Market Performance - The component sector increased by 2.23% compared to the previous trading day, with Zhongfu Circuit leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Zhongfu Circuit (300814) closed at 45.89, up 20.01% with a trading volume of 212,900 shares and a transaction value of 931 million [1] - Nanya New Material (688519) closed at 54.31, up 20.00% with a trading volume of 160,900 shares and a transaction value of 821 million [1] - Yihau New Material (301176) closed at 34.51, up 11.72% with a trading volume of 235,800 shares and a transaction value of 799 million [1] - Other notable performers include Gaohua Technology (688539) up 11.39%, Shengyi Technology (600183) up 10.01%, and Jinan Guoji (002636) up 9.98% [1] Capital Flow - The component sector saw a net inflow of 962 million from main funds, while retail investors experienced a net outflow of 347 million [3] - Speculative funds had a net outflow of 615 million [3]

（责任编辑：康博） 中国经济网北京8月15日讯 生益科技(SH:600183)今日股价涨停，截至收盘报44.83元，涨幅 10.01%，总市值1089.04亿元。 ...

Core Viewpoint - The stock price of Shengyi Technology closed at 40.75 yuan on August 14, 2025, reflecting a decrease of 1.87 yuan or 4.39% from the previous trading day [1] Company Overview - Shengyi Technology specializes in the design, production, and sales of copper-clad laminates and bonding sheets, with applications in consumer electronics, automotive electronics, and industrial control [1] - The company is a significant player in the electronic components industry, with products that are integral to the PCB supply chain [1] Market Activity - On the same day, the trading volume reached 2.008 billion yuan, with a turnover rate of 2.05% [1] - Shengyi Technology appeared in the holdings of several public funds at the end of the second quarter, with the Morgan Stanley Digital Economy Fund listing it as its seventh-largest holding [1] - The Morgan Stanley Digital Economy Fund recently achieved a historical high in its unit net value [1]

格隆汇8月14日丨生益科技(600183.SH)在投资者互动平台表示，公司极低损耗产品已通过多家国内及海 外终端客户的材料认证，并已有产品在批量供应。公司与国内外各大终端就AI的相关应用开展系列项 目合作。 ...

格隆汇8月14日丨生益科技(600183.SH)在投资者互动平台表示，公司极低损耗产品已通过多家国内及海 外终端客户的材料认证，并已有产品在批量供应。公司与国内外各大终端就AI的相关应用开展系列项 目合作。 ...

截至8月13日收盘，共封装光学(CPO)概念上涨2.83%，位居概念板块涨幅第4，板块内，84股上涨，光 库科技、罗博特科等20%涨停，三环集团、新易盛、中际旭创等涨幅居前，分别上涨15.51%、15.45%、 11.66%。跌幅居前的有炬光科技、德明利、沃格光电等，分别下跌3.65%、2.03%、1.99%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 5.58 | 中韩自贸区 | -0.98 | | 液冷服务器 | 3.24 | 数字水印 | -0.58 | | PEEK材料 | 2.84 | 自由贸易港 | -0.48 | | 共封装光学(CPO) | 2.83 | 煤化工概念 | -0.45 | | PET铜箔 | 2.72 | 养鸡 | -0.44 | | 铜缆高速连接 | 2.67 | 可燃冰 | -0.40 | | 光纤概念 | 2.55 | 猪肉 | -0.38 | | 中船系 | 2.50 | 航运概念 | -0.37 | | 光刻机 | 2.49 | 互联网保险 | ...

Group 1 - The Shanghai Composite Index opened high and rose, with the Shanghai TMT Index increasing by 1.2% to 2077.09 points and a trading volume of 90.995 billion yuan [1] - The Shanghai TMT Index has risen by 5.85% in the past month, 8.93% in the past three months, and 9.65% year-to-date [1] - The Shanghai TMT Index consists of 50 listed companies in the TMT sector with good scale and liquidity, reflecting the overall performance of TMT-related companies in the Shanghai market [1] Group 2 - The top ten weights in the Shanghai TMT Index are: Industrial Fulian (3.51%), Jingwang Electronics (3.17%), Shengyi Technology (2.61%), Cambrian (2.5%), Hengsheng Electronics (2.37%), Shiyun Circuit (2.3%), Wealth Trend (2.23%), Chipone (2.21%), Fenghuo Communication (2.17%), and Hengtong Optic-Electric (2.1%) [1] - The Shanghai TMT Index is fully composed of companies listed on the Shanghai Stock Exchange, with an 80.98% weight in Information Technology and 19.02% in Communication Services [1] Group 3 - The index sample is adjusted every six months, with adjustments implemented 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 temporary adjustments made under special circumstances [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to calculation and maintenance guidelines [2]

Core Viewpoint - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries has shown significant growth over the past months, indicating a positive trend in the performance of selected state-owned enterprises in strategic emerging sectors [1][2]. Group 1: Index Performance - The China Securities Index for State-Owned Enterprises in Strategic Emerging Industries (Index Code: 932266) experienced a decline of 0.19%, closing at 1641.67 points with a trading volume of 36.123 billion [1]. - Over the past month, the index has increased by 10.55%, by 20.85% over the last three months, and by 17.68% year-to-date [1]. Group 2: 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 companies in the index are: Northern Rare Earth (12.56%), BOE Technology Group (8.53%), Shengyi Technology (6.47%), Shanghai Silicon Industry (4.04%), Shenghe Resources (4.01%), Hua Hong Semiconductor (3.56%), China Power (3.54%), AVIC Chengfei (3.34%), Chipone Technology (2.47%), and Dingsheng Technology (2.44%) [1]. Group 3: Market Distribution - The index's holdings are primarily listed on the Shanghai Stock Exchange (60.22%), followed by the Shenzhen Stock Exchange (39.64%) and the Beijing Stock Exchange (0.15%) [1]. Group 4: Industry Breakdown - The industry composition of the index includes: Information Technology (39.00%), Industrials (29.88%), Materials (23.56%), Communication Services (3.49%), Healthcare (2.38%), Consumer Staples (1.36%), and Utilities (0.33%) [2]. Group 5: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following 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 Viewpoint - The report from CICC indicates that the demand for overseas computing power is high, driving both the volume and price of PCBs to rise, with the market scale expected to reach $5.6 billion and $10 billion in the AI PCB market by 2025 and 2026 respectively [1][2] Group 1: Market Dynamics - The global demand for computing power is experiencing systematic expansion, with significant growth in GPU and ASIC volumes, alongside the application of advanced materials and designs, which is expected to enhance the value of single boards and drive the PCB industry's volume and price increase [1] - The PCB and CCL market continues to thrive due to strong demand from AI for computing infrastructure, with core suppliers accelerating capacity expansion, totaling approximately 32 billion yuan in investments for PCB capacity expansion among seven listed companies [2] Group 2: Capacity and Supply Chain - Despite the acceleration in PCB capacity expansion, the efficiency of capacity release is lagging behind the growth rate of AI demand, leading to a sustained supply-demand gap in the medium term [2] - The local supply chain in Southeast Asia is still maturing, which may further impact the efficiency of capacity release [2] Group 3: Technological Innovations - As AI computing hardware evolves towards high density and high bandwidth, reducing dielectric constant (dk) and dielectric loss (df) will be key to overcoming transmission bottlenecks, with potential future innovations in PCB technology including structural integration, functional upgrades, and material breakthroughs [3] Group 4: Related Companies - Companies to watch that are likely to benefit from the increased demand for PCBs and CCLs driven by AI include: Shengyi Technology (600183.SH), Shenzhen South Circuit (002916.SZ), Xingsen Technology (002436.SZ), Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), Shenghong Technology (300476.SZ), Huitian Technology (002463.SZ), Shengyi Electronics (688183.SH), Jingwang Electronics (603228.SH), Founder Technology (600601.SH), and Guanghe Technology (001389.SZ) [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China PCB (Printed Circuit Board) sector**, highlighting a **47% rally** in the sector over the past three months driven by increasing demand for **artificial intelligence (AI)** applications [1] - The demand for **High Layer Count (HLC) PCB** and **High Density Interconnect (HDI)** is particularly strong due to growth in **cloud service providers' (CSP)** AI capital expenditure budgets and ASIC server projects [1] Core Insights and Arguments - **Demand Dynamics**: - Strong demand from sectors such as **automotive**, **home appliances**, and **industrial applications** supports low-to-mid range order momentum, while demand for **smartphones** and **PCs** remains lukewarm, limiting growth for **Flexible Printed Circuit (FPC)** and **Substrate-Like PCB (SLP)** [1] - The **PCB production value** is expected to grow **6% in 2025E**, following a decline of **15%** in 2023 and a recovery of **7%** in 2024 [9] - The sector is anticipated to enter a mild **AI-driven upcycle**, with a **5% CAGR** from 2024 to 2029, compared to **2%** from 2018 to 2023 [9] - **Substrate Market**: - **BT (Bismaleimide-Triazine)** substrate makers in China are experiencing a dip in utilization rates, but a mild recovery is expected due to tariff-induced demand [2] - **ABF (Ajinomoto Build-up Film)** substrate demand is recovering globally, which is accelerating domestic semiconductor qualifications from local suppliers [2] - **Copper Clad Laminate (CCL)**: - Leading CCL makers in China are operating at full capacity, with a **10-15% price increase** expected in H225E due to rising raw material costs [3] - Demand for high-end CCL is driven by AI server projects and general-purpose server replacements [3] Stock Preferences and Recommendations - **Stock Ratings**: - Total EPS for the coverage is raised by **12%/14%/19%** for 2025-27E due to higher utilization and pricing from robust AI demand [4] - Price targets for companies in the sector have been increased by **47%–118%** based on higher EPS and upcycle PE multiples [4] - Preferred stocks include **Shennan** and **Shengyi Tech** due to their visibility in AI orders, while **FastPrint** has been downgraded to Neutral with a significant EPS cut due to delayed breakeven in ABF [4] Additional Insights - **Market Trends**: - The **server/data storage** segment is projected to grow at a **12% CAGR** from 2024 to 2029, becoming the largest and fastest-growing downstream application by output value [11] - The **automotive sector** is expected to see a **4% CAGR**, driven by electrification and smartification trends [11] - The **consumer electronics** segment is mixed, with near-term strength from subsidies but overall sluggish demand [9] - **Geopolitical Factors**: - Current US tariffs have limited direct exposure for PCB and CCL companies, which have a globally diversified manufacturing footprint [9] - The tariffs may expedite capacity expansion for Chinese producers in Southeast Asia due to the sector's upstream and highly pollutive nature [9] - **AI and Technology Adoption**: - The demand for AI servers is expected to significantly increase, with Nvidia projecting a **100x increase** in compute requirements for inference demand [17] - The introduction of new Nvidia GPUs is anticipated to drive down costs for AI training and inference, further boosting demand for high-end PCBs [17] Conclusion - The China PCB sector is poised for growth driven by AI demand, with specific segments like HLC PCB and HDI expected to outperform. Stock preferences reflect a bullish outlook on companies with strong AI order visibility, while geopolitical factors and market dynamics will continue to shape the landscape.