Core Viewpoint - The company is actively monitoring raw material price changes and is enhancing collaboration with downstream suppliers to ensure stable supply and manage inventory effectively [2] Group 1: Company Strategies - The company is focusing on technological upgrades to optimize product structure and develop high value-added products [2] - The company aims to improve production efficiency through refined management practices to mitigate risks associated with rising raw material prices [2] - In response to increased product costs due to raw material price hikes, the company plans to communicate and negotiate cost impacts with clients based on long-term partnerships [2]

证券日报网讯1月9日，崇达技术（002815）在互动平台回答投资者提问时表示，公司珠海三厂原计划预 计在2026年第一季度开始试产。目前该厂尚未投产，公司将根据战略规划与市场需求适时启动运营。 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：公司前面提到"公司PCB产品可应用于商业航天领域， 例如卫星等设备的机翼起落控制装置。公司已通过国际通行的NADCAP认证，产品目前已有实际应 用。"请问：1、公司如何看地商业航天这个行业的发展前景？2、如今商业航天在国内外政策如火如荼 催化以及大力发展的情况下，公司有没计划抓住时代的机遇相应加大在商业航天领域的研发和业务投 入？谢谢！ 崇达技术（002815.SZ）1月9日在投资者互动平台表示，公司持续关注商业航天领域的动态。目前，公 司已具备国际NADCAP认证，航空航天领域供应的PCB产品主要应用在影音娱乐、座椅、机翼起落控 制装置等上。公司会结合市场需求与自身条件，评估和把握相关的业务发展机会。感谢您的关注。 ...

Core Insights - The report by Zhiyan Consulting highlights the operational landscape and competitive strategies of the PCB industry in China from 2026 to 2032 [1] Import and Export Data - In November 2025, China imported 2.6 billion printed circuit boards (PCBs), representing a year-on-year decrease of 9.1%, with an import value of $629 million, down 5.1% year-on-year [1] - In the same month, China exported 5.2 billion PCBs, showing a year-on-year increase of 40.3%, with an export value of $2.282 billion, up 29.5% year-on-year [1] Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The firm emphasizes its commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [1]

Core Viewpoint - Chongda Technology has shown a positive stock performance with a year-to-date increase of 5.64% and a market capitalization of 17.572 billion yuan as of January 9 [1]. Group 1: Stock Performance and Market Activity - On January 9, Chongda Technology's stock price rose by 2.05%, reaching 14.43 yuan per share, with a trading volume of 318 million yuan and a turnover rate of 2.88% [1]. - The net inflow of main funds was 15.9194 million yuan, with large orders accounting for 19.93% of purchases and 16.42% of sales [1]. - The stock has increased by 5.64% over the past five trading days, 1.91% over the past 20 days, and 3.44% over the past 60 days [1]. Group 2: Company Financials - For the period from January to September 2025, Chongda Technology achieved a revenue of 5.593 billion yuan, representing a year-on-year growth of 22.27%, and a net profit attributable to shareholders of 314 million yuan, up by 19.58% [2]. - Since its A-share listing, the company has distributed a total of 2.112 billion yuan in dividends, with 666 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of December 20, 2025, the number of shareholders for Chongda Technology was 75,200, a decrease of 3.66% from the previous period, while the average circulating shares per person increased by 3.80% to 10,339 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 36.2069 million shares, an increase of 29.2455 million shares from the previous period [3].

Core Viewpoint - The trend of A-share companies listing in Hong Kong is primarily driven by technology and biopharmaceutical sectors, with a significant increase in listings expected in 2026, continuing the momentum from 2025 [1][2]. Group 1: Technology Companies - A-share companies "going south" to list in Hong Kong are predominantly technology firms, including companies like Jucheng Technology, Jingwang Electronics, and Penghui Energy, which focus on chip design, printed circuit boards, and battery products respectively [1]. - The trend reflects a broader strategy among these companies to enhance their global presence and access international capital markets [3]. Group 2: Biopharmaceutical Sector - Biopharmaceutical companies such as Yifang Biotech are also keen on listing in Hong Kong, with a focus on major diseases and a strong pipeline of innovative drugs [1]. - The increasing interest in this sector indicates a robust demand for capital to support research and development efforts [3]. Group 3: Market Dynamics - In 2025, 19 A-share companies listed in Hong Kong, raising approximately 1,399.93 million HKD, which accounted for nearly half of the total IPO volume in Hong Kong for that year [2]. - The average time for "A+H" listings was reported to be between 4 to 6 months, with some companies achieving listings in as little as 3 months [2]. Group 4: Strategic Motivations - Companies are motivated to list in Hong Kong to raise funds for international expansion and to establish a diversified capital operation platform [3]. - The favorable policy environment, including streamlined approval processes and support from regulatory bodies, has made cross-border listings more feasible [4]. Group 5: Future Expectations - The Hong Kong IPO market is expected to perform well in 2026, with projections of over 3,000 million HKD in IPO scale and 150 to 200 projects anticipated [5]. - The growth in the MSCI China Index's earnings is expected to reach 14% or higher, driven by sectors such as internet platforms and high-end manufacturing [5].

Core Viewpoint - The trend of A-share companies "going south" to list on H-shares is gaining momentum in early 2026, driven by a combination of policy support, financing needs, and internationalization strategies [1][2][3] Group 1: Companies Going Public - Six A-share companies, including Jucheng Co., Penghui Energy, and Zhengtai Electric, have announced plans for H-share listings from January 1 to January 8, 2026 [1] - Four additional companies, including Jingwang Electronics and Yifang Bio, have submitted prospectuses to the Hong Kong Stock Exchange [1] - The trend is primarily led by technology companies, with a focus on sectors such as semiconductor design, energy storage, and smart mobility [1] Group 2: Market Dynamics - The 2026 "southbound" trend is a continuation of the 2025 A+H listing boom, with a significant increase in active listing applications in Hong Kong [2] - In 2025, 19 A-share companies listed on the Hong Kong market, raising a total of approximately 139.99 billion HKD, nearly half of the total IPO amount for the year [2] - The average time for A+H listings in 2025 was reported to be 4 to 6 months, with the fastest taking only about 3 months [2] Group 3: Strategic Motivations - A-share companies are pursuing H-share listings to raise funds for global expansion and enhance their competitive position in international markets [3][4] - Companies like Jucheng Co. and Penghui Energy emphasize that listing in Hong Kong will help them build a diversified capital operation platform and support overseas business development [3] - The need for substantial foreign currency funding for overseas production and supply chain establishment is a key driver for these companies [4] Group 4: Regulatory Environment - The favorable regulatory environment, including cooperation measures between mainland and Hong Kong regulatory bodies, has made cross-border listings more feasible [4] - The Chinese Securities Regulatory Commission has expressed support for leading mainland companies to list in Hong Kong, facilitating a quicker approval process for qualified firms [4] - The current valuation of Hong Kong stocks is perceived to be lower than that of A-shares, prompting some companies to accept lower valuations to secure international funding and prepare for stricter overseas disclosure standards [4] Group 5: Market Expectations - The IPO market in Hong Kong is expected to perform well in 2026, with projections of over 300 billion HKD in IPO scale and 150 to 200 projects [4] - The growth in the MSCI China Index's earnings is anticipated to reach 14% or higher, driven by sectors such as high-end manufacturing and companies with global expansion capabilities [4]

证券日报网讯1月8日，崇达技术（002815）在互动平台回答投资者提问时表示，公司当前订单需求稳 定，整体经营运转正常。最新的整体产能利用率维持在85%左右的良好水平。公司正积极推进产能布 局，加快珠海一厂、二厂的产能释放，以支撑业绩持续增长。 ...

Core Viewpoint - Huazheng New Materials (603186) emphasizes the extensive application of its copper-clad laminate products in various sectors, including 5G communications, servers, data centers, semiconductor packaging, and automotive electronics [1] Group 1: Product Applications - The company's copper-clad laminate products are widely used in 5G communications, servers, data centers, semiconductor packaging, and automotive electronics [1] - The products cater to a diverse range of direct customers, particularly PCB manufacturers [1] Group 2: Customer Collaboration - The company has developed high-grade copper-clad laminate materials and packaging materials, collaborating with leading end customers across multiple fields [1] - The company ensures stable supply to its customers, reinforcing its position in the market [1]

Group 1 - The core viewpoint of the article highlights that Huazheng New Materials (603186) has a diverse range of applications for its copper-clad laminate products, which are utilized in sectors such as 5G communications, servers, data centers, semiconductor packaging, and automotive electronics [1] - The company’s copper-clad laminate products cater to a variety of direct customers, primarily PCB manufacturers, indicating a broad customer base within the industry [1] - The company has corresponding products that are suitable for all the application areas covered by its copper-clad laminate products, showcasing its adaptability and product alignment with market needs [1]