Core Viewpoint - The stock of Pengding Holdings has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 17.20%, indicating a volatile yet upward trend in its stock performance [1]. Group 1: Stock Performance - As of January 28, Pengding Holdings' stock price is 59.28 CNY per share, with a total market capitalization of 137.41 billion CNY [1]. - The stock has seen a net outflow of 52.01 million CNY in principal funds, with significant buying and selling activity, including a large buy of 65.15 million CNY and a sell of 90.31 million CNY [1]. - Year-to-date, the stock has increased by 17.20%, with notable gains of 8.77% over the last five trading days and 15.44% over the last 20 days [1]. Group 2: Company Overview - Pengding Holdings, established on April 29, 1999, and listed on September 18, 2018, is primarily engaged in the design, research, development, manufacturing, and sales of various printed circuit boards (PCBs) [2]. - The company's revenue composition includes 62.70% from communication boards, 31.60% from consumer electronics and computer boards, 4.92% from automotive/server boards, and 0.78% from other sources [2]. - As of September 30, the company reported a revenue of 26.86 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 14.34%, and a net profit of 2.41 billion CNY, up 21.95% year-on-year [2]. Group 3: Shareholder Information - Pengding Holdings has distributed a total of 9.73 billion CNY in dividends since its A-share listing, with 5.10 billion CNY distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders has increased to 75,500, with an average of 30,570 shares held per shareholder, a decrease of 18.48% from the previous period [2][3]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 34.59 million shares, and various ETFs that have seen changes in their holdings [3].

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

（编辑 王雪儿） 证券日报网讯 1月27日，鸿富瀚在互动平台回答投资者提问时表示，公司拥有优质的客户资源，直接客 户主要为消费电子产业链中的制造服务商、组件生产商，包括富士康集团、鹏鼎控股、村田公司、 Meta、Gopro、京东方、立讯集团等。公司拥有研发和技术优势、优质的客户资源、数字化管理、品质 管理优势四大核心优势。一方面公司持续深耕现有客户需求，通过提升产品性能和服务质量来扩大市场 份额；另一方面积极开拓产品在新兴领域的应用场景，同时加大新客户开发力度，目前公司也正在大力 发展液冷及散热解决方案业务，为公司培育新的业务增长点。综合以上优势，公司订单情况良好，具体 经营数据请关注公司后续披露的相关公告。 ...

Market Performance - The component sector increased by 2.2% on January 27, with Huazheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Top Gainers in the Component Sector - Huazheng New Materials (603186) closed at 71.07, up 6.89% with a trading volume of 135,400 shares and a transaction value of 924 million [1] - Shiyun Circuit (603920) closed at 68.25, up 6.36% with a trading volume of 413,800 shares and a transaction value of 2.722 billion [1] - Pengding Holdings (002938) closed at 60.49, up 5.97% with a trading volume of 481,600 shares and a transaction value of 2.877 billion [1] - Other notable gainers include Nanya New Materials (5.89%), Fangbang Co. (5.36%), and ShenNan Circuit (5.15%) [1] Market Capital Flow - The component sector saw a net inflow of 980 million from main funds, while retail funds experienced a net outflow of 375 million [2][3] - The main funds' net inflow was significant in stocks like Dongshan Precision (6.69 million) and Shenghong Technology (3.23 million) [3] Notable Decliners - ST Dongjing (002199) closed at 9.64, down 5.02% with a trading volume of 63,600 shares and a transaction value of 62.352 million [2] - Fangzheng Technology (600601) closed at 11.87, down 2.63% with a trading volume of 1,722,700 shares and a transaction value of 2.041 billion [2] - Other decliners include Zhongjing Electronics (2.09%) and Xunjiexing (1.92%) [2]

Group 1 - The A500 index (000510) increased by 0.08% as of January 27, 2026, with notable gains from stocks such as Hunan Gold (+10.01%), Tianfu Communication (+8.54%), and Zijin Mining (+6.68%) [1] - The A500 ETF fund (512050) saw a 0.16% rise, with the latest price at 1.25 yuan, and a trading volume of 83.66 billion yuan, indicating active market participation [1] - Over the past year, the A500 ETF fund (512050) recorded an average daily trading volume of 52.56 billion yuan, with a recent weekly scale increase of 4.47 billion yuan [1] Group 2 - According to Everbright Securities, the spring market rally has distinct timing characteristics, with January being a preparation phase and February expected to provide a better window for significant market movements, particularly influenced by the Spring Festival effect [2] - Historical data from 2013 to 2025 shows that major indices tend to perform stronger as the Spring Festival approaches, especially in the week before the holiday, with positive average changes recorded [2] - The A500 index comprises 500 securities selected from various industries based on market capitalization and liquidity, reflecting the overall performance of representative listed companies [2] Group 3 - The A500 ETF fund (512050) has several related funds, including the 华夏中证A500ETF联接 A (022430), C (022431), and Y (022979), as well as the 华夏中证A500指数增强 A (023619) and C (023620) [3]

Group 1 - The core viewpoint of the news is that Pengding Holdings has experienced fluctuations in its stock price, with a recent decline of 2.02% and a year-to-date increase of 12.91% [1] - As of January 26, the stock price is reported at 57.11 yuan per share, with a total market capitalization of 132.384 billion yuan [1] - The company has seen a net outflow of 28.5936 million yuan in main funds, with significant buying and selling activity on January 22, where net buying reached 321 million yuan [1] Group 2 - Pengding Holdings, established on April 29, 1999, and listed on September 18, 2018, primarily engages in the design, research, manufacturing, and sales of printed circuit boards (PCBs) [2] - The revenue composition of the company includes 62.70% from communication boards, 31.60% from consumer electronics and computer boards, 4.92% from automotive/server boards, and 0.78% from other sources [2] - As of September 30, the company reported a revenue of 26.855 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 14.34%, and a net profit of 2.408 billion yuan, up 21.95% [2] Group 3 - Since its A-share listing, Pengding Holdings has distributed a total of 9.725 billion yuan in dividends, with 5.097 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders has increased by 22.75% to 75,500, with an average of 30,570 circulating shares per person, down 18.48% [2][3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 82.397 million shares, an increase of 34.5908 million shares from the previous period [3]

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

AI 景气度逐步向上传导，关注产业链缺货涨价 环节 [Table_ReportDate] 2026 年 1 月 25 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 郭一江 电子行业分析师 执业编号：S1500524120001 邮 箱：guoyijiang@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮 箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] AI 景气度逐步向上 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][40]. Core Insights - Intel's Q4 2025 revenue was $13.7 billion, a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 3%. The revenue from the Client Computing Group (CCG) was $8.19 billion, down 6.6% year-on-year, while the Data Center and AI (DCAI) segment saw revenue of $4.74 billion, up 8.9% year-on-year. The Foundry business generated $4.51 billion, an increase of 3.8% year-on-year. Despite a recovery in core DCAI business, Intel's Q1 2026 guidance was significantly below market expectations, forecasting revenue between $11.7 billion and $12.7 billion [4][7][8]. - TE Connectivity reported Q1 2026 net sales of $4.7 billion, a 22% year-on-year increase, driven by growth in industrial and transportation sectors. Earnings per share rose to $2.53, up 45% year-on-year, with adjusted EPS at $2.72, a 33% increase. The company expects Q2 2026 sales of approximately $4.7 billion, a 13% year-on-year increase [4][7][8]. - Resonac, a major semiconductor materials manufacturer, announced a 30% price increase for all series of copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs of raw materials [4][8]. - The semiconductor industry is expected to benefit from AI advancements, with a projected 10,000-fold increase in total computing power by 2035. Key investment targets include companies across the semiconductor supply chain, such as SMIC, Hua Hong Semiconductor, and others [4][36]. Summary by Sections Industry Dynamics - Intel's Q4 2025 revenue was $13.7 billion, with a decline in CCG but growth in DCAI. Q1 2026 revenue guidance is significantly lower than expected [4][7]. - TE Connectivity's Q1 2026 net sales were $4.7 billion, with strong performance in industrial and transportation sectors [4][8]. - Price increases announced by Resonac and other companies in the semiconductor materials sector due to rising costs [4][8]. Market Review - The electronic industry saw a weekly increase of 1.39% from January 19 to January 23, 2026, with the construction materials sector leading the gains [9][10]. Industry High-Frequency Data Tracking - TV panel prices are expected to see mild increases in January 2026, while monitor panel prices are predicted to remain stable [16][18]. - Memory prices for various DRAM types have shown an upward trend from January 19 to January 23, 2026 [21].

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].