| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603920 | 世运电路 | 42.20 | -5.17% | 33.99万 | 14.39 乙 | | 603228 | 景旺电子 | 69.90 | -4.92% | 34.28万 | 23.98亿 | | 300814 | 中富电路 | 68.69 | -4.86% | 14.76万 | 10.27亿 | | 688519 | 南亚新材 | 66.35 | -4.63% | 7.00万 | 4.62亿 | | 600183 | 生益科技 | 66'65 | -4.09% | 68.62万 | 40.97 乙 | | 600563 | 法拉电子 | 118.92 | -3.94% | 5.45万 | 6.53亿 | | 002436 | 兴森科技 | 21.77 | -3.59% | 113.75万 | 24.88亿 | | 301251 | 威尔高 | 60.38 | -3.56% | 7.14万 | 4.30亿 | | 300476 | ...

11月10日，A股主要指数高开后震荡回调，盘面上，锂电、电池等概念活跃，光模块CPO、机器人、光 通信、服务器等前期强势板块领跌，新易盛、工业富联、景旺电子、中际旭创、太辰光等热门股跌超 3%。相关ETF中，5G通信ETF（515050）跌近3%，创业板人工智能ETF（159381）跌超2%。 近期AI算力板块震荡盘整，资金逢低密集加仓，近10个交易日，5G通信ETF（515050）获得资金净申 购4.5亿元，创业板人工智能ETF华夏（159381）累计吸金2.5亿元。 A股春季行情即将启动，机构看好后续高景气科技板块表现。东吴证券指出，结合当前市场环境，我们 判断这一轮春季行情主要仍以成长方向的产业趋势品种为主：一是，以AI为代表的全球产业趋势。全 球科技产业需求呈趋势性增长，我国特有的工程师红利、庞大用户群体与制造优势，正支撑我们深度参 与全球科技产业变革。产业发展的中长期逻辑没有改变，海内外算力链等全球产业核心品种经历短期调 整后，将为后续上涨积蓄动能。 （文章来源：每日经济新闻） ...

每经AI快讯，11月10日，CPO概念股集体下跌，仕佳光子跌超6%，德科立、景旺电子跌超5%，新易 盛、可川科技、中际旭创、中富电路、太辰光、汇绿生态、联特科技跌超4%。 ...

格隆汇11月10日｜A股市场CPO概念股集体下跌，其中，仕佳光子跌超6%，德科立、景旺电子跌超 5%，新易盛、可川科技、中际旭创、中富电路、太辰光、汇绿生态、联特科技跌超4%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 688313 | 任佳光子 | 東 | -6.18 | 318亿 | 324.00 | | 688205 | 德科立 | | -5.49 | 140亿 | 27.22 | | 603228 | 畳肥用子 | 兼 | -5.18 | 686亿 | 156.57 | | 300502 | 新易盛 | 1 | -4.94 | 3305 Z | 304.38 | | 603052 | 可川科技 | 1 | -4.92 | 67.55 Z | 41.61 | | 300308 | 中际旭创 | 1 | -4.48 | 5201亿 | 280.91 | | 300814 | 中富电路 | 1 | -4.29 | 132亿 | 113.79 | | 30 ...

Core Insights - The PCB industry is experiencing unprecedented growth driven by the explosive demand for high-end HDI and packaging substrates due to AI server requirements [1][2][3] - A total of 38 listed companies in the A-share PCB sector reported a combined revenue of 1560.42 billion yuan and a net profit of 168.62 billion yuan for the first three quarters of 2025, both figures marking historical highs [2][3] - The industry is witnessing a significant expansion in high-end production capacity, raising concerns about potential price competition if AI demand does not sustain post-2026 [1][5][7] Revenue and Profit Growth - The PCB sector's total revenue increased by approximately 385 billion yuan or 32.75% year-on-year, while net profit rose by 73.51 billion yuan or 77.3% [1][2] - Leading companies such as Huadian Co., Shenghong Technology, and Shennan Circuit are showing robust growth, with revenue exceeding 10 billion yuan for several firms [2][3] - Notable performers include Shenghong Technology with a revenue growth of 83.40% and a net profit increase of 324.38% [2][3] High-End Product Demand - The surge in AI server demand is identified as the primary driver of the PCB industry's high growth, particularly for high-end products like HDI and packaging substrates [3][4] - Companies that successfully capture high-end PCB market demand are experiencing faster growth, with significant differences in profit margins across the sector [3][4] - Huadian Co. and Shenghong Technology reported sales net profit margins exceeding 20%, while others like Shennan Circuit and Shengyi Technology surpassed 13% [3][4] Capacity Expansion and Market Competition - Major PCB manufacturers are investing heavily in expanding high-end production capacity to meet the rising demand for AI-related products [5][6] - Companies like Shengyi Technology and Huadian Co. are undertaking significant capital projects to enhance their production capabilities [5][6] - The current expansion trend raises concerns about intensified competition and potential profit erosion if demand does not keep pace with the new capacity coming online [5][7] Future Outlook and Challenges - Analysts express caution regarding the sustainability of the current demand growth, suggesting that a slowdown could lead to oversupply and price competition in the future [7] - The PCB industry is characterized by high fixed costs, making capacity utilization critical for profitability, and any decline in utilization could severely impact margins [7] - Future competition may shift from quantity to quality, focusing on technological advancements and customer loyalty, favoring companies with early expansion and technological advantages [7]

Core Insights - Recently, Jingwang Electronics (603228) underwent a business change, increasing its registered capital from approximately 842 million RMB to about 985 million RMB, representing a growth of approximately 16.98% [1] Company Overview - Shenzhen Jingwang Electronics Co., Ltd. was established in March 1993, with Liu Shaobai as the legal representative. The company specializes in the production and operation of double-sided circuit boards, multi-layer circuit boards, and flexible circuit boards [1] - Shareholder information indicates that the company is jointly held by Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., Hong Kong Central Clearing Limited, and Shenzhen Haorun Software Development Co., Ltd. [1]

Core Insights - The registered capital of Jingwang Electronics has increased from approximately 842 million RMB to about 985 million RMB, indicating a significant capital expansion [1] - Several key personnel changes have occurred within the company, suggesting potential shifts in management or strategic direction [1] Company Overview - Shenzhen Jingwang Electronics Co., Ltd. was established in March 1993 and is represented by Liu Shaobai [1] - The company specializes in the production and operation of double-sided circuit boards, multi-layer circuit boards, and flexible circuit boards [1] - Shareholder information reveals that the company is jointly held by Shenzhen Jinghong Yongtai Investment Holding Co., Ltd., Hong Kong Central Clearing Limited, and Shenzhen Haorun Software Development Co., Ltd. [1]

天眼查App显示，近日，景旺电子（603228）发生工商变更，注册资本由约8.42亿人民币增至约9.85亿 人民币，增幅约16.98%，同时多位主要人员发生变更。深圳市景旺电子股份有限公司成立于1993年3 月，法定代表人为刘绍柏，经营范围为生产经营双面线路板、多层线路板、柔性线路板。股东信息显 示，该公司由深圳市景鸿永泰投资控股有限公司、香港中央结算有限公司、深圳市皓润软件开发有限公 司等共同持股。 ...

Core Viewpoint - The German automotive industry is seeking exemptions from Chinese export restrictions on Nexperia chips to avoid potential production stoppages due to a trade dispute [1][2]. Group 1: Industry Impact - The control of Nexperia by the Netherlands raises concerns about its Chinese parent company, Wingtech, which could disrupt the supply of essential chips for car manufacturing [2]. - Major car manufacturers, including Volkswagen, are facing uncertainty regarding production continuity, with Volkswagen unable to guarantee operations at its German sites beyond the current week [4]. - Suppliers like Bosch and ZF are preparing for potential production halts, with Bosch planning to furlough workers due to supply constraints [4][5]. Group 2: Actions Taken - German automotive suppliers, such as Aumovio, have applied for exemptions from the Chinese commerce ministry to secure chip supplies [3]. - China has indicated a willingness to consider exemptions for chip exports affected by the Dutch government's actions, which raises hopes for a resolution [2][3].

Investment Rating - The investment rating for the company is "Buy" [8][9]. Core Insights - The company reported a total revenue of 11.083 billion yuan for Q3 2025, representing a year-on-year growth of 22.08%. The net profit attributable to the parent company was 948 million yuan, with a year-on-year increase of 4.83% [6]. - The company is focusing on AI and high-end market development, with significant growth in the data center sector driven by global cloud vendors' capital expenditures. The company is ramping up production in the AI server field and enhancing its high-density HDI capabilities [7]. - The company is leveraging its first-mover advantage in automotive electronics to expand into emerging fields such as humanoid robots and low-altitude aircraft, which are expected to drive future growth [7]. Financial Performance - The company is projected to achieve revenues of 15.1 billion yuan, 17.9 billion yuan, and 21.1 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 1.588 billion yuan, 1.973 billion yuan, and 2.399 billion yuan for the same years [8][11]. - The projected PE ratios for 2025, 2026, and 2027 are 48X, 39X, and 32X, respectively [8].