consideration in the AI chip sector, leading to a strong market reaction and mixed performance among related Chinese stocks [1][2]. Group 1: Market Reaction - The announcement led to a collective rise in A-share related concept stocks, with NVIDIA's supply chain partners experiencing significant gains [1]. - Stocks such as Shenghong Technology (300476.SZ) rose over 6%, while Zhongji Xuchuang (300308.SZ) increased by more than 5%, reaching a historical high of 603.28 yuan [1]. - Domestic AI chip companies showed varied performance, with companies like Moer Thread (688795.SH) rising by 3.22% [1]. Group 2: Implications for Chinese Companies - The approval of H200 chip exports is viewed as a boost for Chinese companies in NVIDIA's supply chain, enhancing their product competitiveness [2]. - Market sentiment led to gains in AI-related sectors, with companies like Shaanxi Huada (301517.SZ) hitting the daily limit and Dekeli rising over 18% [2]. - There is a divergence in performance among domestic GPU companies, reflecting mixed expectations regarding the potential for domestic GPUs to replace NVIDIA chips [2]. Group 3: Challenges and Opportunities - The export of NVIDIA's H200 chip presents both challenges and opportunities for A-share GPU manufacturers [2]. - Increased supply of NVIDIA chips may intensify market competition, potentially reducing market share for domestic chip companies [2]. - Conversely, this situation may drive domestic chip firms to innovate and accelerate the development of the AI chip industry in China [2].

Group 1 - The circuit board index increased by 2% during intraday trading on December 9 [1] - Among the constituent stocks, Shenghong Technology rose over 8% [1] - Ultrasonic Electronics and Sanyou Electronics both increased by over 7% [1] - Sanyou Technology and Chongda Technology followed with increases of 6.81% and 6.20%, respectively [1]

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Group 1: Company Overview - Shengyi Technology (600183) focuses on high-frequency and high-speed copper-clad laminates and bonding sheets for the commercial aerospace sector, providing core materials for satellite communication equipment and rocket electronic control systems, with over 30 years of technology accumulation in high-frequency materials [1][19] - Guangqi Technology (002625) is a leader in metamaterials for aerospace applications, developing lightweight and high-strength structural components that reduce the weight of aerospace equipment by over 30%, enhancing stealth and extreme environment capabilities [2][20] - China Satellite Communications (601698) is the only domestic operator of commercial communication satellites, managing 18 high-orbit satellites and leading the GW constellation project for 13,000 low-orbit satellites, covering over 95% of the globe [3][21] Group 2: Product Applications - Jingwang Electronics (603228) provides high-density interconnect (HDI) printed circuit boards and flexible circuit boards for commercial aerospace, with applications in satellite navigation systems and rocket measurement and control equipment [4][22] - Sanan Optoelectronics (600703) specializes in the research and production of GaN (gallium nitride) semiconductors, which are critical components for rocket engine control systems and satellite communication payloads, significantly improving energy efficiency and reliability [5][22] - China Aerospace Science and Technology Corporation (600118) is the only listed platform of the Aerospace Science and Technology Group, focusing on the research, manufacturing, and integration of commercial satellites, holding the largest market share in small satellites in China [7][25] Group 3: Emerging Technologies - Guodun Quantum (688027) applies quantum communication technology in commercial aerospace, developing satellite-based quantum communication payloads and quantum key distribution devices to ensure secure data transmission [8][26] - Aerospace Electronics (600879) has a dominant market share in rocket measurement and control systems, with over 90% market share, and provides core measurement and control solutions for private rocket companies [9][27] - Light Library Technology (300620) develops core optical communication devices for satellite laser communication systems, enabling high-speed, low-loss data transmission between satellites [10][28] Group 4: Industry Trends - Huafeng Technology (688629) provides high-reliability connectors and cable components for commercial aerospace, meeting the needs of rocket structure connections and satellite payload integration [13][32] - Aojie Technology (688220) focuses on satellite communication baseband chips, enabling efficient data exchange between satellites and ground terminals, supporting new applications like direct satellite connections for mobile phones [14][33] - Zhongke Xingtou (688568) offers space-based big data processing and application services, leveraging its GEOVIS digital earth platform for diverse data services in agriculture, urban planning, and disaster warning [15][34]

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

Summary of Shengyi Technology Conference Call Company Overview - **Company**: Shengyi Technology (600183.SS) - **Industry**: Copper Clad Laminate (CCL) manufacturing - **Headquarters**: Dongguan, China - **Key Markets**: Consumer electronics, communication, automotive, and data center markets - **Revenue Breakdown**: CCL business accounted for 68% of total revenues in 1H25, followed by PCB business at 29% [3][4] Key Points Discussed 1. 2026 Outlook - **CCL Pricing**: The company raised CCL pricing in October due to higher raw material costs and supply constraints - **Demand Forecast**: Management is optimistic about rising CCL demand from data center clients in 2026, despite pressures from ongoing raw material price increases - **Market Stability**: Demand from consumer electronics and automotive markets has remained stable, with expected growth from AI/data center sectors supported by high-end CCL capacity expansion [4][4] 2. CCL Capacity Expansion - **Expansion Plans**: Shengyi Technology is actively expanding its CCL capacity, with new production expected to start in Thailand from 1Q26 - **Construction Progress**: The company's 'construction in progress' reached Rmb1.9 billion by the end of 3Q25, up from Rmb470 million at the end of 3Q24 - **Timeline**: Capacity expansion typically takes 14 to 16 months, with Phase I requiring more time due to infrastructure development [8][8] 3. Raw Material Supply - **Price Increases**: Management highlighted recent price hikes in raw materials, particularly fiberglass cloth, which has seen tight supply affecting both thin and thick cloth - **Cost Pressures**: The rising costs and uncertainties in raw material supply could impact profitability, as Shengyi focuses on CCL products and relies on third-party suppliers [9][9] 4. Expanding Data Center Business - **Market Diversification**: Shengyi has diversified its end markets, expecting increased contributions from AI/computing products that offer higher margins - **Client Engagement**: The company is working with both local and global-tier clients on server and switch products, focusing on the verification of new generation products [10][10] 5. AI PCB Market Insights - **Positive Market Sentiment**: Comments from Shengyi management regarding strong CCL demand from the AI/data center market align with a positive outlook for the AI PCB market growth - **Competitor Insights**: Shennan Circuits (002916.SZ) is also targeting computer/networking applications, indicating a broader industry trend towards AI-related products [2][2] Additional Insights - **Investment in HDI**: Shengyi Electronics, a subsidiary, announced a private placement plan to invest Rmb2.6 billion in HDI for AI computing applications, indicating a strategic focus on high-demand technology sectors [8][8] This summary encapsulates the key discussions and insights from the conference call regarding Shengyi Technology's current position and future outlook in the CCL and data center markets.

Core Insights - The report suggests a high probability of an upward breakout in the market, leading to a cross-year rally, particularly due to anticipated positive economic policy adjustments from the upcoming political meetings [2][3] - The report emphasizes the importance of December as a strategic month for investment, with increased demand for equity funds expected due to the influx of new insurance premiums and favorable currency conditions [2][3] - The report identifies three main investment directions: infrastructure and real estate, service consumption, and self-sufficiency, with a focus on policy-driven adjustments [2][3] Investment Recommendations - The report lists a "golden stock" combination including companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, China Merchants Bank, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology [2][4] - Specific insights into Luxshare Precision highlight its strong position in the Apple supply chain and its potential for robust growth across various sectors, including automotive [8][9] - Shengyi Technology is noted for its leading position in the CCL market, with expectations for continued high-end product upgrades and significant growth potential [12][13] - Century Huatong is recognized for its innovative gaming strategies and strong market position, particularly with its successful game releases [17] - Zhongji Xuchuang is positioned to benefit from increasing overseas demand for optical modules, with a strong production capacity [17] - Haiguang Information is expected to see growth in its DCU chip business due to domestic project implementations [24] - China Merchants Bank is highlighted for its prudent management and strong asset quality, with expectations for recovery in performance as economic conditions improve [24] - Alibaba's cloud business is projected to grow significantly, driven by AI demand and a strong competitive position in the market [24] - Zijin Mining is anticipated to benefit from favorable commodity price trends, particularly in gold and copper [24] - Xingye Silver Tin is positioned as a leading silver producer with significant growth potential [20] - XGIMI Technology is expected to see revenue growth driven by market recovery and product innovation [20] Earnings Forecasts - Companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology are projected to achieve over 30% stable growth in earnings this year [5] Financial Metrics - Luxshare Precision is projected to have an EPS of 1.85 in 2024, with a net profit growth rate of 22.03% [6] - Shengyi Technology's EPS is expected to rise from 0.72 in 2024 to 2.03 in 2026, with a net profit growth rate of 49.37% in 2024 [7] - Century Huatong's EPS is forecasted to increase from 0.16 in 2024 to 1.11 in 2026, with a net profit growth rate of 131.51% in 2024 [7] - Zhongji Xuchuang is expected to see significant growth in EPS from 4.61 in 2024 to 17.24 in 2026, with a net profit growth rate of 137.93% in 2024 [7] - Haiguang Information's EPS is projected to grow from 0.83 in 2024 to 2.01 in 2026, with a net profit growth rate of 52.87% in 2024 [7] - Alibaba's EPS is expected to rise from 3.91 in 2024 to 5.82 in 2026, with a net profit growth rate of 9.93% in 2024 [7] - Zijin Mining's EPS is forecasted to increase from 1.21 in 2024 to 2.24 in 2026, with a net profit growth rate of 51.76% in 2024 [7] - Xingye Silver Tin's EPS is projected to grow from 0.86 in 2024 to 1.39 in 2026, with a net profit growth rate of 57.82% in 2024 [7] - XGIMI Technology's EPS is expected to rise from 1.72 in 2024 to 5.20 in 2026, with a net profit growth rate of -0.3% in 2024 [7]