证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-049 鹏鼎控股(深圳)股份有限公司 第三届董事会第十八次会议决议公告 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。 一、董事会会议召开情况 鹏鼎控股（深圳）股份有限公司（以下简称"公司"）第三届董事会第十八 次会议于2025年8月12日以现场及视讯会议方式召开，相关会议通知及会议资料 已于2025年8月2日以电子邮件方式向公司全体董事发出，本次会议应出席董事9 人，实际出席董事9人，本次会议由董事长沈庆芳先生主持。会议的召开符合《中 华人民共和国公司法》、《鹏鼎控股（深圳）股份有限公司章程》和《鹏鼎控股 （深圳）股份有限公司董事会议事规则》的有关规定。 二、董事会会议审议情况 本次会议经过充分讨论，经董事以记名投票方式表决，作出如下决议： 1、审议通过《关于<公司 2025 年半年度报告及其摘要>的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。 以上议案具体内容详见同日刊登在巨潮资讯网（www.cninfo.com.cn）的鹏 鼎控股《2025 年半年度报告》及刊登在《证券时报》、《上 ...

格隆汇8月12日丨鹏鼎控股(002938.SZ)公布2025年半年度报告，上半年公司实现营业收入163.75亿元， 同比增长24.75%；归属于上市公司股东的净利润12.33亿元，同比增长57.22%；归属于上市公司股东的 扣除非经常性损益的净利润11.49亿元，同比增长51.90%；基本每股收益0.53元。 ...

鹏鼎控股公告，2025年上半年营业收入163.75亿元，同比增长24.75%。净利润12.33亿元，同比增长 57.22%。 ...

Core Insights - A total of 48 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more, indicating strong investor interest [1] Group 1: Stocks with Significant Net Inflows - Hengshang Energy has seen net inflows for 11 consecutive days, ranking first among the stocks [1] - Agricultural Bank of China ranks second with net inflows for 10 consecutive days, totaling 1.917 billion yuan [1] - BoRui Pharmaceutical follows with net inflows for 8 days, amounting to 868 million yuan [1] Group 2: Performance Metrics - Agricultural Bank of China has the highest total net inflow amount, with a cumulative net inflow of 1.917 billion yuan over 10 days, and a price increase of 11.56% [1] - BoRui Pharmaceutical has a net inflow of 868 million yuan over 8 days, with a price increase of 16.13% [1] - Xinjiang Communications Construction has the highest net inflow ratio at 24.39%, with a price increase of 38.33% over 6 days [1] Group 3: Additional Notable Stocks - Huicheng Environmental Protection and Xinke Materials both recorded net inflows of 606 million yuan over 7 days, with price increases of 14.40% and 18.70% respectively [1] - Fuling Electric Power has a net inflow of 477 million yuan over 9 days, with a significant price increase of 31.03% [1] - Other notable stocks include Huaguang Huaneng and Wanchen Group, with net inflows of 327 million yuan and 315 million yuan respectively, and price increases of 55.15% and 12.61% [1]

Core Viewpoint - The report from CICC indicates that the demand for overseas computing power is high, driving both the volume and price of PCBs to rise, with the market scale expected to reach $5.6 billion and $10 billion in the AI PCB market by 2025 and 2026 respectively [1][2] Group 1: Market Dynamics - The global demand for computing power is experiencing systematic expansion, with significant growth in GPU and ASIC volumes, alongside the application of advanced materials and designs, which is expected to enhance the value of single boards and drive the PCB industry's volume and price increase [1] - The PCB and CCL market continues to thrive due to strong demand from AI for computing infrastructure, with core suppliers accelerating capacity expansion, totaling approximately 32 billion yuan in investments for PCB capacity expansion among seven listed companies [2] Group 2: Capacity and Supply Chain - Despite the acceleration in PCB capacity expansion, the efficiency of capacity release is lagging behind the growth rate of AI demand, leading to a sustained supply-demand gap in the medium term [2] - The local supply chain in Southeast Asia is still maturing, which may further impact the efficiency of capacity release [2] Group 3: Technological Innovations - As AI computing hardware evolves towards high density and high bandwidth, reducing dielectric constant (dk) and dielectric loss (df) will be key to overcoming transmission bottlenecks, with potential future innovations in PCB technology including structural integration, functional upgrades, and material breakthroughs [3] Group 4: Related Companies - Companies to watch that are likely to benefit from the increased demand for PCBs and CCLs driven by AI include: Shengyi Technology (600183.SH), Shenzhen South Circuit (002916.SZ), Xingsen Technology (002436.SZ), Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), Shenghong Technology (300476.SZ), Huitian Technology (002463.SZ), Shengyi Electronics (688183.SH), Jingwang Electronics (603228.SH), Founder Technology (600601.SH), and Guanghe Technology (001389.SZ) [4]

Group 1 - The AI PC concept index rose by 3.11%, ranking fourth among concept sectors, with 36 stocks increasing in value [1][2] - Leading stocks in the AI PC sector included CloudWalk Technology, Sifang New Materials, and Zhili Fang, which rose by 8.82%, 8.64%, and 7.01% respectively [1][2] - The sector experienced a net inflow of 1.386 billion yuan, with 24 stocks receiving net inflows, and five stocks exceeding 100 million yuan in net inflow [2][3] Group 2 - The top net inflow stock was Shenghong Technology, with a net inflow of 663 million yuan, followed by Lingyi Technology, Pengding Holdings, and Tongfu Microelectronics with net inflows of 200 million yuan, 138 million yuan, and 128 million yuan respectively [2][3] - The highest net inflow ratios were seen in Bomin Electronics, Tongfu Microelectronics, and Lingyi Technology, with rates of 11.67%, 10.52%, and 9.63% respectively [3][4] - Stocks with significant increases included Sifang New Materials and CloudWalk Technology, which had respective increases of 8.64% and 8.82% [4][5]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China PCB (Printed Circuit Board) sector**, highlighting a **47% rally** in the sector over the past three months driven by increasing demand for **artificial intelligence (AI)** applications [1] - The demand for **High Layer Count (HLC) PCB** and **High Density Interconnect (HDI)** is particularly strong due to growth in **cloud service providers' (CSP)** AI capital expenditure budgets and ASIC server projects [1] Core Insights and Arguments - **Demand Dynamics**: - Strong demand from sectors such as **automotive**, **home appliances**, and **industrial applications** supports low-to-mid range order momentum, while demand for **smartphones** and **PCs** remains lukewarm, limiting growth for **Flexible Printed Circuit (FPC)** and **Substrate-Like PCB (SLP)** [1] - The **PCB production value** is expected to grow **6% in 2025E**, following a decline of **15%** in 2023 and a recovery of **7%** in 2024 [9] - The sector is anticipated to enter a mild **AI-driven upcycle**, with a **5% CAGR** from 2024 to 2029, compared to **2%** from 2018 to 2023 [9] - **Substrate Market**: - **BT (Bismaleimide-Triazine)** substrate makers in China are experiencing a dip in utilization rates, but a mild recovery is expected due to tariff-induced demand [2] - **ABF (Ajinomoto Build-up Film)** substrate demand is recovering globally, which is accelerating domestic semiconductor qualifications from local suppliers [2] - **Copper Clad Laminate (CCL)**: - Leading CCL makers in China are operating at full capacity, with a **10-15% price increase** expected in H225E due to rising raw material costs [3] - Demand for high-end CCL is driven by AI server projects and general-purpose server replacements [3] Stock Preferences and Recommendations - **Stock Ratings**: - Total EPS for the coverage is raised by **12%/14%/19%** for 2025-27E due to higher utilization and pricing from robust AI demand [4] - Price targets for companies in the sector have been increased by **47%–118%** based on higher EPS and upcycle PE multiples [4] - Preferred stocks include **Shennan** and **Shengyi Tech** due to their visibility in AI orders, while **FastPrint** has been downgraded to Neutral with a significant EPS cut due to delayed breakeven in ABF [4] Additional Insights - **Market Trends**: - The **server/data storage** segment is projected to grow at a **12% CAGR** from 2024 to 2029, becoming the largest and fastest-growing downstream application by output value [11] - The **automotive sector** is expected to see a **4% CAGR**, driven by electrification and smartification trends [11] - The **consumer electronics** segment is mixed, with near-term strength from subsidies but overall sluggish demand [9] - **Geopolitical Factors**: - Current US tariffs have limited direct exposure for PCB and CCL companies, which have a globally diversified manufacturing footprint [9] - The tariffs may expedite capacity expansion for Chinese producers in Southeast Asia due to the sector's upstream and highly pollutive nature [9] - **AI and Technology Adoption**: - The demand for AI servers is expected to significantly increase, with Nvidia projecting a **100x increase** in compute requirements for inference demand [17] - The introduction of new Nvidia GPUs is anticipated to drive down costs for AI training and inference, further boosting demand for high-end PCBs [17] Conclusion - The China PCB sector is poised for growth driven by AI demand, with specific segments like HLC PCB and HDI expected to outperform. Stock preferences reflect a bullish outlook on companies with strong AI order visibility, while geopolitical factors and market dynamics will continue to shape the landscape.

Group 1 - Guangdong has 26 companies with a market value exceeding 100 billion yuan, with 9 new additions in the past year, driven by sectors like PCB and liquid cooling technology in the AI infrastructure space [1][3] - The top three companies by market value in Guangdong are China Merchants Bank (1126.66 billion yuan), Ping An Insurance (985.22 billion yuan), and BYD (964.72 billion yuan) [3] - Shenzhen leads with 18 companies, followed by Guangzhou and Foshan with 2 each, and Dongguan, Huizhou, Yunfu, and Zhuhai each having 1 [3] Group 2 - The PCB sector has seen significant growth, with companies like Shenghong Technology, Pengding Holdings, and Shennan Circuit achieving record market values, and Shenghong Technology's market value skyrocketing from 33.06 billion yuan to 165.08 billion yuan, a 398.38% increase [3] - Other notable companies include Dongpeng Beverage, which grew its market value by 61.54% to 148.2 billion yuan, and Guangqi Technology, which surpassed 86.8 billion yuan due to its unique advantages in aerospace and low-altitude economy [3][4] - The AI technology revolution is reshaping the industry chain, with the PCB industry entering a new growth cycle driven by demand from computing power, high-speed communication, and new energy vehicles [3][4] Group 3 - The AI infrastructure sector is expected to continue nurturing companies with market values exceeding 100 billion yuan, with Shengyi Electronics and Invec being strong contenders in the PCB and liquid cooling technology fields, respectively [4] - Shengyi Electronics, a leading PCB company, anticipates a net profit increase of 461.8% to 503.43% year-on-year in the first half of 2025, currently valued at 43.74 billion yuan [4] - Invec, a leader in liquid cooling technology with a 30% global market share, is expected to see revenue and profit growth in 2024, currently valued at 39.75 billion yuan, as the liquid cooling market for data centers grows at a compound annual growth rate of 48% [4]

沪指8月8日下跌0.12%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为综合、建筑材料，涨 幅分别为1.56%、1.16%。跌幅居前的行业为计算机、电子，跌幅分别为2.38%、1.15%。电子行业位居 今日跌幅榜第二。 资金面上看，两市主力资金全天净流出410.85亿元，今日有8个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨0.62%，全天净流入资金20.24亿元，其次是公用事业行业，日 涨幅为0.67%，净流入资金为11.32亿元。 主力资金净流出的行业有23个，计算机行业主力资金净流出规模居首，全天净流出资金136.21亿元，其 次是电子行业，净流出资金为114.49亿元，净流出资金较多的还有传媒、国防军工、非银金融等行业。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 688981 | 中芯国际 | -4.34 | 2.94 | -101923.05 | | 688256 | 寒武纪 | -1.45 | 1.56 | -59990.69 | | 3003 ...

Group 1 - As of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total CFO compensation of 4.243 billion yuan and an average salary of 760,300 yuan [1] - In the components industry, there are 45 CFOs with an average salary of 1.0059 million yuan, ranking 30th among 124 industries, and a salary increase of 134,100 yuan compared to the previous year, ranking 14th in salary growth [1][2] - Among the 45 CFOs in the components industry, 40% earn between 500,000 and 1 million yuan, while another 40% earn over 1 million yuan [2] Group 2 - The age distribution of the 45 CFOs ranges from 32 to 64 years, with the most common age group being 48-53 years, accounting for nearly 30% [4] - The highest average salary is found in the 59-year age group, represented by one CFO, while the oldest CFO is 64 years old and the youngest is 32 years old [4][6] - Over 80% of CFOs hold either a bachelor's or master's degree, with the average salary of those with a diploma exceeding that of bachelor's degree holders, influenced by the high salary of a specific CFO [6] Group 3 - In the optical and optoelectronic industry, there is no significant correlation between CFO salaries and company performance, with revenue growth rates of 19.81%, 18.80%, and 21.70% across three salary segments [8] - The corresponding net profit growth rates show a decline as CFO salaries increase, with rates of 43.82%, 30.75%, and 1.06% respectively [8]