证券日报网讯兴森科技（002436）9月11日在互动平台回答投资者提问时表示，公司产线均正常开工， 整体稼动率维持稳定向上。 ...

Group 1 - The 6G concept sector saw an increase of 4.44%, ranking 10th among concept sectors, with 67 stocks rising, including Jin Xin Nuo which hit a 20% limit up [1] - Notable gainers in the 6G sector included Shi Jia Technology, Chongda Technology, and Jing Wang Electronics, all reaching their daily limit up, while Chuang Yuan Xin Ke, Si Te Qi, and Da Hua Intelligent experienced declines [1] - The 6G concept sector attracted a net inflow of 2.532 billion yuan, with 44 stocks receiving net inflows, and 11 stocks exceeding 100 million yuan in net inflow, led by Zhongxing Communications with 999.2 million yuan [2][3] Group 2 - The top stocks by net inflow ratio in the 6G concept included Zhongjing Electronics, Jin Xin Nuo, and Jing Wang Electronics, with net inflow ratios of 25.78%, 24.56%, and 22.74% respectively [3] - The highest daily turnover rates were observed in Zhongjing Electronics and Jin Xin Nuo, with turnover rates of 20.12% and 20.81% respectively [3] - Other notable stocks in the 6G sector included Hua Gong Technology and Xing Sen Technology, which also showed significant gains and net inflows [3][4]

Market Overview - On September 11, the component sector rose by 10.18% compared to the previous trading day, with SiHui FuShi leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Key Stocks Performance - SiHui FuShi (300852) closed at 44.29, with a significant increase of 19.99% and a trading volume of 108,800 shares, amounting to a transaction value of 457 million [1] - Shenghong Technology (300476) saw a rise of 16.28%, closing at 338.00 with a trading volume of 929,400 shares, resulting in a transaction value of 29.143 billion [1] - Nanya New Materials (615889) increased by 14.14%, closing at 72.88 with a trading volume of 111,000 shares [1] - Other notable performers include: - Shengyi Electronics (688183): +13.80%, closing at 89.07 - Zhongfu Circuit (300814): +13.63%, closing at 44.36 - Chongda Technology (002815): +10.01%, closing at 16.48 [1] Capital Flow Analysis - The component sector experienced a net inflow of 6.681 billion in main funds, while retail funds saw a net outflow of 3.827 billion and 2.854 billion respectively [1] - Specific stock capital flows indicate: - Shenghong Technology had a main fund net inflow of 12.05 billion, with retail outflows of 4.29 billion [2] - Huadian Co. (002463) had a main fund net inflow of 7.31 billion, with retail outflows of 3.31 billion [2] - Other stocks like Shengyi Technology (600601) and Shennan Circuit (002916) also showed significant capital movements [2]

证券日报网讯兴森科技（002436）9月9日在互动平台回答投资者提问时表示，公司集中力量与资源研究 开发埋入式基板、超大尺寸FCBGA封装基板、玻璃基板、卫星通信PCB、高多层半导体测试PCB以及 高厚径比镀铜能力、精细线路产品等项目。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China PCB (Printed Circuit Board) Sector - **Key Focus**: AI demand and its impact on PCB design and production Core Insights 1. **AI Demand**: AI remains the most significant driver of demand in the PCB sector, particularly for High Density Interconnect (HDI) and High Layer Count (HLC) PCBs, with strong order visibility extending into Q3 and Q425 [2][3] 2. **Midplane Adoption**: Discussions indicate a potential shift towards midplane designs replacing copper cables in future AI systems, with clearer visibility expected by Q425 [2] 3. **Material Trends**: M9-grade high-speed Copper Clad Laminate (CCL) is anticipated for midplane PCBs, while interest in PTFE is declining due to its thermal expansion issues and processing challenges [2] 4. **Capacity Expansion**: Chinese PCB manufacturers are experiencing extended lead times for critical equipment due to aggressive capacity expansions, which are on schedule as orders were placed in advance [2] Company-Specific Insights Shennan 1. **Growth Drivers**: AI has significantly contributed to Shennan's growth in both data and wire communication sectors [3] 2. **Capacity Management**: Shennan is cautious about capacity expansion, resolving bottlenecks through technology upgrades and planning new capacity in Nantong and Thailand for late 2026 [3] 3. **Order Visibility**: Demand from domestic memory customers has kept order visibility strong, although there are concerns about potential double bookings due to raw material shortages [3] Dongshan 1. **Earnings Pressure**: Dongshan anticipates pressure on earnings for 2025 due to limited growth in smartphone FPC content and losses from a disposal of a non-profitable LED business [4] 2. **Consolidation Benefits**: The upcoming consolidation with Source Photonics and GMD is expected to enhance profitability through debt restructuring and operational synergies, with benefits starting in 2026 [4] Victory Giant (VGT) 1. **Capacity Expansion**: VGT is aggressively expanding its capacity, adding 15,000 sqm/month for HDI and 50,000 sqm/month for HLC in Huizhou and Thailand [5] 2. **Demand-Driven Growth**: The expansion is backed by demand from a major North American AI customer for next-gen PCB designs [5] Risks and Considerations 1. **Global AI Deployment**: Risks include slower-than-expected AI deployment both globally and in China, which could impact demand [7] 2. **CAPEX Plans**: Weaker-than-expected capital expenditure plans from hyperscalers for data centers and servers could pose risks [7] 3. **Tariffs and Regulations**: Higher tariffs affecting consumer electronics and potential tightening of environmental regulations in China are additional risks [7] Valuation and Risk Statements - **Shennan**: Valuation based on a sum-of-the-parts method, with risks including slower server demand and pricing pressures [8] - **Dongshan**: Valuation based on target PE multiples, with risks from ASP cuts and iPhone procurement challenges [8] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics within the China PCB sector, company-specific developments, and associated risks.

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

Core Insights - The company reported a revenue of 3.426 billion yuan for the first half of 2025, representing a year-on-year increase of 18.91% [1] - The net profit attributable to shareholders for the same period was 29 million yuan, up 47.85% year-on-year [1] - In Q2 2025, the company achieved a revenue of 1.846 billion yuan, a year-on-year increase of 23.69% and a quarter-on-quarter increase of 16.88% [1] PCB Business Performance - The PCB business generated a revenue of 2.448 billion yuan in the first half of 2025, reflecting a year-on-year growth of 12.80% [1] - Beijing Xingfei benefited from the recovery of high-end mobile phone business, achieving a revenue of 500 million yuan, which is a 25.50% increase year-on-year [1] - The net profit for Beijing Xingfei reached 85.5644 million yuan, marking a year-on-year increase of 46.86% [1] Semiconductor Business Expansion - The semiconductor business recorded a revenue of 831 million yuan in the first half of 2025, a year-on-year increase of 38.39% [2] - The gross margin for this segment was -16.78%, which is an improvement of 16.41 percentage points year-on-year [2] - The CSP packaging substrate business saw significant growth due to the recovery in the storage chip industry and increased market share from major storage clients [2] Future Projections - The company is expected to achieve revenues of 7.077 billion yuan, 8.780 billion yuan, and 10.820 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The projected net profits for the same years are 106 million yuan, 331 million yuan, and 746 million yuan [2] - Corresponding price-to-earnings ratios are forecasted to be 293.2, 93.5, and 41.5 times [2]

Group 1 - The core viewpoint of the article is that Xingsen Technology (002436) has made advancements in FOPoP-related technology and is in discussions with clients to establish corresponding technical reserves, although the industrialization of this technology will require additional time to progress [1] Group 2 - The company has already laid out plans for FOPoP technology and is actively engaging with clients [1] - The industrialization of the FOPoP technology is acknowledged to need further time for implementation [1]

证券日报网讯兴森科技9月3日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东总户 数为十三万零四百余户。 （文章来源：证券日报） ...

Summary of Conference Call Notes Industry Overview - **Industry**: China PCB Sector - **Key Focus**: AI demand and its impact on PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) sectors Core Insights 1. **AI Demand**: AI remains the most significant driver of demand in the PCB sector, particularly for High Density Interconnect (HDI) and High Layer Count (HLC) PCBs, with strong order visibility extending into Q3 and Q425 [2][3] 2. **Midplane Adoption**: Discussions indicate a potential shift towards midplane designs replacing copper cables in future AI systems, with clearer visibility expected by Q425 [2] 3. **Material Preferences**: M9-grade high-speed CCL is anticipated for midplane PCBs, while interest in PTFE is declining due to its thermal expansion issues and processing challenges [2] 4. **Capacity Expansion**: Chinese PCB manufacturers are experiencing extended lead times for critical equipment due to aggressive capacity expansions, which are reportedly on schedule as orders were placed in advance [2] Company-Specific Insights Shennan Circuit 1. **Growth Drivers**: AI has significantly contributed to Shennan's growth in 1H25, particularly in data and wire communication sectors [3] 2. **Capacity Management**: Shennan is cautious about capacity expansion, having resolved bottlenecks in drilling and electroplating, with new capacity expected to come online in late 2026 [3] 3. **Order Visibility**: Demand for BT substrates from domestic memory customers is strong, but Shennan is conservative about the sustainability of BT orders into 2026 due to potential double bookings [3] Dongshan 1. **Earnings Pressure**: Dongshan anticipates pressure on earnings for 2025 due to limited growth in smartphone FPC content and losses from a disposal of a loss-making LED business [4] 2. **Consolidation Benefits**: The consolidation of Source Photonics and GMD is expected to enhance profitability through debt restructuring and operational synergies, with benefits starting in 2026 [4] Victory Giant (VGT) 1. **Capacity Expansion**: VGT is aggressively expanding capacity with plans for 15k sqm/month HDI and 50k sqm/month HLC in Huizhou and Thailand, driven by demand from a major North American AI customer [5] 2. **Production Utilization**: Current capacity is fully allocated, but production utilization may be slightly affected as the company transitions to next-gen products [5] Risks and Considerations 1. **Global AI Deployment**: Risks include slower-than-expected AI deployment both globally and in China, which could impact demand [7] 2. **CAPEX Plans**: Weaker-than-expected capital expenditure plans from hyperscalers for IDCs and servers could pose risks to the PCB sector [7] 3. **Tariffs and Regulations**: Higher-than-expected tariffs and tightening environmental regulations in China could adversely affect demand for consumer electronics and automobiles [7] Valuation and Risk Statements - **Shennan Circuit**: Valuation based on sum-of-the-parts method; risks include slower server demand and pricing pressures [8] - **Dongshan**: Valuation based on target PE multiple; risks include ASP cuts and iPhone procurement challenges [8] Conclusion The China PCB sector is poised for growth driven by AI demand, with specific companies like Shennan and Dongshan navigating challenges and opportunities through strategic capacity management and consolidation efforts. However, external risks related to global deployment of AI and regulatory changes remain critical factors to monitor.