广州广合科技股份有限公司 关联（连）交易管理制度 （草案） （H 股发行上市后适用） 第一章 总则 第一条 为规范广州广合科技股份有限公司（以下简称"公司"或"本公 司"）关联（连）交易行为，维护公司和非关联（连）股东的合法权益,特别 是中小投资者的合法利益，根据《中华人民共和国公司法》《中华人民共和 国证券法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第1号—主板上市公司规范运作》《上市公司信息披露管理办法》 《香港联合交易所有限公司证券上市规则》（以下简称"《香港联交所上市 规则》"）等法律法规、规范性文件及《广州广合科技股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，结合公司的实际情况，特制定 本制度。 第二条 公司关联（连）交易应遵循诚实信用、平等、自愿、公平、公开、 公允的原则，不得损害公司和非关联（连）股东的利益。应遵循关联（连） 董事和关联（连）股东回避表决的原则。 公司对关联（连）交易实行分类管理，按照相关法律法规以及《深圳证 券交易所股票上市规则》《香港联交所上市规则》的规定认定关联人以及关 连人士范围，并按照相关规定履行关联（连）交易的审批、信息披露等 ...

Core Viewpoint - Guanghe Technology (001389.SZ) plans to acquire land use rights in Guangzhou for the construction of the Yunqing Intelligent Manufacturing Base project, with an investment of approximately 2.6 billion RMB [1] Group 1: Project Details - The project will be financed through self-owned funds, bank loans, or other financing methods [1] - The land area for the project is 27,452.5 square meters, with a land transfer period of 50 years [1] - The starting bid for the land is 41.32 million RMB [1] Group 2: Financial Projections - The project timeline is set from the second half of 2025 to 2027, with an estimated post-tax payback period of about 6.5 years [1] Group 3: Strategic Implications - The construction of this project aims to expand the production capacity of high-end printed circuit boards to meet the demands of clients in the server application sector [1] - This initiative is expected to enhance the competitiveness of the company's core products and solidify its market position [1]

Core Insights - The company plans to acquire land use rights in Guangzhou for approximately 2.6 billion RMB to build the Cloud Manufacturing Base project [1] - The project aims to enhance the production capacity of high-end printed circuit boards to meet the demands of server application clients [1] - The expected tax return period for the project is about 6.5 years, with a project timeline from the second half of 2025 to 2027 [1] Financial Details - The total investment for the project is around 2.6 billion RMB, which includes the cost of land use rights [1] - The starting bid for the land is set at 41.32 million RMB [1] - Funding sources for the project will include self-owned funds, bank loans, or other financing methods [1] Project Specifications - The land area for the project is 27,452.5 square meters, with a land grant period of 50 years [1] - The project is expected to solidify the company's market position and enhance the competitiveness of its core products [1]

证券代码：001389 证券简称：广合科技 公告编号：2025-049 广州广合科技股份有限公司 关于拟购买土地使用权并投资建设云擎智造基地项目的公告 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。 特别提示： 1、广州广合科技股份有限公司（以下简称"公司"）本次拟购买土地使用权 需要通过招拍挂公开出让方式竞拍取得，土地使用权能否竞得、土地使用权的最 终成交价格及取得时间存在不确定性。 2、云擎智造基地项目（以下简称"本项目"）投资金额、建设周期及实施进 度等均为预估值，尚存在不确定性，公司将根据经营计划、资金情况及协议条款 分步实施。 3、本项目在实施过程中可能会面临各种不确定因素，可能会受到宏观经济 环境、行业发展趋势及国家或地方政策变化等不确定性因素影响，从而导致项目 开工建设、竣工及正式投产能否按照预计期限完成存在不确定性。 4、本项目提及的投资金额、投资计划等是基于目前情况结合市场环境拟定 的初步规划，不代表公司对未来业绩的预测，亦不构成对投资者的业绩承诺。公 司后续将根据项目进展情况，按照相关法律法规的规定及时履行信息披露义务， 敬请广大投资者注意 ...

电子行业 | 事 件 点 评 超配 电子行业事件点评 （维持） | | --- | | "人工智能+"纲领性文件出台，关注 AI 终端及算力领域 罗炜斌（SAC 执业证书编号：S0340521020001） | | 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn | | 2025 年 8 月 27 日 | | 陈伟光（SAC 执业证书编号：S0340520060001） | | 电话：0769-22119430 邮箱：chenweiguang@dgzq.com.cn | | 行 事件： 业 | | 研 7月31日，国常会审议通过《关于深入实施"人工智能+"行动的意见》。8月26日，国务院公布《关于深 | | 究 入实施"人工智能+"行动的意见》。 | | 点评： | | "人工智能+"纲领性文件正式出台。《关于深入实施"人工智能+"行动的意见》提出到2027年实现 | | 人工智能与6大重点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%；到2030年新一 | | 代智能终端、智能体等应用普及率超90%；到2035年我国全面步入智能经济和智能社会发展新阶段等 | ...

Core Viewpoint - The report from Minsheng Securities highlights "speed" and "power" as the two core contradictions in current AI development, with PCB (Printed Circuit Board) being a crucial component in the AI industry chain, benefiting significantly from the ongoing advancements in PCB technology and processes [1] Group 1: PCB Industry Trends - The PCB industry is experiencing rapid development in advanced packaging and high-density interconnect technologies, transitioning from traditional HDI and substrate technologies to mSAP processes capable of sub-10μm line widths to meet the demands of high-speed signal transmission and large-scale integration [1] - New technologies such as CoWoP (Chip-on-Wafer-on-Panel) are changing the form of packaging substrates by using large-size PCBs to carry multiple chips, thereby reducing costs and enhancing interconnect density [1] Group 2: Upstream Material Demand - Driven by AI demand, leading PCB manufacturers like Shenghong Technology, Huitian Technology, and Pengding Holdings are actively expanding production, creating a resonance between material upgrades and capacity expansion [2] - Key upstream materials for PCBs include copper foil, electronic cloth, and resin, with upgrades in these materials to meet the requirements of high-speed signal transmission and lightweight designs [2] Group 3: Equipment Supply and Domestic Substitution - The core processes of PCB manufacturing, including drilling, electroplating, and etching, are critical for determining interconnect density, signal integrity, and production yield, with increasing demands for precision and reliability in these processes [3] - Domestic equipment manufacturers such as Dazhu CNC, Dingtai High-Tech, and Dongwei Technology are accelerating their layouts in advanced process equipment for high-layer boards, HDI, and mSAP, reflecting the industry's shift towards domestic substitution [3] Group 4: Investment Recommendations - Recommended PCB leading manufacturers include Shenghong Technology (300476.SZ), Pengding Holdings (002938.SZ), Huitian Technology (002463.SZ), Shenzhen South Circuit (002916.SZ), Guanghe Technology (001389.SZ), and Jingwang Electronics (603228.SH) [4] - In the materials sector, companies with core technologies and customer resources such as Honghe Technology (603256.SH), Zhongcai Technology (002080.SZ), Feilihua (300395.SZ), Defu Technology (301511.SZ), Longyang Electronics (301389.SZ), and Meilian New Materials (300586.SZ) are recommended [4] - For equipment, focus on domestic substitution in core segments with companies like Dazhu CNC (301200.SZ), Xinqi Microelectronics (688630.SH), Dingtai High-Tech (301377.SZ), and Dongwei Technology (688700.SH) [4]

广合科技股价创出历史新高，截至14:18，该股上涨6.28%，股价报73.76元，成交量1413.97万股，成交金额10.07亿元，换手率9.41%，该股最新A股总市值达313.65亿元，该股A股流通市 证券时报•数据宝统计显示，广合科技所属的电子行业，目前整体涨幅为1.39%，行业内，目前股价上涨的有223只，涨停的有合力泰、景旺电子等4只。股价下跌的有251只，跌幅居前的有天津 两融数据显示，该股最新（8月22日）两融余额为5.05亿元，其中，融资余额为5.04亿元，近10日减少1.13亿元，环比下降18.29%。 公司发布的半年报数据显示，上半年公司共实现营业收入24.25亿元，同比增长42.17%，实现净利润4.92亿元，同比增长53.91%，基本每股收益为1.1610元，加权平均净资产收益率14.81% 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎 ...

Market Performance - The component sector increased by 4.52% on August 25, with Shengyi Electronics leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers in Component Sector - Shengyi Electronics (688183) closed at 73.36, up 12.69% with a trading volume of 344,400 shares and a transaction value of 2.39 billion [1] - Fangbang Co., Ltd. (688020) closed at 66.99, up 12.31% with a trading volume of 78,400 shares and a transaction value of 507 million [1] - Jingwang Electronics (603228) closed at 59.60, up 10.00% with a trading volume of 592,700 shares and a transaction value of 3.43 billion [1] - Victory Technology (300476) closed at 239.90, up 9.00% with a trading volume of 837,800 shares and a transaction value of 18.58 billion [1] - Other notable gainers include Shenzhen South Circuit (002916) and Dongshan Precision (002384), with increases of 7.46% and 7.32% respectively [1] Underperformers in Component Sector - Tianjin Pulin (002134) closed at 23.40, down 10.00% with a trading volume of 312,600 shares [2] - Jinsai Technology (871981) closed at 44.24, down 4.63% with a trading volume of 59,700 shares [2] - ST Dongjing (002199) closed at 10.93, down 3.10% with a trading volume of 73,900 shares [2] Capital Flow in Component Sector - The component sector saw a net inflow of 162 million from main funds, while retail investors experienced a net outflow of 236 million [2]

Investment Rating - The report maintains a "Buy" rating for Guanghe Technology (001389) [3][4] Core Views - The company experienced rapid growth in the first half of 2025, with revenue reaching 2.425 billion yuan, a year-on-year increase of 42.17%. The net profit attributable to shareholders was 492 million yuan, reflecting a growth of 53.91% [4][5] - The growth is attributed to the company's proactive approach in seizing opportunities from strong demand for computing power, expanding its market for computing products, and overcoming technical bottlenecks in key product areas such as high-end HDI, AI servers, high-speed switches, next-generation general servers, and optical modules [5] - The company's gross margin improved to 36.41%, up by 2.07 percentage points year-on-year, while the net margin increased to 20.27%, up by 1.54 percentage points [5] Financial Summary - The total revenue for 2023 is projected at 26.78 billion yuan, increasing to 35.34 billion yuan in 2024, and further to 51.07 billion yuan in 2025, with an estimated growth to 63.54 billion yuan in 2026 [6] - The net profit attributable to shareholders is expected to rise from 4.15 billion yuan in 2023 to 6.76 billion yuan in 2024, reaching 10.09 billion yuan in 2025, and 13.18 billion yuan in 2026 [6] - The earnings per share (EPS) are forecasted to be 2.37 yuan for 2025 and 3.10 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 29 and 22 [5][6]

Core Insights - The electronic industry in China's A-share market is experiencing significant growth, with over 80% of the 191 companies reporting positive net profits in the first half of 2025, driven by the booming artificial intelligence sector [1] Group 1: Company Performance - Among the 191 companies, 64 reported net profits exceeding 1 billion yuan, with 6 companies surpassing 10 billion yuan in net profit [2] - Foxconn Industrial Internet Co., Ltd. achieved a revenue of 360.76 billion yuan, a year-on-year increase of 35.58%, and a net profit of 12.11 billion yuan, up 38.61% [2] - Huazhi Electronics Co., Ltd. reported a revenue of 8.494 billion yuan, a 56.59% increase, and a net profit of 1.683 billion yuan, up 47.50% [3] Group 2: Sector Growth - The semiconductor equipment sector saw significant profit growth, with companies like Semiconductor Manufacturing International Corporation and Hangzhou Changchuan Technology Co., Ltd. reporting net profit increases of over 50% [4] - In the printed circuit board sector, companies such as Shengyi Technology Co., Ltd. and Zhejiang Huazheng New Materials Co., Ltd. also reported net profit growth exceeding 50%, with Shengyi achieving a net profit increase of 452.11% [4] Group 3: Market Dynamics - The strong performance of companies in various electronic sub-sectors reflects enhanced competitiveness, improved technology levels, and production capabilities within the industry [3][5] - The growth is attributed to a combination of favorable policies, technological advancements, and market demand, leading to increased R&D investments and the establishment of technological advantages [5]