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.

证券代码：002436 证券简称： 兴森科技 公告编号：2025-08-046 深圳市兴森快捷电路科技股份有限公司 关于部分募集资金专户销户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）于近日完成了部分募 集资金专用账户销户工作，现将相关情况公告如下： 一、募集资金的基本情况 资金三方监管协议》；子公司宜兴硅谷电子科技有限公司、广州科技已开立募集资金专 项账户对募集资金的存储与使用进行管理，并于2022年9月8日分别与公司、招商银行股 份有限公司广州科技园支行、上海浦东发展银行股份有限公司深圳分行以及保荐机构民 生证券股份有限公司签署了《募集资金四方监管协议》；2023年5月，公司及全资子公 司北京兴斐控股有限公司（原广州兴森投资有限公司）与中国工商银行股份有限公司深 圳南山支行、保荐机构民生证券股份有限公司签订了《募集资金四方监管协议》。公司 严格按照募集资金监管协议的规定使用募集资金。 经中国证券监督管理委员会证监许可[2021]3305 号文核准，同意公司向特定对象发 行人民币普通股 201 ...

截至8月6日午后一小时，主力资金流出前20的股票分别为：西藏天路（-9.14亿元）、恒瑞医药（-6.17 亿元）、海光信息（-5.62亿元）、东信和平（-4.96亿元）、中际旭创（-3.91亿元）、陕西煤业（-3.35 亿元）、上纬新材（-3.09亿元）、天府文旅（-2.99亿元）、福日电子（-2.89亿元）、中银证券（-2.81 亿元）、工业富联（-2.68亿元）、江淮汽车（-2.68亿元）、寒武纪-U（-2.65亿元）、翰宇药业（-2.51 亿元）、宁德时代（-2.48亿元）、山河智能（-2.45亿元）、ST华通（-2.32亿元）、兴森科技（-2.24亿 元）、中科曙光（-2.10亿元）、仕佳光子（-2.06亿元）。 本文源自：金融界 作者：金股通 ...

证券之星消息，8月5日元件板块较上一交易日下跌0.56%，兴森科技领跌。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。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出16.72亿元，游资资金净流出1.92亿元，散户资金净流 入18.64亿元。元件板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Summary of Xingsen Technology Conference Call Company Overview - **Company**: Xingsen Technology - **Industry**: PCB (Printed Circuit Board) and Substrate Manufacturing Key Points and Arguments Business Expansion and Production Capacity - Xingsen Technology enhanced its production capacity for HDI (High-Density Interconnect) and SLP (Semi-Laminated Process) boards through the acquisition of the Xingfei factory, laying the foundation for higher-end mSAP (Modified Semi-Additive Process) and SRP (Semi-Rigid PCB) production, thus improving overall competitiveness [2][3] - The company is actively expanding its product offerings to overseas core computing power customers, capitalizing on the tight supply-demand situation in the high-end PCB market [3] Technological Advantages - Xingsen Technology has accumulated significant experience in producing IC substrates, allowing it to leverage this capability to produce advanced HDI products [4] - The company possesses the technical potential to enter the COWOP (Chip-on-Wafer-on-Panel) packaging field, which requires stringent production standards [4] Market Trends and Financial Performance - In Q2 2025, the BT substrate market is expected to see price increases of 10%-20% due to rising demand in the storage market, potentially boosting gross margins by 14-15 percentage points and contributing over 100 million yuan in profit [2][13] - The AI market's growth is driving increased demand for high-end PCBs, with expectations of reduced losses at the Yixing factory and significant profit elasticity from overseas collaborations [2][13] Revenue Growth Projections - For 2025, Xingsen anticipates continued growth in its small-batch business, with Yixing expected to significantly reduce losses. The Bilibili business is projected to grow over 20%, and semiconductor test boards are expected to maintain a 30% compound annual growth rate [15] - The company expects to turn losses into profits in the Zhuhai BT substrate segment, with last year's losses of approximately 70 million yuan expected to be reversed this year [15] Strategic Collaborations - Collaborations with overseas major clients are crucial for Xingsen's development, providing significant profit elasticity and the potential to attract more clients, thus transforming the company's customer and product structure [14] Future Outlook - The company is optimistic about its profitability in 2026, with the effects of BT substrate price increases expected to manifest throughout the year, alongside collaborations with Yixing and potential overseas clients [16] Additional Important Insights - The substrate market is currently dominated by Japanese, Korean, and Taiwanese manufacturers, with Xingsen and Shenzhen Deep South Circuit holding a combined market share of only about 5% [11][12] - The global market for substrates is approximately 20 billion USD, with significant barriers to entry due to high investment requirements and stringent supplier certification processes [11]

Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

证券代码：002436 证券简称：兴森科技 公告编号：2025-08-045 深圳市兴森快捷电路科技股份有限公司 关于 2021 年员工持股计划出售完毕暨终止的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市兴森快捷电路科技股份有限公司（以下简称"公司"）2021 年员工持股计划（以下 简称"本持股计划"）所持有的公司股票已于近日全部出售完毕，根据中国证监会《关于上市 公司实施员工持股计划试点的指导意见》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》及《深圳市兴森快捷电路科技股份有限公司 2021 年员工持股计划（修 订稿）》的相关规定，现将有关情况公告如下： 一、员工持股计划的基本情况 公司分别于 2021 年 7 月 14 日、2021 年 7 月 30 日召开了第六届董事会第四次会议、第六 届监事会第三次会议和 2021 年第四次临时股东大会，均审议通过了《关于<深圳市兴森快捷电 路科技股份有限公司 2021 年员工持股计划（草案）>及其摘要的议案》等相关议案。详见公司 于2021年7月15日、2021年7月31日 ...

格隆汇8月1日丨兴森科技(002436.SZ)于投资者互动平台表示，公司CSP封装基板产能已处于满产状态， 正处于扩产之中。FCBGA封装基板项目市场拓展、客户认证均按计划稳步推进中。 ...

格隆汇8月1日丨兴森科技(002436.SZ)于投资者互动平台表示，公司FCBGA封装基板项目目前处于小批 量生产阶段，市场拓展、客户认证均按计划稳步推进中，大批量量产的进度主要取决于行业需求恢复状 况、客户自身的量产进展及其供应商管理策略。 ...

作者：金股通 截至8月1日收盘回顾，主力资金流出前20的股票分别为：新易盛（-14.68亿元）、北方稀土（-12.50亿 元）、天风证券（-12.07亿元）、药明康德（-8.96亿元）、盛和资源（-8.70亿元）、东芯股份（-8.12亿 元）、中际旭创（-6.84亿元）、工业富联（-6.66亿元）、英维克（-6.63亿元）、胜宏科技（-6.56亿 元）、浪潮信息（-6.46亿元）、东山精密（-5.60亿元）、拓维信息（-5.46亿元）、西藏天路（-5.33亿 元）、包钢股份（-5.23亿元）、兴森科技（-5.00亿元）、易点天下（-4.84亿元）、长城军工（-4.75亿 元）、南兴股份（-4.45亿元）、中国电建（-4.40亿元）。 本文源自：金融界 ...