Core Insights - TTM Technologies, a leader in PCB manufacturing, is partnering with companies like Arista, RTX, and Jabil to develop AI infrastructure aimed at enhancing its market position and driving growth [1] Company Developments - The collaboration with Arista, RTX, and Jabil signifies TTM Technologies' strategic move to leverage AI technologies in its operations, which could lead to improved efficiency and innovation in PCB manufacturing [1] - TTM Technologies is focusing on breaking out in the competitive landscape by integrating advanced technologies, particularly in AI, to meet the evolving demands of the electronics industry [1] Industry Trends - The partnership reflects a broader trend in the electronics industry where companies are increasingly investing in AI and advanced technologies to stay competitive and meet customer needs [1] - The move towards AI infrastructure is indicative of the industry's shift towards automation and smart manufacturing processes, which are expected to enhance productivity and reduce costs [1]

人民财讯9月17日电，崇达技术（002815）9月17日在互动平台回复称，公司800G光模块PCB目前正处 于小批量交付阶段。 ...

Core Viewpoint - Chongda Technology (002815) has announced its collaboration with domestic GPU manufacturers, including Baidu, to deliver PCB products for the server sector in bulk [1] Company Summary - Chongda Technology is actively engaging in partnerships with domestic GPU manufacturers to enhance its product offerings in the server market [1]

Summary of AI PCB & CCL Global Markets Research Industry Overview - The report focuses on the AI PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) sectors, particularly in relation to nVidia's Vera Rubin system and AWS's Trainium products [1][5][11]. Key Companies Mentioned - **nVidia (NVDA US)**: Central to the discussion regarding PCB and HDI (High-Density Interconnect) suppliers [1][2]. - **AWS (AMZN US)**: Significant player in the AI PCB/CCL market, particularly with its Trainium products [5][7]. - **Key Suppliers**: - **Unimicron (3037 TT)**: Noted as a major supplier for nVidia's HDI and PCB needs [2][4]. - **WUS (002463 CH)**: Identified as a leading PCB manufacturer [12][14]. - **EMC (2383 TT)**: Recognized for its CCL materials [12][14]. - **ZDT (4958 TT)**: Positioned to capture AI PCB/CCL growth opportunities [15]. Core Insights and Arguments - **Supply Chain Dynamics**: - nVidia's key HDI suppliers remain largely unchanged, but there is a push for out-of-China/Taiwan suppliers, with newcomers like Dynamic and ZDT likely entering the supply chain [2][3]. - The transition to new technologies such as CoWoP (Chip-on-Wafer-on-PCB) is underway, but may take 2-3 years to materialize [4]. - **Market Growth Drivers**: - AWS's Trainium 2 has been a key growth driver for the AI PCB/CCL industry, with significant order increases expected to raise sales and earnings for manufacturers [7][11]. - The anticipated upgrades in PCB specifications (e.g., from HDI+5 to HDI+6) and CCL materials (e.g., M8 to M8.5) are expected to drive demand in 2026 and beyond [11][12]. - **Potential Shortages**: - Concerns about shortages of high-layer count (HLC) PCBs and high-end materials due to increased demand from AWS and nVidia [7][8][10]. - The transition from Trainium 2 to Trainium 2.5 may create a temporary supply gap, impacting sales for PCB/CCL makers [9][10]. - **Investment Outlook**: - Analysts maintain a positive outlook for leading players like WUS and EMC, despite short-term volatility due to AWS's product transitions [12][14]. - ZDT is expected to benefit from its expansion plans and capabilities in mSAP and HDI [15]. Additional Important Points - **Technological Upgrades**: The report highlights the importance of upgrading copper foil specifications to HVLP4 to meet the demands of next-gen AI applications [8][21]. - **Market Competition**: The competitive landscape is shifting, with AWS's aggressive booking of PCB and material capacity prompting other CSPs (Cloud Service Providers) to compete for resources [7][10]. - **Future Projections**: The demand for AI chips is expected to ramp up significantly from 2Q26F, leading to strong growth for PCB and CCL makers [11][12]. Conclusion - The AI PCB and CCL sectors are poised for significant growth driven by advancements in technology and increasing demand from major players like nVidia and AWS. However, potential supply chain disruptions and market transitions may create short-term challenges for manufacturers.

Core Viewpoint - The article highlights the significant role of listed companies in China's economic development during the "14th Five-Year Plan" period, emphasizing innovation as a key driver for high-quality growth [1]. Group 1: Company Overview - Pengding Holdings, established in April 1999 and listed in September 2018, is recognized as the global leader in the PCB industry, maintaining its top position for eight consecutive years from 2017 to 2024 [2]. - In the first half of this year, Pengding Holdings achieved a revenue of 16.375 billion yuan, representing a year-on-year growth of 24.75%, and a net profit of 1.233 billion yuan, up 57.22% [2]. Group 2: Research and Development - The company has invested over 8.597 billion yuan in R&D from 2021 to the first half of 2025, with 1.072 billion yuan allocated in the first half of this year [4]. - As of June 30, 2025, Pengding Holdings has applied for 2,732 patents, with 1,525 granted, and was recognized as a "National Enterprise Technology Center" in 2023 [4]. Group 3: Product and Market Position - Pengding Holdings offers a diverse range of PCB products, including FPC, SMA, SLP, HDI, RPCB, and Rigid Flex, with a global market share of over 30% in the FPC sector, making it the largest FPC manufacturer worldwide [3]. Group 4: Future Outlook and Investments - The company plans to exceed 10 billion yuan in R&D investments during the "14th Five-Year Plan" period, focusing on AI servers, optical modules, and AI edge products [5]. - Pengding Holdings is investing a total of 8 billion yuan in its Huai'an park for high-end HDI and SLP projects, with production expected to ramp up during peak seasons [5]. Group 5: Digital Transformation and Sustainability - Since 2019, the company has been implementing smart factory planning, aiming for intelligent manufacturing and digital transformation, with 13 smart factories established by the end of 2024 [7]. - In 2024, Pengding Holdings' environmental investment exceeded 80 million yuan, with operational costs around 260 million yuan, achieving a carbon reduction of 579,139 tons, equivalent to a 62% decrease in total carbon emissions [8]. Group 6: Shareholder Returns - Since its listing in 2018, Pengding Holdings has distributed over 9.7 billion yuan in dividends, reflecting its strong financial health and commitment to shareholder value [9].

Overall Performance - A-share listed companies reported a 2.4% year-on-year profit growth in Q2 2025, with market sentiment remaining optimistic[4] - The cumulative net profit growth rates for all A-shares and non-financial A-shares were 2.4% and 1.0%, respectively, showing a decline of 1.2 percentage points and 3.5 percentage points compared to Q1 2025[9] - Non-financial A-shares' overseas business revenue grew by 3.9%, contributing 15.3% to total revenue[9] Sector Analysis - The Sci-Tech Innovation Board showed a significant profit recovery with a net profit growth rate of 38.0% in Q2 2025, contrasting with a decline of 14.3% in the same period for the ChiNext Board[12] - Large-cap stocks demonstrated relative resilience, with the cumulative net profit growth rates for the CSI 500, CSI 800, and CSI 300 at 6.9%, 2.8%, and 2.4%, respectively[12] - AI technology continues to lead high prosperity, with the TMT sector maintaining strong growth, particularly in AI computing hardware[15] Consumer Trends - High-end new energy vehicles and innovative pharmaceuticals showed improved market conditions, with the automotive sector experiencing unexpected domestic sales growth[4] - The food and beverage sector saw a mixed performance, with liquor industry profits stabilizing while beverage and snack segments remained high in demand[4] Market Outlook - The equity market is expected to continue high-level fluctuations, with recommendations to focus on sectors with upward trends in industrial prosperity and superior performance[4] - Key sectors to watch include technology growth (AI, semiconductors, innovative pharmaceuticals), advanced manufacturing (new energy, automotive), and traditional cyclical sectors benefiting from price increases[4] Risk Factors - Potential risks include macroeconomic fluctuations, lower-than-expected profit growth for listed companies, and unexpected disturbances from overseas policies and geopolitical tensions[4]

Group 1: Industry Trends - The AI technology revolution has led to rapid growth in downstream sectors such as computing power, high-speed networking, new energy vehicles, and intelligent driving, marking a new growth cycle for the PCB industry [1][3] - Prismark predicts a compound annual growth rate (CAGR) of 20% for AI PCBs over the next five years, driven by the demand for high-layer and high-density interconnect (HDI) PCBs [3] Group 2: Company Advantages - Strategic Advantage: The company embraces AI and focuses on technological innovation and product layout to seize market opportunities, enhancing core competitiveness [4] - Technological Advantage: The company leads in AI computing power and server technology, establishing a 2-3 year lead in mass production technology [4][6] - Quality Advantage: The company maintains high reliability and yield rates for high-density and high-layer products, utilizing AI for quality control to achieve zero defects [5][6] - Capacity Advantage: The company has production facilities in multiple regions, with its Huizhou headquarters being the largest single PCB production base globally, enhancing its ability to meet global delivery demands [5][10] Group 3: Market Dynamics - There is a continuous increase in demand for high-end production capacity, while supply remains relatively tight, indicating a strong market for high-end PCB products [8] - The company adapts its R&D to multiple clients, allowing for strategic selection of orders based on scale, certainty, and profitability [8][9] Group 4: Future Development Trends - The PCB industry is expected to focus on reducing energy consumption per unit of computing power and improving performance metrics, leading to increased manufacturing requirements and higher product value [9] - The company is expanding its global footprint through domestic and international operations, enhancing its high-end production capacity to meet diverse customer needs [10]

格隆汇9月12日丨胜宏科技(300476.SZ)在互动平台表示，公司专业从事高密度印制线路板的研发、生产 和销售，产品广泛应用于人工智能、汽车电子（新能源）、新一代通信技术、大数据中心、工业互联、 医疗仪器、计算机、航空航天等领域。目前公司暂不涉及液冷业务。 ...

Group 1 - Aspocomp Group Plc has established a Shareholders' Nomination Board consisting of three members representing the company's three largest shareholders, with the Chairman of the Board serving as an expert member [1][2] - The Nomination Board is responsible for preparing and presenting proposals regarding the number and remuneration of the Board of Directors' members, as well as its composition, to the Annual General Meeting and, if necessary, to the Extraordinary General Meeting [2] - The three largest shareholders are determined annually based on ownership information registered on the first business day of September [1] Group 2 - Aspocomp specializes in printed circuit board (PCB) technology, providing design, testing, and logistics services throughout the product lifecycle [4] - The company serves customers in telecommunications, automotive, industrial electronics, and semiconductor testing sectors, with a significant portion of its net sales generated from exports [5] - Aspocomp is headquartered in Espoo, Finland, with its production facility located in Oulu, a key technology hub in the country [5]

Key Takeaways from Shengyi Technology (600183.SS) 2Q25 Results Briefing Company Overview - **Company**: Shengyi Technology (SYTECH) - **Industry**: High-speed copper-clad laminate (CCL) for AI-related applications Core Points 1. **Rising Order Momentum**: Monthly shipments of high-speed CCL are expected to increase to 800-900k sheets in 3Q25 from 700-800k sheets at the end of 2Q25, indicating a 10-15% rise in run rate [1][3] 2. **AI-Related Business**: The majority of AI-related CCL shipments are directed towards NVDA GB200 and GB300 servers, primarily for switches on M8 PCBs [1][3] 3. **New Plant Developments**: New plants in Jiangxi and Thailand are under development, with the Jiangxi plant expected to have a monthly capacity of 1.5 million sheets starting in 4Q25, and the Thai plant with a capacity of 0.7 million sheets commencing in 1Q26 [1][9] 4. **Stable ASP**: Average Selling Price (ASP) remains firm, but is unlikely to rise in the near term unless there is a surge in demand from non-AI segments [1][3] 5. **Product Mix Upgrade**: Management sees good order momentum for 3Q25, allowing for a shift towards AI-oriented products, moving away from non-AI downstream applications like home appliances and consumer electronics [3][4] 6. **High-End AI Products**: SYTECH is working on high-end AI products, with a focus on NVDA's supply chain, although it is considered a latecomer compared to foreign rivals [4][10] 7. **Certification Delays**: ASIC certification for GPU vendors is still pending, with management noting that Chinese companies typically take longer to achieve certification [8] 8. **No HK Listing Plans**: SYTECH has no plans for a Hong Kong listing, opting to finance new plants through internal cash flow due to strong cash generation [10] 9. **Upstream Supply**: The company reports reasonable upstream supply, including low Dk/2 materials, contrary to market perceptions of a severe shortage [11] Financial Metrics - **Current Price**: Rmb49.50 - **Target Price**: Rmb60.00 - **Expected Share Price Return**: 21.2% - **Expected Dividend Yield**: 1.7% - **Expected Total Return**: 23.0% - **Market Cap**: Rmb120,249 million (approximately US$16,847 million) [6] Risks and Opportunities - **Downside Risks**: Include worse-than-expected demand for AI-CCL orders, subdued consumption in China, and higher-than-expected capital expenditures on 5G/IoT products [16] - **Upside Risks**: Include securing ASIC-based customers, better macroeconomic conditions in China, and stronger-than-expected AI demand [16] Conclusion - The company is positioned to benefit from rising demand in the AI sector, with significant growth potential from new plant developments and a strategic shift towards high-end AI products. However, it faces risks related to market demand and certification timelines.