Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the PCB (Printed Circuit Board) industry, specifically focusing on the developments related to the orthogonal backplane technology and its implications for companies like Nvidia and the broader PCB market. Core Points and Arguments 1. **Orthogonal Backplane Scheme Will Not Be Canceled** - The Kyber scheme has been established, with the orthogonal backplane being a core component. Nvidia has stated that by 2027, a single platform will accommodate 576 GPUs, which refers to the RubinUltra model. The design utilizes vertically stacked computing trays, confirming the orthogonal backplane route established at Nvidia's 2025 GTC conference and showcased again at the CES on January 6, 2026 [1][2]. 2. **Progress of Orthogonal Backplane is Steady** - The orthogonal backplane is currently in the secondary sample submission phase, with domestic manufacturers providing timely feedback. The product validation stage is ongoing, focusing on the 78-layer M9 Q solution, while PTFE solutions are also being explored. The emphasis on this technology is evident, as the value of PCB per cabinet is expected to double once the orthogonal backplane is confirmed [2]. 3. **Backplane Progress Does Not Affect Overall Industry Direction** - The AI chip market is projected to have a compound annual growth rate (CAGR) exceeding 50% over the next five years. The shipment of PCBs is linearly correlated with GPU output, and the trend of increasing value per card remains unchanged. There is an anticipated high demand for PCBs over the next three years, with a significant supply shortage, indicating that short-term disruptions should not be overly concerning [2]. 4. **Concerns Over Supply Chain and Production Capacity** - Recent intensive research indicates a severe shortage of materials such as copper foil and fabric within the industry, leading to a widening supply-demand gap for PCBs. Leading PCB companies are expressing concerns regarding insufficient production capacity. The valuation for 2027 is projected to remain below 15 times, excluding the implicit expectations surrounding the orthogonal backplane [3]. Other Important but Potentially Overlooked Content - The ongoing developments in the PCB industry are critical as they relate to the broader technological advancements in AI and GPU markets. The emphasis on the orthogonal backplane technology highlights the strategic importance of innovation in maintaining competitive advantage within the industry [1][2][3].

Core Viewpoint - The ongoing "A+H" listing trend is exemplified by Jingwang Electronics' application for a Hong Kong IPO, aiming to transition from a domestic leader to a global player in the PCB industry [1][2]. Group 1: Company Overview - Jingwang Electronics, founded in 1993, is a leading global manufacturer of PCB products, particularly in the automotive electronics sector and AI computing infrastructure [1][2]. - The company has expanded its market from consumer electronics and industrial control to automotive electronics and advanced technologies like AI and robotics, forming a diversified business model [2][3]. Group 2: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Jingwang Electronics reported revenues of 10.757 billion, 12.659 billion, and 11.083 billion yuan, respectively, with year-on-year growth rates of 17.68% and 22% for 2024 and 2025 [3]. - The automotive electronics segment remains the primary revenue source, contributing 50.66 billion yuan, or 45.7%, in Q3 2025 [3]. Group 3: Profitability Challenges - The company faced pressure on short-term profit growth, with net profits of 0.911 billion, 1.160 billion, and 0.961 billion yuan from 2023 to the first three quarters of 2025, showing a slowdown in profit growth [4]. - The gross margin has declined from 23.2% in 2023 to 21.6% in the first three quarters of 2025, attributed to high raw material prices and strategic investments [4][5]. Group 4: Market Trends and Opportunities - The PCB industry is experiencing structural growth driven by AI and automotive electronics, with the global PCB market expected to grow from $75 billion in 2024 to $105.2 billion by 2030, at a CAGR of 5.8% [7]. - The AI server PCB market is projected to grow from $3.5 billion in 2024 to $10.8 billion by 2030, with a CAGR of 20.7% [7]. - Jingwang Electronics is well-positioned in the automotive electronics sector and is one of the few suppliers for global AI computing infrastructure, indicating strong growth potential [7][8].

Core Viewpoint - The ongoing "A+H" listing trend is exemplified by Jingwang Electronics' application for a Hong Kong IPO, aiming to transition from a domestic leader to a global player in the PCB industry [1][2]. Group 1: Company Overview - Jingwang Electronics, founded in 1993, is a leading global manufacturer of PCB products, particularly in the automotive electronics sector and AI computing infrastructure [1][2]. - The company has expanded its market from consumer electronics and industrial control to automotive electronics, AI computing, next-generation communication, AIoT, drones, and robotics, forming a "1+1+N" business model [2][3]. Group 2: Financial Performance - In 2023, 2024, and the first three quarters of 2025, Jingwang Electronics reported revenues of 10.757 billion, 12.659 billion, and 11.083 billion yuan, with year-on-year growth rates of 17.68% and 22% for 2024 and 2025 respectively [3]. - The automotive electronics segment remains the primary revenue source, contributing 5.066 billion yuan (45.7% of total revenue) in Q3 2025 [3]. Group 3: Profitability Challenges - The company faces short-term profitability pressures, with net profits of 0.911 billion, 1.160 billion, and 0.961 billion yuan for the same periods, showing a slowdown in profit growth to 27.3% and 7.25% for 2024 and 2025 [4]. - The declining gross margin, which fell from 23.2% in 2023 to 21.6% in Q3 2025, is attributed to high raw material prices, new capacity ramp-up, and strategic investments in high-end production [4][5]. Group 4: Market Trends and Opportunities - The PCB industry is experiencing structural growth driven by AI computing and automotive electronics, with the global PCB market expected to grow from $75 billion in 2024 to $105.2 billion by 2030, at a CAGR of 5.8% [6][7]. - The AI server PCB market is projected to grow from $3.5 billion in 2024 to $10.8 billion by 2030, with a CAGR of 20.7%, indicating strong demand for high-end PCB products [7]. - Jingwang Electronics is well-positioned in the automotive electronics sector and is one of the few suppliers for global AI computing infrastructure, showcasing significant growth potential [7][8].

世运电路（603920.SH）1月6日在投资者互动平台表示，公司与脑机产业重要客户的战略合作在稳步推 进中，为客户相关产品提供所需的 PCB，目前参与客户新产品与新料号的研发，相关产品处于性能迭 代与可靠性测试的关键阶段。公司深耕PCB领域多年，具备高密度互联（HDI）、高多层板、厚铜、软 硬结合板等核心工艺能力，可匹配脑机接口设备对信号传输稳定性、抗干扰性及精密制造的严苛要求。 脑机相关业务目前处于前期发展阶段，发展过程中存在一定的不确定性，预计对公司近期经营业绩不会 造成重大影响。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司之前提到与脑机产业重要客户开展战略合作，在 研发和应用方面深度合作，并参与新产品和新料号的研发。请问目前合作进展如何，公司是否具备产业 化的相关能力。 ...

Core Viewpoint - Shenghong Technology is accelerating its expansion with a capital expenditure of 36.54 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 380.16%, the highest among leading PCB manufacturers [1][34]. Group 1: Capital Expenditure and Financials - In the first three quarters of 2025, Shenghong Technology's capital expenditure reached 36.54 billion yuan, a significant increase of 380.16% year-on-year, leading the industry [2][34]. - The company's asset-liability ratio has exceeded 50%, with only 32 billion yuan in cash against 44 billion yuan in interest-bearing liabilities [3][36]. - Shenghong Technology achieved revenue of 141.17 billion yuan in the first three quarters of 2025, a year-on-year increase of 83.39%, and net profit of 32.45 billion yuan, up 324.38% [14][47]. Group 2: Industry Context and Demand Drivers - The PCB industry is experiencing a pivotal moment due to the rapid growth of emerging industries such as artificial intelligence and new energy vehicles, which are driving demand for PCBs [5][38]. - The performance requirements for PCBs are increasing, particularly for AI servers, which now typically have 28 to 46 layers and thicknesses ranging from 2mm to over 3mm [6][39]. - The global PCB market is projected to grow from 73.57 billion USD in 2024 to 94.66 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [7][40]. Group 3: Product and Technological Advancements - Multi-layer boards and HDI (High-Density Interconnect) are expected to be core growth components, with the multi-layer board market projected to reach 34.87 billion USD by 2029, growing at a CAGR of 4.5% [9][42]. - Shenghong Technology has established a strong position in high-end PCB production, having invested 26.5 billion yuan in R&D from 2017 to the first three quarters of 2025, maintaining a research expense ratio above 4% [9][42]. - The company has achieved significant technological advancements, including the ability to manufacture high multi-layer boards with over 100 layers and large-scale production of advanced HDI products [12][45]. Group 4: Strategic Expansion and Future Plans - Shenghong Technology is making substantial investments in machinery and equipment to expand production capacity, with 7 billion yuan allocated to machinery in the first half of 2025 [21][56]. - The company is also constructing "future" factories as part of its global strategy, with significant investments in Southeast Asia to enhance high-end PCB production capabilities [25][59]. - The company's overseas revenue has doubled from 3.24 billion yuan in 2020 to 6.53 billion yuan in 2024, maintaining a high overseas revenue ratio of around 60% [27][62].

智通财经获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递 交上市申请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。 公司的PCB产品为汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互 联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模 式，即1个支柱型业务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力 业务组合(涵盖智能终端、工业控制等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身 电子系统、电池管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品 中。 公司的PCB产品深度赋能汽车智能化和 ...

PCB Industry Research Summary Industry Overview - The PCB industry outlook for 2026 is optimistic, with AI computing power remaining the main theme. The market size is expected to grow from $84.5 billion in 2025 to between $94 billion and $98 billion in 2026 [1][3] - AI-related PCB demand is projected to significantly increase, particularly in high-end HDI and multilayer boards, driven by the needs of companies like NVIDIA, Huawei, and Ascend [1][5] Key Trends and Developments - The CCL segment shows promising growth prospects, with a shortage of high-speed materials leading to significant ASP (Average Selling Price) increases. Leading domestic companies like Shennan Circuits are integrating into NVIDIA's supply chain, which is expected to drive volume growth in the coming years [1][7] - The PCB equipment sector, particularly drilling machines (including back drilling and laser drilling), is crucial. Domestic company Dazhong CNC is highlighted as a key player, with significant growth expected in high-end back drilling equipment [1][8] Financial Performance - In 2025, the PCB sector performed exceptionally well, achieving an average return of 150%, outperforming the overall electronic sector's return of approximately 40% [2] - Despite fluctuations in the PCB market throughout 2025, leading companies exceeded performance expectations, contributing to a substantial increase in the sector [11] Material and Equipment Insights - Upstream material prices are generally on an upward trend, with copper prices reaching historical highs and fiberglass prices continuing to rise, which is pushing up CCL and PCB product prices [4][15] - The demand for AI-related products is expected to account for 50-60% of total PCB demand by 2026, significantly impacting production capacity and operational rates [4][31] Investment Opportunities - Investment opportunities are emerging in various segments, including high-end HDI, multilayer boards, and the CCL sector, with companies like Dazhong CNC and Nanya showing potential [4][16] - Traditional consumer electronics PCB companies are also making strides in the AI computing sector, with companies like Pengding and Dongshan increasing capital expenditures and securing orders from major clients [27] Future Outlook - The PCB industry is expected to continue benefiting from the growth in AI-related demand, with the proportion of AI in total PCB demand projected to rise from nearly 30% in 2025 to higher levels in 2026 [12][31] - The industry is entering a prolonged capacity expansion cycle, with significant capital expenditures planned by multiple companies to meet growing market demands [14] Conclusion - The PCB industry is poised for significant growth driven by AI computing needs, technological advancements, and strategic investments in capacity expansion. The overall sentiment for 2026 remains positive, with various segments showing robust potential for returns [10][24]

Group 1: Copper Price Surge and Impact on CCL Manufacturers - On December 26, copper futures prices surged, breaking through the 99,000 yuan/ton mark, reaching a historical high [1] - Jiantech (01888.HK), one of the largest CCL manufacturers, announced a 10% price increase for all materials due to soaring copper prices and tight supply of glass cloth, marking the second price hike in December [1] - The stock price of Jiantech rose over 7% in the last three trading days, indicating positive market sentiment [1] Group 2: Market Reactions and Price Adjustments - The CCL index in the A-share market has shown strong performance, increasing over 18% in the last 25 trading days [1] - On December 26, CCL manufacturers Shengyi Technology (600183.SH) and Nanya New Materials (688519.SH) saw stock price increases of 5.4% and 13.59%, respectively [1] - Jiantech's sales department confirmed that new orders will be settled at the increased prices, while existing orders will maintain the original pricing, with future adjustments based on copper price fluctuations [3] Group 3: PCB Industry and Material Cost Management - PCB leaders like Dongshan Precision (002384) and Pengding Holdings (002938) reported that they have implemented commodity hedging to manage the impact of rising raw material prices [4] - Pengding Holdings noted that their raw material prices remain stable and have not yet felt the effects of rising copper prices, attributing this to their focus on high-end imported CCL materials [4] - The PCB industry is expected to undergo structural upgrades driven by the rapid penetration of AI technology, with projections indicating a global PCB market value of $94.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5]

来源：新浪证券-红岸工作室 近日，广州广合科技股份有限公司（以下简称"广合科技"）密集接待机构调研，包括金鹰基金、IDG、 高盛、东方红基金等在内的18家机构及个人投资者通过特定对象调研及"投资者走进上市公司"活动，深 入了解公司经营情况。公司在调研中披露，2025年前三季度业绩实现显著增长，同时详解了产能布局及 未来规划。 投资者关系活动基本信息 投资者关系活动类别√特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现 场参观 √其他（投资者走进上市公司活动）参与单位名称及人员姓名（排名不分先后）2025年12月11 日：金鹰基金；2025年12月15日：IDG；2025年12月16日：高盛；2025年12月19日：华安电子、东方红 基金、景顺长城基金、永赢基金、华源电子；2025年12月22日：凯基证券、UG Investment Advisers LTD、南山人寿、富兰克林华美投信、丰利资本、国泰证券投资信托、佐佑投资、第一金证券自营； 2025年12月23日：全景网、湘财证券及个人投资者（投资者走进上市公司活动）时间2025年12月11 日-2025年12月23日地点广 ...

广州广合科技股份有限公司 证券代码：001389 证券简称：广合科技 广州广合科技股份有限公司投资者关系活动记录表 编号：2025-07 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 （投资者走进上市公司活动） | | | 2025 年 12 月 11 日：金鹰基金 2025 年 12 月 15 日：IDG | | | 2025 年 12 月 16 日：高盛 | | | 2025 年 12 月 19 日：华安电子、东方红基金、景顺长城 | | 参与单位名称及人 | 基金、永赢基金、华源电子 | | 员姓名（排名不分先 | 2025 年 12 月 22 日： | | | 凯基证券、UG Investment Advisers LTD、南山人寿、 | | 后） | 富兰克林华美投信、丰利资本、国泰证券投资信托、佐佑 | | | 投资、第一金证券自营 | | | 2025 年 12 月 23 日： | | | 全景网、湘财证券及个人投资者（投资者走进上市公 ...