Core Viewpoint - The 6G concept sector in the A-share market experienced significant movement due to international collaboration news, particularly NVIDIA's $1 billion investment in Nokia to accelerate AI-RAN innovation and facilitate the transition from 5G to 6G [1]. Group 1: Market Movement - On October 29, the 6G concept sector saw a surge, with Benchuan Intelligent (300964) hitting the daily limit up by 20%, closing at 55.21 CNY per share, with a price-to-earnings ratio of 96.77 and a total market capitalization of 4.268 billion CNY [1]. - Other stocks in the sector, such as Xinke Mobile, Dongcai Technology, and Hengtong Optoelectronics, also experienced gains, with some rising over 5% [1]. Group 2: Company Profile - Benchuan Intelligent has a strong foundation in high-frequency and high-speed PCB technology, positioning itself as a key player in 6G infrastructure development. The company was established in 2005 and went public on the Shenzhen Stock Exchange's Growth Enterprise Market in 2021, recognized as a national-level "specialized and innovative" small giant enterprise [1]. - The company's technological development began in the 3G era, focusing on PCB for base station antennas, achieving significant breakthroughs in the 5G era. Its self-developed "mid-high frequency multilayer boards for 5G base station antennas" have addressed technical challenges such as signal transmission loss and high-frequency bonding, maintaining a top-three market share domestically and becoming a core supplier for major equipment manufacturers like Huawei, Ericsson, and ZTE [3]. - By 2025, the company aims to achieve large-scale production capabilities for 5G-A (5.5G) products and is collaborating with clients to advance 6G prototype validation [3].

Core Viewpoint - The liquid cooling server sector is experiencing active performance, with Industrial Fulian reaching a limit-up and setting a new historical high [8][10]. Market Overview - On October 29, the A-share market opened higher, with the ChiNext Index rising over 2% at one point [3]. - Major indices showed the following performance: - Shanghai Composite Index: 3995.45 (+7.22, +0.18%) - Shenzhen Component Index: 13527.35 (+97.25, +0.72%) - ChiNext Index: 3275.29 (+45.72, +1.42%) [4]. Sector Performance - The liquid cooling server concept stocks are notably active, with Industrial Fulian hitting the limit-up and achieving a historical high [8]. - Other stocks in the sector, such as Keda Guokuan and Guo Dun Quantum, also saw significant gains, with Shen Zhou Information hitting the limit-up [10]. - The electronic components sector is strong, with stocks like Ben Chuan Intelligent and Chun Zhong Technology reaching the limit-up, while others like Tong Guan Copper Foil and Fuji Da increased by over 10% [15][16]. Notable Stock Movements - Ben Chuan Intelligent (SZ:300964) saw a 20% limit-up, trading at ¥55.21, with a trading volume of 69,298 hands [17]. - Industrial Fulian's stock performance included a peak price of ¥16.73, with a trading volume of 11.02 billion [12][19]. Industry Insights - NVIDIA revealed that the Vera Rubin computing architecture is equipped with eight Rubin CPX GPUs and a fully liquid-cooled design, indicating a trend towards advanced cooling solutions in computing [19]. - The CEO of NVIDIA highlighted the global labor shortage and the potential for robots to become a significant consumer electronics opportunity, emphasizing the importance of AI skills in the workforce [20].

Core Viewpoint - The news highlights significant movements in the stock market related to 6G concepts and AI computing power, with specific companies experiencing notable stock price increases due to recent announcements and market trends [1][7]. Group 1: Stock Market Movements - The A-share market opened positively, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component by 0.40%, and the ChiNext Index by 1.07% [1]. - Companies in the 6G concept sector, such as Benwei Intelligent, saw a sharp increase, hitting a 20% limit up [8]. - Other sectors showing gains included CPO concepts, communication equipment, and materials, while sectors like internet and semiconductors faced declines [3]. Group 2: AI Computing Power Sector - Companies involved in computing hardware, such as Zhongji Xuchuang and Industrial Fulian, opened over 4% higher, reaching historical highs [4]. - NVIDIA announced plans to ship 20 million Blackwell and Rubin GPUs, projecting a business scale of $500 billion over the next six quarters, which positively impacted related stocks [5]. - Shenghong Technology reported a revenue of 14.117 billion yuan for the first three quarters of 2025, a year-on-year increase of 83.40%, with net profit soaring by 324.38% to 3.245 billion yuan [5]. Group 3: 6G Development and Investment - NVIDIA's $1 billion investment in Nokia aims to accelerate AI-RAN innovation and facilitate the transition from 5G to 6G, leading to a nearly 30% increase in Nokia's stock price [10]. - China Mobile's chairman emphasized the importance of advancing network evolution, including 5G-A and 6G technologies, to meet the demands of intelligent connectivity [10]. - Local initiatives in Shandong province are focusing on enhancing low-altitude communication networks and accelerating the construction of 5G-A and 6G technology trials [10].

Core Insights - The article highlights a significant investment by NVIDIA in Nokia, amounting to $1 billion, aimed at accelerating AI-RAN innovation and facilitating the transition from 5G to 6G [1] Company Impact - Following the announcement, Nokia's stock experienced a substantial increase, rising nearly 30% during the trading day, reaching a peak of $8.19, the highest level since January 2021 [1] - Other companies in the 6G concept sector, such as 本川智能, 世嘉科技, 信科移动, 普天科技, and 硕贝德, also saw notable stock price increases [1]

Group 1 - The 6G concept saw significant movement in the market, with companies like Benchuan Intelligent experiencing a sharp rise, approaching a 20% limit up [2] - Other companies in the 6G sector, including Shijia Technology, Xinke Mobile, Putian Technology, and Shuo Beid, also showed notable gains [2]

Core Viewpoint - The company has demonstrated strong growth in its third-quarter performance, with significant increases in both revenue and net profit, indicating enhanced profitability in its core business and effective management of capacity, market expansion, and cost control [1][2][3]. Financial Performance - In Q3 2025, the company achieved a revenue of 234 million yuan, a substantial increase of 54.47% year-on-year [2]. - The net profit attributable to shareholders reached 11.62 million yuan, marking a remarkable growth of 109.52% [2]. - Excluding non-recurring gains and losses, the net profit was 11.84 million yuan, reflecting an impressive increase of 287.96% year-on-year, showcasing a significant improvement in core business profitability [2]. Year-to-Date Performance - For the first three quarters of the year, the company reported a cumulative revenue of 614 million yuan, up 43.11% year-on-year [2]. - The cumulative net profit attributable to shareholders was 33.08 million yuan, representing a growth of 56.23% [2]. - The cumulative net profit excluding non-recurring items reached 30.23 million yuan, with a substantial increase of 142.98% year-on-year, indicating a high-quality growth phase [2]. Capacity Expansion and Management - The rapid growth in performance is attributed to increased orders driven by strong market demand, supported by internal capacity expansion and management optimization [3]. - As of the end of the reporting period, the company's fixed asset value reached 560 million yuan, a 39.72% increase from the beginning of the year, while construction in progress decreased by 64.47%, indicating successful completion of prior investments [3]. - The company's operating costs grew by 39.75%, which is lower than the revenue growth of 43.11%, leading to an improvement in gross margin [3]. Capital Operations and Investments - The company is actively seeking opportunities for external growth, with long-term equity investments increasing from 9 million yuan at the beginning of the year to 26.98 million yuan, a growth of 199.77% [4]. - Collaborations with professional institutions are expected to help the company link more quality resources around its main business and explore new growth points [4]. - Overall, the company has successfully converted strong market demand into tangible performance growth through precise market positioning and solid internal capabilities [4].

Core Viewpoint - Benchuan Intelligent (SZ 300964) announced the convening of its 30th meeting of the third board of directors on October 24, 2025, to review the proposal for the "2025 Q3 Report" [1] Group 1: Company Financials - For the first half of 2025, Benchuan Intelligent's revenue composition was 92.3% from PCB and 7.7% from other businesses [1] - As of the report, Benchuan Intelligent's market capitalization is 3.6 billion yuan [1]

江苏本川智能电路科技股份有限公司 独立董事制度 江苏本川智能电路科技股份有限公司 独立董事制度 第一章 总则 第一条 为了进一步完善江苏本川智能电路科技股份有限公司（以下简称 "公司"）治理结构，促进公司的规范运作，维护公司整体利益，保障全体股东 特别是中小股东的合法权益不受损害，根据《中华人民共和国公司法》（以下简 称《公司法》）、《上市公司独立董事管理办法》（以下简称《独立董事管理办 法》）、《上市公司治理准则》《深圳证券交易所创业板股票上市规则》（以下 简称《上市规则》）、《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》（以下简称《规范运作指引》）等法律、法规、规范性文 件以及《江苏本川智能电路科技股份有限公司章程》（以下简称《公司章程》） 的有关规定，结合公司的实际情况，特制订本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及公 司主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进 行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应按 照相关法律、法规、规范性文件、《公司章程》和本制度的要求，认 ...

第三条 公司和其他信息披露义务人应自行审慎判断应当披露的信息是否 存在法律、行政法规、部门规章、规范性文件及其他相关规定中规定的暂缓、豁 免情形，信息披露暂缓、豁免程序应当在履行内部审核程序后实施。公司应采取 有效措施防止暂缓或豁免披露的信息泄露，不得随意扩大暂缓、豁免事项的范围， 接受深交所对有关信息披露暂缓、豁免事项的事后监管。 第二章 信息披露暂缓和豁免的情形 第四条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平 地披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得 实施内幕交易、操纵市场等违法行为。 江苏本川智能电路科技股份有限公司 信息披露暂缓与豁免管理制度 江苏本川智能电路科技股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范江苏本川智能电路科技股份有限公司（以下简称"公司"） 信息披露暂缓与豁免行为，确保公司依法合规履行信息披露义务，保护投资者的 合法权益，根据《中华人民共和国证券法》《上市公司信息披露暂缓与豁免管理 规定》《深圳证券交易所创业板股票上市规则》（以下简称《股票上市规则》） 等相关法律法规以及《江苏本川智能电路科技股份有限公司章程》 ...

江苏本川智能电路科技股份有限公司 独立董事专门会议制度 江苏本川智能电路科技股份有限公司 独立董事专门会议制度 第一章 总则 第四条 下列事项应当经独立董事专门会议审议，并经全体独立董事过半数同 意后，提交董事会审议： （一）应当披露的关联交易； （二）公司及相关方变更或者豁免承诺的方案； 第一条 为了完善江苏本川智能电路科技股份有限公司（以下简称"公司"） 治理结构，根据根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规范性文 件以及《江苏本川智能电路科技股份有限公司章程》（以下简称《公司章程》）等公 司内部制度的有关规定，特制定本制度。 第二条 公司建立独立董事专门会议制度，定期或者不定期召开全部由独立董 事参加的会议（以下简称"独立董事专门会议"），履行独立董事职责。 第二章 职责权限 第三条 独立董事行使下列特别职权应当经独立董事专门会议审议，并经全体 独立董事过半数同意： （一）独立聘请中介机构，对公司具体事项进行审计、咨询或者核查； （二） ...