格隆汇12月25日丨世运电路(603920.SH)公布，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，因公司治理结构调整，蒋毅先生申请辞去公司非独立董事职务，该辞职报告自公 司收到之日起生效。蒋毅先生辞去非独立董事职务后仍在公司担任财务总监职务。 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。 ...

Core Viewpoint - The company has made significant advancements in the commercial aerospace sector, which is a crucial area for the electronics industry, and has established technical layouts and system certifications for project implementation and product delivery [1] Company Developments - The company has engaged in collaborations with key clients to advance project implementation and product application delivery, although specific client and product information cannot be disclosed due to confidentiality agreements [1] - The company is focusing on developing embedded PCB packaging technology, which integrates power chips directly into PCB boards, offering advantages such as optimized signal transmission paths, improved heat dissipation, and enhanced system reliability [1] Industry Outlook - The embedded PCB technology has broad application prospects in the aerospace sector, indicating a promising future for the company's innovations in this field [1]

Core Viewpoint - The company has established a technological layout for PCB used in optical modules, which are essential components for AI computing centers and large data centers, indicating a rapidly growing market demand [1] Group 1: Company Developments - The company will continue to increase its R&D investment in the optical module sector [1] - Current R&D and business expansion efforts are focused on growth sectors such as automotive electronics, AI servers, humanoid robots, energy storage, and low-altitude flight [1] - The company is advancing the "Chip Innovation and Intelligence Integration" project, which involves the industrialization of high-end embedded technology for third-generation wide bandgap semiconductor SiC/GaN chip embedded packaging circuit boards [1]

Core Viewpoint - The company is actively engaging in the development and supply of advanced circuit board solutions, particularly focusing on orthogonal backplanes and high-speed connectors to enhance server performance and meet increasing customer demands [2] Group 1: Product Development - The orthogonal backplane is recognized as a solution to optimize server space and heat dissipation, improving information exchange among computing units in large-scale computing clusters [2] - The company is closely monitoring the market for orthogonal backplanes and has made technical arrangements to support this development [2] Group 2: Supply Chain and Partnerships - The company has entered the NVIDIA and Google supply chain through OEM methods, providing specialized circuit board products necessary for the mass supply of high-speed connectors [2] - The company is actively collaborating with clients to meet rapid growth demands and is involved in the research, testing, and certification of next-generation products [2] Group 3: Business Strategy - The company aims to deepen its presence in its core areas while expanding into emerging sectors, actively promoting business development [2]

Group 1 - The core point of the news is that Shiyun Circuit conducted a block trade on December 17, with a total of 50,000 shares traded, amounting to 2 million yuan, which represents 0.13% of the total trading volume for that day [1] - The transaction price was 40 yuan, which is a discount of 7.39% compared to the market closing price of 43.19 yuan [1] Group 2 - The block trade was executed under the stock code 603920 for Shiyun Circuit [2] - The trading date was recorded as December 17, and the total transaction amount was 2 million yuan [2]

Core Viewpoint - The company is focusing on orthogonal backplane technology and high-speed connectors to enhance server space optimization and heat dissipation in large-scale computing clusters [1] Group 1: Technology Development - Orthogonal backplane is recognized as a solution for optimizing server space and heat dissipation, improving information exchange among computing units in large-scale clusters [1] - The company is closely monitoring this technology and making technical arrangements to capitalize on its potential [1] Group 2: Supply Chain and Partnerships - The company has entered the NVIDIA and Google supply chain through OEM methods, supplying specialized circuit board products necessary for high-speed connectors [1] - It is actively responding to customer demands for rapid increases in supply while participating in the research, testing, and certification of next-generation products [1] Group 3: Business Strategy - The company aims to deepen its advantages in existing fields while expanding into emerging sectors to promote business development [1]

Core Viewpoint - The company is focusing on orthogonal backplane technology and high-speed connectors to enhance server space optimization and heat dissipation in large-scale computing clusters [1] Group 1: Technology Development - Orthogonal backplane is identified as a key solution for improving information exchange among computing units in large-scale computing clusters [1] - The company is closely monitoring and making technical arrangements for the orthogonal backplane technology [1] Group 2: Supply Chain and Partnerships - The company has entered the supply chains of NVIDIA and Google through OEM methods, providing specialized circuit board products necessary for high-speed connectors [1] - The company is actively responding to the increasing demand from clients and participating in the research, testing, and certification of next-generation products [1] Group 3: Business Strategy - The company aims to deepen its advantages in existing fields while expanding into emerging sectors to promote business development [1]

Core Viewpoint - The company has established a technological layout for PCB used in optical modules, which are essential components for AI computing centers and large data centers, indicating a rapidly growing market demand [1] Group 1: R&D Focus - The company will continue to increase R&D investment in the field of optical modules [1] - Current R&D and business expansion efforts are concentrated on growth sectors such as automotive electronics, AI servers, humanoid robots, energy storage, and low-altitude flight [1] Group 2: Technology Development - The company is advancing the "Chip Innovation and Intelligent Carrier" project, focusing on the industrialization of high-end embedded technology for third-generation wide bandgap semiconductor SiC and GaN chip embedded packaging circuit boards [1]

Focus Review - The hard technology sector is seeing significant financing activity, particularly in the semiconductor industry, with Shenzhen New Sound Semiconductor completing a C round financing of 269 million yuan, attracting strategic investments totaling 249 million yuan from leading PCB manufacturer Shiyun Circuit and its affiliates [4][15] - In the health sector, medical devices are gaining popularity, with Tianjin Hengyu Medical Technology completing nearly 100 million yuan in financing, and Suzhou Infinity Medical securing several hundred million yuan in A round financing [5][32][33] - The internet sector continues to focus on generative AI, with AI video generation platform Pollo AI announcing a successful seed round financing of 14 million USD [5][42] Hard Technology - Beijing Tongjia Hongrui Technology completed a B+ round financing exceeding 1 billion yuan, with participation from various investment firms [19] - Gaze Technology, a leading semiconductor technology company, completed nearly 100 million yuan in strategic financing [17] - Lumos Robotics completed Pre-A1 and Pre-A2 rounds of financing totaling several hundred million yuan [13] Health Sector - Saint Domain Bio, focused on innovative RNAi therapy, completed over 110 million USD in B round financing [31] - Nankang Ruizhu Biopharmaceutical announced over 100 million yuan in A round financing [30] - Tianjin Hengyu Medical Technology completed nearly 100 million yuan in financing [32] Internet/Enterprise Services - Refly.AI, an AI automation workflow platform, completed several million USD in seed round financing [5][47] - MetaComp, a cross-border payment service provider, announced several million USD in Pre-A round financing [45][46] - Union AI completed 5 million USD in angel round financing [49]

Group 1 - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.40% as of December 12 [1] - The Low Volatility Dividend ETF (159547) tracks this index and has the lowest comprehensive fee rate among ETFs, with quarterly assessments for dividends [1] - The Dividend Quality Index (931468.CSI) consists of 50 listed companies that provide continuous cash dividends, have high payout ratios, and exhibit strong profitability, with a dividend yield of 3.49% as of December 12 [1] Group 2 - Juhua Technology announced a cash dividend of 3.00 RMB per 10 shares (tax included), with the record date on December 18, 2025, and the ex-dividend date on December 19, 2025 [1] - Shenyuan Circuit declared a cash dividend of 0.30 RMB per share (tax included), with the record date on December 19, 2025, and the ex-dividend date on December 22, 2025 [2] - Great Wall Securities will distribute a cash dividend of 0.76 RMB per 10 shares (tax included), with the record date on December 18, 2025, and the ex-dividend date on December 19, 2025 [2]