证券日报网12月11日讯 亚太科技（002540）在12月11日回答调研者提问时表示，近年来公司在继续保 持传统燃油汽车领域优势地位的基础上，积极布局和大力推进在新能源汽车、航空航天、工业热管理、 机器人等新兴领域的产能储备与业务发展。2025年上半年，公司围绕发展战略目标，积极推进"年产200 万套新能源汽车用高强度铝制系统部件项目""年产1200万件汽车用轻量化高性能铝型材零部件项目""年 产14000吨高效高耐腐家用空调铝管项目""轻量化高性能铝合金提质项目"及"年产10万吨绿电高端铝基 材料项目"等项目建设进程；加快"汽车轻量化铝材制品东北总部生产基地（一期）项目"等区域竞争力 提升项目的建设前筹备进程。该等项目的推进，为公司在新的发展形势下稳步探索前行、持续发展创 新、在各新兴领域横向加码和纵深布局奠定坚实基础。 ...

证券日报网12月11日讯 亚太科技（002540）在12月11日回答调研者提问时表示，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。 ...

证券日报网12月11日讯 亚太科技在12月11日回答调研者提问时表示，公司于2025年7月29日召开第六届 董事会第二十八次会议，审议通过了《关于收购境外公司股权并增资的议案》，同意公司为加速推进全 球化高端制造战略布局，通过全资子公司亚太香港以1，533，000欧元现金收购法国AlunitedFranceSAS 和丹麦AlunitedDenmarkA/S两家公司100%股权，并于本次股权收购完成后向标的公司增资1，467，000 欧元用于生产经营，资金来源为公司自有或自筹资金。本次交易完成后，公司将通过亚太香港持有 AlunitedFranceSAS和AlunitedDenmarkA/S两家公司100%股权。2025年10月，公司已完成本次交易相关 的境外投资备案及审批程序，并完成交割。 （编辑 任世碧） ...

Company Overview - Asia Pacific Technology (SZ 002540) announced an investor meeting scheduled for December 11, 2025, from 15:00 to 16:30, where the company’s board secretary and securities representative will address investor inquiries [1] - As of the report, Asia Pacific Technology has a market capitalization of 8.4 billion yuan [1] Financial Performance - For the first half of 2025, the revenue composition of Asia Pacific Technology shows that aluminum products account for 96.64% of total revenue, while other businesses contribute 3.36% [1]

Company Overview - The company was established in 2001 and listed on the Shenzhen Stock Exchange in 2011. As of mid-2025, total assets reached CNY 8.023 billion [2] - It is a key supplier in the automotive thermal management and lightweight system components materials sectors, focusing on high-end aluminum alloy material substitution and innovation in various emerging fields [2] Sales Pricing Strategy - The pricing model for aluminum products is based on "aluminum ingot price + processing fee," with the ingot price referencing the monthly average of high and low prices from the Shanghai Nonferrous Metals Exchange [3] Profit Distribution - For the 2024 fiscal year, the company distributed CNY 247.15 million in cash dividends, amounting to CNY 2.00 per 10 shares [4] - For the first half of 2025, the distribution was CNY 123.44 million, at CNY 1.00 per 10 shares [4] Capacity Expansion and Development - The company is actively expanding its production capacity in emerging sectors, including: - 2 million sets of high-strength aluminum system components for new energy vehicles annually - 12 million lightweight aluminum parts for automobiles annually - 14,000 tons of high-efficiency aluminum tubes for home air conditioning annually - 100,000 tons of high-end aluminum-based materials for green electricity annually [5] Acquisition of Foreign Companies - On July 29, 2025, the company approved the acquisition of 100% equity in Alunited France SAS and Alunited Denmark A/S for €1.53 million, followed by an additional €1.47 million for operational capital [6] Establishment of Shanghai Branch - The Shanghai branch was established to enhance competitiveness in automotive, aerospace, robotics, and automation sectors, with registration completed in November 2025 [7] Future Development Outlook - The company anticipates new opportunities driven by global sustainable development policies and industrial upgrades, focusing on energy-efficient and low-consumption innovations in automotive thermal management systems [7] - The ongoing transformation in the automotive industry towards electrification and lightweighting presents both challenges and opportunities, with the company positioned to leverage its advantages in these areas [7]

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 ...

Core Points - Asia Pacific Technology announced that its stock price has met the conditions for the conditional redemption of "Yake Convertible Bonds" [2] - The company decided not to exercise the early redemption rights for "Yake Convertible Bonds" during the next six months [2] - The board meeting held on December 4, 2025, approved the proposal to not redeem the bonds early [2]

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 ...