Core Viewpoint - The company is currently in the research and design phase for the 3.2T optical module board developed in collaboration with AMD, and it has not yet entered mass testing or production stages [1] Group 1 - An investor inquired about the status of the 3.2T optical module board in relation to its collaboration with AMD [1] - The company confirmed that the 3.2T product is still under research and design [1]

Core Viewpoint - The article discusses the recent increase in stock holdings by the "national team" in various A-share companies, highlighting the sectors and companies that have seen significant investments as A-shares reached a ten-year high of 4000 points. Group 1: National Team Holdings - As of the end of Q3 2025, the national team held a total of 5,972 billion shares in A-share companies, with a market value of approximately 4.98 trillion yuan [4] - The banking sector remains the most favored, with a market value of 3.78 trillion yuan, followed by insurance and diversified financials, all exceeding 1 trillion yuan in holdings [4][5] - The national team increased its holdings in 336 A-share companies during Q3, totaling approximately 2.34 billion shares [5] Group 2: Sector Focus - The national team focused on eight key sectors for stock increases, with power equipment, basic chemicals, and electronics being the top three, each seeing over 180 million shares added [6][8] - In the power equipment sector, significant investments were made in solar equipment, with a total of 1.47 billion shares added, led by companies like Longi Green Energy [8][9] - The electronics sector also saw substantial increases, with 38 companies receiving national team investments, and a focus on semiconductors and related technologies [11][12] Group 3: Performance Metrics - A majority of the companies that the national team increased holdings in reported revenue growth, with over 70% showing year-on-year revenue increases and over 60% reporting profit growth [7][12] - In the power equipment sector, 19 out of 26 companies reported revenue growth, while 16 reported profit increases [13] - Longi Green Energy, despite a decline in revenue, showed signs of recovery with a smaller loss compared to the previous year, indicating potential for future growth [14][15] Group 4: Strategic Importance - The national team's focus on the semiconductor industry aligns with national strategies to enhance technological capabilities, as outlined in the "14th Five-Year Plan" [12][17] - The semiconductor sector is expected to see accelerated growth due to increased domestic investment and technological breakthroughs, particularly in the context of international trade restrictions [17]

Core Viewpoint - The simultaneous heavy investment by four social security funds in a company with declining performance raises questions about the underlying reasons for this "contrarian layout" amidst a weak consumer electronics demand and the booming AI server PCB market [1][3]. Company Summary - Four social security funds, namely 103, 416, 117, and 2101, have significantly invested in Pengding Holdings, making it the only PCB company in the A-share market to be heavily backed by four social security funds [3]. - Pengding Holdings is the largest PCB manufacturer globally, headquartered in Shenzhen, with a revenue of 26.855 billion yuan and a net profit of 2.408 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 14% and 21.95% respectively [3][4]. - Despite the overall revenue growth, the company experienced a notable decline in performance in the third quarter, with net profit growth dropping to 21.95% from 57.22% in the previous quarter [4]. Industry Context - The PCB industry is currently experiencing a high growth cycle driven by the AI wave, with the value of PCBs in an AI server cabinet reaching $171,000, second only to GPU chips [5]. - The global shipment of AI servers is projected to increase from 500,000 units in 2020 to 2 million units by 2024, representing a compound annual growth rate of 45.2% [5]. - Other PCB companies focusing on AI have reported strong performance, with companies like Huadian and Shenghong Technology seeing significant profit increases due to their strategic positioning in the AI market [7]. Future Outlook - Social security funds typically adopt a long-term investment strategy, which may indicate confidence in Pengding Holdings' potential for future recovery, especially if the consumer electronics market rebounds [9]. - Pengding Holdings has established a strong foothold in high-end HDI and SLP technology, with ongoing projects that could position the company favorably in the AI server market [9]. - The company is also a key supplier for Apple's iPhone, holding a 70% market share, suggesting that a strong product cycle from Apple could significantly boost its performance [9].

Core Viewpoint - Pengding Holdings (002938) reported a decrease in consolidated operating revenue for October 2025 compared to the same period last year, indicating potential challenges in revenue generation [1] Financial Performance - The consolidated operating revenue for October 2025 was RMB 422,868 million, which represents a decrease of 3.08% from the same month last year [1]

Core Viewpoint - Pengding Holdings (002938.SZ) reported a consolidated operating revenue of 4.229 billion yuan for October 2025, representing a decrease of 3.08% compared to the same period last year [1] Company Summary - The consolidated operating revenue for October 2025 was 4.229 billion yuan [1] - This figure shows a decline of 3.08% from the consolidated operating revenue of the same month in the previous year [1]

Core Insights - Pengding Holdings (002938.SZ) reported a consolidated revenue of 4.229 billion yuan for October 2025, representing a decrease of 3.08% compared to the same period last year [1] Financial Performance - The consolidated revenue for October 2025 was 4.229 billion yuan [1] - This figure shows a year-over-year decline of 3.08% from the previous year's revenue [1]

Core Viewpoint - Pengding Holdings (002938) reported a decrease in consolidated operating revenue for October, indicating potential challenges in maintaining revenue growth compared to the previous year [1] Financial Performance - The consolidated operating revenue for October was 4.229 billion yuan, which represents a 3.08% decrease compared to the same month last year [1]

特此公告。 鹏鼎控股（深圳）股份有限公司 董 事 会 2025 年 10 月营业收入简报 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。 特别提示：鹏鼎控股(深圳)股份有限公司(以下简称"本公司"或"公司") 之间接控股股东臻鼎科技控股股份有限公司（以下简称"臻鼎科技"）为台湾 地区上市公司，臻鼎科技需按照台湾证券交易所相关规定，披露每月营业收入 数据。为使 A 股投资者能够及时了解公司的经营情况，本公司亦同步在深圳证 券交易所指定的信息披露媒体上披露本公司营业收入。 本简报为初步核算数据，未经会计师事务所审计或审阅，最终数据以公司 定期报告为准，敬请投资者注意投资风险。 公司 2025 年 10 月合并营业收入为人民币 422,868 万元，较去年同期的合并 营业收入减少 3.08%。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-069 鹏鼎控股（深圳）股份有限公司 2025 年 11 月 7 日 ...

Core Viewpoint - Pengding Holdings announced that its consolidated operating revenue for October 2025 is 422,868 million yuan, representing a decrease of 3.08% compared to the same period last year. This data is preliminary and unaudited, with final figures to be confirmed in the regular report [1] Summary by Category - **Financial Performance** - The consolidated operating revenue for October 2025 is reported at 422,868 million yuan [1] - This figure indicates a year-on-year decrease of 3.08% [1]

Core Viewpoint - The report from Huazhong Securities indicates that Pengding Holdings achieved a net profit attributable to shareholders of 2.408 billion yuan in the first three quarters, representing a year-on-year growth of 21.95% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 1.175 billion yuan, showing a year-on-year decline of 1.30% but a quarter-on-quarter increase of 57.68% [1] - Total revenue for the first three quarters reached 16.754 billion yuan, with a year-on-year increase of 6%, accounting for 62% of the company's revenue [1] Business Structure and Growth - The communication board business, leveraging its technological and capacity advantages in flexible boards, has allowed the company to maintain its leading position in the industry [1] - The company's business structure has further optimized, with the revenue share of high value-added segments continuously increasing [1] Capital Expenditure and Future Outlook - The company actively promoted new capacity construction, with capital expenditures reaching 4.972 billion yuan in the first three quarters, an increase of nearly 3 billion yuan year-on-year [1] - As new capacities are gradually released, the computing power sector is expected to become an important pillar for the company's development [1] - The company maintains an "overweight" rating [1]