Core Insights - The report highlights a significant expansion in the scale and positioning of equity funds as the 2025 quarterly reports are disclosed, with over 3,300 funds having completed their disclosures by January 21 [1] - More than 40% of actively managed equity funds reported positive returns for the quarter, outperforming benchmarks, driven by a structural market rally influenced by debt reduction policies, expectations of preventive interest rate cuts by the Federal Reserve, and marginal improvements in corporate earnings [1] - The technology and non-ferrous metals sectors led the market, contributing to substantial excess returns for funds heavily invested in these areas [1] Fund Performance and Trends - The fund managed by Ren Jie, Yongying Technology Smart Selection A, achieved a cumulative return of 233.29% for the year, with a total scale reaching 15.468 billion yuan, a quarter-on-quarter increase of 34.26% [2] - A total of 45 funds doubled their scale in a single quarter, with some "mini funds" experiencing scale increases exceeding 40 times, showcasing a typical characteristic of smaller funds being more agile [3] - The rapid scale increase of these funds is attributed to three common factors: small initial scale allowing for performance elasticity, concentrated industry allocation focusing on AI computing power, semiconductor equipment, and copper-aluminum sectors, and decisive actions by fund managers to quickly build positions at the onset of market rallies [3] Challenges and Adjustments - The significant scale growth poses management challenges, leading some funds to limit purchases to control rapid growth and avoid strategy capacity exceeding limits, which could dilute returns [4] - In terms of industry allocation, the technology sector remains the most consensus-driven core line among fund managers, with some funds reducing positions in previously high-performing stocks that have reached reasonable valuation levels, while increasing allocations to second-tier stocks and upstream equipment materials [5] Specific Fund Adjustments - For instance, Yongying Technology Smart Selection A reduced its stock position from 94.41% to 80.34%, a decrease of over 14 percentage points, showing caution towards the core stock "Yizhongtian" [5] - The fund manager Feng Ludan's China Europe Digital Economy also exhibited similar adjustments, slightly reducing stock positions while increasing holdings in Dongshan Precision and Shennan Circuit, and significantly reducing positions in Zhongji Xuchuang and Xinyi Sheng [6] Investment Strategy Insights - The report emphasizes the importance of analyzing "invisible heavy stocks" in quarterly reports, as the real insights may lie in the 11th to 20th largest holdings, which can indicate a shift in fund manager strategies [8] - Tracking changes in "institutional investor share ratios" can serve as a barometer for smart money, with significant increases indicating recognition from long-term funds, which can stabilize future fund redemptions and enhance net value stability [8] - The operational analysis section of the reports is crucial for understanding fund managers' strategies, with key phrases indicating recognition of misjudgments, warnings about current valuations, and adjustments in holdings [9]

Core Viewpoint - The PCB sector in A-shares is experiencing a strong upward trend driven by the explosive growth of AI applications, with significant performance improvements expected in the industry [1][3]. Group 1: Industry Performance - As of January 21, 2026, the PCB sector index has seen a cumulative increase of over 8% since the beginning of the year, with a daily rise of 3.77% on January 21 [1][4]. - The demand for high-end circuit boards, particularly HDI and high-layer boards, is being driven by the rapid penetration of AI servers and smart driving technologies [3]. - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, reaching an estimated value of about $94.661 billion by 2029, with a compound annual growth rate of around 5.2% [3]. Group 2: Financial Performance - As of January 20, 2026, PCB concept stocks have seen a net financing inflow of 1.674 billion yuan, with nine stocks, including Xingsen Technology and Yongda Photonics, having net purchases exceeding 100 million yuan [4]. - Among nearly 50 PCB stocks in A-shares, 37 companies reported year-on-year profit growth or reduced losses in the first three quarters of 2025, indicating a strong recovery in the industry [4]. - Jin'an Guoji expects a net profit of 280 million to 360 million yuan for 2025, representing a year-on-year increase of 655.53% to 871.40%, driven by improved market conditions and optimized product structure [5]. Group 3: Company Developments - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, reflecting a year-on-year growth of 260.35% to 295%, supported by large-scale production in AI computing and data center sectors [5]. - Shenzhen South Circuit achieved a net profit of 2.326 billion yuan in the first three quarters of 2025, setting a record for annual net profit since its listing, and is actively expanding production capacity [6]. - The entire PCB supply chain is benefiting, with Inno Laser reporting nearly 90 million yuan in orders for PCB forming equipment since 2025, indicating a prosperous industry landscape [6].

Group 1 - The A-share market saw active trading in PCB concept stocks, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings also showed significant growth [1] - Other companies like Da Zhu CNC and Si Hui Fu Shi experienced increases of over 9%, indicating strong market interest [1] Group 2 - Tian Tong Co., Ltd. had a price increase of 10.03%, with a total market capitalization of 16.2 billion [2] - Jin An Guo Ji rose by 10.01%, bringing its market value to 17 billion, and has a year-to-date increase of 39.44% [2] - Xian Feng Holdings increased by 9.97%, with a market cap of 4.328 billion and a year-to-date growth of 12.33% [2] - Da Zhu CNC saw a rise of 9.37%, with a market capitalization of 75.1 billion and a year-to-date increase of 48.57% [2] - Si Hui Fu Shi's stock price increased by 9.14%, with a market cap of 7.305 billion and a year-to-date growth of 19.20% [2] - Baiyin Youse and Zhongjing Electronics both experienced gains of over 6%, with market caps of 67.8 billion and 7.952 billion respectively [2] - Guanghe Technology and Chongda Technology saw increases of over 5%, with market caps of 43 billion and 18.8 billion respectively [2]

Group 1 - The A-share market saw active trading in PCB concept stocks on January 22, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings increased by nearly 10% [1] - Other companies such as Dazhu CNC and Sihui Fushi rose over 9%, indicating strong market interest in the PCB sector [1] Group 2 - Tian Tong Co., Ltd. had a market cap of 16.2 billion and a year-to-date increase of 0.30% [2] - Jin An Guo Ji reported a market cap of 17 billion with a significant year-to-date increase of 39.44% [2] - Xian Feng Holdings had a market cap of 4.328 billion and a year-to-date increase of 12.33% [2] - Dazhu CNC's market cap was 75.1 billion with a year-to-date increase of 48.57% [2] - Sihui Fushi had a market cap of 7.305 billion and a year-to-date increase of 19.20% [2] - Baiyin Youse's market cap was 67.8 billion with a year-to-date increase of 56.58% [2] - Zhongjing Electronics had a market cap of 7.952 billion and a year-to-date increase of 6.57% [2] - Guanghe Technology's market cap was 43 billion with a year-to-date increase of 23.74% [2] - Chongda Technology had a market cap of 1.88 billion and a year-to-date increase of 12.74% [2]

（记者 曾健辉） 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ 每经AI快讯，深南电路1月21日晚间发布公告称，公司第四届第十二次董事会会议于2026年1月20日以 通讯方式召开。会议审议了《关于向限制性股票激励计划（第二期）激励对象授予限制性股票的议案》 等文件。 ...

深南电路股份有限公司 第四届董事会薪酬与考核委员会 本激励计划规定的授予条件已经成就，董事会薪酬与考核委员会同意公司本 激励计划的授予日为 2026 年 1 月 20 日，授予价格为 114.72 元/股，同意向符合 授予条件的 660 名激励对象授予 1,516.17 万股限制性股票。 关于公司股权激励计划授予相关事项的审核意见 深南电路股份有限公司 第四届董事会薪酬与考核委员会委员 黄亚英、杨之诚、于洪宇 二〇二六年一月二十一日 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《国有控股上市公司（境内）实施股权激励试行办法》（以下简称"《试 行办法》"）等有关法律、法规和规范性文件和《公司章程》的规定，深南电路股 份有限公司（以下简称"公司"）第四届董事会薪酬与考核委员会就公司 A 股限 制性股票激励计划（第二期）（以下简称"本激励计划"）授予相关事项发表审核 意见如下： 经审核，董事会薪酬与考核委员会认为本次授予的激励对象具备《公司法》 《证券法》等法律、法规和规范性文件以及《公司章 ...

证券代码：002916 证券简称：深南电路 公告编号：2026-006 深南电路股份有限公司 关于向限制性股票激励计划（第二期）激励对象授予 限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）限制性股票激励计划（第二期） （以下简称"本激励计划"）规定的限制性股票授予条件已经成就，根据公司 2026 年第一次临时股东会的授权，公司于 2026 年 1 月 20 日召开了第四届董事会第十 二次会议，审议通过了《关于向限制性股票激励计划（第二期）激励对象授予限 制性股票的议案》，确定限制性股票的授予日为 2026 年 1 月 20 日，授予价格为 114.72 元/股。现将相关事项公告如下： 一、股权激励计划简述 | 序号 | 姓名 | 职务 | 授予股数 | 占授予总量 | 占公司当前总股 | | --- | --- | --- | --- | --- | --- | | | | | （万股） | 比例 | 本比例 | | 1 | 崔荣 | 董事 | 4.22 | 0.2783% | 0.0063% | | ...

北京市嘉源律师事务所 北京市嘉源律师事务所 关于深南电路股份有限公司 A 股限制性股票激励计划（第二期）授予事项 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN·武汉 WUHAN·长沙 CHANGSHA 致：深南电路股份有限公司 关于深南电路股份有限公司 A股限制性股票激励计划（第二期）授予事项 的法律意见书 嘉源(2026)-05-011 敬启者： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）、《深圳证券交易所股票上市规则》（以下简称"《上市 规则》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《国有控股上市公司（境内）实施股权激励试行办法》《中央企业控股上市公司 实施股权激励工作指引》和《深南电路股份有限公司章程》（以下简称"《公司 章程》"）等有关规定，北京市嘉源律师事务所（以下简称"本所"）接受深南 电路股 ...

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"）第四届董事会第十二次会议于 2026 年 1 月 20 日以通讯方式召开。会议通知于 2026 年 1 月 16 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、行政法规、部门规章、规范性文件和《公司章 程》的规定。 二、董事会会议审议情况 证券代码：002916 证券简称：深南电路 公告编号：2026-005 深南电路股份有限公司 第四届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 该议案已经薪酬与考核委员会以 3 票同意全票审议通过。关联董事崔荣回避 表决，其余 8 名非关联董事以同意 8 票，反对 0 票，弃权 0 票的结果通过。 （二）关于补选第四届董事会战略委员会委员的议案 董事会同意补选公司董事、总经理杨智勤先生为公司第四届董事会战略委员 会委员，任期自本次董事会审议通过之日起至第四届董事会任期届满之日止。本 次补选完成后，公司第四届董事会战略委员会由杨之诚、杨智勤、邓江湖三位董 ...

Group 1 - Aoshikang's stock reached the daily limit, indicating strong market interest and demand [1] - Guanghe Technology's stock also hit the daily limit, achieving a historical high in its stock price [1] - Kexiang Co., Ltd. saw its stock price increase by over 10%, reflecting positive investor sentiment [1] Group 2 - ShenNan Circuit, HuDian Co., Baoding Technology, and JinAn Guoji all experienced stock price increases, indicating a broader trend of growth in the sector [1]