40年深耕：顺着产业浪潮踏浪而行 回溯世运电路的成长脉络，其每一步成长始终与本土PCB产业的发展同频共振。1985年，佘英杰踏入 PCB行业。彼时，中国电子产品领域尚处空白，PCB作为电子产业的基础工业，正迎来发展机遇。 "当时我就判断，随着电子产品不断创新，PCB的需求一定会持续增长，这是一个有未来的行业。"佘英 杰的这一判断，成为世运电路40年坚守的起点。 创业初期，世运电路先在香港扎根，依托香港的区位优势对接海外市场与资源。1991年，佘英杰将工厂 迁至深圳，成立深圳世运电子厂。"深圳的产业配套逐步完善，政策也鼓励制造业发展，我们顺势而 为，在这里开启了规模化发展的新阶段。"他说。 到2000年，世运电路的工厂面积扩展至1.5万平方米，年产值接近3亿元。此后，因深圳产业政策调整以 及企业对发展空间的需求增加，世运电路将目光投向了江门。"一方面是因为广东作为改革开放前沿， 产业配套成熟、客户资源集中，留在广东能更好地服务客户；另一方面，江门的环保条件、土地资源更 契合企业长远布局需求。"佘英杰表示。 此后，世运电路逐步成长为行业领先企业。2017年4月，世运电路成为江门市首家在上交所挂牌的企 业。 40年 ...

Group 1 - The company, China Shipbuilding Industry Corporation Han Guang, announced on September 23 that it will hold the 11th meeting of the 5th Board of Directors on September 23, 2025 [2] - The meeting will review the proposal to purchase Directors, Supervisors, and Senior Management Liability Insurance [2]

实现产业链集聚并形成网络效应，"链式招商"能够对产业链上下游企业形成有效吸引力。比如，江西信 丰县通过链式招商，集聚30多家印刷电路板上市企业，发展成全国知名的产业集聚区。大族数控、景旺 电子等龙头企业落户后，上下游企业纷纷跟进。完善产业上下游配套，助力企业降低生产成本，这本身 就是地域发展的重要竞争优势。 从培育产业链生态出发的"链式招商"，会释放出"以商招商"的内生动力。这其中起关键作用的是龙头企 业。一家龙头企业的落地，意味着研发、配套、物流、服务等一整套上下游环节的随之聚合。因此，现 在的招商引资不能停留在"引来一企"，而是要"带动一批、繁荣一链"。 现在的招商引资不能停留在"引来一企"，而是要"带动一批、繁荣一链" 一段时间以来，各地招商引资的新思路、新变化引人深思。上海虹口区推行"基金、土地、场景、会 展"招商模式，江西赣州市通过链式招商、以商招商等方式培育产业生态；陕西西安市绘制重点产业链 招商图谱……各地的实践表明，招商引资正从"拼优惠"转向"拼生态"。 今天，全国统一大市场建设有序推进，违规实施优惠政策被明令禁止，企业更加期待公平有序的市场环 境、长期可持续的发展前景。面对企业的更高需求，应 ...

Core Viewpoint - The current investment attraction strategy should evolve from merely "bringing in one enterprise" to "driving a batch and prospering a chain" [1][2] Group 1: Investment Attraction Strategies - Various regions are innovating their investment attraction methods, shifting from "competing on incentives" to "competing on ecosystems" [1][3] - "Chain-based investment attraction" effectively draws in upstream and downstream enterprises, as demonstrated by Jiangxi's Xinfeng County, which has gathered over 30 listed companies in the printed circuit board sector [1][2] - The "scene-based investment attraction" approach provides practical application scenarios for enterprises, enhancing their technological innovation capabilities [2][3] Group 2: Role of Government - Government departments play a crucial role in the innovation of investment attraction strategies, requiring a shift from focusing on "grabbing projects" to "planning layouts" [3] - A long-term vision is essential for improving service levels and creating a favorable development environment, which stabilizes enterprises' expectations for sustainable growth [3] - Continuous efforts in optimizing the business environment and reforming institutional mechanisms are necessary to adapt to new investment attraction paths [3]

Core Viewpoint - Fangzheng Technology participated in the "Communicating Value and Building Confidence for the Future" event, highlighting its diverse applications in various sectors [1] Group 1: Company Overview - Fangzheng Technology's PCB products serve a wide range of clients across multiple industries [1] - The applications of its products include telecommunications equipment, consumer electronics, optical modules, servers and data storage, automotive electronics, digital energy, industrial control, and medical electronics [1] Group 2: Industry Context - The event reflects the growing importance of communication and collaboration among listed companies in Shanghai [1] - The diverse application of PCB products indicates a robust demand across various sectors, suggesting potential growth opportunities in the industry [1]

Group 1 - The core viewpoint of the article highlights Guanghe Technology's focus on enhancing its production capabilities in the PCB sector, particularly in computing power applications [1] - The Huangshi factory, which commenced operations in 2021, specializes in producing PCBs for both industrial and consumer applications, with plans for technological upgrades to improve production capabilities [1] - The Thailand factory is primarily dedicated to high-performance PCBs for computing power applications, targeting overseas customers [1] Group 2 - The company emphasizes its commitment to keeping pace with customer product iterations and proactively investing in research and development as well as capacity planning [1] - Guanghe Technology aims to ensure timely and high-quality delivery of its products [1] - Further updates on the company's business progress can be found in its official announcements [1]

9月18日，世运电路发布投资者关系活动记录表公告称，"芯创智载"新一代PCB产品由于其技术含量 高、工艺复杂，价格相比传统PCB产品有显著提升。该项目预计2026年中开始投产。目标客户主要是人 工智能、新能源汽车、人形机器人、低空飞行器、AI智能眼镜等新兴领域的客户。公司与T客户有长期 紧密的合作关系，公司是T客户的核心供应商，为其提供汽车、储能、算力、机器人等全产业链配套供 应。随着"芯创智载"产品投产以及技术优势的展现，未来在对特斯拉的供货中，也有可能会使用该产品 来满足特斯拉相关产品的需求，从而实现对部分原有产品的替代。 ...

Core Viewpoint - The global AI server PCB market is projected to reach $12.08 billion by 2031, with a compound annual growth rate (CAGR) of 6.7% in the coming years [1]. Market Overview - The AI server PCB market is primarily driven by the surge in demand for AI-optimized servers and the rapid expansion of data centers and cloud infrastructure [11]. - The top five manufacturers hold approximately 48.2% of the market share, with major players including Guanghe Technology, Jianding Technology, and Jinxiang Electronics [6][16]. Product Type Segmentation - Multi-layer PCBs dominate the market, accounting for about 58.4% of the total share [8]. - High-density interconnect (HDI) boards are also significant in the product mix [16]. Application Segmentation - Data centers and cloud computing represent the largest downstream market, capturing approximately 49.5% of the demand for AI server PCBs [9]. Industry Drivers and Challenges - The explosive growth of generative AI and AI-driven workloads is a key driver for unprecedented demand for AI servers [11]. - Challenges include maintaining signal integrity for high-speed interconnections and the high costs associated with materials and manufacturing processes [11]. Industry Opportunities - The need for high-speed interconnections presents opportunities for advanced PCB technologies, such as HDI, SLP, and mSAP, which meet the requirements for high layer counts and low-loss materials [12]. Industry Chain Structure - The industry chain consists of upstream raw materials (e.g., copper-clad laminates, copper foil), midstream PCB manufacturers focusing on high-performance products, and downstream applications in AI server manufacturers and cloud computing [15].

胜宏科技 20250916 摘要 胜宏科技在全球 PCB 市场排名第 21 位，中国大陆第 4 位，专注于高端 PCB 产品，受益于 AI 领域需求增长，预计 2025 年排名将进一步提升。 公司通过精细化管理，费用率稳步下降，尽管 2023 年上半年行业警惕 度一般，但自 2025 年开始，由于 AI 领域需求增加，公司表现明显改善。 PCB 行业下游应用广泛，包括通讯、工控、航空航天等企业级需求，以 及手机、PC 等消费需求。服务器与汽车电子将成为未来几年增长亮点， 推动 PCB 行业持续升级，尤其是在高频高速和轻薄短小方面。 人工智能对算力需求增加，带动服务器市场高速增长，提升对高价值量 PCB 的需求。服务器中使用的 PCB 包括背板、LCP 主板、以太网卡及 存储卡，关键指标为高层数、高纵横比、高密度及高传输速率。英伟达 芯片迭代加速，相应 PCB 产品也需每年升级换代。 5G 通信发展对基站、路由器等通信设备提出更高频率、层数及速率要 求，与 AI 相关的投资加大推动网络设备出货量增加，进一步提升对配套 PCB 的需求。预计未来五年内园区交换机市场销售额有望超过 950 亿美 元。 Q&A 胜宏科 ...

Core Viewpoint - The AI-PCB supercycle is accelerating, with Shenghong Technology expected to gain significant excess returns as a leading player in the industry, supported by a substantial price target increase from Citigroup by 148% to 447 RMB, indicating a 35% upside potential from the current stock price. Shenghong Technology has already surged nearly 700% this year [1][4]. Group 1: AI-PCB Market Dynamics - The AI-PCB upgrade trend is being driven by the shift towards rack wireless cable design and CoWoP technology, enhancing assembly efficiency and optimizing space in dense rack configurations [4][5]. - Citigroup has raised its AI-PCB demand forecast for 2026 by 35% to 72 billion RMB, significantly up from the previous estimate of 53 billion RMB, indicating a sustained supply-demand tightness until at least 2026 [7]. Group 2: Shenghong Technology's Performance - Shenghong Technology's production capacity is projected to lead the industry, with expected capacities of 31 billion RMB, 56.4 billion RMB, and 83 billion RMB by the end of 2025, 2026, and 2027 respectively [9]. - Citigroup has revised Shenghong Technology's net profit forecasts for 2025, 2026, and 2027 upwards by 6%, 65%, and 121% to 5.6 billion RMB, 12.8 billion RMB, and 21.2 billion RMB, driven by higher AI-PCB gross margins and faster capacity expansion [10]. Group 3: Technological Advancements - The transition to PCB routing interconnects from cable connections is expected to enhance the value of PCB content per GPU, with estimates suggesting an additional value of 300 USD for VR middle boards and 486 USD for VR Ultra backplanes [5][6]. - The AI-PCB shortage is anticipated to persist due to high demand from next-generation GPU platforms and ASIC requirements, compounded by slower-than-expected capacity expansion [7].