Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].

Core Viewpoint - The company, Shiyun Circuit, has maintained its focus on the PCB industry for 40 years, leveraging industry trends and a commitment to stable operations to aim for leadership in high-tech sectors [2][3]. Group 1: Company History and Development - Shiyun Circuit was founded by She Yingjie in 1985, coinciding with the growth of the PCB industry in China, which was seen as a future-oriented sector due to the increasing demand for electronic products [3]. - The company initially established itself in Hong Kong before relocating to Shenzhen in 1991, benefiting from the region's industrial support and policies that encouraged manufacturing [3]. - By 2000, the factory area expanded to 15,000 square meters with an annual output value nearing 300 million yuan, leading to a strategic move to Jiangmen for better environmental conditions and resource availability [3]. Group 2: Business Strategy and Focus - Despite opportunities to diversify, the company chose to remain focused on the PCB sector, believing that deepening expertise in its core business would mitigate risks associated with blind diversification [4]. - This commitment has allowed Shiyun Circuit to become a leading provider of PCB solutions across various sectors, including new energy vehicles, robotics, and drones [4]. Group 3: Innovation and R&D - Continuous investment in research and development is a cornerstone of Shiyun Circuit's strategy, with approximately 4% of revenue allocated to R&D, which is considered high for the PCB industry [5][6]. - The company has been proactive in developing PCB products for the new energy vehicle sector for over a decade and has established itself as a supplier for major international companies like Tesla and Dyson [6]. - A significant investment of 1.5 billion yuan is planned for a new PCB manufacturing base, aimed at scaling production of embedded chip PCBs and enhancing high-density interconnect (HDI) product capacity [6]. Group 4: Market Expansion and Partnerships - Since its listing on the Shanghai Stock Exchange in 2017, Shiyun Circuit has raised over 4 billion yuan, which has supported its R&D and capacity expansion efforts [7]. - The introduction of state-owned capital in 2024 has been pivotal, increasing domestic market orders and enhancing the company's ability to navigate industry policies and collaborative projects [7]. - The company has maintained a strong international market presence, with 90% of its revenue coming from overseas, while also accelerating its domestic market expansion [6][7]. Group 5: Future Outlook - Looking ahead, Shiyun Circuit aims to become a high-tech leader in the PCB industry over the next 40 years, focusing on high-end product development and industry exploration [8]. - The company anticipates that the PCB industry will evolve towards high-end and intelligent solutions, with embedded chip PCBs and semiconductor packaging becoming key growth areas [8]. - Shiyun Circuit is committed to integrating its capabilities across PCB, semiconductor, and packaging sectors through a dual-driven strategy of technological collaboration and industry chain integration [8].

Core Viewpoint - The company has announced the progress of using part of its idle raised funds for cash management, specifically through the subscription of a new structured deposit product after a previous attempt was unsuccessful due to insufficient bank product quotas [1][2]. Summary by Relevant Sections Cash Management Overview - The company plans to use a maximum of 110,000 million yuan of temporarily idle raised funds for cash management, focusing on high safety, good liquidity, and principal-protected deposits or financial products, with individual investment product terms not exceeding 12 months [2]. New Investment Details - The newly subscribed product is "共赢慧信汇率挂钩人民币结构性存款A13537期（C25A13537）" with an investment amount of 50,000 million yuan, expected annualized return rate between 1.00% and 1.74%, and the investment period from September 23, 2025, to October 23, 2025 [2][3]. Existing Cash Management Products - As of the announcement date, the company has several outstanding cash management products, including: - "银河金鼎"收益凭证5049期 with an investment of 10,000 million yuan, expected return of 1.5% - 4% [3] - "收益宝"4号 with an investment of 10,000 million yuan, expected return of 1.60% - 2.32% [3] - Other products with similar structures and varying expected returns [3]. Company’s Rationale - The company emphasizes that the use of idle raised funds for cash management does not affect the normal investment plans of the raised funds and aims to enhance the efficiency of fund utilization, ultimately benefiting the company and its shareholders [3].

广东世运电路科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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。 证券代码：603920 证券简称：世运电路 公告编号：2025-076 重要内容提示： 前次现金管理的基本情况 广东世运电路科技股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日披露了《关于使用部分闲置募集资金进行现金管理的进展公告》（公告编号： 2025-074），其中于 2025 年 9 月 18 日起息的中信银行股份有限公司"共赢慧信 汇率挂钩人民币结构性存款 A13321 期（C25A13321）"的理财产品，因银行相关 理财产品额度不足导致未能认购成功，募集资金 50,000 万元未能成功划款。 | 产品名称 | 共赢慧信汇率挂钩人民币结构性存款 A13537 | | | | | | | | 期（C25A13537） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 受托方名称 | 中信银行股份有 ...

Group 1 - The company secretary, Yin Jialiang, holds 106,490 shares, accounting for 0.0148% of the total share capital, acquired through equity incentives [2] - Yin Jialiang plans to reduce his holdings by up to 26,600 shares, which is 0.0037% of the total share capital and 25% of his total holdings, within three months after the announcement [2] - The reduction plan will be adjusted if there are changes in the number of shares due to stock dividends or capital increases during the reduction period [2] Group 2 - There are no concerted actions among the shareholders involved in the reduction [3] - The actual start of the reduction may be postponed if the company's stock is suspended [4] - The company will continue to monitor the situation regarding the shareholder's reduction of shares and will fulfill its information disclosure obligations in accordance with relevant regulations [7]

Macro Dynamics - The State Council, led by Premier Li Qiang, held a meeting on September 19 to discuss the implementation of the national ecological environment protection conference and the promotion of the Beautiful China initiative. The meeting also reviewed the draft amendment to the Banking Supervision Law, emphasizing the importance of stability in the banking sector for the financial system and consumer protection [2][3]. Financial Institutions - BlackRock reduced its stake in Industrial and Commercial Bank of China from 5.04% to 4.95% as of September 16. Additionally, BlackRock's holdings in Sunny Optical Technology decreased from 5.07% to 4.68%, and in Haier Smart Home from 7.09% to 6.99% [11]. Market Data - On September 19, the three major indices collectively declined, with the Shanghai Composite Index down 0.30%, the Shenzhen Component down 0.04%, and the ChiNext Index down 0.16%. The total trading volume in the Shanghai and Shenzhen markets was 2.32 trillion, a decrease of 811.3 billion from the previous trading day. The semiconductor industry showed strength, with the photolithography machine sector leading gains [12]. - The financing balance in the two markets decreased by 2.628 billion, with the Shanghai Stock Exchange reporting a balance of 1.209 trillion and the Shenzhen Stock Exchange 1.169 trillion [14]. Company Dynamics - Chengdu KuaiGou Technology Co., Ltd. is under investigation for suspected violations of the E-commerce Law [15]. - Cisco Rui (688053.SH) received a notice of administrative penalty for false reporting in its 2022 annual report, inflating revenue by 9.9604 million and profit by 7.0054 million. The company faces a fine of 2 million, and related individuals received fines totaling 400,000 [16]. - Fudan Fuhua announced a change of stock abbreviation to "ST Fuhua" due to violations in its annual reports from 2019 to 2023, resulting in a proposed fine of 4 million [17]. - Creative Information (300366.SZ) will change its stock abbreviation to "ST Creative" due to over-reporting revenue in its 2022 and 2023 reports, leading to a proposed penalty [18]. - Juewei Foods (603517.SH) will also change its stock abbreviation to "ST Juewei" following an investigation into its revenue reporting from 2017 to 2021, with a proposed fine of 4 million [19]. - ST New Power (300152.SZ) is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [20]. - Moore Thread's IPO is scheduled for review on September 26 [21][22]. - Huadian Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [23]. - Shareholder Xiong Haitao of Jinfa Technology plans to reduce his stake by up to 26.3661 million shares, accounting for 1% of the total share capital [24]. - Board Secretary Yin Jialiang of Shiyun Circuit plans to reduce his stake by up to 26,600 shares [25]. - The Shanghai Stock Exchange issued a regulatory warning to Dingxin Communications for inaccurate disclosures regarding its relationship with Alibaba's semiconductor company [26]. - Xiaomi Auto announced a recall of 116,887 SU7 standard version electric vehicles due to safety concerns [27]. - Huang Yongzhang resigned from China National Petroleum Corporation and took a new position at China National Offshore Oil Corporation [28][29]. - Gao Fei was appointed as the General Manager of China Eastern Airlines Group [30]. - He Lin Weina's major shareholder terminated a share reduction plan early, having reduced 1.12% of the total share capital [31].

Group 1 - Huadian Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Cisco Ray's 2022 annual report was found to have inflated revenue by 9.96 million and profit by 7.0054 million, leading to penalties and a change in stock name to ST Cisco Ray [3] - Tianpu Co., Ltd. experienced a 245.20% increase in stock price over 13 consecutive trading days, indicating a risk of rapid decline [4] - ST New Power is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [6] - Baoli International intends to invest in semiconductor testing equipment company Hongtai Technology, acquiring 1%-3% equity [7] - Ankai Micro plans to invest 20 million yuan to acquire 4% equity in Shiqi Future, focusing on smart vision technology [8] Group 2 - SF Holding reported a revenue of 24.787 billion yuan in August, a year-on-year increase of 7.86% [9] - Various companies are involved in share transfers, including Guangli Micro and *ST Tianlong, with plans for significant asset restructuring [11] - Xinwangda's subsidiary aims to establish a storage industry fund with professional investment institutions [12] - Several companies are planning share repurchases, including Shunhao Co. and Lingyun Optics, with adjustments to repurchase plans [18]

Group 1 - The company, Shiyun Electric Circuit (603920.SH), announced that Mr. Yin Jialiang plans to reduce his shareholding by a maximum of 26,600 shares, which represents 0.0037% of the total share capital [1] - The reduction will occur within three months after a 15 trading day period following the announcement, during which no shares can be sold [1] - The maximum reduction will not exceed 25% of Mr. Yin's total shareholding [1]

Group 1 - The company, Shiyun Circuit (603920.SH), announced that its board secretary, Mr. Yin Jialiang, plans to reduce his shareholding [1] - The reduction plan will take place within three months starting from 15 trading days after the announcement, during which he cannot sell shares [1] - The maximum number of shares to be sold is 26,600, which represents 0.0037% of the company's total share capital and 25% of his total shareholding [1]

Group 1 - The company, Shiyun Circuit (603920.SH), announced that its board secretary, Mr. Yin Jialiang, plans to reduce his shareholding [1] - The reduction plan will take place within three months after a 15 trading day period from the announcement date, during which no shares can be sold [1] - The maximum number of shares to be reduced is 26,600, which represents 0.0037% of the company's total share capital and up to 25% of Mr. Yin's total shareholding [1]