6 点评报告 2025 年 12 月 29 日 晨会纪要 证书编号：S1080525070001 第一创业证券研究所 分析师：刘笑瑜 电话：0755-23838239 邮箱：liuxiaoyu@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 12 月 27 日（星期六）国家统计局公布 11 月中国工业企业利润数据。 评论： 1-11 月份，全国规模以上工业企业实现利润总额 6.63 万亿元，同比增长 0.1%，比 1-10 月回落 1.8 个百分点，连续两个月回落；其中，1-11 月制造业同比增长 5.0%， 较 1-10 月回落 2.7 个百分点。11 月份，规模以上工业企业利润同比增长-13.1%， 而 10 月同比增速为-5.5%；这主要 是因为 PPI 的上涨主要集中在上游，并未向下游 传导。1-11 月，全国规模以上工业企业营业收入利润率为 5.29%（其中制造业为 4.62%），1-10 月为 5.25%（其中制造业为 4.57%）；11 月末产成品库存同比 4.6%， 较 10 月回升 0.9 个百分点; 资产负债率为 58.1%,10 月末为 58%。 从 ...

Group 1 - The core viewpoint of the news highlights the price increase of copper-clad laminate products due to rising copper prices and tight supply of glass fabric, with specific increases of 5% for CEM-1/22F/V0/HB products and 10% for FR-4 and PP products [1] - The current high raw material prices and high operating rates of downstream PCB manufacturers suggest that the trend of price adjustments for copper-clad laminate products is likely to continue [1] - The growth potential is expected to increase significantly next year as new platform products from the GPU and ASIC camps begin to adopt M8.5+ materials, which will enhance the value of copper-clad laminate products [1] Group 2 - The HKPCA Show 2025 is set to take place on December 3 at the Shenzhen International Convention and Exhibition Center, where Kingboard Laminates will showcase high-end solutions that align with the demands of AI and automotive electronics [1] - Kingboard Laminates will prominently feature innovative solutions covering AI servers, IC substrates, and automotive electronics, all backed by clear technical support and market validation [1]

Group 1 - The stock price of Jiantao Laminates (01888) has increased by over 6%, currently at 12.79 HKD with a trading volume of 237 million HKD, driven by macroeconomic factors and copper price fluctuations [1] - In August, Jiantao Laminates announced a price increase of 10 HKD per sheet for CEM-1/22F/V0/HB and FR-4 products, reflecting an approximate 8% increase due to rising costs of copper, glass fabric, and chemical raw materials [1] - CITIC Securities noted that the high levels of raw material prices and utilization rates are prompting copper-clad laminate manufacturers to push for price increases, with leading manufacturers' net profit margins rising to about 10% in Q2 2025 [1] Group 2 - Guotai Junan Securities indicated that during periods of rising traditional copper-clad laminate prices, limited supply expansion benefits the market structure, with historical trends showing optimism during copper and glass fiber price upcycles [2] - The industry is expected to initiate a new round of price increases in the second half of 2025, supported by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, leading to a favorable supply-demand balance in the traditional mid-range segment [2]

Core Viewpoint - Jiantao Laminated Board (01888) has seen a significant increase in stock price, attributed to positive market conditions and pricing strategies in the copper-clad laminate industry [1][2] Group 1: Company Performance - Jiantao Laminated Board's stock rose by 7.52%, reaching HKD 12.44, with a trading volume of HKD 379 million [1] - The company is recognized as a leading player in the copper-clad laminate industry, benefiting from upstream material integration that creates a differentiated competitive barrier [1] Group 2: Industry Trends - The overall demand for copper-clad laminates is expected to improve, driven by the growth in AI-related applications, with major companies focusing on high-end product expansion [1] - A new round of price increases in the industry is anticipated in the second half of 2025, reflecting a positive supply-demand dynamic [1] - Recent price hikes of approximately 8% for CEM-1/22F/V0/HB and FR-4 products were implemented due to rising costs of copper, glass cloth, and chemical raw materials [2] - The underlying logic for price increases has shifted from recovery-based adjustments to a more optimistic outlook driven by industry growth and profitability potential [2]