Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability in performance [2][5]. Core Insights - The report highlights the significant growth in the performance of companies within the copper-clad laminate and storage chip sectors, with expectations of continued price increases driven by strong demand, particularly in AI applications [2][5]. - Companies like Jin'an Guoji are projected to see substantial profit increases, with forecasts suggesting a net profit of 280-360 million yuan in 2025, representing a year-on-year growth of 655-871% [2]. - The storage chip market is expected to experience a price surge in Q1 2026, with DRAM contract prices anticipated to increase by 55-60% and NAND Flash by 33-38% [2]. - The overall semiconductor industry is projected to reach $551.6 billion in 2026, a 134% year-on-year increase, with further growth expected in 2027 [2]. Summary by Sections Consumer Electronics - The report emphasizes the ongoing expansion of AI applications in consumer electronics, particularly within the Apple supply chain and smart glasses, which are expected to drive demand for related components [6]. PCB - The report notes a sustained high demand for copper-clad laminates, with price increases expected due to rising demand from automotive and industrial control sectors, alongside AI applications [7]. Components - The report identifies growth opportunities in passive components, particularly in MLCCs and inductors, driven by increased usage in AI mobile devices and laptops [22]. IC Design - The report expresses optimism regarding the storage sector, forecasting a significant price increase for DRAM due to rising demand from cloud service providers and consumer electronics [24][25]. Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic production capabilities and the need for self-sufficiency in semiconductor equipment and materials [26][28]. Key Companies - Companies such as Shenghong Technology and Northern Huachuang are highlighted for their strong market positions and growth potential in the semiconductor and PCB sectors [30][31][36].

Core Viewpoint - The company Jin'an Guoji announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of 20% over three consecutive trading days from January 21 to January 23, 2026 [1] Summary by Relevant Sections - **Stock Price Movement** - The stock price of Jin'an Guoji showed a cumulative increase of 20% over three consecutive trading days [1] - **Company Disclosure** - The company's board confirmed that, apart from planning a specific issuance of A-shares for the year 2025, there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange regulations [1] - The board also stated that it has not been made aware of any undisclosed information that could significantly impact the trading price of the company's stock and its derivatives [1] - **Previous Information** - The company indicated that there are no corrections or supplements needed for previously disclosed information [1]

金安国纪集团股份有限公司 股票交易异常波动公告 证券代码：002636 证券简称：金安国纪 公告编号：2026-004 金安国纪集团股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 金安国纪集团股份有限公司（以下简称"公司"）股票（证券简称：金安国 纪，证券代码：002636）于 2026 年 1 月 21 日、1 月 22 日、1 月 23 日连续三个 交易日收盘价格涨幅偏离值累计达到 20%，根据深圳证券交易所的有关规定，属 于股票交易异常波动情况。 二、公司关注、核实情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并询问了公司控 股股东及实际控制人，现就有关情况说明如下： （一）公司前期披露的信息不存在需要更正、补充之处； （二）公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生 较大影响的未公开重大信息； （三）近期公司经营情况及内外部经营环境未发生重大变化； （四）公司目前正在筹划 2025 年度向特定对象发行 A 股股票事项（以下简 称"本次向特定对象发行股票"） ...

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, such as昊志机电 and 胜宏科技 [1][3][5] Company Performance - 昊志机电 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%, with a non-net profit forecast of 77 million to 112 million yuan, reflecting a growth of 79.77% to 163.19% [1][3] - 胜宏科技 anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, indicating a year-on-year increase of 260.35% to 295% [3][5] Market Drivers - The growth in the PCB industry is attributed to the rapid increase in demand for AI computing infrastructure and the continuous upgrade of consumer electronics, which has significantly boosted sales of specialized processing equipment [3][5] - The sales revenue of PCB spindle products from 昊志机电 reached 169 million yuan, marking an increase of 83.99% [3] Industry Trends - The PCB market is entering a high prosperity cycle due to the explosive growth of AI applications, with increasing demand for high-density interconnect (HDI) and multi-layer boards [7] - Consulting firm Prismark predicts a global PCB market value growth of approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [7] Competitive Landscape - Companies like 金安国纪 and 东威科技 are also forecasting significant profit growth, with 金安国纪 expecting a net profit of 280 million to 360 million yuan, reflecting a year-on-year increase of 655.53% to 871.40% [6][7] - The industry is witnessing a trend of domestic companies enhancing their production capacity and focusing on high-end products to maintain competitive advantages in the global market [5][6]

Core Insights - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics [1][4][9] Company Performance - Haoshi Electromechanical expects a net profit increase of 54.4% to 99.03% for 2025, with projected profits between 128 million to 165 million yuan [2] - The company attributes its growth to the rising demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, alongside accelerated domestic substitution and technological innovation [2][4] - Shenghong Technology anticipates a net profit increase of 260.35% to 295% for 2025, with expected profits between 4.16 billion to 4.56 billion yuan [5] - The company emphasizes its commitment to embracing AI and capitalizing on the historical opportunities presented by the AI computing technology revolution [6][7] Market Trends - The PCB industry is witnessing structural growth due to the rapid increase in demand for AI computing infrastructure and continuous upgrades in consumer electronics [4][9] - 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 [9] - The demand for high-density interconnect (HDI) and high-layer count boards is surging, leading global PCB companies to increase capital investments and expand high-end production capacity [9] Other Companies' Performance - Other PCB companies, such as Jin'an Guoji, Xinqi Microelectronics, and Guanghe Technology, are also expected to report significant profit increases in 2025 [8] - Jin'an Guoji anticipates a net profit of 280 million to 360 million yuan, representing a year-on-year growth of 655.53% to 871.40% [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a significant price increase trend in the CCL (Copper Clad Laminate) industry, driven by rising raw material costs and strong demand from sectors such as AI and electric vehicles [5][6] - Major companies in the CCL sector have implemented multiple price hikes throughout 2025, with notable increases from leading firms like 建滔积层板 and Resonac [5][6] - The profitability of CCL manufacturers has improved significantly due to these price increases, with companies like 生益科技 reporting a substantial rise in gross margins [7] Summary by Sections Price Increase Overview - The CCL industry has experienced a global price increase trend, with key players raising prices multiple times in 2025, including a 10% increase in December [5] - Resonac announced a price hike of over 30% for its products starting in March 2026, reinforcing global price increase expectations in the CCL sector [5] Drivers of Price Increase - The primary drivers for the current price increases in the CCL industry include rising costs of core raw materials such as copper, electronic cloth, and epoxy resin [6] - Copper prices saw a cumulative increase of nearly 40% in 2025, with LME copper prices reaching $12,960 per ton [6] - The demand for high-performance epoxy resin has surged, particularly for AI servers and advanced packaging boards, contributing to the rising costs in the CCL segment [6] Profitability and Investment Recommendations - The profitability of CCL manufacturers has shown significant recovery, with 生益科技 achieving a gross margin of 26.85% in Q2 2025, reflecting a year-on-year increase [7] - The report suggests focusing on the CCL price increase cycle and AI penetration rates, recommending stocks such as 生益科技, 金安国纪, and 建滔积层板 as beneficiaries of this trend [8]

Core Insights - A-share listed companies are accelerating the disclosure of performance forecasts for 2025, with 710 companies having reported, of which 284 are optimistic, resulting in a positive forecast ratio of 40% [1] Group 1: Performance Forecasts - Among the 710 companies that disclosed forecasts, 43 expect slight increases, 57 have turned losses into profits, 4 will maintain profitability, and 180 anticipate profit growth [2] - 295 companies expect a net profit growth of over 10%, with 237 expecting over 30%, 183 over 50%, and 67 over 100% [2] - Notable companies with high expected net profit growth include Southern Precision, Shanghai Yizhong, and SAIC Motor, with Southern Precision projecting a net profit of 300 million to 370 million yuan, representing a year-on-year increase of 1130% to 1417% [2] Group 2: Industry Performance - The industries showing strong performance include non-ferrous metals, biomedicine, semiconductors, hardware equipment, chemicals, and automotive parts [4] - In the non-ferrous metals sector, companies like Xianglu Tungsten, Zijin Mining, and Northern Rare Earth are performing well due to rising product prices and improved downstream demand [4] - Xianglu Tungsten expects a net profit of 12.5 million to 18 million yuan, significantly turning losses into profits, supported by rising tungsten prices and improved market conditions [4] Group 3: Specific Company Insights - WuXi AppTec anticipates a revenue of approximately 45.456 billion yuan, a year-on-year increase of about 15.84%, and a net profit of around 19.15 billion yuan, reflecting a growth of approximately 102.65% [3] - Zhongke Blue News expects a revenue of 1.83 billion to 1.85 billion yuan, with a net profit growth of 366.51% to 376.51% [5] - Shanghai Yizhong forecasts a net profit of 60 million to 70 million yuan, a year-on-year increase of 760.18% to 903.54%, driven by the inclusion of its core product in the national medical insurance directory [6] Group 4: Underperforming Industries - The real estate, textile and apparel, and photovoltaic industries are facing performance pressures, with only one out of 31 real estate companies reporting profits [7] - In the photovoltaic sector, companies like Tongwei Co., TCL Zhonghuan, and Trina Solar are expected to incur losses due to rising costs of key raw materials [7] - Retail companies are experiencing significant performance divergence, with many optimizing store layouts and closing unprofitable locations to enhance overall profitability [7]

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].

2026 年 1 月 23 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2026/01/09-2026/01/22） 行 业 日系 Resonac 上调覆铜板产品价格 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 | 一、行情回顾及估值 | | 3 | | --- | --- | --- | | 二、产业新闻 | | 5 | | 三、公司公告 | | 5 | | 四、行业数据 | | 6 | | 五、周观点 | | 6 | | 六、风险提示 | | 7 | | 图 | 1 | ：申万电子板块近 | 10 | 年 | PE | TTM（剔除负值）（截至 2026/1/22） | 4 | | --- | --- | --- ...

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].