暗盘资金一眼洞悉庄家意图>> 算力硬件股再度走强，太辰光（300570）涨超10%，胜宏科技（300476）涨逾7%续创历史新高，博创 科技（300548）、瑞可达、新易盛（300502）、中际旭创（300308）、天孚通信（300394）等涨幅靠 前。 ...

Core Viewpoint - The A-share market has experienced significant structural changes over the past decade, with only a few industries surpassing their historical highs from 2015, while a select group of companies have demonstrated strong growth potential despite overall index stagnation [1][2]. Industry Performance - The top three performing industries from June 2015 to June 2025 are Food & Beverage, Home Appliances, and Banking, with most other industries failing to exceed their 2015 peak levels [1]. - Over the past ten years, more than 170 leading stocks in sectors such as Communication, Electronics, Biomedicine, and Machinery have achieved cumulative gains exceeding 300%, driven by macroeconomic transformation and industrial upgrades [2]. - The Food & Beverage sector has shown resilience due to its essential consumption characteristics, with leading companies in sub-sectors like liquor and snacks significantly outperforming major indices [4][6]. Notable Stocks - The top five stocks in the Food & Beverage sector over the past decade include: - Salted Fish (盐津铺子): 1,430.52% - Shanxi Fenjiu (山西汾酒): 863.43% - Kweichow Moutai (贵州茅台): 629.72% - Wanchen Group (万辰集团): 588.50% - Dongpeng Beverage (东鹏饮料): 572.38% [5][6]. - In the Home Appliances sector, Midea Group (美的集团) has led with a cumulative increase of 292.31% since 2015, while other notable companies have also seen significant gains [6]. Banking Sector Insights - The banking sector has outperformed many expectations, with the banking index reaching a historical high of 7,237.72 points, reflecting an 11.66% increase year-to-date and a 61.4% increase since last year [11]. - Notably, 39 out of 42 banking stocks have risen this year, with a significant portion of banks achieving over 200% growth since 2015 [11][12]. - The top-performing bank, China Merchants Bank, has seen a cumulative increase of 224.14%, while major state-owned banks have also doubled in value over the same period [12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is positioned as a global leader in AI PCB, benefiting significantly from the increasing demand for GPU and ASIC technologies [1][12] - The trend towards high-density interconnect (HDI) technology is expected to drive the company's growth, with plans for expanding production capacity and developing advanced HDI products [2][3] - The company's financial performance is projected to grow substantially, with expected revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, alongside significant increases in net profit [3][4] Summary by Sections Section 1: AI PCB Demand - The demand for AI-related PCBs is driven by significant capital expenditures from major cloud service providers (CSPs), with a combined capital expenditure of 71.1 billion USD in Q1 2025, a 64% year-on-year increase [1][12] - Major CSPs like Meta and Amazon are expected to continue increasing their investments in AI infrastructure, with projected capital expenditures of 640-720 billion USD and 1000 billion USD respectively for 2025 [12][16] Section 2: HDI Technology - The report highlights the importance of HDI technology in PCB manufacturing, with the company expanding its production capabilities for 5-layer, 6-layer, and upcoming 10-layer HDI products [2] - The global demand for AI HDI is currently limited, providing the company with a competitive edge as it ramps up production and secures key customer partnerships [2][3] Section 3: Multi-layer PCB Development - The company has achieved mass production capabilities for 32-layer high multi-layer PCBs and is working on 70-layer precision multi-layer boards, which are expected to see significant price increases due to manufacturing complexities [3] - The company is also expanding its production capacity in Thailand, targeting an annual output of 1.5 million square meters of multi-layer boards, with a focus on boards with 14 layers or more [3] Section 4: Financial Projections - The company is expected to see a substantial increase in revenue and net profit over the next few years, with projected revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, alongside net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan respectively [4][3] - The report anticipates a significant improvement in the company's price-to-earnings (P/E) ratio, dropping from 129.5 in 2023 to 15.5 in 2025, indicating strong growth potential [4]

Core Insights - The total margin financing balance for the ChiNext market reached 344.136 billion yuan, marking a continuous increase for six trading days, with a cumulative increase of 5.784 billion yuan during this period [1][2]. Margin Financing Balance Overview - As of June 10, 2025, the total margin financing balance was 345.070 billion yuan, with an increase of 0.321 billion yuan from the previous trading day [2]. - The margin financing balance specifically was 344.136 billion yuan, which increased by 0.342 billion yuan from the previous day [2]. Individual Stock Performance - During the period of increasing margin financing, 559 stocks saw an increase in their financing balances, with 56 stocks experiencing an increase of over 20% [2]. - The stock with the highest increase in financing balance was Dahongli, which saw an increase of 111.16%, bringing its latest financing balance to 56.0291 million yuan [3]. - Conversely, 374 stocks experienced a decrease in their financing balances, with 42 stocks declining by over 10%. The largest decrease was seen in Lulian Technology, which dropped by 38.36% [3]. Sector Performance - Stocks with financing balance increases of over 20% were primarily concentrated in the pharmaceutical, machinery, and basic chemical industries, with 14, 7, and 7 stocks respectively [5]. Market Performance - Stocks with financing balance increases of over 20% averaged a rise of 12.00%, outperforming the ChiNext index. Notable gainers included Kangli Source, Changshan Pharmaceutical, and Xice Testing, with increases of 64.82%, 34.93%, and 33.42% respectively [5]. - The largest increases in financing balances by amount were recorded by Sifang Jingchuang (1.305 billion yuan), followed by Juguang Technology (300 million yuan) and Lepu Medical (252 million yuan) [5].

证券代码：300476 证券简称：胜宏科技 公告编号：2025-069 胜宏科技（惠州）股份有限公司 关于控股股东部分股份解除质押的公告 股东名称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质押 股份数量（股） 占其所持 股份比例 占公司总 股本比例 起始日 解除日 期 质权人 深圳市胜华欣业投 资有限公司 是 11,830,000 8.77% 1.37% 2024 年 9 月 10 日 2025 年 6 月 6 日 国金证券股份 有限公司 深圳市胜华欣业投 资有限公司 是 4,700,000 3.49% 0.54% 2023 年 11 月 1 日 2025 年 6 月 6 日 中信证券股份 有限公司 深圳市胜华欣业投 资有限公司 是 19,000,000 14.09% 2.20% 2024 年 4 月 2 日 2025 年 6 月 6 日 中信证券股份 有限公司 深圳市胜华欣业投 资有限公司 是 10,420,000 7.73% 1.21% 2025 年 3 月 20 日 2025 年 6 月 9 日 中信建投证券 股份有限公司 合 计 45,950,000 34.08% 5.33% - - - ...

截至2025年6月10日 10:24，中证粤港澳大湾区发展主题指数(931000)上涨0.26%，成分股胜宏科技(300476)上涨3.72%，广州发展(600098)上涨3.24%，新宙邦 (300037)上涨3.21%，稳健医疗(300888)上涨2.74%，惠泰医疗(688617)上涨2.69%。大湾区ETF(512970)上涨0.42%，最新价报1.2元。拉长时间看，截至2025 年6月9日，大湾区ETF近2周累计上涨0.67%。 消息面上，6月8日，2025粤港澳大湾区车展正式闭幕。本届车展在9天展期内吸引约89万人次观展，预定成交车辆42823辆，预定成交金额约100.7亿元。据 悉，本届车展规模约26万平方米。其中，8万平方米空间为互动体验区，集中展示了产业创新技术应用，并提供试乘试驾等体验。 光大证券表示，近期国内政策仍积极发力，预计后续政策仍将持续落地。随着"对等关税"按下90天"暂停键"，短期内出口或将保持高增，预计消费仍是经济 修复的重要动能之一。内外因素交织之下，预计指数6 月整体将保持震荡。 大湾区ETF紧密跟踪中证粤港澳大湾区发展主题指数，中证粤港澳大湾区发展主题指数反映受益于粤港 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Views - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand, which is expected to drive significant growth opportunities [3][4]. - The company has established a "soft and hard" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The PCB industry is projected to experience rapid growth driven by increased demand for high-value products, particularly in AI servers and automotive electronics [4][37]. Summary by Sections Company Market Performance - The company has shown strong market performance with a closing price of 100.20 yuan and a market capitalization of 856.92 billion yuan as of June 2025 [2]. Financial Data and Valuation - The company forecasts net profits of 46.50 billion yuan, 65.81 billion yuan, and 81.49 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 302.8%, 41.5%, and 23.8% [7]. - The projected earnings per share (EPS) for the same years are 5.39 yuan, 7.63 yuan, and 9.45 yuan, with corresponding price-to-earnings (P/E) ratios of 18.6, 13.1, and 10.6 [7]. Industry Growth Drivers - The demand for AI computing is expected to significantly increase the usage of PCBs in AI servers, with the global PCB industry projected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, reaching over 90 billion USD by 2028 [4][37]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to drive substantial growth in the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56]. Product and Customer Strategy - The company has successfully integrated its product offerings through strategic acquisitions, enhancing its portfolio to include both rigid and flexible PCBs, thereby meeting diverse customer needs [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, AMD, and Microsoft, which strengthens its market position and provides a competitive advantage [5][16]. Operational Efficiency - The company has improved its operational efficiency and production capacity, with a focus on high-end products such as multi-layer and HDI boards, which are expected to dominate its revenue streams [84].

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for investment [6]. Core Insights - The company is positioned as a leading player in the high-end PCB market, benefiting from the surge in AI computing demand and the rapid growth of the automotive electronics sector [3][4]. - The company has established a "soft and hard integration" product layout through acquisitions, enhancing its competitive edge and market share [5][16]. - The global PCB industry is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2028, driven by high-value product demand [4][68]. Summary by Sections Company Performance - The company has achieved significant revenue growth, with a projected net profit of 46.50 billion yuan in 2025, reflecting a year-on-year increase of 302.8% [5][7]. - The company reported a substantial increase in revenue and net profit in Q1 2025, with revenue reaching 43.12 billion yuan, up 80.31% year-on-year [28]. Industry Growth Drivers - The demand for AI servers is expected to drive a significant increase in PCB usage, with AI server shipments projected to grow substantially [37][38]. - The automotive industry's shift towards electrification, intelligence, and lightweight design is anticipated to enhance the value of automotive PCBs, with the market expected to grow from 9.195 billion USD in 2024 to 11.205 billion USD by 2029 [56][57]. Product and Market Strategy - The company has diversified its product offerings through strategic acquisitions, including the purchase of Pole Star Limited, which enhances its capabilities in flexible circuit boards [80]. - The company maintains long-term partnerships with major clients such as NVIDIA, Tesla, and AMD, which strengthens its market position and revenue potential [5][16]. Financial Projections - The company forecasts significant growth in revenue and net profit over the next few years, with net profit expected to reach 81.49 billion yuan by 2027 [5][7]. - The company's gross margin is projected to improve, reflecting a shift towards higher-value products in its portfolio [31].

Market Overview - The A-share market opened higher and experienced a mixed trading session, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component increasing by 0.58%, and the ChiNext Index up by 1.17% [2] - The total market turnover reached 13,170 billion, an increase of 1,395 billion compared to the previous day [2] - The market has seen three consecutive days of gains, with the Shanghai Composite Index approaching the 3,400-point mark, needing just 16 more points to break through [2] Sector Performance - The new consumption sector experienced a significant decline, with stocks like Laishen Tongling and Chaohongji hitting the daily limit down, while others like Zhou Dashing and Mingpai Jewelry also saw substantial drops [4] - The decline in the new consumption sector is attributed to previous excessive gains, with notable stocks in the Hong Kong market experiencing massive increases, such as Laopu Gold rising over 300% and Pop Mart increasing from approximately 20 HKD to 252 HKD [4] - The valuation of companies in this sector has reached high levels, with Mijue Group at a P/E ratio of 44, Pop Mart at 95, and Laopu Gold at 97, indicating potential overvaluation [4] Notable Gainers - The football concept sector saw strong performance, with stocks like Gongchuang Turf achieving four consecutive daily limits, and Jinling Sports also recording three consecutive daily limits [5] - The military restructuring concept gained 8.24%, with stocks like Huqiang Technology rising over 13% and several others hitting the daily limit [5] - The AI computing power sector experienced a significant rally, contributing to the rise of the innovation index, with stocks like CPO and Zhongji Xuchuang showing strong performance [5] Market Sentiment - The overall market showed a mixed sentiment with 2,677 stocks rising and 2,541 stocks falling, indicating a split market [7] - There were 76 stocks hitting the daily limit up and 12 stocks hitting the daily limit down, reflecting a decrease in market strength compared to previous trading days [7] - The market is currently characterized by rotation among sectors, with a focus on finding opportunities in active sectors while managing risk [7]

Group 1 - The main point of the article highlights the net inflow and outflow of funds in various industries and individual stocks on June 5, with a total net outflow of 359 million yuan in the Shanghai and Shenzhen markets [1] - Among the 12 industries that saw an increase, the communication, electronics, and computer sectors rose by over 2%, while the media industry increased by 1.27% [1] - The communication industry led the net inflow of funds, amounting to 2.382 billion yuan, followed by electronics, computers, power equipment, and machinery, each exceeding 1.1 billion yuan in net inflow [1] Group 2 - The top stock for net inflow was Zhongji Xuchuang, with a net inflow of 683 million yuan, marking the highest since January 22, 2025, and a cumulative net inflow of 1.08 billion yuan over two days [2] - Xue Ren Co., a leader in the cold chain sector, had a net inflow of 559 million yuan, with a 7.31% increase in stock price [2] - Three-dimensional communication stocks saw a net inflow of 455 million yuan, with several other stocks like Huadian Co. and Luxshare Precision also showing significant net inflows [2] Group 3 - In terms of net outflows, Zhongke Jincai led with 371 million yuan, despite a late surge to the daily limit [4] - Other notable stocks with significant net outflows included Jiu Zhi Tang with 279 million yuan and Lepu Medical with 260 million yuan [4] - The late trading session saw a total net inflow of 2.078 billion yuan, with the ChiNext board contributing 1.064 billion yuan [6] Group 4 - The late trading session also revealed that 35 stocks had net inflows exceeding 30 million yuan, with 12 stocks surpassing 50 million yuan [6] - The top two stocks for late net inflow were Dongfang Caifu and Huadian Co., with inflows of 1.392 billion yuan and 1.239 billion yuan, respectively [7] - Shenghong Technology had the highest net outflow in late trading, amounting to 1.167 billion yuan, despite a significant price increase [8]