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 ...

Group 1 - Citigroup has initiated a "Buy" rating for Kingboard Laminates (01888) and a "Neutral" rating for Delta Electronics (00179) due to the divergent impact of rising copper prices on corporate earnings [1] - Copper prices surged by 22% year-on-year and approximately 14% quarter-on-quarter in Q4 2025, leading to significant differences in the earnings outlook for the two industry leaders [1] - Kingboard Laminates, as the world's largest copper-clad laminate manufacturer with a market share of about 16%, is expected to pass on rising costs to downstream customers, resulting in accelerated profit growth [1] Group 2 - Delta Electronics faces severe cost challenges, with copper accounting for over 25% of its sales costs, and its pricing power is limited in the automotive sector, which constitutes 84% of its sales [2] - If copper prices increase by 10%, and assuming Delta Electronics bears half of the cost pressure, its earnings could be impacted by up to 11% [2] - The forecast for Delta Electronics indicates a 7.1% year-on-year decline in core earnings for the second half of FY2026, contrasting with a 2.8% growth in the first half [2]

Core Viewpoint - Citi has issued a report highlighting the divergent impact of rising copper prices on corporate earnings, initiating an "Overweight" rating for Kingboard Laminates (01888) and a "Neutral" rating for Delta Electronics (00179) [1] Group 1: Kingboard Laminates - Kingboard Laminates, the world's largest copper-clad laminate manufacturer with a market share of approximately 16%, is expected to pass on rising costs to downstream customers, leading to accelerated profit growth [1] - The core profit growth rate for Kingboard Laminates is projected to increase significantly from a year-on-year growth of 10% in the first half of 2025 to about 58% in the second half, with further growth of 57% anticipated in 2026 [1] - The report notes that the high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to their printed circuit board customers [1] Group 2: Delta Electronics - Delta Electronics faces significant cost challenges, with copper accounting for over 25% of its sales costs; despite switching to a "cost-plus" pricing model, the company has limited pricing power in the automotive sector, which constitutes 84% of its sales [2] - If copper prices rise by 10% and Delta Electronics bears half of the cost pressure, its earnings could be impacted by up to 11% [2] - The forecast for the second half of the 2026 fiscal year indicates a year-on-year decline of 7.1% in core earnings for Delta Electronics, contrasting with a growth of 2.8% in the first half [2]

Core Viewpoint - The stock of Jiantao Laminated Board (01888) has risen over 3%, currently at 15.4 HKD, with a trading volume of 227 million HKD, following a report from Citigroup that initiated a "Buy" rating due to the impact of rising copper prices on corporate earnings [1] Group 1: Company Performance - Jiantao Laminated Board is the largest manufacturer of copper-clad laminates globally, holding a market share of approximately 16% [1] - The company is expected to pass on rising costs to downstream customers, which will accelerate profit growth [1] Group 2: Market Conditions - Copper prices have surged, with a year-on-year increase of 22% and a quarter-on-quarter rise of about 14% projected for Q4 2025 [1] - The core profit growth rate for Jiantao Laminated Board is anticipated to significantly accelerate during the copper price upcycle, increasing from 10% year-on-year in the first half of 2025 to approximately 58% in the second half [1] Group 3: Future Projections - The growth rate is expected to further reach 57% in 2026, not accounting for potential contributions from the company's AI glass fiber business [1] - The high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to printed circuit board customers [1]

Core Viewpoint - The recent surge in copper prices has led to a differentiated impact on corporate earnings, prompting Citigroup to initiate a "Buy" rating for Kingboard Laminates (01888) [1] Group 1: Company Performance - Kingboard Laminates' stock rose over 3%, currently at 15.4 HKD with a trading volume of 227 million HKD [1] - As the world's largest copper-clad laminate manufacturer with a market share of approximately 16%, Kingboard is expected to pass on rising costs to downstream customers, thereby accelerating profit growth [1] Group 2: Market Expectations - Citigroup forecasts that Kingboard's core earnings growth will significantly accelerate during the copper price upcycle, with growth rates expected to jump from 10% year-on-year in the first half of 2025 to about 58% in the second half [1] - Further growth of 57% is anticipated in 2026, not accounting for potential contributions from the company's AI glass fiber business [1] Group 3: Industry Dynamics - The high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to their printed circuit board customers [1]

Core Viewpoint - Citi has issued a report indicating a significant divergence in the earnings outlook for two leading companies in response to the recent surge in copper prices, with a recommendation to "buy" for Kingboard Laminates and a "neutral" rating for Delta Electronics [1] Group 1: Copper Price Impact - Copper prices surged by 22% year-on-year and approximately 14% quarter-on-quarter in Q4 2025 [1] - The increase in copper prices has led to differentiated impacts on corporate earnings within the industry [1] Group 2: Company Analysis - Kingboard Laminates, the world's largest manufacturer of copper-clad laminates with a market share of about 16%, is expected to pass on rising costs to downstream customers, resulting in accelerated profit growth [1] - Delta Electronics, the largest manufacturer of automotive micro motors globally with a market share exceeding 20%, has weaker bargaining power, leading to pressure on its profitability [1]

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]