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 | | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The PCB (Printed Circuit Board) industry is a crucial component of modern electronic products, with China leading the global market in production value and growth rate [1][3]. Industry Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market is expected to reach $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [3][6]. Historical Development - China's PCB industry has evolved from limited production capabilities in the 1950s to becoming the world's largest producer by the mid-2000s, with significant contributions from Taiwan and Japan [5][6]. - The industry is concentrated in the Pearl River Delta and Yangtze River Delta regions, with Guangdong being the primary production base [5]. Market Dynamics - As of September 2025, there are 43 listed PCB companies in China's A-share market, with a total market capitalization of 1.46 trillion yuan, representing 1.27% of the total A-share market [6]. - Major cities for PCB companies include Shenzhen, Huizhou, Changzhou, and Shanghai, with Guangdong's listed companies valued at 1.03 trillion yuan [6]. Regional Development - The PCB industry is experiencing a shift towards midwestern cities, with regions like Jiangxi and Anhui emerging as new hubs due to favorable policies and cost advantages [8][10]. - Xinfeng County in Jiangxi has attracted over 200 electronic enterprises, achieving a production value of 22.887 billion yuan in 2024, marking a 23.2% increase [9]. - Guangde County in Anhui has developed into a significant PCB production area, with over 92 electronic circuit companies and an annual output exceeding 10 billion yuan [10]. Technological Advancements - The rise of AI technology is driving demand for high-performance PCBs, particularly for applications in AI servers and smart driving, necessitating advanced manufacturing processes [12]. - Leading companies in the PCB sector are increasing investments in high-end production capabilities, particularly in Zhuhai, which is becoming a new center for high-end PCB manufacturing [12][14]. Investment Trends - Major PCB manufacturers are planning significant expansions, with investments in advanced PCB production facilities across various cities, including Zhuhai and Huizhou [13][14]. - For instance, Jingwang Electronics is investing 5 billion yuan in a high-end HDI production project in Zhuhai, while Dongshan Precision has a total investment plan of $1 billion for its operations [13][14].

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]

Core Insights - The company conducted a specific institutional research meeting with 40 institutions, discussing various business developments and financial performance for the first half of 2025 [1] Group 1: PCB Business Performance - The PCB business saw revenue growth driven by demand for AI accelerator cards and increased market share in data centers, with significant contributions from 400G and above high-speed switches and optical modules [1][2] - The gross margin for the PCB segment improved due to increased revenue scale, high capacity utilization, and optimized product structure [1][2] Group 2: Packaging Substrate Business - The packaging substrate business generated a main revenue of 1.74 billion yuan, a year-on-year increase of 9.03%, but the gross margin decreased by 10.31 percentage points to 15.15% due to rising costs from raw materials and capacity ramp-up challenges [1] - The revenue growth in this segment was attributed to capturing opportunities in the domestic storage market [1] Group 3: Capacity Utilization and Expansion Plans - The overall capacity utilization for the PCB business is at a relatively high level due to increased demand in computing and automotive electronics [3] - New capacity is being added through technological upgrades at existing factories and the construction of new facilities in Nantong and Thailand, with the Nantong Phase IV project expected to be operational in Q4 2023 [3] Group 4: Guangzhou Packaging Substrate Project - The Guangzhou packaging substrate project is progressing with its first phase expected to be operational in Q4 2023, currently in the ramp-up stage with some bulk orders being fulfilled [4] Group 5: HDI Technology Application - The company possesses HDI technology capabilities, which enable high-density wiring for PCB products, particularly in mid-to-high-end applications within the communication sector [5] Group 6: Electronic Assembly Business Strategy - The electronic assembly business is positioned as a downstream segment of PCB manufacturing, focusing on communication and leveraging a one-stop platform to enhance customer value and loyalty [6]

Group 1: PCB Business Performance - In the first half of 2025, PCB business achieved a revenue of 6.274 billion CNY, a year-on-year increase of 29.21% [2] - The gross profit margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - Key growth drivers included demand for AI accelerator cards, increased demand for 400G and above high-speed switches, and growth in automotive electronics [2][4] Group 2: Packaging Substrate Business Performance - In the first half of 2025, the packaging substrate business generated a revenue of 1.740 billion CNY, a year-on-year increase of 9.03% [3] - The gross profit margin for this segment was 15.15%, a decrease of 10.31 percentage points year-on-year [3] - The decline in gross profit margin was attributed to the ramp-up phase of the Guangzhou packaging substrate project and rising costs of raw materials [3] Group 3: Market Applications and Demand - The PCB business focuses on communication devices, data centers, and automotive electronics, with significant contributions to revenue growth from these sectors [4] - The demand for AI-related products and high-density interconnect (HDI) technology is driving the need for advanced PCB products [5][10] - The company is actively expanding its market presence in the domestic storage market through its packaging substrate business [3] Group 4: Production Capacity and Expansion Plans - The overall capacity utilization rate for PCB business is at a relatively high level due to sustained demand in computing and automotive electronics [7] - The company is expanding its PCB production capacity through technological upgrades and new projects in Nantong and Thailand, with the Nantong Phase IV project expected to be operational in Q4 2025 [8] - The Guangzhou packaging substrate project is in the ramp-up phase, with ongoing improvements in production capacity [9] Group 5: Electronic Assembly Business - The electronic assembly business generated revenues of 2.823 billion CNY in 2024 and 1.478 billion CNY in the first half of 2025, accounting for 15.76% and 14.14% of total company revenue, respectively [12] - This segment aims to leverage synergies with the PCB business to enhance customer value through integrated solutions [11]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The TMT, healthcare, manufacturing, and cyclical sectors have seen increased institutional attention this year, while the consumer sector has recently gained interest and the financial and real estate sectors have seen a decline in attention [2][4] - The industries with high institutional focus include electronics, textiles, healthcare, non-ferrous metals, military, automotive, machinery, and computers, with notable recent increases in attention for light industry, electronics, food and beverage, power equipment, home appliances, healthcare, textiles, and agriculture [4][6] - Since September, the leading industries in terms of institutional research participation include electronics, machinery, power equipment, healthcare, chemicals, computers, and automotive, with specific sub-industries such as semiconductors, consumer electronics, automation equipment, photovoltaic equipment, and medical devices being highlighted [6][8] Group 2 - The top companies in terms of institutional research participation since September include: for electronics - Lanke Technology, Shenzhen South Circuit, Juguang Technology, and Lingyi Manufacturing; for power equipment - Jing Sheng Machinery, High Measurement Shares, and Longi Green Energy; for machinery - Aisidun, Zoomlion, and Bozhong Precision; for computers - Shiji Information and Boshi Software; for gaming - Kaiying Network; for chemicals - Duofluor and for pharmaceuticals - Xingqi Eye Medicine [8][9] - Specific data on companies shows that Jing Sheng Machinery has a market cap of 45.95 billion with 143 research institutions participating and a price change of 16.31%, while Lanke Technology has a market cap of 135.36 billion with 125 institutions and a price change of -3.82% [9]

Core Viewpoint - Deep South Circuit achieved a net profit attributable to shareholders of 1.36 billion yuan in the first half of 2025, representing a year-on-year increase of 37.75% [1] - The company has established itself as a leading player in the PCB industry in China and a pioneer in the packaging substrate sector [1] Financial Performance - In Q2, the net profit attributable to shareholders reached 869 million yuan, showing a year-on-year growth of 42.92% and a quarter-on-quarter increase of 76.74% [1] Industry Outlook - The company benefits from increased demand in the communication sector due to the growth of high-speed switches and optical module products, with a rising proportion of wired communication products [1] - There is a significant year-on-year increase in orders in the data center sector, driven by the demand for AI accelerator cards and the Eagle Stream platform products [1] Product Development - In the packaging substrate sector, the company is steadily advancing the development of storage-related products, with ongoing projects for FC-BGA substrate capacity building, FC-CSP fine line substrates, and RF radio frequency substrate technology improvements [1]

Summary of the Conference Call for ShenNan Circuit Company Overview - ShenNan Circuit is a leading domestic PCB supplier, particularly in the AI PCB sector, with significant experience in the power supply segment of AI servers and has achieved substantial shipments to overseas core ASIC customers [2][3] Financial Performance - In Q2 2025, the company reported a profit of 890 million RMB, exceeding expectations of 800 million RMB, driven by AI-related demand in the PCB business and a high demand for packaging substrates [2][5] - The company anticipates a profit exceeding 4 billion RMB by 2026, with a valuation higher than peers due to its strong performance in the packaging substrate business [4][15] Business Segments - The main business segments include: - PCB: 60% of revenue, serving data centers, communications, automotive electronics, industrial control, and military sectors [10] - Packaging Substrates: 20% of revenue, primarily BT substrates, with ABF substrates also showing growth [10][12] - Electronic Assembly: 15-20% of revenue, related to SMT services [10] AI PCB Business Impact - The AI PCB business is expected to significantly contribute to the company's performance starting in 2024, focusing on wired communication devices such as optical modules, switches, and routers [9][2] - The company has established a strong position in the AI power supply segment, particularly in the three-stage power supply architecture for servers, which has high gross margins [14] Expansion Plans - ShenNan Circuit is actively pursuing expansion plans in: 1. Thailand: New products expected to launch in the second half of the year [7] 2. Nantong: Four-phase expansion focusing on high-end HDI and multilayer products [7] 3. Shenzhen: Upgrading equipment and capacity for high-end HDI and multilayer products [7][6] Market Position and Client Base - The company has a strong presence in both domestic and international markets, serving major clients in the optical module sector and achieving significant shipments to overseas ASIC customers [3][11] - Key clients include major tech companies like Google and Amazon, with expectations of onboarding Meta as a significant customer by 2026 [11] Industry Trends and Competitive Advantages - The PCB industry is experiencing a supply-demand imbalance, particularly for high-layer and HDI PCBs related to AI [16] - ShenNan Circuit's advantages include a broad product range, extensive experience in high-end technology, and strong relationships with leading North American clients [16][17] Conclusion - ShenNan Circuit is positioned for growth with its strategic focus on AI PCB, robust financial performance, and ongoing expansion efforts, making it a noteworthy investment opportunity in the PCB sector [17]