（2025年10月修订） 第一章 总则 第一条 为促进广东生益科技股份有限公司（以下简称"公司"）规范运作， 明确董事会秘书的职责权限，充分发挥董事会秘书的作用，根据《公司法》《证 券法》《上海证券交易所股票上市规则》（以下简称"上市规则"）、《上海证 券交易所上市公司自律监管指引第1号——规范运作》等法律法规、其他规范性 文件及《广东生益科技股份有限公司章程》（以下简称"公司章程"）的有关规 定，制订本工作制度。 第二条 公司设董事会秘书一名，作为公司与证券交易所之间的指定联络 人。公司设立董事会办公室为信息披露事务部门，由董事会秘书负责管理。董事 会秘书是公司的高级管理人员，对公司和董事会负责，承担法律、法规及《公司 章程》所规定的公司高级管理人员的义务，享有相应的工作职权。 第三条 董事会秘书为履行职责，有权了解公司财务和经营情况，参加涉及 信息披露的有关会议，查阅相关文件，并要求公司有关部门和人员及时提供相关 资料和信息。 广东生益科技股份有限公司 董事会秘书工作制度 第二章 董事会秘书任职资格、任免和解聘 第五条 董事会秘书的任职资格： 董事会秘书应当具备履行职责所必需的财务、管理、法律等专业知识， ...

广东生益科技股份有限公司董事会 提名委员会议事规则 （2025年10月修订） 第一章 总则 第一条 为完善公司法人治理结构，强化公司董事、高级管理人员的管理，根 据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》 《广东生益科技股份有限公司章程》（以下简称《公司章程》）及其他有关规定， 公司设立董事会提名委员会，并制定本议事规则。 第二条 董事会提名委员会是董事会设立的专门工作机构，主要负责对拟任公 司董事和其他高级管理人员的人选、条件和程序提出建议。 第二章 人员组成 第三条 提名委员会成员由三至五名董事组成，其中独立董事应当过半数并担 任召集人。 第四条 提名委员会委员由董事长、二分之一以上的独立董事或者全体董事的 三分之一以上提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，负责主持委员会工作。主任 委员在委员内选举，并报董事会批准产生。 第六条 提名委员会任期与同届董事会任期一致，委员任期届满，可连选连任。 在任期期间，委员如果不再担任公司董事职务，自动失去委员资格；委员在任期届 满前可以向董事会提交书面辞职申请，委员在失去资格和获准辞职后，委员会根据 上 ...

广东生益科技股份有限公司董事会 薪酬与考核委员会议事规则 （2025年10月修订） 第一章 总则 第一条 为进一步建立健全公司董事（不包括独立董事及其他不在公司领取 薪酬的董事）及高级管理人员的考核和薪酬管理制度，完善公司治理结构，根据 《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办法》 《公司章程》及其他有关规定，公司特设董事会薪酬与考核委员会，并制订本议 事规则。 第二条 薪酬与考核委员会是董事会按公司章程设立的专门委员会，主要负 责制定公司董事及高级管理人员的考核标准并进行考核；负责制定、审查公司董 事、高级管理人员的薪酬政策与方案，对董事会负责。 第二章 人员组成 第五条 主任委员（召集人）原则上不得兼任董事会其它专门委员会主任； 委员会其他成员在有足够能力履行职责的情况下，可以兼任董事会其它专门委员 会的职务。 第六条 委员应遵守《公司法》和本公司《章程》的有关规定。 第七条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，连选可 以连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会 根据上述内容补足委员人数。 第八条 薪酬与考核委员会下设工作组，专门负责 ...

Core Insights - Shengyi Technology (600183.SH) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 7.934 billion yuan, a year-on-year growth of 55.10%, and net profit at 1.017 billion yuan, up 131.18% [1] - For the first three quarters of 2025, the company achieved a revenue of 20.614 billion yuan, reflecting a year-on-year increase of 39.80%, and a net profit of 2.443 billion yuan, which is a 78.04% increase compared to the previous year [1] Revenue and Profit Growth - The increase in revenue and net profit is attributed to a rise in the sales volume of copper-clad laminates and an increase in revenue from these products [1] - The company has been optimizing its product structure to enhance gross margins, which has contributed to the improvement in profitability [1] Market Position and Strategy - Shengyi Technology's subsidiary, Shengyi Electronics Co., Ltd., is focusing on a "market-led, dual-wheel drive" operational philosophy to enhance its market, technology, and quality management capabilities [1] - The proportion of high-value-added products has increased during the reporting period, which has helped the company strengthen its competitive advantage in the mid-to-high-end market [1]

生益科技公告，第三季度营收为79.34亿元，同比增长55.10%；净利润为10.17亿元，同比增长 131.18%。前三季度营收为206.14亿元，同比增长39.80%；净利润为24.43亿元，同比增长78.04%。 ...

Investment Rating - The report maintains a "Buy" rating for the companies mentioned, indicating a potential upside of over 15% relative to the benchmark index [4][5]. Core Insights - The report highlights a significant shortage of upstream materials affecting high-end substrates, with expectations that the supply issues will persist for about a year [1]. - The demand for high-end substrates is projected to grow alongside the increasing need for computing power driven by AI developments, creating a favorable investment landscape [3]. - Companies like Xingsen Technology are focusing on enhancing their IC packaging substrate business, achieving a revenue increase of 36.04% year-on-year in the first half of 2025 [2]. Summary by Sections Upstream Material Shortage - The shortage of materials such as T-Glass and quartz fabric is expected to impact high-end substrate shipments, with a peak shortage anticipated in the next six months [1]. - The chairman of Xinxing noted that the supply gap for high-end copper-clad laminates (CCL) is challenging, but improvements are expected starting from Q3 2026 [1]. Company Performance - Xingsen Technology's IC packaging substrate business generated revenue of 722 million yuan in the first half of 2025, with a focus on high-value products and expansion into the automotive market [2]. - The company is also seeing a significant increase in sample orders for FCBGA substrates, indicating potential for mass production opportunities [2]. Investment Opportunities - The report suggests continued attention to investment opportunities in companies such as Xingsen Technology, Shennan Circuit, Shengyi Technology, and Nanya New Materials due to the expected growth in high-end substrate demand and domestic substitution potential [3].

Core Insights - The top-performing funds in the third quarter are focused on technology sectors such as overseas computing power and semiconductors, with notable funds being Caitong Integrated Circuit Industry A, Hengyue Advantage Selection, and Caitong Multi-Strategy Fuxin [1] Fund Performance - Caitong Multi-Strategy Fuxin achieved a net asset value growth rate of 91.24% during the reporting period, significantly outperforming its benchmark of 9.26% [1] - Caitong Integrated Circuit Industry A recorded a quarterly net value growth rate of 86.49%, making it the top performer among ordinary stock funds [3] Fund Management Strategies - Fund manager Jin Zicai has shown strong confidence in the computing power sector, significantly increasing allocations to stocks such as Shengyi Technology, Zhongji Xuchuang, Shengyi Electronics, and Shenzhen South Circuit [1][3] - The fund's top holdings at the end of the third quarter included Industrial Fulian, Shengyi Technology, Shengyi Electronics, Zhongji Xuchuang, and Shenzhen South Circuit, with each holding over 9% of the fund's net value [4][5] Market Outlook - Jin Zicai anticipates a higher certainty of growth in overseas AI, with an expected acceleration in demand for computing power in 2026 and 2027 [2][6] - The manager believes that the market has undervalued the fundamentals of the optical communication sector, leading to a significant overweight in this area [3] Other Fund Insights - Hengyue Advantage Selection, managed by Wu Haining, achieved a net asset value growth rate of 100.06%, indicating strong performance in the mixed equity fund category [7] - The fund has increased its exposure to the storage sector, driven by rising demand for data storage due to AI applications, particularly in video generation [8][9]

Core Insights - The top-performing funds in Q3 2023, including ordinary equity, mixed equity, and flexible allocation funds, have heavily invested in technology sectors such as overseas computing power and semiconductors [1][2] - Notably, several stocks have reached the maximum allocation limit of 10% of the fund's net asset value, indicating strong confidence in these sectors [1][2] Fund Performance - The champions of ordinary equity funds for Q3 2023 are identified as Caifeng Integrated Circuit Industry A, Hengyue Advantage Selection, and Caifeng Multi-Strategy Fuxin [1] - Caifeng Integrated Circuit Industry A achieved a quarterly net value growth rate of 86.49%, making it the top performer among ordinary equity funds [2] Stock Holdings - Caifeng Multi-Strategy Fuxin reported a significant holding in Industrial Fulian, with a market value of 27.07 million yuan, which constitutes 10% of the fund's net value [2] - Other major holdings in Caifeng Multi-Strategy Fuxin, such as Shengyi Technology and Zhongji Xuchuang, also have market values exceeding 9% of the fund's net value [2] Investment Strategy - Fund manager Jin Zicai has shown a strong inclination towards the overseas computing power sector, anticipating accelerated growth in demand for computing power in 2026 and 2027 [2] - Hengyue Advantage Selection, managed by Wu Haining, has seen its scale grow over twofold in Q3, reaching 24.6 million yuan, with a focus on AI computing power and storage sectors [3] Sector Focus - The storage sector is highlighted as a key area of investment, with expectations of a price increase in storage chips driven by AI applications [3] - The domestic semiconductor equipment and energy storage sectors are also viewed positively, with a strong outlook for growth as production capabilities reach international standards [3]

10月28日，生益科技涨5.13%，截至发稿，报67.65元/股，成交26.82亿元，换手率1.70%，总市值 1643.40亿元。 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材料、封装材料、 绝缘材料,自有房屋出租。从事非配额许可证管理、非专营商品的收购出口业务。提供产品服务、技术 服务、咨询服务、加工服务和佣金代理(拍卖除外)。主营业务收入构成为：覆铜板和粘结片65.96%，印 制线路板28.63%，废弃资源综合利用3.37%，其他(补充)2.04%。 从生益科技十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居生益科技十大流通股东。华泰柏瑞沪深300ETF（510300）二 季度增持186.03万股，持有股数2177万股，占流通股的比例为0.92%。根据测算，今日浮盈赚取约 7184.12万元。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规 ...

Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]