Core Viewpoint - The digital economy ETF managed by ICBC (561220) opened with a slight decline of 0.51%, indicating a challenging market environment for the digital economy sector [1] Group 1: ETF Performance - The digital economy ETF ICBC (561220) opened at 1.360 yuan, reflecting a decrease of 0.51% [1] - Since its establishment on May 21, 2025, the fund has achieved a return of 36.79%, while the return over the past month has been -0.25% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.41% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Zhongke Shuguang (中科曙光) down 1.14% - Zhongwei Company (中微公司) up 0.16% - Inspur Information (浪潮信息) down 1.20% - Shengyi Technology (生益科技) down 3.00% - Chipone (芯原股份) down 5.06% - ZTE (中兴通讯) down 1.09% - Shenzhen South Circuit (深南电路) down 0.66% [1]

Summary of Shennan Circuit Conference Call Company Overview - **Company**: Shennan Circuit (002916.SZ) - **Industry**: Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) Key Points Incentive Plan - Shennan announced a Phase II Restricted Stock Incentive Plan, granting **15.16 million shares** (2.27% of total issued capital) to **667 key personnel** at a price of **RMB 114.72/share** [1][2] - The plan aims to align key talent with shareholder interests during the AI upcycle, with stringent unlocking criteria including: - Recurring net profit CAGR of **≥13%** compared to 2024 - Continuous ROE improvement to **>12.8%** by 2028 - Performance in the **75th percentile** of industry peers [1][2] Financial Performance Expectations - The incentive scheme is designed to ensure double-digit year-on-year growth during **2026-2028E** and to outperform major peers [2] - The exercise price reflects a **40% discount** from the closing price of **RMB 191.2/share** prior to the announcement [2] Market Position and Valuation - Shennan's target price is set at **RMB 281**, indicating an expected share price return of **46.1%** and a total return of **47.1%** [3] - The company is positioned as a key player in the domestic AI server and auto segments, contributing over **55%** of total PCB sales [7] - The target PE of **48x** forward reflects a **40-50% premium** to the sector average, justified by Shennan's leading position and technology leadership [7] Risks - Potential downside risks include: - Slower-than-expected growth in the China AI server market - Weaker demand for auto and ADAS systems - Lower-than-expected profits from the new plant in Wuxi - Higher laminate cost inflation [8] Conclusion - The recent stock price retreat of over **20%** from the year-to-date peak in early October has led to a reiteration of the **Buy** rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company demonstrates confidence through its second phase of restricted stock incentive plan, indicating strong commitment [4][9] - The AI and storage sectors continue to show favorable market conditions, supporting the company's growth prospects [4][9] Financial Projections - The company is expected to achieve revenues of RMB 230.02 billion, RMB 321.10 billion, and RMB 419.23 billion for the years 2025, 2026, and 2027 respectively [6] - Projected net profits for the same years are RMB 33.41 billion, RMB 58.16 billion, and RMB 76.43 billion, with corresponding EPS of RMB 5.01, RMB 8.72, and RMB 11.46 [6] - The PE ratios for 2025, 2026, and 2027 are projected to be 38.4, 22.0, and 16.8 respectively [6] Revenue and Profit Growth - The company’s main revenue is projected to grow from RMB 13,526 million in 2023 to RMB 41,923 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 30.6% [8] - The net profit is expected to increase from RMB 1,398 million in 2023 to RMB 7,643 million in 2027, indicating a significant growth trajectory [8] Shareholder Incentives - The incentive plan involves granting 15.16 million shares, representing 2.27% of the total share capital, with a grant price of RMB 114.72 per share [9] - The plan aims to align the interests of management and key personnel with the company's long-term performance [9] Market Position and Strategy - The company is enhancing its high-end PCB production capacity through new factories and technological upgrades, which will support future demand [9] - The focus on AI computing upgrades and structural growth in the storage market is expected to drive revenue and profit growth [9]

MACD金叉信号形成，这些股涨势不错！ 格隆汇12月12日丨深南电路(002916.SZ)公布A股限制性股票激励计划（第二期），本激励计划所采用的 激励工具为限制性股票，股票来源为深南电路向激励对象定向发行新股。本激励计划拟向激励对象授予 1,516.17万股股票，涉及股票种类为人民币A股普通股，约占本激励计划签署时公司股本总额 66,674.0795万股的2.27%。本激励计划的授予价格为114.72元/股。本激励计划的激励对象为公司（含合 并报表范围内子公司，下同）董事、中层管理人员及核心骨干，合计667人。 ...

Company Overview - ShenNan Circuit announced the convening of its fourth board meeting on December 12, 2025, via telecommunication to review the draft summary of the second phase of the A-share restricted stock incentive plan [1] - As of the report date, ShenNan Circuit has a market capitalization of 128.2 billion yuan [1] Financial Performance - For the first half of 2025, ShenNan Circuit's revenue composition was 94.2% from electronic circuits and 5.8% from other businesses [1]

本激励计划的有效期为自限制性股票首次授予之日起至所有限制性股票解锁或回购注销完毕之日止。本 激励计划的有效期为5年(60个月)，包括禁售期2年(24个月)和解锁期3年(36个月)。 智通财经APP讯，深南电路(002916.SZ)披露A股限制性股票激励计划(第二期)(草案)，公司拟向激励对象 (合计667人)授予1516.17万股股票，授予价格为114.72元/股。 ...

深南电路（002916）(002916.SZ)披露A股限制性股票激励计划(第二期)(草案)，公司拟向激励对象(合计 667人)授予1516.17万股股票，授予价格为114.72元/股。 本激励计划的有效期为自限制性股票首次授予之日起至所有限制性股票解锁或回购注销完毕之日止。本 激励计划的有效期为5年(60个月)，包括禁售期2年(24个月)和解锁期3年(36个月)。 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-037 为进一步完善公司的治理结构，促进公司建立、健全激励约束机制，充分调 动公司员工的工作积极性，提高公司的经营管理水平，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《国有控股上市公司 （境内）实施股权激励试行办法》（以下简称"《试行办法》"）等有关法律、法规 深南电路股份有限公司 第四届董事会第十次会议决议公告 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。 一、董事会会议召开情况 深南电路股份有限公司（以下简称"公司"）第四届董事会第十次会议于 2025 年 12 月 12 日以通讯方式召开。会议通知于 2025 年 12 月 10 日以电子邮件等方 式向全体董事发出，本次会议应参加表决董事 8 人，实际表决董事 8 人。本次董 事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、董事会会议审议情况 本次会议审议通过了以下议案： （ ...

一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证股权 激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司战略 和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和激励对象 的业绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合，从 而提高管理绩效，实现公司与全体股东利益最大化。 三、考核范围 深南电路股份有限公司 A 股限制性股票激励计划（第二期）实施考核管理办法 为保证深南电路股份有限公司（以下简称"公司"）股权激励计划的顺利进 行，进一步完善公司法人治理结构，形成良好均衡的价值分配体系，激励公司中 高层管理人员和核心业务及技术骨干诚信勤勉地开展工作，保证公司业绩稳步提 升，确保公司发展战略和经营目标的实现，根据国家有关规定和公司实际情况， 特制定本办法。 本办法适用于股权激励计划所确定的所有激励对象，包括但不限于公司公 告本激励计划时在公司任职的董事、中层管理人员及核心骨干。 四、考核机构 1、公司董事会薪酬与考核委员会负责领导和组织对激励对象的考核工作； 2、公司人力资源部、财务部等相关部门负责相关数据的收集和提 ...

| | 上市公司股权激励计划自查表 序 | | | | --- | --- | --- | --- | | | 号 公司简称：深南电路 股票代码：002916 | 独立财务顾问：无 | | | | 事项 | 是否存在 该事项（是 /否/不适 | 备注 | | | | 用） | | | | 上市公司合规性要求 | | | | 1 | 最近一个会计年度财务会计报告是否未被注册会计 师出具否定意见或者无法表示意见的审计报告 | 是 | | | 2 | 最近一个会计年度财务报告内部控制是否未被注册 会计师出具否定意见或无法表示意见的审计报告 | 是 | | | 3 | 上市后最近36个月内是否未出现过未按法律法规、 | 是 | | | | 公司章程、公开承诺进行利润分配的情形 | | | | 4 | 是否不存在其他不适宜实施股权激励的情形 | 是 | | | 5 | 是否已经建立绩效考核体系和考核办法 | 是 | | | 6 | 是否未为激励对象提供贷款以及其他任何形式的财 务资助 | 是 | | | | 激励对象合规性要求 | | | | 7 的 | 是否未包括单独或合计持有上市公司5%以上股份 股东或实际控制人及 ...