每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 王瀚黎） 截至发稿，亚太科技市值为84亿元。 每经AI快讯，亚太科技（SZ 002540，收盘价：6.68元）发布公告称，2025年12月11日下午15:00- 16:30，亚太科技接受国联民生证券股份有限公司等投资者调研，公司董事会秘书沈琳、证券事务代表 邹苏意参与接待，并回答了投资者提出的问题。 2025年1至6月份，亚太科技的营业收入构成为：铝制产品占比96.64%，其他业务占比3.36%。 ...

三、公司2025年利润分配如何实施？ 答： 2025年5月29日、2025年9月23日，公司分别完成2024年度和 2025年半年度利润分派实施。其中：2024年度利润分派，以2025 年5月19日的公司总股本1,251,610,597股扣除公司回购专用证券 账户股份15,837,354股后的股份1,235,773,243股为基数，向全体 股东按每10股派发现金股利人民币2.00元（含税），共计派发 247,154,648.60元人民币；不送股；不以公积金转增股本；2025 年 半 年 度 利 润 分 派 ， 以 2025 年 9 月 11 日 的 公 司 总 股 本 1,250,269,672股扣除公司回购专用证券账户股份15,837,354股后 的股份1,234,432,318股为基数，向全体股东按每10股派发现金股 利人民币1.00元（含税），共计派发123,443,231.80元人民币；不 送股；不以公积金转增股本。 四、公司产能布局和发展情况？ 证券代码： 002540 证券简称：亚太科技 债券代码： 127082 债券简称：亚科转债 江苏亚太轻合金科技股份有限公司投资者关系活动记录表 编号：202 ...

Summary of Key Points from the Conference Call Industry Overview - **Focus on AI Technology**: The conference highlights the dominance of AI in the technology sector, particularly in the Asia-Pacific region, with expectations for continued growth in AI logic and memory semiconductors and server supply chains due to constrained supply [3][6][9]. - **Concerns in Non-AI Segments**: There are significant concerns regarding the PC and smartphone markets, especially in mid- and low-tier segments, due to anticipated demand issues stemming from memory and processor cost pressures [3][6][9]. Core Insights and Arguments - **AI Sector Growth**: The AI thematic has driven a tech stock rally through 2024-25, with US tech and semiconductor valuations nearing dot-com peak levels. Continued involvement in AI trades is recommended for 2026, with expected consensus earnings estimate upgrades for Asia AI logic/memory semiconductors [3][6][9]. - **Supply Chain Dynamics**: The supply crunch in AI hardware and chips is expected to support further earnings estimate hikes. The demand for AI servers is projected to increase, with hyperscalers' capital expenditure plans showing potential for further upside [9][12]. - **Memory Market Outlook**: A triple super-cycle in the memory market (DRAM, NAND, and HBM) is anticipated to continue into 2027, benefiting from AI investments while supply increases remain limited [9][12]. Key Companies and Recommendations - **Top Picks in AI Logic and Memory Semiconductors**: - **TSMC (2330 TT)**: Rated Buy, with a target price indicating a 31.6% upside [19]. - **SK Hynix (000660 KS)**: Rated Buy, with a target price indicating a 56.1% upside [19]. - **Samsung (005930 KS)**: Rated Buy, with a target price indicating a 48.8% upside [19]. - **AI Component Sector**: - **EMC (2383 TT)**: Rated Buy, with a target price indicating a 13.9% upside [19]. - **Shengyi Technology (600183 CH)**: Rated Buy, with a target price indicating an 18.2% upside [19]. - **India IT Services**: Companies like Infosys, Cognizant, and eClerx are highlighted as top picks, all rated Buy, with expectations for marginally better revenue growth in FY26 [15][19]. Additional Important Insights - **Risks to Monitor**: Potential risks include chip/component overbooking and execution risks from aggressive data center investments by new AI startups [4][6]. - **Impact of Memory Price Hikes**: Memory price increases are expected to negatively impact demand for PCs and smartphones, particularly affecting lower-end models more severely than higher-end ones [9][12]. - **Sector-Specific Trends**: The conference also discusses trends in various sectors, including automotive semiconductors, intelligent vehicles in China, and robotics, with specific companies recommended for investment based on their market positions and growth potential [12][15][17]. Conclusion The conference call emphasizes the critical role of AI in shaping the technology landscape, with a strong recommendation for investors to focus on AI-related stocks while being cautious of potential risks in non-AI segments. The anticipated growth in the memory market and the strategic positioning of key companies present significant investment opportunities.

Investment Rating - The report maintains a positive outlook on the technology sector, particularly in AI and compute, with expectations for strong growth into 2026 [4][19]. Core Insights - AI order books remain robust, with companies like Google and Anthropic reporting significant sales growth, indicating a strong demand for AI-related products [4][6]. - Companies are managing memory constraints effectively, with rising prices prompting adjustments in product specifications and pricing strategies [4][6]. - TSMC anticipates a 45% CAGR in AI accelerator revenue from 2024 to 2029, reflecting strong demand from fabless customers and hyperscalers [19]. Summary by Sections AI and Compute - Companies reaffirmed strong AI order books, with Anthropic scaling sales from US$1 billion to US$7 billion over the past year [4]. - NVIDIA expects US$500 billion in sales through 2026, driven by AI demand and partnerships with companies like Anthropic [4][17]. - Anthropic's B2B-first strategy is yielding significant revenue growth, with a focus on enterprise applications [6][7]. Equipment and Packaging - Applied Materials sees leading-edge logic as the strongest driver for growth, with a projected increase in demand for advanced packaging [8]. - Amkor is optimistic about AI growth from a low base, with expectations for recovery in various sectors including automotive and industrial [6][8]. Hardware and Mobile - Dell reported strong demand for AI servers, with a backlog of US$18.4 billion and expectations for continued growth in 2026 [10]. - Qualcomm anticipates a slowdown in premiumization trends but remains optimistic about future upgrades with new technology [4][10]. Power and Infrastructure - Infineon is targeting US$1.5 billion in AI revenue for FY2025, up from US$700 million, indicating a significant growth opportunity in the AI sector [12][13]. - Lightmatter is advancing optical interconnect solutions, which could significantly enhance compute efficiency [15][12]. Market Dynamics - The semiconductor market is expected to see a mid-30% CAGR in leading-edge logic and DRAM/ HBM wafers, driven by AI and data center demand [8]. - TSMC's proactive capex strategy aims to support the anticipated growth in Cloud AI, with investments projected to reach US$50 billion in 2026 [19].

债券简称：亚科转债 债券代码：127082.SZ 中信建投证券股份有限公司 关于 江苏亚太轻合金科技股份有限公司向不特定对 象发行可转换公司债券 2025 年度第五次临时受 托管理事务报告 受托管理人：中信建投证券股份有限公司 二〇二五年十二月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《江苏亚太轻合金科技股份有限公司向不特定对象发行可转换公司债券 之受托管理协议》（以下简称"《受托管理协议》"）及其它相关信息披露文件以 及江苏亚太轻合金科技股份有限公司（以下简称"发行人"、"亚太科技"或"公 司")出具的相关说明文件和提供的相关资料等，由受托管理人中信建投证券股 份有限公司（以下简称"中信建投证券"或"受托管理人"）编制。中信建投证 券编制本报告的内容及信息均来源于江苏亚太轻合金科技股份有限公司提供的 资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 中信建投证券作为江苏亚 ...

证券日报网讯 12月4日晚间，亚太科技发布公告称，自2025年11月6日至2025年12月4日，公司股票已有 15个交易日的收盘价格不低于"亚科转债"当期转股价格的130%，已触发"亚科转债"的有条件赎回条 款；公司于2025年12月4日召开第七届董事会第五次会议，审议通过《关于不提前赎回"亚科转债"的议 案》：决定暂不行使"亚科转债"的提前赎回权利，同时决定在未来6个月内（即2025年12月5日至2026年 6月4日），"亚科转债"在触发有条件赎回条款时，公司均不行使提前赎回权利，不提前赎回"亚科转 债"。 （文章来源：证券日报） ...

证券代码：002540 证券简称：亚太科技 公告编号：2025-096 债券代码：127082 债券简称：亚科转债 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准江苏亚太轻合金科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2023]156号）核准，公司于2023年3 月9日公开发行了1159万张可转债，每张面值为人民币100元，按面值发行，共计 发行1159 万张， 募集资金总额 为1,159,000,000 元，扣 除保荐及承销 费用 7,075,471.70元（不含增值税）、其他发行费用2,250,359.49元（不含增值税）， 实际募集资金净额为1,149,674,168.81元。募集资金到位情况已经江苏公证天业会 计师事务所(特殊普通合伙)苏公W[2023]B017号《验资报告》验证。 （二）可转债上市情况 江苏亚太轻合金科技股份有限公司 关于不提前赎回"亚科转债"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。 特别提示： 1、自2025年11月6日至2025年12月4日，江苏亚太轻合金科技股份有限公 ...

中信建投证券股份有限公司 关于江苏亚太轻合金科技股份有限公司 不提前赎回亚科转债的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为江苏亚太轻合金科技股份有限公司（以下简称"亚太科技"或"公司"）向不 特定对象发行可转换公司债券及持续督导的保荐人，根据《证券发行上市保荐业 务管理办法》《深圳证券交易所股票上市规则》《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》《深圳证券交易所上市公司自律监管 指引第 13 号——保荐业务》《深圳证券交易所上市公司自律监管指引第 15 号— —可转换公司债券》等相关法律、法规的要求，对亚太科技本次不提前赎回"亚 科转债"的事项进行了审慎核查，核查情况如下： 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准江苏亚太轻合金科技股份有限公司公 开发行可转换公司债券的批复》（证监许可[2023]156 号）核准，公司于 2023 年 3 月 9 日公开发行了 1,159 万张可转债，每张面值为人民币 100 元，按面值发行， 共计发行 1,159 万张，募集资金总额为 1,159,000,000 元， ...

证券代码：002540 证券简称：亚太科技 公告编号：2025-095 债券代码：127082 债券简称：亚科转债 基于当前市场及公司实际情况，为保护投资者利益，决定暂不行使"亚科转 债"的提前赎回权利，同时决定在未来6个月内（即2025年12月5日至2026年6月4 日），"亚科转债"在触发有条件赎回条款时，公司均不行使提前赎回权利，不 提前赎回"亚科转债"。以2026年6月4日后的首个交易日重新计算，若"亚科转债" 再次触发有条件赎回条款，届时公司将另行召开董事会，审议决定是否行使"亚 科转债"的提前赎回权利。 具体内容详见公司于同日刊登在巨潮资讯网（http://www.cninfo.com.cn）和 《证券时报》上的《关于不提前赎回"亚科转债"的公告》（公告编号：2025-096）。 特此公告。 江苏亚太轻合金科技股份有限公司董事会 2025年12月5日 第七届董事会第五次会议决议公告 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。 江苏亚太轻合金科技股份有限公司（以下简称"公司"）第七届董事会第五 次会议于2025年12月1日以书面方式发出通知，并于 ...

Core Viewpoint - The A-share market experienced a strong opening on December 1, with all three major indices rising, driven by significant inflows into large-cap stocks and various sectors such as smart speakers, MCU chips, and rare earths [1][2][4]. Market Performance - On December 1, the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and other indices saw increases of 0.65%, 1.25%, 1.31%, and 1.52% respectively, with the Shanghai Composite Index surpassing 3910 points [1][2]. - The total market turnover reached 1.89 trillion yuan, an increase of 291.7 billion yuan from the previous trading day, indicating a significant increase in trading activity [2][4]. Sector Analysis - Key sectors that showed strong performance included smart speakers, MCU chips, ice and snow tourism, rare earths, and 6G technology, while lithium battery-related sectors experienced some adjustments [2][3]. - Among the major industries, non-ferrous metals, communication, and electronics led the gains, with increases of 2.85%, 2.81%, and 1.58% respectively [2][4]. Stock Contributions - Major contributors to the Shenzhen Component Index included Ningde Times, Zhongji Xuchuang, and ZTE, which collectively contributed 64.08 points, accounting for nearly 40% of the index's rise [2]. - In the ChiNext Index, Ningde Times and Zhongji Xuchuang were also significant contributors, accounting for over 90% of the index's increase [2]. Fund Flow - On December 1, the net inflow of funds into the Shanghai and Shenzhen markets exceeded 40 billion yuan, with large-cap stocks attracting significant investment [3][4]. - A total of 2321 stocks saw net inflows, while 2827 stocks experienced net outflows, indicating a preference for large-cap stocks [3][4]. Future Market Outlook - Analysts suggest that the current market conditions, including easing overseas disturbances and expectations of global liquidity, provide a solid foundation for a potential year-end rally [5]. - Historical trends indicate that growth and cyclical sectors are likely to perform well, with a focus on sectors such as aviation equipment and AI-related technologies [5].