东山精密公告称，公司于2025年11月18日向香港联交所递交发行境外上市外资股（H股）并在香港联交 所主板挂牌上市的申请，同日在香港联交所网站刊登申请材料。该材料为草拟版本，可能更新修订。发 行对象为符合条件的境外投资者及境内合格投资者，公司不在境内媒体刊登申请资料，提供香港联交所 网站查询链接。本次发行上市尚需多部门备案、批准或核准，存在不确定性。 ...

每经AI快讯，11月18日，港交所文件显示，苏州东山精密制造股份有限公司向港交所提交上市申请 书，联席保荐人为瑞银集团、国泰海通、广发证券、中信证券。 ...

Investment Rating - The report maintains an "Overweight" rating for the technology sector, indicating an expectation for the sector's stock index to outperform the benchmark [2]. Core Insights - Vietnam is poised to become the next semiconductor hub in Southeast Asia, driven by open industrial policies and significant foreign investments from companies like Samsung and Foxconn [4][5]. - The semiconductor packaging and testing sector is currently a hot investment area, with several factories already established by major players such as Intel and Amkor [6]. - The Vietnamese government is actively supporting the semiconductor industry, with plans for the first wafer foundry to be completed by 2027 [7]. Summary by Sections Section 1: Industrial Policy and Investment - Vietnam's open industrial policies have attracted various electronic manufacturing companies to set up operations, leading to a clustering effect in the industry [5]. - As of 2024, the average wage in Hanoi has reached 2,790 RMB/month, which, despite rising costs, continues to attract investment for supply chain resilience [5]. Section 2: Semiconductor Industry Development - The semiconductor industry in Vietnam is still in its early stages, focusing primarily on packaging and testing processes [6]. - Currently, there are eight semiconductor packaging and testing factories in Vietnam, with plans for local companies to establish their own facilities [6]. Section 3: Government Support and Future Plans - The Vietnamese government has outlined a strategic plan for the semiconductor industry, aiming to establish the first wafer foundry by 2030 and train 15,000 chip design engineers by 2050 [7]. - Viettel, the largest telecom operator in Vietnam, is responsible for the investment in this project, with government support of approximately $500 million [7]. Section 4: Apple's Supply Chain Diversification - Apple has been diversifying its supply chain since 2018, with Vietnam and India emerging as key production bases outside of China [9]. - By FY2025, Vietnam is expected to account for 10-15% of iPhone production, alongside significant contributions to iPad and Mac production [10][11].

Core Insights - Apple has been operating in China for over 30 years, emphasizing deep collaboration with local supply chain partners, particularly in Jiangsu province, which plays a crucial role in Apple's global supply chain [3][5][7] - Over 80% of Apple's core suppliers have manufacturing facilities in China, with half of them located in Jiangsu, showcasing the region's industrial maturity and innovation [3][5][7] - Apple has significantly reduced its global carbon footprint by over 60% in the past decade and aims for 100% carbon neutrality across its supply chain and product lifecycle by 2030 [7][8] Supply Chain and Manufacturing - Apple's core supplier, Luxshare Precision, has expanded its operations in Jiangsu since partnering with Apple in 2011, covering key metal components and electronic modules [6] - AAC Technologies, another key supplier, has been collaborating with Apple since 2008, expanding its product range to include components for the latest iPhone models [7] - More than 90% of Apple's production in China utilizes renewable energy, with suppliers like Luxshare achieving 100% clean energy usage for Apple products [8] Talent Development and Training - Apple is committed to investing in talent development, providing world-class training opportunities for supply chain employees, including skills in robotics and leadership [8][9] - The company has established a $50 million Supplier Employee Development Fund, with 300,000 supply chain employees participating in various training programs this year [8][9] - Apple aims to continue supporting the growth of skilled professionals within its supply chain, contributing to the industry's overall talent pool [9]

（文章来源：证券日报） 证券日报网讯兴森科技11月18日在互动平台回答投资者提问时表示，公司有配合客户进行国产化材料和 设备的验证工作，材料供应商主要由客户指定，后续将根据客户的计划以及供应商的技术能力确定导入 计划。 ...

记者同时以投资者身份致电传闻涉及的另一方兴森科技，接线工作人员表示，所有信息应以官方公告为 准，不会透露具体客户合作细节，公司会在必要时进行澄清。截至发稿，记者未在深交所信息披露平台 查询到，兴森科技有发布与英伟达订单相关的公告。查看原文：丢了英伟达的订单？胜宏科技回应：客 户订单暂无大变动刚刚 南方财经11月18日电，21财经《辟谣财知道》注意到，市场传出一篇彭博的文章称：英伟达 （NVDA.US）已与兴森科技（002436.SZ）达成合作，将此前由胜宏科技（300476.SZ）独家供应的 20%高阶高密度互连板(HDI)订单交由其承接。对此，21财经《辟谣财知道》以投资者身份致电胜宏科 技，接线工作人员表示，公司留意到相关谣言后，与彭博取得联系，其反馈称未发过相关新闻。公司在 彭博相关网站上亦未查询到有上述传闻信息，因此判定上述传闻不实。 对于市场最为关心的订单情况，上述接线工作人员表示，尽管出于商业保密原则无法披露具体客户信 息，但公司当前整体经营态势良好，订单情况保持乐观，核心客户订单未发生较大变动。 ...

Core Viewpoint - The report indicates that Luxshare Precision achieved a net profit of 11.518 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.92% [1] - In Q3 alone, the net profit reached 4.874 billion yuan, showing a year-on-year increase of 32.49% and a quarter-on-quarter growth of 35.35% [1] - The company has completed acquisitions of related assets from Lany and Wentai ODM/OEM, leading to robust growth across its three main business segments [1] Financial Performance - For the first three quarters of 2025, the net profit attributable to shareholders was 11.518 billion yuan, up 26.92% year-on-year [1] - In Q3, the net profit was 4.874 billion yuan, reflecting a 32.49% increase year-on-year and a 35.35% increase quarter-on-quarter [1] Business Development - The company has successfully integrated its acquisitions and is leveraging vertical integration, resource sharing, and smart manufacturing to optimize its operations [1] - The automotive and communication/data center segments are experiencing rapid and high-quality growth, contributing to the overall performance [1] Future Outlook - Luxshare Precision has issued a full-year performance forecast for 2025, indicating an expected increase in overall performance [1] - The automotive business is seeing an optimized customer structure and a steady rise in product orders, showcasing significant growth potential for the future [1] - The report initiates coverage with a "Buy" rating, highlighting the acceleration of new growth drivers across the three business segments [1]

Group 1 - Five companies announced private placement plans on November 18 [1] - Haomei New Materials (002988) plans to issue up to 74.93 million shares to no more than 35 specific investors, aiming to raise approximately 1.897 billion yuan for projects related to automotive lightweight aluminum profiles and components, R&D innovation center, and working capital [1] - Yaxing Chemical (600319) intends to acquire 100% equity of Tianyi Chemical from 24 shareholders through a combination of share issuance and cash payment, which is expected to constitute a major asset restructuring [1] - Huayin Power (600744) plans to issue up to 250 million shares to no more than 35 specific investors, with an expected fundraising of 1.5 billion yuan for various wind power projects and working capital [1] Group 2 - Shengyi Electronics plans to issue up to 125 million shares to no more than 35 specific investors, with an expected fundraising of 2.6 billion yuan for AI computing HDI production base and smart manufacturing projects [2] - Runong Irrigation intends to raise no more than 84.51 million yuan through a private placement to its controlling shareholder, Hubei Xiangtou Group, at an issue price of 6.26 yuan per share, issuing 13.5 million shares [2]

Core Viewpoint - The company, as the leading domestic FCBGA packaging substrate provider, is actively working to break the Japanese monopoly on raw material supply by collaborating with various companies beyond Huazheng New Materials [2]. Group 1 - The company is engaged in verification work for domestic materials and equipment in collaboration with clients [2]. - Material suppliers are primarily designated by clients, indicating a client-driven approach to sourcing [2]. - Future plans for material introduction will depend on client schedules and the technical capabilities of suppliers [2].

Core Viewpoint - Tianlu Technology (301045.SZ) is addressing the reliance on imported TAC film for TFT polarizers, with Japanese companies holding approximately 80% market share, by establishing a subsidiary to enhance domestic production capabilities [1] Group 1: Company Developments - The company has established a subsidiary, Anhui Jiguang, to collaborate with various stakeholders in the TAC film industry chain to break the monopoly held by Japanese and Korean firms [1] - The TAC film project has completed the procurement of major production equipment and is focusing on factory construction and monitoring equipment delivery progress [1] Group 2: Industry Context - The current supply of TFT-grade TAC film in mainland China is heavily dependent on imports, highlighting a significant opportunity for domestic production [1] - The involvement of downstream partners such as Sanlipu, Xianzhi Chain, Beijing Electric Control Investment, and others indicates a collaborative effort to strengthen the domestic supply chain [1]