Group 1 - The core viewpoint of the article highlights that JianTao Laminated Board (01888) has seen a stock price increase of over 5%, currently trading at 13.96 HKD with a transaction volume of 81.7041 million HKD, driven by supply tightness and rising prices of raw materials like fiberglass cloth [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 (PCB) starting March 1, due to supply constraints [1] - Market rumors suggest that NVIDIA's Rubin Ultra may switch from orthogonal backplanes to copper cable solutions, although industry insiders maintain that the core positioning of orthogonal backplanes remains unchanged [1] Group 2 - According to Guotai Junan Securities, JianTao has raised prices three times in August, October, and December since the second half of 2025, with an unexpected price increase occurring twice within 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, and as an industry leader, it is expected to benefit from the price increase cycle across all segments [1]

Summary of Kingboard Laminates (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates (1888.HK) - **Industry**: Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing - **Profile**: A leading global supplier of CCL and upstream raw materials, including glass fiber, copper foil, and epoxy resin, with over 20 plants in China and abroad, serving diverse markets such as consumer electronics, home appliances, and automotive [3][4] Key Points from the Conference Call - **CCL Pricing Trends**: - CCL prices have been raised multiple times in Q3 and Q4 of 2025 due to increased costs of copper and fiberglass, with expectations for continued price increases into January 2026 [4] - The management attributes the rising prices to heightened demand for AI-related CCL, as some suppliers are reallocating capacity from non-AI to AI products [4] - **Market Demand and Growth Projections**: - There is a strong demand for CCL driven by the adoption of next-generation high-end AI server platforms, with expectations for the global CCL market for AI servers to grow at a CAGR of 178% from 2025 to 2027, reaching approximately US$19 billion by 2027 [2] - The M9+ CCL segment is anticipated to contribute significantly to this growth due to its higher dollar content [2] - **Strategic Focus**: - Kingboard is focusing on providing total solutions for clients and expanding its capacity to meet rising AI demand, leveraging its expertise in both CCL and raw materials to differentiate itself from competitors [1][4] - Plans are in place to expand in-house fiberglass production specifically for AI CCL [4] - **Competitive Advantages**: - The company's vertical integration strategy allows it to offer cost-effective products, enhancing its competitive edge in the market [3] Additional Insights - **Management's Perspective**: The management emphasizes that product performance is heavily reliant on the company's proprietary knowledge regarding product formulas and manufacturing processes [4] - **Investment Context**: The insights from the management align with a broader positive outlook on the CCL market, particularly in relation to AI applications, indicating potential investment opportunities in this sector [2] This summary encapsulates the critical insights from the conference call regarding Kingboard Laminates, highlighting its market position, pricing strategies, growth projections, and competitive advantages in the evolving landscape of the PCB and CCL industry.

Group 1 - The stock of Jiantao Laminated Board (01888.HK) has increased by over 5%, currently trading at 14.05 HKD, with a transaction volume of 315 million HKD [1]

Group 1 - The core viewpoint of the article highlights that Jiantao's stock price has increased by over 5%, currently trading at 14.05 HKD, with a transaction volume of 315 million HKD, driven by rising copper prices and tight supply of glass cloth [1] - On December 26, Jiantao issued a price increase notice, raising prices of all materials by 10% due to cost pressures from soaring copper prices and supply shortages [1] - Guotai Junan Securities noted that since the second half of 2025, Jiantao has raised prices three times in August, October, and December, indicating a favorable pricing cycle across the entire industry chain driven by AI demand [1] Group 2 - The company is strategically expanding into copper foil, electronic cloth, and copper-clad laminates, positioning itself as an industry leader likely to benefit from the price increase cycle across all segments [1] - Guojin Securities reported that strong AI demand is driving both price and volume increases in PCB, with many AI-PCB companies experiencing robust orders and full production, suggesting continued high growth in Q4 and next year [1] - The demand for AI copper-clad laminates remains strong, and due to slow expansion of overseas production, domestic leading manufacturers are expected to benefit significantly [1]

Core Viewpoint - The company JianTao (01888) has raised prices by 10% across all materials due to soaring copper prices and a shortage of glass cloth, indicating a positive pricing cycle driven by AI demand in the industry [1] Group 1: Company Performance - JianTao's stock price increased by over 5%, reaching HKD 14.05 with a trading volume of HKD 315 million [1] - The company has implemented price increases three times since August 2025, with another increase in December, indicating strong pricing power amid rising costs [1] Group 2: Industry Trends - The strong demand for AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The demand for AI copper-clad laminates is also strong, and domestic leading manufacturers are expected to benefit from slow overseas expansion in this segment [1]

Core Viewpoint - The leading copper foil substrate company, Jiantao, has announced a price increase due to rising copper prices and tight supply of glass cloth, marking its third price hike since the second half of 2025 [1] Company Summary - Jiantao's stock rose nearly 6% during trading, currently up 4.25% at HKD 12.99, with a trading volume of HKD 165 million [1] - The company has issued a price increase notice to customers, stating that raw material costs can no longer be absorbed, leading to a comprehensive price increase of 10% for new orders [1] Industry Summary - According to China Merchants Securities, price increases will be a dominant theme in the CCL industry for 2025-2026 [1] - Guotai Junan Securities reports that strong demand from AI is driving both price and volume increases in the PCB market, with many AI-PCB companies experiencing robust orders and full production [1] - The demand for AI copper-clad laminates is also strong, and due to slow overseas expansion, domestic leading manufacturers are expected to benefit significantly [1]

Group 1 - The core viewpoint of the article highlights that Jiantao's stock price has increased significantly, driven by rising copper prices and tight supply of glass cloth, leading to a price hike for their products [1] - Jiantao has issued a price increase notice to customers, indicating a 10% increase in the price of new orders due to unsustainable raw material costs, marking the third price hike since the second half of 2025 [1] - According to China Merchants Securities, price increases are expected to be a dominant theme in the CCL industry for 2025-2026 [1] Group 2 - Guojin Securities reports that strong demand from AI is driving both price and volume increases in the PCB sector, with many AI-PCB companies experiencing robust orders and full production capacity [1] - The performance growth in the fourth quarter and next year is anticipated to continue due to the strong demand for AI-related products [1] - Domestic copper-clad laminate manufacturers are expected to benefit significantly from the slow expansion of overseas production capacity [1]

Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates Holdings (KBL) - **Industry**: Printed Circuit Board (PCB) Laminates - **Market Position**: KBL has a ~17% global market share in rigid laminates and over 30% in the PRC [15][16] Key Financial Projections - **Earnings Forecast**: - 2H25 earnings expected to double to HK$1.209 billion year-over-year - Core earnings projected to rise 58% to HK$1.155 billion [1][14] - **Earnings Growth**: - 1H25 earnings growth was 28% and 10% respectively [1] - **Gross Margin**: Expected to expand to over 20% in 2H25, compared to 18.4% in 1H25 [2] Pricing and Market Dynamics - **Average Selling Price (ASP) Inflation**: - KBL has raised ASP by 4 times in 4Q, with increases of 3-5% in October, ~10% in November, and ~10% in December [2] - **Copper Costs Correlation**: - KBL stock has a high correlation (60%+) with copper costs, which are at record highs [10] - **Concerns**: - Recent stock decline (~8%) attributed to concerns over CCL price inflation not keeping pace with copper costs and Nanya Plastic's missed 4Q25 results [1][11] Supply Chain and Certification - **NVDA Supply Chain**: - KBL is in the process of certification for low Dk gen 1 and gen 2 materials for potential entry into NVDA's supply chain, expected to be completed by 1Q26 [3][14] - **Production Capacity**: - Plans to build an additional 1,500 tons of low Dk gen 1/gen 2 by 1Q26 and another 3,000 tons by end-2026 [9] Investment Strategy and Valuation - **Recommendation**: - KBL shares rated as Buy with a target price of HK$20.50, implying a potential return of 64.5% [4][17] - **Valuation Methodology**: - Target price based on a P/E of 19-20x for 2026E, reflecting peak P/E during the upcoming industry upcycle [17] Risks and Considerations - **Risks**: - Customer certification delays, macroeconomic growth in China, and demand recovery for electronic goods could impact performance [18][21] - **Market Conditions**: - The economic slowdown in China has affected discretionary consumption items, which account for over 80% of KBL's total sales [16] Conclusion - Kingboard Laminates Holdings is positioned for significant earnings growth in the upcoming periods, driven by ASP inflation and potential entry into the NVDA supply chain. However, the company faces risks related to macroeconomic conditions and certification timelines. The investment outlook remains positive with a strong buy recommendation based on projected earnings recovery and market positioning.

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12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: 2026年1月2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 ...

Core Viewpoint - The company is maintaining an "overweight" rating due to significant price increases in copper and fiberglass cloth, which are expected to drive profitability in the copper-clad laminate and electronic cloth industries, supported by AI demand [1][2]. Group 1: Price Increases and Market Dynamics - The company has issued a price increase notice for copper-clad laminates, raising prices by 10% due to soaring copper prices and a shortage of fiberglass cloth [1]. - Historical trends indicate that during periods of rising copper and fiberglass prices, traditional copper-clad laminate prices also tend to rise, suggesting a favorable pricing cycle [1]. - The company has raised prices three times since August 2025, with two increases in December alone, indicating a robust pricing environment driven by AI demand across the entire supply chain [1]. Group 2: Strategic Positioning and Product Development - The company is positioned as an integrated leader in the industry, benefiting from price increases across all segments, including copper foil, electronic cloth, and copper-clad laminates [2]. - The strategic focus on high-end product development is expected to align with the price increase cycle, with new products like low-dielectric electronic yarn and quartz cloth set to launch between late 2025 and 2026 [2]. - The introduction of HVLP-3 copper foil is in the verification phase, further enhancing the company's product offerings and market position [2].