Market Performance - The component sector increased by 2.9% on September 29, with Shenzhen South Circuit leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Top Gainers in Component Sector - Shenzhen South Circuit (002916) closed at 221.29, up 7.14% with a trading volume of 85,700 shares and a turnover of 1.828 billion [1] - Dongshan Precision (002384) closed at 73.39, up 7.01% with a trading volume of 680,900 shares and a turnover of 492.3 million [1] - Shiyun Circuit (603920) closed at 46.33, up 6.51% with a trading volume of 321,500 shares and a turnover of 146.2 million [1] Market Capital Flow - The component sector saw a net inflow of 962 million from institutional investors, while retail investors experienced a net outflow of 442 million [2][3] - Major stocks like Shenghong Technology (300476) had a net inflow of 455 million from institutional investors, while it faced a net outflow of 192 million from retail investors [3] Notable Decliners - Tianjin Pulin (002134) closed at 20.53, down 2.24% with a trading volume of 82,500 shares and a turnover of 169 million [2] - Zhongying Technology (300936) closed at 38.70, down 1.65% with a trading volume of 18,000 shares and a turnover of 70.25 million [2] Summary of Trading Activity - The trading activity in the component sector indicates a strong performance from leading stocks, while some stocks faced declines, reflecting mixed investor sentiment [1][2][3]

Group 1 - The latest overseas institutional research shows that 57 companies were visited by foreign institutions in the past 10 trading days, with a focus on companies like Shenzhen South Circuit and Zhongkong Technology [3][5] - Shenzhen South Circuit received attention from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects in Nantong and Thailand [3] - Zhongkong Technology was visited by 20 overseas institutions and recently won two major projects from Sinopec, which are expected to significantly increase annual output and revenue [3] Group 2 - The lithium battery sector is experiencing strong performance, with various sub-sectors such as sodium-ion batteries and solid-state batteries showing significant gains [2] - The lithium battery electrolyte index increased by 6.67% with a year-to-date growth of 65.17%, indicating robust market demand [2] - The average stock price of companies that received overseas institutional research rose by 3.11% over the past 10 trading days, with notable gains from companies like Demingli and Jingzhida [5][6] Group 3 - The funding situation shows that over half of the companies that received overseas institutional research saw an increase in financing, with several companies receiving net purchases exceeding 100 million yuan [5][6] - Notable net purchases include Zhongchuang Zhiling with 342 million yuan, indicating strong investor interest [6] - The overall market sentiment remains positive, particularly in sectors related to technology and lithium batteries, driven by ongoing developments and institutional interest [1][2]

Group 1 - The Shanghai Composite Index showed a slight recovery after a morning dip, with the ChiNext Index rising nearly 3% [1] - The lithium battery sector experienced strong upward momentum, with various sub-sectors such as sodium-ion batteries and solid-state batteries leading the gains [2] - The lithium battery indices reported significant increases, with the lithium battery index up by 4.22% and the power battery index up by 4.52% [3] Group 2 - A total of 421 companies were surveyed by institutions in the past 10 trading days, with 57 companies receiving attention from overseas institutions [4] - Deep South Circuit (002916) was the most focused company, receiving visits from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects [4] - Zhongkong Technology was also notable, with 20 overseas institutions participating in its survey, and it recently won two major projects from Sinopec, expected to generate significant annual output value [4] Group 3 - Stocks that received overseas institutional research saw an average increase of 3.11% over the past 10 trading days, with Demingli (001309) leading with a 56.95% increase [7] - More than half of the surveyed stocks received net purchases from financing clients, with Zhongchuang Zhiling (601717) receiving the highest net buy of 342 million yuan [7] - The storage industry is experiencing a positive outlook due to increased capital expenditures from major tech companies, with expectations for storage prices to maintain an upward trend in the fourth quarter [7]

Group 1 - As of September 28, 154 public fund institutions participated in A-share market research activities, covering 28 industries and involving 605 listed companies with a total of 4,275 research instances [1] - From September 1 to 28, 70 listed companies saw stock price increases exceeding 20%, with 19 companies experiencing gains over 40%. The mechanical equipment sector stood out, with World achieving a remarkable increase of 113.77%, attracting attention from 30 public fund institutions [3] - During the same period, 44 listed companies were researched by public fund institutions at least 20 times, with Crystal Machine Electric leading with 81 instances of research [3] Group 2 - The research activities of public fund institutions were primarily concentrated in 18 industries, with the mechanical equipment sector being the most focused, involving 90 listed companies. Key companies included Huichuan Technology, Zoomlion, and Jepter [4] - The electronics sector ranked second, with 83 listed companies and a total of 702 research instances, highlighting companies like Shenzhen South Circuit, Jingchen Co., and Juguang Technology as focal points [4] - Other industries with high research activity included electric power equipment, pharmaceuticals, and basic chemicals [4]

Core Insights - The article highlights the significant growth and opportunities within the semiconductor industry, particularly focusing on companies that are integral to the Huawei HiSilicon ecosystem, which is experiencing a surge in demand for advanced chips and related technologies. Group 1: Key Companies and Their Roles - Longi Technology (600584) is a global leader in packaging and testing, uniquely handling the 4nm Chiplet packaging for Huawei's Kirin X90 chip, which enhances chip performance by three times. The new automotive-grade chip factory is expected to contribute 5 billion yuan in annual revenue, solidifying its dominance in advanced packaging [1]. - Tuo Wei Information (002261) is a major player in the AI server market with over 30% market share, deeply involved in Huawei's AI innovation centers across key sectors. The company has server orders booked until Q1 2026, indicating strong revenue visibility [2]. - Shenzhen Huaqiang (000062) serves as a key distributor for Huawei's entire product line, with a 120% year-on-year increase in sales of the Ascend 910B chip. The company is positioned to benefit from the explosive growth in Huawei's chip shipments [3]. - Chipone Technology (688521) provides essential IP cores for Huawei's Kirin and Ascend AI chips, contributing an estimated 1.5 billion yuan to revenue in 2025, which is over 30% of its total revenue [4]. - Tongfu Microelectronics (002156) is a primary packaging and testing provider for Ascend chips, with a projected 50% growth in AI packaging orders by 2025, benefiting from the mass production of Huawei's Chiplet architecture [5]. Group 2: Emerging Technologies and Market Trends - Runhe Software (300339) is a dual ecosystem partner for HarmonyOS and HiSilicon, with over 40% market share in smart terminal OS adaptation. The company is leveraging its collaboration with Huawei to enhance its product offerings in smart home and vehicle networking [6]. - Zhongke Chuangda (300496) is a core player in automotive-grade solutions, providing algorithm optimization for Huawei's AI chips, with a 61.54% market share in global in-car infotainment systems [7]. - North Huachuang (002371) is a leading equipment supplier for semiconductor manufacturing, providing critical etching and ALD equipment, with 35% of its products compatible with 5nm technology [8]. - Huazheng New Materials (603186) has developed a breakthrough material that replaces traditional substrates, achieving a 45% annual growth in semiconductor materials revenue [9]. - Liyuan Information (300184) has been a long-time agent for Huawei's chips, with a projected net profit increase of 43%-65% in Q1 2025, benefiting from the growing demand in IoT and industrial control sectors [10]. Group 3: Strategic Collaborations and Future Prospects - Skyworth Digital (000810) is a pioneer in implementing Huawei's StarFlash technology, significantly reducing latency in smart home devices, with a projected 200% growth in related orders by 2025 [11]. - Megmeet (002881) is a benchmark partner for Huawei's 5G modules, with a 217% increase in revenue from the new energy vehicle sector, indicating strong growth potential in the 5G and vehicle networking markets [12]. - Guangdian Yuntong (002152) is a leader in financial technology solutions based on Huawei's Ascend chips, with a revenue visibility of 1 billion yuan for 2025, focusing on digital transformation in finance [13]. - Jing Sai Technology is a core supplier of crystal oscillators for Huawei's 5G base station chips, with a 15% revenue contribution from the new energy vehicle sector [14]. - Feirongda (300602) specializes in thermal management solutions for Huawei's chips, with a projected 120% growth in automotive business revenue in 2024 [15].

Financial Performance - In the first half of 2025, the company achieved total revenue of 10.453 billion CNY, a year-on-year increase of 25.63% [1] - Net profit attributable to shareholders reached 1.360 billion CNY, up 37.75% year-on-year [1] - Growth driven by AI computing upgrades, storage market recovery, and automotive electrification [1] PCB Business - PCB business revenue for the first half of 2025 was 6.274 billion CNY, a 29.21% increase year-on-year [2] - Gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - Growth attributed to demand for AI accelerator cards, increased share from data centers, and rising automotive electronics demand [2] Packaging Substrate Business - Revenue from packaging substrate business was 1.740 billion CNY, a 9.03% increase year-on-year [3] - Gross margin for this segment was 15.15%, a decrease of 10.31 percentage points year-on-year [3] - Decline in gross margin due to rising costs from raw materials and production ramp-up phases [3] Capacity Utilization - PCB business maintained high capacity utilization due to strong demand in computing and automotive electronics [4] - Packaging substrate business saw significant improvement in capacity utilization driven by domestic storage market demand [4] New Capacity Developments - New PCB capacity primarily from new factories and upgrades of existing facilities, including projects in Shenzhen, Wuxi, Nantong, and Thailand [5] - Nantong Phase IV expected to be operational in Q4 2025, while the Thailand factory is already online [5] Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project has commenced operations in Q4 2023, with ongoing capacity ramp-up [6] - Focus remains on capability building and market development, with losses narrowing in the first half of 2025 [6] AI Computing Layout - The company is enhancing its PCB offerings in high-performance computing, data centers, and AI accelerator cards [7] - Increased demand for high-capacity, high-frequency, and advanced HDI PCB products driven by the evolution of AI technology [7]

根据调研日期截止日统计，近10日（9月15日至9月26日），海外机构对57家上市公司进行调研，其中， 深南电路最受关注，被29家海外机构密集调研。 证券时报·数据宝统计显示，近10日共有421家公司获机构调研，调研机构类型显示，证券公司调研达 361家，占比最多；基金公司调研276家，位列其后；海外机构共对57家上市公司进行走访。 000718 苏宁环球 1 2.59 -21.75 房地产 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 海外机构调研榜单中，深南电路参与调研的海外机构达到29家，最受关注；其次是中控技术，参与调研 的海外机构共有20家。 从股价表现看，获海外机构调研股近10日平均上涨3.11%。其中，股价上涨的有德明利、精智达等，表 现最好的是德明利，累计涨幅为56.95%。股价下跌的有25只，跌幅最大的是苏宁环球，累计跌幅为 21.75%。（数据宝） 近10日海外机构调研股 | 证券代码 | 证券简称 | 海外机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | ...

记者丨杨期鑫 实习生钟宸 编辑丨李振 PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大 元器件，主要作用是实现电子元器件之间的相互连接，实现信号传输，因此也被称为"电子产 品之母"。 Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以 412.13亿美元的产值领跑全球，同比增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈—— 作为中国PCB产业核心区域，广东PCB产 能占全国约60%，拥有超万亿市值的上市企业集群，以及深圳、惠州、东莞等城市形成的城 市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业转移东风强势崛起 。 广东P C B板块市值已超万亿 从一开始的一穷二白到如今全球最大的PCB生产国，中国PCB产业发展并非一帆风顺。 1936年，奥地利人保罗·爱斯勒（Paul Eisler）发明了世界上第一块PCB，并于50年代初开始 大规模应用。 但是由于西方的技术封锁，直到1956年，中国第一块PCB在北京一间简陋的实验室内诞生。 上世纪60—70年代，中国 ...

Core Insights - The consumer electronics sector has seen significant stock price increases, with 13 stocks doubling in value this year, led by Chipone Technology and Industrial Fulian, which rose by 229.96% and 213.47% respectively [1] - Since September, over 30 consumer electronics stocks have been under institutional research, with companies like Lattice Semiconductor, Shenzhen South Circuit, and Lingyi iTech receiving more than 100 institutional inquiries each [1] - More than half of the concept stocks have seen increased positions from financing clients since September, with eight stocks, including Cambricon Technologies-U, Luxshare Precision, and Dongshan Precision, having net purchases exceeding 1 billion yuan [1] - Among the stocks that received over 300 million yuan in financing increases, 13 are expected to continue showing growth, with institutions predicting net profit growth rates exceeding 30% for 2025 and 2026 [1]

Market Overview - On September 22, the component sector rose by 3.22% compared to the previous trading day, with Pengding Holdings leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Gainers in the Component Sector - Pengding Holdings (002938) closed at 63.45, with a gain of 10.00% and a trading volume of 485,000 shares [1] - Shenzhen South Circuit (002916) closed at 214.80, up 9.83%, with a trading volume of 118,400 shares [1] - Hongxin Electronics (300657) closed at 35.36, gaining 6.38% with a trading volume of 700,200 shares [1] - Other notable gainers include Kexiang Co. (300903) and Shengyi Technology (600183), with gains of 6.37% and 6.25% respectively [1] Market Capital Flow - The component sector experienced a net outflow of 554 million yuan from institutional investors, while retail investors saw a net inflow of 426 million yuan [2] - The overall market saw a net inflow of 128 million yuan from speculative funds [2] Individual Stock Capital Flow - Pengding Holdings had a net inflow of 4.54 billion yuan from institutional investors, representing 15.25% of its total trading volume [3] - Shenzhen South Circuit experienced a net outflow of 58.06 million yuan from speculative funds, while retail investors had a net outflow of 298 million yuan [3] - Other stocks like Shengyi Technology and Kexiang Co. also showed varied capital flows, with significant net inflows and outflows from different investor types [3]