鹏鼎控股（002938.SZ）12月29日在投资者互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并 在新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势， 并围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术， 以掌握产品发展的潮流与趋势。 每经AI快讯，有投资者在投资者互动平台提问：贵司是否有开发M9材料产品？能否介绍一下最新进 展？贵司计划如何在M9材料时代保持竞争优势？ （记者 王晓波） ...

格隆汇12月29日丨鹏鼎控股(002938.SZ)在互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并在 新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势，并 围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术，以 掌握产品发展的潮流与趋势。 ...

格隆汇12月29日丨鹏鼎控股(002938.SZ)在互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并在 新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势，并 围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术，以 掌握产品发展的潮流与趋势。 ...

Core Viewpoint - AI computing power is the core growth engine for the PCB and copper-clad laminate industry, with high-end HDI/multi-layer boards and low-loss copper-clad laminates becoming key competitive factors [1][5]. Group 1: Copper-Clad Laminate (CCL) Manufacturers - The copper-clad laminate is a core substrate for PCBs, accounting for about 30% of PCB costs, with high technical barriers and long certification cycles leading to high industry concentration [1][6]. - Leading global manufacturers include: - Shengyi Technology: Mainland China's leader in copper-clad laminates, with M9 ultra-low loss products certified by NVIDIA, achieving over 90% yield [2]. - Kingboard Laminates: A global leader in scale, covering mid-to-high-end FR4 and low-loss series, with strong overseas delivery capabilities [2]. - Taiwan's Taisol and Panasonic: Key suppliers for NVIDIA, maintaining stable shares in ultra-low loss products [2]. - Domestic second-tier players like Huazheng New Materials and Jin'an Guoji are accelerating high-end breakthroughs, focusing on low-loss series for AI servers and communication equipment [3]. Group 2: PCB Manufacturers - The core competitiveness of PCB manufacturers lies in customer binding depth, high-end product technology, and overseas capacity layout [4]. - Leading North American players include: - Simmtech: A leader in high-end HDI and multi-layer boards, a core supplier for NVIDIA and other major clients [4]. - Unimicron: A benchmark for high-speed communication boards, with strong growth driven by AI and communication sectors [4]. - Domestic players like Shennan Circuits and Pegatron are positioned for long-term benefits from the rise of domestic computing power and breakthroughs in carrier boards [4]. Group 3: Industry Trends and Competitive Logic - Most PCB manufacturers do not produce their own copper-clad laminates due to high technical barriers and customer specifications [6]. - The competitive core dimensions focus on ultra-low loss product capacity, yield, and customer certification, as well as high-end HDI and multi-layer board technology breakthroughs [7]. - Short-term beneficiaries include Simmtech and Shengyi Technology, while mid-term beneficiaries are Shennan Circuits and Huazheng New Materials, with long-term potential seen in advanced packaging and carrier board manufacturers [7][8].

Group 1: Copper Price Surge and Impact on CCL Manufacturers - On December 26, copper futures prices surged, breaking through the 99,000 yuan/ton mark, reaching a historical high [1] - Jiantech (01888.HK), one of the largest CCL manufacturers, announced a 10% price increase for all materials due to soaring copper prices and tight supply of glass cloth, marking the second price hike in December [1] - The stock price of Jiantech rose over 7% in the last three trading days, indicating positive market sentiment [1] Group 2: Market Reactions and Price Adjustments - The CCL index in the A-share market has shown strong performance, increasing over 18% in the last 25 trading days [1] - On December 26, CCL manufacturers Shengyi Technology (600183.SH) and Nanya New Materials (688519.SH) saw stock price increases of 5.4% and 13.59%, respectively [1] - Jiantech's sales department confirmed that new orders will be settled at the increased prices, while existing orders will maintain the original pricing, with future adjustments based on copper price fluctuations [3] Group 3: PCB Industry and Material Cost Management - PCB leaders like Dongshan Precision (002384) and Pengding Holdings (002938) reported that they have implemented commodity hedging to manage the impact of rising raw material prices [4] - Pengding Holdings noted that their raw material prices remain stable and have not yet felt the effects of rising copper prices, attributing this to their focus on high-end imported CCL materials [4] - The PCB industry is expected to undergo structural upgrades driven by the rapid penetration of AI technology, with projections indicating a global PCB market value of $94.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5]

Group 1 - The PCB sector has achieved significant excess returns driven by AI demand and technological upgrades from major companies like Nvidia, Amazon, and Google, with a year-to-date increase of 150%, leading the electronic sub-sector [3][22] - In 2026, AI demand for PCB is expected to continue growing rapidly, with supply tightness persisting, particularly in high-end HDI and multilayer boards, as well as in domestic high-end substrate breakthroughs [3][6] - The overall PCB market is projected to grow from $849 billion in 2025 to between $940 billion and $980 billion in 2026, reflecting a robust growth trajectory [6][12] Group 2 - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand, despite anticipated weakness in mobile and automotive sectors in 2026 [5][12] - Inventory levels in Taiwan and mainland China have shown an upward trend, indicating increased stocking by downstream manufacturers due to strong AI demand [5][6] - The overall capacity utilization rate for PCB manufacturers in the second half of 2025 is between 93% and 97%, with optimistic order visibility extending beyond three months for leading manufacturers [6][12] Group 3 - The demand for high-end HDI and multilayer boards is rapidly increasing, with supply constraints and accelerated capacity expansion expected to benefit manufacturers with advanced technology [7][12] - The AI-driven trend is pushing for upgrades in PCB specifications, particularly in consumer electronics and automotive sectors, with a focus on innovations from companies like Apple and OpenAI [8][12] - The market for high-speed CCL is anticipated to grow significantly, with projections of around $8 billion in 2026 and a CAGR of 40% from 2024 to 2027 [9][12] Group 4 - The upstream materials for CCL, including copper foil, resin, and fiberglass cloth, are experiencing significant upgrades and supply tightness, driven by AI demand [10][12] - The equipment sector is expected to benefit from the expansion of PCB production, with high demand for advanced equipment driving rapid growth for domestic manufacturers [11][12] - The overall investment strategy for 2026 suggests focusing on sectors like computing boards, CCL, upstream materials, and domestic equipment manufacturers, as the AI-driven innovation cycle is expected to last longer and create broader market demand [12][12]

证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-075 鹏鼎控股（深圳）股份有限公司 鹏鼎控股（深圳）股份有限公司（以下简称 "公司"）于 2025 年 10 月 30 日召开第 三届董事会第二十一次会议审议通过了《关于收购并增资无锡华阳科技有限公司股权的议 案》，本次对外投资具体内容详见公司于 2025 年 10 月 31 日刊登在《证券时报》、《上海证券 报》及巨潮资讯网（www.cninfo.com.cn）的鹏鼎控股《关于收购并增资无锡华阳科技有限 公司的公告》（公告编号：2025-067）。 公司与无锡华阳科技有限公司（以下简称"华阳科技"）、江苏旋感科技有限公司（以下 简称"旋感科技"）、朱荣惠、徐荣灿、汤结林、刘亮、顾常飞、顾峰签署《股权转让及增资 协议》（以下简称"投资协议"），公司拟以现金方式受让朱荣惠、徐荣灿、汤结林、刘亮、 顾常飞、顾峰所持有华阳科技的注册资本人民币 2,760 万元，并拟同时认购华阳科技新增的 注册资本人民币 994.9912 万元，股权受让和增资额认购交易对价为人民币 35,672.4164 万元。 本次股权受让和增资额认购完成后，公司直接持有华阳科技 ...

鹏鼎控股公告称，2025年10月30日，公司审议通过收购并增资无锡华阳科技股权议案。公司拟现金受让 2760万元注册资本，认购新增注册资本994.9912万元，交易对价3.57亿元。完成后，公司将直接持有华 阳科技53.68%股权并纳入合并报表。日前，华阳科技完成工商变更登记，截至公告披露日，投资交割 完成，公司已支付50%股权转让对价，后续将按约定支付剩余款项，资金源于自有资金。 ...

截至发稿，覃璇累计任职时间5年233天，现任基金资产总规模5850.7万元，任职期间最佳基金回报 16.84%， 任职期间最差基金回报-18.76%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，前海开源基金旗下1只基金重仓鹏鼎控股。前海开源价值策略股票（005328）三季度持有股 数5.58万股，占基金净值比例为5.35%，位居第八大重仓股。根据测算，今日浮盈赚取约14.12万元。 前海开源价值策略股票（005328）成立日期2017年12月22日，最新规模5850.87万。今年以来收益 31.56%，同类排名1487/4197；近一年收益32.39%，同类排名1319/4157；成立以来亏损7.58%。 前海开源价值策略股票（005328）基金经理为覃璇。 12月24日，鹏鼎控股涨5.01%，截至发稿，报53.04元/股，成交15.50亿元，换手率1.30%，总市值 1229.49亿元。 资料显示，鹏鼎控股(深圳)股份有限公司位于广东 ...

Core Viewpoint - Pengding Holdings has shown a significant increase in stock price and trading activity, indicating strong market interest and potential growth in the printed circuit board industry [1][2]. Group 1: Stock Performance - On December 24, Pengding Holdings' stock rose by 2.12%, reaching 51.58 CNY per share, with a trading volume of 603 million CNY and a turnover rate of 0.51%, resulting in a total market capitalization of 119.57 billion CNY [1]. - Year-to-date, the stock price has increased by 45.38%, with a 0.64% rise over the last five trading days, a 14.34% increase over the last 20 days, and a 17.71% decline over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a trading leaderboard) six times this year, with the most recent appearance on December 1, where it recorded a net purchase of 239 million CNY [1]. Group 2: Company Overview - Pengding Holdings, established on April 29, 1999, and listed on September 18, 2018, is based in Shenzhen, Guangdong Province, and primarily engages in the design, research and development, manufacturing, and sales of various printed circuit boards [2]. - The company's revenue composition includes 62.70% from communication boards, 31.60% from consumer electronics and computer boards, 4.92% from automotive/server boards, and 0.78% from other sources [2]. - As of September 30, the company reported a revenue of 26.855 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 14.34%, and a net profit attributable to shareholders of 2.408 billion CNY, up 21.95% year-on-year [2]. Group 3: Shareholder Information - Since its A-share listing, Pengding Holdings has distributed a total of 9.725 billion CNY in dividends, with 5.097 billion CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders increased to 75,500, a rise of 22.75%, while the average circulating shares per person decreased by 18.48% to 30,570 shares [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 82.397 million shares, an increase of 34.5908 million shares compared to the previous period [3].