Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q2, appearing in the top ten shareholders of 43 companies, with new investments in 15 stocks and increased holdings in 10 stocks [1][2] Group 1: Stock Holdings - The total number of shares held by the Social Security Fund is 791 million, with a total market value of 14.086 billion [1] - The most significant holdings are in Changshu Bank, with 4 funds listed among the top ten shareholders, holding a total of 278 million shares, representing 8.38% of the circulating shares [1][2] - Other notable holdings include Nanwei Medical at 4.89% and Ganyuan Food, among others [1] Group 2: Performance Metrics - Among the stocks held, 34 companies reported a year-on-year increase in net profit, with the highest growth seen in Rongzhi Rixin at 2063.42% [2] - The average increase in the stock prices of the Social Security Fund's major holdings since July is 15.88%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Dingtong Technology, with a cumulative increase of 84.69%, followed by Pengding Holdings and Guomai Culture [2] Group 3: Sector Distribution - The stocks held by the Social Security Fund are primarily concentrated in the pharmaceutical, basic chemical, and electric equipment sectors, with 6, 5, and 3 stocks respectively [2] - The distribution includes 30 stocks from the main board, 7 from the ChiNext board, and 6 from the Sci-Tech Innovation board [2]

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

据证券之星公开数据整理，近期鹏鼎控股（002938）发布2025年中报。截至本报告期末，公司营业总收 入163.75亿元，同比上升24.75%，归母净利润12.33亿元，同比上升57.22%。按单季度数据看，第二季 度营业总收入82.88亿元，同比上升28.71%，第二季度归母净利润7.45亿元，同比上升159.55%。本报告 期鹏鼎控股盈利能力上升，毛利率同比增幅6.11%，净利率同比增幅25.35%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率19.07%，同比增6.11%，净利率7.49%，同比增 25.35%，销售费用、管理费用、财务费用总计5.1亿元，三费占营收比3.11%，同比增55.86%，每股净资 产13.47元，同比增6.97%，每股经营性现金流1.85元，同比增53.33%，每股收益0.53元，同比增55.88% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 131.26亿 | 163.75亿 | 24.75% | | 归母净利润(元) | 7.84亿 | 12.33亿 | 57.22 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in China's computing power and the corresponding demand for printed circuit boards (PCBs), driven by the rapid development of artificial intelligence technology [1][2] - By 2025, China's general computing power is expected to grow by 20%, while intelligent computing power is projected to increase by 43%, ranking second globally after the United States [1] - The PCB industry is experiencing rapid growth due to the surge in computing power demand, which is essential for signal transmission and connection in computing devices [1][2] Group 2 - The PCB industry is widely used in AI computing, consumer electronics, and new energy vehicles, with a notable increase in demand for high-density and high-layer PCBs [2] - According to Prismark, the global PCB industry is expected to reach a total output value of $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is projected to reach $94.661 billion by 2029, reflecting a compound annual growth rate of approximately 5.2% from 2024 to 2029 [2] - Analysts suggest that the PCB industry is entering a new growth cycle due to the resolution of previous market inventory adjustments and the acceleration of AI applications [2][3] Group 3 - Leading PCB company, Pengding Holdings, reported a revenue of 16.375 billion yuan in the first half of 2025, representing a year-on-year increase of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% [4] - The company attributes its growth to strong demand from AI and high-speed network applications, as well as a rebound in smartphone and personal computer shipments [3][4] - Other listed companies in the PCB industry also reported significant profit increases, with some expecting net profit growth exceeding 100% in the first half of the year [5] Group 4 - The demand for high-layer multi-layer boards is growing rapidly, with a year-on-year increase of 25.2% in output value and 35.4% in production volume [5] - The server and storage sectors are projected to grow by 33.1% in 2024, indicating a key driver for the PCB industry's growth in the coming years [5] - Companies are encouraged to focus on developing high-end products to meet the increasing market demand [5]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a significant performance exceeding expectations in Q2 2025, with revenue of 16.38 billion yuan, a year-on-year increase of 24.8%, and a net profit attributable to shareholders of 1.23 billion yuan, up 57.2% year-on-year [1] - The growth in profit was driven by improvements in business structure, yield enhancement, and cost reduction [1] - The company is increasing its capital expenditure for AI PCB due to strong demand in AI servers, with plans to raise capital expenditure to over 30 billion New Taiwan dollars for 2025-2026 [10] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 16.38 billion yuan, a 24.8% increase year-on-year, and a net profit of 1.23 billion yuan, a 57.2% increase year-on-year [1] - Q2 2025 revenue was 8.29 billion yuan, up 28.7% year-on-year, with a net profit of 740 million yuan, reflecting a 159.5% year-on-year increase [1] Business Segments - The communication board business generated revenue of 10.27 billion yuan, a 17.6% increase year-on-year, maintaining a gross margin of 16.0% [2] - The consumer electronics and computer board business achieved revenue of 5.17 billion yuan, a 31.6% increase year-on-year, with a gross margin of 24.5% [2] - The automotive and server board business saw revenue of 810 million yuan, an 87.4% increase year-on-year, driven by new product certifications and collaborations in AI ASIC products [2] Market Position and Growth Drivers - The company holds over 30% market share in the FPC industry and is positioned to benefit from the growing demand for AI-related products, including AI glasses and foldable screens [3] - The global FPC market is projected to reach 15.62 billion USD by 2029, with a CAGR of 4.5% from 2024 to 2029 [3] - The company is enhancing its production capabilities for high-end HDI and SLP products to meet the increasing performance requirements of AI servers [4] Future Projections - Revenue projections for the company are 41.25 billion yuan in 2025, 48.34 billion yuan in 2026, and 55.58 billion yuan in 2027, with expected year-on-year growth rates of 17%, 17%, and 15% respectively [11] - Net profit projections are 4.5 billion yuan in 2025, 5.5 billion yuan in 2026, and 6.34 billion yuan in 2027, with year-on-year growth rates of 24%, 22%, and 15% respectively [11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 69.20 [1][5]. Core Views - The company reported a revenue of RMB 16.375 billion for 1H25, representing a year-over-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% year-over-year [1]. - The company is accelerating its investment in AI computing power and has mature technology and mass production experience in high-spec products, which enhances its competitiveness in the PCB market [1]. - The company has adjusted its EPS forecasts for 2025-2027 to RMB 1.85, 2.47, and 3.03, respectively, reflecting positive growth expectations [1]. Summary by Sections Financial Performance - In Q2, the company achieved a revenue of RMB 8.288 billion, a year-over-year increase of 28.71%, and a net profit of RMB 745 million, up 159.55% year-over-year [2]. - The overall gross margin improved by 4.80 percentage points to 20.28% in Q2, driven by better product mix and higher production efficiency [2]. Market Opportunities - The demand for high-end AI computing power PCBs is expected to grow non-linearly due to strong overseas demand and rapid server architecture upgrades [3]. - The company is actively pursuing product certifications with major clients and expanding collaborations with cloud service providers [3]. Product Innovation - The company anticipates significant product innovations from overseas clients in 2026, particularly in AI smartphones, foldable devices, and AI glasses, which will drive upgrades to high-quality, low-loss, and high-heat-dissipation PCBs [4]. - The company is positioned as a core supplier for foldable smartphones and AR/VR devices, leveraging its advanced FPC technology [4]. Valuation and Forecast - The company has raised its target price to RMB 69.20, reflecting an increase in expected server PCB revenue and profit margins for 2026-2027 [5]. - The projected net profits for 2025-2027 are RMB 42.85 billion, 57.22 billion, and 70.17 billion, respectively, indicating strong growth potential [5].

格隆汇8月13日｜国盛证券研报指出，鹏鼎控股25Q2业绩大超预期，AI PCB capex上调。公司把握消费 电子复苏周期，并积极推动以AI眼镜、折叠屏等新产品的开发与量产；汽车\服务器用板业务实现营业 收入8.1亿元，同比增长87.4%，公司积极推动市场知名客户新一代产品认证与打样，并进一步扩大与云 服务器厂商在AIASIC相关产品的开发与合作，以增强公司产品在AI服务器市场的竞争力。随着公司新 增更多大客户料号订单，份额有望进一步提升，带动公司FPC价值量与收入体量的快速增长。随着AI服 务器需求的强劲增长，AI服务器对PCB产品的性能要求日益提高，包括层数的增加、密度的提升和传输 速度的加快，母公司臻鼎规划提高2025-2026年的资本支出至新台币300亿以上，其中近50%资本支出将 用于扩大高阶HDI和HLC产能，以掌握相关产品成长契机，满足客户对高阶AI产品的未来订单需求。公 司正加快对高阶HDI及SLP产品的投入，以高端HDI产品切入服务器及光模块市场，产品已通过相关客 户的认证。认为未来AI云-管-端需求释放将支撑公司业绩增长。维持"买入"评级。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 8月12日晚，鹏鼎控股（002938.SZ）发布公告称，决定重新聘任沈庆芳先生为首席执行官（CEO），原 CEO林益弘转任总经理，分管采购及其他具体职能。 这意味着沈庆芳在卸任两年（其于2023年4月卸任CEO）后重执帅印，而林益弘不再一人兼任CEO和总 经理职务。 | 工作圆历 | | | | --- | --- | --- | | 2017/05 - 至今 | | 麒鼎控股(深圳股份有限公司 董事 | | 2017/05 | l है के | 鹏鼎控股(深圳)股份有限公司 董事长 | | 2017/05 | - 至今 | 鹏鼎控股(深圳)股份有限公司 法定代表人 | | 2017/05 | - 至今 | 麒鼎控股(深圳)股份有限公司 战略委员会委员 | | 2017/05 | - 至今 | 麒鼎控股(深圳)股份有限公司 战略委员会召集人 | | 2006/06 | - 至今 | 强鼎科技控股股份有限公司 董事长 | | 2017/05 | - 2023/04 | 麒鼎控股(深圳)股份有限公司 提名委员会 ...

Market Performance - The component sector increased by 7.03% on August 13, with Sanhuan Group leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in the Component Sector - Sanhuan Group (300408) closed at 40.66, up 15.51% with a trading volume of 960,600 shares and a transaction value of 3.763 billion [1] - Huadian Co., Ltd. (002463) closed at 58.28, up 10.00% with a trading volume of 1,102,000 shares and a transaction value of 6.248 billion [1] - Shenzhen South Circuit (002916) closed at 153.78, up 10.00% with a trading volume of 188,800 shares and a transaction value of 2.810 billion [1] Market Capital Flow - The component sector saw a net inflow of 4.001 billion from main funds, while retail funds experienced a net outflow of 1.891 billion [2][3] - Major stocks like Huadian Co., Ltd. and Dongshan Precision (002384) had significant net inflows from main funds, indicating strong institutional interest [3] Notable Decliners - ST Dongjing (002199) closed at 10.60, down 5.02% with a trading volume of 152,800 shares and a transaction value of 166 million [2] - Gaohua Technology (688539) closed at 33.56, down 2.87% with a trading volume of 53,000 shares and a transaction value of 179 million [2]

通过天眼查大数据分析，鹏鼎控股(深圳)股份有限公司共对外投资了15家企业，参与招投标项目39次， 知识产权方面有商标信息15条，专利信息1507条，此外企业还拥有行政许可331个。 资金流向方面，今日主力资金净流入5268.50万元，占比成交额1.83%。其中，超大单净流入4428.08万 元、占成交额1.54%，大单净流入840.42万元、占成交额0.29%，中单净流出流出10596.85万元、占成交 额3.68%，小单净流入5328.35万元、占成交额1.85%。 鹏鼎控股最新一期业绩显示，截至2025中报，公司营业总收入163.75亿元、同比增长24.75%，归属净利 润12.33亿元，同比增长57.22%，扣非净利润11.49亿元，同比增长51.90%，流动比率1.762、速动比率 1.470、资产负债率29.24%。 天眼查商业履历信息显示，鹏鼎控股(深圳)股份有限公司，成立于1999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业为主的企业。企业注册资本231805.1016万人民币，实缴资本 231143.0814万人民币。公司法定代表人为沈庆芳。 金融界消息 截至2025年8月1 ...