Group 1 - The stock price of ShenNan Circuit is reported at 134.84 yuan, down by 1.06 yuan or 0.78% from the previous trading day [1] - The opening price was 134.90 yuan, with an intraday high of 138.68 yuan and a low of 134.19 yuan, with a trading volume of 82,758 hands and a transaction amount of 1.123 billion yuan [1] - The current total market capitalization of the company is 89.903 billion yuan, with a circulating market value of 89.671 billion yuan [1] Group 2 - ShenNan Circuit's main business includes the research, production, and sales of printed circuit boards (PCBs), which are widely used in communication, data centers, and industrial control [1] - The company is recognized as an important supplier in the domestic high-end PCB sector [1] Group 3 - On August 6, the stock price of ShenNan Circuit experienced a quick rebound, with a rise of over 2% within 5 minutes, reaching a peak of 138.6 yuan [1] - Recent data indicates that the net outflow of main funds on that day was 90.1924 million yuan, accounting for 0.1% of the circulating market value; over the past five days, the net inflow of main funds was 39.5895 million yuan, accounting for 0.04% of the circulating market value [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the North American cloud service providers (CSPs) and the PCB (Printed Circuit Board) industry, particularly focusing on the demand for computing power driven by major tech companies like Google, Meta, Microsoft, and Amazon [1][2][4][5][13]. Key Points and Arguments Capital Expenditure Trends - Major tech companies have significantly increased their capital expenditure forecasts for data centers and cloud infrastructure, indicating a sustained demand for computing power. Amazon's expected capital expenditure for the year is projected to reach between $110 billion and $120 billion [1][4]. - Google raised its 2025 capital expenditure forecast from $75 billion to $85 billion, with further increases expected in 2026 [2]. - Meta's capital expenditure for 2025 is anticipated to be between $66 billion and $72 billion, with a confirmation of an additional $30 billion increase in 2026 [2]. - Microsoft reported a capital expenditure of $24.2 billion for the quarter, with expectations to exceed $30 billion in Q1 2026 [2]. PCB Companies Performance - Core PCB companies are experiencing a tight supply-demand situation, leading to significant stock price increases, reflecting market confidence in the growth of computing power demand [5][6]. - Key recommended PCB companies include: - **沪电 (Hui Dian)**: Expected to triple its output value, with a market capitalization potential of $150 billion to $200 billion, driven by major clients like Google, AWS, Meta, and OpenAI [6][7]. - **鹏鼎 (Peng Ding)**: Benefiting from Apple's hardboard business and flexible computing PCB business, with significant capacity expansion plans [6][7]. - **生益科技 (Sheng Yi Technology)**: Capable of switching over 50% of its capacity to AI-related products, with a strong presence in the North American market [6][7]. Future Outlook - The PCB industry is expected to see explosive growth in computing power demand in 2026, leading to increased tension in the supply chain [5][13]. - 生益电子 (Sheng Yi Electronics) is increasing its exposure in the ASIC field, with significant revenue contributions expected from clients like AWS, Google, and Meta [3][8]. - 深南电路 (Shen Nan Circuit) is positioned to enter the GPU and ASIC supply chains, with promising developments in new technology areas [10][11]. Additional Important Insights - The domestic PCB industry is on an upward trend, with CSP manufacturers continuously raising their capital expenditure expectations, positioning domestic PCB companies as global leaders in technology and capacity expansion [13]. - The anticipated shipment volume of NVIDIA GPU chips is expected to reach 4.5 to 5 million units by 2025, indicating robust growth in the semiconductor sector [14]. - The ASIC server supply chain is primarily dominated by Google and AWS, with Meta expected to increase its involvement starting in 2026 [16]. Conclusion - The conference call highlights a strong growth trajectory for the cloud computing and PCB industries, driven by increased capital expenditures from major tech companies and a tightening supply-demand balance in the PCB market. The outlook for key players in the PCB sector appears promising, with significant opportunities arising from the growing demand for AI and computing power.

金融界消息 截至2025年8月4日收盘，深南电路（002916）报收于136.23元，上涨0.55%，换手率 1.71%，成交量11.36万手，成交金额15.25亿元。 资金流向方面，今日主力资金净流入8994.51万元，占比成交额5.9%。其中，超大单净流入5636.74万 元、占成交额3.7%，大单净流入3357.77万元、占成交额2.2%，中单净流出流出645.70万元、占成交额 0.42%，小单净流出8348.81万元、占成交额5.48%。 通过天眼查大数据分析，深南电路股份有限公司共对外投资了10家企业，参与招投标项目2185次，知识 产权方面有商标信息8条，专利信息1640条，此外企业还拥有行政许可216个。 来源：金融界 深南电路最新一期业绩显示，截至2025一季报，公司营业总收入47.83亿元、同比增长20.75%，归属净 利润4.91亿元，同比增长29.47%，扣非净利润4.85亿元，同比增长44.64%，流动比率1.495、速动比率 1.024、资产负债率42.14%。 天眼查商业履历信息显示，深南电路股份有限公司，成立于1984年，位于深圳市，是一家以从事计算 机、通信和其他电子设备制造 ...

Quantitative Models and Construction Methods - **Model Name**: Real-time Public Fund Positioning **Model Construction Idea**: This model estimates the real-time positioning of public funds based on publicly available market information such as fund net value, disclosed holdings, and research activities[3][20] **Model Construction Process**: The process involves complex data processing of public market information, including fund net value, disclosed holdings, and research activities. Detailed methodology is referenced in the report "偏股混合型基金指数（885001.WI）：优势、复制与超越"[20] - **Model Name**: ETF Fund Positioning **Model Construction Idea**: This model tracks the dynamics of ETF fund holdings as a key indicator of market fund flows, reflecting the growing importance of index investment in the A-share market[3][21] **Model Construction Process**: The model calculates the proportion of ETF holdings relative to the market capitalization of PCB sector stocks. As of Q2 2025, the total scale of public ETF funds exceeded 4.3 trillion yuan, with ETF holdings in the PCB sector at a historical high, accounting for 2.6% of the sector's market capitalization[21][23] - **Model Name**: Financing Balance Dynamics **Model Construction Idea**: This model uses financing balance as a proxy for investor sentiment, where an increase in financing balance indicates a bullish outlook on the market[3][25] **Model Construction Process**: The model tracks the total amount of outstanding financing in margin trading. The PCB sector's financing balance is at a historical high, while the short-selling balance remains at a low level[25][27] - **Model Name**: Chip Yield Characteristics **Model Construction Idea**: This model evaluates the profitability of the PCB sector based on chip yield, which measures the return of current prices relative to historical chip costs. It identifies momentum effects in strong markets and reversal effects in weak markets[3][26] **Model Construction Process**: The model estimates the average holding cost of funds at different price levels and calculates chip yield as the return of current prices relative to historical chip costs. The PCB sector's current profitability is 22.95%[26][28] Model Backtesting Results - **Real-time Public Fund Positioning**: No specific quantitative backtesting results provided - **ETF Fund Positioning**: ETF holdings account for 2.6% of the PCB sector's market capitalization[23] - **Financing Balance Dynamics**: Financing balance is at a historical high, while short-selling balance is at a low level[25][27] - **Chip Yield Characteristics**: Current profitability of the PCB sector is 22.95%[26][28] Quantitative Factors and Construction Methods - **Factor Name**: Chip Yield **Factor Construction Idea**: This factor measures the profitability of the PCB sector based on the return of current prices relative to historical chip costs[3][26] **Factor Construction Process**: The factor is calculated as the return of current prices relative to historical chip costs. It reflects momentum effects in strong markets and reversal effects in weak markets. The PCB sector's current chip yield is 22.95%[26][28] Factor Backtesting Results - **Chip Yield**: Current profitability of the PCB sector is 22.95%[26][28]

Group 1 - A total of 41 stocks appeared on the weekly trading list, with 25 showing net purchases from the Shenzhen Stock Connect [1] - The top three stocks with the highest net purchases were Shenghong Technology (65.95 million), Guangxun Technology (39.91 million), and Shenzhen South Circuit (24.06 million) [1] - The average increase for stocks with net purchases was 15.01%, outperforming the Shanghai Composite Index, which fell by 0.94% [1] Group 2 - The stocks with the highest net sales included Pengding Holdings (29.77 million) and Weichai Heavy Industry (13.68 million) [2] - The stock with the largest increase was Guangsheng Hall, which rose by 36.42% during the week [1] - The trading volume for stocks with net purchases varied significantly, with some stocks like Shubeide showing a turnover rate of 166.64% [1]

内容概况：中国是全球光电耦合器件的重要市场之一。近年来，随着通信、电力、工业控制等行业的快 速发展，光电耦合器件的市场需求不断增加。同时，技术的不断进步和应用领域的拓展也为光电耦合器 件市场的发展提供了有力支持，光电耦合器件市场规模呈现出稳健的增长态势。数据显示，中国光电耦 合器件行业规模从2019年的19.74亿元增长至2024年的45.19亿元，年复合增长率为18.02%。未来，随着 智能化、数字化、绿色环保技术的发展，光电耦合器件在多个行业的应用需求持续增长。尤其是在工业 自动化、新能源汽车、5G通信、医疗设备等领域，光电耦合器件的应用将进一步扩大。 相关上市企业：华联电子（872122）、沪电股份（002463）、深南电路（002916）、生益科技 （600183）、兆易创新（603986）、光迅科技（002281）、华工科技（000988）、立讯精密 （002475）、烽火通信（600498）、中国通信服务（00552）等。 相关企业：深圳市奥伦德科技有限公司、湖北匡通电子股份有限公司、深圳市卓睿研发有限公司、北京 瑞普北光电子有限公司、深圳市优嘉骏电子有限公司、陕西航晶微电子有限公司等。 关键词： ...

Group 1: Foreign Trade Performance - Wuxi's foreign trade achieved a robust growth of 7.1% from January to June, surpassing the provincial average by 1.9 percentage points, with a total import and export value reaching 388.6 billion yuan, marking a historical high for the same period [1] - The city has recorded the highest historical import and export scale for four consecutive months, showcasing its resilience in the face of a complex international trade environment [1] Group 2: Industry Innovation and Upgrades - Wuxi's ShenNan Circuit Co., Ltd. has maintained a leading position in the electronic industry through significant R&D investment, with a projected revenue growth rate exceeding 30% in 2024 [2] - From January to June, Wuxi's electromechanical product exports reached 195.32 billion yuan, a year-on-year increase of 18.6%, accounting for 72.7% of the city's total exports [2] - High-tech products such as integrated circuits, lithium batteries, and printed circuit boards saw export growth rates of 38.7%, 41.4%, and 28.5% respectively, driving foreign trade growth [2] Group 3: Market Expansion and New Products - Wuxi's manufacturing enterprises are increasingly innovating to meet market demands, with high-tech product exports growing by 22.2% in the first half of the year, representing 40.8% of total foreign trade exports [3] - Companies like Zhongke Weizhi Technology Co., Ltd. have successfully broken into international markets, with a 15% year-on-year increase in export value from January to May [4] Group 4: Global Partnerships and Trade Growth - Wuxi's foreign trade enterprises are actively expanding into emerging markets, with exports to South Korea and ASEAN growing by 22.5% and 13.2% respectively [4] - The total import and export value with countries involved in the Belt and Road Initiative reached 203.77 billion yuan, a growth of 9.9%, accounting for 52.4% of the city's total [4] Group 5: Support for Exporting Enterprises - Wuxi is implementing a comprehensive support system for foreign trade enterprises, including subsidies for exhibition fees and organizing overseas trade fairs for over 1,000 companies [8] - The city has introduced a special action plan for cross-border trade facilitation, with 20 key measures aimed at reducing transaction costs and enhancing trade efficiency [8]

证券代码：002916 证券简称：深南电路 公告编号：2025-023 深南电路股份有限公司 关于召开 2025 年第一次临时股东会的通知 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。 深南电路股份有限公司（以下简称"公司"）2025 年 7 月 30 日召开第四届董 事会第七次会议，审议通过了《关于提请召开 2025 年第一次临时股东会的议案》， 现将本次股东会的有关事项通知如下： 一、召开会议的基本情况 部门规章、规范性文件和《公司章程》的规定。 （1）现场会议时间：2025 年 8 月 18 日（星期一）15:00 （2）网络投票时间：2025 年 8 月 18 日。其中，通过深圳证券交易所交易系统 进行投票的时间为 2025 年 8 月 18 日 9:15-9:25、9:30-11:30、13:00-15:00；通过深圳 证券交易所互联网投票系统进行投票的时间为 2025 年 8 月 18 日 9:15-15:00 的任意 时间。 （1）在股权登记日持有公司股份的普通股股东或其代理人；截至股权登记日 深圳分公司登记在册的公司全体股东均有权出席股东会， ...

证券代码：002916 证券简称：深南电路 公告编号：2025-021 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。 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"）第四届董事会第七次会议于 2025 年 7 月 30 日在公司会议室以现场结合通讯方式召开。通知于 2025 年 7 月 25 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 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法规和《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）《关于修订 <公司章程> 的议案》 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司治理准 则》 具体内容详见披露于巨潮资讯网（http://www.cninfo.com.cn）的《公司章程 修订对照表》及《公司章程》全文。 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。 （二）《关于修订 <股东会议事规则> 的议案》 具体内容详见披露于巨潮资讯网（http:// ...

Core Viewpoint - The company has announced the continued appointment of Yongcheng Accounting Firm as the auditor for its 2025 financial statements and internal control audit [2] Group 1 - The company is maintaining its relationship with Yongcheng Accounting Firm for auditing purposes [2] - The appointment is specifically for the 2025 fiscal year [2] - This decision reflects the company's commitment to ensuring proper financial oversight and control [2]