Core Viewpoint - The company, Huadian Co., Ltd. (002463.SZ), has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange, indicating a strategic move to expand its capital base and market presence [1] Group 1 - The application for H-share issuance and listing was submitted on November 28, 2025 [1] - The application materials were published on the Hong Kong Stock Exchange website and are in draft form, subject to updates and changes [1] - The issuance and listing are contingent upon approvals from relevant government agencies, regulatory bodies, and the stock exchange [1]

Core Viewpoint - Huadian Electronics Co., Ltd. (referred to as Huadian) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CICC and HSBC acting as joint sponsors. The company is a global leader in providing PCB solutions for data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of automotive electrification, intelligence, and connectivity [1]. Group 1: Company Overview - Huadian is recognized as a leading provider of PCB solutions in the global data communication and smart automotive sectors [1]. - The company’s performance growth is primarily driven by the booming demand for data centers, particularly in high-performance computing and data interconnect applications [1]. - The rapid advancement in automotive electrification, intelligence, and connectivity is expected to contribute to the company's long-term performance growth [1]. Group 2: Market Position - According to data from Zhi Shi Consulting, as of June 30, 2025, Huadian ranks first globally in PCB revenue for the data center sector, holding a market share of 10.3% [1]. - The company also ranks first globally in the category of PCBs with 22 layers or more, commanding a market share of 25.3% [1]. - Huadian leads the global market in PCB revenue for switches and routers, with a market share of 12.5% [1]. - Additionally, the company ranks first in the market for L2+ autonomous driving domain controllers' high-end HDI PCBs, with a market share of 15.2% [1].

Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, highlighting its position as a leading provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [1] Group 1: Company Overview - Huadian Electronics is recognized as a global leader in PCB solutions for data communication and smart automotive applications [1] - The company is backed by joint sponsors, China International Capital Corporation (中金公司) and HSBC [1] Group 2: Market Position and Performance - As of June 30, 2025, Huadian Electronics holds the top position in the global PCB market for data centers, with a market share of 10.3% [1] - The company ranks first globally in the production of PCBs with 22 layers or more, capturing 25.3% of the market [1] - Huadian Electronics leads the market for PCBs used in switches and routers, with a share of 12.5% [1] - The company's L2+ autonomous driving domain controller high-end HDI PCB also ranks first globally, holding a market share of 15.2% [1]

Group 1: Financial Performance - 三环集团2025年归母净利润预计为2782百万，增速为27%[1] - 沪电股份2025年归母净利润预计为4042百万，增速为56%[1] - 明阳电气2025年归母净利润预计为789百万，增速为19%[1] Group 2: Revenue Growth - 三环集团2025年营业收入预计为9207百万，增速为25%[1] - 沪电股份2025年营业收入预计为18654百万，增速为40%[1] - 明阳电气2025年营业收入预计为7886百万，增速为22%[1] Group 3: Market Opportunities - AI服务器推动MLCC行业量价齐升，预计整机用量较传统架构提高300%[1] - SOFC技术迭代升级，度电成本已与燃气轮机接近平价，带来放量机会[1] - 牧原股份生猪屠宰量同比增长140%，Q3屠宰肉食业务实现单季度盈利[1]

Core Viewpoint - Huadian Electronics Co., Ltd. (referred to as "Huadian") has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading provider of PCB solutions in the data communication and smart automotive sectors, capitalizing on the trends of AI data centers and electric vehicle intelligence [2] Company Overview - Huadian's core revenue comes from PCB product sales, consistently accounting for over 95% of total revenue during the reporting period: 95.2% in 2022, 95.9% in 2023, 96.3% in 2024, and 95.6% in the first half of 2025 [4] - The company has a strong market position in various PCB products, leading globally with a 10.3% market share in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in PCBs for switches and routers, and 15.2% in L2+ autonomous driving domain controllers [2] Competitive Advantages - Huadian has identified five core competitive advantages: focus on PCB core business, diverse customer ecosystem, leading technology for high-performance products, quality management and green manufacturing, and a seasoned management team [5] - The company aims to enhance its competitiveness through technology, expand high-end production capacity, and seek strategic mergers and acquisitions while maintaining talent-driven strategies [5] Industry Outlook - The global PCB market is projected to grow significantly, from $75 billion in 2024 to $96.8 billion by 2029, driven by AI and cloud computing, as well as the electrification and intelligence transformation in the automotive sector [5] - The data communication PCB market is expected to increase from $21.8 billion in 2024 to $32.7 billion by 2029, while the automotive PCB market is forecasted to grow from $9.2 billion to $11.5 billion in the same period, indicating that Huadian is well-positioned to benefit from these high-growth sectors [5]

Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

（文章来源：每日经济新闻） 每经AI快讯，11月28日，港交所文件显示，沪士电子股份有限公司向港交所提交上市申请书，联席保 荐人为中金公司、汇丰。 ...

Core Viewpoint - Huishi Electronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] Group 1 - The company is seeking to go public through the Hong Kong Stock Exchange [1]

Market Overview - On November 27, the Shanghai Composite Index closed at 3875.26 points, up 0.29%, with a trading volume of 698.5 billion yuan. The Shenzhen Component Index closed at 12875.19 points, down 0.25%, with a trading volume of 1011.275 billion yuan. The ChiNext Index closed at 3031.30 points, down 0.44%, with a trading volume of 499.106 billion yuan. The total trading volume of both markets was 1709.775 billion yuan, a decrease of 73.552 billion yuan compared to the previous trading day [1]. Sector Performance - The chemical, light manufacturing, petroleum and petrochemical, coal, beauty care, and public utilities sectors showed the highest gains. Concepts such as organic silicon, solid-state batteries, and AI mobile phones were particularly active. In contrast, sectors like media, retail, computer, real estate, and transportation experienced declines [2]. Stock Performance - A total of 2732 stocks rose while 2227 stocks fell, with 195 stocks remaining flat and 15 stocks suspended. Excluding newly listed stocks, there were 63 stocks that hit the daily limit up, while 14 stocks hit the limit down [2]. Fund Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 18.622 billion yuan, with the ChiNext experiencing a net outflow of 9.423 billion yuan. The most significant net inflow was seen in the light manufacturing sector, amounting to 471 million yuan [4]. Individual Stock Highlights - Among individual stocks, ZTE Corporation (000063) had the highest net inflow of main funds at 915 million yuan, followed by Annie Co., Ltd. (002235) with 398 million yuan and Shannon Technology with 384 million yuan [8][9]. - Conversely, Zhongji Xuchuang (300308) experienced the largest net outflow of 1.479 billion yuan, followed by Huadian Electric (002463) with 954 million yuan and CATL (300750) with 806 million yuan [11][12]. Institutional Activity - Institutions had a net buy of 9 stocks, with Haike New Source being the most purchased stock at approximately 133 million yuan. The most sold stock was Shanghai Film, with a net sell of about 86.869 million yuan [14][15].

Core Viewpoint - The company, Huadian Co., Ltd. (002463.SZ), announced corrections to its previously disclosed procurement data for the years 2022, 2023, and 2024, specifically regarding the top five suppliers' procurement amounts and their proportions of total procurement [1] Group 1: Procurement Data Corrections - For the year 2022, the total procurement amount from the top five suppliers was corrected from 1.843 billion to 1.894 billion, with the proportion of total procurement significantly reduced from 42.97% to 33.99% [1] - In 2023, the total procurement amount was adjusted from 2.160 billion to 2.179 billion, and the proportion was revised from 48.73% to 41.25% [1] - The most notable change occurred in 2024, where the total procurement amount from the top five suppliers was slightly adjusted from 3.904 billion to 3.936 billion, while the proportion dropped from 54.48% to 40.46% [1] Group 2: Individual Supplier Adjustments - At the individual supplier level, the procurement share of the largest supplier in 2024 was adjusted from 28.70% to 21.14%, and the procurement amount and share for the fifth largest supplier in 2022 were also updated [2] - The adjustments indicate a more balanced trend in the procurement concentration of the top five suppliers over the past three years, with the concentration in 2024 returning to a level similar to that of 2023 [2]