Core Viewpoint - Shenzhen South Circuit (002916.SZ) reported strong financial performance in Q3, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The company's revenue for the first three quarters reached 16.754 billion, representing a year-on-year increase of 28.39% [1] - The net profit attributable to shareholders for the same period was 2.326 billion, showing a year-on-year growth of 56.3% [1] - The net profit excluding non-recurring gains and losses was 2.18 billion, reflecting a year-on-year increase of 58.56% [1]

Core Viewpoint - ShenNan Circuit (002916) reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - Q3 2025 revenue reached 6.301 billion yuan, representing a year-on-year increase of 33.25% [1] - Q3 2025 net profit was 966 million yuan, showing a remarkable year-on-year growth of 92.87% [1] - For the first three quarters of 2025, total revenue amounted to 16.754 billion yuan, up 28.39% compared to the same period last year [1] - Net profit for the first three quarters of 2025 was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [1] - Basic earnings per share for the first three quarters stood at 3.49 yuan [1]

证券代码：002916 证券简称：深南电路 公告编号：2025-034 深南电路股份有限公司 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。 关于公司董事、总经理辞职暨 聘任总经理并提名非独立董事候选人的公告 公司第四届董事会中兼任公司高级管理人员以及由职工代表担任的董事人 数总计未超过公司董事总数的二分之一，符合相关法律法规和规范性文件的规定。 三、备查文件 1、董事、总经理周进群的辞职报告； 一、董事、总经理离任情况 深南电路股份有限公司（以下简称"公司"）董事会于近日收到周进群先生 提交的书面辞职报告。周进群先生因工作调整原因申请辞去公司第四届董事会董 事、总经理及战略委员会委员职务，上述职务原定任职期间为 2024 年 4 月 18 日至 2027 年 4 月 17 日，周进群先生辞职后不再担任公司及控股子公司任何职务。 根据《中华人民共和国公司法》及《公司章程》的有关规定，周进群先生的 辞职不会导致公司董事会成员低于法定人数，其辞职报告自送达董事会时生效。 截至本公告披露日，周进群先生持有公司股票 818,727 股，不存在未履行完毕的 公开承诺。周 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-032 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"）第四届董事会第九次会议于 2025 年 10 月 28 日在公司会议室以现场结合通讯方式召开，会议通知于 2025 年 10 月 17 日以电子邮件方式向全体董事发出，本次会议应参加表决董事 9 人，实际表 决董事 9 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）《2025 年第三季度报告》 具体内容详见披露于《证券时报》和巨潮资讯网（http://www.cninfo.com.cn） 的《2025 年第三季度报告》（公告编号：2025-033）。 深南电路股份有限公司 第四届董事会第九次会议决议公告 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。 该议案已经提名委员会以 3 票同意全票审议通过。与会董事以同意 9 票，反 对 0 票，弃权 0 票的结果通过。本议案尚需提交股东会审议。 三、备查文件 1、公司第四届董事 ...

深南电路股份有限公司 2025 年第三季度报告 深南电路股份有限公司 2025 年第三季度报告 证券代码：002916 证券简称：深南电路 公告编号：2025-033 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 6,300,560,583.88 | 33.25% | 16,754,015,317.37 | 28.39% | | 归属于上市公司股东 | 965,807,776.13 | 92.8 ...

Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the surge in AI server demand and the unexpected recovery in traditional sectors [1][2] Demand Drivers - The resilience in PCB demand is attributed to a dual-driven model of emerging sectors' explosion and the recovery of traditional fields [2] - AI technology breakthroughs are pushing the industry into a "golden phase" of simultaneous volume and price increases [2] - AI server PCB demand is expected to significantly increase, with Nvidia's GB 200/300 NVL72 shipments projected to meet expectations by 2025, and Blackwell & Rubin series shipments potentially exceeding 50,000-60,000 units by 2026 [2][3] - The technical requirements for AI servers far exceed those of traditional servers, with high-layer count (HLC) and high-density interconnect (HDI) boards becoming core demands [2] Market Dynamics - UBS estimates that the single-unit PCB content for AI servers is 5-10 times higher than that of traditional servers, significantly driving the server PCB market [3] - The domestic AI chip and cluster solutions are accelerating the formation of a local AI server supply chain, benefiting companies like Shenzhen Circuits and Huitian Technology [3] - Traditional PCB demand is also recovering, contributing 70-80% of revenue from sectors like smartphones, PCs, and general servers [3] Sector-Specific Insights - The smartphone sector is benefiting from the unexpected shipment volume of the iPhone 17 series, with global smartphone shipment forecasts for 2025/26 raised to 1.26 billion and 1.27 billion units, reflecting year-on-year growth of 3% and 1% respectively [3] - The PC market is seeing a recovery driven by the replacement cycle following the end of Windows 10 support, with global PC shipment growth expected to exceed 4% in 2025/26 [3] - General server demand is notably resilient, with global shipments projected to grow by 8.6% and 8.0% in 2025/26, and hyperscale data center shipments expected to grow by 17.8% and 9.8% [4] Industry Chain Analysis - The PCB industry chain shows a concentration of value in upstream segments, with substrates and copper-clad laminates (CCL) being the most certain segments benefiting from AI demand [5] - BT substrates are experiencing high utilization rates due to the recovery in storage chip demand and supply shortages of key materials [7] - The price of BT substrates has increased by 30% this year, with further increases expected by year-end [8] - The high-speed CCL segment is seeing explosive demand driven by AI server upgrades, with prices expected to rise by 10-15% in the second half of 2025 [9] Company Profiles - Shenzhen Circuits: Covers major North American clients [10] - Huitian Technology: Main PCB supplier for Google and optical modules [11] - Shenghong Technology: Strong position with Nvidia and aggressive capacity expansion [12] - Sany Electronics: Significant orders from AWS leading to strong Q3 performance [13] - Sany Technology: Strong earnings certainty due to CCL price increases [14] - Dazhu CNC: Q3 performance exceeded expectations, reflecting PCB segment dynamics [15] - Ding Tai High-Tech: Facing process challenges due to high difficulty in Q fabric [16] - Zhongcai Technology: Expected to benefit from sustained PCB demand in the coming year [17] Conclusion - The Chinese PCB industry is entering a new upward cycle driven by AI, with upstream segments like substrates and CCL, along with leading companies in the AI server supply chain, being the primary beneficiaries [18]

Key Points - The report highlights a selection of stocks for October, including companies such as China Southern Airlines (600029.SH) and Contemporary Amperex Technology Co., Ltd. (300750.SZ) [1] - The macroeconomic analysis emphasizes the importance of the "14th Five-Year Plan" period for China's reform and innovation, indicating that it is a critical time for achieving significant progress towards socialist modernization [5] - The fixed income section discusses the recent fluctuations in the bond market, noting that the central bank's actions to pause and then resume government bond trading reflect its intention to stabilize yields [6][7] - The report provides an overview of market indices, showing slight declines in major indices such as the Shanghai Composite Index, which closed at 3988.22, down 0.22% [3] - Industry performance data indicates that the comprehensive index rose by 2.06%, while sectors like non-ferrous metals and beauty care saw declines of 2.72% and 1.51%, respectively [4]

Core Insights - The AI computing sector has seen significant returns for heavily invested funds this year, leading to a divergence in investment strategies among fund managers [1][2] - Notable fund managers are adjusting their portfolios within the AI computing chain, with some reducing holdings in high-performing optical modules while increasing positions in PCB and AI application sectors [2][3] Fund Manager Adjustments - Fund managers like Jin Zicai from Caitong Fund have significantly increased their holdings in PCB-related companies such as Shenzhen South Circuit and Shengyi Technology, while reducing positions in leading optical module firms like NewEase and Zhongji Xuchuang [2][4] - The China Europe Digital Economy Fund, managed by Feng Ludan, has made more substantial adjustments, reducing exposure to optical modules and PCB while increasing investments in AI application stocks like Alibaba and Tencent [3][4] Long-term Outlook on AI Infrastructure - Despite the adjustments, there remains a consensus among fund managers regarding the long-term potential of AI infrastructure, with expectations of increased demand for computing power in the coming years [4][5] - Jin Zicai emphasized that the growth certainty of overseas AI has improved, predicting faster growth in computing demand for 2026 and 2027 [4] Investment Risks and Valuation Concerns - While acknowledging the long-term value of the AI computing sector, fund managers have also highlighted the risks associated with high valuations following significant price increases [7] - Concerns have been raised about the sustainability of past performance as the AI sector's overall valuation is no longer at a low level, with some stocks reflecting overly optimistic growth expectations [7]

Core Insights - The article highlights the significant adjustments made by various fund managers in their portfolios during the third quarter, particularly focusing on sectors like PCB and AI computing [1][2][3]. Group 1: Fund Manager Adjustments - Notable fund managers such as Fu Pengbo and Xie Zhiyu increased their stakes in PCB leader Dongshan Precision, while Mo Haibo reduced his holdings in optical modules and shifted focus to the robotics industry [1][2]. - The top ten shareholders of Dongshan Precision now include prominent fund managers, indicating a strong interest in this stock [2]. - The "champion fund" Yongying Technology Smart Selection has seen a year-to-date return exceeding 200%, with significant increases in holdings of key stocks in the PCB and optical module sectors [3][6]. Group 2: Sector Focus and Performance - The article emphasizes the growing preference for AI computing and related sectors among fund managers, with Yongying Technology Smart Selection heavily investing in this area since the second quarter [3][4]. - Mo Haibo's fund continues to favor AI and coal sectors, highlighting the potential for substantial growth in domestic computing capabilities [9]. - The performance of funds focused on AI computing has attracted considerable net subscription funds, reflecting investor confidence in this sector [9][10]. Group 3: Market Outlook - Fund managers express confidence in the A-share market, citing favorable domestic fiscal and monetary policies, which may lead to increased asset allocation towards equities [8]. - The article notes that despite external uncertainties, the market may continue to trend upwards, supported by a release of trading sentiment and pressure in certain sectors [8]. - The long-term growth potential of the cloud computing industry is acknowledged, with caution advised against assuming past performance will predict future results [10].

Core Viewpoint - The PCB industry is experiencing unprecedented growth opportunities driven by the surge in AI server demand and the unexpected recovery in traditional sectors, marking the beginning of a new growth cycle for the industry [1][2]. Demand Drivers - The resilience in PCB demand is attributed to a dual-driven pattern of "emerging sectors' explosion + traditional sectors' recovery" [2]. - The demand for PCBs in AI servers has transitioned from a conceptual phase to actual performance, significantly increasing the industry's growth potential [3]. - AI servers require higher PCB content, with UBS estimating that the single-unit PCB content for AI servers is 5-10 times higher than traditional servers, leading to a rapid expansion of the server PCB market [4]. Traditional Sector Recovery - Traditional PCB demand is also recovering, contributing 70-80% of revenue for PCB companies, providing a solid foundation for the industry [5]. - The smartphone sector is benefiting from the unexpected shipment volumes of the iPhone 17 series, with global smartphone shipment forecasts for 2025/26 adjusted to 1.26 billion and 1.27 billion units, reflecting year-on-year growth of 3% and 1% respectively [5]. - The PC market is seeing a resurgence due to the replacement cycle following the end of Windows 10 support, with global PC shipment growth expected to exceed 4% in 2025/26 [5]. PCB Industry Chain Analysis - The PCB industry chain exhibits a concentrated value distribution, with substrates and copper-clad laminates (CCL) being the core raw materials benefiting from the AI demand explosion [7]. - BT substrates are experiencing high utilization rates due to the recovery in storage chip demand and supply shortages of key materials [8]. - The ABF substrate market is undergoing a domestic production acceleration, with potential for Chinese PCB companies to capture market share through cost advantages and localized services [9]. CCL Market Dynamics - The CCL market is characterized by a supply-demand imbalance in high-end products, with high-speed CCL being the most explosive segment due to AI server upgrades [10]. - UBS forecasts a 10-15% increase in high-speed CCL average selling prices (ASP) by the second half of 2025, with tight supply conditions expected to persist into 2026 [11]. Company Performance - Companies like Huadian and Shennan Circuits are well-positioned with full coverage of North American clients and strong relationships with major AI customers [12][13]. - Shenghong Technology is expanding aggressively and maintaining strong customer acquisition trends, while companies like Sinyi Electronics are benefiting from increased orders from AWS [13][14]. - The PCB sector's valuation reflects the industry's upward cycle expectations, with the PCB index rising 70% year-to-date, and a projected net profit CAGR of 42% from 2024 to 2027, indicating reasonable current valuations [17]. Conclusion - The Chinese PCB industry is entering a new upward cycle driven by AI, with upstream segments like substrates and CCL, along with leading companies in the AI server supply chain, being the primary beneficiaries [17].