Core Viewpoint - The PCB concept stocks in the A-share market have shown strong performance, with several companies experiencing significant price increases. Group 1: Stock Performance - Kexiang Co., Ltd. saw a rise of over 17% [1] - Chipbond Technology increased by over 15% [1] - International Composite Materials rose by over 13% [1] - Silver Holdings, Zhongtung High-tech, Guanghe Technology, and Aoshikang all hit the daily limit with a 10% increase [1] - Saiteng Co. and Benchuan Intelligent rose by over 8% [1] - Mulinsen increased by over 7% [1] - Hongchang Electronics rose by over 6% [1] - Other companies like Inno Laser, Xingsen Technology, Jiangnan New Materials, China Jushi, Lianrui New Materials, and Honghe Technology all saw increases of over 5% [1] Group 2: Market Data - Kexiang Co., Ltd. has a total market value of 10.6 billion and a year-to-date increase of 32.40% [2] - Chipbond Technology has a market value of 25.5 billion and a year-to-date increase of 44.13% [2] - International Composite Materials has a market value of 31.7 billion and a year-to-date increase of 20.00% [2] - Silver Holdings has a market value of 63.5 billion and a year-to-date increase of 46.50% [2] - Zhongtung High-tech has a market value of 95 billion and a year-to-date increase of 50.42% [2] - Guanghe Technology has a market value of 40.7 billion and a year-to-date increase of 17.00% [2] - Aoshikang has a market value of 13.9 billion and a year-to-date increase of 2.50% [2] - Other companies listed have varying market values and year-to-date increases, with notable performances from companies like Mulinsen and Hongchang Electronics [2]

Summary of Delton (001389.SZ) Management Call Company Overview - **Company**: Delton (001389.SZ) - **Industry**: PCB (Printed Circuit Board) - **Focus Areas**: Data centers, cloud computing, 5G communication, automotive, AI applications [2][3] Key Insights - **Positive Outlook on Demand**: Management is optimistic about PCB demand driven by computing applications, which is expected to support revenue and profit growth [1][3] - **Market Growth Projections**: The global PCB market for AI servers is projected to reach **US$27 billion by 2027**, indicating a **140% CAGR from 2025 to 2027** [1] - **Capacity Expansion**: Delton is expanding its production capacity in both mainland China and Thailand to meet rising demand for AI PCBs. The Thailand factory is expected to add **Rmb2.5 billion** worth of capacity [2][3] - **Revenue Contributors**: General server applications remain the major revenue contributor, with a single-digit volume growth but increasing dollar content due to PCIe technology migrations [3] Financial Performance - **Margin Improvement**: The Thailand factory achieved break-even in **December 2025**, just six months after commencing operations, contributing positively to profit margins [3] - **AI Server Revenue Growth**: AI server revenues are anticipated to increase significantly as Delton enters new projects and receives more orders from existing customers [3] Strategic Positioning - **Supply Chain Integration**: Delton aims to penetrate the supply chains of leading global AI players by offering high-quality multi-layer PCBs for various applications [2] - **Investment Recommendations**: Among the coverage, Shennan is rated as a Buy, with a target price raised to **Rmb254** [1][3] Additional Considerations - **Technological Advancements**: The shift towards PCIe technologies is driving the increase in dollar content for PCBs, which is crucial for maintaining competitive margins [3] - **Long-term Growth Strategy**: The company is actively increasing capacities to align with future demand growth, particularly in computing and AI applications [1][2] This summary encapsulates the key points from the management call regarding Delton's strategic initiatives, market outlook, and financial performance, highlighting the company's positioning within the PCB industry.

Macro Economic Group - In December, M2 growth was 8.5%, exceeding Wind's expectation of 7.9% and up from 8.0% in November. M1 growth was 3.8%, matching expectations but down from 4.9% in November, indicating a slowdown in money velocity [4] - The total social financing (TSF) in December grew by 8.3%, slightly above the expected 8.2% but down from 8.5% in November. The TSF increment was 2.21 trillion yuan, surpassing the expected 1.82 trillion yuan but down from 2.49 trillion yuan year-on-year [4] - Bank credit in December increased by 910 billion yuan, exceeding the expected 679.4 billion yuan and up from 390 billion yuan in the previous month. However, it was down 800 billion yuan year-on-year [5] Industry Comprehensive Group - Siyi Electric (002028.SZ) reported a revenue of 21.2 billion yuan for 2025, a 37.2% year-on-year increase, with Q4 revenue reaching 7.38 billion yuan, up 46.1%. The net profit attributable to shareholders was 3.16 billion yuan, a 54.4% increase, exceeding market expectations [12] - Guanghe Technology (001389.SZ) forecasted a net profit of 980 million to 1.02 billion yuan for 2025, a growth of 45% to 50.8%. The Q4 net profit was estimated at 280 million yuan, a 50.4% increase, driven by strong demand for server PCB boards [13] Advanced Manufacturing Group - The UK AR7 offshore wind auction resulted in 8.4GW of capacity, exceeding expectations and marking a historical high. This sets the stage for significant supply chain orders in the coming years, with a peak delivery expected between 2028 and 2030 [15] - The State Grid has confirmed a total investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on accelerating ultra-high voltage construction and enhancing supply chain capabilities [16] Consumer Group - The Financial Regulatory Bureau emphasized the need for financial support to boost consumption and investment, particularly in sectors like real estate, healthcare, and small businesses. This is expected to benefit consumer sectors such as automobiles and home appliances [18] - Juzhi Bio's second collagen medical device has been approved, enhancing the focus on the collagen market, which is gaining traction in aesthetic and skin repair applications [19] - Liufeng Group reported a same-store sales growth of 15% for Q4 2025, driven by increased customer flow and product pricing strategies, indicating strong growth momentum [19]

Group 1 - The company expects a positive net profit for the fiscal year 2025, indicating an upward trend in performance [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its accounting firm regarding the performance forecast, and there are no significant disagreements [1][2] Group 2 - The company anticipates growth in both operating revenue and net profit for the fiscal year 2025, driven by strong demand in the computing power supply chain [2] - The company emphasizes its commitment to technological research and development as a key driver for growth [2]

Group 1 - The core viewpoint of the article is that Guanghe Technology (001389) expects a significant increase in net profit for the fiscal year 2025, projecting a range of 980 million to 1.02 billion yuan, which represents a growth of 44.95% to 50.87% compared to the previous year [1] Group 2 - The company attributes this expected growth to the strong demand for computing power infrastructure, indicating a robust demand within the computing supply chain [1]

证券代码：001389 证券简称：广合科技 公告编号：2026-001 广州广合科技股份有限公司 2025年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 | 项 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的 | | 98,000 | ～ | 102,000 | 67,610.04 | | 净利润 | 比上年同期增长 | 44.95% | ～ | 50.87% | | | 扣除非经常性损益后的 | | 97,500 | ～ | 100,500 | 67,833.69 | | 净利润 | 比上年同期增长 | 43.73% | ～ | 48.16% | | | 基本每股收益（元/股） | | 2.30 | ～ | 2.40 | 1.66 | 二、与会计师事务所沟通情况 本次业绩预告的相关数据是公司财务部门初步测算的结果，未经会计师事务 所审计。公 ...

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

证券代码：001389 证券简称：广合科技 公告编号：2025-084 广州广合科技股份有限公司 二、拟购买房产的进展情况 2025 年 12 月 29 日，公司与穗港智造（广州）投资有限公司签署了《资产 交易合同》。标的房产成交价格 32,384.254818 万元人民币。本次交易不构成关 联交易，亦不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 三、合同的主要内容 转让方：穗港智造（广州）投资有限公司（以下简称"甲方"） 受让方：广州广合科技股份有限公司（以下简称"乙方"） 1、房产情况：本合同房产位于广州市黄埔区保盈西路 8 号 A1 塔楼 5-24 层， 建筑面积 27,435.2859 平方米。 关于拟购买房产的进展公告 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。 一、交易概述 广州广合科技股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日召开 的第二届董事会第二十次会议，审议通过了《关于拟购买房产的议案》，为进一 步稳定和吸引优秀人才，公司拟购买位于广州市黄埔区保盈西路 8 号 A1 塔楼 5-24 层的房产作为公 ...

国联民生证券承销保荐有限公司关于广州广合科技股份有限公司 2025年度持续督导定期现场检查报告 | 保荐人名称：国联民生证券承销保荐有限公司 被保荐公司简称：广合科技 | | | | --- | --- | --- | | 保荐代表人姓名：姜涛 联系电话：0755-22662000 | | | | 保荐代表人姓名：王嘉 联系电话：0755-22662000 | | | | 现场检查人员姓名：王嘉、孟子淇、于洋 | | | | 现场检查对应期间：2025 年度 | | | | 现场检查时间：2025 年 12 月 15 日-2025 年 12 月 17 日 | | | | 一、现场检查事项 现场检查意见 | | | | （一）公司治理 是 | 否 | 不适用 | | 现场检查手段：查阅公司章程及公司治理等有关文件、查阅历次公司股东会、董事会的会议文件和 | | | | 公告文件；实地查看公司主要管理场所 | | | | 1.公司章程和公司治理制度是否完备、合规 √ | | | | 2.公司章程和股东会、董事会规则是否得到有效执行 √ | | | | 3.股东会、董事会会议记录是否完整，时间、地点、出席人员及会议 ...

国联民生证券承销保荐有限公司关于广州广合科技股份有限公司 2025年度持续督导培训情况的报告 国联民生证券承销保荐有限公司（以下简称"国联民生承销保荐"、"保荐机构"） 作为广州广合科技股份有限公司（以下简称"广合科技"或"公司"）首次公开发行股票 的保荐机构，根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有 关规定，于 2025 年 12 月 15 日对广合科技进行了持续督导现场培训，现将培训情况报告 如下： 一、培训基本情况 （一）培训时间及地点： 1、培训时间：2025 年 12 月 15 日 2、培训地点：广合科技会议室 （二）培训人员及培训对象 1、培训人员：国联民生承销保荐广合科技持续督导项目组 2、培训对象：公司董事、高级管理人员、中层以上管理人员及公司控股股东和实际 控制人 深圳证券交易所： （三）培训内容 本次培训重点介绍了 2025 年以来，A 股市场违规事项概览及上市公司规范运作相关 法规的修订情况，并结合相关案例进行讲解。本次培训促使上述培训对象增强法制观念和 诚信意识，加强理解作为上市公司管理人员在规范运作及信息披露等方面所应承担的责任 和义务。 二、上市公司的 ...