截至12月1日，市场融资余额合计2.47万亿元，较前一交易日增加102.08亿元，这已经是融资余额连续5 个交易日持续增加，其中，沪市融资余额12486.17亿元，较前一交易日增加52.82亿元；深市融资余额 12105.23亿元，较前一交易日增加48.84亿元；北交所融资余额75.69亿元，较前一交易日增加4184.58万 元。 证券时报·数据宝统计显示，具体到个股，12月1日共有1937只股获融资净买入，净买入金额在千万元以 上的有520只，其中43只融资净买入额超亿元。沪电股份融资净买入额居首，当日净买入5.73亿元，其 次是香农芯创、紫金矿业，融资净买入金额分别为5.60亿元、4.62亿元，融资净买入金额居前的还有杰 瑞股份、宁德时代、东方精工等。 | 代码 | 简称 | 12月1日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 002463 | 沪电股 份 | 3.80 | 57347.07 | 34558 ...

Group 1 - As of December 1, the margin trading balance of A-shares reached 24,843.11 billion yuan, an increase of 107.33 billion yuan from the previous trading day, accounting for 2.57% of the A-share circulating market value [1] - The margin trading turnover on the same day was 1,925.07 billion yuan, up by 347.62 billion yuan from the previous trading day, representing 10.18% of the total A-share trading volume [1] - Among the 31 primary industries, 21 experienced net financing inflows, with the electronics sector leading at a net inflow of 4.265 billion yuan [1] Group 2 - A total of 43 stocks had net financing inflows exceeding 100 million yuan, with Huadian Co., Ltd. receiving the highest net inflow of 573 million yuan [1] - Other notable stocks with significant net financing inflows include Xiangnan Xinchuan, Zijin Mining, Jereh Co., Ltd., Ningde Times, Dongfang Precision, Cambrian, Zhaoyi Innovation, Huagong Technology, and Northern Rare Earth [1][2]

个股方面，12月1日，有1937只个股获融资净买入，净买入金额在5000万元以上的有104股。其中，14股 获融资净买入额超2亿元。沪电股份获融资净买入额居首，净买入5.73亿元；融资净买入金额居前的还 有香农芯创、紫金矿业、杰瑞股份、宁德时代、东方精工、寒武纪、兆易创新、华工科技等股。 Wind统计显示，12月1日，申万31个一级行业中有21个行业获融资净买入，其中，电子行业获融资净买 入额居首，当日净买入42.65亿元；获融资净买入居前的行业还有有色金属、机械设备、电力设备、国 防军工、计算机、房地产、医药生物等。 ...

沪深两市数据显示，12月1日，融资净买入前十的股票分别为：沪电股份（5.73亿元）、香农芯创（5.60 亿元）、紫金矿业（4.62亿元）、杰瑞股份（4.12亿元）、宁德时代（3.99亿元）、东方精工（3.92亿 元）、寒武纪（2.85亿元）、兆易创新（2.48亿元）、华工科技（2.43亿元）、北方稀土（2.34亿元）。 ...

Core Viewpoint - The company, Huadian Co., is set to go public in Hong Kong, aiming to raise funds for capacity expansion and investment in high-performance PCB technology, particularly in data communication and smart automotive sectors [2][6]. Group 1: Company Overview - Huadian Co. is a leading provider of PCB solutions in the data communication and smart automotive sectors, with a focus on high-growth and high-tech barrier products [3]. - The company has seen its stock price increase by over 84% this year, reaching a market capitalization of 138.7 billion RMB, with a TTM P/E ratio of 40.14, which is relatively low within the PCB sector [3]. Group 2: Financial Performance - Revenue for Huadian Co. from 2022 to 2024 is projected to grow from 83.36 billion RMB to 133.42 billion RMB, with net profits increasing from 13.62 billion RMB to 25.66 billion RMB, indicating a rising profit margin from 16.3% to 19.2% [6]. - For the first three quarters of 2025, the company reported revenue of 135.12 billion RMB, a year-on-year increase of 49.96%, and a net profit of 27.13 billion RMB, up 48.25% [6]. Group 3: Market Position and Competitive Advantage - Huadian Co. holds the top position globally in several PCB categories, including data center PCBs with a market share of 10.3%, and 22-layer and above PCBs with a market share of 25.3% [5]. - The company has developed advanced technologies, including 108-layer multi-layer board technology and the ability to mass-produce power semiconductor embedded PCBs, solidifying its competitive edge in the industry [5]. Group 4: Future Growth Drivers - The demand for AI-driven data centers and the rapid development of automotive electrification and intelligence are expected to significantly boost the company's long-term performance [6]. - The revenue contribution from AI servers and HPC is projected to grow substantially, indicating a shift towards high-end PCB demand driven by cloud computing and AI applications [7]. Group 5: Dividend Policy and Shareholder Structure - The company has been generous with dividends, declaring 2.85 billion RMB in 2022, increasing to 9.62 billion RMB in the first half of 2025 [6]. - The Wu family holds a significant voting power of 20.35% through their holdings, benefiting from the company's dividend policies [7]. Group 6: Inventory Management - Huadian Co. has experienced a significant increase in inventory, with figures rising from 15.51 billion RMB in 2022 to 29.42 billion RMB in the first half of 2025, although inventory turnover days have remained stable [8].

证券研究报告·公司点评报告·元件 沪电股份（002463） 赴港递表加速全球化，谷歌 TPU 放量迎量价 齐升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,938 | 13,342 | 18,339 | 25,492 | 29,315 | | 同比（%） | 7.23 | 49.26 | 37.46 | 39.00 | 15.00 | | 归母净利润（百万元） | 1,513 | 2,587 | 3,615 | 5,745 | 7,028 | | 同比（%） | 11.09 | 71.05 | 39.72 | 58.92 | 22.34 | | EPS-最新摊薄（元/股） | 0.79 | 1.34 | 1.88 | 2.99 | 3.65 | | P/E（现价&最新摊薄） | 100.99 | 59.04 | 42.26 | 26.59 | 21.74 | [Table_Tag] [Table_Summ ...

Group 1: SAIC Motor Corporation - In November, SAIC Motor's total vehicle sales reached 460,800 units, a year-on-year decrease of 3.75% [1] - New energy vehicle sales were 209,400 units, showing a year-on-year increase of 19.75% [1] - Cumulative vehicle sales from January to November reached 4,108,100 units, a year-on-year increase of 16.38% [1] - SAIC's subsidiary plans to establish a private equity fund focused on the smart electric vehicle industry with an initial subscription size of 1.09 billion yuan [1] Group 2: Top Group - Top Group is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - The company is in discussions with relevant intermediaries regarding the specifics of the H-share listing [2] Group 3: Ningbo Fuda - Ningbo Fuda's subsidiary intends to publicly sell 100% equity of its subsidiary, Hekou Yingzhou Cement Company, with an assessed value of 1.5752 million yuan [4] Group 4: Fuguang Co., Ltd. - Fuguang Co., Ltd. plans to sell a 25% stake in its associate company, Xiaotunpai, for 67.2636 million yuan [5] Group 5: Puluo Pharmaceutical - Puluo Pharmaceutical's subsidiary received a drug registration certificate for Amoxicillin and Clavulanate Potassium Tablets, used for various infections [6][7] Group 6: Fosun Pharma - Fosun Pharma's subsidiary received approval to conduct Phase I clinical trials for a dual-specific antibody injection for treating advanced solid tumors [8] Group 7: Far East Group - Far East Group's subsidiaries won contracts totaling 2.383 billion yuan in November [9] Group 8: Samsung Medical - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 124 million yuan [10] Group 9: Changhua Group - Changhua Group received a development notification from a domestic automaker, with an expected total sales amount of approximately 732 million yuan over five years [12] Group 10: Xinbang Intelligent - Xinbang Intelligent's application for issuing shares to acquire Wuxi Yindichip Microelectronics has been accepted by the Shenzhen Stock Exchange [14] Group 11: Jinjing Development - Jinjing Development's subsidiary won a residential and commercial land bid in Tianjin for 474 million yuan [16] Group 12: Guohong Holdings - Guohong Holdings signed an investment framework agreement to develop a strategic emerging industry park in Tanzhou Town [17] Group 13: Hanma Technology - Hanma Technology reported a 149.94% year-on-year increase in truck sales in November, totaling 2,002 units [22] Group 14: Yufeng Group - Yufeng Group decided to terminate its plan to issue A-shares due to the expiration of authorization and market conditions [24] Group 15: Zhenhua Electric - Zhenhua Electric's subsidiary plans to invest up to 201 million yuan in a private equity fund focused on specific industries, including new energy [28] Group 16: Fuao Co., Ltd. - Fuao Co., Ltd. completed the transfer of 40% equity in Fuao Wan'an for 26.222 million yuan [29] Group 17: Baotailong - Baotailong plans to acquire an additional 2.83% stake in its subsidiary, totaling 15 million yuan [31] Group 18: Zhongchao Holdings - Zhongchao Holdings' subsidiaries won projects totaling 1.318 billion yuan [32] Group 19: Annie Co., Ltd. - Annie Co., Ltd. announced a potential change in control, leading to a temporary suspension of its stock [34] Group 20: Ganfeng Lithium - Ganfeng Lithium's subsidiary plans to issue $100 million in exchangeable notes [38]

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, with China International Capital Corporation and HSBC serving as joint sponsors [1] Company Overview - Huadian Electronics is a leading global 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 [4] - PCB product sales accounted for approximately 95.2% to 96.3% of total revenue from 2022 to 2024 [4] Financial Performance - Revenue for Huadian Electronics was approximately RMB 8.336 billion, RMB 8.938 billion, and RMB 13.342 billion for the years 2022, 2023, and 2024, respectively [7] - The company achieved profits of RMB 1.362 billion, RMB 1.490 billion, and RMB 2.566 billion for the same years [7] Production Capacity - The effective production capacity and utilization rates for various production bases show a trend of increasing utilization, with the Kunshan base achieving a utilization rate of 99.7% by mid-2025 [6] Industry Overview - The global PCB market is projected to reach USD 75 billion in 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024, and expected to grow to USD 96.8 billion by 2029 [9] - The data communication PCB market is anticipated to grow from USD 14.1 billion in 2020 to USD 21.8 billion in 2024, with a CAGR of 11.5% [9] - The automotive PCB market is expected to increase from USD 6.5 billion in 2020 to USD 9.2 billion in 2024, with a CAGR of 9.2% [9]

全球数据中心PCB市场规模2024年为125亿美元，预计2029年增至210亿美元，复合年增长率10.9%。全 球交换机及路由器PCB市场规模从2020年的22亿美元增至2024年的50亿美元，复合年增长率23.3%，预 计2029年达102亿美元，复合年增长率15.2%。AI服务器PCB市场规模从2020年的5亿美元增至2024年的 31亿美元，复合年增长率58.8%，预计2029年增至80亿美元，复合年增长率20.8%。 全球PCB行业市场规模预计将从2024年的750亿美元增至2029年的968亿美元，2024年至2029年复合年增 长率为5.2%。 沪电股份递表港交所主板，联席保荐人为中金公司和汇丰。 公司定位为全球领先的数据通信和智能汽车领域PCB解决方案提供商，其PCB产品销售额持续占总收入 的95%以上。根据灼识咨询数据，截至2025年6月30日止18个月，沪电股份在多个领域位居全球第一： 数据中心领域PCB收入（全球市场份额10.3%）；22层及以上PCB（全球市场份额25.3%）；交换机及路 由器用PCB收入（全球市场份额12.5%）；L2+自动驾驶域控制器高阶HDIPCB（全球市场份额 1 ...

Core Viewpoint - Huada Technology Co., Ltd. (沪电股份) has submitted an application for H-share listing on the Hong Kong Stock Exchange to raise funds for capacity expansion and high-performance PCB projects, indicating strong growth prospects in the data communication and smart automotive sectors [1][2]. Group 1: Company Overview - Huada Technology is a leading provider of PCB solutions in data communication and smart automotive fields, with products including high-speed network switches, AI servers, and smart automotive domain controllers [1]. - The company operates five production bases, including two in Kunshan, China, and one in Thailand, which is expected to start production in 2024 with a capacity utilization rate of 73.5% in the first half of 2025 [1]. Group 2: Market Position - As of June 30, 2025, Huada Technology holds the top global market share in several PCB categories: 10.3% in data center PCBs, 25.3% in PCBs with 22 layers or more, 12.5% in switch and router PCBs, and 15.2% in L2+ autonomous driving domain controller HDI PCBs [1]. Group 3: Financial Performance - The company is projected to achieve a revenue of 13.342 billion yuan in 2024, representing a nearly 50% year-on-year growth, with a revenue of 8.494 billion yuan in the first half of this year, up 56.6% year-on-year [1]. - In the third quarter of 2025, the company is expected to report record-high quarterly revenue and net profit, with net profit surpassing 1 billion yuan for the first time [1]. Group 4: Fundraising and Investment Plans - The funds raised from the H-share listing will be allocated to production capacity expansion, high-end PCB product R&D, strategic investments, and general corporate purposes [2]. - The company plans to focus on advanced technologies such as CoWoP and next-generation technology directions like optical copper integration, enhancing product capabilities in signal transmission and power distribution [2]. Group 5: Future Projects - A project for expanding high-end PCBs for AI chips, planned at 4.3 billion yuan, is set to commence construction in late June 2025, with trial production expected in the second half of 2026 [3]. - The Thai production base is anticipated to enter small-scale production in the second quarter of 2025, with initial customer recognition in AI servers and switches [3].