Market Analysis - Global capital markets have shown significant increases during the holiday period, particularly in gold, US stocks, and copper, driven primarily by AI narratives [2] - The A-share market has returned to 3900 points after 10 years, with technology stocks being the main upward momentum, heavily influenced by external market sentiment and capital flow [2] - The continued rise of indices indicates signs of capital returning before the holiday, with October expected to be a competitive month for individual stocks [2] Gold Market Insights - Three anchors for gold pricing have been identified: reserve value, consumption value, and trading value [2] - With the ongoing expansion of dollar credit cracks, a long-term bull market for gold is anticipated, as the demand for gold is expected to grow [2] - By 2025, domestic gold jewelry companies are expected to see sales increases and performance improvements [2] Sector Performance - The gold concept stocks opened significantly higher, with several stocks reaching their daily limit, reflecting strong market interest [3] - The semiconductor sector is also active, with AMD's partnership with OpenAI leading to a notable increase in AMD's stock price [4] - Solid-state battery concept stocks have shown strong fluctuations, driven by advancements in battery technology [5] Index Performance - The Shanghai Composite Index has shown a strong upward trend post-holiday, with a focus on whether it can maintain above 3950 points [9] - The ChiNext Index has reached new highs, with technology stocks being the primary drivers, although the performance remains characterized by rotation rather than collective surges [9] Investment Outlook - The consensus among broker reports indicates a positive macro environment for A-shares following the holiday, with a focus on resource and AI sectors [15] - The long-term logic supporting gold's continued rise is centered around the restructuring of the global monetary credit system, with gold being viewed as a stabilizing asset during economic turbulence [15] - The ongoing accumulation of US debt poses risks to monetary credit, further enhancing gold's appeal as a safe-haven asset [16]

Core Viewpoint - Aoshikan (sz002913) reached its daily limit up, closing at 44.66 yuan with a 10% increase, reflecting strong market interest and positive investor sentiment driven by strategic initiatives and market trends [1][2]. Group 1: Company Developments - The company has successfully passed a high-vote plan for issuing convertible bonds, aiming to raise 1 billion yuan for high-end PCB projects, indicating strong shareholder support for its growth strategy [2]. - Aoshikan is focusing on high-growth sectors such as AI servers, AIPC, and automotive electronics, which are expected to enhance its market competitiveness and profitability [2]. - The company's overseas revenue has increased to 59.86%, supported by partnerships, including collaboration with Japan's Meiko Electronics and progress in its Thailand base [2]. Group 2: Financial Performance - In the first half of 2025, Aoshikan's R&D expenses reached 111 million yuan, marking a 12% year-on-year increase, emphasizing its commitment to innovation in cutting-edge fields [2]. Group 3: Market Trends - The current market environment shows heightened interest in AI servers and automotive electronics, with related stocks experiencing active performance [2]. - There has been notable capital inflow into the electronic manufacturing sector, contributing to the stock's performance and creating a sector-wide effect [2]. Group 4: Technical Analysis - The stock's MACD indicator is showing potential bullish signals, which could attract more technical investors if the price breaks through significant resistance levels [2]. - Monitoring of large net purchases indicates that major funds are optimistic about the company's future prospects [2].

Core Viewpoint - The recent financing and expansion plans of major PCB companies are primarily driven by the increasing demand for AI technologies and high-end PCB products, indicating a significant shift in the industry towards advanced manufacturing capabilities [1][3][6]. Group 1: Company Expansion Plans - Huadian Co. disclosed a new project for high-end printed circuit boards (PCBs) with an investment of 4.3 billion yuan, which began construction in June 2023 and is expected to start trial production in the second half of 2026 [1]. - Shenghong Technology completed a fundraising round of 1.9 billion yuan, with allocations of 850 million yuan for an AI HDI project in Vietnam and 500 million yuan for a high-layer PCB project in Thailand [1]. - Eight PCB manufacturers have announced new financing and expansion plans since July 25, focusing on enhancing their capabilities in HDI, HLC, and SLP products [1][2]. Group 2: Market Demand and Trends - The demand for high-density and high-layer PCBs is expected to grow significantly due to advancements in AI, satellite communications, and automotive electronics, with the HDI market projected to reach 17.037 billion USD by 2029, reflecting a compound annual growth rate of 6.4% [6]. - The complexity of PCB production processes is increasing, necessitating higher precision and efficiency in manufacturing equipment, particularly in plating and drilling stages [6][7]. - The shift towards high-end PCB products is driving upgrades in core materials such as copper foil, electronic cloth, and resin, which are essential for meeting the demands of high-speed signal transmission [7]. Group 3: Investment Opportunities - The expansion of PCB production is anticipated to create a favorable cycle for the industry, benefiting upstream material and equipment companies as demand for high-end PCBs rises [7]. - The global market for PCB-specific equipment is expected to reach 10.765 billion USD by 2029, with a compound annual growth rate of 8.7% from 2024 to 2029 [6].

Core Insights - The company held a recognition event for the DGX Spark AI supercomputer project, highlighting the contributions of core teams in customer development, product research, engineering design, and mass production [1] - The DGX Spark AI supercomputer demands extreme performance, reliability, and stability from PCB technology, which the company has addressed through advanced interconnect technology, high-frequency materials, and innovative packaging techniques [1][3] - The company has established a complete AI computing infrastructure solution, demonstrating its capability to handle high-end AI computing projects from technology development to mass production [3] Technology and Production Capabilities - The company has achieved a four-layer HDI mass production capability and has successfully developed six-layer HDI technology for small batch supply, catering to high-end market demands such as AI servers and high-performance computers [3] - The company’s advancements in signal integrity optimization, thermal management, and multilayer wiring design have led to a perfect balance of high precision, stability, and efficiency in its products [1][3] Market Position and Future Outlook - The demand for AI computing power is experiencing explosive growth due to the emergence of large models like DeepSeek, positioning the company as a key supplier of high-end PCB products essential for AI supercomputers [3] - The company is expected to expand its high-end production capacity as it deepens its technological investments and industry layout in the AI computing sector, supported by the release of production capacity in Thailand and the implementation of convertible bond projects [3]

Group 1: Product Structure and Market Expansion - The company is optimizing its product structure while expanding production capacity and enhancing its market presence, focusing on servers, automotive electronics, base stations, switches, PCs, storage, and consumer electronics for revenue generation in the first half of 2025 [2][3] - The company has actively diversified its customer resources in data centers, servers, AIPC, and automotive electronics, adapting to market changes and expanding its customer base [3] Group 2: Share Buyback Program - As of August 31, 2025, the company has repurchased 2,888,300 shares, accounting for 0.9101% of the total share capital, with a total transaction amount of 90,039,741.52 yuan (excluding transaction fees) [3] - The maximum buyback price was adjusted from 39.4 yuan per share to 53.35 yuan per share during the board meeting on August 11, 2025, reflecting confidence in the company's future development [3] Group 3: Thailand Factory Operations - The Thailand factory commenced production in 2024 and is currently in the capacity ramp-up phase, serving as a key support point for the company's global capacity layout [3] - The factory aims to leverage local resources, policies, and logistics advantages while increasing investments in technology research and development, equipment upgrades, and talent training to enhance production capacity and technical level [3]

Group 1 - The 6G concept continues to gain momentum, leading to significant stock price increases for companies such as Sega Technology and Yihua Shares, both of which reached their daily price limit [1] - Other companies in the sector, including Hengtong Optic-Electric, Daheng Technology, Jin Xin Nuo, Aoshikang, Haige Communications, and ZTE, also experienced stock price increases [1]

Group 1 - The stock of Aoshikang closed at 42.65 yuan on September 16, with an increase of 0.64% [1] - A significant block trade occurred, totaling 54,500 shares and a transaction amount of 2.17 million yuan, with a discount rate of -6.61% [1] - The buyer was from Caitong Securities Co., Ltd., and the seller was from Tianfeng Securities Co., Ltd. [1] Group 2 - In the last three months, there has been one block trade for this stock, with a total transaction amount of 2.17 million yuan [1] - Over the past five trading days, the stock has increased by 9.50%, while the net outflow of main funds amounted to 27.70 million yuan [1]

证券代码：002913 证券简称：奥士康 公告编号：2025-062 奥士康科技股份有限公司董事会 奥士康科技股份有限公司 关于参加湖南辖区 2025 年度投资者网上集体接待日活动的公告 2025 年 9 月 16 日 为进一步加强与投资者的互动交流，奥士康科技股份有限公司（以下简称"公 司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联合 举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接 待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注"全景财经"微信公众号，或下载"全景路演"APP， 参与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五）14：00-17：00。届时 公司高管将通过在线问答互动的形式就公司治理、发展战略、经营状况等投资者关 心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 ...

Group 1 - The core point of the news is that Aoshikan's stock price dropped by 5.02% to 37.50 CNY per share, with a trading volume of 141 million CNY and a turnover rate of 1.20%, resulting in a total market capitalization of 11.901 billion CNY [1] - Aoshikan Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on May 21, 2008, with its listing date on December 1, 2017. The company specializes in the research, production, and sales of high-density printed circuit boards [1] - The main business revenue composition of Aoshikan includes: 75.36% from four-layer and above boards, 16.24% from single/double-sided boards, and 8.40% from other supplementary products [1] Group 2 - From the perspective of major holdings in funds, one fund under China Europe Fund has a significant position in Aoshikan. The China Europe Small Cap Growth Mixed A Fund (015880) held 99,600 shares in the second quarter, accounting for 0.57% of the fund's net value, making it the fifth-largest holding [2] - The China Europe Small Cap Growth Mixed A Fund (015880) was established on June 28, 2022, with a latest scale of 199 million CNY. Year-to-date returns are 45.85%, ranking 837 out of 8180 in its category; the one-year return is 98%, ranking 360 out of 7978; and since inception, the return is 50.42% [2] - The fund managers of the China Europe Small Cap Growth Mixed A Fund are Qian Yating and Tang Minwei, with Qian Yating having a tenure of 3 years and 307 days and a total fund asset size of 2.377 billion CNY, achieving a best return of 54.89% during her tenure [2]

Group 1 - The company, Aoshikang, announced a share buyback plan, intending to repurchase 2,888,300 shares through a centralized bidding transaction [2] - The repurchased shares represent 0.9101% of the company's total share capital as of the announcement date [2]