Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notice regarding Guangzhou Guanghe Technology Co., Ltd.'s application for overseas listing, allowing the company to issue up to 54,393,500 overseas listed ordinary shares on the Hong Kong Stock Exchange [1][2] - The company is required to report any significant events to the CSRC during the period from the issuance of the notice until the completion of the overseas listing [2] - After the overseas listing is completed, the company must report the listing status to the CSRC within 15 working days [2] Group 2 - Guanghe Technology focuses on manufacturing key components for computing power servers, specifically custom PCBs used in computing power servers and other related scenarios [4] - According to Frost & Sullivan, Guanghe Technology ranks third globally in cumulative revenue from computing power server PCBs from 2022 to 2024, and it is the top manufacturer in mainland China [4]

Group 1 - The core viewpoint of the news is that Guanghe Technology Co., Ltd. plans to issue up to 54,393,500 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] - Guanghe Technology is focused on manufacturing key components for computing power servers, specifically custom PCBs used in computing power servers and other related scenarios [3] - According to Frost & Sullivan, Guanghe Technology ranks third globally among manufacturers of PCBs for computing power servers based on cumulative revenue from 2022 to 2024, and it is the top manufacturer in mainland China [3]

来源：长江商报 长江商报消息 ●长江商报记者 沈右荣 突破百元，A股上市不到两年的广合科技（001389.SZ）股价创了新高。 1月26日，广合科技盘中股价突破106.55元/股，创下了历史新高，最终收报102.31元/股，较发行价17.43元/股上涨 近5倍。 股价创新高的广合科技，2025年预计盈利10亿元左右，也创了历史新高，同比增长50%左右。 广合科技解释，业绩增长主要是因为受益于算力供应链需求旺盛，公司以全球化产能为支点，在算力浪潮中稳健 前行。 广合科技是一家PCB企业，致力于以高速、高频为主的高端PCB制造。 主攻高端市场，公司研发投入持续增长。2025年前三季度，公司研发投入1.94亿元，已经超过了2024年全年。 广合科技深耕全球市场。2025年上半年，公司来自于境外市场的收入占比为66.29%。 为了深化全球化战略布局，广合科技寻求港股上市，通过募资补充全球布局的"弹药"。1月23日晚，公司公告，其 拟发行不超5439.35万股H股已获得中国证监会备案。 业绩股价双创新高 广合科技取得了创新高的经营业绩。 根据广合科技近期发布的年度业绩预告，2025年度，公司预计实现归母净利润9.80亿 ...

Summary of Delton (001389.SZ) Conference Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI Key Points 1. Capacity Expansion - Delton is committed to expanding its capacity in mainland China and Thailand - The third factory in Guangzhou began construction in August 2025, focusing on Multi-layer PCB (MLPCB) and HDI, with mass production expected in Q4 2026 and revenue contributions in 2027 [3] - The Thailand factory started mass production in June 2025, projected to turn profitable by December 2025, and aims to fully ramp up phase 1 by the end of 2026, with the second stage contributing revenues in 2027 [3] 2. General Servers Outlook - Delton is a leading PCB supplier for general servers, serving major server brands and ODMs globally - General servers are currently the major revenue contributor, with an expected increase in AI PCB contributions - Global shipments of general servers are typically 3-5% YoY, but Delton anticipates double-digit shipment growth in 2026 due to strong orders and specification upgrades (e.g., from PCIE 5.0 to 6.0) [4] 3. AI Servers Outlook - Management is optimistic about expanding into AI servers, with the gross margin for AI server PCBs projected to be 5-6 percentage points higher than that for general servers - Delton aims to leverage its experience with Taiwan ODMs to penetrate the AI server PCB market, targeting leading US cloud service providers [8] 4. Market Growth Projections - The global AI server PCB total addressable market (TAM) is expected to grow at a 140% CAGR from 2025 to 2027, reaching approximately US$27 billion by 2027 [1] - This growth is driven by strong demand for high-end AI servers, PCB specification upgrades, and increased capital expenditure for accelerated expansion [1] Additional Insights - Delton's strategy includes enhancing its product mix to improve blended gross margins, indicating a focus on higher-value products in the AI segment [8] - The company is positioning itself to capture rising demand in the AI PCB market, which is becoming increasingly significant in the overall PCB landscape [2]

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. is in the process of applying for the issuance of overseas listed shares (H shares) and listing on the Hong Kong Stock Exchange, having received a filing notice from the China Securities Regulatory Commission (CSRC) [1][2]. Group 1 - The company plans to issue no more than 54,393,500 overseas listed ordinary shares for listing on the Hong Kong Stock Exchange [1]. - Within 15 working days after completing the overseas issuance and listing, the company must report the issuance and listing situation through the CSRC filing management information system [2]. - If the company does not complete the overseas issuance and listing within 12 months from the date of the filing notice, it must update the filing materials if it intends to continue [3]. Group 2 - The filing notice confirms the company's overseas issuance listing information but does not imply any substantive judgment or guarantee by the CSRC regarding the investment value of the company's securities or investor returns [3]. - The company still needs to obtain approvals from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating that there are uncertainties regarding this matter [3]. - The company will fulfill its information disclosure obligations in a timely manner based on the progress of this matter [3].

证券代码：001389 证券简称：广合科技 公告编号：2026-003 广州广合科技股份有限公司 关于发行境外上市股份（H 股） 1 / 2 将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 获得中国证监会备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广州广合科技股份有限公司（以下简称"公司"）正在进行申请境外发行股 份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌 上市（以下简称"本次境外发行上市"）的相关工作，公司于近日收到中国证券 监督管理委员会（以下简称"中国证监会"）出具的《关于广州广合科技股份有 限公司境外发行上市备案通知书》（国合函〔2026〕161 号）（以下简称"备案通 知书"）。备案通知书主要内容如下： 一、公司拟发行不超过 54,393,500 股境外上市普通股并在香港联交所上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重 大事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信 息系统报告。 三、公司完成境外发行上市后 15 个工作日内，应 ...

格隆汇1月23日丨广合科技(001389.SZ)公布，公司正在进行申请境外发行股份（H股）并在香港联合交 易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作，公司于近日收到中国证券监督管理委员 会（简称"中国证监会"）出具的《关于广州广合科技股份有限公司境外发行上市备案通知书》（国合函 〔2026〕161号）。 ...

Group 1 - The company's stock (Guangzhou Guanghe Technology Co., Ltd., stock code: 001389) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from January 20 to January 22, 2026 [1] Group 2 - The company's board conducted a comprehensive self-examination and confirmed that there were no corrections or supplements needed for previously disclosed information [2] - No significant changes in the company's operational situation or external environment were reported [2] - The controlling shareholder and actual controller did not engage in any trading of the company's stock during the abnormal fluctuation period [2] Group 3 - The board confirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange's listing rules [3] - The company has not received any information that would significantly impact the trading price of its stock or derivatives [3]

Group 1 - The Shanghai Composite Index rose by 0.14% to close at 4122.58 points, while the Shenzhen Component Index increased by 0.5% to 14327.05 points, and the ChiNext Index climbed by 1.01% to 3328.65 points [1] - A total of 92 stocks in the A-share market hit the daily limit up, with the top three strong stocks being Baiyin Nonferrous (601212), Hunan Baiyin (002716), and Guanghe Technology (001389) [1] - The top 10 strong stocks based on consecutive limit-up days and turnover rates include Baiyin Nonferrous with 3 consecutive limit-ups and a turnover rate of 8.33%, Hunan Baiyin with 3 consecutive limit-ups and a turnover rate of 32.2%, and Guanghe Technology with 2 consecutive limit-ups and a turnover rate of 20.2% [1] Group 2 - The top three concept sectors with the highest gains are Domestic Aircraft Carriers at 3.82%, Combustible Ice at 3.57%, and Chengfei Concept at 3.44% [2] - The top 10 concept sectors by gain percentage include Large Aircraft at 3.04%, Terahertz at 3.01%, Shale Gas at 2.99%, Aviation Engines at 2.9%, Special Steel Concept at 2.82%, Natural Gas at 2.76%, and China Shipbuilding System at 2.73% [2]

Market Overview - On January 22, the Shanghai Composite Index rose by 0.14% to 4122 points, the Shenzhen Component Index increased by 0.5%, and the ChiNext Index gained 1.01% with a total market turnover of 2.72 trillion yuan, over 3500 stocks rising [1] Stock Highlights - Jia Mei Packaging (002969) surged by 49.99% to 21.35 yuan, driven by a change in control and its leading position in three-piece cans [2] - Fenglong Co., Ltd. (002931) increased by 10.01% to 90.48 yuan, benefiting from a major investment by UBTECH and its association with robotics [2] - Jiuding New Materials (002201) rose by 10.00% to 13.86 yuan, linked to fiberglass new materials and commercial aerospace [2] - Jianghua Micro (603078) gained 9.99% to 28.51 yuan, following a state-owned enterprise takeover and its focus on chip materials [2] - Aviation Power Technology (600391) increased by 10.00% to 53.36 yuan, associated with military equipment and central enterprise backing [2] Trading Dynamics - The top three net buying stocks on the day were Pengding Holdings (002938) with 325 million yuan, Snowman Group (002639) with 316 million yuan, and Baiyin Nonferrous Metals (601212) with 257 million yuan [3] - The top three net selling stocks were Hunan Baiyin (002716) with 659 million yuan, Founder Electric (002196) with 281 million yuan, and Yifan Transmission (301023) with 152 million yuan [6] Industry Trends - The commercial aerospace industry is experiencing significant growth, with a report from Galaxy Securities indicating a dual push from both demand and supply sides [11] - SpaceX is reportedly advancing its IPO plans, aiming for completion by July this year, which could further stimulate interest in the commercial aerospace sector [10] Company Developments - Shenxinfu (300454) saw a trading halt with a 20.00% increase, with a turnover of 38.28 billion yuan and a net institutional buy of 269.31 million yuan [12] - The company has established a strong presence in AI computing and security solutions, with significant user adoption and market share [15] Notable Stocks - Guohua Technology (001389) and Qiaoyuan Co., Ltd. (002131) both saw significant trading activity, with Guohua Technology rising by 10.00% and Qiaoyuan Co., Ltd. declining by 10.04% [16][19] - The stock of Hunan Baiyin (002716) experienced a notable increase of 9.97% with a high turnover rate of 32.27% [17]