每经AI快讯，11月14日，电路板指数盘中出现显著调整，成分股普跌，科翔股份领跌7.08%，方邦股 份、中富电路、东山精密、兴森科技跌幅居前。 （文章来源：每日经济新闻） ...

（文章来源：证券日报） 证券日报网讯兴森科技11月13日在互动平台回答投资者提问时表示，公司信息请以公司披露的公告为 准。 ...

Core Viewpoint - The company is currently in the small batch production phase of its FCBGA packaging substrate project, with market expansion and customer certification progressing as planned [1] Group 1 - The FCBGA packaging substrate's production capacity, technology, and yield are sufficient to meet the demands of existing customers [1]

Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the AI wave, with new policies aimed at promoting high-end, green, and intelligent transformation [1] - The demand for AI servers and high-speed networks is significantly boosting the high-end PCB market, with substantial projected growth rates for specific PCB products [1] - The financial performance of PCB companies reflects this market boom, with notable revenue and profit increases across the sector [3][4] Industry Overview - The Ministry of Industry and Information Technology has solicited opinions on a draft regulation to eliminate outdated capacity and encourage technological innovation in the PCB industry [1] - According to Prismark, the market for 18-layer and above high multilayer boards and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively [1] - The annual compound growth rate for AI server-related HDI from 2023 to 2028 is projected to be 16.3%, marking it as the fastest-growing segment in the AI server PCB market [1] Company Performance - A total of 44 listed PCB companies in A-shares reported a combined revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit of 20.86 billion yuan, with a growth rate of 62.15% [3] - Over 75% of these companies reported a year-on-year increase in net profit, with four companies successfully turning losses into profits [3] - Leading company Shengyi Technology saw a remarkable revenue increase of 114.79% and a net profit surge of 497.61% in the first three quarters [3] - Another company, Xingsen Technology, reported over 23% revenue growth and is expanding its production capacity [3] Capital Market Interest - As of the end of Q3, 13 PCB concept stocks were heavily held by QFII, with a total market value of 16.635 billion yuan [4] - Shengyi Technology had a QFII holding ratio of 12.32%, with a market value of 15.936 billion yuan, indicating strong foreign investor confidence [4] - Other companies like Jingwang Electronics and Junya Technology also attracted QFII investments, with notable foreign institutions among their top shareholders [4]

Core Insights - The Ministry of Industry and Information Technology (MIIT) is seeking public opinion on the management measures for the printed circuit board (PCB) industry, focusing on eliminating outdated capacity, encouraging technological innovation, and clarifying technical indicators to promote high-end, green, and intelligent development of the industry [1][4]. Market Expansion - The PCB market is experiencing significant expansion driven by AI demand, with high-end product output value increasing substantially [2][3]. - According to Prismark, the output value of high-layer boards (18 layers and above) and HDI boards is expected to grow by 40.3% and 18.8% year-on-year in 2024, respectively, fueled by strong demand from AI servers and high-speed networks [3]. Industry Performance - In the first three quarters of the year, the PCB industry in the A-share market, comprising 44 listed companies, reported a total revenue of 216.19 billion yuan, a year-on-year increase of 25.36%, and a net profit attributable to shareholders of 20.86 billion yuan, up 62.15% [4]. - Notably, 75% of the companies reported a year-on-year increase in net profit, with significant growth from companies like Shengyi Technology and Nanya New Material, both exceeding 100% growth [4]. Company Highlights - Shengyi Technology reported a revenue of 6.83 billion yuan, a year-on-year increase of 114.79%, and a net profit of 1.12 billion yuan, up 497.61% [4]. - Xingsen Technology achieved the fastest revenue growth among the companies, reaching 5.37 billion yuan, a 23.48% increase year-on-year, and is expanding its capacity in CSP packaging substrates [5]. Foreign Investment - As of the end of the third quarter, several PCB stocks have attracted foreign investment, with QFII holding a total market value of 16.635 billion yuan in 13 stocks [6]. - Shengyi Technology leads in QFII holdings with a market value of 15.936 billion yuan, followed by Jingwang Electronics and Junya Technology [6].

Group 1 - The company, Xingsen Technology, stated on November 12 that its CSP packaging substrates are primarily used in storage chips and RF chips [2] - The customer base includes major South Korean and domestic storage chip clients [2]

Market Overview - The Shanghai Composite Index fell by 0.07% on November 12, with 11 sectors experiencing gains, led by household appliances and comprehensive sectors, which rose by 1.22% and 1.05% respectively [1] - The sectors with the largest declines were power equipment and machinery, which fell by 2.10% and 1.23% respectively [1] - The electronic sector decreased by 0.44% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 58.897 billion yuan, with five sectors seeing net inflows [1] - The pharmaceutical and biological sector had the highest net inflow, amounting to 2.402 billion yuan, with a daily increase of 0.61% [1] - The banking sector also saw a net inflow of 1.810 billion yuan, with a daily increase of 0.50% [1] Electronic Sector Performance - The electronic sector experienced a net outflow of 4.641 billion yuan, with 470 stocks in the sector; 123 stocks rose while 344 stocks fell [2] - Among the stocks with significant net inflows, Luxshare Precision led with a net inflow of 911 million yuan, followed by Shannon Microelectronics and Haoshanghao with inflows of 757 million yuan and 737 million yuan respectively [2] - The stocks with the largest net outflows included Zhaoyi Innovation, Xingsen Technology, and Jiangbolong, with outflows of 419 million yuan, 392 million yuan, and 388 million yuan respectively [2][3] Electronic Sector Capital Inflow and Outflow - The top stocks in terms of capital inflow included: - Luxshare Precision: +2.27%, 1.87% turnover, 910.59 million yuan inflow - Shannon Microelectronics: +10.47%, 15.57% turnover, 757.12 million yuan inflow - Haoshanghao: +9.99%, 25.06% turnover, 736.89 million yuan inflow [2] - The top stocks in terms of capital outflow included: - Zhaoyi Innovation: -3.45%, 5.24% turnover, -419.28 million yuan outflow - Xingsen Technology: -8.02%, 11.22% turnover, -392.29 million yuan outflow - Jiangbolong: +2.74%, 9.15% turnover, -387.86 million yuan outflow [3]

Market Overview - The component sector experienced a decline of 1.2% on November 12, with Xingsen Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Performers - Kexiang Co., Ltd. (300903) saw a significant increase of 19.98%, closing at 21.14 with a trading volume of 983,600 shares and a turnover of 1.966 billion [1] - Jin'an Guoji (002636) rose by 6.11%, closing at 17.72 with a trading volume of 800,000 shares and a turnover of 1.378 billion [1] - Shangluo Electronics (300975) increased by 5.68%, closing at 15.63 with a trading volume of 1,008,500 shares and a turnover of 1.535 billion [1] Underperformers - Xiling Technology (002436) fell by 8.02%, closing at 21.23 with a trading volume of 1,694,400 shares [2] - Sanhuan Group (300408) decreased by 5.21%, closing at 46.75 with a trading volume of 395,000 shares [2] - Huazheng New Materials (603186) dropped by 3.99%, closing at 41.37 with a trading volume of 87,200 shares [2] Capital Flow - The component sector saw a net outflow of 760 million from institutional investors, while retail investors contributed a net inflow of 964 million [2] - The capital flow data indicates that institutional investors are withdrawing, while retail investors are increasing their positions [2] Individual Stock Capital Flow - Shengyi Electronics (688183) had a net inflow of 2.65 billion from institutional investors, but a net outflow of 429.268 million from retail investors [3] - Kexiang Co., Ltd. (300903) experienced a net inflow of 2.24 billion from institutional investors, with retail investors withdrawing 888.327 million [3] - Sanhuan Group (300408) had a net inflow of 774.568 million from institutional investors, while retail investors saw a net inflow of 57.606 million [3]

Core Viewpoint - The company, Xingsen Technology, has indicated that its CSP packaging substrates primarily serve downstream sectors including storage chips and RF chips, with a customer base that includes major South Korean and domestic storage chip clients [1] Group 1 - The main downstream applications of the company's CSP packaging substrates are in storage chips and RF chips [1] - The customer base for the company's products includes significant South Korean and domestic storage chip clients [1]

Core Viewpoint - The company, Xingsen Technology (002436.SZ), has stated that it currently has no plans for overseas factory construction [1] Group 1 - The company has communicated its position on overseas expansion, indicating no immediate plans for establishing factories outside of its current operations [1]