11月15日至16日，省长刘小涛在宿迁市、淮安市调研。他强调，要深入学习贯彻党的二十届四中全 会和习近平总书记对江苏工作重要讲话精神，完整准确全面贯彻新发展理念，发挥比较优势、坚持各扬 所长，做好区域互补、跨江融合、南北联动大文章，扎实推进乡村全面振兴，促进城乡融合发展、区域 协调发展，让现代化建设成果更多更公平惠及广大群众。 随着宿连航道等项目加快推进，宿迁港临港产业发展迅速。刘小涛实地察看港航产贸一体化建设情 况后说，要发挥水运运能大、成本低、绿色安全的优势，进一步加强企业招引、加快要素导入、加速产 业集聚。刘小涛来到京东智慧城，了解一站式科创商办生态社区智慧管理和高铁片区建设情况后说，新 型产业经济集聚片区科技含量高、综合效益强，要精心谋划开发、完善配套服务，打造联系交通、沟通 产业、促进经济的能量场。在苏宿工业园区，刘小涛对南北挂钩合作工作成效表示肯定。他指出，要树 立大格局、强化大统筹，在产业链、供应链、创新链合作上深挖潜力，形成更多互利共赢的新增长点。 刘小涛先后来到长电科技（宿迁）公司、乔海飞机制造公司、荣芯半导体（淮安）公司和中天精品 钢帘线项目、鹏鼎控股淮安园区，与企业负责人深入交流，感谢企 ...

刘小涛先后来到长电科技（600584）(宿迁)公司、乔海飞机制造公司、荣芯半导体(淮安)公司和中天精 品钢帘线项目、鹏鼎控股（002938）淮安园区，与企业负责人深入交流，感谢企业为当地经济发展作出 的贡献，仔细询问当前实际需求。刘小涛要求有关部门和地方多换位思考、多靠前服务，持续优化营商 环境，推动惠企政策直达快享、兑现落实，及时帮助协调解决问题，更大力度服务企业增资扩产、开拓 市场、做大做强。 省政府秘书长赵建军参加调研。 本报讯(记者王拓李嘉豪)11月15日至16日，省长刘小涛在宿迁市、淮安市调研。他强调，要深入学习贯 彻党的二十届四中全会和习近平总书记对江苏工作重要讲话精神，完整准确全面贯彻新发展理念，发挥 比较优势、坚持各扬所长，做好区域互补、跨江融合、南北联动大文章，扎实推进乡村全面振兴，促进 城乡融合发展、区域协调发展，让现代化建设成果更多更公平惠及广大群众。 在涟水县南集镇码头村，刘小涛察看村卫生室、便民服务站等民生场所，看望慰问低保户，并与基层干 部群众座谈。他要求进一步抓好乡村全面振兴，加强基础设施、基本公共服务和基层组织建设，谋划好 主导产业、保护好主体风貌、挖掘好主题文化，走好科技强农 ...

Summary of Conference Call Notes Industry Overview - The NAND market is expected to remain in a state of supply shortage until 2026, indicating that the storage market growth cycle is not over [1][2] - The DRAM market is characterized by high levels of monopoly, with downstream manufacturers like Xiaomi, OPPO, and vivo having low inventory levels, suggesting potential price increases in mobile terminals [4] Key Companies and Performance - **Kioxia**: Reported Q2 2025 revenue of 448.3 billion JPY, a 30% increase year-over-year; non-GAAP operating profit of 87.2 billion JPY, exceeding company guidance but falling short of market expectations [2][6] - **SanDisk**: Q1 2025 revenue of $2.3 billion, a 20% year-over-year increase; Q2 revenue expected between $2.55 billion and $2.65 billion, with gross margin rising from 29.9% to 41-43% [2][6] - **Samsung**: Suspended pricing in October and raised memory prices by 30-60% [6] - **Domestic Companies**: Notable mentions include De Ming Li, Jiang Bo Long, Bai Wei Storage, and Shannon Chip Creation, which are expected to benefit from the upcoming price increase cycle due to strong inventory and procurement capabilities [5] Market Dynamics - Data centers are a significant growth driver for the NAND market, with AI development significantly increasing demand for data centers [6][7] - Companies like Hon Hai Precision and AMD are performing well, with Hon Hai's cabinet numbers increasing by 300% year-over-year and AMD expecting revenue growth exceeding 35% due to collaboration with OpenAI [8] Investment Recommendations - Focus on the LAND, D-LAN, and Norflash markets due to ongoing supply shortages; recommended companies include module-related firms [11] - Anticipate a tenfold increase in general AI computing power demand over the next decade, with opportunities across design, manufacturing, and testing sectors; key players include SMIC and Huahong Semiconductor [11] - AIPCB industry chain stocks are recommended as demand is expected to recover, with companies like Shenghong Technology and Hu Dian Co. being highlighted [11] Additional Insights - Tencent is increasing its capital expenditure in AI for 2025, indicating a robust investment strategy despite economic uncertainties; AI training model iterations are contributing to growth in gaming and advertising [9] - Domestic computing power development is lagging behind international counterparts, particularly in large voice service providers [10]

南都讯 记者王玮 发自北京 基于对23个行业、800家中外企业披露的可持续发展报告等信息的测评，最 新发布智库报告显示，在绿色供应链管理方面，大中华区企业进步显著，有11家企业跻身top 50，上榜 数量再创新高。 2025年绿色供应链CITI指数。 上述智库在测评中也发现，中外企业供应链环境管理和气候行动的"承诺"与"落实"之间仍存在差距。超 过四成公开承诺绿色供应链建设的中外企业，尚未披露绿色采购进展。 | 01 | 02 | 03 | 04 | 05 | 05 | 07 | 08 | 09 | 10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | adidas | FOXCONN | PUMIT | | PRIMARK | DOLL arringer | M&S 607 (skd. | INDITEX | HIJCAND | CISCO. | | $2.39 | 89.83 | 87.39 | 82.77 | 81.56 | 85.13 | 84.32 | $4.77 | 81.48 | 81.37 | | 11 | 1 ...

Core Viewpoint - Pengding Holdings announced participation in the "2025 Annual Online Collective Reception Day for Investors of Listed Companies in Shenzhen" organized by the Shenzhen Securities Regulatory Bureau and other entities, scheduled for November 20, 2025 [1] Group 1 - The event will take place on November 20, 2025, from 14:30 to 17:00 [1]

Core Viewpoint - Jefferies has initiated a "Buy" rating for Pegatron Corporation (Shenzhen) with a target price of 60 RMB, indicating a potential upside of 35% [1] Company Summary - Pegatron Corporation (Shenzhen) has received an initial "Buy" rating from Jefferies [1] - The target price set by Jefferies is 60 RMB, suggesting significant growth potential for the company [1]

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。 为进一步加强与投资者的互动交流，鹏鼎控股（深圳）股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市 公司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司 投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四） 14:30-17:00， 其中公司与投资者交流的时间为：15:40-17:00。届时公司高管将在线就公司经 营状况、公司治理、发展战略和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 证券代码：002938 证券简称：鹏鼎控股 公告编号：2025-070 鹏鼎控股（深圳）股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 2025 年 11 月 ...

Group 1: Industry Overview - The PCB industry is entering a new prosperity cycle driven by strong demand for AI computing power, with global PCB market value projected at $73.565 billion in 2024, a year-on-year increase of 5.8%, and China's market leading at $41.213 billion, growing at 9.0% [1][12] - Guangdong's PCB industry cluster, accounting for 60% of national capacity, is playing an increasingly critical role in the global AI supply chain due to its complete ecological advantages [1] Group 2: Company Performance - Shenghong Technology's stock price surged over 590% year-to-date, attributed to its deep partnerships with giants like NVIDIA, with the company's net profit for the first three quarters reaching 3.245 billion yuan, a staggering increase of 324.38% year-on-year [2][3][4] - The company reported a revenue of 14.117 billion yuan for the year-to-date, reflecting an 83.40% increase compared to the previous year, with a third-quarter net profit growth of 260.52% [3][4] Group 3: Competitive Landscape - Shenghong Technology has established a strong technical barrier in the high-end PCB sector, being one of the first to achieve mass production of advanced AI computing center products, thus meeting the urgent demand for high-layer, high-density PCBs [4] - The Guangdong PCB industry is characterized by a significant concentration of companies, with 30 out of 44 component stocks based in the province, highlighting its dominant position in the market [7][9] Group 4: Regulatory Environment - The Ministry of Industry and Information Technology has released a draft for public consultation aimed at guiding the PCB industry towards high-end, green, and intelligent development, emphasizing the need to eliminate low-end expansion and promote high-quality innovation [5][6] Group 5: Future Outlook - Analysts predict that Shenghong Technology will experience rapid growth, with expected net profits of 5.351 billion yuan, 8.628 billion yuan, and 11.284 billion yuan from 2025 to 2027, driven by the ongoing AI wave [4] - The PCB market in China is projected to reach 415.6 billion yuan in 2024, with an annual growth rate of 8.3%, fueled by demands from emerging sectors such as industrial automation, 5G, and AI [12]

Core Viewpoint - The PCB industry is experiencing a new boom driven by strong demand for AI computing power, with leading companies like Shenghong Technology seeing significant stock price increases and revenue growth [1][3]. Market Overview - The global PCB market is projected to reach $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's market leads at $41.213 billion, growing at 9.0% [1]. - Guangdong province accounts for 60% of China's PCB production capacity, playing a crucial role in the global AI supply chain [1]. Company Performance - Shenghong Technology reported a revenue of 14.117 billion yuan for the year-to-date, an increase of 83.40% year-on-year, and a net profit of 3.245 billion yuan, up 324.38% [4]. - The company achieved a quarterly net profit growth of 260.52% in the third quarter, with gross and net profit margins of 35.19% and 21.66%, respectively [4]. Technological Advancements - Shenghong Technology has established a strong technical barrier in the high-end PCB sector, being one of the first to mass-produce advanced AI computing center products and possessing capabilities for high-layer precision PCBs [5][6]. - The demand for high-layer and high-density PCBs is expected to remain strong, with increasing technical challenges and value [6]. Industry Trends - The Chinese government is promoting the PCB industry's high-end, green, and intelligent development through new regulations aimed at eliminating outdated capacity and encouraging technological innovation [6][7]. - The PCB industry is shifting from low-end expansion to high-quality innovation, with a focus on enhancing competitiveness in the global market [7]. Regional Dynamics - Guangdong's PCB industry benefits from a robust industrial ecosystem, with a significant concentration of companies and resources in the Pearl River Delta region [9][11]. - The region's logistics advantages support the efficient operation of the PCB industry, which relies heavily on imported raw materials and exports finished products [13]. Future Projections - The PCB market in China is expected to grow to 415.6 billion yuan in 2024, driven by demand from emerging sectors such as AI, 5G, and new energy vehicles, with projections reaching 554.51 billion yuan by 2029 [14].

Core Insights - The PCB industry is experiencing a new boom driven by strong demand for AI computing power, with leading company Shenghong Technology's stock price soaring over 590% year-to-date as of November 13 [2][3] - The global PCB market is projected to reach $73.565 billion in 2024, reflecting a year-on-year growth of 5.8%, while China's PCB market is expected to lead with a value of $41.213 billion and a growth rate of 9.0% [2] - Guangdong province, which accounts for 60% of China's PCB production capacity, is playing an increasingly critical role in the global AI supply chain due to its comprehensive ecosystem advantages [2] Company Performance - Shenghong Technology reported a revenue of 14.117 billion yuan for the year-to-date, marking an 83.40% increase compared to the same period last year, with net profit attributable to shareholders soaring to 3.245 billion yuan, a 324.38% increase [4][6] - The company's third-quarter net profit grew by 260.52%, with gross and net profit margins reaching 35.19% and 21.66%, respectively, showcasing strong profitability [6] - Shenghong Technology has established itself as a leader in high-end PCB production, being one of the first to achieve large-scale production of advanced AI computing products [7] Industry Trends - The PCB industry is shifting towards high-end, high-quality production, as indicated by recent regulatory guidance from the Ministry of Industry and Information Technology aimed at phasing out low-end production and promoting technological innovation [8] - The market is expected to see significant growth driven by emerging fields such as industrial automation, 5G, new energy vehicles, and AI, with the PCB market projected to reach 554.51 billion yuan by 2029 [14] - The Guangdong PCB industry benefits from a robust cluster effect, with 30 out of 44 major PCB companies located in the province, highlighting its dominance in the sector [9][10] Competitive Landscape - Shenghong Technology's remarkable performance is part of a broader trend in Guangdong, where companies like Shenyang Electronics and Pengding Holdings are also experiencing substantial growth [10] - The industry is witnessing a significant increase in net profit margins, with companies like Shenghong Technology and Shenyang Electronics reporting profit growth rates in the hundreds of percent [10] - The complete ecosystem in the Pearl River Delta region, which includes a wide range of suppliers and manufacturers, is crucial for the PCB industry's efficiency and responsiveness to market demands [13][14]