Core Viewpoint - The stock of Kinsus Interconnect Technology Corp (01888) has seen a price increase, attributed to rising prices in the copper and fiberglass sectors, as well as the introduction of price hikes by competitors in the industry [1] Price Movements - Kinsus Interconnect Technology Corp's stock rose over 6% during trading, currently up 2.2% at HKD 11.61, with a trading volume of HKD 188 million [1] Industry Price Trends - Nanya Technology recently announced an 8% price increase for its entire series of CCL and PP, effective from November 20, driven by rising copper prices, copper foil processing fees, and fiberglass cloth costs [1] - Other manufacturers, including Shengyi and Nanya New Materials, initiated price hikes in October, which have been successfully implemented by November [1] Market Growth Projections - According to Industrial Research, AI copper-clad laminates are expected to drive a new wave of growth in the industry, with the market size projected to reach USD 2.2 billion by 2025, reflecting a 100% year-on-year growth [1] - By 2026, the market for AI copper-clad laminates is anticipated to grow to USD 3.4 billion, a 60% increase, driven by the release of ASICs and upgrades to M9 copper-clad laminates from Nvidia's new products [1] - The market is expected to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Viewpoint - The stock of Jiantao Laminates (01888) has seen a price increase, attributed to recent price hikes in CCL and PP by Taiwan's Nanya, effective from November 20, driven by rising costs of copper, copper foil processing fees, and fiberglass cloth [1] Group 1: Company Performance - Jiantao Laminates' stock rose over 6% during trading, currently up 2.2% at HKD 11.61, with a trading volume of HKD 188 million [1] Group 2: Industry Trends - Nanya has announced an 8% price increase for its entire range of CCL and PP, effective from November 20, following similar price hikes by other manufacturers like Shengyi and Nanya New Materials in October [1] - The AI copper-clad laminate (CCL) market is projected to be a key growth driver, with an estimated market size of USD 2.2 billion by 2025, reflecting a 100% year-on-year growth [1] - By 2026, the AI CCL market is expected to reach USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades to M9 CCL for new Nvidia products [1] - The AI CCL market is forecasted to grow to USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Viewpoint - The demand for high-end PCBs driven by AI is creating structural opportunities for copper-clad laminates, leading to price increases and heightened production capacity utilization among manufacturers [1] Company Summary - 建滔积层板 (Kintor) shares rose nearly 3%, with a current price of HKD 11.38 and a trading volume of HKD 54.24 million [1] - The company has raised product prices multiple times this year due to cost pressures and demand benefits [1] Industry Summary - The AI-driven demand for copper-clad laminates is expected to significantly boost the market, with projections estimating the AI copper-clad laminate market (including AI servers, switches, and optical modules) to reach USD 2.2 billion by 2025, a 100% increase year-on-year [1] - By 2026, the market is anticipated to grow to USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades to M9 copper-clad laminates from NVIDIA's new products [1] - The market is projected to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Viewpoint - The demand for high-end PCBs driven by AI is creating structural opportunities for copper-clad laminates, leading to price increases and heightened production capacity utilization among manufacturers [1] Company Summary - Jintao Laminates (01888) saw its stock rise nearly 3%, with a current price of HKD 11.38 and a trading volume of HKD 54.24 million [1] - The company has raised product prices multiple times this year due to cost pressures and demand benefits [1] Industry Summary - The AI-driven demand for copper-clad laminates is expected to significantly boost the market, with projections estimating the AI copper-clad laminate market to reach USD 2.2 billion by 2025, a 100% increase year-on-year [1] - By 2026, the market is anticipated to grow to USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades in NVIDIA's new products [1] - The market is projected to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Investment Rating - The investment rating for Kingboard Laminates Holdings is "Buy" with a target price of HK$20.50, representing an expected share price return of 72.3% and a total return of 75.6% [6]. Core Insights - The company is expected to achieve a gross margin (GM) of over 20% in the second half of 2025, up from a forecast of 19.7%, due to a recent price hike and tight supply of fiberglass fabric [1][3]. - Kingboard Laminates has successfully obtained EMC certification for low Dk generation 1 fabric, which is part of the NVDA supply chain for AI servers, with further certifications expected by the end of Q1 2026 [1][8]. - The average selling price (ASP) of fiberglass fabric for conventional FR4 laminates has increased from Rmb3 per meter in the first half of 2025 to Rmb4.5 per meter, driven by reduced industry inventory [2]. Summary by Sections Price and Market Dynamics - The ASP inflation of 3-5% in October is modest compared to the previous hike of 7-8% in mid-August, indicating softer end-demand in non-AI sectors [3]. - Monthly shipments for Q4 2025 are expected to remain flat year-over-year due to a high base from the previous year, with an average monthly shipment of 9.9 million sheets anticipated [4]. Supply Chain and Production Capacity - Management noted that major suppliers have not added new capacity yet, but new capacity may come online by Q2 2026, which could further increase ASP and boost GM [2]. - Kingboard Laminates plans to expand its production capacity for low Dk fabrics significantly by the end of 2026, contingent on customer qualifications [8].

Core Points - The company Kintor Pharmaceutical announced that its directors exercised their pre-emptive rights on November 14, 2025, resulting in the issuance of 11.75 million shares [1] - Employees of the company also exercised their pre-emptive rights on the same date, leading to the issuance of 2.825 million shares [1] Summary by Category Share Issuance - Directors exercised pre-emptive rights resulting in 11.75 million shares being issued [1] - Employees exercised pre-emptive rights resulting in 2.825 million shares being issued [1] Plan Details - The share issuance is based on the pre-emptive rights plan adopted by the company on May 29, 2017 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 建滔積層板控股有限公司 呈交日期： 2025年11月14日 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上 ...

Market Overview - A-shares showed mixed performance on November 10, with the Shanghai Composite Index rising 0.53% to 4018.6 points, while the ChiNext Index fell 0.92% to 3178.83 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 21,947 billion yuan, an increase of over 1,700 billion yuan compared to the previous day [2] Consumer Sector - The consumer sector experienced a significant rally, particularly in the liquor industry, with stocks like Shede Liquor and Jiu Gui Liquor hitting the daily limit [4] - Food and beverage stocks also rose, with companies such as Huanle Jia and Ba Bi Foods reaching their daily limit [6] - Analysts suggest that the liquor industry is currently at a low valuation, presenting potential bottom-fishing opportunities as demand is expected to gradually recover [6][7] Chemical Sector - The chemical sector was notably active, with strong performances in phosphate and organic silicon concepts, highlighted by Huasheng Lithium's 20% increase [8] - The chemical industry has faced declining profits for three consecutive years, but recent efforts to restore supply-demand balance are expected to improve profitability [8] Semiconductor Sector - The storage chip sector saw a strong performance, with companies like Shen Gong and Ying Tang Zhi Kong hitting the daily limit [11] - NAND flash memory prices have surged by 50% due to significant price hikes from leading companies like SanDisk, indicating a robust demand in the storage industry [12][13] - Analysts predict that the storage industry will enter a rapid growth phase driven by increased demand from the AI sector, with profit margins expected to improve significantly by the second half of 2025 [13]

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: 2025年10月31日 狀態: 新提交 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 呈交日期: 2025年11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 ...

Core Viewpoint - The PCB industry is experiencing significant growth, driven by advancements in AI and a shift towards high-end product offerings, with companies like 建滔积层板 (Kingboard Laminates) benefiting from this trend [1] Industry Summary - As of October 27, over ten PCB industry companies, including 生益电子 (Shengyi Technology), have reported strong performance in their third-quarter results or forecasts for the first three quarters, indicating a high growth trend across the industry [1] - The expansion wave in the PCB sector is transitioning from manufacturing to upstream equipment and materials, signaling a comprehensive transformation in this traditional industry [1] - 国金证券 (Guojin Securities) suggests that the M9 upgrade may lead to material solution enhancements, such as a shift towards HVLP4 copper foil and the use of Q fabric combined with second-generation fabric for electronic cloth [1] Company Summary - 建滔积层板 is recognized as one of the leading companies in the copper-clad laminate industry, with a differentiated barrier created through upstream material integration [1] - The company is expected to benefit from the simultaneous upgrades in electronic cloth and copper foil, contributing to a positive outlook on the traditional copper-clad laminate supply-demand dynamics and new pricing trends [1] - 开源证券 (Kaiyuan Securities) highlights that 建滔积层板 has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several top-tier global clients [1] - The first kiln for low dk glass fiber is set to commence production in the first half of 2025, with three additional kilns expected to be operational in the second half of 2025, and another six high-end kilns projected for 2026 to produce low dielectric, low expansion, and quartz glass fiber [1]