Important Matters - Chengjian Development has achieved a three-day stock increase and holds 18.91 million shares of Century Space, making it the fourth largest shareholder [1] - Lens Technology is a strategic investor in Strong Brain Technology and has exclusively undertaken the mass production of core hardware [1] - Shiyun Circuit is collaborating with brain-machine clients to advance the development of new material numbers [1] - Xinyada has indirectly held shares in Zhongke Aerospace through Xi'an Qingchuan [1] - Chipone Technology has completed the acquisition of Zhudian Semiconductor [1] - Suoling Co., Ltd. has seen a three-day stock increase, with its controlling shareholder's concerted action partner, Tanghe Holdings, successfully bidding for 37.5 million shares of the company [1] - iFlytek's robot super brain platform has achieved multiple technological breakthroughs in multi-modal noise reduction and has formed extensive collaborations with Yushu and Zhiyuan [1] Investment Operations - ZTE Corporation has conducted NTN technology trials and achieved breakthroughs, providing comprehensive satellite payload products [1] - Chaojie Co., Ltd. expects rapid growth in revenue from commercial aerospace-related businesses by 2026 [1] - Xinyi Chang plans to launch its second-generation wheeled robot before the 2026 Spring Festival, with three robot products expected to enter mass production in the second half of 2026 [1] - Zhejiang Xiantong is collaborating with Haohai Starry Sky and Qiteng Robotics, with robots expected to roll off the production line by the end of March [1] - Fengzhushou is placing significant emphasis on opportunities in commercial aerospace and aviation internet development, clearly positioning it as a fourth growth curve [1] - Chaoying Electronics has adjusted the investment amount for its AI computing high-end printed circuit board expansion project from 1.468 billion to 3.315 billion yuan [1] Contracts and Collaborations - Guoji Jinggong is focusing on new business areas, particularly in commercial aerospace bearings and humanoid robot bearings [1] - iFlytek's robot super brain platform has achieved multiple technological breakthroughs and has formed extensive collaborations with Yushu and Zhiyuan [1] - Desay SV Automotive has established strategic partnerships with several well-known robotics companies [1] - Tuobang Co., Ltd. has deepened cooperation with UBTECH in related business areas [1] - Fushite has signed a strategic cooperation agreement with Jiangxi Copper [1] - Robotech's subsidiary ficonTEC has signed a full automatic OCS packaging line order with a Swiss client [1] - Times New Materials has signed a sales contract for wind turbine blades worth approximately 3.32 billion yuan [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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 关于公司股票期权激励计划2025年第四季度自主行权结果暨股份变动公告 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。 重要提示内容： ● 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%。 ● 上述行权股票上市流通时间：上述激励计划均采用自主行权模式行权，激励对象行权所得股票于行权 日（T日）后的第二个交易日（T+2）日上市交易。 一、股票期权行权的决策程序和信息披露情况 首次授予激励对象名单的调整以及首次授予的激励对象名单进行核实并发表了核查意见，同意公司2021 年股票期权激励计划首次授予 ...

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]

Market Overview - The component sector experienced a decline of 0.31% on December 26, with Jingwang Electronics leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Performers - Nanya New Materials (688519) saw a significant increase of 13.59%, closing at 81.39 with a trading volume of 133,600 shares and a transaction value of 1.069 billion [1] - Shiyun Circuit (603920) rose by 5.57%, closing at 46.25 with a trading volume of 470,200 shares and a transaction value of 2.134 billion [1] - Shengyi Technology (600183) increased by 5.40%, closing at 74.50 with a trading volume of 561,800 shares and a transaction value of 4.045 billion [1] Underperformers - Jingwang Electronics (603228) declined by 4.27%, closing at 73.57 with a trading volume of 327,600 shares and a transaction value of 2.421 billion [2] - Tongfeng Electronics (600237) fell by 3.97%, closing at 9.20 with a trading volume of 708,000 shares and a transaction value of 659 million [2] - Tianjin Yinlin (002134) decreased by 3.43%, closing at 25.59 with a trading volume of 191,900 shares and a transaction value of 496 million [2] Capital Flow - The component sector saw a net outflow of 1.139 billion from main funds, while retail investors contributed a net inflow of 1.054 billion [2] - Major stocks like Shengyi Technology and Xingsen Technology experienced significant net inflows from retail investors, indicating strong interest despite overall sector outflows [3] Individual Stock Analysis - Shengyi Technology (600183) had a main fund net inflow of 334 million, accounting for 8.26% of its trading volume, while retail investors showed a net outflow of 121 million [3] - Xingsen Technology (002436) reported a main fund net inflow of 252 million, with retail investors experiencing a net outflow of 180 million [3] - Jingwang Electronics (603228) had a main fund net inflow of 174 million, but retail investors faced a net outflow of 150 million [3]

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]