沪电股份公告，公司已于2025年11月28日向香港联交所递交了发行H股股票并在香港联交所主板挂牌上 市的申请。根据相关规定，公司已向中国证监会报送了本次发行上市的备案申请材料并于近日获中国证 监会接收。本次发行上市尚需取得中国证监会、香港证券及期货事务监察委员会和香港联交所等相关监 管机构的批准、核准或备案。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [5][10]. Core Insights - The optical isolator is a critical passive device in optical communication systems, relying on the combination of polarizers and Faraday plates. There is a significant technological dependency and supply gap in the upstream manufacturing of these core components, particularly in high-end Faraday magnetic optical materials, which has become a bottleneck for industry development [1][19]. - The report highlights the low domestic production rate of core materials for polarizers, which are monopolized by Japanese and Korean suppliers, indicating a need for increased localization [3][21]. - The global shortage of Faraday plates is a critical issue, as their complex material growth and precision processing are dominated by a few companies in the US and Japan, leading to supply constraints that hinder the expansion of isolators and high-speed optical modules [4][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the upstream gaps in isolators, particularly polarizers and Faraday plates, and recommends companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for investment [8][24]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth [15][18]. Supply Chain Dynamics - In 2024, China's production capacity for polarizers is expected to account for approximately 73% of the global market, yet the localization rate of core materials remains below 10%, posing challenges to supply chain stability [6][7][24]. Key Companies to Watch - The report identifies several key companies to monitor within the optical communication and related sectors, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others involved in the supply chain [8][9][24].

Industry Overview - The global PCB market is undergoing structural changes, with growth shifting from traditional consumer electronics to high-performance computing and automotive electronics. The market size is expected to reach $75 billion by 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024. By 2029, the market size is projected to reach $96.8 billion, with a CAGR of 5.2% from 2024 to 2029 [1] - Data communications is the fastest-growing segment, with the market size expected to increase from $21.8 billion in 2024 to $32.7 billion in 2029, reflecting a CAGR of 8.4%, significantly outpacing the overall industry growth. This growth is primarily driven by upgrades in general server platforms and surging demand for AI servers [1] Company Insights - CITIC Securities reports that the demand for orthogonal backplanes and Cowop process upgrades will make PCBs more similar to semiconductors, leading to a steady increase in value. Companies like Amazon, META, and Google have weaker in-house chip design capabilities compared to NVIDIA, resulting in higher material requirements for PCBs. The continuous upgrade of PCBs driven by short-distance data transmission demands will enhance the upstream supply chain, particularly in copper-clad laminates transitioning from M6/M7 to M8/M9 [2] - The PCB industry is experiencing a surge in demand for AI-driven products, leading to upgrades in high aspect ratio and multi-blind buried hole designs. This trend is boosting the demand for AI PCB electroplating copper powder consumables, resulting in both volume and price increases that are rapidly enhancing industry profits. The industry is expected to enter a prosperous cycle due to short-term capacity constraints [2] Stock Market Activity - Kintor Technology (01888) has raised product prices multiple times this year due to cost pressures and demand benefits. The company reports high capacity utilization rates and has made price adjustments for various copper-clad laminate products [3] - Kintor Group (00148) is focusing on the entire PCB supply chain, investing in a copper-clad laminate R&D center and developing high-frequency and high-speed products for AI server GPU motherboards. The group plans to establish an AI PCB production line in Guangdong with an investment of approximately 800 to 1,000 million RMB, indicating a saturated order situation and optimistic outlook for the first half of next year [3] - Dongshan Precision (002384) has submitted an application to the Hong Kong Stock Exchange and is recognized as the world's largest PCB supplier for edge AI devices [4] - Huadian Co., Ltd. (002463) has also submitted an application to the Hong Kong Stock Exchange and ranks first globally in PCB revenue within the data center sector [5]

AI革命与智能汽车驱动PCB市场结构性增长 智通财经APP注意到，近年来，全球PCB市场正经历结构性变化，增长动力从传统消费电子向高性能计算和汽车电子等高端领域转移。以销售收入计，全球 PCB行业的市场规模于2024年达到750亿美元，2020年至2024年的复合年增长率为3.6%。预计到2029年，全球PCB行业市场规模将达968亿美元，2024年至 2029年期间的复合年增长率为5.2%。 在此产业演进阶段，资本市场成为相关企业布局技术升级与产能扩张的重要途径。沪士电子股份有限公司(简称"沪电股份（002463）"，002463.SZ)已正式向 港交所主板递交上市申请，由中金公司（601995）与汇丰银行担任联席保荐人。若此次发行顺利完成，沪电股份将成为又一家实现"A+H"两地上市布局的 PCB领域企业。 在全球人工智能产业化进程加速的背景下，印刷电路板(PCB)作为数据中心与算力设备的关键基础组件，其技术规格与产能规模正面临新一轮升级需求。随 着AI服务器、高性能计算等高端应用场景的快速扩张，市场对高层数、高密度、高传输可靠性的PCB产品需求显著提升，推动产业向高阶HDI(高密度互连) 等先进制造领域集 ...

在全球人工智能产业化进程加速的背景下，印刷电路板（PCB）作为数据中心与算力设备的关键基础组件，其技术规格与产能规模正面临新一轮升级需求。 随着AI服务器、高性能计算等高端应用场景的快速扩张，市场对高层数、高密度、高传输可靠性的PCB产品需求显著提升，推动产业向高阶HDI（高密度互 连）等先进制造领域集中转型。 在此产业演进阶段，资本市场成为相关企业布局技术升级与产能扩张的重要途径。智通财经APP获悉，沪士电子股份有限公司（简称"沪电股份"， 002463.SZ）已正式向港交所主板递交上市申请，由中金公司与汇丰银行担任联席保荐人。若此次发行顺利完成，沪电股份将成为又一家实现"A+H"两地上 市布局的PCB领域企业。 AI革命与智能汽车驱动PCB市场结构性增长 智通财经APP注意到，近年来，全球PCB市场正经历结构性变化，增长动力从传统消费电子向高性能计算和汽车电子等高端领域转移。以销售收入计，全球 PCB行业的市场规模于2024年达到750亿美元，2020年至 2024年的复合年增长率为3.6%。预计到2029年，全球PCB行业市场规模将达968亿美元，2024年至 2029年期间的复合年增长率为5.2%。 ...

近日，沪电股份向港交所递交了招股书，叩响了"A+H"双平台的大门，陈梅芳将带领着由子女和儿媳家 族7人组成的实控人团队共享这场资本盛宴。 01 吴礼淦家族七人实控 来源：预审IPO 作为A股PCB龙头企业，沪电股份乘上了业绩增长的快车。2022年-2024年，短短三年间，公司收入规模 从83.36亿元猛增至133.42亿元，净利润也从13.62亿元升至25.66亿元，增长近一倍。 文/瑞财经 李姗姗 在资本市场上，沪电股份同样狂飙突进。今年以来，其A股股价累计大涨87.05%，9月盘中创下历史最 高价84.45元/股。截至12月9日收盘，公司报收73.85元/股，市值高达1421亿元。 "昆山台企第一股"沪电股份（002463.SZ），迎来高光时刻。 与之相比，更引外界关注的，是沪电股份的权力交接。去年4月，一代"台商"吴礼淦卸任一周后离世， 享年83岁，随后79岁的妻子陈梅芳接任董事长，同时二儿子吴传林成为副董事长，而大儿子却在今年11 月刚刚进入董事会。 IPO前夜长子进董事会 沪电股份的前身为昆山沪士电子有限公司，成立于1992年4月，由香港碧景出资2000万美元设立，香港 碧景则由吴礼淦家族创立的台湾 ...

Group 1 - As of December 9, the margin trading balance in A-shares reached 25,105.72 billion yuan, an increase of 100.58 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1] - The trading volume for margin transactions on that day was 2,031.2 billion yuan, a decrease of 256.13 billion yuan from the previous trading day, representing 10.58% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 23 industries experienced net financing inflows, with the electronics sector leading at a net inflow of 5.487 billion yuan [1] Group 2 - A total of 42 individual stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 970.14 million yuan [2] - Other notable stocks with significant net financing inflows included Industrial Fulian, Yonghui Supermarket, Changying Precision, Zhongji Xuchuang, Pengding Holdings, Demingli, Shengyi Electronics, Hudian Co., and Kweichow Moutai [2] - Guojin Securities research report indicates that strong demand for AI is driving both price and volume increases in PCB, with many AI-PCB companies experiencing robust orders and full production, leading to high growth expectations for Q4 and next year [2]

据港交所官网，A股PCB（印制电路板）头部厂商沪电股份（SZ002463，股价73.85元，市值1421.00亿 元）近日向港交所首次呈交了IPO（首次公开募股）申请文件，中金公司和汇丰为其联席保荐人。这距 离公司2025年9月19日发布公告宣称筹划相关H股事宜仅过去两个多月。 招股书显示，沪电股份拟将此次港股IPO募集资金分别用于支持生产基地产能扩张、数据通信及智能汽 车领域高性能PCB研发与前瞻技术创新、战略性投资并购，以及营运资金及一般公司用途。 《每日经济新闻》记者注意到，截至2025年上半年，在沪电股份5个国内外生产基地中，仅有2个基地产 能利用率超过90%，而在这种情况下，公司仍要募资扩张产能。同时，楠梓电子股份有限公司（以下简 称楠梓电子）拥有沪电股份"主要股东+客户+供应商+销售代理"的四重身份，2022年至2025年上半年， 沪电股份与其发生了多笔关联交易。此外，沪电股份的分红从2022年的2.86亿元增长至2023年的9.57亿 元和2024年的9.62亿元，而公司却存在欠缴员工社保和住房公积金的情况。 拥有5个主要生产基地 招股书援引灼识咨询的资料称，以截至2025年上半年止18个月的收 ...

Core Viewpoint - The company emphasizes its competitive employee welfare policies in the PCB industry, acknowledging the need for continuous improvement in this area [2] Summary by Relevant Categories Employee Welfare Policies - The company's employee welfare policies are developed considering multiple factors, including industry compensation levels, regional differences, and local policy requirements [2] - The overall compensation and benefits for employees are competitive within the PCB industry in China [2] - The company recognizes the importance of further improving its employee welfare protection system and is committed to gradually enhancing related policies [2]

Group 1 - PCB concept index rose by 0.68%, ranking 10th among concept sectors, with 93 stocks increasing, including Tian Tong Co., Tai Yong Chang Zheng, and Chao Sheng Electronics hitting the daily limit [1] - Notable gainers in the PCB sector included Ding Tai Gao Ke, Sheng Hong Technology, and Tian Cheng Technology, which rose by 14.80%, 10.81%, and 9.35% respectively [1] - The biggest decliners were Zhongfu Circuit, Tongling Nonferrous Metals, and Li He Xing, which fell by 7.09%, 5.03%, and 4.95% respectively [1] Group 2 - The PCB sector saw a net inflow of 3.717 billion yuan, with 74 stocks receiving net inflows, and 16 stocks exceeding 100 million yuan in net inflows [2] - Sheng Hong Technology led the net inflow with 1.306 billion yuan, followed by Peng Ding Holdings, He Li Tai, and Hu Dian Co., which had net inflows of 537 million yuan, 478 million yuan, and 445 million yuan respectively [2] Group 3 - In terms of net inflow ratios, Tian Tong Co., Tai Yong Chang Zheng, and Peng Ding Holdings had the highest ratios at 25.12%, 23.93%, and 17.69% respectively [3] - The top stocks in the PCB sector by net inflow included Sheng Hong Technology, Peng Ding Holdings, and He Li Tai, with respective net inflows of 1.306 billion yuan, 537 million yuan, and 478 million yuan [3][4]