ab 27 January 2026 Global Research China Equity Strategy The top 10 questions about the A-share market Equity Strategy China Lei Meng Strategist lei.meng@ubs.com +86-21-3866 8939 Yu Sheng Strategist S1460524080001 yu.sheng@ubs.com +86-21-3866 4873 James Wang Strategist james-zb.wang@ubs.com +852-3712 2557 Tommy Tang, CFA Strategist tommy.tang@ubs.com +852-2971 8357 Robin Xu Analyst S1460511010012 bin.xu@ubs.com +86-21-3866 8872 1. Can overall A-share earnings growth accelerate in 2026? Optimism looks set to ...

Key Takeaways SANM delivered strong Q1 FY26, with revenues up 59% to $3.19B and earnings surpassing the consensus estimate.SANM's Integrated Manufacturing Solutions surged 72.2% to $2.79B, accounting for 87.5% of total revenue.SANM generated $178.7M operating cash flow, repurchased $79M of shares, and guided Q2 revenues of $3.1-$3.4B.Sanmina Corporation (SANM) reported strong first-quarter fiscal 2026 results, with both top and bottom lines surpassing the Zacks Consensus Estimate.The California-based electr ...

Core Viewpoint - The PCB industry is experiencing significant growth and transformation, driven by advancements in technology and increasing demand across various sectors, including telecommunications, consumer electronics, and automotive applications [9][10][18]. Group 1: PCB Classification - PCBs are classified based on material type, layer count, and structure, including ordinary boards, high-frequency boards, high-speed boards, single-sided boards, double-sided boards, multi-layer boards, rigid boards, flexible boards, rigid-flex boards, HDI boards, and packaging substrates [5][6][8][9]. - Ordinary boards are primarily made from FR4 copper-clad laminates and are widely used in various fields with lower signal integrity requirements [5]. - High-frequency boards require materials with stable dielectric properties and low loss factors, mainly used in wireless communication and automotive applications [5]. Group 2: PCB Industry Chain - The PCB industry chain consists of upstream raw materials, midstream manufacturing, and downstream applications, with raw materials including copper foil, wood pulp, electronic cloth, resins, and inks [10][11]. - The downstream applications of PCBs are extensive, covering communication devices, consumer electronics, computers, automotive electronics, industrial control, and medical devices [10][11]. Group 3: Market Trends and Forecasts - The global PCB market is projected to grow significantly, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, driven by increasing demand for high-density and high-performance PCBs [13][14]. - The Chinese PCB market is expected to recover, with a forecasted market size of approximately 4,333.21 billion yuan by 2025, following a decline in 2023 [18]. Group 4: Downstream Demand Growth - The demand for PCBs is increasing across various sectors, including telecommunications, where the shift to higher-speed products is evident, and in the server industry, where AI server demand is driving growth [18]. - In the automotive sector, the integration of electronics in vehicles is expected to increase, with automotive electronics projected to account for 49.6% of the total vehicle value by 2030 [18]. Group 5: Copper Foil as a Key Material - Copper foil is a critical raw material in PCB manufacturing, accounting for a significant portion of the cost structure, with its demand driven by the growth of high-end PCBs [32][34]. - The production process of copper foil involves several steps, including copper dissolution, foil manufacturing, surface treatment, and packaging [43]. Group 6: High-End Copper Foil Demand - The demand for high-end copper foil is increasing due to advancements in 5G communication and AI technologies, with a focus on low-profile copper foils for high-density applications [48][49]. - The global high-end copper foil market is largely dominated by foreign companies, but domestic firms are gradually entering the supply chain [49][50].

Group 1: Betterware de Mexico SAPI de C - Betterware de Mexico SAPI de C has a Zacks Rank 1 (Strong Buy) and a Zacks Consensus Estimate for current year earnings increased by 0.6% over the last 60 days [1] - The company's shares gained 52.6% over the last three months compared to the S&P 500's gain of 2.5% [2] - Betterware de Mexico possesses a Momentum Score of A [2] Group 2: Lam Research - Lam Research has a Zacks Rank 1 and a Zacks Consensus Estimate for current year earnings increased by 0.8% over the last 60 days [2] - The company's shares gained 49.8% over the last three months compared to the S&P 500's gain of 2.5% [3] - Lam Research possesses a Momentum Score of B [3] Group 3: Amphenol - Amphenol has a Zacks Rank 1 and a Zacks Consensus Estimate for current year earnings increased by 0.3% over the last 60 days [3] - The company's shares gained 12.9% over the last three months compared to the S&P 500's gain of 2.5% [4] - Amphenol possesses a Momentum Score of B [4]

载带全球市场总体规模 载带是用于承载和输送电子元件的带状包装介质，通常由电子专用纸或热塑性树脂挤出/冲压成型，带 体上开有规则排列的元件腔体及导向孔，用于定位、固定和叠放元件。载带广泛应用于SMT贴片和半 导体封测等电子制造环节，确保元件在运输、储存和自动装配过程中保持排列有序、姿态稳定，并降低 机械损伤和静电、污染风险。实际使用时，载带一般与盖带配合形成密闭"带盘装"结构，通过编带设备 与贴片机联动，实现电子元件的连续、精准供料，不同器件尺寸和封装形式对应多种腔体规格和节距标 准。 图. 载带产品图片 资料来源：第三方资料及QYResearch整理研究，2025年 市场概述 载带属于电子制造环节中典型的"小而关键"耗材。综合本报告的量价测算，全球载带市场在2021年达到 10.8亿美元高点后，受宏观环境、俄乌冲突及消费电子下行等因素影响，2022–2023年进入明显调整 期，全球销售额一度回落至9亿美元左右，其中中国市场降幅显著高于其他地区，单年降幅约在15%左 右。随着去库存逐步结束、终端需求企稳回升，2024年起行业底部抬升，2026年后有望恢复至中个位数 年均增速，到2032年全球市场规模有望突破15 ...

Core Viewpoint - The company announced an investment agreement for a new project in Jiangsu, aiming to enhance its capabilities in functional IC packaging [1] Group 1: Project Details - The project, named "End-side Functional IC Packaging Substrate Project," will be located in Qindeng Town, Kunshan City, Jiangsu [1] - The total investment for the project is set at 1 billion yuan, funded through self-owned and self-raised capital [1] - The project is scheduled for land listing in May 2026, construction to begin in September 2026, and expected to be completed and put into production by September 2028 [1] Group 2: Approval and Risks - The investment does not constitute a related party transaction or a major asset restructuring [1] - The project faces potential risks related to approval, implementation, market conditions, and funding [1]

JASPER, Ind.--(BUSINESS WIRE)--Kimball Electronics, Inc. (Nasdaq: KE) today announced that it will report second quarter fiscal year 2026 financial results on Wednesday, February 4, 2026, after the closing of the market. The company will host a conference call and live webcast to review the results on Thursday, February 5, 2026, at 10:00 a.m. Eastern Time.Kimball Electronics, Inc. Announces Date For Reporting Second Quarter Fiscal Year 2026 Financial ResultsShare The telephone number to access the confere ...

2026年1月21日，大族数控（sz301200）触及涨停，涨停价161.34元，涨幅20%，总市值686.52亿元，流 通市值679.86亿元，截止发稿，总成交额13.34亿元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，大族数控涨停原因可能如下，H股发行+AI算力增长+技术领先： 1、公司H股发 行计划持续推进，已通过香港联交所聆讯。成功发行后将拓宽融资渠道，增强资金实力和国际影响力， 这一积极进展刺激了市场对公司的信心。 2、AI算力需求爆发式增长，驱动公司业绩大幅提升。2025年 净利润同比增160%-194%，扣非净利润增271%-319%。公司积极与行业龙头客户合作开展前沿技术研 发，针对 ...

ASMPT(00522)发布公告，其正就其表面贴装技术(SMT)解决方案分部启动策略方案评估。评估乃本公 司转型历程的一部分，亦体现其持续致力于保障所有持份者(包括员工、客户及供应商)利益的同时，为 股东实现价值最大化。 评估旨在识别最有利于支持 SMT 解决方案分部长期增长及成功的潜在机遇，同时使本公司可聚焦于日 益增长的半导体(SEMI)解决方案分部。 评估将考虑 SMT 解决方案分部的一系列选项，可能包括但不限于出售、合营、分拆及上市，或保留并 支持 SMT 解决方案分部的战略发展以确保其长期成功及价值创造。 作为全球市场及技术领导者，SMT 解决方案分部结合深度工艺技术、创新科技、行业领先硬件、软件 及服务解决方案。其独特的产品组合为汽车、工业、消费电子及半导体终端市场的电子制造及关键应用 提供集成解决方案，涵盖从高混合╱低产量至高速量产及先进封装技术。 SMT 解决方案分部的产品组合包括高精度 DEK 印刷机以及强大的 SIPLACE 贴片平台，该平台最近由 获全新设计的创新 SIPLACE V 平台辅助。该解决方案组合辅以一整套全面的软件解决方案，覆盖从机 器及生产线级别至工厂及企业级别。该分部的 ...

HONG KONG, Jan. 20, 2026 (GLOBE NEWSWIRE) -- CCSC Technology International Holdings Limited (the “Company” or “CCSC”) (Nasdaq: CCTG), a Hong Kong-based company that engages in the sale, design and manufacturing of interconnect products, including connectors, cables and wire harnesses, today announced that it will effect a reverse stock split of its ordinary shares on a 1-for-10 basis (the “Reverse Stock Split”). The Company’s Class A ordinary shares will begin trading on a post-split basis when the market o ...