Core Viewpoint - Recent rumors suggested that Nvidia (NVDA.US) has partnered with Xingsen Technology (002436.SZ) to take over 20% of high-end high-density interconnect (HDI) board orders previously supplied exclusively by Shenghong Technology (300476.SZ). However, both Shenghong Technology and Xingsen Technology have denied these rumors, stating that no such agreements have been made and that their order situations remain stable and optimistic [1][3]. Company Insights - Shenghong Technology has confirmed that it has not received any official communication from Bloomberg regarding the rumored partnership and has not found any related information on Bloomberg's website. The company maintains that its overall business performance is good, and core customer orders have not significantly changed [1][3]. - Xingsen Technology has stated that all information should be based on official announcements and will not disclose specific customer cooperation details. As of the report's publication, no announcements related to Nvidia orders have been found on the Shenzhen Stock Exchange information disclosure platform [3]. Industry Context - HDI (High-Density Interconnect) boards are advanced PCB technologies developed to meet the demands of miniaturization, high integration, and high performance in electronic devices. This segment is characterized by high added value and significant technical barriers compared to traditional PCBs [3]. - Shenghong Technology is one of the first companies globally to achieve large-scale production of 6-layer 24-layer HDI boards and possesses capabilities for 8-layer 28-layer HDI and 16-layer arbitrary interconnection HDI technology. High-layer and high-end HDI PCBs are essential for high-density wiring and high-speed signal transmission in AI servers and other high-performance computing devices [3]. - Xingsen Technology's main business includes the research, production, and sales of circuit boards, with applications in consumer electronics, communication devices, and automotive electronics. The company has disclosed its capabilities in high-end HDI and high-frequency high-speed PCBs, with technology for multilayer boards exceeding 18 layers [3].

Core Viewpoint - Recent rumors suggested that Nvidia (NVDA.US) has partnered with Xingsen Technology (002436.SZ) to take over 20% of high-end HDI board orders previously supplied exclusively by Shenghong Technology (300476.SZ). However, both Shenghong and Xingsen have denied these claims, stating that no such announcements have been made [1][2]. Group 1: Company Responses - Shenghong Technology confirmed that they have not received any official communication regarding the rumored partnership and stated that their overall business situation remains positive with no significant changes in core customer orders [1]. - Xingsen Technology emphasized that all information should be based on official announcements and has not disclosed any specific details about customer collaborations [2]. Group 2: Industry Context - HDI (High-Density Interconnect) boards are advanced PCB technologies developed to meet the demands for miniaturization, high integration, and high performance in electronic devices, representing a high-value segment within the industry [2]. - Shenghong Technology is one of the first companies globally to achieve large-scale production of 6-layer 24-layer HDI boards and possesses advanced capabilities in 8-layer 28-layer HDI and 16-layer arbitrary interconnect HDI technologies, which are essential for high-density wiring and high-speed signal transmission in AI servers and other high-performance devices [2][3]. - Xingsen Technology's main business includes the R&D, production, and sales of circuit boards, with applications in consumer electronics, communication devices, and automotive electronics. They have disclosed capabilities for multilayer boards with over 18 layers in AI servers and optical modules [3].

Summary of Key Takeaways from the China Technology Conference Call Industry Overview - **Industry**: Technology, specifically focusing on PCB (Printed Circuit Board) and AI software development - **Companies Discussed**: Victory Giant (VGT), Shennan Circuits, Kingsoft Office, Kingdee Victory Giant (VGT) Demand and Growth Outlook - Management maintains a positive outlook on demand for AI PCBs, despite a temporary moderation in earnings growth in 3Q25 due to a large AI customer's product transition [2][4] - Anticipated continued expansion of Gross Profit Margin (GPM) in 2026 driven by higher contributions from AI PCBs and product upgrades from AI customers [2] Capacity Expansion Plans - VGT is on track to enhance its HDI (High Density Interconnect) and HLC (High Layer Count) capacities, primarily in Huizhou this year, with expansions planned in Thailand and Vietnam next year [3] - Current HDI capacity is valued at approximately CNY 7-9 billion, HLC capacity at over CNY 9 billion, with total capacity projected to reach CNY 35 billion by the end of 2025, CNY 80-90 billion by 2026, and CNY 100-120 billion+ by 2027 [3] Revenue Contribution and Customer Development - AI PCBs currently account for about 50% of VGT's revenue, with consumer electronics and automotive electronics each contributing around 15% [4] - VGT is the largest AI PCB supplier, holding approximately 50% wallet share with a major AI customer, and expects a significant order from a large CSP (Cloud Service Provider) exceeding CNY 10 billion for 2026 [4] Competitive Advantages - VGT's strong management and execution have resulted in an industry-leading yield rate, allowing for faster production ramp-up compared to competitors [5] Shennan Circuits Supply Constraints and Revenue Contribution - The PCB supply remains constrained, with communication contributing around 40% of PCB sector revenue, predominantly from fixed-line communication [6] - AI is expected to contribute roughly 30% of PCB revenue [6] IC Substrate Business Update - Memory customers contributed approximately 40% of revenue for BT-based substrates in 3Q25, with strong growth momentum [7] - The company is experiencing stable demand for ABF-based IC substrates, with plans to narrow losses in the coming years [7] Capacity Expansion Plans - Supply for AI PCB business is constrained as the company ramps up existing factories in Thailand and Jiangsu, with planned capacities in Shenzhen, Wuxi, and Guangzhou [8] Price Hikes - Both PCB and substrate products are facing cost pressures due to upstream material price hikes, and the company is negotiating with CCL suppliers to adjust prices [10] Kingsoft Office AI User Growth - The company's focus has shifted to AI user growth, with monthly active users increasing from approximately 20 million at the beginning of 2025 to nearly 50 million by 3Q25 [11] - The launch of AI 3.0 in July has been promoted to around 50 million users, with significant growth potential within its ~600 million user base [11] Growth Outlook - Management anticipates a 10%+ revenue CAGR for the Consumer business from FY25-30E, with AI users expected to exceed 100 million next year [12] - The enterprise business (WPS 365) is projected to deliver a 30% revenue CAGR over FY25-30E, competing in a CNY 400-500 billion market [12] On-Premise Software Business - Strong demand in 3Q25 is expected to continue into 2026, driven by government initiatives for domestic substitution of PC and software products [13] Kingdee Earnings Turnaround - Kingdee is on track for an earnings turnaround in FY25, targeting low-teens year-on-year revenue growth, with subscription revenue growth around 20% year-on-year [14] AI Monetization Efforts - The "Kingdee Cloud" brand has been upgraded to "Kingdee AI," with plans for deeper integration of AI agents into cloud offerings [14] Conclusion - The technology sector, particularly in PCB and AI software, shows promising growth potential with significant capacity expansions and increasing revenue contributions from AI-related products. Companies like VGT, Shennan Circuits, Kingsoft Office, and Kingdee are well-positioned to capitalize on these trends, although they face challenges such as supply constraints and rising material costs.

记者同时以投资者身份致电传闻涉及的另一方兴森科技，接线工作人员表示，所有信息应以官方公告为 准，不会透露具体客户合作细节，公司会在必要时进行澄清。截至发稿，记者未在深交所信息披露平台 查询到，兴森科技有发布与英伟达订单相关的公告。查看原文：丢了英伟达的订单？胜宏科技回应：客 户订单暂无大变动刚刚 南方财经11月18日电，21财经《辟谣财知道》注意到，市场传出一篇彭博的文章称：英伟达 （NVDA.US）已与兴森科技（002436.SZ）达成合作，将此前由胜宏科技（300476.SZ）独家供应的 20%高阶高密度互连板(HDI)订单交由其承接。对此，21财经《辟谣财知道》以投资者身份致电胜宏科 技，接线工作人员表示，公司留意到相关谣言后，与彭博取得联系，其反馈称未发过相关新闻。公司在 彭博相关网站上亦未查询到有上述传闻信息，因此判定上述传闻不实。 对于市场最为关心的订单情况，上述接线工作人员表示，尽管出于商业保密原则无法披露具体客户信 息，但公司当前整体经营态势良好，订单情况保持乐观，核心客户订单未发生较大变动。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][42]. Core Insights - The SW Electronics industry saw a record high in fund heavy positions in Q3 2025, with a fund heavy ratio of 22.14%, up 4.91% quarter-on-quarter and 8.15% year-on-year [1][12]. - The focus of institutional investors is on AI computing power, semiconductor self-sufficiency, and an increased interest in the storage sector [2][22]. - The semiconductor sector remains the only sub-sector with an overweight position, while the concentration of the top five heavy positions has decreased, indicating a trend towards diversification in fund allocations [3][35]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a matching ratio of 12.42% in Q3 2025, with a slight decrease of 0.14 percentage points quarter-on-quarter but an increase of 3.47 percentage points year-on-year [1][12]. - The overweight ratio for the SW Electronics industry in Q3 2025 was 9.71%, reflecting a quarter-on-quarter increase of 1.44 percentage points and a year-on-year increase of 3.65 percentage points [1][12]. Top Heavy Positions - The top ten heavy positions in the SW Electronics industry for Q3 2025 included companies like Cambricon, SMIC, and Industrial Fulian, with a significant focus on semiconductor and AI computing power stocks [2][17]. - All top ten heavy positions experienced price increases in Q3, with Industrial Fulian, Cambricon, and Shenghong Technology showing the highest gains [2][17]. Investment Focus Areas - Institutional investors are particularly focused on AI computing power, with key players in the AI server manufacturing and domestic AI chip sectors benefiting from accelerated industry development [2][22]. - The semiconductor sector is emphasized for its self-sufficiency, with companies like SMIC and Zhongwei benefiting from domestic supply chain improvements [2][22]. - The storage sector is gaining attention, with leading storage chip manufacturer Zhaoyi Innovation seeing continuous institutional accumulation due to favorable supply-demand dynamics [2][22]. Sub-sector Allocation - Only the semiconductor sector maintains an overweight position at 6.26%, despite a decrease of 1.60 percentage points [3][31]. - The optical and optoelectronic sector has seen a slight narrowing of its underweight ratio, indicating a potential shift in investor interest [3][31]. Diversification Trends - The concentration of the top five heavy positions in the SW Electronics industry has been declining since Q1 2025, suggesting a diversification trend in fund allocations [3][35]. - The market share of the top five, ten, and twenty heavy positions in the overall fund heavy market value is 36.36%, 58.02%, and 74.73%, respectively [3][35]. Investment Recommendations - The report suggests focusing on companies within the AI computing power and semiconductor self-sufficiency sectors, as well as the storage sector, which is expected to benefit from ongoing demand and price increases [2][40][37].

Core Insights - A total of 677 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of November 17 [1] - The stock with the longest continuous net outflow is Jianyan Institute, with 20 days of outflows, followed by Jindun Co., which has seen 19 days of outflows [1] - The largest total net outflow amount is from Zhinan Zhen, with a cumulative outflow of 5.922 billion yuan over 13 days [1] Summary by Category Stocks with Longest Net Outflows - Jianyan Institute: 20 days of net outflows [1] - Jindun Co.: 19 days of net outflows [1] Stocks with Largest Net Outflow Amounts - Zhinan Zhen: 5.922 billion yuan over 13 days [1] - Sanhua Intelligent Control: 5.208 billion yuan over 7 days [1] - Shenghong Technology: 3.657 billion yuan over 7 days [1] Stocks with Highest Net Outflow Ratios - Daon Co.: 13.36% net outflow ratio over 5 days [1] - Sanhua Intelligent Control: 9.04% net outflow ratio over 7 days [1] - Zhongke Shuguang: 9.30% net outflow ratio over 7 days [1] Stocks with Notable Price Changes - Zhinan Zhen: -21.74% cumulative price change [1] - Sanhua Intelligent Control: -16.90% cumulative price change [1] - Tianfu Communication: -16.17% cumulative price change [1]

Market Overview - The A-share market has been in a sideways consolidation phase, with the Shanghai Composite Index hovering around the 4000-point mark for half a month [2] - As of November 14, the financing balance in the A-share market was reported at 2.475 trillion yuan, showing a decrease of 134.6 billion yuan from the previous trading day [3] Financing Trends - The financing balance has decreased slightly since the beginning of November, contrasting with the previous upward trend observed in October [3] - The financing balance on November 3 was 2.477 trillion yuan, indicating a decline of 0.002 trillion yuan by mid-November [3] Industry Performance - The electric power equipment industry recorded the highest net financing inflow of 152.29 billion yuan, followed by the basic chemical and pharmaceutical industries with net inflows of 46.2 billion yuan and 27.53 billion yuan, respectively [4] - A total of 15 out of 31 industries experienced net financing inflows, while 16 industries faced net outflows [4] Individual Stock Performance - Notable stocks with significant net financing inflows include Ningde Times, Dongshan Precision, and Jiangbolong, each exceeding 10 billion yuan in net inflows [6] - Conversely, stocks like Shenghong Technology and Guiding Compass saw substantial net outflows, with Shenghong Technology exceeding 20 billion yuan [6][7] Market Sentiment and Future Outlook - The current market sentiment indicates a decrease in the enthusiasm of leveraged funds, with a focus on sectors like lithium batteries and electrolyte themes [8] - Analysts suggest maintaining a positive position but caution against chasing high valuations, especially as the market remains in a consolidation phase around the 4000-point level [9]

Investment Ratings - The investment ratings for the companies discussed are all "Buy" with target prices set for VGT at Rmb407.0, WUS at Rmb98.0, and DSBJ at Rmb95.0 [9][11][7]. Core Insights - The PCB industry is experiencing structural growth driven by AI demand, with companies like VGT, WUS, and DSBJ positioning themselves to capitalize on this trend [2][3][6]. - VGT expects a return to normal production levels in 4Q25 after a transition impact in 3Q25, with significant revenue growth anticipated from its largest AI customer in 2026 [1][2]. - WUS highlights that while funds and equipment are not bottlenecks for capacity expansion, human resources may pose challenges [3]. - DSBJ is set to benefit from the AI cycle, with expectations for breakeven in its Thailand FPCB business and a turnaround in precision components by 2026 [6]. Company Summaries VGT (Victory Giant) - VGT has accelerated capacity expansion for 2026-2027, with most equipment booked and an increase in localization rates [2]. - The company anticipates meaningful contributions from CSP clients in 2026, despite small batch production in 4Q25 [2]. WUS - WUS faces fierce competition in the mid-to-low end PCB market, with AI driving structural growth [3]. - The company reported a loss of approximately Rmb40 million in its Thailand plant in 3Q25, but noted improvements in product quality and employee proficiency [3]. DSBJ (Dongshan Precision) - DSBJ is focusing on AI infrastructure opportunities through its RPCB and optical transceiver businesses, with a significant capacity expansion plan of US$1 billion [6]. - The company plans to dispose of its LED business this year and expects revenue growth from key smartphone customers [6].

Core Insights - The main point of the articles is the analysis of capital flow in various industries and individual stocks, highlighting significant net inflows and outflows in the market on November 14. Industry Summary - The total net outflow of main capital in the Shanghai and Shenzhen markets reached 620.11 billion yuan, with the ChiNext board experiencing a net outflow of 257.8 billion yuan and the CSI 300 index seeing a net outflow of 204.39 billion yuan [1]. - Among the 25 declining industries, the electronics sector had the largest drop at 3.09%, while the telecommunications and media sectors also fell by over 2% [1]. - Five industries saw net inflows, with the defense and military industry leading at 8.46 million yuan, followed by the real estate sector with 5.45 million yuan, and both the construction decoration and pharmaceutical industries exceeding 4 million yuan in net inflows [1]. Stock Summary - A total of 21 stocks experienced net inflows exceeding 2 billion yuan, with 10 stocks seeing inflows over 3 billion yuan. Leading the inflows was XianDao Intelligent with 9.4 billion yuan, attributed to high-margin orders from major domestic and international clients [3]. - Aerospace Development followed with a net inflow of 7.52 billion yuan, reporting a 16.8% year-on-year increase in revenue for the first three quarters [3]. - Other notable stocks with significant net inflows included Yingxin Development (6.34 billion yuan), Zhongsheng Pharmaceutical (6.19 billion yuan), CIMC (6 billion yuan), and Hainan Development (4.84 billion yuan) [4]. - Conversely, 23 stocks had net outflows exceeding 5 billion yuan, with the leading outflow from Xinyi Sheng at 15.92 billion yuan, particularly affecting sectors like computing, PCB, and storage chips [5].

Group 1 - The AI mobile concept sector declined by 2.67%, ranking among the top declines in concept sectors, with major declines seen in companies like Baiwei Storage, Jiangbolong, and Wanrun Technology [1] - Among the AI mobile concept stocks, only three companies saw price increases, with Nanchip Technology rising by 2.12%, Wentai Technology by 1.56%, and Furong Technology by 0.21% [1] - The AI mobile concept sector experienced a net outflow of 3.496 billion yuan, with 22 stocks seeing net outflows, and 8 stocks with outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stock was Shenghong Technology, with a net outflow of 915 million yuan, followed by Jiangbolong with 833 million yuan, and ZTE with 477 million yuan [2] - Conversely, the stocks with the highest net inflows included Wentai Technology with 131 million yuan, Huida Technology with 21.81 million yuan, and Nanchip Technology with 19.43 million yuan [3] - The AI mobile concept sector's performance was notably affected by the significant outflows from key players, indicating potential challenges within the sector [2][3]