Group 1 - The domestic stock market opened high on January 22, with strong performances from the Sci-Tech Innovation Board and the ChiNext, particularly in computing hardware, focusing on the computing power and Apple supply chain [1] - The communication ETF Huaxia (515050) opened with a gap up, rising 1.24% and surpassing the 5-day moving average, with major holdings like Shengyi Technology increasing over 5% [1] - Apple plans to launch a new AI chatbot, codenamed "Campos," at the global developer conference in June, which will replace the existing Siri interface and feature capabilities similar to ChatGPT and Google Gemini [1] Group 2 - The new chatbot will utilize a user interface designed by Apple but will rely on a custom AI model developed by Google's Gemini team, hosted on Google TPU chip servers, with Apple paying approximately $1 billion annually for the usage rights [2] - The communication ETF Huaxia (515050) tracks the CSI 5G Communication Theme Index, focusing on electronics and communication computing hardware, with a combined weight of over 76% in CPO and CPB concept stocks, ranking first in the market [3] - The AI-focused ETF Huaxia (159381) has a balanced weight in AI hardware computing and AI software applications, offering high elasticity and representativeness, with a low comprehensive fee rate of only 0.20% [3]

微软、谷歌、Meta、亚马逊等海外大厂对2026年资本开支指引乐观，该行预计2025年、2026年四家大 厂资本开支总和分别为4065、5964亿美元，分别同比+46%、47%，且用于投资AI算力及基础设施的比 例有望持续提升。目前，海外大厂仍以采购英伟达AI芯片为主，2026年AMD、海外大厂自研芯片有望 快速放量。 互联侧：光摩尔定律，单卡价值量代际增加 1）光模块：一方面，端口速率按"1–2年一代"从10G/40G-100G/400G-800G/1.6T；另一方面，数据中心 网络从"少量跨机柜光互连"走向leaf-spine扁平化、东西向流量主导，叠加AI训练集群由几十卡扩展到数 百卡规模，使得光模块的用量、规格与单点价值量同步抬升。未来，800G将加速规模化部署、1.6T进 入导入期；同时LPO/CPO、硅光、AOC等路线让网络向"更低功耗、更高密度、更高可靠"演进。2） PCB：行业进入AI驱动的新周期，需求结构发生根本性转变。AI服务器集群建设带来算力板卡、交换机 与光模块的同步升级，推动PCB需求量和单价双升。随着算力架构从GPU服务器向正交化、无线缆化演 进，信号链条更短、对材料损耗更敏感，P ...

Core Viewpoint - Pengding Holdings (002938) has reported a significant increase in expected related party transactions for 2026, indicating growth in business activities and financial strategies aimed at risk management through financial derivatives [1][3]. Trading Information Summary - As of January 21, 2026, Pengding Holdings closed at 54.5 yuan, up 3.73%, with a turnover rate of 1.61%, trading volume of 372,800 shares, and a transaction value of 2.008 billion yuan [1]. - On the same day, the net inflow of main funds was 266 million yuan, while retail investors experienced a net outflow of 115 million yuan [1]. Company Announcements Summary - The third board meeting of Pengding Holdings on January 21, 2026, approved several key proposals, including expected related party transactions for 2026, a request for financial derivatives trading limits, and a request for bank credit limits [1][2]. - The company anticipates total related party transactions of 6.71 billion yuan for 2026, a 52% increase from the 4.41283 billion yuan recorded in 2025 [3]. - The board approved a total borrowing limit of 4.03 billion yuan and 40 million USD to be provided to several subsidiaries [1][3]. Financial Derivatives Trading Summary - Pengding Holdings plans to engage in financial derivatives trading for hedging purposes in 2026, with a total trading limit not exceeding 1 billion yuan at any given time [4]. - The derivatives will include forward foreign exchange contracts, foreign exchange swaps, and interest rate swaps, aimed at mitigating risks associated with currency and interest rate fluctuations [4].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 200 RMB and a valuation of 55 times PE for 2026 [5]. Core Insights - The company is a leader in PCB direct imaging technology, experiencing significant growth due to increased capital expenditure in the AI-PCB industry, with a projected sales revenue of 685 million RMB in 2024, capturing a 15% market share globally [2][34]. - The advanced packaging segment is expected to benefit from the CoWoS-L trend, with the company's WLP series products already securing over 100 million RMB in orders [3][54]. - The company is also entering the laser drilling equipment market, with potential for growth as domestic suppliers are expected to replace foreign competitors [4]. Summary by Sections PCB Direct Imaging Leader - The company is positioned as the global leader in PCB direct imaging equipment, with a sales revenue of 685 million RMB in 2024 and a market share of 15% [34]. - The overall revenue for the first three quarters of 2025 increased by 30% year-on-year, with a record monthly shipment of over 100 units in March 2025 [2][38]. - The second-phase production capacity is expected to be more than double that of the first phase, potentially reaching over 1500 units through optimized scheduling [2][40]. Advanced Semiconductor Business - The direct imaging technology is well-suited for the CoWoS-L process, which is anticipated to dominate the market, with TSMC's CoWoS-L capacity expected to exceed 50% by the end of 2026 [3][42]. - The company’s WLP series products are already aiding leading advanced packaging manufacturers in mass production, with expectations to ramp up production in the second half of 2026 [54]. Laser Drilling New Entrant - The company has developed a range of laser drilling equipment, which is crucial for HDI and FPC applications, and is currently undergoing validation with several leading clients [4][61]. - The market for laser drilling equipment is expected to grow as PCB companies focus on HDI technology, providing opportunities for domestic suppliers to capture market share [4][63]. Profit Forecast and Valuation - The company is projected to achieve net profits of 281 million, 480 million, and 675 million RMB for the years 2025 to 2027, respectively, with corresponding dynamic PE ratios of 80x, 47x, and 33x [5][73]. - The overall revenue is expected to reach 13.58 billion, 21.97 billion, and 29.95 billion RMB for the years 2025 to 2027, with significant year-on-year growth rates [5][73].

证券代码：002938 证券简称：鹏鼎控股 公告编号：2026-004 鹏鼎控股（深圳）股份有限公司 关于开展以套期保值为目的金融衍生品业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： （一）交易品种及目的：鹏鼎控股（深圳）股份有限公司（以下简称"鹏鼎 控股"、"公司"）拟开展金融衍生品交易的主要业务品种包括远期外汇合约、外 汇掉期交易及利率互换等金融衍生品，及基于以上金融衍生品之结构性商品等。 金融衍生品的基础资产主要为汇率、利率。公司不进行单纯以投机和套利为目的 的金融衍生品交易，仅限于实需背景之下，从事与经营活动有关的汇率及利率相 关金融衍生品的交易，以规避汇率及利率波动对经营活动产生的影响。 （二）交易金额：具体额度为于 2026 年任意时点总额不超过人民币十亿元 (含等值外币金额)，预计动用的交易保证金和权利金不超过交易方金融机构提供 的授信额度且不超过人民币十亿元(含等值外币金额)，该额度在 2026 年内可循 环使用。 （三）交易方式：公司拟开展金融衍生品交易的主要业务品种包括远期外汇 合约、外汇掉期交易及利率互换等金融 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2026-005 鹏鼎控股（深圳）股份有限公司 关于申请银行授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、申请综合授信额度的基本情况 根据业务发展的需要，公司全资/控股子公司向以下银行申请授信额度: 金额单位:万元 | 项次 | 授信银行名称 | 往来法人 | | 授信额度 | 备注 | | --- | --- | --- | --- | --- | --- | | | | | 币别 | 金额 | | | 1 | 招商银行股份有限公司 深圳分行 | 奎盛科技(深圳)有限公司 | CNY | 3,000 | 续约 | | 2 | 中国工商银行股份有限公司 秦皇岛经济技术开发区支行 | 宏启胜精密电子(秦皇岛)有限公 司 | CNY | 53,000 | 增额 | | 3 | 中国农业银行股份有限公司 秦皇岛开发区支行 | 宏启胜精密电子(秦皇岛)有限公 司 | CNY | 42,000 | 续约 | | 4 | 中国银行股份有限公司 淮安开发区支行 | 庆鼎精密电子(淮安)有限公司 | ...

鹏鼎控股（深圳）股份有限公司 金融衍生品交易可行性报告 一、开展金融衍生品交易业务的目的 三、拟开展的金融衍生品交易业务计划 根据公司《金融衍生品交易管理制度》，结合相关法律、法 规规定和公司实际经营需要，公司及下属子公司本年计划开展于 任意时点总额不超过人民币十亿元(含等值外币金额)的金融衍 生品业务，可循环使用。 公司及下属子公司操作经核准的金融衍生品业务，仅得依实 际营运活动所产生之风险资产或负债为范围开展，并严格依照公 司《金融衍生品交易管理制度》及相关作业办法管理及内控程序 执行。 四、金融衍生品会计核算原则 公司根据《企业会计准则第22号-金融工具确认和计量》、 《企业会计准则第24号-套期保值》、《企业会计准则第37号- 金融工具列报》相关规定及其指南，对拟开展的金融衍生品交易 业务进行相应的核算处理，反映资产负债表及损益表相关项目。 五、金融衍生品投资的风险分析 由于本集团主要客户及供应商均为境外企业，公司出口商品、 进口原材料主要使用外币结算，加上公司营运据点分布于境内外， 导致公司持续持有较大数额的外币资产和外币负债。随着生产、 销售规模的扩大，以及境外营运活动的增加，公司受到汇率及利 率 ...

证券代码：002938 证券简称：鹏鼎控股 公告编号：2026-003 鹏鼎控股（深圳）股份有限公司（以下简称"公司"、"本公司"）为规范经 营行为，保护公司及股东的合法权益，根据相关法律法规的规定，于2026年1月 21日召开第三届董事会第二十三次会议，会议以7票同意，0票弃权，0票反对的 表决结果（关联董事沈庆芳、游哲宏回避表决）审议通过了《关于预计公司2026 年度日常关联交易的议案》：公司2026年与关联方鸿海精密工业股份有限公司（以 下简称"鸿海集团"）及其控股子公司预计发生日常关联交易人民币318,000万元， 2025年公司与其日常关联交易实际发生额为人民币347,911万元；与关联方臻鼎 科技控股股份有限公司（以下简称"臻鼎控股"）及其除本公司以外的其他控股 子公司预计发生日常关联交易人民币102,000万元，2025年公司与其日常关联交 易实际发生额为人民币44,135万元；与关联方业成控股股份有限公司（以下简称 "业成控股"）及其控股子公司预计发生日常关联交易人民币151,000万元，2025 年公司与其日常关联交易实际发生额为人民币49,237万元。 以上《关于预计公司2026年度日常关 ...

鹏鼎控股（深圳）股份有限公司 第三届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 鹏鼎控股（深圳）股份有限公司（以下简称"本公司"或"公司"）第三届董事 会第二十三次会议于 2026 年 1 月 21 日以通讯方式召开，相关会议通知及会议资 料已于 2026 年 1 月 16 日以电子邮件方式向公司全体董事发出，本次董事会会议 应出席董事 9 人，实际出席董事 9 人，会议由董事长沈庆芳主持。本次董事会的 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《鹏鼎控股（深 圳）股份有限公司章程》（以下简称"《公司章程》"）的相关规定。 二、董事会会议审议情况 本次会议经过充分讨论，经董事以记名投票方式表决，作出如下决议： 证券代码：002938 证券简称：鹏鼎控股 公告编号：2026-002 1、审议通过《关于预计公司 2026 年度日常关联交易的议案》 表决结果：7 票赞成，0 票反对，0 票弃权，董事长沈庆芳为公司关联方臻 鼎科技控股股份有限公司董事长、董事游哲宏在公司关联方鸿海精密工业股份有 ...

Core Viewpoint - The company has approved several proposals during the 23rd meeting of the third board of directors, including anticipated related party transactions for 2026, which will be submitted for shareholder approval due to the recusal of certain directors [1] Group 1: Proposals Approved - The proposal regarding expected related party transactions for the year 2026 was approved with 7 votes in favor, requiring further shareholder meeting approval due to the recusal of Chairman Shen Qingfang and others [1] - The proposals for applying for financial derivatives trading limits and bank credit limits were both approved with 9 votes in favor [1] Group 2: Loan Approvals - The company and its subsidiaries have agreed to provide loan limits to its controlling subsidiaries, with the company providing 303 million yuan, Hongqi Sheng Precision providing 100 million yuan, and Pengding International providing 40 million USD [1] - The loan period is set from January 1, 2026, to December 31, 2026, with interest rates not lower than the prevailing market rates [1]