光库科技20%涨停，股价创历史新高；德科立、瑞斯康达、可川科技、汇绿生态、沪电股份、中材科 技、特发信息等多股封板，炬光科技、长芯博创、科信技术、生益电子等多股涨超10%。 (本文来自第一财经) ...

PCB概念震荡反弹，沪电股份涨停，生益电子、深南电路、胜宏科技等涨幅靠前。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月25日，A股三大指数集体高开。截至发稿，沪指涨0.61%，深证成指涨超1%，创业板指涨超2%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3860.12 | 12774.40 | 2993.12 | | 23.35 0.61% | 189.32 1.50% | 64.08 2.19% | CPO概念拉升，德科立、瑞斯康达、可川科技、长飞光纤等涨停，长芯博创、光库科技等涨超10%。 | < V | CPO概念 | | | 2 O | | --- | --- | --- | --- | --- | | | 4323.41 | 5.29% | | | | 分时 五日 | 日K | 周K | 目K | 更多,◎ | | 成份股 | 股吧 | | | 资讯 | | 名称 | 最新 | 涨幅 ↓ | | 涨跌 | | 德科立 | 142.56 | 20.00% | | 23.76 | | 688205 科创 融 | | ...

生益电子股份有限公司 2025 年第三次临时股东会会议资料 （二 O 二五年十二月四日） 生益电子股份有限公司 2025 年第三次临时股东会会议资料 生益电子股份有限公司 2025年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会会议秩序和议事效率，保证股东 会的顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《生益电子股份有限公司章程》《生益电子股份有限公 司股东会议事规则》等相关规定，特制定生益电子股份有限公司（以下简称"公 司"）2025年第三次临时股东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席会议的股东或其代理人或其他出席者准时到达会场签到确认参会资格。在 会议主持人宣布现场出席会议的股东和代理人人数及所持有表决权的股份总数 之前，会议登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东代理人参加股东会依法享有发言权、质询权、表决权等权利。 ...

近期，国内PCB行业龙头生益电子股份有限公司（688183.SH，下称"生益电子"），发布上市以来 首次股权再融资方案，拟向不超过35名特定对象发行股票募集资金不超过26亿元。 此次定增将主要用于人工智能计算HDI生产基地建设项目、智能制造高多层算力电路板项目以及补 充流动资金和偿还银行贷款。 扭亏为盈 根据定增预案，生益电子本次发行股票数量不超过公司总股本的15%，即不超过1.25亿股。发行价 格不低于定价基准日前20个交易日公司股票交易均价的80%。 据悉，生益电子成立于1985年，总部位于广东省东莞市，是专业制造高精度、高密度、高品质印制 电路板（PCB）的国家级高新技术企业。 生益电子是生益科技的子公司，2021年2月25日，公司在上交所科创板首次公开发行，是A股市场 首例"A拆A"案例，首次公开发行股票1.66亿股，发行价格为12.42元/股，募集资金总额为20.66亿元。 今年以来，公司股价已上涨约140%，截至11月19日收盘报89.58元，市值达745.15亿元。 2024年，生益电子业绩表现亮眼，营收规模快速增长的同时，归母净利润实现扭亏。 具体来看，截至2024年12月31日，公司实现营业 ...

Core Insights - The electronic sector has significantly outperformed the market since 2025, driven by substantial capital expenditures and demand for computing power from major companies like Google, Meta, Microsoft, and Amazon, which collectively spent nearly $100 billion in Q3 2025, a year-on-year increase of approximately 70% [1] - The demand for high-end PCBs (Printed Circuit Boards) has surged due to the explosion of computing power, particularly for AI servers, which require advanced PCB designs [1] - The global PCB market is projected to approach $95 billion by 2029, with the specialized PCB market for AI and high-performance computing expected to grow at a compound annual growth rate (CAGR) exceeding 20% from 2024 to 2029 [1] Semiconductor Sector - In Q3 2025, top performers in the semiconductor sector included companies like Silan Micro with a 1109% year-on-year growth and Geke Micro with 519% [2] - The strong performance of Nvidia and Google's AI advancements indicate that the AI industry is in an accelerating growth phase, presenting opportunities in the PCB sector as it aligns with AI chip upgrades [2] PCB Sector - Companies in the PCB sector, such as Shenghong Technology and Shennan Circuit, reported significant revenue and net profit growth, reflecting the rapid increase in orders for AI servers and related equipment [1][2] - The PCB market is experiencing a transformation driven by AI, which is reshaping the value chain of the electronic industry and creating new growth opportunities [2] Market Activity - On November 24, 2025, the PCB sector saw active trading, with stocks like Pengding Holdings and Huadian Shares rising over 1%, indicating positive market sentiment [3] - The electronic ETF (515260), which focuses on core leaders in the electronic sector, has attracted significant investment, with a total of 11.2 million yuan in inflows over three days, reflecting investor confidence in the sector's future performance [3] Investment Tools - The electronic ETF (515260) and its linked funds are designed to track the electronic 50 index, focusing on semiconductor and consumer electronics sectors, including high-demand areas like AI chips and 5G [5][6] - The ETF's composition heavily features the Apple supply chain, which accounts for 44.63% of its holdings, benefiting from the anticipated strong performance of Apple's product line [6] - Government policies are supporting the semiconductor industry, aiming for self-sufficiency and leveraging AI to enhance consumer electronics, positioning the electronic sector for potential growth [6]

上周，美股三大指数均以下跌收官。其中，道指按周跌1.91%，纳指按周跌2.74%，标普500指数按周跌 1.95%。欧洲三大股指亦表现不佳，全周来看，英国富时100指数跌1.64%，法国CAC40指数跌2.29%， 德国DAX指数跌3.29%。 本周，美股周四因感恩节假期休市，周五则提前于北京时间29日02：00休市。在美联储12月降息疑云未 散的背景下，市场将密切审视各类经济数据。定于本周发布的重要经济数据包括，周二发布的9月零售 销售数据和生产者价格指数（PPI），以及周三发布的9月耐用品订单数据。此外，原定于11月26日公布 的第三季度GDP增速修正值和10月个人收入与支出数据将重新安排时间发布。 据新华社，美国和乌克兰代表23日表示，双方当天在瑞士日内瓦就美方所提结束俄乌冲突28点新计划进 行的会谈"取得进展"。 本次调整中，MSCI中国指数新纳入26只股票，包括千里科技、长川科技（维权）、华虹公司、生益电 子、兴业银锡、长盈精密、芯联集成-U等17只A股。除A股标的外，MSCI中国指数本次还新纳入了紫金 黄金国际、广发证券、赣锋锂业、中国有色矿业等9只港股。同时，MSCI中国指数剔除了16只A股标 ...

证券研究报告 | 2025年11月23日 可交换私募债跟踪 私募 EB 每周跟踪（20251117-20251121） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | 执证编码：S0980525080001 | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 上周新增项目信息如下：（部分项目因合规原因未予列示） 1. 广东生益科技股份有限公司 2025 年面向专业投资者非公开发行可交换公司债券项目获交易所通过，拟 发 ...

Market Overview - The component sector experienced a decline of 5.69% on November 21, with Shengyi Electronics leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable declines in individual stocks include: - Shengyi Electronics (688183) down 8.74% with a closing price of 81.06 and a trading volume of 184,700 shares, resulting in a turnover of 1.529 billion [2] - Chaoying Electronics (603175) down 8.67% with a closing price of 71.54 and a trading volume of 90,800 shares, resulting in a turnover of 665 million [2] - Fenghua Advanced Technology (000636) down 8.67% with a closing price of 15.49 and a trading volume of 761,100 shares, resulting in a turnover of 1.226 billion [2] Capital Flow Analysis - The component sector saw a net outflow of 5.489 billion from institutional investors, while retail investors contributed a net inflow of 4.086 billion [2] - The net inflow from speculative funds was 1.403 billion [2] Detailed Capital Flow for Selected Stocks - For Mingyang Circuit (300739), the main capital inflow was 42.36 million, with a retail outflow of 58.98 million [3] - Dali Kipu (301566) had a main capital inflow of 34.85 million, while retail investors saw an outflow of 76.10 million [3] - Yibo Technology (301366) experienced a main capital inflow of 20.06 million, with a retail outflow of 23.99 million [3]

Group 1 - The report highlights the ongoing transformation in the artificial intelligence (AI) industry, with significant advancements in AI models and increasing capital expenditures from cloud service providers, driving demand for AI computing hardware infrastructure [8][20][39] - The semiconductor industry is expected to continue its upward trend, with AI driving a potential super cycle in the memory sector, as domestic manufacturers enhance their competitive advantages in technology and supply chains [11][18][19] - The electronic industry has significantly outperformed the CSI 300 index, with a year-to-date increase of 38.35% compared to the CSI 300's 16.85% [18][19] Group 2 - Major cloud companies are increasing their capital expenditures, with North American cloud providers collectively spending $96.4 billion in Q3 2025, a 67% year-on-year increase, to support AI infrastructure [39][40] - The report emphasizes the rapid growth of AI server demand, with the global AI server market projected to reach $158.7 billion in 2025, reflecting a compound annual growth rate of 15.5% from 2024 to 2028 [51][53] - The report identifies key investment opportunities in sectors such as AI computing chips, AI PCBs, and memory modules, recommending specific companies for investment based on their market positions and growth potential [11][12][52]

Core Viewpoint - Shengyi Electronics (688183.SH) experienced a significant decline in stock price, dropping 9.34% to 80.52 yuan, marking a new low since October 24, with its market capitalization falling below 70 billion yuan [2] Company Summary - The company announced that its shareholder, Dongguan Technology Innovation Investment Group Co., Ltd., plans to reduce its holdings by up to 8.3182 million shares, which represents no more than 1% of the company's total share capital [2]