每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 每经AI快讯，深南电路1月27日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润315431万 至334206万元 ，比上年同期增长68.00%~78.00%，基本每股收益4.73元~5.01元。业绩变动主要原因是， 报告期内，公司充分把握AI算力升级、存储市场需求增长、汽车电动智能化三大增长机遇，通过强化 市场开发力度、提升市场竞争力，推动产品结构优化。同时，深入推进数字化转型与智能制造升级，提 升运营管理能力，助益公司营收规模和利润实现同比增长。 （记者 曾健辉） ...

Group 1 - Heng Rui Medicine's HRS-5346 tablet has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [2] - Yu Guang Jin Lead announced a significant stock price increase of 45.01% over five trading days, expressing uncertainty about the future price of silver [3] - Dongcai Technology's actual controller and vice chairman has been detained for investigation, but the company states that this will not significantly impact its normal operations [4] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [5] - Jingpin Special Equipment has been banned from participating in procurement activities for three years, but the impact on overall operations is considered limited [6] - Nanhua Futures' overseas subsidiary has obtained membership at the Nodal Exchange, allowing it to trade and clear related products [7] Group 3 - Di'er Laser is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy [8] - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss from the previous year due to market improvements [10] - Shen Nan Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by demand in AI computing and smart automotive sectors [11] Group 4 - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from the previous year's loss [12] - Nan Ya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to a recovery in the copper-clad laminate industry [13] - CanSino expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [14] Group 5 - Zhi Guang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a previous loss due to growth in its energy storage business [15] - Dongfang Securities expects a net profit increase of 67.8% in 2025, benefiting from capital market opportunities [17] - Jinlong Automobile forecasts a net profit increase of 193.68% in 2025, supported by growth in overseas markets [18] Group 6 - Zhen Lei Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits [19] - Yong Ding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, reflecting significant growth from investment income [20] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase year-on-year [21] Group 7 - Guo Dun Quantum expects a net profit of 5 million yuan in 2025, marking a return to profitability [22] - Shi Jia Photon forecasts a net profit increase of approximately 426% in 2025, driven by growth in optical chip orders [23] - Ningbo Fubang anticipates a net profit increase of 3099.59% to 4379.43% in 2025, largely due to rising silver prices and significant non-recurring gains [24] Group 8 - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share [26] - Aonong Biological announced plans for multiple shareholders to reduce their stakes [28] - Pizaihuang's controlling shareholder intends to increase its stake by 300 million to 500 million yuan [29]

Core Viewpoint - The company expects a net profit of 3.154 billion to 3.342 billion yuan for the year 2025, representing a year-on-year growth of 68% to 78% [1] Group 1: Growth Opportunities - The company is capitalizing on three major growth opportunities: AI computing power upgrades, increased demand in the storage market, and the electrification and intelligence of automobiles [1] - The company is enhancing its market development capabilities and competitiveness to drive product structure optimization [1] Group 2: Digital Transformation and Operational Efficiency - The company is advancing its digital transformation and smart manufacturing upgrades to improve operational management capabilities [1] - These initiatives are expected to contribute to the company's revenue scale and profit growth compared to the previous year [1]

证券代码：002916 证券简称：深南电路 公告编号：2026-007 深南电路股份有限公司 2025 年度业绩预告 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。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 单位：万元 | 项 | 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | | 315,431.00 | ～ | 334,206.66 | 187,756.55 | | 股东的净利润 | 比上年同期增长 | | 68.00% | ～ | 78.00% | | | 扣除非经常性损 | | | 299,258.09 | ～ | 316,656.82 | 173,987.26 | | 益后的净利润 | 比上年同期增长 | | 72.00% | ～ | 82.00% | | | 基本每股收益 （元/股） | | | 4.73 ...

Market Performance - The component sector increased by 2.2% on January 27, with Huazheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers in the Component Sector - Huazheng New Materials (603186) closed at 71.07, up 6.89% with a trading volume of 135,400 shares and a transaction value of 924 million [1] - Shiyun Circuit (603920) closed at 68.25, up 6.36% with a trading volume of 413,800 shares and a transaction value of 2.722 billion [1] - Pengding Holdings (002938) closed at 60.49, up 5.97% with a trading volume of 481,600 shares and a transaction value of 2.877 billion [1] - Other notable gainers include Nanya New Materials (5.89%), Fangbang Co. (5.36%), and ShenNan Circuit (5.15%) [1] Market Capital Flow - The component sector saw a net inflow of 980 million from main funds, while retail funds experienced a net outflow of 375 million [2][3] - The main funds' net inflow was significant in stocks like Dongshan Precision (6.69 million) and Shenghong Technology (3.23 million) [3] Notable Decliners - ST Dongjing (002199) closed at 9.64, down 5.02% with a trading volume of 63,600 shares and a transaction value of 62.352 million [2] - Fangzheng Technology (600601) closed at 11.87, down 2.63% with a trading volume of 1,722,700 shares and a transaction value of 2.041 billion [2] - Other decliners include Zhongjing Electronics (2.09%) and Xunjiexing (1.92%) [2]

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

Market Overview - On January 23, the A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.33% to close at 4136 points, the Shenzhen Component Index rising by 0.79%, and the ChiNext Index up by 0.63% [1]. High-Performance Stocks - Fenglong Co., Ltd. achieved an 18-day consecutive limit-up, Jianghuai Microelectronics had a 5-day limit-up streak, and Jin'an Guoji recorded 4 limit-ups in 7 days. Other notable stocks include Baiyin Youse with 4 consecutive limit-ups and Hanshang Group with 3 limit-ups in 5 days [3][4]. Stock Performance Data - Fenglong Co., Ltd. (002931) rose by 10.00% to a price of 99.53 with a turnover rate of 19.20% [4]. - Jianghuai Microelectronics (603078) also increased by 10.00% to 31.36, with a turnover rate of 23.74% [4]. - Jin'an Guoji (002636) saw a 10.00% rise to 25.63, with an expected increase in 2025 earnings [4]. - Baiyin Youse (601212) increased by 9.97% to 10.37, driven by gold, silver, and lithium battery materials [4]. Trading Activity - The top three net buying stocks on the Dragon and Tiger list were Jin'an Guoji, Zhenlei Technology, and Jiejiacreative, with net purchases of 9.38 billion, 8.35 billion, and 5.38 billion respectively [6]. - The top three net selling stocks were Liou Co., China Great Wall, and Shen Nan Electric, with net sales of 10.36 billion, 5.96 billion, and 6.82 billion respectively [7]. Institutional Activity - Among stocks with institutional trading, the highest net buying was seen in Jin'an Guoji, Weichai Heavy Industry, and Hongbao Li, with net purchases of 2.66 billion, 1.46 billion, and 1.33 billion respectively [8]. - Conversely, the highest net selling was in Shen Nan Electric, Jinko Solar, and Fenglong Co., with net sales of 3.69 billion, 2.41 billion, and 1.62 billion respectively [9]. Sector Insights - The commercial aerospace sector is gaining attention, with SpaceX planning an IPO before July and Blue Arrow Aerospace's IPO status changing to "under inquiry" [12]. - The 2026 Beijing Commercial Aerospace Exhibition is anticipated to mark a significant year for the industry, with expectations for large-scale launches and recovery validations [12]. Notable Stock Movements - Dongfang Risheng (300118) rose by 20.00% to 20.76, driven by its space photovoltaic and integrated energy storage technology [12]. - The stock of Jin'an Guoji (002636) is expected to see a significant increase in earnings for 2025, contributing to its recent performance [4].

| 流金科技 | 8.52% | 669.11 | | --- | --- | --- | | 亿能电力 | 6.03% | 536.97 | | 睿创微纳 | 20.00% | 468.47 | | 铜陵有色 | 9.94% | 393.23 | | 酉立智能 | 16.09% | 302.10 | | 捷佳伟创 | 20.00% | 218.12 | | 通宇通讯 | 9.99% | -897.49 | | 润贝航科 | 10.00% | -1270.60 | | 瑞华泰 | 20.01% | -1295.50 | | 天龙集团 | 6.66% | -1861.95 | | 迈为股份 | 20.00% | -2746.18 | | や峰化学 | -6.37% | -2926.25 | | 盛达资源 | 10.00% | -3050.23 | | 江化微 | 10.00% | -3136.00 | | 盈方微 | -5.83% | -3348.35 | | 金安国纪 | 10.00% | -4144.25 | | 乾照光电 | 20.01% | -5694.45 | | 天盛新材 | -7.06% | -6 ...

Core Viewpoint - The AI Fund Puyin Ansheng Environmental New Energy Class A (007163) reported a profit of 2.4783 million yuan for Q4 2025, with a net value growth rate of 4.02% during the reporting period [3]. Fund Performance - The fund's scale reached 62.5804 million yuan by the end of Q4 2025 [16]. - As of January 22, the unit net value was 2.397 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 8.87%, ranking 73 out of 100 among comparable funds [3]. - 6-month net value growth rate: 46.35%, ranking 21 out of 100 [3]. - 1-year net value growth rate: 45.39%, ranking 49 out of 92 [3]. - 3-year net value growth rate: -11.96%, ranking 55 out of 68 [3]. Risk Metrics - The fund's Sharpe ratio over the past three years is 0.0855, ranking 55 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years is 52.94%, with a ranking of 54 out of 66 [11]. - The highest quarterly maximum drawdown occurred in Q1 2020, at 29.78% [11]. Investment Strategy - The fund focuses on advanced manufacturing stocks, particularly in the tight supply chain segments of large storage, solid-state, and lithium batteries [3]. - The management is also monitoring opportunities in the photovoltaic industry and the expansion of new scenarios in wind power enterprises to enhance returns for investors [3]. Portfolio Concentration - The fund has a high concentration of holdings, with the top ten stocks including: - CATL (宁德时代) - Cambricon (寒武纪) - Industrial Fulian (工业富联) - Zhejiang Rongtai (浙江荣泰) - Shenzhen South Circuit (深南电路) - Yangtze Power (长江电力) - Shenghong Technology (胜宏科技) - Sungrow Power (阳光电源) - Topband (拓普集团) - Luoyang Molybdenum (洛阳钼业) [19]. Stock Positioning - The average stock position over the past three years is 81.04%, compared to a comparable average of 87.15% [14]. - The fund reached its highest stock position of 92.74% by the end of 2025, with a lowest position of 62.61% at the end of 2019 [14].

昨日刚创下历史新高的深南电路(002916.SZ)今日跌6.97%，换手率2.27%，成交额37.73亿元。龙虎榜数据显示，深股通买入3.37亿元，卖出5.83亿元，净卖出 2.46亿元；五家机构买入2.63亿元，卖出6.33亿元，净卖出3.69亿元。上榜席位全天买入6.82亿元，卖出12.2亿元，合计净卖出5.37亿元。(格隆汇) | | 买入金额最大的前5名 | | | | | --- | --- | --- | --- | --- | | 序号 | 交易营业部名称 | | 买入金额(万) | 占总成交比例 | | | 深股通专用 | 890次 49.21% 2 | 33703.97 | 8.93% | | 2 | 机构专用 | 1962次 43.48% | 8772.57 | 2.33% | | 3 | 招商证券股份有限公司深圳南山南油大道证券营业部 | 2次 50.00% | 8166.52 | 2.16% | | 4 | 机构专用 | 1962次 43.48% | 7798.40 | 2.07% | | 5 | 机构专用 | 1962次 43.48% | 7491.81 | 1.99% | | 序号 ...