Core Insights - The electronic ETF (159997) and chip ETF Tianhong (159310) have shown strong performance, with significant inflows and notable increases in the underlying indices they track [1][2][3] Fund Performance - As of December 8, 2025, the electronic ETF (159997) recorded a transaction volume of 33.48 million yuan, with the underlying index rising by 2.52% [1] - The chip ETF Tianhong (159310) had a transaction volume of 10.41 million yuan, with its index increasing by 2.76% [2] - Over the past 20 trading days, the electronic ETF attracted a total of 29.41 million yuan, while the chip ETF attracted 12.28 million yuan [2] Sector Highlights - The electronic ETF focuses on the semiconductor and consumer electronics sectors, covering hot industries such as AI chips, automotive electronics, 5G, cloud computing, and printed circuit boards (PCB) [2] - The top ten weighted stocks in the electronic ETF include major players like Industrial Fulian, Haiguang Information, and Luxshare Precision [2] Industry Trends - In the first ten months of the year, China's smartphone production exceeded 1 billion units, with a slight year-on-year increase of 0.7% [6] - The integrated circuit production reached 386.6 billion units, marking a year-on-year growth of 10.2% [6] - The electronic information manufacturing industry achieved a revenue of 14 trillion yuan, up 8.3% year-on-year, and a total profit of 570 billion yuan, up 12.8% [6] Strategic Developments - China Telecom is accelerating the construction of computing power infrastructure and enhancing the adaptation of domestic computing power chips, focusing on AI applications [7] - The company aims to provide end-to-end services and promote green and low-carbon initiatives in its operations [7] Institutional Perspectives - Guojin Securities remains optimistic about AI-PCB and core computing hardware, as well as the Apple supply chain and self-controlled beneficiary industries, citing strong demand and growth potential [9]

Core Viewpoint - The A-share market shows a mixed performance with a slight increase in the Shanghai Composite Index, while several stocks are experiencing a death cross between their 5-day and 10-day moving averages, indicating potential bearish trends [1] Group 1: Market Overview - As of 10:30 AM, the Shanghai Composite Index is at 3921.77 points, with a change of 0.49% [1] - The total trading volume of A-shares today is 981.369 billion yuan [1] Group 2: Stocks with Death Cross - A total of 315 A-shares have seen their 5-day moving averages cross below their 10-day moving averages [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - China Merchants Energy (招商轮船) with a distance of -2.04% [1] - Chlor-alkali Chemical (氯碱化工) at -1.69% [1] - Tianci Materials (天赐材料) at -1.47% [1] Group 3: Individual Stock Performance - China Merchants Energy (601872) is down 1.20% with a latest price of 8.22 yuan, which is 6.01% below its 10-day moving average [1] - Chlor-alkali Chemical (600618) has decreased by 2.61%, with a latest price of 12.29 yuan, 4.09% below its 10-day moving average [1] - Tianci Materials (002709) increased by 1.74%, with a latest price of 39.26 yuan, 2.37% below its 10-day moving average [1]

Group 1 - The Nvidia concept sector led the decline, falling by 1.68% [1] - Among the companies, Jingwang Electronics dropped by 4.22% [1] - Hongxin Electronics decreased by 3.34% [1] - Haon Automotive Electric fell by 3.32% [1] - Other companies such as Maijie Technology, Shenghong Technology, and Danghong Technology experienced declines of over 2% [1]

Core Viewpoint - Jingwang Electronics experienced a stock price decline of 2.02% on December 3, with a current price of 63.21 CNY per share and a total market capitalization of 62.248 billion CNY [1] Financial Performance - For the period from January to September 2025, Jingwang Electronics reported a revenue of 11.083 billion CNY, representing a year-on-year growth of 22.08%, and a net profit attributable to shareholders of 948 million CNY, which is a 4.83% increase compared to the previous year [2] - The company has distributed a total of 3.057 billion CNY in dividends since its A-share listing, with 1.593 billion CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Jingwang Electronics reached 50,200, an increase of 20.83% from the previous period, while the average circulating shares per person decreased by 12.49% to 19,418 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 22.494 million shares, an increase of 10.3552 million shares from the previous period [3] Stock Market Activity - Jingwang Electronics has seen its stock price increase by 133.76% year-to-date, but it has experienced a decline of 2.98% over the last five trading days and a 17.70% drop over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on October 28 [1] Business Overview - Jingwang Electronics, established on March 9, 1993, and listed on January 6, 2017, specializes in the research, production, and sales of printed circuit boards (PCBs), with 94.67% of its revenue derived from this core business [1]

12月2日，景旺电子跌1.50%，成交额14.38亿元。两融数据显示，当日景旺电子获融资买入额1.42亿 元，融资偿还9690.74万元，融资净买入4473.26万元。截至12月2日，景旺电子融资融券余额合计19.53 亿元。 融资方面，景旺电子当日融资买入1.42亿元。当前融资余额19.41亿元，占流通市值的3.08%，融资余额 超过近一年90%分位水平，处于高位。 分红方面，景旺电子A股上市后累计派现30.57亿元。近三年，累计派现15.93亿元。 机构持仓方面，截止2025年9月30日，景旺电子十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2249.40万股，相比上期增加1035.52万股。中欧阿尔法混合A（009776）位居第六大流通 股东，持股655.98万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股574.82万 股，相比上期减少145.61万股。中欧信息科技混合发起A（023451）位居第十大流通股东，持股404.04 万股，为新进股东。易方达战略新兴产业股票A（010391）、易方达中盘成长混合（005875）退出十大 流通股东之列。 责任编辑： ...

Core Viewpoint - Jingwang Electronics experienced a stock price decline of 2.02% on December 2, with a current price of 64.17 CNY per share and a total market capitalization of 63.194 billion CNY. The company has seen a year-to-date stock price increase of 137.32% [1]. Financial Performance - For the period from January to September 2025, Jingwang Electronics reported a revenue of 11.083 billion CNY, reflecting a year-on-year growth of 22.08%. The net profit attributable to shareholders was 948 million CNY, which is a 4.83% increase compared to the previous year [2]. - The company has distributed a total of 3.057 billion CNY in dividends since its A-share listing, with 1.593 billion CNY distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Jingwang Electronics reached 50,200, an increase of 20.83% from the previous period. The average number of tradable shares per shareholder decreased by 12.49% to 19,418 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 22.494 million shares, an increase of 10.3552 million shares from the previous period. New entrants include China Europe Alpha Mixed A and China Europe Information Technology Mixed Initiation A [3]. Stock Market Activity - The stock has been on the龙虎榜 (top trading list) seven times this year, with the most recent appearance on October 28 [1]. - The trading volume on December 2 was 1.086 billion CNY, with a turnover rate of 1.70% [1]. Business Overview - Jingwang Electronics, established on March 9, 1993, and listed on January 6, 2017, specializes in the research, production, and sales of printed circuit boards (PCBs), with PCBs accounting for 94.67% of its main business revenue [1]. - The company operates within the electronic components industry, specifically in the PCB sector, and is associated with various concept sectors including flexible electronics and millimeter-wave radar [1].

Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

Group 1 - The core viewpoint of the articles highlights the strong performance of the consumer electronics sector, particularly in the AI/AR market, which saw a significant year-on-year sales increase of 186% in Q3 2025 [1][2] - The consumer electronics ETF (561600) has shown a consistent upward trend, achieving a 1.14% increase and marking its fourth consecutive rise [1] - Major companies in the consumer electronics index, such as Longying Precision and Shunluo Electronics, have experienced notable stock price increases, with Longying Precision rising by 11.79% [1] Group 2 - CINNO Research reported that the AR market continues to grow, with sales surpassing 129,000 units, and one-piece AR glasses achieving a remarkable growth rate of 355% [1] - The top ten weighted stocks in the consumer electronics index account for 56.3% of the total index, indicating a concentration of market influence among leading firms [2] - Despite a slowdown in overall smartphone shipment growth, demand for storage chips and related materials remains strong, driven by AI-related needs [2]

Core Points - On November 27, 2025, the company announced the return of 20 million yuan of raised funds to the special account for raised funds, which were temporarily used to supplement working capital [1] - As of the date of the announcement, the total amount of idle raised funds returned was 150 million yuan, with a remaining 50 million yuan expected to be returned before the due date [1] - The company will fulfill its information disclosure obligations upon the return of the remaining idle raised funds [1]

证券代码：603228 证券简称：景旺电子 公告编号:2025-127 深圳市景旺电子股份有限公司 关于子公司使用募集资金临时补充流动资金 提前归还的公告 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。 一、使用暂时闲置募集资金补充流动资金情况 深圳市景旺电子股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开了第四届董事会第二十八次会议、第四届监事会第十八次会议，审议通过了《关 于子公司使用部分闲置募集资金临时补充流动资金的议案》，同意子公司景旺电 子科技（珠海）有限公司（以下简称"珠海景旺"）根据业务发展需要和营运资 金需求，使用不超过 20,000.00 万元闲置募集资金临时补充流动资金。详见公司 于 2025 年 4 月 29 日披露的《景旺电子关于子公司使用部分闲置募集资金临时补 充流动资金的公告》（公告编号：2025-034）。 特此公告。 深圳市景旺电子股份有限公司董事会 2025 年 11 月 28 日 二、募集资金归还情况 2025 年 6 月 13 日，珠海景旺已将用于临时补充流动资金的 ...