证券代码：002916 证券简称：深南电路 公告编号：2026-002 深南电路股份有限公司 关于限制性股票激励计划（第二期）激励对象名单的 审核意见及公示情况说明 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。 深南电路股份有限公司（以下简称"公司"）分别于 2025 年 12 月 12 日、12 月 30 日召开第四届董事会第十次会议和第四届董事会第十一次会议，审议通过 了《深南电路股份有限公司 A 股限制性股票激励计划（第二期）（草案）》及其 摘要、《深南电路股份有限公司 A 股限制性股票激励计划（第二期）（草案修订 稿）》及其摘要等相关议案，具体内容详见披露于《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）的相关公告。 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司股权激励管理办法》（以下简称《管理 办法》）等有关法律法规及规范性文件以及公司限制性股票激励计划（第二期） （以下简称"本激励计划"）的有关规定，公司对本激励计划拟授予的激励对象 名单在公司内部进 ...

Core Viewpoint - Yulong Technology is making a second attempt to go public on the ChiNext board after previously withdrawing its IPO application in June 2023. The company has shown significant profit growth, surpassing the listing requirements for net profit [1][11]. Financial Performance - The net profits of Yulong Technology from 2022 to the first half of 2025 were reported as 66.84 million, 75.72 million, 120.60 million, and 70.33 million respectively, indicating a substantial increase in profitability [1][11]. - The revenue from the "smart control card" business increased from 457 million to 725 million, a nearly 60% growth, while the gross profit only rose from 124 million to 138 million, showing a modest increase of 14.78 million [12][13]. - The "precision functional device" business saw its gross profit margin rise significantly from 11.93% in 2022 to 29.77% in 2025, with gross profit increasing from 34.39 million to 87.91 million, contributing 70% of the total gross profit increase over two years [14][16]. Business Segments - The "smart control card" business is crucial for converting image data signals into display signals, acting as the "brain" of semiconductor display panels [2][12]. - The "precision functional device" business includes components with various functionalities such as electromagnetic shielding and thermal conductivity, which have shown a significant increase in gross profit margins compared to peers [4][16]. Market Comparison - Yulong Technology's gross profit margin for precision functional devices is higher than the average of comparable companies, which experienced a decline in their margins during the same period [6][16]. - The company has implemented process improvements and increased automation, leading to reduced unit costs and improved gross margins, while also facing fluctuations in customer demand [17][20]. Future Outlook - The company aims to clarify the details of its key business segments and their contributions to profitability in future inquiries, as understanding these aspects will be critical for assessing Yulong Technology's performance and growth potential [21].

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

Core Viewpoint - The semiconductor industry is experiencing a continuous recovery in December, with prices on an upward trend, highlighting structural opportunities in AI computing power, AIOT, semiconductor equipment, key components, and storage price increases [1][2][3] Group 1: Industry Demand and Supply - Global semiconductor demand showed improvement in December, with slight growth in PC and smartphone sales, and rapid growth in TWS headphones, wearable devices, and smart home products, while AI servers and new energy vehicles maintained high growth [2][4] - Despite high inventory levels, demand in certain segments driven by AI is leading to price increases from upstream wafer foundries, although memory price hikes may slow down shipments of consumer electronics like smartphones and PCs [2][3] - The overall semiconductor supply-demand balance is expected to remain favorable in January, with global semiconductor sales in October showing a year-on-year increase of 27.23% and a cumulative increase of 21.19% from January to October [3] Group 2: Price Trends and Market Dynamics - In December, the price of storage modules increased significantly, with ranges from 10.42% to 68.42%, and DRAM and NAND flash prices also saw increases between 1.73% and 57.42% [3] - The global semiconductor equipment shipment value increased by 10.80% year-on-year in Q3 2025, indicating a stronger procurement trend [3] Group 3: Key Players and Market Developments - New domestic GPU companies like Moore Threads and Muxi have recently gone public, while established firms like Broadcom and Micron reported significant growth in Q4 driven by AI [2][5] - The approval of NVIDIA's H200 for export to China is expected to enhance domestic large model training efficiency, indicating a shift in U.S. export policies for AI chips [5][6] Group 4: Investment Recommendations - The industry is advised to focus on key players benefiting from strong domestic and international demand in the AIOT sector, as well as those in the AI innovation-driven segment, semiconductor equipment, and storage sectors [7] - Specific companies to watch include Lexin Technology, Cambrian, and various semiconductor equipment manufacturers, as well as those in the power and CIS sectors [7]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Chinese stock market and its potential for a "comprehensive bull market" in 2026, driven by multiple favorable factors including policy benefits, a moderately loose liquidity environment, and continuous improvement in the fundamentals of listed companies [3][15][66]. Core Investment Themes 1. **AI Computing and Applications**: - AI computing is expected to be a core investment theme, with significant growth anticipated in the AI server market, projected to reach $158.7 billion by 2025, with a compound annual growth rate (CAGR) of 17.3% [78]. - Companies like Haiguang Information are leading in AI computing, with their DCU deep computing chips receiving bulk orders from major internet firms [79]. 2. **Traditional Cyclical Industry Recovery**: - The recovery of traditional cyclical industries is highlighted as a key investment area, with expectations for improved profitability in sectors such as steel, cement, and chemicals due to policy support and market demand [69][70]. 3. **High Dividend Yield Assets**: - High dividend yield assets, particularly in banking, insurance, and coal sectors, are expected to attract long-term investors, providing a stable income during the anticipated bull market [14][15][66]. Market Dynamics - The Shanghai Composite Index has shown strong performance, breaking the 4000-point mark, indicating a return of profitable investment opportunities [12]. - The market is expected to experience a "spring rally," with strong performance anticipated in sectors like non-ferrous metals and technology [17]. Policy Environment - The Central Economic Work Conference emphasized the need for a more proactive fiscal policy and a moderately loose monetary policy to support economic growth and stabilize prices [68][70]. - Key tasks for 2026 include building a strong domestic market and enhancing support for technological innovation and industrial upgrades [69][70]. Economic Indicators - The manufacturing Purchasing Managers' Index (PMI) rose to 50.1 in December 2025, indicating expansion, driven by policy support and improved external demand [49]. - Industrial profits for large-scale enterprises showed a slight increase, with total profits reaching 66,268.6 billion yuan, a year-on-year growth of 0.1% [50]. Investment Recommendations - Investors are advised to focus on three main sectors for 2026: 1. **Technology Growth Stocks**: Emphasizing AI and semiconductor industries. 2. **Core Blue-Chip Stocks**: Including traditional consumer sectors like liquor and real estate. 3. **High Dividend Stocks**: Expanding beyond banks to include insurance and coal sectors [12][14][15]. Conclusion - The combination of favorable policies, improved company fundamentals, and a supportive liquidity environment is expected to create a robust foundation for a comprehensive bull market in 2026, with significant opportunities in AI, traditional industries, and high dividend yield assets [3][15][66].

Summary of Conference Call Records Industry and Company Involved - The conference call primarily discusses advancements in the PCB (Printed Circuit Board) industry, particularly focusing on NV and its competitors in the optical module and IC substrate markets. Key Points and Arguments NV's Developments - NV is attempting to combine narrow boards with PCBs to address high-speed communication issues and has tested advanced HDR processes to reduce costs. The new solution is expected to be finalized for mass production by March 2026, with a price of approximately 6,700 RMB per square meter. Major clients like Amazon and Google are in the certification process [1][5][6]. - The company has delivered over 23,000 square meters of orthogonal backplane to NVIDIA and has an additional order of 18,000 square meters, including 16 samples, expected to be completed by mid-2026 [1][7]. Material Comparisons - The new material, referred to as "Ma Jiu," outperforms PTFE in functionality, environmental standards, and high-temperature resistance, although it has not yet reached mass production. It is more suitable for high-performance applications [1][4]. - The current small-batch production backplane has more than 70 layers, primarily using a combination of Ma Jiu and PTFE materials, supplied by companies like Taiguang, Doosan, and Panasonic [1][9]. Market Trends and Competitors - The optical module market is relatively less competitive, with leading companies including NV, New Rise, and Fudian. Huadian is also transitioning to optical modules, targeting the high-end market with a monthly capacity of about 8,000 to 10,000 square meters [1][11]. - The global IC substrate expansion is focused on high-end products, with domestic companies like Xingxing Technology and Jinwei Electronics investing at least 1.3 billion RMB per factory, with drilling equipment accounting for about 30% of the investment [2][18]. Financial Projections - NV anticipates significant revenue growth in 2026, projecting earnings between 2 to 3 billion RMB, driven by a shift from trial production to mass production and an increase in average prices from over 4,000 RMB to 7,000 RMB per square meter [2][12]. Future Outlook - The COOP substrate PCB integration plan is expected to advance in March 2026, with product data confirmation anticipated by mid to late November [2][13]. - The mainstream chip size is currently 100mm by 20mm, with layer counts typically between 12 and 18 [2][14]. Technology and Production Insights - Ultra-fast lasers are widely used in chip manufacturing, allowing for smaller apertures, which is crucial for high-precision requirements in AI applications [2][15]. - The transition from HDI to MSAP processes for optical module PCBs is noted, with average prices ranging from 6,800 to 9,000 RMB per square meter [1][10]. Client-Specific Developments - Google plans to launch a large number of samples starting November 2025, with expectations for mass production in the following year, focusing on upgrading various sectors, including urban HBI and high-layer fields [2][26]. - Compared to NVIDIA, Google's products are positioned as higher-end, while NVIDIA focuses on volume sales, highlighting the differing strategies of the two companies [2][27]. Additional Important Information - The integration of new materials and technologies in IC substrate production is changing traditional processes, with a focus on enhancing precision and performance [2][19][20]. - The competitive landscape in the optical module market is characterized by a demand for high-end products, with fewer players compared to traditional HDI high-layer products [1][11].

Core Viewpoint - ShenNan Circuit experienced a 4.25% increase in stock price on January 7, with a trading volume of 2.858 billion yuan, indicating strong market interest and activity in the stock [1]. Group 1: Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39% [2]. - The net profit attributable to shareholders for the same period was 2.326 billion yuan, reflecting a significant year-on-year increase of 56.30% [2]. - Cumulatively, the company has distributed 3.441 billion yuan in dividends since its A-share listing, with 1.744 billion yuan distributed over the past three years [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period, while the average number of circulating shares per person increased by 34.75% to 16,847 shares [2]. - On January 7, the company recorded a net financing buy of -91.16 million yuan, with a total financing balance of 12.12 billion yuan, which is 0.74% of the circulating market value and above the 90th percentile of the past year [1]. - The short selling activity on January 7 included 2,300 shares sold and 500 shares repaid, with a short selling balance of 754.4 thousand yuan, also above the 90th percentile of the past year [1]. Group 3: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 21.7066 million shares, an increase of 7.4697 million shares from the previous period [3]. - The top ten circulating shareholders included several new entrants, such as Yongying Technology Smart Selection Mixed Fund A, which held 4.6218 million shares [3]. - Notable exits from the top ten circulating shareholders included Huaxia CSI 300 ETF and Jiashi CSI 300 ETF [3].

Core Viewpoint - Defu Technology (301511) has established stable partnerships with several well-known downstream manufacturers, indicating a strong market position and comprehensive product coverage across various applications by the mid-2025 semi-annual report [1] Group 1: Company Partnerships - Defu Technology has formed stable collaborations with notable companies such as Shenghong Technology (300476), Shunyi Technology, Panasonic, and others [1] - The partnerships include a diverse range of manufacturers, showcasing the company's extensive network within the industry [1] Group 2: Product Coverage - The company has achieved full category and application field coverage in its product line, enhancing its competitive edge in the market [1]

Group 1 - The core viewpoint of the article highlights that Defu Technology has established stable partnerships with well-known downstream manufacturers such as Shenghong Technology, Shenghong Technology, and Panasonic, among others [1] - As of the semi-annual report in 2025, Defu Technology's product line has achieved comprehensive coverage across all categories and application fields [1]

智通财经APP获悉，中银国际发布研报称，2026年CES展上黄仁勋宣布AI进入"物理AI"时代。机器人和 自动驾驶有望成为"物理AI"的理想载体。Rubin平台进入全面量产，其中核心原材料有望迎来"从 0→1"的关键节点，供应链备货亦有望提速。该行认为AI已经逐渐从数字世界延伸至真实世界，机器 人、自动驾驶、端侧AI硬件有望成为AI的市场载体，AI正式走向商业化落地。 中银国际主要观点如下： AI核心原材料有望迎来"从0→1"的关键节点 该行预计英伟达Rubin服务器的Compute Tray/Switch Tray/Midplane/CPX对应的PCB和CCL解决方案将分 别升级M8/M8.5/M9/M9的解决方案，其中M9解决方案可能会采用高频高速树脂+HVLP4/5铜箔+Q布的 材料组合，而M8.5解决方案可能会采用高频高速树脂+HVLP4铜箔+Low-Dk二代布的材料组合。该行认 为Rubin Ultra服务器有望采用M9树脂+高阶HVLP铜箔+Q布的正交背板的解决方案。该行预计Rubin服 务器上游供应链将在2026年上半年开启备货潮，届时M8.5和M9 PCB/CCL的核心原材料有望迎来"从 0→ ...