智通财经记者 | 杜萌 随着春节假期的临近，"假期如何赚利息"和"节后如何布局"成为投资者最关心的问题。智通财经记者统计发现，相比货币基金、同业存单基金、纯债基金的 相继限购，却有一些主动权益基金放开了限购。 仅2月9日当天，就有汇添富货币基金、易方达货币基金、江信增利货币、长城中证同业存单AAA指数7天持有等16只基金发布了节前限购的公告。公告显 示，上述基金均在2月12日暂停申购、转换转入，2月24日恢复。江信增利货币则自2月12日起将申购金额调整到500万元以内。 此外，汇添富短债基金宣布2月12日将大额申购金额调整至500万元，长城短债债券基金也从2月12日暂停申购和转换转入。 为何节前密集限制大额申购？智通财经记者了解到，这主要是为了防止大额资金流入摊薄假期收益。假期中债券也会有票息收入，如果出现大额资金流入但 基金经理却未能及时配置资产的情况，就会导致资金空转，摊薄原持有人的收益。 此外，还有防范流动性风险的考量。"节假日前后容易出现资金的'快进快出'，很多资金只是想在假期赚个票息收益，节后就会转出。这样导致基金在节后 遭遇集中赎回，基金经理可能被迫抛售资产，影响收益，因此对可能进入的大额资金予以 ...

Summary of Conference Call Notes Company and Industry Involved - **Company**: 长江电子 (Changjiang Electronics) - **Industry**: PCB (Printed Circuit Board) Technology Core Points and Arguments - **Emerging PCB Technologies**: The market is currently flooded with various new PCB technology solutions as the Rubin cabinet approaches shipment and the RubinUltra cabinet plan becomes clearer. There is still no definitive choice between orthogonal backplane and copper cable technology paths for the RubinUltra cabinet [1] - **Focus on CoWoP Technology**: Among the various PCB technology solutions, the CoWoP (Chip-on-Wafer-on-Panel) technology has a strong likelihood of successful implementation and is progressing rapidly. It is expected to transition from the laboratory phase to small-scale production by the end of 2027 and to gradually ramp up to mass production in 2028 [2] - **Cost and Efficiency Benefits**: CoWoP technology allows chips to be directly bonded to PCBs via a silicon interposer, which reduces signal transfer losses, enhances heat dissipation efficiency, and eliminates the need for ABF substrates, thereby lowering costs and addressing substrate capacity shortages [2] - **Value Increase of SLP Products**: The value of SLP (Substrate-like PCB) products used in CoWoP technology is projected to exceed 400,000 yuan per square meter for 24-layer and above SLPs, which is nearly ten times the price of HDI (High-Density Interconnect) and high-layer count products currently used in AI servers [3] Additional Important Content - **Key Players in CoWoP Development**: - **鹏鼎控股 (Pegatron)**: Has a stable mass production capability for high-end SLP products and is actively involved in the CoWoP technology development for NVIDIA [3] - **深南电路 (Shennan Circuits)**: Gradually entering overseas computing power supply due to steady release of substrate capacity and participation in CoWoP technology development [3] - **兴森科技 (XingSen Technology)**: Has strong technical capabilities in substrate technology and is deeply involved in CoWoP technology development since July 2025, anticipating product volume growth [3] - **Other Companies to Watch**: - **沪电股份 (Unimicron)**: Recently announced a $300 million capital expenditure directed towards PCB substrate technology [3] - **胜宏科技 (Shenghong Technology)**: Preparing for production with mSAP equipment, expecting an annual output value of over 1.5 billion yuan [3] - **景旺电子 (Jingwang Electronics)**: Currently ramping up SLP production capacity at its Zhuhai Jinwan factory [3]

Group 1 - The total margin financing balance in A-shares reached 26,644.00 billion yuan, an increase of 740 million yuan from the previous trading day, accounting for 2.56% of the A-share circulating market value [1] - The margin trading volume on that day was 2,166.77 billion yuan, which is an increase of 255.11 billion yuan from the previous trading day, representing 9.53% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries in Shenwan, 12 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 2.304 billion yuan [2] - Other industries with significant net financing inflows include power equipment, computers, media, and basic chemicals [2] Group 3 - A total of 34 individual stocks had net financing inflows exceeding 100 million yuan, with Zhaoyi Innovation leading at a net inflow of 423 million yuan [2] - Other notable stocks with high net financing inflows include Cambrian, Sunshine Power, Xunwei Communication, Zhongwen Online, Dike Co., Huhua Electric, Changfei Fiber, Kingsoft Office, and TCL Zhonghuan [2][3]

（文章来源：证券日报） 证券日报网讯 2月9日，沪电股份在互动平台回答投资者提问时表示，在保证本公司可持续经营和长远 发展不受影响且无重大资本开支计划的前提下，公司原则上最近三个连续会计年度累计现金分红总额不 应低于该三年平均年度可分派利润的30%。未来利润分派可采用现金分红、股票股利或二者相结合的形 式。公司董事会将合并考虑本公司经营业绩、财务状况、业务需求、资本需求、股东利益及董事会可能 认为相关的其他状况后，酌情建议相关方案并提交股东会批准。 ...

（文章来源：证券日报） 证券日报网讯 2月9日，沪电股份在互动平台回答投资者提问时表示，公司凭借核心技术实力，能针对 持续变化的客户需求开发及定制高性能及高信赖性PCB。最复杂的PCB产品包含32层及以上结构，专为 要求最严苛的数据通讯应用而设计，主要应用于800G及1.6T高速网络交换机、路由器、定制ASIC加速 器板以及半导体仿真与验证系统等产品中。该等产品采用超低损耗材料（如M8及以上等级材料），确 保高频高速信号完整性。其中部分产品采用高度复杂的结构设计，例如三次及以上压合（如N+N或 N+M结构）以及HDI技术。HDI设计包含微孔（通过激光钻孔形成的极小孔径，用于连接相邻层）和跨 层盲孔（穿过多层但不与所有层连接的过孔）等特性。这些PCB具有高纵横比，必须满足最严苛的信号 完整性、电源完整性及整体可靠性标准。 ...

证券日报网讯2月9日，沪电股份（002463）在互动平台回答投资者提问时表示，公司高度重视资源回收 利用，关注PCB行业资源再利用处理新技术，把资源再利用作为节约资源、提高资源利用效率的重要举 措。公司已陆续投入酸碱性蚀刻废液回收设施、低铜电解回收设施、铜粉回收设施、废弃PCB粉碎回收 设施、金银电解回收设施以及金树脂回收等设施。 ...

证券日报网讯2月9日，沪电股份（002463）在互动平台回答投资者提问时表示，公司建立了严格的供应 链管理体系，与全球领先覆铜板供货商保持长期战略合作。依托与核心供货商超20年的稳定合作基础， 公司构建了覆盖全球多地的完整供应链布局，为产品制造提供坚实可靠的原材料保障。 ...

证券日报网讯2月9日，沪电股份（002463）在互动平台回答投资者提问时表示，公司在多年的发展历程 中，一贯注重工艺改进与技术创新，及时把握细分领域高端产品需求，持续保持自身研发水平的领先性 和研究方向的前瞻性。 ...

Core Viewpoint - The company emphasizes the importance of advanced technology research and development to lead in the PCB industry, focusing on high-performance and high-reliability technologies [2] Group 1: Technology Development - The company has a clear technical roadmap based on industry trends and future market demand insights [2] - Key research areas include high-layer count, high-frequency and high-speed, high-density interconnect, and high current-carrying capacity PCB technologies [2] - The company has established a leading technical capability through systematic layout in foundational research areas such as signal integrity, power integrity, and system integration [2] Group 2: Competitive Advantage - The company aims to respond promptly to technological iterations and industry changes to maintain a long-term competitive edge [2]

Group 1 - The company emphasizes its commitment to process improvement and technological innovation throughout its development history [1] - The company actively identifies high-end product demands in niche markets, maintaining a leading position in research and development [1] - The company focuses on the foresight of its research direction to stay ahead in the industry [1]