Core Viewpoint - The company is leveraging a digital intelligent operation platform to optimize production processes and enhance efficiency, thereby improving cost control and overall competitiveness [1] Group 1: Digital Transformation - The company is utilizing digital technology to empower cost management through various dimensions including employee awareness, supply chain, product design, and processes [1] - The focus on digitalization aims to achieve refined cost management across the entire operational chain [1] Group 2: Cost Management - The company is implementing comprehensive cost reduction and efficiency enhancement strategies to build a competitive edge in terms of overall costs [1] - There is an emphasis on reasonable expense control to support the overall cost management initiatives [1]

（编辑 丛可心） 证券日报网讯 1月23日，胜宏科技在互动平台回答投资者提问时表示，公司高度关注行业新技术、新产 品应用，不断推进技术验证及客户导入工作。受商业政策限制，未经许可公司不便讨论具体客户名称及 业务情况。 ...

Group 1 - The company is closely monitoring new technologies and products in the industry, aiming to optimize its customer structure based on market demand changes [1] - The continuous iteration and upgrade of downstream products are expected to drive the demand for high-performance PCBs, which will enhance the requirements for PCB manufacturing processes [1] - The increase in product value is anticipated to further improve the company's profitability [1]

Group 1 - The report indicates that in Q4 2025, the issuance of actively managed equity funds continued to recover, with a total issuance of 562 billion, which is stable compared to Q3 [1][10] - The report highlights a significant decrease in the redemption of existing funds, dropping to 126.1 billion from 218.4 billion in Q3, reflecting improved market conditions and risk appetite [1][10] - The report notes that the market showed a volatile trend in Q4, influenced by factors such as improved overseas liquidity, the implementation of the "14th Five-Year Plan," and the political bureau meeting [1][10] Group 2 - The report suggests an increase in allocation to cyclical sectors and financial real estate, with the proportion of cyclical stocks rising from 11.9% in Q3 to 15.4% in Q4, and financial real estate increasing from 3.9% to 4.5% [2][22] - Conversely, the report indicates a reduction in allocation to consumer sectors and TMT, with consumer stock allocation decreasing from 20.1% to 18.0% and TMT from 39.8% to 38.0% [2][22] Group 3 - The report identifies that in Q4 2025, the top five industries for increased allocation were non-ferrous metals (up 2.1 percentage points), communication (up 1.8 percentage points), non-bank financials (up 0.9 percentage points), chemicals (up 0.8 percentage points), and machinery (up 0.7 percentage points) [3][30] - The report also highlights that the top five industries for reduced allocation were electronics (down 1.6 percentage points), pharmaceuticals (down 1.6 percentage points), media (down 1.2 percentage points), new energy (down 0.9 percentage points), and computers (down 0.8 percentage points) [3][30] Group 4 - The report states that the concentration of holdings in the top three industries decreased to 46.5% in Q4, down 1.1 percentage points from Q3, while the top five industries accounted for 62.7%, down 0.2 percentage points [4][37] - The report mentions that there were six changes in the top 20 holdings compared to Q3, with new entries including China Ping An, Shengyi Technology, and Haiguang Information, while exits included Yiwei Lithium Energy, Shenghong Technology, and Shenzhen South Circuit [4][40]

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，公司将持续优化客户 结构，强化核心技术与产品竞争力，精细化成本管控，保障公司稳健发展。 ...

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，公司惠州厂房十、十 一项目正按计划有序推进建设。 ...

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，公司如有相关的对外 收购计划，会严格按照法律法规要求，及时履行信息披露义务。 ...

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，公司泰国工厂一期升 级改造已于2025年3月完成，二期高端产能已经开始生产验证板。公司正持续对泰国工厂在业务、技 术、采购等多方面进行资源整合，提升其盈利能力。公司将严格按照监管相关规定履行信息披露义务， 业绩经营情况请持续关注公司后续披露的定期报告。 ...

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《2025年度业绩 预告》已于2026年1月16日披露。 ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies [1][4]. Company Summaries - **昊志机电 (Haozhi Electromechanical)**: The company expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%. The growth is attributed to increased demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, as well as accelerated domestic substitution and technological innovation [1]. - **胜宏科技 (Shenghong Technology)**: The company forecasts a net profit of 4.16 billion to 4.56 billion yuan for 2025, with a year-on-year growth of 260.35% to 295%. The growth is driven by the expansion of AI infrastructure and data center upgrades, with a focus on high-end products and global service capabilities [2][3]. - **金安国纪 (Jin'an Guoji)**: The company anticipates a net profit of 28 million to 36 million yuan for 2025, reflecting a year-on-year increase of 655% to 871%. The growth is due to improved market conditions for copper-clad laminates and increased sales volume and prices [3]. - **东威科技 (Dongwei Technology)**: The company expects its net profit to double in 2025, benefiting from the investment boom in Southeast Asia and the rapid development of AI and computing sectors [3]. Industry Insights - The rapid development of AI applications has significantly boosted the demand for high-end printed circuit boards (PCBs), pushing the industry into a high prosperity cycle. New fields such as AI servers and smart driving require higher standards for PCB layers, precision, and reliability, leading to increased demand for high-density interconnect (HDI) and multi-layer boards [4]. - According to Prismark, the global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029. The AI server-related HDI segment is predicted to grow at an average annual rate of 16.3% from 2023 to 2028, making it the fastest-growing category in the PCB market [5].