证券日报网讯2月9日，沪电股份（002463）在互动平台回答投资者提问时表示，公司建立了严格的供应 链管理体系，与全球领先覆铜板供货商保持长期战略合作。依托与核心供货商超20年的稳定合作基础， 公司构建了覆盖全球多地的完整供应链布局，为产品制造提供坚实可靠的原材料保障。 ...

证券日报网讯2月9日，沪电股份（002463）在互动平台回答投资者提问时表示，公司在多年的发展历程 中，一贯注重工艺改进与技术创新，及时把握细分领域高端产品需求，持续保持自身研发水平的领先性 和研究方向的前瞻性。 ...

Core Viewpoint - The company emphasizes the importance of advanced technology research and development to lead in the PCB industry, focusing on high-performance and high-reliability technologies [2] Group 1: Technology Development - The company has a clear technical roadmap based on industry trends and future market demand insights [2] - Key research areas include high-layer count, high-frequency and high-speed, high-density interconnect, and high current-carrying capacity PCB technologies [2] - The company has established a leading technical capability through systematic layout in foundational research areas such as signal integrity, power integrity, and system integration [2] Group 2: Competitive Advantage - The company aims to respond promptly to technological iterations and industry changes to maintain a long-term competitive edge [2]

（编辑 王雪儿） 证券日报网讯 2月9日，沪电股份在互动平台回答投资者提问时表示，公司在多年的发展历程中，一贯 注重工艺改进与技术创新，及时把握细分领域高端产品需求，持续保持自身研发水平的领先性和研究方 向的前瞻性。 ...

证券日报网讯 2月9日，沪电股份在互动平台回答投资者提问时表示，公司秉持技术优先，品质第一的 方针，致力于提升研发能力，构筑高性能及高信赖性PCB产品坚实壁垒。 （文章来源：证券日报） ...

（编辑 袁冠琳） 证券日报网讯 2月9日，沪电股份在互动平台回答投资者提问时表示，在市值管理方面，公司始终致力 于提升核心竞争力和长期价值，通过持续创新和优化运营，为股东创造更大的回报。公司相信，只要自 身做得好，市场最终自然会给予合理的估值。 ...

Summary of Key Points from Conference Call Records Industry Overview 1. PCB (Printed Circuit Board) - The PCB sector has shown weak performance since Q4 of last year, primarily due to divergent market views on orthogonal backplane solutions, with some believing they may be replaced by copper cables/CPO or delayed until 2028. However, the orthogonal backplane is currently progressing steadily and is expected to enter mass production in H2 2027. Leading companies are experiencing stock price stagnation due to these divergences, highlighting their cost-effectiveness. Recommended companies include Dongshan Precision, Shenghong Technology, and Huidian Co. [1] - The CoWoP (Chip on Wafer on PCB) solution has stronger certainty, can reduce costs, improve efficiency, and bypass the shortage of substrate capacity. The value per square meter of PCB may increase several times, potentially reaching tenfold, with product launches expected by the end of 2027 and full implementation in 2028. Recommended companies in this direction include Pengding Holdings, Shennan Circuit, and Xinsong Technology. [1] 2. Storage - Contract prices remain in an upward cycle despite fluctuations in spot prices. Module companies are expected to see explosive Q1 performance, with Jiangbolong and Demingli realizing low-priced inventory. Recommended design companies include Zhaoyi Innovation (with a profit expectation of 6 billion) and Puran Co., Beijing Junzheng, and Hengshuo Co. [2] - Demand for memory modules is driven by AI servers and general servers, with recommendations for Lanke Technology (long-term profit of 10 billion) and Jucheng Co. (long-term profit of 1.5 billion). [2] 3. Communication - The recent decline in optical modules is related to the pullback of US tech stocks and speculation around CPO concepts. However, industry sources (such as Coherent and Xuchuang) indicate that CPO's potential to replace optical modules in ScaleOut scenarios is low, suggesting that short-term speculation may be excessive. [2] - North American cloud service providers have exceeded capital expenditure guidance for 2026 (620 billion, up 65% year-on-year), indicating potential accelerated demand for optical modules in 2027. Key upcoming catalysts include Nvidia's quarterly report (February 26), GTC conference (March), and OFC exhibition (NPO product showcase). Recommended companies include Zhongji Xuchuang, Xinyisheng, and Dongshan Precision. [2] - For copper connections as a Plan B alternative to orthogonal backplanes, companies to watch include Luxshare Precision, Wokai Nuclear Materials, and Huiju Technology (with potential for stock doubling). [2] - The price of scattered fiber has surged in the short term (from 25 to 50 yuan), but the low willingness of operators to raise prices raises doubts about long-term sustainability. [2] 4. Computing - Domestic computing resources are in short supply, with the recent downtime of Qianwen highlighting the scarcity of AI foundational resources. The demand for CPUs is expected to rise due to increased usage of agents compared to chatbots. Recommended companies include Haiguang Information (benefiting from both CPU and GPU), Cambrian (leading domestic AI chip manufacturer), and Tianshu Zhixin (expected to accelerate integration with leading players). [2] - Cloud infrastructure resources are expected to benefit from price increases, with recommendations for Kingsoft Cloud, Wangsu Technology, and Fourth Paradigm. [2] - In the AI application sector, the recent drop in overseas software and restructuring of SaaS business models may lead to a narrative reversal with the launch of native agent products in Q3 2026. Companies to watch include Alibaba for 2C entry reconstruction and third-party AI agents like TaxFriend, Zhongkong Technology, and Dingjie Smart. [2] 5. Media - Tencent has faced a decline due to market concerns over potential tax increases on internet platforms, although there is no space for increased game value-added tax. The company remains recommended despite rumors of Q4 earnings downgrades, maintaining a PE ratio of 15 times, which still offers value. [3] - The download situation for the Yuanbao app remains stable, and Tencent's AI capabilities may be closing the gap with larger competitors. [3] - In gaming, companies with upcoming catalysts such as Giant Network and Perfect World are recommended for short-term focus, while Century Huatong and Kaiying Network are suggested for medium to long-term attention due to expected catalysts. [3] - Tencent's establishment of a separate AI comic app is beneficial for the production side, which is entering a period of profitability. Recommendations include Kuaishou, Huanrui, and Rongxin. [3] 6. Pharmaceuticals - Attention is drawn to the update of the essential drug catalog, which may accelerate progress. [4] - The probability of inclusion in the essential drug catalog is high for unique products, with several specific products from companies like Jichuan Pharmaceutical and Panlong Pharmaceutical being highlighted. [4] - Emphasis on the global competitiveness of the innovative drug industry chain, with a focus on new-generation ADCs, IOs, small nucleic acids, and CGT. Recommended companies include Kanghong, Yingen, Yunding, and Chengdu Xian Dao. [4] - The brain-computer interface theme is noted, with a potential showcase of non-invasive products during the Spring Festival and a semi-invasive product approval for Borui Kang in March. [4] - Recommendations include Meihua Medical, Dongwei Semiconductor, and Sanbo Brain Science. [5] - The surgical robot sector is expected to see comprehensive implementation of charging policies before August, with overseas orders doubling and maintaining high growth in 2027. Key types include laparoscopic and orthopedic robots, with strong overseas performance for laparoscopic robots. Recommended companies include MicroPort, Jingfeng Medical, Tianzhihang, and Sanyou Medical. [6]

Group 1 - The core point of the article highlights the significant increase in the stock price of Huadian Co., which rose by 5.32% to 69.48 CNY per share, with a trading volume of 2.634 billion CNY and a turnover rate of 2.03%, resulting in a total market capitalization of 133.705 billion CNY [1] - Huadian Co. is primarily engaged in the research, development, production, and sales of printed circuit boards (PCBs), with PCB business revenue accounting for 95.98% of total revenue, while other supplementary businesses contribute 4.02% [1] Group 2 - From the perspective of fund holdings, the Hengsheng Qianhai Fund has a significant position in Huadian Co., with its Hengsheng Qianhai Consumption Upgrade Mixed Fund holding 15,000 shares, representing 3.81% of the fund's net value, making it the seventh-largest holding [2] - The Hengsheng Qianhai Consumption Upgrade Mixed Fund, established on January 19, 2020, has a current scale of 28.7924 million CNY, with a year-to-date return of 1.46% and a one-year return of 40.92%, ranking 2607 out of 8123 in its category [2] - The fund manager, Hu Qicong, has been in position for 6 years and 233 days, overseeing total assets of 3.43 billion CNY, with the best fund return during his tenure being 72.35% and the worst being -30.92% [2]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the year, driven by structural demand in emerging computing scenarios such as high-performance servers and artificial intelligence [2]. Financial Performance - The company's revenue for the year was approximately 18.95 billion, a year-on-year increase of 42.0% - The net profit attributable to shareholders was about 3.82 billion, up 47.7% year-on-year - The net profit margin was 20.2%, an increase of 0.8 percentage points year-on-year [2] - In Q4, revenue reached 5.433 billion, a year-on-year increase of 25.45% and a quarter-on-quarter increase of 8.26% - The net profit for Q4 was 1.105 billion, up 49.52% year-on-year and 6.75% quarter-on-quarter [2] Growth Drivers - The company is expected to continue its rapid growth due to the acceleration of global AI technology development, which will drive demand for computing power - The company is enhancing its strategic cooperation with leading clients in Europe and the U.S. through its H-share issuance, which is expected to significantly increase the proportion of high-value product shipments [3] - The company is accelerating overseas capacity construction and improving its global supply chain, which will enhance customer service capabilities and market response efficiency [3] - Recent investments in advanced technology research and development, such as CoWoP and mSAP, are aimed at expanding high-end product capacity and optimizing product structure [3] Long-term Outlook - The company has a clear long-term growth logic, aligning with the rapid development trend of AI computing power and expanding high-end capacity both domestically and internationally - The increasing proportion of high-end products is expected to open up upward growth space for performance [4]

证券代码：002463 证券简称：沪电股份 公告编号：2026-014 沪士电子股份有限公司关于部分股票期权注销完成的公告 沪士电子股份有限公司 关于部分股票期权注销完成的公告 2026年2月4日，经中国证券登记结算有限责任公司深圳分公司审核确认，上 述161,500份股票期权的注销事宜已办理完成。公司注销上述股票期权符合《上 市公司股权激励管理办法》《公司2024年度股票期权激励计划》等相关规定，且 履行了必要的程序。 沪士电子股份有限公司董事会 二〇二六年二月五日 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。 沪士电子股份有限公司（下称"公司"）于2026年1月27日召开第八届董事 会第十三次会议，审议并一致通过《关于注销<公司2024年度股票期权激励计划> 部分股票期权的议案》。根据《上市公司股权激励管理办法》《公司2024年度股 票期权激励计划》等相关规定，鉴于《公司2024年度股票期权激励计划》授予的 激励对象中有9人因个人原因离职，不再具备激励对象资格，其已获授但尚未行 权的161,500份股票期权由公司予以注销。本次注销完成后，《公司2024年 ...