2025年11月29日 证券研究报告| 2025年11月28日 PCB是十问十答 AI算力与终端创新共振，PCB重塑高密度连接格局 行业研究 · 行业专题 电子 投资评级：优于大市（维持评级） 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：张大为 证券分析师：詹浏洋 证券分析师：李书颖 021-60893306 021-60871321 0755-81982153 021-61761072 010-88005307 0755-81982362 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhangdawei1@guosen.com.cn zhanliuyang@guosen.com.cn lishuying@guosen.com.cn S0980521080001 S0980521080002 S0980522100003 S0980524100002 S0980524060001 S0980524090005 请务必阅读正文之后的免责声明及其项下所有内容 AI推动电子创新大周期，PCB开启中期成长趋势 请务 ...

Core Viewpoint - Shengyi Electronics has experienced significant stock price fluctuations and strong financial performance, with a notable increase in revenue and net profit year-on-year, indicating robust growth potential in the printed circuit board (PCB) industry [1][2]. Financial Performance - As of September 30, 2025, Shengyi Electronics achieved a revenue of 6.829 billion yuan, representing a year-on-year growth of 114.79% [2]. - The net profit attributable to shareholders reached 1.115 billion yuan, showing a remarkable year-on-year increase of 497.61% [2]. - The company has distributed a total of 999.2 million yuan in dividends since its A-share listing, with 584 million yuan distributed over the past three years [3]. Stock Market Activity - On November 28, the stock price of Shengyi Electronics fell by 2.00%, trading at 90.15 yuan per share, with a total market capitalization of 74.989 billion yuan [1]. - The stock has increased by 132.84% year-to-date, with a recent 11.21% rise over the last five trading days, but a 17.14% decline over the past 20 days [1]. - The company has appeared on the "龙虎榜" (top trading list) five times this year, with the latest appearance on October 28 [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 27,800, a rise of 58.45%, while the average circulating shares per person decreased by 36.89% to 29,955 shares [2]. - Notable institutional shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 ETF, both of which are new entrants among the top ten circulating shareholders [3].

Market Overview - The market exhibited a fragmented low-volume trading pattern, with the Shanghai Composite Index slightly down by 0.15%, while the Shenzhen Component and ChiNext Index rose by 1.02% and 2.14% respectively. Approximately 3,600 stocks declined against over 1,600 that rose, with total trading volume reaching 1.7 trillion [1][3]. AI Hardware Sector - The AI hardware sector saw significant gains, with OCS continuing to strengthen and the CPO sector experiencing a collective rise. Key stocks such as Special Information and Zhongji Xuchuang hit new highs, while others like Saimicroelectronics and Yuxi Technology also saw substantial increases [4][6][7]. Consumer Sector - The consumer sector experienced a resurgence in the afternoon following the release of a plan by six departments aimed at enhancing the adaptability of consumer goods supply and demand. This plan anticipates the formation of three trillion-level consumption areas and ten billion-level consumption hotspots by 2027. Retail stocks like Dongbai Group and Sanjiang Shopping surged, with several stocks hitting the daily limit [9][10]. Shenzhen Local Stocks - Following the announcement of a financial support plan for enterprises in Guangdong, Shenzhen local stocks initially showed little reaction but later surged in the afternoon, led by stocks like Teli A and Shenhua A. The rally was partly driven by news regarding Vanke's debt situation and restructuring plans, which sparked interest in related local stocks [12][14][15][17]. Reader Culture - Reader Culture experienced a sudden surge of over 7% in the afternoon, closing with a 5.1% increase. The rise was attributed to heightened media attention surrounding figures like Luo Yonghao, suggesting that market movements may be influenced by social media trends rather than fundamental factors [20].

Core Insights - The article highlights the growth of the Zhongzheng 500 Quality Growth Index, which increased by 0.63% as of November 26, 2025, with notable stock performances from companies like Liugong and Juxing Technology [1] - The Ministry of Industry and Information Technology has issued guidelines for high-standard digital park construction, emphasizing the digital transformation of the manufacturing sector and the integration of AI with manufacturing [1] - CITIC Securities projects that the market size for embodied intelligence will exceed one trillion, driven by the generalization capabilities of large models, which can facilitate the scaling of various applications [1] Industry Overview - Industrial robot production saw a year-on-year increase of 17.9% in October, with a cumulative growth of 28.8% from January to October, indicating a rapid development in the humanoid robot sector [2] - Domestic policies aimed at improving manufacturing profitability and reducing competition are expected to boost demand for machinery and equipment [2] - The Zhongzheng 500 Quality Growth ETF closely tracks the Zhongzheng 500 Quality Growth Index, which selects 100 companies with strong profitability and growth potential from the broader Zhongzheng 500 Index [2] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng 500 Quality Growth Index accounted for 21.64% of the index, with Huagong Technology and Kaiying Network being the top two [2] - The performance of individual stocks within the index varied, with Huagong Technology increasing by 3.08% and Tianshan Aluminum decreasing by 0.47% [4]

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]

Market Performance - The three major U.S. stock indices closed lower last week, with the Dow Jones down 1.91%, the Nasdaq down 2.74%, and the S&P 500 down 1.95% [1] - European indices also performed poorly, with the FTSE 100 down 1.64%, the CAC 40 down 2.29%, and the DAX down 3.29% [1] Economic Data Releases - A series of key economic data, delayed due to government shutdown, will be released this week, potentially increasing market volatility ahead of the Federal Reserve's December meeting [2] - Important data includes September retail sales and Producer Price Index (PPI) on Tuesday, and September durable goods orders on Wednesday [2] - The release of the revised Q3 GDP growth rate and October personal income and spending data has been rescheduled [2] CPI and Employment Reports - The U.S. Bureau of Labor Statistics announced it will not release the complete October Consumer Price Index (CPI) report, with the November report scheduled for December 18 [3] - The delay in the October employment report may increase the importance of weekly initial jobless claims data [2] MSCI Index Adjustments - The MSCI China Index will undergo adjustments effective after the market close on November 24, including the addition of 26 stocks and the removal of 16 stocks [4] - New additions include companies like Qianli Technology and Huahong Semiconductor, while removals include Beikong Water Group and China Everbright Bank [4] U.S.-Ukraine Talks - U.S. and Ukrainian representatives reported progress in talks regarding a new 28-point plan to end the Russia-Ukraine conflict [5] - U.S. Secretary of State Rubio indicated that both sides are working to narrow differences and move towards a mutually acceptable solution [6]