Core Viewpoint - The company has approved several proposals during the 23rd meeting of the third board of directors, including anticipated related party transactions for 2026, which will be submitted for shareholder approval due to the recusal of certain directors [1] Group 1: Proposals Approved - The proposal regarding expected related party transactions for the year 2026 was approved with 7 votes in favor, requiring further shareholder meeting approval due to the recusal of Chairman Shen Qingfang and others [1] - The proposals for applying for financial derivatives trading limits and bank credit limits were both approved with 9 votes in favor [1] Group 2: Loan Approvals - The company and its subsidiaries have agreed to provide loan limits to its controlling subsidiaries, with the company providing 303 million yuan, Hongqi Sheng Precision providing 100 million yuan, and Pengding International providing 40 million USD [1] - The loan period is set from January 1, 2026, to December 31, 2026, with interest rates not lower than the prevailing market rates [1]

Investment Rating - The report maintains an "Outperform" rating for the AI industry [1] Core Insights - The capital expenditure (Capex) guidance from major overseas companies is optimistic, with a continuous upward trend in computing power expected through 2026. The total Capex for Microsoft, Google, Amazon, and Meta is projected to reach $406.5 billion in 2025 and $596.4 billion in 2026, representing year-on-year growth of 46% and 47% respectively [3][5][22] - The demand for AI-related infrastructure is driving significant upgrades in interconnects, cooling, and power supply sectors, indicating a long-term growth cycle distinct from previous technology cycles [3][4] Summary by Sections 1. Overseas Major Companies' Capex Guidance - Major companies like Microsoft, Google, Amazon, and Meta are expected to increase their Capex significantly, with projections of $186.4 billion, $139.5 billion, $162.5 billion, and $108 billion respectively for 2026 [6][7][14][18][21] - The overall Capex for these four companies is expected to account for 62% of the global AI-related Capex, which is projected to reach $960 billion by 2026 [22][23] 2. Interconnect Sector: Optical Modules and PCBs - The interconnect sector is experiencing a fundamental shift in demand due to AI server cluster construction, leading to simultaneous upgrades in computing boards, switches, and optical modules, which will increase both demand and pricing [3][4] - The deployment of 800G technology is expected to accelerate, with 1.6T technology entering the introduction phase [3] 3. Cooling Sector: Liquid Cooling Demand - The power density of AI GPU racks is projected to rise from 130 kW in 2024 to over 1 MW by 2029, making liquid cooling technology essential [3][4] 4. Power Supply Sector: AIDC Power Distribution Evolution - The evolution of AIDC power distribution methods is crucial, with a focus on HVDC and SST technologies to enhance system efficiency and reduce energy losses [3][4] 5. Investment Recommendations - The report suggests focusing on specific companies within various sectors: - Computing power: Haiguang Information - Interconnects - Optical modules: LightSpeed Technology, Huagong Technology - Interconnects - PCBs: Shenghong Technology, Shennan Circuits, and others - Cooling: Invec - Power supply: Magpow [3][4]

Summary of Conference Call Notes Industry Overview: PCB Equipment Key Points - **Expansion Plans**: - Pengding plans to invest 4.3 billion yuan in expansion, focusing on HDI and HLC products aimed at AI servers, AI edge devices, and low-orbit satellites. The project is expected to be completed by the end of 2026, with PCB equipment orders anticipated to materialize within the same year [1][1][1] - **Technological Advancements**: - Huadian Co. is investing in a high-density optoelectronic integrated circuit board project in Jintan District, Changzhou, with a total investment of 300 million USD (phased into two parts). This initiative aims to establish platforms for cutting-edge technologies like CoWoP and advanced processes such as mSAP, focusing on next-generation technology directions like copper-light integration [1][1][1] Market Dynamics - **Accelerated Expansion and Technological Iteration**: - Leading PCB manufacturers are rapidly expanding, particularly in the AI PCB sector. Equipment manufacturers are expected to benefit significantly from this expansion wave, while material suppliers may see improvements in product structure due to the increasing layers in AI PCBs [2][2][2] - **High-End PCB Upgrades**: - Continuous advancements in chip technology are driving the upgrade of PCBs towards high-end applications, characterized by smaller aperture sizes and narrower line widths. Advanced packaging processes like CoWoP and micro-aperture/line-width processing techniques such as mSAP are expected to propel the development of high-end equipment, leading to increased demand for high-resolution LDI equipment and ultra-fast laser drilling [2][2][2] Investment Recommendations - **Focus Areas**: - It is recommended to pay attention to companies involved in the PCB drilling segment, such as Dazhu CNC, Zhongtung High-tech, and Dingtai High-tech, as well as those in the LDI segment like Chip Quik [2][2][2] Risk Factors - **Potential Risks**: - Macro-economic risks and the possibility of technology development falling short of expectations are highlighted as significant risk factors [2][2][2]

Group 1 - The core point of the article is that as of September 30, 2025, the total number of shareholders for Pengding Holdings is projected to be 75,458 [2]

Core Viewpoint - Pengding Holdings has consistently served international leading brand clients since its establishment, showcasing strong management capabilities, robust R&D strength, and efficient order response abilities [2] Group 1 - The company emphasizes its ability to ensure timely mass production and delivery of high-quality products and services to clients [2] - Pengding Holdings is actively engaging with international brand clients for product development and technological layout over the next 1 to 2 years [2] - The company is conducting research on new material applications, new process technology breakthroughs, new product quality verification, and smart manufacturing line construction as part of its technological reserves [2] Group 2 - The focus is on five main areas: new products, new technologies, new processes, new materials, and new equipment [2] - The company aims to concentrate on key common technologies and cutting-edge product technologies to stay ahead of product development trends [2]

证券日报网1月15日讯，鹏鼎控股（002938）在接受调研者提问时表示，面对科技创新的快速迭代和产 业变革，公司始终坚持以研发驱动发展，持续加大技术投入。2024年，公司研发投入达到23.24亿元人 民币，占营业收入比例为6.61%；2025年上半年，公司研发投入达10.72亿元，占营业收入比例为 6.55%。公司以"满足客户需求、超越客户期望、引领行业技术"为研发核心目标，不断优化技术平台布 局，聚焦关键技术突破和创新能力提升。通过与客户深度协作及联合开发，为客户量身打造多元化解决 方案，并以严格的产品验证体系为依托，加速推动研发成果的市场化落地，全面抢占技术制高点。目前 公司已构建覆盖AI手机、AIPC、AI眼镜等AI端侧消费品的全场景产品矩阵，并已成为全球AI端侧产品 供应链中不可或缺的力量。同时，公司积极利用ONEAVARY产品平台，加快了在AI服务器、光模块、 交换机、人形机器人、新能源汽车等领域的全链条布局，全面推动AI产业的纵深发展。 ...

证券日报网1月15日讯，鹏鼎控股（002938）在接受调研者提问时表示，AI眼镜和人形机器人是公司非 常看好的极具增长潜力的产品。目前公司是市场主流AI眼镜客户主要供应商，因AI眼镜对轻量化及时 尚性要求比较高，从轻量化和时尚化的角度来看，AI眼镜的普及将显著提升对高端PCB产品的需求。在 人形机器人领域，公司与头部客户就PCB产品的应用场景与产品开发展开了深入合作，目前电路板相关 产品已有供货。 ...

证券日报网1月15日讯 ，鹏鼎控股在接受调研者提问时表示，公司将数字化转型作为企业发展的重要战 略，目前公司深圳工厂持续达到智能制造能力成熟度模型四级标准。与此同时，公司各厂区以分阶段、 分层次的科学策略导入智能管理，截至目前，已有多座新厂成功融入智能管理体系，同时旧厂也逐步进 行智能化升级改造。在导入智能管理后，产品的良品率和生产效率都得到了提升，不仅在公司的降本增 效、提升产品品质上取得初步成果，也让公司的运营管理更加科学高效。 （编辑 丛可心） ...

Group 1 - The company has established a comprehensive product matrix covering AI mobile phones, AI PCs, and AI glasses, while actively expanding into humanoid robots and computing power markets, showcasing strong technological foresight and industry chain integration capabilities [1] - In the AI glasses sector, the company has become a major supplier for mainstream AI glasses clients, with increasing demand for high-end HDI and rigid-flex PCB products due to the trend towards lightweight and fashionable designs [3] - The company is focusing on humanoid robots as a high-growth area, collaborating with leading industry clients on PCB applications in critical areas such as joint control, sensing systems, and main control modules, while ensuring high reliability and performance of PCBs [3] Group 2 - The company's layout in computing power infrastructure is entering a harvest phase, with expectations for 2025 to be the "year of direct customer orders" for computing power, driven by the release of production capacity and order fulfillment [4] - The company is promoting its "ONE AVARY" integrated product platform strategy, which aims to provide a full-chain service from design to mass production through standardized and modular product design and manufacturing processes [4]

（记者 曾健辉） 每经AI快讯，鹏鼎控股发布公告称，2026年1月13日，鹏鼎控股接受中国财富网等投资者调研，公司副 总&董秘周红，公司投关团队参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——不到20万元，就能买特斯拉了？"廉价版"Model 3或进入中国市场，续航里 程480公里！关于自动驾驶，美国市场也有大调整 ...