Core Viewpoint - The company emphasizes the significance of brain-machine interfaces (BMIs) as a cutting-edge technology that integrates biological intelligence with machine intelligence, indicating a growing demand for PCBs as essential electronic components in this field [1] Industry Insights - The demand for PCBs is expected to increase significantly as the brain-machine industry scales up, highlighting the potential growth opportunities within this sector [1] - The company is actively engaging in strategic collaborations with key clients in the brain-machine industry, focusing on product development and application scenarios [1] Company Strategy - The company is participating in the development of new products and materials for its clients, ensuring that it aligns its production capacity with the growth pace of its customers [1]

世运电路（603920.SH）1月6日在投资者互动平台表示，公司与脑机产业重要客户的战略合作在稳步推 进中，为客户相关产品提供所需的 PCB，目前参与客户新产品与新料号的研发，相关产品处于性能迭 代与可靠性测试的关键阶段。公司深耕PCB领域多年，具备高密度互联（HDI）、高多层板、厚铜、软 硬结合板等核心工艺能力，可匹配脑机接口设备对信号传输稳定性、抗干扰性及精密制造的严苛要求。 脑机相关业务目前处于前期发展阶段，发展过程中存在一定的不确定性，预计对公司近期经营业绩不会 造成重大影响。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司之前提到与脑机产业重要客户开展战略合作，在 研发和应用方面深度合作，并参与新产品和新料号的研发。请问目前合作进展如何，公司是否具备产业 化的相关能力。 ...

证券代码：603920 证券简称：世运电路 公告编号：2026-001 广东世运电路科技股份有限公司（以下简称"公司"）2021 年股票期权激 励计划已履行的审批程序和信息披露情况具体如下： 1、2021 年 6 月 2 日，公司召开第三届董事会第二十四次会议，会议审议通 过了《关于公司<2021 年股票期权激励计划（草案）>及其摘要的议案》《关于 公司<2021 年股票期权激励计划实施考核管理办法>的议案》以及《关于提请股 东大会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就 2021 年股票期权激励计划相关议案发表了独立意见。 同日，公司召开第三届监事会第二十次会议，审议通过了《关于公司<2021 2021 年股票期权激励计划预留授予股票期权行权结果：2021 年股票期 权激励计划预留授予股票期权第二个行权期可行权股票期权数量为 920,000 股，行权方式为自主行权，行权期为 2025 年 1 月 14 日至 2025 年 12 月 6 日。2025 年第四季度行权 0 股，累计行权 919,500 股，占预 留授予股票期权第二个行权期可行权股票期权总量的 99.95%。 上述行权股票上市 ...

Market Overview - The component sector increased by 3.56% on January 5, with Fangbang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Key Performers - Fangbang Co., Ltd. (688020) closed at 77.58, up 14.05% with a trading volume of 60,300 lots and a transaction value of 442 million [1] - Shiyun Circuit (603920) closed at 52.65, up 8.76% with a trading volume of 629,200 lots and a transaction value of 3.192 billion [1] - Shenghong Technology (300476) closed at 310.00, up 7.80% with a trading volume of 549,000 lots and a transaction value of 1.6583 billion [1] Capital Flow - The component sector saw a net inflow of 3.184 billion in main funds, while retail investors experienced a net outflow of 1.235 billion [2] - The main funds showed significant inflows in companies like Shenghong Technology, with a net inflow of 1.94 billion [3] - Retail investors had notable outflows in companies such as Shenghong Technology and Huadian Technology, with outflows of 1.261 billion and 1.68 billion respectively [3]

Core Viewpoint - The automotive PCB industry is experiencing significant growth driven by the increasing demand for electric and smart vehicles, with a projected market size increase from $6.457 billion in 2020 to $9.195 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.2% [8][9]. Group 1: Automotive PCB Industry Overview - PCBs are essential in various sectors, including automotive, consumer electronics, industrial, medical, and military applications, with automotive PCBs playing a crucial role [1][3]. - Automotive PCBs must exhibit excellent electrical performance and reliability, requiring rigorous testing under extreme conditions [1][6]. - The automotive PCB market is characterized by a competitive landscape where international giants dominate high-end segments while Chinese companies focus on mid-range markets [9][10]. Group 2: Market Dynamics - The global automotive PCB market is expected to grow to $9.712 billion by 2025, with a year-on-year increase of 5.6% [8]. - In China, the automotive PCB market is projected to reach approximately 22.27 billion yuan in 2024, marking a 4.3% year-on-year growth [8]. - The rise of electric vehicles (EVs) is significantly increasing the PCB usage per vehicle, with the value of PCBs in EVs exceeding 2,000 yuan per vehicle due to additional components like BMS and MCU [8][9]. Group 3: Competitive Landscape - Major competitors in the automotive PCB sector include companies such as Chaoying Electronics, Shennan Circuit, Jingwang Electronics, and Huitian Technology, with market shares of 3.7%, 2.3%, and 4.1% for Huitian Technology, Jinlu Electronics, and Chaoying Electronics respectively in 2024 [9][10]. - The industry is witnessing a shift where local companies are making breakthroughs in core application scenarios, challenging the dominance of international firms in high-frequency PCB segments [9][10]. Group 4: Industry Trends - The demand for automotive PCBs is expected to grow steadily, driven by the increasing penetration of electric vehicles and advancements in automotive electrification, intelligence, and connectivity [10]. - There is a trend towards upgrading from traditional six-layer PCBs to more complex HDI and high-temperature resistant boards, reflecting the rising complexity and performance requirements in automotive applications [10].

Group 1 - Buke Co., Ltd. reached a new high during trading [1][2] - Daye Co., Ltd. achieved five consecutive trading limit-ups [1][2] - Wuzhou Xinchun and Hualing Cable both hit the trading limit [1][2] - Shiyun Circuit, Shida Group, and Xiangshan Co., Ltd. also experienced price increases [1][2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603228 | 景旺电子 | 73.57 | -4.27% | 32.76万 | 24.21亿 | | 600237 | 铜峰电子 | 9.20 | -3.97% | 70.80万 | 6.59亿 | | 002134 | 天津音林 | 25.59 | -3.43% | 19.19万 | 4.96 Z | | 688655 | 迅捷兴 | 17.49 | -3.42% | 2.37万 | 4197.00万 | | 300476 | 胜宏科技 | 291.99 | -2.51% | 30.01万 | 87.97亿 | | 688539 | 高华科技 | 50.85 | -2.02% | 12.65万 | 6.44亿 | | 002579 | 中京电子 | 11.79 | -1.91% | 33.74万 | 266.6 | | 603386 | 骏亚科技 | 15.11 | -1.88% | 22.52万 | 3.43亿 | | 301041 | 等 ...

Group 1 - The PCB sector has achieved significant excess returns driven by AI demand and technological upgrades from major companies like Nvidia, Amazon, and Google, with a year-to-date increase of 150%, leading the electronic sub-sector [3][22] - In 2026, AI demand for PCB is expected to continue growing rapidly, with supply tightness persisting, particularly in high-end HDI and multilayer boards, as well as in domestic high-end substrate breakthroughs [3][6] - The overall PCB market is projected to grow from $849 billion in 2025 to between $940 billion and $980 billion in 2026, reflecting a robust growth trajectory [6][12] Group 2 - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand, despite anticipated weakness in mobile and automotive sectors in 2026 [5][12] - Inventory levels in Taiwan and mainland China have shown an upward trend, indicating increased stocking by downstream manufacturers due to strong AI demand [5][6] - The overall capacity utilization rate for PCB manufacturers in the second half of 2025 is between 93% and 97%, with optimistic order visibility extending beyond three months for leading manufacturers [6][12] Group 3 - The demand for high-end HDI and multilayer boards is rapidly increasing, with supply constraints and accelerated capacity expansion expected to benefit manufacturers with advanced technology [7][12] - The AI-driven trend is pushing for upgrades in PCB specifications, particularly in consumer electronics and automotive sectors, with a focus on innovations from companies like Apple and OpenAI [8][12] - The market for high-speed CCL is anticipated to grow significantly, with projections of around $8 billion in 2026 and a CAGR of 40% from 2024 to 2027 [9][12] Group 4 - The upstream materials for CCL, including copper foil, resin, and fiberglass cloth, are experiencing significant upgrades and supply tightness, driven by AI demand [10][12] - The equipment sector is expected to benefit from the expansion of PCB production, with high demand for advanced equipment driving rapid growth for domestic manufacturers [11][12] - The overall investment strategy for 2026 suggests focusing on sectors like computing boards, CCL, upstream materials, and domestic equipment manufacturers, as the AI-driven innovation cycle is expected to last longer and create broader market demand [12][12]

证券代码：603920 证券简称：世运电路 公告编号：2025-095 广东世运电路科技股份有限公司 关于董事辞职暨选举职工代表董事的公告 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、董事离任情况 根据《中华人民共和国公司法》《公司章程》等有关规定，公司于2025年12月23日召开职工代表大会， 选举蒋毅先生为公司第五届董事会职工代表董事，与公司其他董事共同组成公司第五届董事会，任期自 本次职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。蒋毅先生简历附后。 蒋毅先生符合《中华人民共和国公司法》等法律法规规定的有关职工代表董事的任职资格和条件，其当 选公司职工代表董事后，公司第五届董事会中兼任高级管理人员职务以及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一，符合相关法律法规的规定。 三、备查文件 （一）蒋毅先生的《辞职报告》； （一）提前离任的基本情况 ■ （二）离任对公司的影响 广东世运电路科技股份有限公司（以下简称"公司"）董事会于近日收到非独立董事、财务总监蒋毅先生 提交的书面辞职报告，因 ...

广东世运电路科技股份有限公司 关于董事辞职暨选举职工代表董事的公告 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、董事离任情况 | 姓 | 离任职务 | 离任时 | 原定任 | 离任原 | 是否继续在上 | 具体职务 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | | 间 | 期到期 | 因 | 市公司及其控 | （如适 | 履行完毕的 | | | | | 日 | | 股子公司任职 | 用） | 公开承诺 | | 蒋毅 | 非独立董 | 2025 年 | 2028年 1 | 公司治 | 是 | 财务总监 | 否 | | | 事 | 12 月 23 | 月 12 日 | 理结构 | | | | | | | 日 | | 调整 | | | | （一）提前离任的基本情况 （二）离任对公司的影响 证券代码：603920 证券简称：世运电路 公告编号：2025-095 根据《中华人民共和国公司法》《公司章程》等有关规定，公司于 2025 年 12 月 ...