Core Viewpoint - Shenghong Technology is actively engaging with institutional investors and showcasing its commitment to embracing AI and technological advancements in the PCB manufacturing sector, aiming to solidify its position as a key partner for leading tech companies globally [1][2]. Group 1: Company Overview - Shenghong Technology (300476) reported a latest stock price of 264.31 yuan, down by 10.58 yuan or 3.85% from the previous trading day, with a total market capitalization of 230.04 billion yuan [1]. - The company operates in the electronic components industry, which has an average rolling P/E ratio of 91.98, with Shenghong's P/E ratio at 63.29, ranking 51st in the industry [1]. Group 2: Production and Capacity Expansion - The company is currently experiencing a strong order backlog, maintaining a good capacity utilization rate while actively pursuing expansion efforts [2]. - Domestic capacity expansion includes the phased production of the Huizhou factory's fourth project, with the tenth and eleventh projects progressing as planned [2]. - Internationally, the first phase of the A1 building upgrade at the Thailand factory was completed in March 2025, with the second phase of high-end capacity now in production verification [2]. Group 3: Technological Advancements - Shenghong Technology has the capability to mass-produce high-precision circuit boards with over 70 layers and is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products [2]. - The company is also advancing the R&D certification of 10-stage 30-layer HDI technology [2]. Group 4: Financial and Investor Relations - As of January 20, 2026, Shenghong Technology had 203,050 shareholders, an increase of 15,751 from the last count, with an average holding value of 1.1329 million yuan and an average shareholding of 4,300 shares [2]. - The Ruiyuan Growth Value Mixed A fund, which holds shares in Shenghong Technology, reported a latest net value of 2.0094 yuan, with a one-year return of 74.90% and a three-year return of 25.87% [3].

Group 1 - Evergrande Auto and its subsidiaries have been listed as defendants in a legal case with an execution amount exceeding 200 million yuan, as reported by Tianyancha [2] - Moutai has corrected the packaging for its 53% vol 500ml classic version of Moutai liquor (Year of the Horse) and plans to resume production on January 23, 2026 [3][4] - The Ministry of Industry and Information Technology has announced the 2025 National Key R&D Program for the industrialization of high-tech achievements, with a two-year implementation period [4] Group 2 - Victory Technology has denied rumors of placing an order for 1,000 ultra-fast devices with Dazhu CNC, stating that the information circulating online is false [5] - Shanghai has registered 8 new generative AI services, bringing the total to 153 registered services as of January 23 [6] - Ericsson reported a 6% year-on-year increase in sales for Q4 2025, with sales amounting to 69.29 billion Swedish Krona and an adjusted EBITA of 12.7 billion Swedish Krona, achieving a profit margin of 18.3% [7] Group 3 - TikTok has announced the establishment of a U.S. data security joint venture, TikTok USDS Joint Venture LLC, which will handle data protection, algorithm security, and content review in the U.S. [8][9] - The inventory of passenger vehicles in China is projected to reach 3.65 million units by the end of December 2025, with a year-on-year increase of 600,000 units [10] - UBS plans to offer cryptocurrency trading services to select private banking clients, marking a significant move into the digital asset space [11] Group 4 - Reports of Tesla's Full Self-Driving (FSD) system being approved in China next month have been deemed false by reliable sources [12] - The company behind the "Is it dead?" app has been listed as operating abnormally due to remote work, according to the Zhengzhou market supervision authority [13] - Tongyuan Environment clarified that it is not involved in the optical module industry chain and has no business ties with Wang Xiaodong's employer [14]

人民财讯1月24日电，胜宏科技（300476）近日接受机构调研时表示，目前公司在手订单充足，业务进 展顺利，产能利用率维持在良好水平，订单生产和交付均在正常履行中。公司正在全力以赴推进扩产， 当前各环节进度顺利，公司扩产速度已处于行业领先水平。新厂房将陆续推进主体施工、设备安装与调 试等工作，厂房初期的产线磨合和产能产量逐步释放是行业的必经过程。公司与客户保持密切沟通，根 据客户需求推进产能准备工作，随着新产能爬坡并贡献业绩，公司对后续盈利能力充满信心。 ...

Core Viewpoint - The rapid growth in demand for servers and switches driven by AI infrastructure is leading to a surge in the need for high-end PCB products such as HDI and high multilayer boards, which are essential for meeting the high load and high-frequency operation requirements of AI applications [2][10]. Group 1: HDI Boards - Definition and Function: HDI boards are high-density interconnect printed circuit boards that achieve complex circuit functions in smaller spaces through higher wiring density and advanced structures like buried and blind vias [3]. - Application Scenarios: HDI boards are crucial for miniaturizing and enhancing the performance of electronic products, widely used in smartphones, 5G base stations, and autonomous vehicles [5]. Group 2: High Multilayer Boards - Definition and Function: High multilayer boards typically have more than 10 layers and are designed to provide sufficient wiring channels and stable electrical environments for complex, high-speed signal systems [6]. - Application Scenarios: These boards are essential components in high-end servers, core communication devices, and applications requiring high reliability, such as aerospace and supercomputers [9]. Group 3: Market Development and Competitive Landscape - Market Growth: The global PCB market is projected to reach $98.4 billion by 2027, with an 8-year CAGR of 6%. In China, the PCB market is expected to grow from 226.7 billion yuan to 346.9 billion yuan from 2019 to 2024, with a 5-year CAGR of 9% [10]. - Competitive Landscape: Leading companies in Japan and Taiwan dominate the high-end PCB and HDI sectors, while top Chinese manufacturers are rapidly emerging in the high-speed multilayer board market [10]. Group 4: Key Domestic Enterprises' Latest Developments - Shenghong Technology: The company is expanding its production capacity for high-end HDI and multilayer PCBs across multiple locations, including factories in Huizhou, Thailand, Vietnam, and Malaysia [13]. - Dongshan Precision: The company has announced a $1 billion investment plan for Multek, with approximately $200 million already invested in upgrading existing facilities [13]. - Shennan Circuit: The company has eight ongoing projects with a total investment of about 17 billion yuan, focusing on high-layer boards and HDI technology [13]. - Unimicron Technology: The company plans to invest 4.3 billion yuan in a project for high-end PCBs to meet the long-term demand from AI and high-speed computing applications [14].

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for high-end products, particularly due to advancements in AI data centers and related technologies, leading to a positive outlook for 2025 earnings across various companies in the sector [1][2]. Group 1: Company Performance - Approximately 80% of the 20 PCB companies that have released earnings forecasts for 2025 expect profit growth, with companies like Jin'an Guoji and Shenghong Technology projecting net profit increases exceeding 250% [1]. - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, representing a year-on-year growth of 260.35% to 295.00% [3]. - Founder Technology expects a net profit of 430 million to 510 million yuan for 2025, an increase of 67.06% to 98.14% compared to the previous year [3]. - Benchuan Intelligent forecasts a net profit of 30.4 million to 45.6 million yuan for 2025, reflecting a growth of 28.06% to 92.08% year-on-year [4]. Group 2: Market Trends - The demand for high-end PCB products, such as multilayer boards and HDI boards, is increasing due to the rising requirements for signal transmission rates and data loss in AI and high-performance computing [2]. - China is expected to maintain its position as the largest PCB production region, accounting for over 50% of global output in the coming years [2]. Group 3: Material and Equipment Upgrades - The continuous production of high-end products is driving the upstream materials and equipment sectors towards high-end upgrades, creating a robust market demand for high-end supporting products [5]. - Jin'an Guoji projects a net profit of 280 million to 360 million yuan for 2025, with a growth of 655.53% to 871.40% year-on-year, driven by improved market conditions for copper-clad laminates [6]. - Dafu Technology expects a net profit of 97 million to 125 million yuan for 2025, recovering from a loss of 245 million yuan in the previous year [6]. - The demand for high-end manufacturing equipment is surging, with companies like Dazhu CNC projecting a net profit of 785 million to 885 million yuan for 2025, an increase of 160.64% to 193.84% year-on-year [7]. Group 4: Emerging Technologies - Companies are expanding their focus on emerging markets such as AI power servers and robotics, with Benchuan Intelligent actively pursuing these opportunities [4]. - The demand for precision tools and polishing materials is also rising, with Ding Tai Gao Ke expecting a net profit of 410 million to 460 million yuan for 2025, reflecting a year-on-year growth of 80.72% to 102.76% [8].

AI基金中航机遇领航混合发起A（018956）披露2025年四季报，第四季度基金利润2.79亿元，加权平均基金份额本期利润0.5246元。报告期内，基金净值增 长率为18.38%，截至四季度末，基金规模为24.75亿元。 该基金属于偏股混合型基金，长期投资于TMT股票。截至1月22日，单位净值为3.572元。基金经理是韩浩，目前管理的4只基金近一年均为正收益。其中， 截至1月22日，中航机遇领航混合发起A近一年复权单位净值增长率最高，达138.92%；中航军民融合精选A最低，为26.61%。 基金管理人在四季报中表示，报告期内 A 股市场整体震荡上行，本基金通过对 AI 算力产业链的跟踪研究发现，2026 年算力景气度继续向上，且对于后续 订单预期的确定性越发加强。所以本基金四季度配置上依然对业绩确定性很高的 AI 基础设施方向进行了重点布局。海外 AI 算力机柜进入产品迭代周期， NPO、CPO 在 scale-up 场景，能解决带宽密度+突破规模限制，对 AI 系统性能提升起到关键作用，推动光连接占 AI 集群的价值量比例提升，光通信上游多 数物料（CW 激光器、无源器件等）的产能在 26H2 有望加速释 ...

Core Insights - The company has the capability for mass production of high-precision circuit boards with over 70 layers, positioning itself as a leader in the industry [1] - It is among the first globally to achieve large-scale production of 6-stage 24-layer AI computing data center products, showcasing its advanced technological capabilities [1] - The company is actively advancing the research and certification of 10-stage 30-layer HDI technology and possesses capabilities for over 100-layer high multilayer PCB technology [1]

Group 1: Investor Relations Activities - The company conducted an investor relations activity on January 23, 2026, with 53 institutional investors participating [1] - Activities included a company tour, production workshop visit, and a presentation on the company's development [1][2] Group 2: Company Performance and Strategy - The company aims to embrace AI and enhance its technological leadership in the global PCB manufacturing sector [1][3] - High-end products have significantly increased in proportion, driving rapid growth in company performance [3] Group 3: Production Capacity and Expansion - The company maintains a good order backlog and production capacity utilization, with ongoing expansion efforts [3][4] - Domestic production facilities in Huizhou are gradually being put into operation, while overseas facilities in Thailand and Vietnam are progressing as planned [3][4] Group 4: Product Development and Market Position - The company has achieved mass production capabilities for high-precision circuit boards and is advancing in the development of next-generation AI server products [3][4] - The company is actively involved in the research and development of new technologies and materials, collaborating closely with major clients [4] Group 5: Raw Material Supply and Pricing - The company has established stable relationships with key raw material suppliers, ensuring a steady supply [4] - Strategies are in place to mitigate the impact of raw material price fluctuations on product pricing [4] Group 6: Hong Kong Listing Progress - The company is in the process of issuing H shares and has submitted the application to the Hong Kong Stock Exchange [5] - The listing is subject to approval from regulatory authorities and market conditions, with ongoing updates to be provided [5]

Group 1 - Teruid (特锐德) plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Aotwei (奥特维) states that "space photovoltaic" is still in the early exploration and R&D stage [1] Group 2 - Anqi Yeast (安琪酵母) intends to invest 222 million yuan in a green manufacturing project for an annual production of 12,000 tons of yeast products [1] - Beiqi Blue Valley (北汽蓝谷) plans to invest 1.991 billion yuan to build a high-end platform model industrialization and digital upgrade project [1] Group 3 - Jingzhida (精智达) signed a contract worth 1.311 billion yuan for semiconductor testing equipment and supporting fixtures [1] - Qiaoyin Co. (侨银股份) is expected to win a pre-bid of approximately 61 million yuan for integrated sanitation and landscaping services [1] - Chengdi Xiangjiang (城地香江) won the EPC general contracting procurement project for China Mobile's data center [1] Group 4 - Shannon Chip (香农芯创) expects a net profit growth of 81.77% to 134.78% year-on-year for 2025 [1] - Zhongwei Company (中微公司) anticipates a net profit growth of approximately 28.74% to 34.93% for 2025 [1] Group 5 - Shenghong Technology (胜宏科技) plans to acquire 100% equity of SPMY, enhancing its FPC/PCB production capacity in Southeast Asia [1] Group 6 - Jinkai New Energy (金开新能) intends to repurchase shares with an investment of 500 million to 600 million yuan [1] - Wenzhou Hongfeng (温州宏丰) actual controller Chen Xiao plans to reduce his stake by no more than 3% [2] - Guohang (国货航) Innovation Fund plans to reduce its stake by no more than 1.02% [2] - Zhongqi New Materials (中旗新材) plans to reduce its stake by no more than 3% [2] - Pengling Co. (鹏翎股份) actual controller plans to increase his stake by 20 million to 40 million yuan [2] Group 7 - Jinlei Co. (金雷股份) plans to raise no more than 1.55 billion yuan through a private placement [2] - Huashen Technology (华神科技) intends to raise no more than 450 million yuan through a private placement [2]

证券日报网讯1月23日，胜宏科技（300476）在互动平台回答投资者提问时表示，公司坚持规范运作， 严格遵循相关法律法规及内部规章制度，不存在控股股东非经营性资金占用等侵害公司利益的情况。关 于公司的各项重大信息，均以公司通过指定信息披露媒体发布的正式公告为准，AI创作信息请注意甄 别。 ...