Market Overview - The AI hardware industry chain saw significant gains in early trading, with stocks such as Zhongjing Electronics and Benchuan Intelligent hitting the daily limit, and Shandong Glass Fiber also reaching the daily limit in the fiberglass sector [1] Industry Events - The PCB industry is experiencing a new wave of expansion, with Shenghong Technology actively pursuing production increases to achieve a target of 100 billion yuan in output by 2030. The company noted that order visibility in the PCB sector typically spans about two months, with high-end products having longer visibility [2] - Huidian's wholly-owned subsidiary plans to invest 5.5 billion yuan in a high-level, high-frequency, high-density interconnect PCB production project, with an additional investment of 3.3 billion yuan planned for February 2026 to enhance AI chip-related high-end PCB capacity [2] - Pengding Holdings announced plans to invest 11 billion yuan in a high-end PCB base, focusing on high-end HDI, SLP, and automotive PCBs [2] - To facilitate the smooth mass production of the Rubin series, NVIDIA has made design changes to the Rubin Ultra, reducing the die count from four to two, which may further drive interconnect demand [2] - Mitsubishi Gas Chemical will increase prices of CCL and other products by 30% starting April 1 [2] Institutional Insights - The demand for high-layer, high-density, and high-speed interconnect PCBs is driven by the expansion of cluster scale, increased interconnect speeds, and complex function integration. The data center PCB market is projected to grow from $12.5 billion in 2024 to $23 billion by 2030, with a compound annual growth rate (CAGR) of 10.7% from 2024 to 2030 [2] - Due to the strong demand and tight supply for high-end AI PCBs, PCB manufacturers are increasing their resource allocation towards the AI data communication sector, leading to tight capacity supply for both AI and non-AI related PCB and CCL manufacturers [2] Supply and Demand Analysis - For electronic fabrics, the supply gap in the weaving machine segment is expected to reach 6.1% in 2026 and 10.6% in 2027. Even under optimistic scenarios, the industry will only maintain a tight balance between supply and demand in 2026-2027, with prices expected to rise due to structural growth driven by AI [3] - Copper foil, as a fundamental component of PCBs, plays a crucial role in signal transmission efficiency and stability. The demand for advanced copper foil products, such as HVLP and RTF, is anticipated to increase due to the surge in computing power requirements. The high processing costs and tight supply conditions are expected to drive prices higher, benefiting domestic copper foil suppliers [3] - The global PCB-grade copper foil market is projected to grow from 47.7 billion yuan in 2024 to 71.7 billion yuan by 2029, driven by the iteration of AI-powered consumer electronics [4]

Industry Overview - The PCB sector has seen a significant increase, with a rise of 3.88% in early trading, driven by strong performances from companies like Benewake and Yihau New Materials, which saw gains exceeding 10% [1] - According to Tianfeng Securities, the new architecture from Nvidia is expected to increase PCB usage by 2-3 times and enhance value by 4-5 times, leading to a surge in demand for low dielectric and low expansion specialty electronic fabrics [1] Investment Insights - The total investment in China's PCB industry is projected to reach approximately 105.3 billion yuan in 2025, marking a 2.9% increase compared to 2024. Although the number of investment projects is expected to decline, the scale of individual projects is significantly increasing [1] - The investment landscape is shifting towards high-end products, with a focus on AI computing-specific PCBs, high-density interconnect (HDI), and high-frequency products, while automotive electronics PCBs are also expected to see strong growth due to advancements in electric vehicles and smart driving [1] Company Highlights - Huadian Co., a leading PCB manufacturer in China, has a strong technical reserve in high-end PCB production and is well-positioned to benefit from industry demand growth and technological upgrades, indicating a strong certainty in performance growth [3] - Oke Technology has completed the acquisition of Shenzhen Feishida, enhancing its capabilities in PCB-specific equipment and creating a synergistic effect between materials and equipment, particularly in high-end applications like flexible electronics and 5G communications [3] - Benewake, a leading stock in the PCB sector, specializes in small-batch and prototype boards, showing strong order performance driven by AI computing demand, presenting opportunities for both performance and valuation enhancement [3]

证券代码：300964 证券简称：本川智能 公告编号：2026-009 江苏本川智能电路科技股份有限公司（以下简称"公司"）于近日接到公 司控股股东、实际控制人董晓俊先生通知，获悉董晓俊先生持有本公司的部分 股份解除质押。现将相关情况公告如下： 一、股东股份解除质押基本情况 1、本次股份解除质押基本情况 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董晓俊 | 是 | 3,000,000 | 18.15% | 3.93% | 2025 年 13 日 | 3 月 | 2026 年 3 月 23 日 | 中原信托有限公司 | | 合计 | - | 3,000,000 | 18.15% | 3.93% | - | | - | - | 注："占公司总股本比例"中总股本以公司截至 2026 年 3 月 23 日总股本 76,328,284 股作为计算依据，下 ...

证券代码：300964 证券简称：本川智能 公告编号：2026-008 江苏本川智能电路科技股份有限公司 关于为子公司提供担保的进展公告 1 担保额度预计的公告》（公告编号：2025-022）。 本次担保在公司第三届董事会第二十五次会议审议通过的担保事项范围内， 无需提交公司董事会或股东会审议批准。为满足公司业务发展及实际经营需要， 在董事会授予的担保额度内，公司将对珠海硕鸿电路板有限公司的担保额度进行 调剂，将其中 5,000 万元调剂至艾威尔电路使用。 根据上述授权及内部调剂，调剂后公司对艾威尔电路可提供的担保额度为 20,000 万元，对珠海硕鸿电路板有限公司可提供的担保额度为 10,000 万元。本 次担保开始履行前，艾威尔电路已使用担保额度为 10,000 万元，尚余未使用的 担保额度为 10,000 万元；本次担保开始履行后，艾威尔电路已使用的担保额度 为 17,200 万元，尚余未使用的担保额度为 2,800 万元。截至本公告披露日，公司 对艾威尔电路的实际担保余额为 2,629.84 万元。 三、被担保人基本情况 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性 ...

证券代码：300964 证券简称：本川智能 公告编号：2026-007 江苏本川智能电路科技股份有限公司 关于回购股份注销完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏本川智能电路科技股份有限公司（以下简称"公司"）本次注销的回购 股份数量为 970,000 股，占注销前公司总股本的 1.25%。本次注销完成后，公司 股份总数由 77,298,284 股变更为 76,328,284 股。经中国证券登记结算有限责任公 司深圳分公司审核确认，公司本次回购股份注销事宜已于 2026 年 3 月 10 日办理 完成。 一、回购股份方案及实施情况 公司于 2022 年 12 月 13 日召开第三届董事会第八次会议审议通过了《关于 以集中竞价交易方式回购公司股份方案的议案》，公司拟使用自有资金以集中竞 价交易方式回购公司发行在外的部分 A 股普通股用于实施员工持股计划或股权 激励计划。本次回购股份的资金总额不低于人民币 3,000 万元（含）且不超过人 民币 6,000 万元（含），回购价格不超过 33.00 元/股（含）。具体内容详见公 司于 ...

证券代码：300964 证券简称：本川智能 公告编号：2026-006 江苏本川智能电路科技股份有限公司 关于控股股东、实际控制人部分股份质押的公告 1 1、本次股份质押基本情况 股 东 名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押 数量 （股） 占其所 持股份 比例 占公 司总 股本 比例 是否为限 售股（如 是，注明 限售类 型） 是否 为补 充质 押 质押起始日 质押到 期日 质权人 质押 用途 董 晓 俊 是 2,100,000 12.71% 2.72% 否 否 2026-3-6 解除质 押登记 之日为 止 中原信托 有限公司 补充 流动 资金 合 计 - 2,100,000 12.71% 2.72% - - - - - - 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏本川智能电路科技股份有限公司（以下简称"公司"）于近日接到公司 控股股东、实际控制人董晓俊先生通知，获悉董晓俊先生将其持有的本公司部 分股份办理了质押登记。现将相关情况公告如下： 一、股东股份质押基本情况 注 1：上述质押股份未负担重大资产重组等业绩补偿义务 ...

Group 1 - Mingyang Circuit focuses on the R&D, production, and sales of printed circuit boards (PCBs), covering high multilayer boards, HDI boards, and rigid-flex boards, widely used in industrial control, communication equipment, and automotive electronics. The demand for high-reliability, high-density PCBs is continuously growing due to industrial automation upgrades, 5G communication network construction, and the increasing penetration of new energy vehicles [1][32] - Weirgao specializes in the R&D, production, and sales of electronic-grade special epoxy resins and related composite materials, which are key raw materials for PCBs. The demand for high-frequency, high-temperature, and low-loss materials is increasing in 5G communication, data centers, and new energy vehicles, leading to an expanding market space for specialty epoxy resins [2][33] - Qiangda Circuit focuses on the R&D, production, and sales of high-density interconnect printed circuit boards (HDI), widely used in consumer electronics such as smartphones and tablets. The market demand for high-end products like high multilayer HDI and AnyLayer HDI is continuously growing due to the recovery of the consumer electronics market and the upgrade of smart terminal functions [3][34] Group 2 - Benchuan Intelligent specializes in the R&D, production, and sales of PCBs, with core products including communication boards, automotive boards, and industrial control boards. The market demand for high-reliability, high-frequency PCBs is expanding due to the construction of 5G base stations and the upgrade of new energy vehicle systems [4][35] - Kexiang Co., Ltd. focuses on the R&D, production, and sales of HDI and high multilayer boards, covering various fields including consumer electronics and automotive electronics. The demand for high-end PCBs is continuously growing due to the functional upgrades of consumer electronics and the increasing demand for automotive electronic systems [5][36] - Jinlu Electronics specializes in the R&D, production, and sales of PCBs, with core products including automotive electronic boards and communication boards. The demand for high-reliability, high-integration PCBs is continuously growing due to the increasing penetration of new energy vehicles and the deep coverage of 5G networks [6][37] Group 3 - Shengyi Technology is a leading global supplier of copper-clad laminates (CCL) and related electronic materials, with products widely used in PCBs and electronic packaging. The demand for high-end copper-clad laminates is continuously expanding due to the increasing demand for high-frequency, high-temperature materials in 5G communication and data centers [7][38] - Xiehe Electronics focuses on the R&D, production, and sales of PCBs, including high-frequency and high-speed boards. The market demand for high-end products is continuously growing due to the advancement of 5G networks and the expansion of new energy vehicle systems [8][39] - Shiyun Circuit specializes in the R&D, production, and sales of PCBs, covering automotive electronics, consumer electronics, and industrial control. The demand for high-reliability, high-integration automotive PCBs is continuously growing due to the increasing complexity of in-vehicle electronic systems [9][40]

股票简称：本川智能 股票代码：300964 江苏本川智能电路科技股份有限公司 （南京市溧水经济开发区孔家路 7 号） 向不特定对象发行可转换公司债券 募集说明书 （注册稿） 保荐人（主承销商） （住所：长春市生态大街 6666 号） 二〇二六年二月 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 1-1-1 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 公司特别提请投资者注意，在作出投资决策之前，务必仔细阅读本募集说 明书正文内容，并特别关注以下重要事项。 一、特别风险提示 公司提请投资 ...

关于江苏本川智能电路科技股份有限公司 申请向不特定对象发行可转换公司债券 审核问询函的回复报告 （2025 年三季度财务数据更新稿） 保荐人（主承销商） （住所：长春市生态大街 6666 号） 二〇二六年二月 深圳证券交易所： 根据深圳证券交易所（以下简称"深交所"或"贵所"）于 2025 年 8 月 6 日 出具的《关于江苏本川智能电路科技股份有限公司申请向不特定对象发行可转换 公司债券的审核问询函》（审核函〔2025〕020040 号）（以下简称"审核问询函"） 的要求，江苏本川智能电路科技股份有限公司（以下简称"本川智能""发行人" 或"公司"）与东北证券股份有限公司（以下简称"保荐人"）、致同会计师事 务所（特殊普通合伙）（以下简称"会计师"）、国浩律师（深圳）事务所（以 下简称"律师"）对相关问题进行了核查和落实，对申请材料进行了修改、补充。 现对审核问询函的落实和募集说明书的修改情况逐条书面回复，并提交贵所，请 予审核。 说明： 1、除非文义另有所指，本回复报告中所使用的简称或名词释义与《江苏本 川智能电路科技股份有限公司向不特定对象发行可转换公司债券募集说明书》 （以下简称"募集说明书"）一致。 ...

东北证券股份有限公司 关于 江苏本川智能电路科技股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 （住所：长春市生态大街 6666 号） 二〇二六年二月 声 明 东北证券股份有限公司接受江苏本川智能电路科技股份有限公司委托，担任 本川智能向不特定对象发行可转换公司债券的保荐人，为本次发行出具发行保荐 书。 本保荐人及指定的保荐代表人根据《公司法》《证券法》《证券发行上市保 荐业务管理办法》《注册管理办法》《发行证券的公司信息披露内容与格式准则 第 27 号——发行保荐书和发行保荐工作报告》等法律法规和中国证券监督管理 委员会及深圳证券交易所的有关规定，保荐人及其保荐代表人诚实守信，勤勉尽 责，严格按照依法制定的业务规则、行业执业规范和道德准则出具本发行保荐书， 并保证本发行保荐书的真实性、准确性和完整性。 除非特别注明，本发行保荐书中如无特别说明，相关用语具有与《江苏本川 智能电路科技股份有限公司向不特定对象发行可转换公司债券募集说明书》中相 同的含义。 本发行保荐书中部分合计数与各加数直接相加之和在尾数上有差异，或部分 比例指标与相关数值直接计算的结果在尾数上有差异，系四舍五入造成。 3-1-1 ...