Group 1 - Mingyang Circuit focuses on the R&D, production, and sales of printed circuit boards (PCBs), covering high multilayer boards, HDI boards, and rigid-flex boards, widely used in industrial control, communication equipment, and automotive electronics. The demand for high-reliability, high-density PCBs is continuously growing due to industrial automation upgrades, 5G communication network construction, and the increasing penetration of new energy vehicles [1][32] - Weirgao specializes in the R&D, production, and sales of electronic-grade special epoxy resins and related composite materials, which are key raw materials for PCBs. The demand for high-frequency, high-temperature, and low-loss materials is increasing in 5G communication, data centers, and new energy vehicles, leading to an expanding market space for specialty epoxy resins [2][33] - Qiangda Circuit focuses on the R&D, production, and sales of high-density interconnect printed circuit boards (HDI), widely used in consumer electronics such as smartphones and tablets. The market demand for high-end products like high multilayer HDI and AnyLayer HDI is continuously growing due to the recovery of the consumer electronics market and the upgrade of smart terminal functions [3][34] Group 2 - Benchuan Intelligent specializes in the R&D, production, and sales of PCBs, with core products including communication boards, automotive boards, and industrial control boards. The market demand for high-reliability, high-frequency PCBs is expanding due to the construction of 5G base stations and the upgrade of new energy vehicle systems [4][35] - Kexiang Co., Ltd. focuses on the R&D, production, and sales of HDI and high multilayer boards, covering various fields including consumer electronics and automotive electronics. The demand for high-end PCBs is continuously growing due to the functional upgrades of consumer electronics and the increasing demand for automotive electronic systems [5][36] - Jinlu Electronics specializes in the R&D, production, and sales of PCBs, with core products including automotive electronic boards and communication boards. The demand for high-reliability, high-integration PCBs is continuously growing due to the increasing penetration of new energy vehicles and the deep coverage of 5G networks [6][37] Group 3 - Shengyi Technology is a leading global supplier of copper-clad laminates (CCL) and related electronic materials, with products widely used in PCBs and electronic packaging. The demand for high-end copper-clad laminates is continuously expanding due to the increasing demand for high-frequency, high-temperature materials in 5G communication and data centers [7][38] - Xiehe Electronics focuses on the R&D, production, and sales of PCBs, including high-frequency and high-speed boards. The market demand for high-end products is continuously growing due to the advancement of 5G networks and the expansion of new energy vehicle systems [8][39] - Shiyun Circuit specializes in the R&D, production, and sales of PCBs, covering automotive electronics, consumer electronics, and industrial control. The demand for high-reliability, high-integration automotive PCBs is continuously growing due to the increasing complexity of in-vehicle electronic systems [9][40]

据交易所数据显示，截至2月26日收盘，主力资金流入前20的股票分别为： 沪电股份（15.53亿元）、 胜宏科技（13.99亿元）、 亨通光电（10.93亿元）、 华胜天成（9.40亿元）、 润泽科技（8.43亿元）、 航天动力（8.12亿元）、 聚飞光电（8.09亿元）、 中天科技（7.05亿元）、 芯原股份（6.60亿元）、 高澜 股份（6.50亿元）、 东方电气（6.33亿元）、 华银电力（6.09亿元）、 东山精密（5.95亿元）、 世运电路（5.55亿元）、 川润股份（5.04亿元）、 赛微电子 （4.81亿元）、 永鼎股份（4.56亿元）、 光迅科技（4.51亿元）、 豪威集团（4.31亿元）、 华丰科技（4.19亿元）。 | 华银电力 | 10.06 | 6.09亿元 | 公用事』 | | --- | --- | --- | --- | | 东山精密 | 8.01 | 5.95亿元 | 电子 | | 世运电路 | 4.95 | 5.55亿元 | 电子 | | 川润股份 | 10.02 | 5.04亿元 | 机械设备 | | 赛微电子 | 4.95 | 4.81亿元 | 电子 | | 永鼎股份 | ...

Core Viewpoint - The company is making significant advancements in technology, production capacity, and business expansion, particularly in the PCB sector for applications in electric vehicles and data centers [1] Group 1: Technology Developments - The company is set to begin production of embedded PCB packaging technology by mid-2026, aimed at optimizing system performance and reliability [1] - The company has completed technical certification in the aerospace sector and is collaborating with core clients to advance product delivery [1] Group 2: Capacity Expansion - The company is investing 520 million yuan in a high-end PCB project in Thailand, with a planned capacity of 1.2 million square meters to enhance its global layout [1] Group 3: Business Partnerships and Demand - Strong demand in the energy storage sector has resulted in full order books, with collaborations established with leading international clients such as Tesla [1] - The company has entered the supply chain systems of Nvidia and AMD, participating in the research and certification of next-generation products [1]

Core Viewpoint - The total margin financing and securities lending balance in A-shares decreased to 26,808.60 billion yuan, a reduction of 120.12 billion yuan from the previous trading day, representing 2.62% of the A-share circulating market value [1] Group 1: Margin Financing and Securities Lending - The margin financing and securities lending balance is 26,808.60 billion yuan, down by 120.12 billion yuan (-0.45%) from the previous day [2] - The trading volume for margin financing and securities lending was 1,993.51 billion yuan, a decrease of 260.13 billion yuan, accounting for 9.08% of the total A-share trading volume [1] Group 2: Industry and Stock Performance - Among the 31 primary industries, 9 industries experienced net financing inflows, with the public utilities sector leading with a net inflow of 3.86 billion yuan [2] - The coal, construction decoration, and basic chemicals industries also saw significant net financing inflows [2] - A total of 20 stocks had net financing inflows exceeding 1 billion yuan, with Zhongji Xuchuang leading at 9.44 billion yuan [2][3] - Other notable stocks with high net financing inflows include Hikvision, SMIC, Shiyun Circuit, Bosheng New Materials, China Railway, Shanxi Black Cat, Pingtan Development, China Satellite, and Dongshan Precision [2][3]

中邮证券研报指出，下游储能需求强劲，世运电路在手订单饱满。2026年全球储能市场将迎来政策、技 术、市场三重共振的爆发期，呈现"中国领跑、美欧发力、新兴市场崛起"的格局。公司储能客户覆盖国 际头部企业及国内企业，当前已进入批量供货阶段。目前T客户储能需求旺盛，海外市场份额高，后续 仍有新增产能持续投放。在国内市场，公司与多家储能企业建立合作，核心供应适配高频功率转换与耐 高压的储能逆变器PCB产品，未来订单规模将随国内储能市场增长稳步提升。公司进入英伟达、AMD 供应链体系，参与下一代产品研发测试认证。此外，公司布局芯片内嵌技术，预计26年年中开始投产。 维持"买入"评级。 ...

中邮 证券研报指出，下游 储能需求强劲， 世运电路在手订单饱满。2026年全球储能市场将迎来政策、 技术、市场三重共振的爆发期，呈现"中国领跑、美欧发力、新兴市场崛起"的格局。公司储能客户覆盖 国际头部企业及国内企业，当前已进入批量供货阶段。目前T客户储能需求旺盛，海外市场份额高，后 续仍有新增产能持续投放。在国内市场，公司与多家储能企业建立合作，核心供应适配高频功率转换与 耐高压的储能 逆变器PCB产品，未来订单规模将随国内储能市场增长稳步提升。公司进入英伟达、 AMD供应链体系，参与下一代产品研发测试认证。此外，公司布局芯片内嵌技术，预计26年年中开始 投产。维持"买入"评级。 ...

Core Viewpoint - The article highlights the top ten stocks with the highest net financing purchases on February 4, indicating strong investor interest in these companies [1] Group 1: Top Stocks by Net Financing Purchases - Kingsoft Office leads with a net purchase of 315 million yuan [1] - Zhongjin Gold follows with a net purchase of 245 million yuan [1] - Laplace ranks third with a net purchase of 234 million yuan [1] - China Satellite has a net purchase of 212 million yuan [1] - Shiyun Circuit received a net purchase of 198 million yuan [1] - Aotaiwei saw a net purchase of 185 million yuan [1] - Chifeng Gold and Baiyin Nonferrous both had net purchases of 151 million yuan [1] - Zijin Mining recorded a net purchase of 149 million yuan [1] - Huamao Technology had a net purchase of 143 million yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company is positioned to benefit from strong demand in the energy storage sector, with a full order book and expected growth driven by a confluence of policy, technology, and market factors in 2026 [5] - The company has established stable partnerships with leading international firms such as Eaton, Mitsubishi, Bosch, and ABB, providing high-reliability PCB products for industrial control and energy storage applications [5] - The company has entered the supply chain of Nvidia and AMD, participating in the development and testing of next-generation products, which enhances its market position in the AI server segment [6] - The company is set to begin production of embedded chip technology by mid-2026, which aims to improve reliability and performance in various applications, including electric vehicles and data centers [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are expected to be 60.0 billion, 80.1 billion, and 100.0 billion yuan respectively, with net profits of 9.0 billion, 12.2 billion, and 17.1 billion yuan [5][9] - The company anticipates a revenue growth rate of 19.51% in 2025 and 33.50% in 2026, with net profit growth rates of 33.35% and 35.30% for the same years [9][12] - The earnings per share (EPS) is projected to increase from 0.94 yuan in 2024 to 2.38 yuan in 2027 [9][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company is positioned to benefit from strong demand in the energy storage sector, with a full order book and expected growth driven by a combination of policy, technology, and market factors in 2026 [5] - The company has established stable partnerships with leading international firms such as Eaton, Mitsubishi, Bosch, and ABB, providing high-reliability PCB products for industrial control and energy storage applications [5] - The company has entered the supply chain of Nvidia and AMD, participating in the development and testing of next-generation products, which enhances its credibility and market position [6] - The company is set to begin production of embedded chip technology by mid-2026, which is expected to improve electrical performance and reliability for various applications, including electric vehicles and data centers [7] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 60.0 billion, 80.1 billion, and 100.0 billion yuan respectively, with net profits of 9.0 billion, 12.2 billion, and 17.1 billion yuan [5][9] - The company anticipates a revenue growth rate of 19.51% in 2025, 33.50% in 2026, and 24.82% in 2027 [9] - Earnings per share (EPS) are projected to be 1.25 yuan in 2025, 1.69 yuan in 2026, and 2.38 yuan in 2027 [9]

Market Performance - The component sector increased by 1.66% on February 3, with Weirgao leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Top Gainers in Component Sector - Weirgao (301251) closed at 60.50, up 18.23% with a trading volume of 149,500 shares and a transaction value of 852 million [1] - Shiyun Circuit (603920) closed at 70.06, up 10.00% with a trading volume of 367,800 shares and a transaction value of 2.513 billion [1] - Pengding Holdings (002938) closed at 63.00, up 7.16% with a trading volume of 659,300 shares and a transaction value of 4.109 billion [1] Market Capital Flow - The component sector experienced a net outflow of 1.137 billion from institutional funds and 502 million from speculative funds, while retail investors saw a net inflow of 1.639 billion [2] - The top stocks by net inflow from retail investors included Weirgao with 27.64 million and Shiyun Circuit with 291 million [3] Individual Stock Performance - Shiyun Circuit had a net inflow of 291 million from institutional investors, representing 11.60% of its total trading volume [3] - Weirgao had a net inflow of 38.41 million from institutional investors, representing 4.51% of its total trading volume [3] - Pengding Holdings had a net inflow of 70.59 million from institutional investors, representing 3.66% of its total trading volume [3]