11月28日，中证指数有限公司发布公告，宣布对沪深300、中证500、中证1000等多个指数的样本股进行定期调整。上交所与中证指数有限公司决定调整上 证50、科创50等指数样本，上述调整将于12月12日收市后正式生效。 同日，深交所公告，决定于12月15日对深证成指、创业板指、深证100、创业板50等指数实施样本股定期调整。 根据指数规则，经指数专家委员会审议，沪深300指数更换11只样本，东山精密、光线传媒、胜宏科技、国联民生等调入指数。 | 调出名单 | | | 调入名单 | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 000800 | 一汽解放 | 002384 | 东山精密 | | 001289 | 龙源电力 | 002625 | 光启技术 | | 002129 | TCL 中环 | 300251 | 光线传媒 | | 002180 | 纳思达 | 300476 | 胜宏科技 | | 600332 | 白云山 | 300803 | 指南针 | | ୧୦1 ୧୦୪ | 潞安环能 | 300866 | 安克创新 | | 601799 ...

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 ...

沪深300、中证500、上证50等多个重要指数将调整指数样本。 今日，中证指数网站发布关于沪深300、中证500、中证1000、中证A500等指数定期调整结果的公告称， 日前，中证指数有限公司宣布将 调整沪深300、中证500、中证1000、中证A50、中证A100、中证A500等指数样本，此次调整为指数样本的定期调整，将于12月12日收 市后正式生效。 沪深300指数更换11只样本， 华电新能、东山精密、指南针、胜宏科技等调入指数。 | 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 000800 | 一汽解放 | 002384 | 东山精密 | | 001289 | 龙源电力 | 002625 | 光启技术 | | 002129 | TCL 中环 | 300251 | 光线传媒 | | 002180 | 纳恩达 | 300476 | 胜宏科技 | | 600332 | 白云山 | 300803 | 指南针 | | ୧୦1696 | 潞安环能 | 300866 | 安克创新 | | 601799 | 星宇 ...

Core Viewpoint - The regular adjustment of index samples for various indices including CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 will take effect after the market closes on December 12, as announced by China Securities Index Co., Ltd. on November 28 [1]. Group 1: CSI 300 Index Adjustments - The CSI 300 index will replace 11 samples, with new additions including Guolian Minsheng, Guangqi Technology, Ningbo Port, Huadian New Energy, Dongshan Precision, Zhongtian Technology, Zhinanceng, and Light Media. The removed samples include FAW Liberation, Oppein Home, Flat Glass, Longyuan Power, and Trina Solar [2][3]. - The number of samples in the information technology and communication services sectors will increase by 4 and 2 respectively, with weightings rising by 1.46% and 0.75% [5]. Group 2: CSI 500 Index Adjustments - The CSI 500 index will replace 50 samples, with new additions such as Dongfang Yuhong, Heertai, Huahong Company, Yantian Port, Dazhu CNC, Oppein Home, Zhongce Rubber, and Supor. Removed samples include China Great Wall, Semir Apparel, Zhongwen Media, and Wangfujing [5]. - The industrial sector will see an increase of 11 samples, with a weighting rise of 2.48% [6]. Group 3: CSI 1000 Index Adjustments - The CSI 1000 index will replace 100 samples, with new additions including Fenghua Hi-Tech, Shijia Photon, Guoji Precision, Yongding Co., Fuling Pickled Cabbage, Galaxy Magnet, and Hanyu Pharmaceutical [6]. - The number of samples in the communication services and industrial sectors will increase by 6 and 2 respectively, with weightings rising by 0.44% and 0.37% [6]. Group 4: Other Indices Adjustments - The CSI A50 index will replace 4 samples, with new additions including Zhongji Xuchuang, Huagong Technology, Guangqi Technology, and Shenghong Technology, while removing ZTE, Sanhuan Group, Shanghai Airport, and Hualu Hengsheng [7]. - The CSI A100 index will replace 6 samples, with new additions such as Dongfang Fortune, Guangqi Technology, and Zhongke Shuguang, while removing Shanghai Airport, Unisplendour, and CITIC Securities [8]. - The CSI A500 index will replace 20 samples, with new additions including Zhongtian Technology, Genesis, Borui Pharmaceutical, Guotai Haitong, and Chip Origin [9].

| 调出名单 | | 调入名单 | | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 | 证券名称 | | 000800 | 一汽解放 | 002384 | 东山精密 | | 001289 | 龙源电力 | 002625 | 光启技术 | | 002129 | TCL 中环 | 300251 | 光线传媒 | | 002180 | 纳恩达 | 300476 | 胜宏科技 | | 600332 | 白云山 | 300803 | 指南针 | | 601699 | 潞安环能 | 300866 | 安克创新 | | 601799 | 星宇股份 | 600522 | 中天科技 | | 601865 | 福莱特 | 600930 | 华电新能 | | 603806 | 福斯特 | 601018 | 宁波港 | | 603833 | 欧派家居 | 601456 | 国联民生 | | 688599 | 天合光能 | 603893 | 瑞芯微 | | | 调出名单 | | 调入名单 | | --- | --- | --- | --- | | 证券代码 | 证券名称 | 证券代码 ...

证券日报网讯11月28日，东山精密（002384）在互动平台回答投资者提问时表示，截至2025年11月20 日，公司股东总户数101671户。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the consumer electronics sector, particularly in the AI/AR market, which saw a significant year-on-year sales increase of 186% in Q3 2025 [1][2] - The consumer electronics ETF (561600) has shown a consistent upward trend, achieving a 1.14% increase and marking its fourth consecutive rise [1] - Major companies in the consumer electronics index, such as Longying Precision and Shunluo Electronics, have experienced notable stock price increases, with Longying Precision rising by 11.79% [1] Group 2 - CINNO Research reported that the AR market continues to grow, with sales surpassing 129,000 units, and one-piece AR glasses achieving a remarkable growth rate of 355% [1] - The top ten weighted stocks in the consumer electronics index account for 56.3% of the total index, indicating a concentration of market influence among leading firms [2] - Despite a slowdown in overall smartphone shipment growth, demand for storage chips and related materials remains strong, driven by AI-related needs [2]

东山精密所属申万行业为：电子-元件-印制电路板。所属概念板块包括：MLED、OLED、汽车轻量 化、光通信、充电桩等。 11月28日，东山精密盘中上涨2.01%，截至11:07，报75.06元/股，成交15.81亿元，换手率1.55%，总市 值1374.80亿元。 资金流向方面，主力资金净流入2919.47万元，特大单买入2.59亿元，占比16.40%，卖出2.92亿元，占比 18.45%；大单买入4.93亿元，占比31.19%，卖出4.31亿元，占比27.30%。 东山精密今年以来股价涨157.67%，近5个交易日涨15.96%，近20日涨9.58%，近60日涨23.17%。 今年以来东山精密已经9次登上龙虎榜，最近一次登上龙虎榜为11月6日，当日龙虎榜净买入3.73亿元； 买入总计15.19亿元 ，占总成交额比19.97%；卖出总计11.46亿元 ，占总成交额比15.07%。 资料显示，苏州东山精密制造股份有限公司位于江苏省苏州市吴中区太湖东路99号运河小镇总部产业园 12号楼，成立日期1998年10月28日，上市日期2010年4月9日，公司主营业务涉及精密钣金件和精密铸件 的制造与服务,精密电子制造;柔 ...

Core Viewpoint - The rapid development of AI and the increasing competition in computing power are reshaping the global landscape, with the optical communication industry becoming a focal point in this transformation. Companies like Dongshan Precision are positioning themselves to capitalize on these trends through their IPO in Hong Kong [1][10]. Company Overview - Dongshan Precision, established in 1998, specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [2]. - By 2024, Dongshan Precision is projected to be the largest supplier of edge AI device PCBs globally and the second-largest supplier of soft boards, holding a significant position in the PCB market [2]. Financial Performance - The company's revenue has shown a steady upward trend, with figures of 315.80 billion RMB in 2022, 336.51 billion RMB in 2023, and an expected 367.70 billion RMB in 2024 [4]. - The electronic circuit segment remains the core revenue driver, contributing nearly 70% of total revenue, with projected revenues of 218.19 billion RMB in 2022, 232.61 billion RMB in 2023, and 248.01 billion RMB in 2024 [2][4]. Product Segment Analysis - The soft board segment is performing particularly well, with expected revenues of 215.89 billion RMB in 2024, reflecting a year-on-year growth of approximately 7.5% [3]. - The touch panel and LCD module business is also growing, with projected revenues of 63.69 billion RMB in 2024, a 33.5% increase from the previous year [3]. - Conversely, the precision components segment is experiencing a decline, with revenue share dropping from 14.4% in 2022 to 12.3% in 2024, largely due to significant price pressure [3][5]. Industry Outlook - The global PCB market is expected to grow from 75 billion USD in 2024 to 96.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [6]. - The data center PCB market is projected to grow rapidly, with a CAGR of 10.9%, reaching 21 billion USD by 2029, driven by AI developments [6]. Competitive Position - Dongshan Precision ranks third in the global PCB market with a market share of 4.8% as of 2024, indicating a competitive landscape [9]. - The company relies heavily on overseas markets, with 83.2% of its revenue coming from outside mainland China in 2024, highlighting its exposure to international trade dynamics [9]. Strategic Moves - The company has pursued strategic acquisitions to expand its business, including a recent acquisition of a leading global optical module manufacturer, which is expected to enhance its position in the AI computing infrastructure sector [4][10]. - Dongshan Precision's IPO in Hong Kong is seen as a critical step to strengthen its market position and seek new growth opportunities amid industry changes [10].

Core Viewpoint - The rapid development of AI and the increasing competition in computing power are reshaping the global landscape, with the optical communication industry becoming a focal point in this transformation. Companies like Dongshan Precision are positioning themselves to capitalize on these trends through their IPO in Hong Kong [1][10]. Company Overview - Dongshan Precision, established in 1998, specializes in intelligent manufacturing and has a global perspective, focusing on the design, production, and sales of PCB, precision components, touch panels, LCD modules, and optical modules [2]. - The company is the largest supplier of edge AI device PCBs and the second-largest supplier of soft boards globally, holding a significant position in the PCB market [2]. Financial Performance - Revenue from Dongshan Precision has shown steady growth, with figures of 315.80 billion RMB in 2022, 336.51 billion RMB in 2023, and projected 367.70 billion RMB in 2024 [4]. - The electronic circuit segment remains the core revenue driver, contributing nearly 70% of total revenue, with projected revenues of 218.19 billion RMB in 2022, 232.61 billion RMB in 2023, and 248.01 billion RMB in 2024 [2][4]. Product Segment Analysis - The soft board segment is particularly strong, with expected revenue of 215.89 billion RMB in 2024, a year-on-year increase of approximately 7.5% [3]. - The touch panel and LCD module business is also growing, with projected revenue of 63.69 billion RMB in 2024, reflecting a 33.5% increase [3]. - However, the precision components segment is experiencing a decline, with revenue share dropping from 14.4% in 2022 to 12.3% in 2024, attributed to significant price pressure [3][5]. Industry Outlook - The global PCB market is projected to grow from 75 billion USD in 2024 to 96.8 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [6]. - The data center PCB market is expected to grow rapidly, with a projected size of 12.5 billion USD in 2024 and a CAGR of 10.9% through 2029 [6]. Competitive Position - Dongshan Precision ranks third in the global PCB market with a market share of 4.8% [9]. - The company relies heavily on overseas markets, with 83.2% of its revenue coming from outside mainland China in 2024, highlighting its vulnerability to international trade dynamics [9]. Strategic Moves - The company has pursued strategic acquisitions to expand its business, including a recent acquisition of a leading global optical module manufacturer, which is expected to enhance its position in the AI computing infrastructure sector [4][10]. - Dongshan Precision's IPO is seen as a critical step to strengthen its market position and seek new growth opportunities amid industry changes [10].