证券之星消息，12月29日元件板块较上一交易日上涨2.02%，博敏电子领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。元件板块个股涨跌见下表： 从资金流向上来看，当日元件板块主力资金净流入10.36亿元，游资资金净流出6.3亿元，散户资金净流出 4.06亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002463 | 沪电股份 | | 5.13 Z | 6.67% | -2.62 Z | -3.40% | -2.51亿 | -3.27% | | 002384 | 东山精密 | | 4.01亿 | 7.95% | -1.35 亿 | -2.67% | -2.66 Z | -5.28% | | 603936 博敏电子 | | | 3.84 (Z | 29.54% | -2.22亿 | -17.10% | -1.62 ...

硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动CW激光器需求提升 硅光光模块，是基于硅光技术制造的新一代光通信模块。它是硅光技术最典型、最成熟的产品形态和应 用。传统技术主要通过多通道方案实现100G以上光模块速度的提升，然而随着数据中心、核心骨干网 等场景进入到800G/400G及更高速率时代，单通道所需的激光器芯片速率要求将随之提高，利用CMOS 工艺进行光器件开发和集成的新一代硅光技术成为一种趋势，硅光需外置CW激光器作为光源，硅光方 案推动CW激光器需求提升。 光模块需求持续提升，带动光芯片供需紧缺 根据Lightcounting，全球以太网光模块市场规模有望持续快速增长，2026年将同比增长35%至189亿美 元，2027-2030年增速还将维持在双位数以上，2030年有望突破350亿美元。背后的主要增长动力是AI基 础设施建设对以太网交换机和高速光模块的强劲需求，以及光互连技术在AI scale-up网络中的应用推 广。 国盛证券（002670）发布研报称，激光器芯片和探测器芯片合称为光芯片，是光模块的核心组成部分。 根据Lightcounting，全球以太网光模块市场规模有望持 ...

东兴数字经济混合发起A（020440）成立日期2024年1月16日，最新规模2828.88万。今年以来收益 58.79%，同类排名792/8159；近一年收益46.32%，同类排名1251/8147；成立以来收益69.54%。 东兴数字经济混合发起A（020440）基金经理为周昊。 截至发稿，周昊累计任职时间1年349天，现任基金资产总规模5135万元，任职期间最佳基金回报 69.54%， 任职期间最差基金回报69.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月29日，东山精密涨5.05%，截至发稿，报89.81元/股，成交27.39亿元，换手率2.27%，总市值 1644.97亿元。 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;柔性电路板制造设计、生产及销售业务。主营业 ...

Group 1 - The A-share market showed mixed performance on December 29, with the Shanghai Composite Index rising by 0.33%, while sectors such as chemical fiber, power generation equipment, and forestry performed well, while retail and fertilizer sectors lagged behind [1] - The Consumer Electronics ETF (159732) increased by 0.18%, with notable gains from stocks like Chuangxin Data (+3.77%), Dongshan Precision (+2.74%), Baiwei Storage (+2.51%), and Shengbang Technology (+2.38%). However, companies like Xinwanda and Huanxu Electronics saw declines of -11.63% and -2.48%, respectively [1] Group 2 - Lenovo Group plans to launch its first "AI Super Intelligent Agent" during the CES 2026, targeting the global market and positioning it as a strategic product that integrates smartphones, PCs, tablets, and wearable devices, emphasizing cross-device and cross-system intelligent collaboration [3] - According to招商证券, the trend of accelerated innovation in AI at the edge is clear for 2026-2027, with major players like Google, OAI, Meta, Alibaba, ByteDance, Apple, Xiaomi, and Honor focusing on AI terminal entry to create a closed loop of AI computing power, terminals, and applications [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant representation in electronic manufacturing and optical optoelectronics sectors [3]

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;柔性电路板制造设计、生产及销售业务。主营业务收入构成为：电子电路 产品65.23%，触控面板及液晶显示模组17.98%，精密组件产品13.93%，LED显示器件1.69%，其他 1.17%。 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：出海概念、年度强势、5G、柔 性电子、PCB概念等。 截至12月19日，东山精密股东户数9.07万，较上期增加13.63%；人均流通股15292股，较上期减少 12.00%。2025年1月-9月，东山精密实现营业收入270.71亿元，同比增长2.28%；归母净利润12.23亿元， 同比增长14.61%。 分红方面，东山精密A股上市后累计派现15.44亿元。近三年，累计派现7.31亿元。 12月29日，东山精密盘中上涨2.15%，截至10:04，报87.33元/股，成交15.86亿元，换手率1.33%，总市 值1599.54亿元。 ...

证券研究报告 | 行业深度 gszqdatemark 2025 12 28 年 月 日 电子 高速率光芯片前景广阔，看好光芯片景气周期 光芯片是光模块的核心，高速率光芯片前景广阔。激光器芯片和探测器芯 片合称为光芯片，光芯片是光器件中的核心元器件，主要用于光电信号转 换和处理，是光模块的核心组成部分，激光器芯片按出光结构可进一步分 为面发射芯片和边发射芯片，面发射芯片包括 VCSEL 芯片，边发射芯片包 括 FP、DFB 和 EML 芯片；探测器芯片主要有 PIN、APD、SPAD、SiPM。 其中，EML 技术门槛较高，AI 需求致高端 EML 产能紧缺，供应排至 2027 年后，2024 年全球 EML 激光芯片市场规模达 37.1 亿元，预计 2030 年将 增长至 74.12 亿元，年复合增长率 12.23%，目前 EML 芯片由少数国际巨 头主导，主要的供应商包括 Lumentum、Coherent（Finisar 菲尼萨）、 Mitsubishi（三菱）、Sumitomo（住友）、Broadcom（博通）等。 硅光模块具有高集成、低功耗、低成本、适合高速短距传输的特点，推动 CW 激光器需求提升。 ...

Core Viewpoint - AI computing power is the core growth engine for the PCB and copper-clad laminate industry, with high-end HDI/multi-layer boards and low-loss copper-clad laminates becoming key competitive factors [1][5]. Group 1: Copper-Clad Laminate (CCL) Manufacturers - The copper-clad laminate is a core substrate for PCBs, accounting for about 30% of PCB costs, with high technical barriers and long certification cycles leading to high industry concentration [1][6]. - Leading global manufacturers include: - Shengyi Technology: Mainland China's leader in copper-clad laminates, with M9 ultra-low loss products certified by NVIDIA, achieving over 90% yield [2]. - Kingboard Laminates: A global leader in scale, covering mid-to-high-end FR4 and low-loss series, with strong overseas delivery capabilities [2]. - Taiwan's Taisol and Panasonic: Key suppliers for NVIDIA, maintaining stable shares in ultra-low loss products [2]. - Domestic second-tier players like Huazheng New Materials and Jin'an Guoji are accelerating high-end breakthroughs, focusing on low-loss series for AI servers and communication equipment [3]. Group 2: PCB Manufacturers - The core competitiveness of PCB manufacturers lies in customer binding depth, high-end product technology, and overseas capacity layout [4]. - Leading North American players include: - Simmtech: A leader in high-end HDI and multi-layer boards, a core supplier for NVIDIA and other major clients [4]. - Unimicron: A benchmark for high-speed communication boards, with strong growth driven by AI and communication sectors [4]. - Domestic players like Shennan Circuits and Pegatron are positioned for long-term benefits from the rise of domestic computing power and breakthroughs in carrier boards [4]. Group 3: Industry Trends and Competitive Logic - Most PCB manufacturers do not produce their own copper-clad laminates due to high technical barriers and customer specifications [6]. - The competitive core dimensions focus on ultra-low loss product capacity, yield, and customer certification, as well as high-end HDI and multi-layer board technology breakthroughs [7]. - Short-term beneficiaries include Simmtech and Shengyi Technology, while mid-term beneficiaries are Shennan Circuits and Huazheng New Materials, with long-term potential seen in advanced packaging and carrier board manufacturers [7][8].

12月26日，沪铜期货价格强势攀升，一举突破99000元/吨大关，再创历史新高。 同日，全球最大覆铜板(CCL)生产商之一的建滔积层板(01888.HK)宣布，因铜价暴涨及玻璃布供应紧张，即日起对公司所有材料 价格统一上调10%。这是该公司12月以来第二次宣布涨价，值得注意的是，建滔积层板最近3个交易日股价涨超7%。此前，另一 覆铜板巨头南亚塑胶在11月也发布涨价函。 A股市场上，覆铜板指数最近走势也颇为亮眼，近25个交易日内已涨超18%。12月26日，覆铜板厂商生益科技（600183） (600183,SH)、南亚新材(688519.SH)分别涨5.4%、13.59%。 PCB龙头东山精密（002384）向以投资者身份致电的21财经.南财快讯记者表示："我们这块的话有做过商品套保，所以对于上游 原材料涨价的影响应该也可控。" 此外，鹏鼎控股（002938）也回应，称公司目前原材料价格较为稳定，暂未看到铜价上涨带来的影响。该公司此前在半年度业 绩说明会上指出，公司主要以进口高端覆铜板材料为主，此类材料的市场价格波动相对较小，因此对公司整体成本的影响也较 为有限。公司积极与上游原材料厂商加强合作与沟通，及时调整 ...

Core Viewpoint - The article discusses the challenges and strategies related to exit opportunities in the investment landscape, particularly focusing on private equity and venture capital exits in China, highlighting the need for adaptive strategies in a changing economic environment [2][10]. Group 1: Exit Challenges and Strategies - The current economic downturn has created significant challenges for exits, with many funds facing systemic exit difficulties, particularly for projects invested in 2014, where 70% have yet to exit [10][11]. - The exit environment has changed drastically compared to previous years, necessitating proactive management and strategic planning for exits rather than a passive approach [8][10]. - The need for organizational restructuring within investment firms has been emphasized to better manage the complexities of the current exit landscape [8][9]. Group 2: Investment Focus and Performance - Various investment firms have reported their focus areas, with East Capital managing 63 funds totaling 390 billion yuan, and Puhua Group focusing on early-stage investments in healthcare, new energy, and hard technology [3][4]. - Tianchuang Capital has successfully listed 25 portfolio companies and maintains an annual investment of 300-400 million yuan, focusing on hard technology sectors [5][6]. - The performance of exits varies, with some firms achieving notable success while others struggle, indicating a mixed landscape of exit opportunities [7][10]. Group 3: Regulatory and Market Support - Recent regulatory changes, such as the updated merger loan management measures, are expected to enhance support for mergers and acquisitions, with increased leverage ratios and more flexible financing options [12][13]. - The bond market is also seen as a potential source of lower-cost funding for mergers, with current interest rates being favorable compared to traditional loans [13]. - The overall sentiment is cautiously optimistic regarding the future of exits, with expectations of a more favorable market environment in 2026, particularly for IPOs and mergers [23][24]. Group 4: Future Outlook and Recommendations - The article suggests that investment firms should establish closer collaborations with listed companies to better align acquisition targets and exit strategies [16][17]. - There is a call for clearer investment strategies, focusing on companies with high growth potential and stable cash flows, to facilitate smoother exits [17][18]. - The importance of continuous communication with founders and portfolio companies is highlighted to ensure accurate assessments of business performance and exit timing [27][28].

东山精密股价创出历史新高，截至9:37，该股上涨5.60%，股价报88.81元，成交量1922.07万股，成交金 额16.74亿元，换手率1.39%，该股最新A股总市值达1626.65亿元，该股A股流通市值1231.19亿元。 证券时报·数据宝统计显示，东山精密所属的电子行业，目前整体涨幅为0.75%，行业内，目前股价上涨 的有257只，涨幅居前的有恒烁股份、臻镭科技、腾景科技等，涨幅分别为18.35%、15.62%、10.68%。 股价下跌的有212只，跌幅居前的有芯原股份、天通股份、中富电路等，跌幅分别为4.10%、3.45%、 3.07%。 两融数据显示，该股最新（12月24日）两融余额为52.95亿元，其中，融资余额为52.84亿元，近10日减 少9.03亿元，环比下降14.59%。 公司12月22日在交易所互动平台披露，截至最新（12月20日）股东户数为90652户，较上期（12月10 日）增加10876户，环比增长13.63%。 公司发布的三季报数据显示，前三季度公司共实现营业收入270.71亿元，同比增长2.28%，实现净利润 12.23亿元，同比增长14.61%，基本每股收益为0.7000元， ...