2月24日，景旺电子涨5.06%，截至发稿，报64.19元/股，成交10.38亿元，换手率1.68%，总市值632.15 亿元。 东方阿尔法优势产业混合A（009644）基金经理为周谧、吴秋松。 资料显示，深圳市景旺电子股份有限公司位于广东省深圳市光明区凤凰街道东坑社区光源三路158号景 旺电子大厦,香港铜锣湾勿地臣街1号时代广场2座31楼，成立日期1993年3月9日，上市日期2017年1月6 日，公司主营业务涉及印制电路板的研发、生产和销售业务。主营业务收入构成为：印制电路板 94.67%，其他(补充)5.33%。 从基金十大重仓股角度 数据显示，东方阿尔法基金旗下1只基金重仓景旺电子。东方阿尔法优势产业混合A（009644）四季度 持有股数248.06万股，占基金净值比例为6.1%，位居第六大重仓股。根据测算，今日浮盈赚取约766.5 万元。 东方阿尔法优势产业混合A（009644）成立日期2020年6月28日，最新规模15.94亿。今年以来收益 0.43%，同类排名7795/8994；近一年收益65.17%，同类排名715/8199；成立以来收益109.37%。 责任编辑：小浪快报 截至发稿，周谧累计任 ...

图片来源：世界知识产权组织（WIPO） 今年以来景旺电子已公布的国际专利申请1个。结合公司2025年中报财务数据，2025上半年公司在研发 方面投入了4.26亿元，同比增28.99%。 证券之星消息，根据企查查数据显示景旺电子（603228）公布了一项国际专利申请，专利名为"一种埋 磁PCB及其制作方法"，专利申请号为PCT/CN2025/080770，国际公布日为2026年2月19日。 专利详情如下： 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The investment outlook for the Chinese electronic components industry is stable, with overall credit quality expected to remain unchanged over the next 12 to 18 months [5][8]. Core Insights - The industry is driven by the recovery in consumer electronics, rapid growth in automotive electronics, and advancements in artificial intelligence, with traditional consumer electronics providing basic demand support but limited impact on overall growth [15][21]. - The industry is expected to gradually transition towards high-end products, with leading companies leveraging their high-end capacity and technological advantages to maintain a competitive edge [15][21]. - The overall credit risk in the electronic components industry is manageable, with no significant changes in ratings and no instances of bond extensions or defaults reported [22]. Industry Fundamentals Analysis - In 2025, domestic policies such as "trade-in" programs effectively boosted demand in the downstream market, helping to stabilize the electronic components industry amid fluctuating international trade conditions and tariff policies [9][11]. - The global competition landscape in the electronic components sector has remained stable, with significant growth in revenue and profits across various sub-sectors, although operating cash flow has declined [7][22]. - The industry is expected to see substantial order growth driven by automotive electronics and AI demand, with potential for upward adjustments in industry outlook if favorable conditions persist [7][8]. Credit Performance of Industry Enterprises - The financial performance of enterprises within the electronic components industry has improved, with revenue and profit growth reported, although operating cash flow has decreased [22][27]. - The average revenue growth for sample enterprises in the electronic components sector was 27.14% year-on-year, with significant contributions from AI-related demands [27][28]. - The debt scale of sample enterprises increased, but the overall financial leverage remains low, indicating good debt repayment capabilities [34][35].

Core Viewpoint - The article discusses the recent developments surrounding Kinwong Electronics, a leading PCB manufacturer in China, as it prepares for its IPO in Hong Kong while its controlling shareholders have been cashing out over 1 billion RMB, raising questions about the company's future prospects [4][40]. Group 1: Company Overview - Kinwong Electronics, established over 30 years ago, has become a global leader in PCB manufacturing, with a market capitalization exceeding 65 billion RMB [3]. - The company has successfully positioned itself as the top supplier of automotive PCBs globally, holding a 9% market share, which is 2.6 percentage points ahead of its nearest competitor [7][9]. Group 2: Financial Performance - Kinwong's revenue has shown steady growth, increasing from 6.33 billion RMB in 2019 to 12.66 billion RMB in 2024, with a compound annual growth rate (CAGR) of nearly 15% [16]. - However, the net profit growth has lagged, with a CAGR of only 6.9% during the same period, indicating a decline in profitability [18]. - The company's gross margin and net margin have decreased by 5.9 percentage points and 4.6 percentage points, respectively, since 2019, with the latest figures at 21.6% and 8.6% [20]. Group 3: Market Position and Competition - Despite being a top player, Kinwong faces intense competition in the PCB industry, with many peers experiencing rising profit margins while Kinwong's margins have fallen [22][23]. - The company’s automotive electronics segment has contributed nearly half of its revenue, solidifying its position but also highlighting the challenges of maintaining high profitability in a highly competitive market [11]. Group 4: Strategic Challenges - Kinwong's focus on automotive PCBs, while lucrative, has limited its ability to capitalize on the rapidly growing AI PCB market, where demand for high-end products is surging [33]. - The company has initiated projects to enhance its capabilities in high-end PCBs, but delays in production timelines have raised concerns about its ability to meet market demands [36][40]. - The controlling shareholders' decision to cash out during this critical transition period raises questions about their confidence in the company's future growth prospects [4][40].

证券代码：603228 证券简称：景旺电子 公告编号：2026-006 深圳市景旺电子股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 公司于 2025 年 12 月 8 日召开第五届董事会第六次会议，于 2025 年 12 月 25 日召开 2025 年第三次临时股东会审议通过了《关于向银行申请固定资产贷款 | | 被担保人名称 | 景旺电子科技（珠海）有限公司 | | --- | --- | --- | | | 本次担保金额 | 12.00 亿元 | | 担保对象一 | 实际为其提供的担保金 | 33.00 亿元（含 10.00 亿元共用额度） | | | 额（不含本次） | （注 1） | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | | 担保对象二 | 被担保人名称 本次担保金额 实际为其提供的担保金 | 景旺电子（香港）有限公 ...

Core Viewpoint - The company, Xin Guang Yi (新广益), is expanding its production capacity and aims to become a supplier for more well-known clients in the industry [1] Group 1: Client Relationships - The main clients of the company include prominent enterprises such as Peng Ding Holdings (鹏鼎控股), Weixin Electronics (维信电子), Jingwang Electronics (景旺电子), GoerTek (歌尔股份), Yijia Technology (毅嘉科技), and Jialianyi (嘉联益) [1] Group 2: Production Capacity - The company is experiencing an increase in production capacity due to the expansion of its production scale and improvements in production processes [1]

证券代码：603228 证券简称：景旺电子 公告编号：2026-005 深圳市景旺电子股份有限公司 关于募集资金使用完毕并注销募集资金专户的公告 公司、民生证券股份有限公司（以下简称"民生证券"）与中国银行股份有 限公司深圳南头支行（以下简称"中行深圳南头支行"）于 2023 年 4 月 24 日签 署了《募集资金专户存储三方监管协议》，公司、景旺电子科技（珠海）有限公 司、民生证券与中行深圳南头支行于 2023 年 4 月 24 日签署了《募集资金专户存 储四方监管协议》。公司及子公司所开设的募集资金专项账户，仅用于募集资金 的存储和使用，不作其他用途。上述三方及四方监管协议与上海证券交易所三方 及四方监管协议范本不存在重大差异，公司在使用募集资金时已经严格遵照履行。 截至本公告披露日， 公司上述募集资金专项账户情况如下： | 募集资金专用账户名称 | 开户行 | 银行账号 | 存续状态 | | --- | --- | --- | --- | | 深圳市景旺电子股份有 限公司 | 中行深圳南头支行 | 758876863706 | 已注销 | | 景旺电子科技（珠海）有 限公司 | 中行深圳南头支行 | 7 ...

Core Viewpoint - The company, XinGuangYi, acknowledges its role as an indirect supplier to NVIDIA through its long-term clients, which include major PCB suppliers like Pengding Holdings and Jingwang Electronics [2] Group 1: Company Relationships - XinGuangYi's main clients include well-known companies such as Pengding Holdings, Weixin Electronics, Jingwang Electronics, GoerTek, Yijia Technology, and Jialianyi [2] - The company aims to expand its client base as its production capacity improves due to scale and technological advancements [2]

Core Insights - The completion and launch of the Jingjia Intelligent Manufacturing Building and semiconductor packaging substrate project by Jingwang Electronics will enhance the high-end printed circuit board (PCB) industry in Shenzhen, injecting new momentum into the development of new productive forces in Bao'an and the entire city [1][3]. Group 1: Project Overview - The Jingjia Intelligent Manufacturing Building, located in Bao'an District, covers an area of 18,000 square meters with a total construction area of 92,000 square meters and a total investment of 2 billion yuan [3]. - The building exemplifies modern industrial architecture, integrating advanced concepts such as green building, prefabricated construction, and sponge city, reflecting Shenzhen's "industrial upward" model [3]. - The factory emphasizes high levels of automation and intelligence, utilizing an EAP system for real-time data collection and parameter distribution, promoting transparency and efficiency in production processes [3]. Group 2: Product Focus - The factory focuses on the research and flexible manufacturing of multi-category, high-tech, and high-value-added PCB and FPC products, including high-frequency radar, semi-rigid, rigid-flex, thick copper, coils, HDI, flexible circuits, and small PCS products [4]. - These products are widely used in core high-end fields such as automotive electronics (e.g., ADAS), high-end medical equipment, low-altitude flight, and embodied intelligence, aligning with Shenzhen's development needs in these areas [4]. Group 3: Company Background and Future Outlook - Established in 1993 and listed on the Shanghai Stock Exchange in 2017, Jingwang Electronics is a national high-tech enterprise focused on the R&D, production, and sales of high-end PCBs and electronic materials [6]. - The company has built long-term strategic partnerships with numerous global clients and occupies a significant position in the high-end PCB sector [6]. - Looking ahead, Jingwang Electronics aims to focus on high-performance PCB manufacturing, increase investment in technology R&D, and optimize product structure to seize opportunities in the AI era, contributing to the advancement of the PCB industry and the establishment of Shenzhen as a global electronic information industry hub [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a report on the status of domestic companies' overseas securities issuance and listing applications, indicating several companies are preparing for initial public offerings (IPOs) in Hong Kong as of January 30, 2026 [1]. Group 1: Companies Preparing for IPOs - Guangzhou New Ji Pharmaceutical Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with Guotai Junan Securities as the sponsor [3]. - Zhejiang Yifei Intelligent Technology Co., Ltd. is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sponsor [3]. - Guangdong Daoyuan Technology Co., Ltd. plans a direct overseas listing on the Hong Kong Stock Exchange, with China International Capital Corporation and CITIC Securities (International) as sponsors [3]. - Wuxi Cheliantianxia Intelligent Technology Co., Ltd. is preparing for a direct overseas listing on the Hong Kong Stock Exchange, with Haitong International Capital as the sponsor [3]. - Beijing Weimai Medical Technology Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with China International Capital Corporation as the sponsor [3]. - Shenzhen Jingwang Electronics Co., Ltd. is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with Guolian Securities International Limited as the sponsor [3]. - Shanghai Junsai Biotechnology Co., Ltd. is preparing for a direct overseas listing on the Hong Kong Stock Exchange, with CITIC Securities (Hong Kong) as the sponsor [3]. - Mainline Technology (Beijing) Co., Ltd. is applying for a direct overseas listing on the Hong Kong Stock Exchange, with Guotai Junan Securities as the sponsor [3]. Group 2: Companies with Other Listing Status - Laoxiangji (indirect overseas listing) is in the application process for a Hong Kong IPO, currently in the opinion solicitation stage [1]. - Chipmai Semiconductor Technology (Hangzhou) Co., Ltd. is in the process of submitting supplementary materials for its Hong Kong IPO application [1].