Group 1 - The A-share PCB concept stocks experienced a surge, with Jin'an Guoji hitting the daily limit, indicating strong market interest [1] - Pengding Holdings rose over 7%, reflecting positive investor sentiment towards the PCB sector [1] - Other companies such as Zhongjing Electronics, Shennan Circuit, Yihua New Materials, and Guanghe Technology also saw increases, suggesting a broader rally in the industry [1]

Group 1 - PCB concept stocks experienced a surge, with Jin'an Guoji (002636) hitting the daily limit up [1] - Pengding Holdings (002938) rose over 7%, indicating strong market interest [1] - Other companies such as Zhongjing Electronics (002579), Shennan Circuit (002916), Yihau New Materials (301176), and Guanghe Technology (001389) also saw increases in their stock prices [1]

Core Viewpoint - The establishment of the International Industry College between Shenzhen South Circuit Co., Ltd. and Liuzhou Vocational and Technical University aims to cultivate high-quality skilled talents with international vision and professional capabilities to support the international development of Shenzhen South Circuit [1][3][4] Group 1: College Establishment and Objectives - The International Industry College was inaugurated on June 25 in Liuzhou, Guangxi, focusing on customized talent training for Shenzhen South Circuit's Thailand base and local electronic information companies [1][3] - The college will implement a dual-language training program, offering "foreign language + vocational skills" for Chinese students and "Chinese + vocational skills" for Thai students [3][4] Group 2: Collaboration and Equipment Donation - Shenzhen South Circuit donated 9 sets of advanced manufacturing equipment to Liuzhou Vocational and Technical University to support the establishment of a modern PCB manufacturing training base [3] - Since 2016, Shenzhen South Circuit and Liuzhou Vocational and Technical University have collaborated, with a recent focus on developing a dual training program for Chinese and Thai students, resulting in the training of 77 students to support the Thailand base's production [3][4] Group 3: Future Plans and Educational Model - The International Industry College will adopt a "dual president system" management model and establish four functional institutions to create a highly integrated talent training system linking education, talent, and industry [4] - Future initiatives include the development of an international vocational certification system in PCB manufacturing and collaboration with ASEAN institutions for course co-construction and skills training [4]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization compared to Q4 2024 and Q1 2025 due to a relative improvement in demand in the storage sector [1] Group 2: PCB Business Applications and Market Trends - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for large-size, high-layer, high-frequency, high-speed, high-level HDI, and high-heat dissipation PCB products has increased due to the urgent need for high computing power and high-speed networks in the electronic industry [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. It is enhancing capacity through technological upgrades and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, with construction progressing on schedule. The factory will have capabilities for high-layer and HDI PCB processes, aiding in expanding overseas markets [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, primarily used in mobile smart terminals and servers/storage [5] - The FC-BGA packaging substrate currently has mass production capabilities for products with 20 layers or fewer, with ongoing development for products exceeding 20 layers [6] - The Guangzhou packaging substrate project is in the early stages of capacity ramp-up, with a reduction in losses in Q1 2025 compared to previous quarters [7]

Core Viewpoint - The PCB/CCL industry is experiencing a positive demand trend driven by AI computing power, with high utilization rates and expectations for continued growth in the second quarter of 2025. The overall demand is expected to remain strong due to advancements in AI applications and the increasing need for high-end products in the market [2][3][4]. Group 1: Industry Trends - The industry is in an expansion phase, with downstream AI innovations driving demand upward. The overall demand for consumer electronics, automotive, and server upgrades is expected to improve [3][16]. - PCB manufacturers are operating at a capacity utilization rate of 90-95% in Q1 2025, with expectations for continued upward trends in Q2. The industry is entering a new capacity expansion phase, focusing on high-end HDI and multilayer boards [3][24][23]. - The global PCB market is projected to grow by 6.8% in 2025, with significant contributions from AI-related applications [33][35]. Group 2: Demand Drivers - AI computing power is driving rapid growth in high-end HDI and multilayer demand, with a tight supply-demand relationship expected to persist [4][43]. - The demand for CCL materials is increasing, particularly for high-frequency and high-speed applications, with leading domestic manufacturers poised to benefit significantly [5][29]. - The automotive sector is also seeing a trend towards smart technology, which is expected to drive demand for upgraded PCB specifications [6][20]. Group 3: Investment Opportunities - Investment opportunities are identified in the PCB supply chain, particularly in high-end boards, CCL, and domestic replacements. The ongoing AI-driven technological innovation cycle is expected to create broader market demand [8][9]. - Companies involved in high-end PCB production, such as those focusing on AI server applications, are recommended for investment due to the anticipated growth in this segment [8][9]. - The domestic PCB industry is expanding its high-end capacity and increasing its overseas presence, indicating a positive outlook for future performance [24][25].

证券代码：002916 证券简称：深南电路 公告编号：2025-020 深南电路股份有限公司 关于控股股东变更名称并完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特此公告。 深南电路股份有限公司 深南电路股份有限公司（以下简称"公司"）于近日收到控股股东通知，其已 完成公司名称变更的工商变更登记手续，并取得了由深圳市市场监督管理局颁发 的《营业执照》，变更后的《营业执照》主要内容如下： 名称：深天科技控股（深圳）有限公司 统一社会信用代码：91440300279351229A 类型：有限责任公司（国有控股） 成立日期：1997 年 06 月 20 日 法定代表人：李斌 住所：深圳市福田区华强北街道华航社区华富路 1018 号中航中心 3901 上述变更事项不涉及控股股东对公司的持股变动，不涉及公司控股股东及实 际控制人的变更，对公司经营活动不构成影响。 董事会 二〇二五年六月十三日 ...

Industry Overview - Substrate-like PCB (SLP) is a new type of circuit board positioned between traditional PCBs and semiconductor packaging substrates, experiencing rapid development in recent years [1][4] - The global SLP market size is projected to reach 31.5 billion yuan in 2024, with a year-on-year growth of 6.06% [1][15] - SLP technology meets the increasing demand for miniaturization and high performance in electronic products, with line width/spacing reduced to 20/35 microns, allowing for double the component density compared to traditional HDI [1][15] Industry Development History - The SLP industry in China has gone through four stages: the initial stage (2010-2016), the startup phase (2017-2020), the scaling phase (2021-2023), and the internationalization phase (2024-present) [4][5][6] - The introduction of SLP technology by Apple in the iPhone X marked its commercial application, leading to increased demand from consumer electronics [4][5] - Chinese manufacturers like Pengding Holdings and Shenzhen Sannan Circuit began to break the technological monopoly of international firms during the startup phase [5][6] Industry Chain - The upstream of the SLP industry chain includes raw materials (copper foil, resin, glass fiber cloth, etc.) and production equipment (laser drilling machines, plating equipment, etc.) [9] - The midstream involves the manufacturing of SLP, while the downstream applications include smartphones, wearable devices, automotive electronics, data centers, and 5G communication devices [9] Market Size - The SLP market is expected to continue growing, driven by advancements in technology and increasing demand for high-density circuit boards [15][24] - The market is projected to expand further by 2030, particularly in China, due to the proliferation of 5G networks and upgrades in consumer electronics [24] Key Companies' Performance - Pengding Holdings, a leading PCB manufacturer, has achieved significant revenue growth, with SLP-related income accounting for over 45% of total revenue in 2024 [21] - Shenzhen Sannan Circuit has made advancements in SLP technology, achieving mass production of 25μm line width/spacing and continuously pushing towards 20μm [19][21] - Shenzhen Jingwang Electronics has established a strong position in the high-end PCB market, with a focus on SLP technology and significant revenue growth in 2025 [19][21] Industry Development Trends - The SLP technology is advancing towards higher density and finer lines, with line width/spacing shrinking to below 15/15 microns for applications in AR/VR and 6G communication [6][23] - The demand for high-performance PCBs is expected to drive industry expansion, with companies focusing on capacity expansion and technological upgrades to meet market needs [24][25] - Increased competition is anticipated, leading to higher market concentration, with leading companies solidifying their positions through innovation and market integration [25]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization compared to Q4 2024 and Q1 2025 due to a relative recovery in the storage sector [1] Group 2: PCB Business Applications and Market Focus - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for PCB products in high-speed communication networks, data center switches, AI accelerator cards, and storage devices has increased since 2024, driven by the urgent need for high-performance products [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a new facility under construction in Thailand. It is enhancing existing factories through technological upgrades and is progressing with the Nantong Phase IV project to build an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at developing high-layer and HDI PCB technologies to expand overseas market reach [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, with demand improving in Q1 2025 compared to Q4 2024, primarily due to increased demand for storage products [5] - The FC-BGA packaging substrate has achieved mass production capabilities for products with 20 layers or fewer, with ongoing development for higher-layer products [6] Group 5: Raw Material Price Changes and Impact - Key raw materials include copper-clad laminates, prepregs, copper foil, gold salt, and inks. In Q1 2025, prices for some raw materials increased year-on-year due to commodity price fluctuations [7] Group 6: Technology and Industry Trends - The company is actively monitoring industry trends related to PTFE materials in high-frequency applications, having developed mature PCB products for communication and automotive sectors [7]

Market Overview - The Shanghai Composite Index closed at 3393.26 points, above the six-month moving average, with a change of 0.23% [1] - The total trading volume of A-shares reached 838.618 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 184 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Qitian Technology: 11.69% deviation, closing price 14.38 yuan, with a daily increase of 20.03% and turnover rate of 15.50% [1] - Haochen Medical: 8.62% deviation, closing price 3.12 yuan, with a daily increase of 9.86% and turnover rate of 6.44% [1] - Jinyinhai: 7.58% deviation, closing price 21.00 yuan, with a daily increase of 9.66% and turnover rate of 6.43% [1] Additional Stocks with Deviation Rates - Other stocks with notable performance include: - Guangyun Technology: 7.45% deviation, closing price 14.13 yuan, with a daily increase of 9.20% and turnover rate of 4.78% [1] - Yaowang Technology: 5.93% deviation, closing price 7.12 yuan, with a daily increase of 7.88% and turnover rate of 13.64% [1] - Nuotai Biotech: 5.91% deviation, closing price 55.37 yuan, with a daily increase of 10.36% and turnover rate of 5.58% [1] Summary of Other Stocks - Additional stocks with lower deviation rates that have just crossed the six-month moving average include: - Guangdong Hongtu: just above the six-month line [1] - Xinhe Shares: just above the six-month line [1] - Songjing Shares: just above the six-month line [1]

Group 1: Company Overview and Recent Performance - The company maintains high factory capacity utilization due to ongoing demand in the computing and automotive electronics markets [1] - The PCB business focuses on high-end products, primarily serving communication devices, data centers, and automotive electronics [1][2] Group 2: PCB Business Developments - The PCB business has seen increased demand for high-performance products driven by advancements in AI technology and high-speed networks [2] - The company is expanding its PCB production capacity through technological upgrades and new projects in various locations, including Shenzhen, Wuxi, Nantong, and Thailand [3] Group 3: Thailand Factory Investment - The total investment for the Thailand factory is 1.274 billion RMB, aimed at enhancing the company's capabilities in high-layer and HDI PCB technologies [4] Group 4: Packaging Substrate Business - The packaging substrate business has shown improvement in demand, particularly for storage products, compared to Q4 2024 [5] - The FC-BGA packaging substrate can produce products with up to 20 layers and has a minimum line width capability of 9/12μm [6][7] Group 5: Raw Material Price Impact - The prices of key raw materials, such as copper foil and gold salt, have increased in Q1 2025 compared to Q4 2024, affecting overall costs [7] Group 6: Electronic Assembly Business Strategy - The electronic assembly business focuses on communication, data centers, medical, and automotive electronics, aiming to provide integrated solutions and enhance customer loyalty [7]