证券代码：002384 证券简称：东山精密 公告编号：2026-009 苏州东山精密制造股份有限公司 第六届董事会第三十二次会议决议公告 2026 年 3 月 25 日 附件：Li Ting Wei 先生简历 Li Ting Wei 先生：1962 年 5 月出生，荷兰国籍，拥有中国永久居留权，博 士研究生学历，毕业于荷兰莱顿大学物理学专业。1996 年，担任荷兰莱顿大学 博士后研究员；1996 年-1998 年，担任美国阿贡国家实验室博士后研究员；1998 年-2002 年，担任朗讯科技公司技术代表；2002 年-2010 年，担任高通公司上海 分公司负责人、高级总监；2010 年-2013 年，担任迈威科技集团有限公司副总裁、 中国区总经理；2013 年-2016 年，担任博通公司全球销售高级副总裁、大中华区 总裁；2016 年-2018 年，担任歌尔股份销售副总裁暨北美区、欧洲区总裁；2020 年-2025 年，担任恩智浦半导体（上海）有限公司全球资深副总裁、大中华区主 席。现任本公司副总经理、首席战略官、索尔思事业部联席首席执行官（Co-CEO）； 兼任视涯科技股份有限公司独立董事（2023 年 9 ...

3月25日，中小100ETF华夏（159902）开盘涨0.39%，报4.365元。中小100ETF华夏（159902）重仓股方 面，立讯精密开盘涨2.24%，比亚迪涨0.08%，北方华创涨1.33%，牧原股份跌0.87%，三花智控涨 0.70%，海康威视涨0.00%，东山精密涨5.93%，沪电股份涨1.23%，科大讯飞涨0.68%，宁波银行涨 0.50%。 中小100ETF华夏（159902）业绩比较基准为中小企业100指数，管理人为华夏基金管理有限公司，基金 经理为严筱娴，成立（2006-06-08）以来回报为356.07%，近一个月回报为-5.64%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 MACD金叉信号形成，这些股涨势不错！ 3月25日，中小100ETF华夏（159902）开盘涨0.39%，报4.365元。中小100ETF华夏（159902）重仓股方 面，立讯精密开盘涨2.24%，比亚迪涨0.08%，北方华创涨1.3 ...

Summary of Conference Call Records Industry Overview - The conference call focuses on the AI server and PCB (Printed Circuit Board) industry, particularly the advancements in materials and technology related to AI platforms and their components. Key Points AI Platform Upgrade - The new generation AI server architecture has shifted from "mid-board + CP board" to "switch backplane/orthogonal backplane + computing board," significantly increasing the requirements for backplane layers and material performance [1] - The Virtuoso cabinet inherits the GB300 design and upgrades materials, resulting in a 2x increase in PCB value, with each unit requiring 5 LPU cabinets and 1 CPU cabinet, all needing high-end PCBs [1] - This architectural adjustment is expected to increase PCB quantity by 2-3 times and value by 4-5 times, leading to a substantial rise in demand for copper-clad laminates (CCL) [1] Production Timeline - Core product mass production timelines are set: Rubin is expected to start mass production in Q3 2026, with PCB/CCL materials confirmed by late Q2 to early Q3; Alt in Q4 2026; and Fermi in the second half of 2027, with design completion in 2026 [1] Material Demand and Certification - M9 and M10 materials are projected to see explosive demand, with M9 CCL demand reaching millions of units by 2026 and increasing to 20-30 million units by 2027 alongside the Rubin platform [2] - M10 material certification has begun, with Nvidia requiring a loss factor (Df) of 0.0003. The competitive materials include PTFE (best electrical performance) and hydrocarbon resin + M10 filler, with PTFE outperforming M9 by 20%-30% [2] - M9 solutions have been confirmed, utilizing either "hydrocarbon resin + Q fabric" or "PTFE + fiberglass-free fabric," with a stable yield of 90% for M9 CCL, ready for mass production [2] Supply Chain and Pricing - The supply side is highly concentrated, with CTE fabric currently in severe shortage, priced at 120 RMB/kg, expected to rise further in 2026. New production capacity is anticipated to be released in the second half of 2026 [3] - Q fabric is primarily supplied by Asahi Kasei and domestic suppliers, with domestic prices 20%-30% lower than overseas [3] - Price increases for CCL are expected in 2025 due to rising costs of glass fabric and copper foil, with a projected 20%-30% increase in prices being passed down to end-users by April 2026 [3] PCB Market Dynamics - Due to the surge in PCB demand and value, existing suppliers are unable to meet capacity, prompting Nvidia to onboard new suppliers to ensure supply and reduce costs, with 2-4 suppliers per material number [4] - Key suppliers for LPU and CPU boards are identified, with a notable shift in market share towards new entrants like Jingwang Electronics and Dongshan Precision, while traditional players like Shenghong Technology see a decline in market share despite increased absolute order volumes [4] Copper Foil Specifications - Specifications for copper foil are being upgraded in line with material advancements, with M9 requiring HVP4 copper foil and M10 requiring HVP5/HVP6, with demand for HVP4 expected to reach 8,000-30,000 tons by 2027 [4] - Domestic manufacturers like Tongguan and Longdian Huaxin are accelerating the replacement of foreign suppliers due to price advantages [4] Market Potential - The market potential for CCL is significant, with GB300 cabinets requiring 50 CCLs and 60 PPs, while Rubin Ultra cabinets require 200 CCLs and 240 PPs. The value of core products is highlighted, with LPU boards valued at 20,000-30,000 RMB each and next-generation switch backplanes exceeding 800,000 RMB [5] - The global demand for M9 CCL is projected to reach 20-30 million units by 2027, corresponding to an area of over 20 million square meters, indicating a market size of several billion RMB [5] - Key beneficiaries across various segments are identified, including Shengyi Technology in CCL, Feilihua in electronic fabric, Jingwang Electronics in PCB manufacturing, and Tongguan Copper Foil in copper foil [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 167.80 [7]. Core Insights - The company, Dongshan Precision (002384 CH), is positioned as a leading platform enterprise in flexible printed circuit boards (FPC) and precision structural components, closely tied to top international cloud computing, AI, and technology giants. The successful acquisition of Solsci Optoelectronics in October 2025 marks the company's entry into the core global optical communication sector, enhancing its capabilities in AI infrastructure interconnection [1][2]. - With the rapid growth in demand for high-end optical communication and AI hardware, Dongshan Precision is expected to enter a new phase of value reassessment [1]. - The integration of Solsci is anticipated to significantly boost the company's profit margins and market position in the optical module sector, particularly with the release of self-developed EML and silicon optical chips [2][5]. Summary by Sections Growth Engine 1: AI Optical Communication - The demand for high-speed optical modules is driven by the expansion of AI-driven data centers and computing clusters. The acquisition of Solsci enables the company to cover a full range of products from 400G to 1.6T, positioning it as a core component provider in the global data communication field [2]. Growth Engine 2: AI Server Architecture Upgrade - The upgrade in AI server architecture is creating new value opportunities for high-end PCBs. The company is expected to leverage its technological advantages and production capacity to gain a favorable market position, with PCB business revenue projected to grow significantly by 2027 [3]. Growth Engine 3: Apple Innovation Cycle - The restart of Apple's innovation cycle is expected to lead the global AI hardware sector, driving demand for FPCs. The anticipated launch of innovative hardware such as foldable screens and AI/AR glasses will enhance the complexity and demand for FPCs, benefiting the company as a core supplier [4]. Profit Forecast and Valuation - The company forecasts net profits of RMB 15.7 billion, RMB 74.4 billion, and RMB 153.6 billion for the years 2025, 2026, and 2027, respectively, with growth rates of 45%, 373%, and 107%. The significant upward revision in profit expectations for 2026 and 2027 is attributed to the integration of Solsci and the rapid expansion of optical module and chip production capacity [5][15].

今日早参 2026 年 3 月 19 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 宏观：3 月 FOMC：联储对降息更加谨慎 概览：北京时间 3 月 19 日（周四）凌晨美联储公布 3 月议息会议决定，政 策利率维持在 3.5-3.75%，点阵图维持 2026-27 年各降息 1 次的指引，但联 储上调增长通胀预测以及鲍威尔表态均显示，联储对降息变得更加谨慎。 风险提示：美国就业市场超预期走弱，中东冲突持续性与烈度超预期。 研报发布日期：2026-03-19 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 固定收益：在防御中挖掘信用债结构性机会 通胀担忧上行+政策观察期+供给潜在扰动，3-4 月债市相比 1-2 月份胜率不 高、赔率降低，但资金面仍平稳、外部扰动短空长多，债市调整空间有限。 机构行为方面，分红险增速放缓+心态谨慎，保险 ...

Group 1 - The core point of the news is the performance update of the FuGuo Innovation Technology Mixed Securities Investment Fund (FuGuo Innovation Technology Mixed A, code 002692), which reported a net value increase of 3.40% as of March 18 [1][2] - The fund was established on June 16, 2016, with a performance benchmark of 60% CSI TMT Industry Theme Index and 40% CSI All Bond Index yield [1][2] - Since its inception, the fund has achieved a return of 218.90%, with a year-to-date return of 11.62%, a one-month return of 7.85%, a one-year return of 133.11%, and a three-year return of 112.03% [1][2] Group 2 - The fund ranks 25th out of 8170 in its category over the past year [1][2] - The fund manager is Luo Qing, who has managed the fund since July 15, 2025, achieving a return of 97.53% during his tenure [3] - The latest report lists the top ten holdings of the fund, with the largest positions being Zhongji Xuchuang (9.88% holding, 5.43 billion yuan market value) and Xinyi Sheng (9.41% holding, 5.17 billion yuan market value) [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, multi-IM access, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is set to transform AI from a conversational role to an execution role, enabling more intelligent personal AI assistants and digital employees. Major companies like Xiaomi and Huawei are adapting OpenClaw for various devices, indicating a shift in the capabilities of edge AI [5] Summary by Sections OpenClaw Development - OpenClaw was initially released on November 24, 2025, and saw a surge in adoption in February 2026, with major domestic companies launching products based on its code. Notable implementations include Tencent's WorkBuddy and Zhizhu's AutoClaw, which offer seamless integration with existing communication tools [4] Token Consumption and Demand - The introduction of Agent AI has led to a shift in token consumption patterns, with tasks now consuming tens of thousands to millions of tokens per execution. Predictions indicate that by 2030, the global active AI agents will reach 2.216 billion, with annual token consumption skyrocketing from 0.0005 Peta Tokens in 2025 to 15.2 million Peta Tokens [5] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - OpenClaw, an open-source AI agent framework, has gained significant popularity since its release, becoming the most popular open-source project on GitHub as of February 2026. It offers capabilities such as local-first operation, autonomous tool invocation, cross-application execution, and continuous online operation, making it highly appealing to users [4] - The demand for inference computing power is expected to grow exponentially due to the characteristics of Agent AI, which include autonomous task execution and multi-agent concurrency. The daily token consumption in China surged from 100 billion in early 2024 to over 30 trillion by June 2025, reflecting a growth of over 300 times in just one and a half years [5] - OpenClaw is penetrating various devices, including PCs, smartphones, and wearables, transforming the role of AI from a conversational agent to an executor. This shift is expected to create new application scenarios and product categories in the end-side AI market [6] Summary by Sections OpenClaw Development - OpenClaw has seen rapid adoption among major domestic companies, with multiple products and solutions being released based on its code. Notable companies include Tencent, Huawei, Alibaba, and Xiaomi, which are integrating OpenClaw into their cloud services and applications [4] Token Consumption and Inference Demand - The workflow of "plan-execute-feedback-replan" in Agent AI has led to a shift from linear to exponential growth in token consumption. A single task can consume tens of thousands to millions of tokens, indicating a significant increase in demand for inference capabilities [5] End-Side AI Transformation - The modular architecture of OpenClaw allows for comprehensive session management and memory systems, enabling it to autonomously manage various software applications. This evolution is expected to redefine the capabilities of end-side AI and lead to the development of more intelligent personal AI assistants [6] Investment Recommendations - The report suggests focusing on the AI inference computing power supply chain, including segments like chips, complete machines, liquid cooling, and power supplies. Recommended stocks include Haiguang Information, Lingyi Technology, and Dongshan Precision, among others [7]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the optical communication sector, including Dongshan Precision, Shenghong Technology, and others [7][11]. Core Insights - The OFC 2026 conference is set to take place from March 15 to March 19, 2026, in California, coinciding with a critical point in the demand for optical interconnects driven by AI data centers [1][14]. - The report highlights the significant advancements in optical communication technologies, including the transition from 800G to 1.6T products and the evolution of architectures from copper cables to Co-Packaged Optics (CPO) [1][15]. - NVIDIA's investment of $4 billion in optical technology, including $2 billion each in Lumentum and Coherent, indicates a strategic move to secure key components for future optical interconnects [3][4]. - The penetration rate of CPO technology in AI data center optical communication modules is expected to reach 35% by 2030, driven by advancements in silicon photonics and CPO packaging technologies [3][4]. Summary by Sections OFC 2026 Conference Preview - The OFC 2026 conference will feature key players from the optical communication industry, including Coherent, Lumentum, and major tech companies like NVIDIA, Google, and Meta, focusing on the future of optical interconnect technologies [1][14]. - The conference will address critical topics such as the technology paths for 1.6T and 3.2T optical modules, CPO, and new optical I/O architectures [1][16]. NVIDIA's Strategic Moves - NVIDIA's NVLink 6 protocol supports a single-channel 400G SerDes, with a bandwidth limit of 3.6 TB/s per GPU, highlighting the limitations of copper cables in high-frequency transmission [2][3]. - The company is preparing for future bandwidth demands by investing in optical transmission solutions, which are essential for scaling up data center interconnects [2][3]. Supply Chain Dynamics - Lumentum reports a 25%-30% supply gap for EML components, with orders locked in until the end of 2027, indicating strong demand for optical components [4][20]. - Dongshan Precision is rapidly entering the optical communication market through its acquisition of Solstice Photonics, which has a dual technology reserve in EML and silicon photonics [4][20]. Market Trends and Projections - The report indicates a significant shift in the optical communication landscape, with traditional copper interconnects nearing their physical limits, pushing the industry towards optical solutions [15][16]. - The demand for optical interconnects is expected to grow substantially, with predictions that over 35% of AI data center optical communication modules will utilize CPO technology by 2030 [3][4].

Core Viewpoint - The article highlights significant trading activities in the Shanghai and Shenzhen stock markets, with a focus on major stocks, sector performances, and ETF transactions, indicating potential investment opportunities and trends in the market [1][2][5]. Group 1: Trading Volume and Major Stocks - The total trading volume for the Shanghai and Shenzhen Stock Connect reached 296.48 billion, with Zijin Mining and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1]. - The top ten stocks by trading volume in the Shanghai market included Zijin Mining (16.20 billion), Baiwei Storage (12.90 billion), and Zhaoyi Innovation (11.53 billion) [3]. - In the Shenzhen market, CATL topped the list with a trading volume of 63.10 billion, followed by Xinyi Technology (28.32 billion) and Tianfu Communication (25.25 billion) [4]. Group 2: Sector Performance - The electronic sector saw the highest net inflow of funds, while sectors such as oil and gas and coal experienced significant outflows [5][8]. - The top sectors by net inflow included computing hardware (101.58 billion), telecommunications (68.54 billion), and semiconductors (38.97 billion) [6]. - Conversely, the computing sector had the largest net outflow at -69.65 billion, followed by power grid equipment and oil and petrochemicals [7]. Group 3: ETF Transactions - The A500 ETF Fund (512050) recorded the highest trading volume among ETFs at 94.94 billion, while the Power ETF (561560) saw a remarkable 170% increase in trading volume compared to the previous trading day [13][14]. - Other notable ETFs included the A500 ETF Huatai Baichuan (73.57 billion) and the A500 ETF Southern (72.41 billion), both showing significant trading activity [13]. Group 4: Institutional and Retail Activity - The article notes high institutional activity, particularly in computing hardware stocks, with Dongshan Precision experiencing a trading halt and significant buy/sell activity from institutions [16]. - Retail investors showed notable interest in stocks like Guangxun Technology, which saw a strong buy from retail investors amounting to 1.1 billion [18]. - Quantitative funds were also active, with stocks like Youke De receiving substantial investments totaling 6.05 billion from various quantitative firms [19].