Core Viewpoint - The focus on the domestic AI industry chain is gaining momentum, with the launch of the Science and Technology Innovation Artificial Intelligence ETF (589520) showing strong market activity and premium pricing, indicating robust buying interest [1][5]. Group 1: ETF Performance - The Science and Technology Innovation Artificial Intelligence ETF (589520) saw an intraday increase of 1.25% and is currently up by 0.96%, reflecting strong market interest [1]. - Key constituent stocks such as Lingyun Optics and Hengxuan Technology rose over 4%, while Fudan Microelectronics and Lexin Technology increased by more than 2% [1]. Group 2: Investment Logic - The investment logic for the AI sector is based on three dimensions: strong national policy support, breakthroughs in key technologies, and significant domestic market demand [2][3]. - The 2025 Lujiazui Forum highlighted the establishment of a growth layer on the Science and Technology Innovation Board to support AI and other cutting-edge technology companies [2]. - China leads globally with 1,509 large models published, indicating a strong position in AI technology development [3]. Group 3: Market Demand and Growth Projections - The core AI industry in China is projected to grow from 18 billion to 600 billion yuan from 2017 to 2024, with expectations to exceed 1 trillion yuan by 2030 and reach 1.7295 trillion yuan by 2035 [3]. - The AI industry is expected to drive a new wave of industrial innovation, with "AI +" becoming a significant investment theme in the A-share market [3]. Group 4: Strategic Focus Areas - Investment strategies should focus on three main lines within the AI industry chain: AIDC and computing power infrastructure, AI cloud applications in finance and government sectors, and the development of hardware products related to edge AI [4]. - The ETF is designed to capture the growth in various segments, including application software, terminal applications, terminal chips, and cloud chips, with a strong emphasis on companies positioned well within these segments [5].

Group 1 - The company held its first extraordinary general meeting of shareholders in 2025, with no resolutions being rejected [2] - The meeting was convened by the board of directors and chaired by Chairman Xu Yihua, utilizing a combination of on-site and online voting methods [2][3] - All procedures for convening and holding the meeting complied with the Company Law and the company's articles of association [2][3][8] Group 2 - The meeting saw the attendance of all seven current directors and three supervisors, with the board secretary also present [3] - The meeting was witnessed by Zhejiang Liuhe Law Firm, which provided a legal opinion confirming the legality of the meeting's procedures and resolutions [8] Group 3 - Several resolutions were passed, including changes to the company's registered capital and amendments to the articles of association [4][5] - All resolutions related to the amendments of various internal rules and regulations were approved, including the management of fundraising and related party transactions [5][6][7] Group 4 - The company announced the resignation of non-independent director Wen Yanpei due to personal reasons, effective immediately upon submission of his resignation [10][11] - Wen Yanpei held no direct shares in the company but had an indirect holding of 3,100,000 shares through an investment partnership [12] - His resignation does not affect the minimum number of board members or the normal operation of the board [12]

Core Insights - The price increase of copper-clad laminates reflects the rising demand in the PCB industry, driven by the growth in AI computing servers [2][3] - Major copper-clad laminate manufacturers, including Weilibang, Jiantao Laminates, and Hongruixing, have announced price hikes due to high raw material costs and increased bargaining power from strong demand [2][3] Industry Overview - The global server sales reached $95.2 billion in Q1 2025, a year-on-year increase of 134.1%, with expectations for the global server market to reach $366 billion in 2025, a 44.6% increase [3] - The PCB market is projected to grow from $73.57 billion in 2024 to $78.56 billion in 2025, with a year-on-year growth of 6.8% [3] - The demand for high-layer multi-layer boards and HDI boards is significantly outpacing the overall PCB industry growth, with multi-layer boards expected to grow by 40.2% and HDI boards by 18.8% in 2024 [3] Production Insights - Key production processes in PCB manufacturing include drilling, exposure, and testing, with drilling equipment accounting for approximately 20% of the total industry value [4] - The increasing complexity of HDI boards necessitates advancements in drilling, exposure, and plating processes, leading to higher demand for precision equipment [4] - Domestic production rates are high for mechanical drilling, while opportunities for domestic substitution exist in laser drilling and imaging processes [4] Investment Recommendations - Focus on core production processes: for drilling, consider Dazhu CNC (301200.SZ) and consumables from Dingtai High-Tech (301377.SZ) and Zhongtung High-Tech (000657.SZ); for exposure, look at Chipbond Technology (688630.SH) and Tianzhun Technology (688003.SH); for plating, Eastway Technology (688700.SH) is recommended; for solder paste printing, Keg Precision (301338.SZ) is suggested [5]

Group 1 - The legal opinion letter was issued by Zhejiang Lihe Law Firm regarding the first extraordinary general meeting of shareholders of Suzhou Tianzhun Technology Co., Ltd. in 2025 [2] - The meeting was convened in accordance with the Company Law, Securities Law, and relevant regulations, with a notice published 15 days prior to the meeting [2][4] - The meeting took place on August 18, 2025, combining on-site and online voting methods, with the on-site meeting held at the company's conference room [3][4] Group 2 - A total of 81 shareholders or their proxies attended the meeting, representing 102,279,472 shares, which is 53.0155% of the total voting shares [4][5] - The voting results showed that 102,226,227 shares were in favor of the proposals, with 29,331 shares abstaining, indicating a strong majority [6][11] - The voting by minority investors revealed that 98.2189% supported the proposals, demonstrating significant approval from this group [6][9] Group 3 - The legal opinion concluded that the meeting's procedures, participant qualifications, and voting processes complied with the relevant laws and the company's articles of association [11] - The resolutions passed during the meeting were deemed legal and valid, confirming the legitimacy of the proceedings [11]

《规则》及《公 司章程》的有关规定；出席会议人员的资格、召集人资格合法、有效；会议的表 决程序和方式符合相关法律、法规、规范性文件和《公司章程》的规定；本次股 东大会通过的决议合法、有效。 特此公告。 苏州天准科技股份有限公司董事会 | 普通股 | 102,007,554 | 99.7341 | 242,587 | 0.2371 | 29,331 | 0.0288 | | --- | --- | --- | --- | --- | --- | --- | | 审议结果：通过 | | | | | | | | 表决情况： | | | | | | | | | 同意 | | 反对 | | | 弃权 | | 股东类型 | | | | 比例 | | 比例 | | 票数 | | 比例（%） | | 票数 | | 票数 | | | | | | （%） | | （%） | | 普通股 | 102,007,554 | 99.7341 | 242,587 | 0.2371 | 29,331 | 0.0288 | | 审议结果：通过 | | | | | | | | 表决情况： | | | | | | | | | 同意 | | 反对 ...

Group 1 - The company received a resignation letter from non-independent director Wen Yanpei, who resigned from his positions due to personal reasons [1][2] - Wen Yanpei's resignation will not affect the company's board composition or its normal operations, as the board will still meet the legal minimum number of members [1] - Wen Yanpei indirectly held 3,100,000 shares of the company through Ningbo Zhunzhi Venture Capital Partnership [1] Group 2 - The board expressed gratitude for Wen Yanpei's contributions during his tenure [2]

Core Insights - The importance of domestic AI industry chain replacement is highlighted, with the domestic AI ETF (589520) showing significant gains and trading activity [1] - Strong government support for AI and technology sectors is expected to drive growth in the domestic market [2] - Key technological breakthroughs in AI and semiconductor sectors are being achieved, enhancing the competitive landscape [3] Group 1: Market Performance - The domestic AI ETF (589520) reached a peak increase of 5.27% on August 18, closing up 3.58%, marking a new high since its launch [1] - The ETF's trading volume was 44.78 million yuan, reflecting a 43% increase in trading activity [1] - Major stocks within the ETF, such as Stone Technology and Cambricon, experienced significant price increases, indicating strong market interest [1][3] Group 2: Government Support and Policy - The 2025 Lujiazui Forum emphasized the establishment of a growth layer in the Sci-Tech Innovation Board to support AI and other frontier technology companies [2] - Continuous implementation of supportive financial policies is expected to lead to a rebound in the Sci-Tech Innovation Board, which has been underperforming since April [2] Group 3: Technological Advancements - China leads globally with 1,509 large models published, out of a total of 3,755, showcasing its advancements in AI technology [2] - Upcoming product launches, such as Huawei's AI SSD, are anticipated to significantly improve performance metrics, including a 78% reduction in inference latency [2] Group 4: Market Demand and Growth Projections - The core AI industry in China is projected to grow from 18 billion yuan in 2017 to 600 billion yuan by 2024, indicating a robust growth trajectory [2] - Forecasts suggest that the AI industry in China could exceed 1 trillion yuan by 2030 and reach 1.7295 trillion yuan by 2035, highlighting its potential global market significance [2] Group 5: Investment Strategy - The domestic AI ETF (589520) is positioned for high elasticity and aggressive growth, with a significant portion of its holdings in the semiconductor sector [4] - The ETF's index is designed to balance investments across various segments of the AI industry, including application software and chips, to capitalize on the accelerating AI integration [4]

Investment Rating - The report maintains an "Add" rating for the mechanical equipment industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The price increase of copper-clad laminates reflects the high demand in the PCB industry, driven by strong terminal demand and rising raw material costs [1]. - The AI server market is significantly contributing to the incremental demand for PCBs, with global server sales reaching $95.2 billion in Q1 2025, a year-on-year increase of 134.1% [2]. - The global PCB market is projected to grow from $73.565 billion in 2024 to $78.562 billion in 2025, with a growth rate of 6.8% [2]. - Key production processes in PCB manufacturing, such as drilling, exposure, and testing, are becoming more complex due to the increasing demand for high-density interconnect (HDI) boards and multilayer boards [3]. - Investment opportunities are highlighted in the core processes of PCB production, particularly in drilling, exposure, and electroplating equipment [4]. Summary by Sections Price Trends and Demand - Recent price hikes by multiple copper-clad laminate manufacturers indicate a sustained increase in PCB industry demand, primarily due to high raw material prices and strong demand from AI server applications [1][2]. Market Growth Projections - The global server market is expected to reach $366 billion by 2025, with PCB demand driven by the server/storage sector, which is projected to grow by 33% year-on-year in 2024 [2]. - The production value of multilayer boards with 18 layers or more is expected to increase by 40.2% in 2024, significantly outpacing the overall PCB industry growth [2]. Production Process Insights - The drilling, exposure, and testing stages are critical in PCB production, with drilling equipment accounting for approximately 20% of the total industry value [3]. - The increasing complexity of HDI boards necessitates advancements in drilling and exposure technologies, presenting opportunities for domestic equipment manufacturers [3]. Investment Recommendations - The report suggests focusing on companies involved in the core processes of PCB production, including drilling (e.g., Dazhu CNC, Tianzhun Technology), exposure (e.g., Chipbond), and electroplating (e.g., Dongwei Technology) [4].

关于公司非独立董事、高级管理人员辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 苏州天准科技股份有限公司（以下简称"公司"）董事会于近日收到公司非 独立董事温延培先生提交的书面辞职报告，温延培先生因个人原因，申请辞去公 司第四届董事会非独立董事、董事会战略委员会委员及副总经理职务。辞任后温 延培先生将不再担任公司任何职务。 一、董事/高级管理人员离任情况 证券代码：688003 证券简称：天准科技 公告编号：2025-045 苏州天准科技股份有限公司 (一) 提前离任的基本情况 (二) 离任对公司的影响 截至本公告披露日，温延培先生未直接持有公司股份，通过宁波准智创业投 资合伙企业（有限合伙）间接持有公司 3,100,000 股。根据《中华人民共和国公 司法》《公司章程》等有关规定，温延培先生的辞职未导致公司董事会成员人数 低于法定最低人数，不影响公司董事会的正常运行，亦不会对公司的日常运营产 生不利影响。温延培先生的辞职报告自送达公司董事会之日起生效。 温延培先生任职期间恪尽职守、勤勉尽责，公司及 ...

证券代码：688003 证券简称：天准科技 公告编号：2025-044 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 08 月 18 日 （二） 股东大会召开的地点：江苏省苏州市高新区五台山路 188 号公司会议室 苏州天准科技股份有限公司 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 81 | | --- | --- | | 普通股股东人数 | 81 | | 2、出席会议的股东所持有的表决权数量 | 102,279,472 | | 普通股股东所持有表决权数量 | 102,279,472 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 53.0155 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 53.0155 | （四 ...