Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

证券之星消息，8月22日元件板块较上一交易日上涨3.35%，南亚新材领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。元件板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688519 | 南亚新材 | 75.75 | 11.61% | 19.07万 | | 14.21亿 | | 688183 | 生益电子 | 65.10 | 10.55% | 32.79万 | | 20.87亿 | | 600601 | 方正科技 | 7.89 | 10.04% | 267.95万 | | 20.65 Z | | 600183 | 生益科技 | 47.61 | 7.11% | 55.74万 | | 26.20亿 | | 002916 | 深南电路 | 149.92 | 5.89% | 18.11万 | | 27.04亿 | | 603186 | 华正新材 | 41.18 | 4.65% | 17.18万 | | 7.03 ...

Group 1 - The Shanghai Composite Index is at 3783.05 points, above the five-day moving average, with a change of 0.32% [1] - The total trading volume of A-shares today is 1,080.3 billion yuan [1] - A total of 276 A-shares have prices that have surpassed the five-day moving average, with notable stocks including San Chuan Wisdom, Ping Gao Co., and Tong Hui Electronics, showing divergence rates of 13.32%, 13.23%, and 9.93% respectively [1] Group 2 - The top three stocks with the highest divergence rates from the five-day moving average are: - San Chuan Wisdom (300066) with a price increase of 20.06% and a divergence rate of 13.32% [2] - Ping Gao Co. (688227) with a price increase of 19.99% and a divergence rate of 13.23% [2] - Tong Hui Electronics (833509) with a price increase of 16.85% and a divergence rate of 9.93% [2] - Other notable stocks include Ding Tai Gao Ke (301377) with a divergence rate of 8.41% and An Fu Technology (603031) with a divergence rate of 7.32% [2]

深南电路股价报142.71元，较前一交易日下跌1.58%。盘中最高触及145.95元，最低下探137.33元，成交 金额达16.06亿元。 深南电路主营业务为印制电路板研发生产，产品广泛应用于通信设备、工业控制、医疗电子等领域。公 司一季度实现营业收入47.83亿元，净利润4.91亿元。 公司发布公告称，董事王波因工作调整辞职，同时选举崔荣担任职工代表董事。崔荣持有公司股票2.6 万股。在行业层面，AI服务器需求增长带动PCB行业景气度提升，多家企业开启扩产计划。 资金流向数据显示，当日主力资金净流出3031.2万元，近五日累计净流出5.15亿元。 风险提示：市场有风险，投资需谨慎。 ...

证券日报网讯8月20日晚间，深南电路（002916）发布公告称，同意选举崔荣先生担任公司第四届董事 会职工代表董事。 ...

证券代码：002916 证券简称：深南电路 公告编号：2025-025 深南电路股份有限公司 关于公司董事辞职及补选职工代表董事的公告 根据《中华人民共和国公司法》及《公司章程》的有关规定，王波先生的辞 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，王波先生未持有公司股份，不存在未履行完毕的公开承诺。王 波先生将按照公司相关规定做好工作交接，其辞任董事不会对公司的正常经营造 成影响。 公司及董事会对王波先生在董事任职期间为公司发展所做出的贡献表示衷 心的感谢。 二、补选职工代表董事情况 公司于 2025 年 8 月 18 日召开 2025 年第一次临时股东会，审议通过了《关 于修订<公司章程>的议案》。根据修订后的《公司章程》，公司董事会由 9 名董 事组成，其中独立董事 3 名、职工董事 1 名。 公司于 2025 年 8 月 20 日召开职工代表大会，经与会职工代表讨论和民主表 决，同意选举崔荣先生担任公司第四届董事会职工代表董事，任期自本次职工代 表大会选举通过之日起至第四届董事会任期届满之日止。崔荣先生的主要简历附 后。 本次选举职工代表董事工作完成后，公司第 ...

Core Viewpoint - The recent surge in prices of various chemical products and industrial materials is driven by strong market demand, particularly from the AI sector, leading to significant growth in the PCB industry and related companies [1][3]. Group 1: Market Dynamics - The PCB industry has seen a remarkable increase in market capitalization, with companies like Shenghong Technology surpassing 200 billion yuan and several others exceeding 100 billion yuan [1][9]. - The surge in stock prices for PCB-related companies has been notable, with 18 A-share PCB concept stocks increasing by over 100% since the beginning of the year [1][9]. Group 2: Company Performance - Major PCB companies reported strong performance in their semi-annual reports, with Shengyi Electronics achieving a revenue increase of 91% and a net profit increase of 452.11% [5][7]. - Other companies in the PCB supply chain, such as Tongguan Copper Foil and Heli Tai, also reported significant revenue and profit growth, with Tongguan Copper Foil's net profit increasing by 159.47% [3][9]. Group 3: Price Trends and Supply Chain Issues - The price of PCB products has been rising due to supply shortages of key materials like glass fiber cloth, which is critical for PCB manufacturing [12][14]. - The demand for AI-related PCBs is particularly strong, with industry experts indicating that this demand will support price increases until at least the end of Q4 [3][11]. Group 4: Future Outlook - The global PCB market is projected to grow, with an expected compound annual growth rate of 5.2% from 2024 to 2029, driven by sectors such as AI servers and data centers [17]. - Companies are actively expanding production capacities to meet the growing demand, with Shengyi Electronics planning to invest approximately 1.9 billion yuan in new production facilities [17][19].

Summary of AI PCB Industry and Related Companies Industry Overview - The AI PCB market is expected to exceed $10 billion by 2026 and reach over $13 billion by 2027, driven primarily by the surge in demand for ASICs and switches, as well as the application of NVIDIA's Rubin series products [1][2][4]. Key Companies and Market Dynamics - **High-Speed Copper Clad Laminate (CCL)**: NVIDIA's cabinets and ASIC solutions primarily utilize the Ma 8 CCL, with the next-generation Ma 9 CCL expected to triple the value per unit in 1.6T switches. Companies like Shengyi Technology and Nanya New Material are poised to expand their market share [1][5]. - **PCB Market Leaders**: Companies such as Shenzhen Circuits, Huitian Technology, and Pegatron hold significant market shares in the ASIC and switch PCB markets. Pegatron stands out for its mSAP technology, while Shengyi Technology and Nanya New Material excel in high-speed CCL [1][6][9]. - **Profit Elasticity**: High-speed CCL companies exhibit substantial profit elasticity. Shengyi Technology's monthly production capacity is 1 million units, with a potential annual revenue of approximately 20 billion RMB, indicating significant profit potential [7]. Price Trends and Future Expectations - **Ordinary CCL Pricing**: Prices for ordinary CCL (FR4) rose by 5% to 10% from March to May but fell in June due to decreased demand. However, a price increase of 7% to 8% was announced by secondary companies in early August, indicating a positive outlook for future price increases due to reduced supply from leading companies shifting capacity to high-speed boards and increased AI PCB demand [8][9]. Technological Developments - **PCB Technology Trends**: The industry is witnessing a shift from 32-layer to 36-layer and above high-multilayer PCBs, with HDI boards transitioning from 5-stage to 7-stage enhancements. The copper foil sector is also recovering, with high-frequency ultra-low profile (HZLP) copper foil being applied in high-end AI servers [3][33]. Electronic Fabric Market - The electronic fabric market is transitioning from traditional fiberglass to quartz fabric, which is essential for high-frequency applications. Companies like Zhongyi Technology are advancing in this space, with plans to achieve an annual production capacity of 20 million meters by 2030 [10][11]. Competitive Landscape - **Key Players**: In the AI PCB sector, Shenzhen Circuits, Huitian Technology, and Pegatron are recommended for their strong HDI technology. Shengyi Technology and Nanya New Material are favored in the high-speed CCL domain due to their established supply chains and production capacities [6][9]. - **Quartz Fabric Development**: Zhongyi Technology is a leading player in quartz electronic fabric, with significant advancements in product capabilities and production capacity [11][12]. Conclusion - The AI PCB industry is on a growth trajectory, driven by technological advancements and increasing demand for high-performance materials. Key players are well-positioned to capitalize on these trends, with a focus on expanding production capacities and enhancing product offerings to meet the evolving market needs [1][2][3][4][5][6][7][8][9][10][11][12][33].

Summary of Shennan Circuits Conference Call Company Overview - **Company**: Shennan Circuits (002916.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing, with a focus on AI applications Key Points and Arguments 1. **AI PCB Demand**: There is ongoing strength in demand for AI PCBs, which is expected to support resilient pricing and margins despite rising costs of raw materials such as CCL, gold-related chemicals, and glass fiber [1][2][4] 2. **Pricing and Margins**: The company is anticipated to experience slower price erosion than normal, leading to resilient margins. This is attributed to tight supply conditions in high-end PCBs for AI servers and networking [2][4] 3. **Revenue Estimates**: Revenue estimates for 2025E, 2026E, and 2027E have been revised slightly upward by 0% to 2%, reflecting a more resilient pricing outlook [8] 4. **Target Price Update**: The 12-month target price has been revised up to Rmb150 from Rmb132, based on a 29x P/E ratio for 2026E, aligning with the company's historical average [4][12] 5. **Valuation**: Shennan Circuits is currently trading at approximately 28x/23x P/E for 2026E/2027E, which is considered undemanding compared to its historical average of 29x [3][11] 6. **Market Position**: The company is viewed as a key beneficiary of China's domestic AI infrastructure investments, with expectations for robust revenue and net profit growth as local equipment vendors increase their server and networking shipments [11] Additional Important Content 1. **Risks**: Key downside risks include weaker demand in datacom/AI PCBs, geopolitical disruptions affecting supply chains, competitive pricing pressures, and potential deterioration in 5G demand [13] 2. **Industry Context**: The overall PCB industry in China has seen strong share price rallies driven by AI demand, contributing to valuation recovery [3] 3. **Financial Metrics**: The revised net profit estimates for 2025E, 2026E, and 2027E have been increased by 1% to 3%, reflecting the anticipated slower price erosion [8] This summary encapsulates the essential insights from the conference call regarding Shennan Circuits, highlighting its market position, financial outlook, and associated risks.

金融界8月18日消息，上证指数高开高走，中证国新央企科技引领指数 (央企科技引领，932038)上涨 1.82%，报1401.72点，成交额674.62亿元。 数据统计显示，中证国新央企科技引领指数近一个月上涨7.34%，近三个月上涨14.86%，年至今上涨 8.78%。 据了解，中证国新央企科技引领指数由国新投资有限公司定制，主要选取国务院国资委下属业务涉及航 空航天与国防、计算机、电子、半导体、通信设备及技术服务等行业的50只上市公司证券作为指数样 本，以反映央企科技主题上市公司证券的整体表现。该指数以2016年12月30日为基日，以1000.0点为基 点。 从中证国新央企科技引领指数持仓的市场板块来看，上海证券交易所占比57.58%、深圳证券交易所占 比42.42%。 从中证国新央企科技引领指数持仓样本的行业来看，信息技术占比49.93%、工业占比37.98%、通信服 务占比12.08%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变 ...