Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China PCB (Printed Circuit Board) sector**, highlighting a **47% rally** in the sector over the past three months driven by increasing demand for **artificial intelligence (AI)** applications [1] - The demand for **High Layer Count (HLC) PCB** and **High Density Interconnect (HDI)** is particularly strong due to growth in **cloud service providers' (CSP)** AI capital expenditure budgets and ASIC server projects [1] Core Insights and Arguments - **Demand Dynamics**: - Strong demand from sectors such as **automotive**, **home appliances**, and **industrial applications** supports low-to-mid range order momentum, while demand for **smartphones** and **PCs** remains lukewarm, limiting growth for **Flexible Printed Circuit (FPC)** and **Substrate-Like PCB (SLP)** [1] - The **PCB production value** is expected to grow **6% in 2025E**, following a decline of **15%** in 2023 and a recovery of **7%** in 2024 [9] - The sector is anticipated to enter a mild **AI-driven upcycle**, with a **5% CAGR** from 2024 to 2029, compared to **2%** from 2018 to 2023 [9] - **Substrate Market**: - **BT (Bismaleimide-Triazine)** substrate makers in China are experiencing a dip in utilization rates, but a mild recovery is expected due to tariff-induced demand [2] - **ABF (Ajinomoto Build-up Film)** substrate demand is recovering globally, which is accelerating domestic semiconductor qualifications from local suppliers [2] - **Copper Clad Laminate (CCL)**: - Leading CCL makers in China are operating at full capacity, with a **10-15% price increase** expected in H225E due to rising raw material costs [3] - Demand for high-end CCL is driven by AI server projects and general-purpose server replacements [3] Stock Preferences and Recommendations - **Stock Ratings**: - Total EPS for the coverage is raised by **12%/14%/19%** for 2025-27E due to higher utilization and pricing from robust AI demand [4] - Price targets for companies in the sector have been increased by **47%–118%** based on higher EPS and upcycle PE multiples [4] - Preferred stocks include **Shennan** and **Shengyi Tech** due to their visibility in AI orders, while **FastPrint** has been downgraded to Neutral with a significant EPS cut due to delayed breakeven in ABF [4] Additional Insights - **Market Trends**: - The **server/data storage** segment is projected to grow at a **12% CAGR** from 2024 to 2029, becoming the largest and fastest-growing downstream application by output value [11] - The **automotive sector** is expected to see a **4% CAGR**, driven by electrification and smartification trends [11] - The **consumer electronics** segment is mixed, with near-term strength from subsidies but overall sluggish demand [9] - **Geopolitical Factors**: - Current US tariffs have limited direct exposure for PCB and CCL companies, which have a globally diversified manufacturing footprint [9] - The tariffs may expedite capacity expansion for Chinese producers in Southeast Asia due to the sector's upstream and highly pollutive nature [9] - **AI and Technology Adoption**: - The demand for AI servers is expected to significantly increase, with Nvidia projecting a **100x increase** in compute requirements for inference demand [17] - The introduction of new Nvidia GPUs is anticipated to drive down costs for AI training and inference, further boosting demand for high-end PCBs [17] Conclusion - The China PCB sector is poised for growth driven by AI demand, with specific segments like HLC PCB and HDI expected to outperform. Stock preferences reflect a bullish outlook on companies with strong AI order visibility, while geopolitical factors and market dynamics will continue to shape the landscape.

作者：金股通 本文源自：金融界 沪深两市数据显示，8月7日，融资净买入前十的股票分别为：寒武纪（5.33亿元）、北方稀土（4.07亿 元）、硕贝德（2.95亿元）、东山精密（2.57亿元）、太辰光（2.02亿元）、东方财富（2.01亿元）、博 瑞医药（1.90亿元）、西部证券（1.81亿元）、盛和资源（1.80亿元）、东信和平（1.69亿元）。 ...

Wind统计显示，8月7日，申万31个一级行业中有19个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入18.13亿元；获融资净买入居前的行业还有有色金属、国防军工、机械设备、化 工、计算机、非银金融等，净买入金额分别为14.76亿元、10.82亿元、9.12亿元、7.46亿元、6.03亿元、 5.75亿元。 个股方面，8月7日有1861只个股获融资净买入，净买入金额在3000万元以上的有170股。其中，20股获 融资净买入额超1亿元。寒武纪获融资净买入额居首，净买入5.33亿元；融资净买入金额居前的还有北 方稀土、硕贝德、东山精密、太辰光、东方财富、博瑞医药、西部证券、盛和资源等，净买入额分别为 4.07亿元、2.95亿元、2.57亿元、2.02亿元、2.01亿元、1.9亿元、1.81亿元、1.8亿元。 ...

Group 1 - A total of 1861 stocks received net financing purchases on the previous trading day (August 7) [1] - The stock with the highest net financing purchase was Cambrian Biologics, with a net purchase amount of 5.33 million [1] - Other notable stocks with significant net financing purchases include Northern Rare Earth, Shuo Bei De, and Dongshan Precision, with net purchases of 4.07 million, 2.95 million, and 2.57 million respectively [1] Group 2 - The stocks with the highest net selling amounts were Industrial Fulian, New Yi Sheng, and Zhong Ji Xu Chuang, with net selling amounts of 4.17 million, 2.92 million, and 2.70 million respectively [1]

苹果宣布将向美国本土追加投资1000亿美元，且未来4年投资总额将达到6000亿美元。隔夜，苹果美股大涨5%。 浙商证券研报指出，苹果作为消费电子终端龙头，竞争优势仍强大，在新一轮创新周期中有望继续引领行业增长，终端销量有望超预期，或将带来产业链上 游相关设备在需求端的弹性超预期。 或受相关催化，8月7日早盘，消费电子&PCB携手冲高，果链龙头工业富联、蓝思科技、立讯精密涨超5%，PCB龙头鹏鼎控股涨超3%，东山精密涨逾1%。 【创"芯"科技，硬核崛起】 拼盘"PCB+半导体+消费电子"等方向的电子ETF（515260）及其联接基金（A类：012550/C类：012551）被动跟踪电子50指数，重仓半导体、消费电子行 业，在计算机设备、光学光电子、元件等领域亦有布局；全面覆盖AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产业；一键布局A股电子 核心资产，如立讯精密、中芯国际、海光信息、寒武纪-U等。 风险提示：电子ETF被动跟踪中证电子50指数，该指数基日为2008.12.31，发布于2009.7.22，指数成份股构成根据该指数编制规则适时调整，其回测历史业 绩不预示指数未来表现。本文中提及的个股 ...

东山精密（002384）布局加速高端PCB领域。 8月5日，东山精密(002384.SZ)发布公告，公司全资子公司拟通过现金、债转股等方式向其全资子公司 香港超毅或其子公司增资3.5亿美元，约合人民币24.98亿元。此次增资旨在支持香港超毅投资建设高端 印制电路板(PCB)项目等。 长江商报记者注意到，东山精密在加速高端PCB产能扩张之外，受益于AI对ICT基建和消费产品的需求 扩大，公司电子电路、精密组件等产品作为消费电子、新能源汽车行业的基础零部件，销量显著提升， 带动公司经营业绩的提升。 2025年第一季度，公司实现营业收入86.02亿元，同比增长11.07%；实现归母净利润4.56亿元，同比增 长57.55%。 二级市场上，近期，东山精密股价表现强劲，多次创下历史新高。截至8月6日收盘，公司股价达51.99 元/股，虽下滑0.86%，但年内涨幅近75%。 高端PCB领域布局加速 7月以来，东山精密在高端PCB领域动作不断。 香港超毅隶属于东山精密超毅事业部(Multek)，该事业部原为东山精密于2018年以2.93亿美元收购自伟 创力旗下的PCB企业。Multek提供高密度互连、刚性、柔性和刚柔结合印 ...

从资金流向来看，按照申万一级行业分类，去年10月以来，电子行业以957.18亿元的融资净买入额居首 位。计算机、机械设备、汽车、医药生物行业分别获得576.68亿元、463.50亿元、435.05亿元和426.14亿 元的融资净买入额，位列第二至第五。累计共有16个行业的融资净买入额超过百亿元。 个股融资活跃，市场关注度较高个股受青睐。去年10月以来，东方财富以96.93亿元的融资净买入额居 个股首位；比亚迪、江淮汽车、新易盛的融资净买入额均超过50亿元；累计有78只个股的融资净买入额 超过10亿元，其中包括赛力斯、寒武纪、东山精密、三花智控等市场关注度较高的个股。 杨超认为，红利策略与科技成长板块的轮动表现吸引了结构性资金入场，杠杆资金在局部热点中的使用 效率显著提升。同时，融资资金更倾向于追逐基本面稳健、具备长期逻辑的优质标的，显示出当前杠杆 交易的理性化趋势。 （上接1版） 杠杆率处于健康区间 "当前市场两融余额上行，更多体现为结构性活跃与风险偏好回暖的结果。"杨超分析称，"相较2015 年，本轮融资结构更趋理性，杠杆资金集中度与持仓周期明显改善，同时监管体系较2015年更加完善， 防范过度杠杆的能力显 ...

杰瑞股份：上半年净利润12.41亿元 同比增长14.04% 8月6日晚，杰瑞股份（002353）发布2025年半年度报告，公司上半年实现营业收入69.01亿元，同比增 长39.21%；实现归属于上市公司股东的净利润12.41亿元，同比增长14.04%。 资料显示，天坛生物成立于1999年12月，主营业务是高端装备制造、油气工程及技术服务、油气田开 发、新能源及再生循环等。 所属行业：机械设备–专用设备–能源及重型设备 天坛生物：上半年净利润6.33亿元 同比下降12.88% 8月6日晚，天坛生物（600161）发布2025年半年度业绩快报，公司上半年实现营业总收入31.10亿元， 同比增长9.47%；实现归属于上市公司股东的净利润6.33亿元，同比下降12.88%。 所属行业：计算机–IT服务Ⅱ–IT服务Ⅲ 磁谷科技：拟投资7亿元建设磁悬浮压缩机研发生产基地 8月6日晚，磁谷科技（688448）发布公告称，公司拟与南京空港经济开发区（江宁）管理委员会签署 《投资建设协议》，建设"磁悬浮压缩机及关联产品研发生产基地"项目。项目计划总投资7亿元，分两 期开发建设，其中一期项目计划投资额3.05亿元。该项目旨在优化 ...

Capital Change and Company Bylaws Revision - The company announced a change in registered capital and a revision of its bylaws, which was approved during the 25th meeting of the sixth board of directors held on August 5, 2025 [1][15] - The registered capital increased from 1,705,913,710 yuan to 1,831,607,532 yuan, following the issuance of 125,693,822 new A-shares [1][2] Subsidiary Capital Increase - The company approved a capital increase for its wholly-owned subsidiary, Hong Kong Dongshan Holding Limited, amounting to 3.50 billion USD (approximately 24.98 billion yuan) to support the investment in a high-end printed circuit board project [5][6] - The capital increase will be executed through a combination of cash and debt-to-equity swaps, enhancing the capital strength of the subsidiary [6][8] Board Meeting Resolutions - The resolutions from the board meeting included the approval of the capital increase and the change in registered capital, both of which require shareholder approval [12][15] - The board meeting was attended by all nine directors, and the resolutions were passed unanimously [12][18] Upcoming Shareholder Meeting - A second extraordinary shareholder meeting for 2025 is scheduled for August 21, 2025, to discuss the approved resolutions [20][21] - The meeting will allow shareholders to vote either in person or via an online voting system [22][30]

证券代码：002384 证券简称：东山精密 公告编号：2025-055 苏州东山精密制造股份有限公司 关于召开 2025 年度第二次临时股东会的通知 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。 苏州东山精密制造股份有限公司（以下简称"公司"）于 2025 年 8 月 5 日召 开第六届董事会第二十五次会议，会议决议于 2025 年 8 月 21 日以现场会议和网 络投票表决相结合的方式召开公司 2025 年度第二次临时股东会。现将本次股东 会的有关事项通知如下： 一、召开会议基本情况 司法》《中华人民共和国证券法》及《公司章程》等相关法律法规的规定。 现场会议召开时间为：2025 年 8 月 21 日下午 14:00 网络投票时间为： （1）通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 8 月 21 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；（2） 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 8 月 21 日上午 9:15 至下午 15:00 期间的任意时间。 于股权登 ...