Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

Group 1 - The core viewpoint of the report indicates a significant price increase in memory chips, with NAND flash prices rising over 100% and DRAM prices increasing by 60%-70% in Q1, driven by surging demand from AI servers and data center capital expenditures [1] - The current memory chip price increase is expected to continue until mid-2026, marking a new cycle in the storage chip sector, with strong growth in AI server demand and domestic substitution creating investment opportunities in related listed companies [1] - The price hikes in memory chips are impacting downstream industries, with consumer electronics manufacturers facing cost pressures, leading to potential adjustments in product structure and pricing strategies [1] Group 2 - TSMC reported a record high revenue of $33.73 billion in Q4 2025, a year-on-year increase of 25.5%, exceeding previous guidance, with a net profit of approximately $16.3 billion, reflecting a 35% year-on-year growth [2] - The gross margin reached 62.3%, marking a 3.3 percentage point increase year-on-year, while the operating profit margin was 54%, and the net profit margin was 48.3%, all significantly surpassing market expectations [2] - Advanced process revenue accounted for 77% of total revenue, with 3nm process contributing 28%, indicating a strong growth engine for revenue [2] Group 3 - The passive components market is experiencing a new wave of price increases, with major manufacturers raising prices by 5%-30%, driven by rising raw material costs and increased demand from high-end sectors like AI servers and electric vehicles [3] - Price increases in passive components such as MLCCs, inductors, and resistors are expected to transmit to various downstream applications, influenced by rising wafer processing costs and strong demand in automotive and industrial sectors [3] Group 4 - Companies to watch include IC design firms such as Zhaoyi Innovation, Puran, Dongxin, Beijing Junzheng, and Lanke Technology, as well as storage module manufacturers like Demingli and Shannon Chip Creation [4] - AI-related PCB companies such as Shenghong Technology, Hudian Co., Jingwang Electronics, and Kexiang Technology are also recommended for attention [4]

因大族数控港股价格较A股过去一个月均价折让约36%，风险回报更具吸引力。在A股市场，该行更看 好大族激光（002008）(002008.SZ)而非大族数控。 花旗发布研报称，首次覆盖大族数控（301200）(03200)港股，看好公司作为中国领先的PCB钻孔设备 制造商，受惠于胜宏科技（300476）等本土AI PCB制造商需求强劲增长。花旗同时启动大族数控港股 评级，给予"买入"评级及142港元目标价。 该行将大族数控2025及2026年盈利预测分别上调18%与21%，并将大族数控(301200.SZ)A股目标价上调 约14%至160元人民币，以反映2025年初步业绩表现胜预期。然而，该行将其评级由"买入/高风险"下调 至"中性"，因机械钻孔业务的增长潜力已基本反映在股价中，而雷射钻孔业务的上行空间仍存不确定 性。 ...

6 February 2026 | 6:11AM HKT Equity Research Victory Giant (300476.SZ): Mgmt. visit: AI PCB dollar content increase driving growth; Efficient capacity expansion to support clients; Buy We hosted Victory Giant's board secretary in Hong Kong recently. Management is positive on the PCB dollar content increase in AI servers and is working closely with the major customer on the next generation products, meanwhile expanding to ASIC AI server supply chain, driving the revenue growth in the coming years. Management ...

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing, specifically for AI servers Key Points and Arguments 1. **Growth Drivers**: - Victory Giant's growth is supported by several factors including: - Global ramp-up in AI infrastructure - Upgrades in AI PCB specifications towards higher layer counts - Increasing dollar content of PCBs in AI servers - Expansion into ASIC AI server PCBs - Global capacity expansion backed by solid orders [1][6][18] 2. **Capacity Expansion**: - The company is actively expanding its production capacity: - The Huizhou 4th plant is operational in stages - The 10th and 11th plants are under construction - The second phase of the Thailand A1 plant has started producing verification boards - Construction of the Thailand A2 plant and a plant in Vietnam is progressing [1][6] 3. **Financial Performance**: - 4Q25 net income guidance is set at Rmb1,115 million, reflecting a 1% quarter-over-quarter increase and a 186% year-over-year increase [6] - Revenue for 1Q25 was Rmb4,312 million, showing a 42% quarter-over-quarter increase [6] - Despite a projected 14% cut in 2025E net income due to flat revenue growth, the company expects strong growth in 2026-27E with revenues increasing by 88% and 77% year-over-year respectively [8][19] 4. **Earnings Revision**: - The earnings estimates for 2025E have been revised down from Rmb21,079 million to Rmb19,483 million, reflecting an 8% decrease [9] - The company’s gross profit (GP) and operating profit (OP) estimates have also been adjusted downwards for 2025E [9] 5. **Valuation**: - The 12-month target price (TP) remains unchanged at Rmb550, based on a target P/E multiple of 26.3x derived from peer correlations [17][19] - The current price is Rmb271.37, indicating a potential upside of 102.7% [19] 6. **Market Position**: - Victory Giant is expected to maintain its leading position in the supply chain of major GPU AI server players, with an increasing market share in the ASIC AI server supply chain [1][6] Important but Overlooked Content - **Risks**: - Key risks include slower-than-expected ramp-up in AI server shipments, delays in PCB specification upgrades, and increased market competition [18] - **Revenue Projections**: - Revenue projections for 2026E and 2027E are Rmb36,642 million and Rmb64,752 million respectively, indicating significant growth potential [19] This summary encapsulates the critical insights from the conference call regarding Victory Giant's strategic direction, financial outlook, and market positioning within the PCB industry for AI servers.

Market Overview - The Shanghai Composite Index rose by 1.41% to close at 4123.09 points, with a daily high of 4123.16 points [1] - The Shenzhen Component Index increased by 2.17% to close at 14208.44 points, reaching a high of 14211.7 points [1] - The ChiNext Index saw a rise of 2.98%, closing at 3332.77 points, with a peak of 3340.33 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets was 26,556.13 billion yuan, with a financing balance of 26,387.82 billion yuan and a securities lending balance of 168.31 billion yuan, reflecting an increase of 6.15 billion yuan from the previous trading day [2] - The Shanghai market's margin trading balance was 13,475.12 billion yuan, up by 4.76 billion yuan, while the Shenzhen market's balance was 13,081.01 billion yuan, increasing by 1.39 billion yuan [2] - A total of 3,480 stocks had financing funds for purchase, with the top three being Xinyi Technology (25.36 billion yuan), Zhongji Xuchuang (24.32 billion yuan), and Shenghong Technology (17.14 billion yuan) [2][3] Fund Issuance - Eight new funds were issued yesterday, including: - Shangyin Stable and Wise Three-Month Holding (FOF) C - Xinyuan CSI Hong Kong Stock Connect Technology Index C - Xinyuan CSI Hong Kong Stock Connect Technology Index A - Shangyin Stable and Wise Three-Month Holding (FOF) A - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond A - Zhaoshang Yutian Mixed Initiation C - CITIC Construction Investment Shuangyi Three-Month Holding Period Bond C - Zhaoshang Yutian Mixed Initiation A [4][5] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list were led by: - Zhongwen Online with a net purchase of 715.97 million yuan - TCL Zhonghuan with 517.15 million yuan - Zhongchao Holdings with 406.27 million yuan - Hunan Silver with 354.37 million yuan - Jiecheng Shares with 230.40 million yuan [6][7]

Core Viewpoint - Citigroup expresses optimism about Dazhu CNC as a leading PCB drilling equipment manufacturer in China, benefiting from strong demand from domestic AI PCB manufacturers like Shenghong Technology [1] Group 1: Financial Forecasts - Citigroup raises Dazhu CNC's earnings forecasts for 2025 and 2026 by 18% and 21% respectively, reflecting better-than-expected preliminary performance [1] - The target price for Dazhu CNC's A-shares is increased by approximately 14% to 160 CNY [1] Group 2: Ratings and Market Position - The rating for Dazhu CNC is downgraded from "Buy/High Risk" to "Neutral" due to the growth potential of the mechanical drilling business being largely reflected in the stock price [1] - Citigroup initiates coverage on Dazhu CNC's Hong Kong shares with a "Buy" rating and a target price of 142 HKD, citing a 36% discount compared to the average price of A-shares over the past month, making the risk-reward profile more attractive [1] Group 3: Business Segments - There remains uncertainty regarding the upside potential of the laser drilling business, which could impact future growth [1]

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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]

Core Viewpoint - The performance of the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index and its related ETF reflects the overall performance of companies benefiting from the development of the Greater Bay Area, with notable movements in specific constituent stocks [1][2]. Group 1: Index Performance - As of February 10, 2026, the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) increased by 0.02%, with notable gains from stocks such as Zhaochi Co. (+9.96%) and Mingyang Smart Energy (+1.56%) [1]. - The Greater Bay Area ETF (512970) showed a mixed performance, with a recent price of 1.52 yuan and a cumulative increase of 2.91% over the past week as of February 9, 2026 [1]. Group 2: Liquidity and Trading Data - The trading volume for the Greater Bay Area ETF was reported at 0.00 yuan, with an average daily trading volume of 711,700 yuan over the past month [1]. - The Sharpe ratio for the Greater Bay Area ETF over the past year was 1.41, indicating a favorable risk-adjusted return [1]. Group 3: Drawdown and Fees - The maximum drawdown for the Greater Bay Area ETF year-to-date was 5.52%, with a relative benchmark drawdown of 0.02% [1]. - The management fee for the Greater Bay Area ETF is set at 0.15%, while the custody fee is 0.05% [1]. Group 4: Index Composition - As of January 30, 2026, the top ten weighted stocks in the Zhuhai-Hong Kong-Macao Greater Bay Area Development Theme Index accounted for 44.55% of the index, with China Ping An, Luxshare Precision, and BYD among the leading constituents [2][3]. - The index includes a maximum of 50 Hong Kong market securities, 300 companies from the Shanghai-Hong Kong-Shenzhen market, and 100 mainland market securities, all selected based on their alignment with the Greater Bay Area development theme [2].