6月16日，A股光模块、光芯片概念股强势领涨市场，截至14：45，5G通信ETF(515050)涨超2%，持仓股东山精密涨停，太辰光、新易盛、源杰科 技、沪电股份、光库科技等纷纷跟涨。 消息面上，近日，国内PCB龙头企业东山精密公告同意公司全资子公司超毅集团拟收购索尔思光电100%股份，投资金额合计不超过人民币59.35亿 元。国盛电子最新研报指出，索尔思专注于光通信领域，核心业务涵盖光通信模块及组件的设计、研发、生产与销售。产品范围覆盖从 10G到 800G 及以上速率的各类光模块，公司凭借先进的技术和可靠的产品质量，在全球光通信市场占据重要地位，客户群体包括全球知名的互联网数据 中心运营商、电信设备制造商和通信服务提供商等。 光模块是光纤通信系统中完成光电转换的核心部件，主要由光器件、功能电路和光接口组件等组成。其作用是在发送端将电信号转换成光信号， 通过光纤传送后，接收端再将光信号转换成电信号。AI算力的爆发带动了数据中心算力设备需求的激增，光模块行业有望长期受益。5G通信 ETF(515050)跟踪中证5G通信主题指数，是全市场规模最大的5G通信主题ETF，英伟达产业链、光通信概念股权重均超33%。覆 ...

首先，关于大盘的情况，何山石注意到市场的调整幅度并不深，因此后续的反弹力度也相对较弱，核心 原因在于，近期外围市场的干扰因素较多。例如，中东地区的局势虽然存在不确定性，但距离国内相对 较远，其反复升级并超出预期的可能性并不大。因此，周一市场中避险板块开盘即达到高潮，随后迅速 分化，甚至部分出现退潮现象，在量化交易的影响下，市场操作难度明显增加。 6月16日，投顾何山石在今日市场分析中指出，早间大盘整体表现较为平淡，涨幅微弱，未能形成明显 的盘面趋势。然而，尽管大盘表现平平，热点板块和个股的表现却可圈可点。上周五他曾提到，如果权 益指数跌幅在1.5%到2%之间，将是一个较为明确的抄底机会。然而，问题也随之而来：即使成功抄底 并获利，接下来的市场走势又该如何判断？此外，还有哪些重大消息值得投资者持续跟踪？ 展望后市，何山石认为值得关注的有PCB板块，其大涨的主要逻辑在于服务器、人工智能等领域的需求 带动，尽管行业曾面临一些不确定性，但目前PCB行业整体业绩良好，估值较低，股价近期也有所回 升。此前，PCB板块长期处于低位徘徊，如今随着资金的认可和趋势的形成，投资者仍可在其中寻找机 会。其次，稳定币方向在周一开盘后 ...

V i e w p o i n t | 11 Jun 2025 00:24:17 ET │ 13 pages China PCB May Monthly Tracker, Investor Feedback and Our Thoughts CITI'S TAKE Our May monthly tracker indicates that: (1) Taiwan PCB makers posted 15th month of consecutive YoY growth, bringing YTD revenue growth to 20%. (2) On the cost side, Taiwan CCL makers' revenue reported a consecutive 22nd month YoY rise in May and YTD revenue grew by 43% YoY. Meanwhile, copper price rose, epoxy resin mid-price down and E-fabric price flat in May. We believe cont ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 16 年 月 日 朝闻国盛 5 月社融有喜有忧，怎么看、怎么办？ 今日概览 ◼ 重磅研报 【宏观】高频半月观—地产、价格等内需指标进一步走弱——20250615 【宏观】5 月社融有喜有忧，怎么看、怎么办？——20250613 【金融工程】中证 500、中证 1000 确认日线级别上涨——20250615 【金融工程】择时雷达六面图：信用方向转为上行趋势——20250614 【固定收益】新的做多力量会来自何方？——20250615 【固定收益】资金宽松，曲线下移——流动性和机构行为跟踪—— 20250614 【固定收益】融资弱资金宽，债市继续走强——20250614 【家用电器】从绿联科技、安克创新看"浅海品类"明星公司的成长之路 ——20250615 【银行】本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保 持不变——20250615 【电子】胜宏科技（300476.SZ）-全球 AI PCB 龙头，深度受益 GPU+ASIC 需求提升——20250615 ◼ 研究视点 【能源】跨省跨区电力应急调度新规出台，"疆电入渝"首批电源 ...

Core Viewpoint - Shenzhen Chuangzhi Xinlian Technology Co., Ltd. has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading provider of metallization interconnection plating materials and key process technologies in China [2] Business Overview - Chuangzhi Xinlian focuses on the development of supply chains for plating materials in wafer-level and chip-level packaging, as well as PCB manufacturing [2] - According to Frost & Sullivan, by 2024, Chuangzhi Xinlian is projected to be the largest domestic wet process plating material provider and the largest one-stop plating solution provider in the Chinese market [2] Revenue Breakdown - The company's revenue primarily comes from two business segments: 1. Plating materials business segment, which generates income through the manufacturing and sales of plating materials for the semiconductor and PCB industries [2] 2. Plating services business segment, which provides plating services for silicon wafers, silicon carbide wafers, packaging substrates, and PCBs, charging service fees [2] Industry Impact - The synergy between the two business segments enhances Chuangzhi Xinlian's influence within the industry ecosystem, allowing it to supplement customer production capacity and undertake key tasks in innovative process development [3] - As of December 31, 2024, Chuangzhi Xinlian's chemical nickel-gold and chemical nickel-palladium-gold materials and plating services have been adopted by 4 out of the top 5 power device manufacturers in China, achieving an 80% coverage rate [3] Financial Performance - Chuangzhi Xinlian's total revenue for 2022, 2023, and 2024 was RMB 319.6 million, RMB 311.7 million, and RMB 409.9 million, respectively [4] - The net profit for the same years was RMB 27.3 million, RMB 19.4 million, and RMB 52.7 million, respectively [4] - Revenue from plating materials for the semiconductor industry grew from RMB 31.7 million in 2022 to RMB 48.6 million in 2023, and is expected to reach RMB 75.0 million in 2024, with a compound annual growth rate of 53.8% from 2022 to 2024 [4]

Core Viewpoint - The company, Hu Dian Co., Ltd. (002463), has shown a significant increase in stock price and market capitalization, indicating strong market performance and investor interest [1]. Group 1: Company Performance - As of June 13, 2025, Hu Dian Co., Ltd. closed at 38.62 yuan, up 9.0% from the previous week [1]. - The company's total market capitalization is 742.81 billion yuan, ranking 2nd in the components sector and 190th among all A-shares [1]. Group 2: Business Strategy and Market Focus - The company focuses on high-tech PCB products for communication equipment, data center infrastructure, and automotive electronics, implementing a differentiated product competition strategy [2]. - The company aims for sustainable growth by maintaining a balanced client base among top industry clients and investing in technology and innovation for high-density integration and high-speed signal transmission [2]. Group 3: Revenue Structure - In 2024, the enterprise communication market is expected to generate approximately 100.93 billion yuan, with server and HPC-related PCB products accounting for 29.48% and high-speed network switch products for 38.56% of revenue [3]. - The automotive segment is projected to achieve around 24.08 billion yuan in revenue, with emerging automotive PCB products making up 37.68% [3]. Group 4: Market Trends and Production Capacity - The demand for 800G switches is strong, driven by rapid developments in data center switch markets [4][6]. - The company has initiated small-scale production at its Thailand facility and is focused on improving production efficiency and yield [4]. Group 5: Capital Expenditure and Future Outlook - The company has increased investments in key processes and bottleneck processes, expecting improved capacity by the second half of 2025 [5]. - In Q1 2025, cash outflows for fixed assets and intangible assets were approximately 658 million yuan, indicating ongoing capital investment [5]. - The company is adapting to market challenges in the automotive PCB sector by enhancing technology development and collaborating with industry partners for product optimization [5].

Core Viewpoint - Fangzheng Technology plans to raise funds through a private placement to accelerate its entry into the high-value-added market and expand its operational scale, with a focus on artificial intelligence and high-density interconnect circuit board production [1][2][3] Fundraising and Project Details - The company intends to issue up to 12.51 billion shares to no more than 35 specific investors, raising a maximum of 19.80 billion yuan for the construction of an artificial intelligence and high-density interconnect circuit board industrial base project, which has a total investment of 21.31 billion yuan [1][2][3] - The project aims to enhance the company's production capacity in high-end HDI products, responding to the growing demand driven by advancements in artificial intelligence and smart terminals [3][4] Support from Major Shareholders - The controlling shareholder, Zhuhai Huashi Huanxin Fangke Investment Enterprise, has committed to participate in the fundraising, contributing up to 4.65 billion yuan, which represents 23.50% of the total shares issued [1][5] Employee Incentives - Alongside the fundraising, the company has introduced a stock incentive plan for 228 core employees, granting up to 10.425 million restricted stock units at a price of 2.40 yuan per share, significantly below the market price [6][7] - The incentive plan aims to achieve specific revenue and profit growth targets from 2025 to 2027, with a focus on maintaining a strong cash flow [7] Financial Performance - Since its judicial reorganization in 2022, the company's financial performance has improved, with net profits of 1.35 billion yuan in 2023 and 2.57 billion yuan in 2024, marking a year-on-year growth of 90.55% [8] - In the first quarter of this year, the company reported a revenue of 9.52 billion yuan, a year-on-year increase of 23.68%, and a net profit of 0.78 billion yuan, reflecting a growth of 2.04% [8]

Industry Overview - The Chinese semiconductor and PCB manufacturing industry is expected to continue expanding from 2020 to 2024, driven by technological advancements, large-scale investments in new wafer fabs, rising global electronic application demand, and favorable policies [1] - The semiconductor manufacturing market in China is projected to grow from RMB 256 billion in 2020 to RMB 443.7 billion in 2024, while the PCB manufacturing market is expected to increase from RMB 275 billion to RMB 352.4 billion during the same period [1] Company Profile - Shenzhen Chuangzhi Xilian Technology Co., Ltd. (Chuangzhi Xilian) has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International, Jianyin International, and China Merchants Securities International as joint sponsors [2] - The company specializes in metallization interconnection plating materials and key process technology solutions, focusing on wafer-level and chip-level packaging, as well as the supply chain development of plating materials in the PCB manufacturing sector [2] Financial Performance - Chuangzhi Xilian's revenue has shown steady growth, with annual revenues exceeding RMB 400 million [3] - The company's revenue is primarily derived from two segments: plating materials (80.2% of revenue in 2024) and plating services (19.8% of revenue in 2024) [3] - From 2022 to 2024, the company achieved revenues of RMB 320 million, RMB 312 million, and RMB 410 million, with net profits of RMB 27.3 million, RMB 19.4 million, and RMB 52.7 million respectively [4] Market Dynamics - The demand for wet process plating materials in China is expected to rebound in 2024, driven by rapid growth in end-use sectors such as AI, electric vehicles, and data centers [6] - The market for PCB wet process plating materials is projected to grow from RMB 9.3 billion in 2020 to RMB 10.2 billion in 2024, with a compound annual growth rate (CAGR) of 2.1% [6] - The semiconductor wet process plating materials market is anticipated to grow from RMB 3.6 billion to RMB 4.8 billion during the same period, with a CAGR of 7.6% [6] Competitive Landscape - The Chinese wet process plating materials market is relatively concentrated, with the top ten market participants holding a 63.3% market share as of 2024 [9] - Chuangzhi Xilian ranks sixth among all participants in the Chinese wet process plating materials market, holding a 2.7% market share, and is the largest domestic supplier in this segment [9] - The company is positioned in a high-growth sector, with stable revenue and net profit growth, which could enhance its attractiveness for an IPO [9]

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. (referred to as "Guanghe Technology") has submitted a listing application to the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, following its successful listing on the Shenzhen Stock Exchange in April 2024 [1] Group 1: Company Overview - Guanghe Technology specializes in the research, production, and sales of customized PCBs for computing servers and other computing scenarios, with applications in data centers, cloud computing, industrial internet, artificial intelligence, 5G communications, automotive electronics, security, and printing [1] - The company ranks first among PCB manufacturers for computing servers in mainland China and third globally, holding a 4.9% share of the global market based on cumulative revenue from 2022 to 2024 [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 2.412 billion yuan, 2.678 billion yuan, and 3.734 billion yuan respectively, while net profit attributable to the parent company is expected to be 280 million yuan, 415 million yuan, and 676 million yuan for the same years [1] - In the first quarter of the current year, Guanghe Technology reported revenue and net profit attributable to the parent company of 1.117 billion yuan and 240 million yuan respectively [1] Group 3: Market Trends and Demand - The rapid development of emerging technologies, particularly AI, has led to an explosive growth in global computing power demand, significantly boosting the demand for PCBs in computing scenarios, especially for computing servers [2] - The AI server PCB market is projected to grow from 3.2 billion USD in 2024 to 7.0 billion USD by 2029, with a compound annual growth rate (CAGR) of 16.5% from 2024 to 2029 [2] - Revenue from AI servers and general servers accounted for 67.8%, 69.4%, and 72.5% of total revenue during the reporting period, with overseas revenue expected to exceed 70% in 2024 [2] Group 4: Operational Insights - Guanghe Technology faces high customer concentration risk, with the top five customers accounting for 63.6%, 65.6%, and 61.4% of main business revenue during the reporting period, and the largest customer contributing 26.5%, 26.6%, and 24.6% of total revenue [2] - The company has not fully utilized its production capacity, with the Huangshi base's capacity utilization rate at 64.7% and the Guangzhou base at 92.1% in 2024 [2][3] Group 5: Fundraising and Future Plans - The net proceeds from the A-share initial public offering amounted to 653 million yuan, which will be used for the Huangshi Guanghe Precision Circuit Co., Ltd. PCB project, working capital, and repaying bank loans [2] - The funds raised from the Hong Kong listing are expected to be allocated towards the second phase of the Thailand base project, upgrading production facilities in Guangzhou, enhancing R&D capabilities, and seeking strategic partnerships or acquisitions [4]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises showing better performance [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9][11]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13][18]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing a slight improvement [9]. - The production index and new orders index increased by 0.9 percentage points and 0.6 percentage points, respectively, with the production index at 50.7% [9][10]. - Equipment manufacturing PMI was 51.2%, high-tech manufacturing PMI was 50.9%, and consumer goods manufacturing PMI was 50.2%, all indicating expansion [9][11]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13][18]. 3. Hong Kong Listing Application - Dazhu CNC submitted an application for H-share listing on May 30, 2025, focusing on PCB production equipment with a significant market presence [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. - Jiechang Drive has established subsidiaries in multiple countries and is expanding its overseas production capabilities [22][24]. 5. Market Review - The CSI 300 index increased by 0.88%, while the machinery equipment sector rose by 0.93%, outperforming the CSI 300 by 0.05 percentage points [30].