Group 1 - Over 117 listed companies received institutional research this week, with more than 70% achieving positive returns, including notable gains from companies like Chaojie Co. (41.6%) and Guanglian Aviation (32.44%) [2] - Leading research targets included Lingyi Zhi Zao, which received over 100 institutional inquiries, while companies like Pulit, Guangdian Measurement, and Nord Co. received over 50 inquiries each [3] Group 2 - Lingyi Zhi Zao announced a significant acquisition of a 35% stake in Dongguan Liminda Electronic Technology Co., gaining control over 52.78% of voting rights for 875 million yuan, despite Liminda's audited equity being only 71.27 million yuan [4] - The acquisition's valuation reflects a staggering premium of over 34 times, with a total equity value of 2.51 billion yuan, indicating a 3421.81% increase [4] - Liminda specializes in critical thermal management hardware for servers and is recognized as a liquid cooling supplier for major clients like NVIDIA [4][5] Group 3 - Institutions are particularly interested in whether Liminda's clients include major overseas companies such as NVIDIA, Meta, and Google, as well as the strategic purpose behind the acquisition [5] - Lingyi Zhi Zao aims to enhance its server product matrix and profitability in the AI hardware server sector through this acquisition, leveraging Liminda's extensive technical expertise and established client relationships [5] Group 4 - Pulit has made breakthroughs in modified materials and is collaborating with leading clients in the humanoid robot industry, focusing on the development of advanced materials for robotic components [8] - The company’s LCP products have been certified by top overseas robot manufacturers and are expected to see increased usage as these products enter the market [8] Group 5 - Guangting Information, which received 66 institutional inquiries, positions itself as a "Digital Architect" in the automotive software industry, aiming to enhance productivity through its AI-driven software development model [9][11] - The company is implementing a Super Software Workshop (SDW) model to improve efficiency and revenue stability, while also pursuing international expansion to alleviate domestic market pressures [11]

Group 1: Market Performance and Institutional Research - A total of 117 listed companies received institutional research from December 22 to December 26, with over 70% of these companies achieving positive returns [1] - Notable stock performances include Chaojie Co., Ltd. (301005) with a 41.6% increase, Guanglian Aviation (300900) up 32.44%, and Demingli (001309) rising 24.97% [1] - Popular research targets included Lingyi Technology (002600), which received over 100 institutional inquiries, while companies like Pulite (002324) and Guangdian Measurement (002967) were also highlighted with over 50 inquiries each [1] Group 2: Lingyi Technology Acquisition - Lingyi Technology announced a significant acquisition of a thermal management company, acquiring 35% of Dongguan Liminda Electronic Technology Co., Ltd. for 875 million yuan, resulting in a control of 52.78% voting rights [2] - The acquisition raised eyebrows due to a high valuation premium, with Liminda's audited equity valued at 71.27 million yuan, while the assessed value reached 2.51 billion yuan, indicating a premium rate exceeding 34 times [2] - Liminda's products include critical thermal management hardware for servers, and it is recognized as a liquid cooling supplier for NVIDIA [2] Group 3: Lingyi Technology's Strategic Goals - Institutions are particularly interested in whether Liminda's clients include major overseas companies like NVIDIA, Meta, and Google, as well as the strategic purpose behind the acquisition [3] - The acquisition aims to enhance Lingyi Technology's product matrix in the server segment and improve the business scale and profitability of its AI hardware server division [3] - Lingyi Technology has developed advanced thermal management products for enterprise-level servers, including GPU and CPU cooling solutions [3] Group 4: Pulite's Breakthroughs - Pulite received attention from 76 institutions, highlighting breakthroughs in modified materials, LCP (liquid crystal polymer), sodium-ion batteries, and humanoid robots [4] - The company's modified materials are applicable in humanoid robot components, and it is currently collaborating with leading clients in the humanoid robot industry [4] - Pulite's LCP fibers have entered the supply chain of a major domestic low-orbit satellite client, with significant growth expected in orders due to increasing demand for flexible solar wings [4] Group 5: Guangting Information's Strategic Positioning - Guangting Information engaged with 66 institutions, positioning itself as a "Digital Architect" in the automotive software industry, aiming to create an AI worker ecosystem [5] - The company is implementing a Super Software Workshop (SDW) model for human-machine collaborative development, which is expected to significantly enhance productivity [5] - Guangting Information's international strategy focuses on steady domestic growth while exporting intelligent automotive technology and providing services to foreign manufacturers [5]

今日周四(12月25日)由于圣诞节假期休市一日，伦敦银昨日收于71.94美元/盎司，上涨0.68%，一度刷新 历史高点至72.70美元/盎司。白银年内涨幅近150%，毫无疑问是今年贵金属的"闪亮明星"，同时将在 2026年继续闪耀。 【要闻速递】 但同时，光伏、新能源汽车、AI算力服务器及5G通信等领域的用银量保持强劲增长，其中光伏产业的 白银需求占全球总需求的比重已从2022年的约20%大幅攀升至当前的约55%，彻底改变了白银的需求结 构，奠定了白银市场长期的"牛市"基调。 另外，美联储12月如期降息并开启扩表，11月失业率上升，市场对明年降息保持乐观态度，美元指数持 续走弱。 【最新伦敦银行情解析】 白银价格大幅上涨，主要受到三大核心因素驱动：一是全球白银市场长期存在供应缺口，显性库存持续 下降至危险水平；二是美国关税政策引发市场对实物供应的担忧，加剧库存转移与挤仓压力；三是美联 储进入降息周期，提升市场流动性及风险偏好，强化了白银的金融属性。 全球白银ETF持仓自10月以来显着增长，机构及高净值个人通过ETF或投行渠道大规模购入并囤积现 货，持续消耗期货市场可用库存，成为推升现货价格的关键力量。无论在国 ...

今年以来，白银价格大幅上涨，主要受到三大核心因素驱动：一是全球白银市场长期存在供应缺口，显 性库存持续下降至危险水平；二是美国关税政策引发市场对实物供应的担忧，加剧库存转移与挤仓压 力；三是美联储进入降息周期，提升市场流动性及风险偏好，强化了白银的金融属性。 值得注意的是，明年年初彭博商品指数和标普高盛商品指数调参可能会带来被动管理资金的抛压，预计 分别占黄金和白银总持仓的2.6%和8.6%。虽然绝对规模上黄金卖盘（约50亿美元）大于白银卖盘（约 40亿美元），但是相较黄金的市场体量而言，白银市场体量相对偏低，受调参的影响预计会大于黄金。 中期来看，白银的价格锚依然是黄金。在全球依然处于降息周期以及逆全球化暗流涌动的宏观背景下， 贵金属板块整体上行趋势有望延续。在此周期中，白银的价格波动幅度通常大于黄金，往往具备更高的 配置收益潜力，这也意味着白银可能面临比黄金更大的短期回撤风险。因此，中期有意参与白银市场的 交易者需要有更强的风险承受能力和仓位管理意识。 长期来看，除投资需求外，白银的工业需求为价格提供了坚实的基本面支撑。光伏、新能源汽车、AI 算力服务器及5G通信等领域的用银量保持强劲增长，其中光伏产业的 ...

Summary of PCB Equipment Industry Conference Call Industry Overview - The PCB equipment industry is entering a performance inflection point starting from Q4 2024, with significant revenue growth observed in companies like Dazhu CNC, driven by capital expenditures from PCB manufacturers, particularly those receiving orders from Nvidia like Shenghong and Hude. [1][5] - The demand for AI computing servers is surging, leading to increased production of complex, high-layer HDI boards, resulting in substantial capital expenditure increases among suppliers. Domestic PCB manufacturers such as Shennan and Jingwang are accelerating their capital investments, with expectations of strong capital expenditures and equipment procurement in 2026. [1][6] Key Financial Insights - Leading PCB manufacturers are planning a total capital expenditure of 58 billion yuan, with 40 billion yuan allocated for production equipment, indicating an 80% increase in global demand. This suggests a high level of industry prosperity in 2026. [1][7] - Dazhu CNC reported a nearly 500% year-on-year growth in Q4 2024, with quarterly growth rates exceeding 100% in 2025. Other companies like Xinqi Micro and Kaige are also showing strong performance. [3] Technological Developments - The introduction of the Rubin architecture server has raised the requirements for PCBs, necessitating new materials and orthogonal backplanes, which in turn increases the demand for high-end PCBs and difficult-to-process materials. [1][12] - The drilling equipment segment is crucial, accounting for up to 40% of the production line, with significant demand growth expected due to new materials and technological upgrades. Ultra-fast laser drilling is emerging as a key development direction. [1][15][17] Market Dynamics - The strong capital expenditure from PCB manufacturers is positively impacting equipment manufacturers' performance, with companies like Shenghong benefiting from high-margin orders from Nvidia. [5][9] - The market for high aspect ratio drill bits is expanding rapidly, with significant growth expected in the 40x aspect ratio segment. Companies like Dingtai and Zhongtung are well-positioned to capitalize on this trend. [4][20] Future Outlook - The PCB industry is expected to maintain strong capital expenditures and equipment procurement in 2026, with many projects still in early stages and not yet undergoing large-scale equipment tenders. [7] - Key players expected to drive growth in 2026 include Shennan Circuit, Pengding, Dongshan Precision, Jingwang, and others, with substantial planned investments. [8] - The introduction of new materials, such as 麻九 (Majiuwu) material, is anticipated to enhance performance but may also increase the complexity and cost of production. [14][23] Company-Specific Insights - Dazhu CNC is recommended as a key player in the drilling equipment segment, with expectations of achieving a market value of 80 billion yuan by 2026 due to successful product penetration and order fulfillment. [23] - Zhongtung High-tech's subsidiary, Jingzhou Precision, is expected to expand its capacity significantly, with a projected monthly capacity of 120-130 million by 2026, indicating strong growth potential. [24] - Dingtai High-tech is noted for its high capacity and rapid expansion, with a target market value of 60 billion yuan or higher due to its competitive advantages in the high aspect ratio drill bit market. [25] Conclusion - The PCB equipment industry is poised for significant growth driven by technological advancements, strong capital expenditures, and increasing demand for high-performance materials and equipment. Key players like Dazhu CNC, Dingtai High-tech, and Zhongtung High-tech are expected to lead this growth trajectory. [26]

美国纽约商品交易所白银期货价格9日首次突破每盎司60美元关口。美国《华盛顿邮报》当天提供的数 据显示，白银今年已涨价102%，远超黄金将近60%的涨幅。 报道认为，多种因素共同推高白银价格，包括美元走软、美国关税政策变动以及白银供应短缺。尤为关 键的是，市场对美国联邦储备委员会将于10日宣布再次降息的预期升高。分析师认为，这可能进一步压 低美元汇率，同时继续推高白银价格。 现货白银升破60美元/盎司 美联储议息会议前夕，贵金属再度走强，而受到供应短缺预期影响的白银每盎司更是飙涨至60美元上 方，再创历史新高。 Wind数据显示，9日，伦敦银现日内涨幅超过3%，盘中最高触及60.895美元/盎司，历史首次站上60美 元/盎司整数关口。伦敦金现跟涨，盘中最高升破4220美元/盎司。10日早盘，现货白银震荡拉升，截至 10时报61.302美元/盎司，日内涨超1%，续创历史新高。 | < ロ | | 伦敦银现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | SPTAGUSDOZ.IDC | | | | | | | 61.302 | ...

Core Viewpoint - The company Bowei Alloy (601137.SH) does not supply directly to Oracle Corporation in the United States [1] Group 1: Company Operations - In the AI computing server sector, the company's materials are primarily used in high-speed connector materials for copper connections in AI computing servers [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Core Viewpoint - The company does not supply directly to Oracle Corporation in the AI computing server sector, focusing instead on specific materials used in various components [1] Group 1: Company Operations - The company's materials are primarily applied in AI computing server copper connectors, which utilize high-speed connector materials [1] - The company also provides specialized cooling materials for GB300 liquid cooling plates [1] - Additionally, the company supplies power distribution materials used in computing servers [1]

Core Viewpoint - The company has established mature mass production capabilities in the high-end release film sector, with stable production and supply of related products [1] Group 1: Product Development and Applications - The company is exploring the application of ultra-thin high-end release films in small-sized MLCCs and is aware of their potential impact on the performance enhancement of AI computing servers [1] - The company is actively monitoring advancements in the electronic skin technology field and maintains technical exchanges and information communication with various parties [1] Group 2: Future Collaborations - The company will announce any substantial cooperation progress in the electronic skin field that meets disclosure standards in a timely manner [1]

Summary of Conference Call on PCB Industry and NVIDIA's Impact Industry Overview - The conference call focuses on the PCB (Printed Circuit Board) industry, particularly in relation to AI computing servers driven by companies like NVIDIA [1][2][6]. Key Points and Arguments - **NVIDIA's High-Density Interconnect (HDI) Demand**: NVIDIA's GB200 server utilizes advanced HDI boards with structures of 5+12+5 for compute trays and 6+12+6 for switch trays, indicating a shift towards higher density circuit integration [1][2][4]. - **Future Developments**: The upcoming GB300 server is expected to continue using high-level HDI and may incorporate new materials like Ma 9, potentially replacing copper connections with orthogonal backplanes, which will further increase PCB usage [1][4][6]. - **High-End PCB Trends**: The demand for high-end PCBs is driven by the need for higher performance in AI computing, with traditional PCBs being inadequate for these requirements [2][6]. - **Investment in Production Lines**: Investment in high-level HDI and multilayer PCB production lines is significantly increasing, with a 5-stage 22-layer HDI production line requiring approximately 130 million yuan, much higher than traditional through-hole boards [2][10]. - **Drilling Equipment's Role**: Drilling equipment is crucial for achieving electrical connectivity in PCBs, with increased demand for various types of drilling machines due to the complexity of high-level HDI and multilayer boards [2][9][11]. Additional Important Insights - **Market Dynamics**: The drilling equipment market is currently facing supply shortages, particularly for key components, with major suppliers struggling to meet demand [11][12]. - **Technological Advancements**: Companies like Dazhu CNC are focusing on ultra-fast laser drilling technology to capture market share in new materials, which is expected to be a significant growth area [15][17]. - **Investment Recommendations**: The PCB industry is projected to grow due to the demand from AI computing servers, with specific recommendations for companies like Dazhu CNC, Ding Tai High-Tech, and Zhong Tung High-Tech, which have competitive advantages in production capacity and cost control [18][19][20]. Conclusion - The PCB industry is evolving towards higher-end products driven by AI computing needs, with significant investments in production capabilities and technological advancements. Companies that adapt to these changes are likely to benefit from the growing market demand.