Summary of Conference Call on CCL and Glass Fiber Demand Industry Overview - The conference call primarily discusses the **Copper Clad Laminate (CCL)** industry and the demand for **low DK glass fiber** materials, particularly in the context of AI technology and ASIC applications [1][2][4]. Key Points and Arguments 1. **Increased Demand for Low DK Glass Fiber**: The demand for low DK glass fiber is expected to exceed **7-8 million square meters** in 2025, primarily for ASIC and GPU applications [1][4]. 2. **Material Shortages**: There is a significant shortage of both low DK glass fiber and **马 8级别 (Level 8)** materials, which are crucial for AI accelerator cards [2][5]. 3. **Market Share of Glass Fiber Types**: The CCL industry predominantly uses first-generation glass fiber, which holds an **80% market share** in AI accelerator cards. Second-generation glass fiber is mainly used in Ethernet switches, while third-generation glass fiber is anticipated for future products but currently has limited capacity [1][8]. 4. **Price Sensitivity Among Customers**: Different customers exhibit varying sensitivity to material prices. North American clients prioritize performance over cost, while others focus on cost-effectiveness [10]. 5. **Production Capacity Expansion**: The CCL industry is expected to expand production capacity by **30%-40%** in 2026, with an increase in the number of product layers, such as the potential increase from **26 to 34 layers** for Google's next-generation TPU [11][12][32]. 6. **Performance Differences in Domestic vs. Imported Materials**: Domestic low DK glass fiber has shown performance improvements but still lags behind Japanese and Taiwanese products in terms of stability [6][21]. 7. **Certification Process**: The certification process for new low DK glass fiber typically takes about **one year**, depending on company strategies and customer requirements [7]. 8. **Future of Second-Generation Glass Fiber**: Second-generation glass fiber has limited applications primarily in specific areas like Google's TPU, and its future depends on cost reductions and increased production capacity [9]. 9. **Production Statistics**: South Korean suppliers produce approximately **1.4 million square meters** of CCL monthly, with **700,000 square meters** being Level 8 materials [14]. 10. **Price Gradients of Glass Fiber**: The price of first-generation glass fiber is around **$6 per square meter**, with second-generation being approximately **30% more expensive**, and third-generation costing about **30% more than the second** [15]. Additional Important Insights - **Market Gaps**: There is a potential gap in production capacity if market demand increases significantly [19]. - **Testing and Development**: Chinese companies are actively testing third-generation glass fiber, while Japanese firms are more conservative in their approach [18]. - **Material Composition**: CCL typically consists of four layers of copper foil, three layers of glass fiber, and three layers of resin, adhering to a **433 ratio** [23]. - **Profit Margins**: The profit margins for different types of CCL vary, with Level 9 materials expected to be priced at **double that of Level 8** materials upon mass production [28][29]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future outlook of the CCL and glass fiber industry.

本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 23,162,662股。 证券代码：600183 证券简称：生益科技 公告编号：2025-034 广东生益科技股份有限公司 关于 2024 年度限制性股票激励计划第一个解除限售期 解除限售暨上市的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市流通总数为23,162,662股。 本次股票上市流通日期为2025 年 7 月 4 日。 广东生益科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召开第 十一届董事会第六次会议、第十一届监事会第五次会议，审议通过了《关于 2024 年度限制性股票激励计划第一个解除限售期解除限售条件成就的议案》，同意公司 为符合 2024 年度限制性股票激励计划（以下简称"本激励计划"或"激励计划"） 第一个解除限售期解除限售条件的 721 名激励对象办理解除限售相关事宜，本次 可解除限售数量为 2,316.2662 万股，占目前公司总股本的 0.95%。现将有关事项 说明如下： 一 ...

邮编/Zip Code:510623 电话/Tel:86-020-37392666 传真/Fax:86-020-373926826 电子邮箱/E-mail： kangda@kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 北京市康达（广州）律师事务所 关于广东生益科技股份有限公司 2024 年度限制性股票激励计划 第一个解除限售期解除限售条件成就的 法律意见书 法 律 意 见 书 康达(广州)法意字【2025】第 0172 号 二〇二五年六月 1 法律意见书 北京市康达（广州）律师事务所 关于广东生益科技股份有限公司 2024 年度限制性股票激励计划 第一个解除限售期解除限售条件成就的 法律意见书 康达(广州)法意字【2025】第 0172 号 为出具本法律意见书，本所律师审阅了《广东生益科技股份有限公司2024年度限 制性股票激励计划（草案）》（以下简称"《激励计划》"）、公司相关股东大会会议 文件、董事会会议文件、监事会会议文件以及本所律师认为需要审查的其他文件，并 通过查询政府部门公 ...

广东生益科技股份有限公司 信用类债券募集资金管理制度 第一条 为规范广东生益科技股份有限公司（以下简称"公司"）信用类债 券募集资金的使用与管理，保护投资者的利益，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上海证券交易所债券存续期业务指南第 3 号——募 集资金管理重点关注事项（试行）》《银行间债券市场非金融企业债务融资工具管 理办法》等法律法规、规范性法律文件，以及《广东生益科技股份有限公司章程》 （以下简称"《公司章程》"）的要求，并结合公司的实际情况，制定本制度。 第二条 本制度所称信用类债券，是指公司依照法定程序在证券交易所、银 行间债券市场等场所发行的各项信用类债券，包括但不限于公开和非公开发行的 公司债、企业债，超短期融资券、短期融资券、中期票据、非公开定向债务融资 工具、资产证券化工具以及债权融资计划等，但不包括可转换公司债券、分离交 易的可转换公司债券。 第三条 信用类债券募集资金应当按照本制度进行存储、使用和管理，做到 资金使用的规范、公开和透明。 本制度对信用类债券募集资金专户存储、使用、变更、监督、责任追究以及 募集资金使用的分级审批权限、决策程序等内容进行明确规定。 第四 ...

股票简称：生益科技 股票代码：600183 公告编号：2025—037 广东生益科技股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 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： ● 公司未对关联方形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、独立董事专门会议审议情况 公司于 2025 年 6 月 26 日召开第十一届董事会独立董事专门会议 2025 年第二次会议， 审议通过了《关于增加 2025 年度日常关联交易预计额度的议案》，全体独立董事同意该议 案。 独立董事认为：上述关联交易定价政策与定价依据合理、充分，参照市场价格确定价格； 定价公允，体现了公平、公正、诚信的原则，不存在损害公司和中小股东利益的行为，符合 公司整体利益。我们一致同意提交公司董事会审议，审议时关联董事应回避表决。 2、审计委员会审议情况 公司于 2025 年 6 月 26 日召开了董事会审计委员会会议，就《关于增加 2025 年度日常 关联交易预计额度的议案》进行了事前审阅，同意提 ...

股票简称：生益科技 股票代码：600183 公告编号：2025—036 广东生益科技股份有限公司 第十一届监事会第七次会议决议公告 本公司监事会及全体监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。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 广东生益科技股份有限公司 监事会 2025 年 6 月 28 日 一、监事会会议召开情况 广东生益科技股份有限公司（以下简称"公司"）第十一届监事会第七次会议于 2025 年 6 月 27 日以通讯表决的方式召开。公司以邮件方式向监事及董事会秘书发出本次会议通 知和会议资料。本次会议应参加的监事 3 名，实际参加会议的监事 3 名，符合《公司法》和 《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于增加 2025 年度日常关联交易预计额度的议案》 监事会认为：此次关联交易决策程序符合有关法律法规和公司章程的规定，交易行为符 合公司利益，关联交易价格公允合理，没有损害非关联股东的利益。 ...

股票简称：生益科技 股票代码：600183 公告编号：2025—035 广东生益科技股份有限公司 第十一届董事会第八次会议决议公告 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"）第十一届董事会第八次会议于 2025 年 6 月 27 日以通讯表决方式召开。公司以邮件方式向董事、监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 11 人，实际参加董事 11 人，符合《公司 法》及《公司章程》的规定。 二、董事会会议审议情况 内容详见公司于 2025 年 6 月 28 日登载于上海证券交易所网站(http://www.sse.com.cn) 的《广东生益科技股份有限公司信用类债券募集资金管理制度》。 特此公告。 广东生益科技股份有限公司 （一）审议通过《关于增加 2025 年度日常关联交易预计额度的议案》 表决结果：同意 11 票，反对 0 票，弃权 0 票，回避 0 票。 上述议案事前经公司第十一届董事会独立董事专门会议 2025 年第 ...

Core Points - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries (932266) increased by 1.29% to 1385.44 points, with a trading volume of 17.697 billion yuan [1] - Over the past month, the index has risen by 0.06%, but it has decreased by 6.50% over the last three months and by 2.14% year-to-date [1] Index Composition - The index is customized by China Chengtong Holdings Group and includes 50 state-owned enterprises with high growth potential from the strategic emerging industries [1] - The top ten weighted stocks in the index are: BOE Technology Group (10.05%), Northern Rare Earth (9.58%), Shengyi Technology (5.5%), Hu Silicon Industry (4.69%), China Power (4.0%), AVIC Chengfei (3.93%), Huahong Semiconductor (3.33%), Shenghe Resources (2.85%), Chipone Technology (2.71%), and Dingsheng Technology (2.63%) [1] - The index's market composition shows that the Shanghai Stock Exchange accounts for 57.33%, the Shenzhen Stock Exchange for 42.50%, and the Beijing Stock Exchange for 0.17% [1] Industry Breakdown - The industry composition of the index includes: Information Technology (40.79%), Industrials (32.22%), Materials (19.09%), Communication Services (3.41%), Healthcare (2.55%), Consumer Staples (1.58%), and Utilities (0.37%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Core Insights - The Co-Packaged Optics (CPO) concept has seen a rise of 2.63%, ranking third among concept sectors, with 74 stocks increasing in value [1] - Major gainers in the CPO sector include KeXiang Co., which hit a 20% limit up, and Zhongjing Electronics, which also reached the limit up, while other notable increases were seen in LianTe Technology and Shengyi Electronics [1] - The sector experienced a net inflow of 2.583 billion yuan, with 55 stocks receiving net inflows, and 12 stocks exceeding 100 million yuan in net inflows [1] Market Performance - The CPO concept sector ranked third in daily performance, following the Military Restructuring concept and PCB concept, which rose by 3.51% and 3.29% respectively [1] - The top gainers in the CPO sector included Zhongjing Electronics (10.01%), KeXiang Co. (19.98%), and JianGao Technology (4.42%) [2][3] Fund Flow Analysis - The leading stocks by net inflow ratio were Zhongjing Electronics (28.81%), KeXiang Co. (15.32%), and JianGao Technology (14.93%) [2] - The highest net inflow was recorded for Zhongji Xuchuang, with 366 million yuan, followed closely by Lixun Precision and JianGao Technology with 356 million yuan and 310 million yuan respectively [2] Sector Overview - The CPO sector is characterized by significant activity, with a total of 74 stocks rising, indicating strong investor interest and potential growth opportunities [1] - The overall market sentiment appears positive for the CPO sector, as evidenced by the substantial net inflows and the performance of key stocks [1][2]

Market Overview - On June 18, A-shares saw a slight increase in the three major indices, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index by 0.24%, and the ChiNext Index by 0.23%. The total market turnover reached 12,217 billion [1]. Semiconductor Industry - The semiconductor industry chain experienced a significant rise in the afternoon, with sectors such as PCB, CPO, storage chips, and AI PCs leading the gains. PCB leader Huadian Co., Ltd. saw a limit-up, with a net inflow of 7.18 billion from main funds, ranking first in A-shares [4]. - Huadian's recent investor relations activity indicated a sustained growth in demand for AI-driven servers and high-speed network infrastructure, with expectations for capacity improvements by the second half of 2025 [4]. - In Q1, Huadian reported a revenue of 40.38 billion, a year-on-year increase of 56.25%, and a net profit of 7.62 billion, up 48.11% year-on-year, indicating rapid growth [4]. CPO Sector - The CPO (Co-Packaged Optics) sector surged in the afternoon, with stocks like Kexiang Co. hitting the limit-up, and other companies such as Lian Te Technology and Shengyi Electronics also seeing significant gains [6]. - According to YOLE Group, the CPO market is expected to reach a value of 8.1 billion by 2030, with a compound annual growth rate of 137%, driven by the transition from pluggable optical modules to CPO and from copper cables to optical communication [9]. - JPMorgan's report suggests that CPO technology is accelerating towards commercialization, with industry leaders positioned favorably for the next growth cycle [9]. Solid-State Battery Sector - The solid-state battery sector showed a rebound in the afternoon, with stocks like Pulutong and Nord Co. hitting the limit-up, and Jinyinhai rising over 10% [11]. - Xiaomi's recent patent for solid-state battery composite electrodes, which enhances ion transport efficiency, was published, indicating advancements in solid-state battery technology [13]. - The first "Lithium Sulfide and Sulfide Solid-State Battery Forum" is scheduled for June 25, focusing on the latest technologies and industrial applications in the field [14]. - China Galaxy Securities highlights that solid-state batteries are a core focus in the lithium battery supply chain, with significant growth potential for leading cell and material companies [14].