致：香港交易及結算所有限公司 公司名稱: 建滔積層板控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月底 ...

智通财经APP获悉，花旗发布研报称，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建 滔积层板(01888)"增持"评级，同时给予德昌电机控股(00179)"中性"评级。 相反，德昌电机则面临严峻的成本挑战。铜占其销售成本超过25%，尽管公司已改为"成本加成"定价模 式，但花旗指出，在占其销售额84%的汽车领域，面对强大的全球客户，其实际议价能力有限，难以完 全转嫁成本升幅。该行估算，若铜价上涨10%，并假设德昌电机需承担一半成本压力，其盈利可能受冲 击达11%。因此，预计公司2026财年下半年核心盈利将转为同比下跌7.1%，远逊于上半年的增长2.8%。 该行指出，2025年第四季度铜价同比飙升22%，按季上升约14%。在此背景下，两家行业龙头企业的盈 利前景出现显著背离：建滔积层板作为全球最大覆铜面板制造商，市占率约16%，有望将成本上涨转嫁 予下游，从而带动盈利加速增长; 而德昌电机作为全球最大汽车微电机制造商，市占率超20%，议价能 力相对较弱，盈利将受压。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半年的同 比10%，跃升至下半年的约58%，并在20 ...

花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半年的同 比10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻璃纤维 业务可能的贡献。报告认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能力将原 材料涨价压力传导至下游印刷电路板客户。 相反，德昌电机则面临严峻的成本挑战。铜占其销售成本超过25%，尽管公司已改为"成本加成"定价模 式，但花旗指出，在占其销售额84%的汽车领域，面对强大的全球客户，其实际议价能力有限，难以完 全转嫁成本升幅。该行估算，若铜价上涨10%，并假设德昌电机需承担一半成本压力，其盈利可能受冲 击达11%。因此，预计公司2026财年下半年核心盈利将转为同比下跌7.1%，远逊于上半年的增长2.8%。 花旗发布研报称，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建滔积层板(01888)"增 持"评级，同时给予德昌电机控股(00179)"中性"评级。 该行指出，2025年第四季度铜价同比飙升22%，按季上升约14%。在此背景下，两家行业龙头企业的盈 利前景出现显著背离：建滔积层板作为全球最大 ...

建滔积层板(01888)涨超3%，截至发稿，涨3.29%，报15.4港元，成交额2.27亿港元。 花旗发布研报称，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建滔积层板"增持"评 级。2025年第四季度铜价按年飙升22%，按季上升约14%。在此背景下，建滔积层板作为全球最大覆铜 面板制造商，市占率约16%，有望将成本上涨转嫁予下游，从而带动盈利加速增长。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显着提速。其增长率将从2025年上半年的按 年10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻璃纤维 业务可能的贡献。该行认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能力将原 材料涨价压力传导至下游印刷电路板客户。 ...

花旗发布研报称，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建滔积层板"增持"评 级。2025年第四季度铜价按年飙升22%，按季上升约14%。在此背景下，建滔积层板作为全球最大覆铜 面板制造商，市占率约16%，有望将成本上涨转嫁予下游，从而带动盈利加速增长。 智通财经APP获悉，建滔积层板(01888)涨超3%，截至发稿，涨3.29%，报15.4港元，成交额2.27亿港 元。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显着提速。其增长率将从2025年上半年的按 年10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻璃纤维 业务可能的贡献。该行认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能力将原 材料涨价压力传导至下游印刷电路板客户。 ...

花旗发表研报指，因应近期铜价大幅上升对企业盈利造成的分化影响，首次给予建滔积层板"增持"评 级，同时给予德昌电机控股"中性"评级。该行指出，2025年第四季度铜价按年飙升22%，按季上升约 14%。在此背景下，两家行业龙头企业的盈利前景出现显著背离：建滔积层板作为全球最大覆铜面板制 造商，市占率约16%，有望将成本上涨转嫁予下游，从而带动盈利加速增长；而德昌电机作为全球最大 汽车微电机制造商，市占率超20%，议价能力相对较弱，盈利将受压。 ...

Group 1 - Resonac, a Japanese semiconductor materials manufacturer, announced a price increase of over 30% for copper foil substrates (CCL) and adhesive films used in printed circuit boards (PCBs) starting March 1 due to tight supply and soaring prices of raw materials like fiberglass cloth [1] - Market rumors suggest that NVIDIA's Rubin Ultra may abandon orthogonal backplanes in favor of copper cable solutions, but industry insiders indicate that the core positioning of orthogonal backplanes remains unchanged [1] - According to Guotai Junan Securities, since the second half of 2025, Jiantao has raised prices three times in August, October, and December, with another increase in December exceeding expectations, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] Group 2 - Jiantao's stock (01888) has seen an increase of over 5%, with a current price of 13.96 HKD and a trading volume of 81.7041 million HKD [2]

Group 1 - The core viewpoint of the article highlights the positive performance of Jiantao Group and its subsidiaries, driven by the growth in the PCB and CCL industries due to AI infrastructure expansion [1] - Jiantao Laminated Board (01888) saw an increase of 5.47%, reaching HKD 15.23, while Jiantao Group (00148) rose by 1.67%, reaching HKD 31.62 [1] - Goldman Sachs reported that the Chinese PCB and CCL industries are experiencing a dual trend of "acceleration and scaling," benefiting leading companies through specification upgrades, increased shipment volumes, and capacity expansion [1] Group 2 - Guotai Junan Securities noted that Jiantao has raised prices three times since August 2025, with an unexpected increase in December, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] - The company is strategically positioned in copper foil, electronic cloth, and copper-clad laminates, suggesting that as an industry leader, it is likely to benefit from the price increase cycle across all segments [1]

Group 1 - The Hong Kong stock market saw a rise in the shares of Kwan Tong Group, with Kwan Tong Laminated Board (01888.HK) increasing by 5.47% to HKD 15.23 [1] - Kwan Tong Group (00148.HK) also experienced a gain, rising by 1.67% to HKD 31.62 [1]

Core Viewpoint - The report highlights that the Chinese PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industries are experiencing a dual trend of "acceleration and scaling" driven by the AI infrastructure boom, benefiting leading companies through specification upgrades, increased shipment volumes, and capacity expansion [1] Group 1: Company Performance - Jiantao's stock prices have risen, with Jiantao Laminated Board (01888) up by 5.47% to HKD 15.23 and Jiantao Group (00148) up by 1.67% to HKD 31.62 [1] - Jiantao has implemented price increases three times in August, October, and December, with an additional unexpected price hike in December, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] Group 2: Industry Trends - According to Goldman Sachs, the PCB and CCL industries are benefiting from a robust growth cycle due to AI infrastructure, leading to significant growth opportunities for top-tier companies [1] - The industry is entering a favorable price increase cycle, with Jiantao positioned as an integrated leader benefiting from price hikes across copper foil, electronic cloth, and copper clad laminates [1]