Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report regularly tracks the latest private exchangeable bond (Private EB) projects from public channels, focusing on basic elements. It reminds that private issuance terms and processes may change, and the final prospectus should be referred to. The issuance progress should be consulted with relevant lead underwriters. [1] 3. Summary by Directory Newly Added Project Information - From November 17 - 21, 2025, the private exchangeable bond project of Guangdong Shengyi Technology Co., Ltd. for private placement to professional investors in 2025 was approved by the exchange, with an intended issuance scale of 2 billion yuan. The underlying stock is Shengyi Electronics (688183.SH), and the lead underwriter is CITIC Securities. The exchange update date is November 17, 2025. [1] Project Status Table - Multiple private exchangeable bond projects are listed in the table, including their bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in either "Passed" or "Feedback Received" status. For example, the project of Hangzhou Iron & Steel Group Co., Ltd. has a scale of 1 billion yuan, and the underlying stock is Hangzhou Iron & Steel Co., Ltd., with a passed status as of November 7, 2025. [3]

Core Viewpoint - Shengyi Technology (600183) is focused on the design, production, and sales of copper-clad laminates and bonding sheets, as well as printed circuit boards, with a projected main business revenue of 12.4 billion yuan in the first half of 2025, and an export revenue ratio of approximately 21%, with products exported to EU countries [1] Group 1 - Company specializes in the design, production, and sales of copper-clad laminates and bonding sheets, as well as printed circuit boards [1] - Projected main business revenue for the first half of 2025 is 12.4 billion yuan [1] - Export revenue accounts for about 21% of total revenue, with products exported to EU countries [1]

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

Core Viewpoint - The announcement details a change in shareholder equity for Guangdong Shengyi Technology Co., Ltd. due to the transfer of 100% equity of Dongguan Technology Innovation Investment Group Co., Ltd. from the Dongguan Municipal Government to Dongguan Investment Holding Group Co., Ltd. This change does not trigger a mandatory tender offer as per the regulations. Summary by Sections Shareholder Equity Change - The equity change involves the transfer of 100% ownership of Dongguan Technology Innovation Investment Group Co., Ltd. to Dongguan Investment Holding Group Co., Ltd., which indirectly holds shares in Guangdong Shengyi Technology Co., Ltd. This transfer does not require a tender offer under the regulations [2][3]. Current Shareholding Structure - After the equity change, Dongguan Guohong Investment Co., Ltd. remains the second-largest shareholder with 322,740,539 shares, representing 13.29% of the total shares. Its concerted actions with other entities result in a total holding of 343,066,523 shares, or 14.13% of the total [2][3][4]. Control and Ownership - The change in equity does not alter the controlling shareholder or actual controller of the company, which continues to have no controlling shareholder or actual controller [2][4]. Background of the Change - The equity change is part of a broader restructuring plan for state-owned enterprises initiated by the Dongguan Municipal Government, with the relevant registration completed with the local market supervision authority [3][4]. Future Plans - There are no explicit plans or agreements for increasing shareholding in Guangdong Shengyi Technology Co., Ltd. within the next 12 months [18].

Investment Rating - The report maintains a "Buy" rating for Shengyi Technology (600183 CH) with a target price of 90 CNY, highlighting its leadership in the PCB and copper-clad laminate market [1]. Core Insights - The global PCB and copper-clad laminate industry is in the early stages of a structural upcycle driven by AI infrastructure investments, with a notable divergence in performance between high-performance products and standard products [1][2]. - The PCB market is expected to rebound strongly in 2025 with a growth rate of 12.8%, while the copper-clad laminate sector has already seen an 18% growth in 2024, indicating stronger pricing power [1][3]. - The demand for high-layer and HDI boards is surging due to AI server deployments, leading to a "super growth cycle" for these high-performance circuit boards [2][8]. Summary by Sections PCB Market Overview - The global PCB market is projected to recover in 2024 with a 5.8% increase in sales to 74 billion USD, following a 15% decline in 2023 due to inventory destocking and weak end-demand [3]. - The recovery is primarily driven by normalizing inventory levels and early investments in AI-related infrastructure [3][4]. - The market is expected to show a strong rebound in 2025, with a projected sales area growth of 10.3% and a sales revenue growth of 12.8% [4]. Copper-Clad Laminate Market Overview - The global copper-clad laminate market is anticipated to grow by 18% in 2024, driven by a 14% increase in sales volume and a 4% rise in average selling prices [13]. - The market's performance is significantly better than that of the PCB market, showcasing superior pricing power and value-added effects from product structure optimization [13][14]. Competitive Landscape - The copper-clad laminate market is characterized by an oligopolistic structure, with the top ten suppliers holding 77% of the market share, ensuring stronger market pricing power [2][29]. - In contrast, the PCB market is more fragmented, with the top forty suppliers accounting for approximately 50% of the market share, necessitating a strategic focus on high-value segments to maintain pricing power [2][29]. Material Cost Dynamics - Copper constitutes 60%-70% of the raw material costs for PCBs, and the structural increase in copper prices, driven by supply shortages and emerging demands from AI and clean energy sectors, is reshaping the cost structure of the PCB and copper-clad laminate supply chains [16][22]. - The London Metal Exchange copper prices have risen approximately 24% this year, impacting suppliers differently based on their product focus and pricing power [16][22].

Group 1: Stock Recommendations - Geely Automobile (175 HK) has a target price of 25.00, indicating a potential upside of 47% with a PE ratio of 9.50[5] - Luckin Coffee (LKNCY US) has a target price of 44.95, suggesting a potential upside of 12% with a PE ratio of 30.00[5] - Alibaba (BABA US) has a target price of 209.40, indicating a potential upside of 33% with a PE ratio of 22.50[5] Group 2: Market Performance - The basket of 24 long positions had an average return of -3.4%, while the MSCI China Index returned -0.8%[9] - Among the 24 stocks, only 5 outperformed the benchmark[9] Group 3: Analyst Ratings - New additions include companies like Bosideng (3998 HK) and Futu Holdings (FUTU US), both rated as "Buy"[6] - The report indicates a focus on sectors such as technology, insurance, and consumer goods, with multiple stocks receiving "Buy" ratings[5][6]

Group 1 - The core viewpoint of the news is that Shengyi Technology's stock has shown significant growth this year, with a year-to-date increase of 150.93%, despite a slight decline in the recent trading days [1] - As of November 18, Shengyi Technology's stock price reached 57.84 yuan per share, with a total market capitalization of 140.5 billion yuan [1] - The company has experienced net outflows of main funds amounting to 3.31 million yuan, while large orders showed mixed buying and selling activity [1] Group 2 - Shengyi Technology, established in 1985 and listed in 1998, specializes in the design, production, and sales of various electronic materials, including copper-clad laminates and printed circuit boards [2] - The company's main business revenue composition includes 65.96% from copper-clad laminates and bonding sheets, 28.63% from printed circuit boards, and 3.37% from waste resource utilization [2] - As of September 30, 2025, Shengyi Technology reported a revenue of 20.614 billion yuan, reflecting a year-on-year growth of 39.80%, and a net profit of 2.443 billion yuan, up 78.04% year-on-year [2] Group 3 - Since its A-share listing, Shengyi Technology has distributed a total of 12.911 billion yuan in dividends, with 4.547 billion yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and several ETFs, with notable changes in their holdings [3]

广东生益科技股份有限公司 简式权益变动报告书 上市公司名称：广东生益科技股份有限公司 股票上市地点：上海证券交易所 股票简称：生益科技 股票代码：600183 信息披露义务人：东莞市投资控股集团有限公司 住 所：广东省东莞市松山湖园区红棉路 6 号 3 栋 501 室 通讯地址：广东省东莞市松山湖园区红棉路 6 号 3 栋 501 室 股份变动性质：股权变更注入 四、本次权益变动系指东莞市人民政府将持有东莞科技创 新投资集团有限公司（原名"东莞科技创新金融集团有限公司"） 100%股权变更注入给信息披露义务人，东莞科技创新投资集团 有限公司成为信息披露义务人的全资子公司，而东莞市国弘投 资有限公司是东莞科技创新投资集团有限公司的全资子公司， 信息披露义务人从而间接拥有:东莞市国弘投资有限公司持有的 生益科技股份 322,740,539 股，占生益科技总股本的 13.29%;东 莞科技创新投资集团有限公司持有的生益科技股份 7,096,083 股，占生益科技总股本的 0.29%;东莞市科创资本产业发展投资 有限公司持有的生益科技股份 8,692,132 股，占生益科技总股本 广东生益科技股份有限公司简式权益变动 ...

股票简称：生益科技 股票代码：600183 公告编号：2025—061 广东生益科技股份有限公司 关于股东权益变动的提示性公告 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。 东莞市人民政府国有资产监督管理委员会 100% 东莞市投资控股集团有限公司 100% 东莞科技创新投资集团有限公司 100% 100% 100% 东莞市国弘投资有限 公司 东莞市科创资本产业发展 投资有限公司 东莞市科创资本投资 管理有限公司 二、所涉及后续事项 上述权益变动情况不会导致公司的控股股东、实际控制人发生变化，公司仍是不存在控 股股东及实际控制人。 本 次 涉 及 投 控 集 团 间 接 拥 有 国 弘 投 资 及 其 一 致 行 动 人 持 有 的 生 益 科 技 股 份 343,066,523 股，占生益科技总股本的 14.13%，根据《上市公司收购管理办法》的规定，需 要披露简式权益变动报告书，与股东权益变动的提示性公告一并于 2025 年 11 月 18 日披露。 重要内容提示： 本次股东权益变动是东莞市人民政府将持有东莞科技创新投资 ...

Core Viewpoint - Dongguan Investment Holding Group Co., Ltd. has transferred 100% equity of Dongguan Technology Innovation Investment Group Co., Ltd. through the Dongguan Municipal Government, indirectly acquiring a significant stake in Shengyi Technology [1] Summary by Relevant Categories Shareholding Structure - Dongguan Investment Holding Group Co., Ltd. now indirectly holds 323 million shares of Shengyi Technology, accounting for 13.29% of the total share capital [1] - Dongguan Technology Innovation Investment Group Co., Ltd. holds 7.0961 million shares, representing 0.29% of the total share capital [1] - Dongguan Science and Technology Capital Industry Development Investment Co., Ltd. owns 8.6921 million shares, which is 0.36% of the total share capital [1] - Dongguan Science and Technology Capital Investment Management Co., Ltd. possesses 4.5378 million shares, making up 0.19% of the total share capital [1] - The total shares held by these entities amount to 343 million shares, which is 14.13% of the total share capital [1]