12月1日，21财经《辟谣财知道》注意到，市场出现有关印制电路板龙头企业胜宏科技（300476.SZ）第 四季度业绩有变的相关传闻，引发投资者关注。 对此，21财经·南财快讯记者以投资者身份致电胜宏科技，接线工作人员表示，目前市场流传的相关业 绩预告并非公司发布，且公司在手订单正常，未出现异常情况。此前影响第三季度业绩的"料号切换"问 题已结束，但公司暂未披露第四季度的业绩预测。 事实上，当前市场对胜宏科技业绩走势高度敏感。时间回溯至10月28日，胜宏科技披露2025年三季报， 数据显示第三季度实现营业收入50.86亿元，同比增长78.95%；归母净利润11.02亿元，同比大增 260.52%。 尽管同比数据亮眼，但第三季度归母净利润较第二季度的12.23亿元环比下降9.88%。受此影响，10月28 日，胜宏科技股价盘中一度跌超7%，而自三季报披露至今，其股价开启震荡走低态势，目前已累计下 滑21%。 针对净利环比下滑，胜宏科技在电话会上解释称，主要受三大因素影响：一是配合客户需求进行HDI产 线调整导致短期产能波动；二是新厂房投产后员工数量增加约两三千人，人力成本上升；三是新产品导 入（NPI）研发投入增加 ...

Market Overview - The A-share market showed a strong upward trend on December 1, with the Shanghai Composite Index returning above 3900 points, closing up 0.65% at 3914.01 [3][4] - The Shenzhen Component Index rose by 1.25% to 13146.72, while the ChiNext Index increased by 1.31% to 3092.50 [4] Sector Performance - The AI mobile phone and smart wearable sectors were particularly active, with the semiconductor industry chain seeing significant gains, especially in photolithography machines and MCU chips [3][4] - The consumer electronics sector experienced a collective surge, led by AI mobile phone stocks, with companies like ZTE Corporation, Chaoyang Technology, and Furong Technology hitting the daily limit [3][4] Notable Stock Movements - Several stocks saw substantial increases, including: - Haosheng Electronics (+29.97% to 22.64) - Yunzhu Technology (+20.00% to 51.30) - Beilong Precision (+20.00% to 55.63) [5] - The commercial aerospace concept continued to perform strongly, with stocks like Reco Defense and Tongyu Communication also hitting the daily limit [6] Trading Volume and Capital Flow - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion, an increase of 288.1 billion from the previous trading day, with nearly 3400 stocks rising [6] - Main capital inflows were observed in the semiconductor, communication, and non-ferrous metal sectors, while outflows were noted in photovoltaic equipment, software development, and media sectors [8] Institutional Insights - Galaxy Securities predicts that the A-share market will maintain an upward trend in December, with short-term fluctuations expected [10] - CITIC Securities suggests that any potential downturns could present better investment opportunities, focusing on strategic positioning for the year-end market [10] - Huatai Securities anticipates improvements in fundamental expectations and macro liquidity, potentially leading to an early start of the spring market rally [11]

Group 1: Chip ETF Performance - The Chip ETF Tianhong (159310) has seen a trading volume of 7.4652 million yuan as of December 1, 2025, with the underlying index, the CSI Chip Industry Index (H30007), rising by 1.33%, marking six consecutive days of gains [1] - Over the past week, the Chip ETF Tianhong (159310) has experienced a significant growth of 47.2038 million yuan, and in the last month, it has increased by 2.3 million units [1] - Notable constituent stocks include Beijing Junzheng (300223) up by 14.84%, Huazhong Microelectronics (688396) up by 8.40%, and Nanda Optoelectronics (300346) up by 6.92% [1] Group 2: Electronic ETF Performance - The Electronic ETF (159997) has recorded a trading volume of 28.8619 million yuan, with the CSI Electronic Index (930652) rising by 1.06% [2] - In the last 20 trading days, the Electronic ETF (159997) has attracted a total of 18.2196 million yuan in net inflows over six days [2] - Key stocks in this ETF include Beijing Junzheng (300223) up by 14.84%, Pengding Holdings (002938) up by 9.97%, and Transsion Holdings (688036) up by 8.42% [2] Group 3: Product Highlights - The Chip ETF Tianhong (159310) tracks the CSI Chip Industry Index, reflecting the overall performance of listed companies in the chip industry, providing exposure to core assets in China's "chip" era [3] - The Electronic ETF (159997) passively tracks the CSI Electronic Index, focusing on semiconductor and consumer electronics sectors, including AI chips, automotive electronics, 5G, cloud computing, and printed circuit boards (PCB) [3] Group 4: Recent Events - ByteDance's Doubao team released a technical preview of the Doubao Mobile Assistant on December 1, which is an AI assistant software developed in collaboration with mobile manufacturers [6] - Tesla's CEO Elon Musk announced that the AI5 chip is entering the tape-out phase, with the AI6 chip's early development already underway, aiming for annual production of new AI chips [7] - Dongguan Securities highlighted that AI will continue to drive innovation in the tech sector, with opportunities in semiconductor hardware and domestic substitution processes in computing power, storage, and equipment [7]

Core Viewpoint - The data indicates significant capital outflows from the top 20 stocks as of December 1, with notable amounts withdrawn from various companies [1] Group 1: Major Capital Outflows - Industrial Fulian experienced the highest outflow at -9.20 billion yuan [1] - Sunshine Power followed with an outflow of -7.95 billion yuan [1] - Shenghong Technology saw a capital outflow of -7.62 billion yuan [1] Group 2: Additional Notable Outflows - Qianzhao Optoelectronics had an outflow of -6.50 billion yuan [1] - Changxin Bochuang recorded -4.69 billion yuan in outflows [1] - Shannon Chip Creation experienced -4.47 billion yuan in capital outflows [1] Group 3: Other Companies with Significant Outflows - BlueFocus Media had an outflow of -3.86 billion yuan [1] - Dongfang Fortune saw -3.76 billion yuan in outflows [1] - Shanghai Electric experienced a capital outflow of -3.09 billion yuan [1] Group 4: Remaining Companies in the Top 20 - Dongxin Co. had an outflow of -2.79 billion yuan [1] - Zhongwei Company saw -2.76 billion yuan in outflows [1] - 360 Security Technology experienced a capital outflow of -2.65 billion yuan [1] - Other companies with notable outflows include Dongtian Micro (-2.40 billion yuan), Aerospace Power (-2.34 billion yuan), and Huagong Technology (-2.30 billion yuan) [1]

Quantitative Models and Construction Methods Model Name: Index Component Adjustment Impact Model - **Model Construction Idea**: The model aims to measure the impact of index component adjustments on stock prices, considering the scale of passive products tracking the index and the average trading volume of the stocks[7][8][9]. - **Detailed Construction Process**: - The model calculates the impact of index adjustments using the following formula: $$ \mathrm{effect}_{s} = \frac{\sum_{i}^{m} wt_{in} * index_{-}scale_{i} - \sum_{i}^{n} wt_{out} * index_{-}scale_{i}}{avg_{-}amt_{s}} $$ where: - \( wt_{in} \) represents the buy weight of the stock in the index - \( wt_{out} \) represents the sell weight of the stock in the index - \( index_{-}scale_{i} \) represents the total scale of passive products tracking the index - \( avg_{-}amt_{s} \) represents the average daily trading volume of the stock over the past two weeks[7][8][9]. - **Model Evaluation**: The model effectively quantifies the potential trading impact on stocks due to index adjustments, providing valuable insights for identifying trading opportunities[7][8][9]. Model Backtesting Results - **Index Component Adjustment Impact Model**: - **Net Buy Scale**: - Shenghong Technology: 48.65 billion CNY[10] - Dongshan Precision: 47.91 billion CNY[10] - Guangqi Technology: 34.87 billion CNY[10] - **Impact Coefficient**: - Shenghong Technology: 0.57[10] - Dongshan Precision: 1.31[10] - Guangqi Technology: 3.37[10] Quantitative Factors and Construction Methods Factor Name: Impact Coefficient - **Factor Construction Idea**: The impact coefficient measures the potential impact on a stock's price due to changes in its index weight, considering the net adjustment scale and the stock's average trading volume[9][10][11]. - **Detailed Construction Process**: - The impact coefficient is calculated using the formula: $$ \text{Impact Coefficient} = \frac{\text{Net Adjustment Scale}}{\text{Average Daily Trading Volume}} $$ where: - Net Adjustment Scale is the net buy or sell scale of the stock due to index adjustments - Average Daily Trading Volume is the stock's average trading volume over the past two weeks[9][10][11]. - **Factor Evaluation**: The impact coefficient provides a clear measure of the potential price impact on stocks due to index adjustments, helping investors identify stocks that may experience significant price movements[9][10][11]. Factor Backtesting Results - **Impact Coefficient**: - **Stocks with Impact Coefficient > 2**: - Tower Group: 8.69[12] - Jiangzhong Pharmaceutical: 8.44[12] - Shanxi Drum Power: 6.99[12] - **Stocks with Impact Coefficient < -2**: - Deep Expressway: -15.65[14] - Wanhe Electric: -13.30[14] - Tianyoude Wine: -10.52[14]

Core Viewpoint - The announcement from China Securities Index Co., Ltd. regarding the periodic adjustment of sample stocks for various indices, including CSI 300, CSI 500, and CSI 1000, indicates a shift in market composition and sector representation, effective from December 12 and December 15, 2023 [1][21]. Group 1: Index Adjustments - The CSI 300 index will replace 11 sample stocks, including Dongshan Precision, Light Media, and Shenghong Technology [1][4]. - The CSI 500 index will replace 50 sample stocks, with new additions including Heertai, Huahong Semiconductor, and Dongfang Yuhong [4][5]. - The CSI 1000 index will replace 100 sample stocks, with new entries such as Shijia Photon, Yongding Co., and Hailanxin [6][12]. Group 2: Sector Representation - Post-adjustment, sectors such as information technology, communication services, and industrials will see an increase in sample stock numbers and weights, leading to a more balanced industry allocation in the A-series indices compared to traditional broad-based indices [13]. - The total market capitalization coverage for the CSI 300, CSI 500, and CSI 1000 indices is reported at 51.92%, 14.83%, and 13.22% respectively, indicating significant representation of large-cap stocks [13]. Group 3: Specific Stock Changes - The Shanghai Stock Exchange and China Securities Index Co., Ltd. will also adjust the sample stocks for the SSE 50, SSE 180, SSE 380, and Sci-Tech 50 indices, with specific stocks being added and removed [13][14]. - The SSE 50 index will replace 4 stocks, including Northern Rare Earth and Huadian New Energy [14]. - The SSE 180 index will replace 7 stocks, with new additions like Zhongtian Technology and Ruixin Micro [14].

Investment Rating - The report maintains an "Outperform" rating for the PCB industry [2]. Core Insights - The industry is entering a new AI-driven cycle, fundamentally changing demand structures. The construction of AI server clusters is leading to simultaneous upgrades in PCB demand and pricing. The expected market for wired communication PCBs will reach 206.9 billion RMB by 2027, with a CAGR of 20% over the next two years [4]. - High-end PCBs are expected to remain in tight supply until 2027, with major global manufacturers expanding production aggressively. The combined output of 13 leading PCB manufacturers is projected to reach 186 billion RMB by 2027, with a CAGR of 54% from 2025 to 2027 [4]. - The trend towards high-end PCB manufacturing is accelerating due to technological iterations and material upgrades. The industry is expected to see a three-pronged evolution in materials, processes, and architectures driven by AI [4]. - The demand surge and profit improvement in upstream materials present opportunities for domestic substitution. The price of copper-clad laminates has risen significantly, and domestic manufacturers are making notable progress in high-end materials [4]. - The PCB industry is experiencing a long-term trend of simultaneous growth in volume, price, and structure, driven by AI. The report recommends focusing on leading companies with high-end manufacturing capabilities and overseas delivery layouts [4]. Summary by Sections AI-Driven Growth - The AI cycle is expected to drive significant growth in PCB demand, particularly in AI servers, high-speed switches, and optical modules. The total market for wired communication PCBs is projected to reach 1,433 billion RMB by 2025 and 1,815 billion RMB by 2026 [19]. Production Capacity Expansion - Major PCB manufacturers are announcing aggressive expansion plans, with significant investments in new production facilities in Southeast Asia and domestic high-end capacity [15]. Technological Advancements - The report highlights the rapid adoption of mSAP technology in AI servers and switches, which is essential for meeting the demands of high-density signal transmission [4][21]. Market Dynamics - The report notes that the global PCB market is expected to face a supply-demand gap of nearly 20 billion RMB by 2026, although this gap is anticipated to narrow by 2027 [19]. Key Players - The report identifies leading companies such as Huada Technology, Jingwang Electronics, and Shenghong Technology as key players to watch in the PCB industry due to their high-end manufacturing capabilities and strategic expansion plans [4].

Core Points - Multiple important indices such as CSI 300, CSI 500, and others will adjust their sample stocks, effective after market close on December 12, 2025 [1][17] Group 1: CSI 300 Index Adjustments - The CSI 300 index will replace 11 sample stocks, with new additions including Huadian New Energy, Dongshan Precision, Guiding Compass, and Shenghong Technology [2][3] - The stocks being removed from the index include Yanfeng Automotive, Longyuan Power, TCL Zhonghuan, and others [3] Group 2: CSI 500 Index Adjustments - The CSI 500 index will replace 50 sample stocks, with new additions such as Heertai, Huahong Semiconductor, Dongfang Yuhong, and Trina Solar [5][6] - Stocks being removed include China Great Wall, Palin Bio, and others [6] Group 3: CSI 1000 Index Adjustments - The CSI 1000 index will replace 100 sample stocks, with new additions including Shijia Photon, Yongding Co., Wangfujing, and Dekeli [9][10] Group 4: CSI A50 Index Adjustments - The CSI A50 index will replace 4 sample stocks, with new additions including Huagong Technology, Guangqi Technology, Zhongji Xuchuang, and Shenghong Technology [14][15] Group 5: CSI A100 Index Adjustments - The CSI A100 index will replace 6 sample stocks, with new additions including Dongfang Fortune, Shenghong Technology, Zhongke Shuguang, and Sailisi [16] Group 6: CSI A500 Index Adjustments - The CSI A500 index will replace 20 sample stocks, with new additions including Guotai Haitong, Chip Original, and Guiding Compass [17] Group 7: SSE 50 Index Adjustments - The SSE 50 index will replace 4 sample stocks, with new additions including SAIC Motor, Northern Rare Earth, and Zhongke Shuguang [18] Group 8: SSE 180 Index Adjustments - The SSE 180 index will replace 7 sample stocks, with new additions including Guotou Investment, Zhongtian Technology, and Ruixin Micro [19][20] Group 9: SSE 380 Index Adjustments - The SSE 380 index will replace 38 sample stocks, with new additions including Guotou Investment, Jinfatech, and Zhonghai Oil Service [21][22] Group 10: Shenzhen Stock Exchange Adjustments - The Shenzhen Stock Exchange will adjust the sample stocks for indices such as the Shenzhen Component Index and ChiNext Index, effective after market close on December 15, 2025 [23] - The Shenzhen Component Index will replace 17 sample stocks, with new additions including Deep Housing A, Demingli, and Changxin Bochuang [24] - The ChiNext 50 Index will replace 5 sample stocks, with new additions including Changshan Pharmaceutical, Feiliwa, and others [26]

Group 1 - The core viewpoint of the news highlights the significant growth potential in the global semiconductor industry, particularly in the wafer foundry sector, which is expected to reach $199.4 billion by 2025, reflecting a year-on-year growth of over 25% [1] - The compound annual growth rate (CAGR) for the semiconductor industry from 2025 to 2030 is projected to be 14.3%, indicating that it will be a key driver of industry prosperity [1] - Capital expenditures from leading internet companies in China and the U.S. are expected to maintain rapid growth, with projections for 2025 reaching $430.6 billion (+65%) and $602 billion (+40%) in 2026, which will support future demand for computing chips [1] Group 2 - The ChiNext 50 Index (399673) consists of the 50 stocks with the highest average trading volume in the ChiNext market, reflecting the overall performance of well-known, large-cap, and liquid companies [2] - As of October 31, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 70.15% of the index, with notable companies including CATL, Zhongji Xuchuang, and Mindray [2]

Core Insights - As of November 27, the total market financing balance reached 2.46 trillion yuan, marking an increase of 2.75 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1] - The financing balance in the Shanghai market was 1.24 trillion yuan, up by 493 million yuan, while the Shenzhen market saw a balance of 1.20 trillion yuan, increasing by 2.25 billion yuan [1] - A total of 1,781 stocks experienced net financing inflows, with 379 stocks having net inflows exceeding 10 million yuan, and 24 stocks surpassing 100 million yuan in net inflows [1] Individual Stock Highlights - The top stock for net financing inflow on November 27 was Shenghong Technology, with a net inflow of 501 million yuan, followed by Cambrian Technologies and ZTE Corporation with net inflows of 370 million yuan and 286 million yuan, respectively [2] - In terms of industry concentration, the electronics, communications, and power equipment sectors had the highest number of stocks with net inflows exceeding 100 million yuan, with 9, 4, and 3 stocks respectively [1] Financing Balance Analysis - The average ratio of financing balance to circulating market value for stocks with significant net inflows was 5.17%, with the highest ratio observed in Yintang Zhikong at 11.03% [2] - Other stocks with high financing balance ratios included Cambridge Technology, Yunnan Zhiye, and Huagong Technology, with ratios of 10.19%, 8.88%, and 7.68% respectively [2] Sector Performance - The main board had 9 stocks with significant net inflows, while the ChiNext board had 11, and the Sci-Tech Innovation board had 4 [1] - The performance of individual stocks varied, with some experiencing notable price changes alongside their financing activities, such as Yintang Zhikong with a 10.79% increase and Shenghong Technology with a slight increase of 0.06% [3]