Core Viewpoint - The company reported a revenue of 11.08 billion with a year-on-year increase of 22.1% and a net profit attributable to shareholders of 0.95 billion, reflecting a year-on-year increase of 4.8% [2] Financial Performance - For the first three quarters, the company achieved a revenue of 11.08 billion, up 22.1% year-on-year, and a net profit of 0.95 billion, up 4.8% year-on-year. However, the non-recurring net profit decreased by 6.4% year-on-year to 0.78 billion. The gross margin was 21.6%, down 2.2 percentage points, and the net margin was 8.7%, down 1.2 percentage points [2] - In Q3, the revenue was 3.99 billion, up 24.2% year-on-year and 6.3% quarter-on-quarter, with a net profit of 0.30 billion, up 20.4% year-on-year but down 8.1% quarter-on-quarter. The gross margin for Q3 was 22.0%, down 1.4 percentage points year-on-year, while the net margin was 7.7%, remaining stable year-on-year but down 0.9 percentage points quarter-on-quarter [2] Business Segments and Growth Drivers - The company is expanding in the AI computing power sector, with positive progress expected to lead to a significant growth inflection point in performance. The company has begun mass production orders for key materials in the N customer Gb300 series, with expectations for monthly increases in Q4 and continuous improvement in yield [3] - The PCB business is diversifying, with high-end capacity upgrades and new layouts in automotive intelligence and AI computing expected to drive new growth. The company maintains a leading position in the automotive electronics sector, being the largest global supplier of automotive PCBs. It is accelerating the introduction of advanced products for intelligent driving and establishing a first-mover advantage in mass production projects [4] - The company is also making strides in AI hardware, with high-value products like AI servers and optical modules entering the order conversion phase. It has secured multiple supply qualifications for new high-value materials in the N customer’s next-generation Rubin platform and is actively pursuing development opportunities in the ASIC field [4] Long-term Outlook - The company is expected to see revenue growth from 2025 to 2027, with a focus on AI PCB capacity expansion and a favorable market for high-end computing power. The management's capabilities and the dual-track development in AI hardware and automotive intelligence are anticipated to enhance competitive strength in high-end markets and open up long-term performance potential [5]

每经记者｜吴永久 每经编辑｜闫峰峰 2025年只剩下两个月了。今年以来，上证指数虽然在1月和4月出现过急跌，但总体上走出了慢牛的走势，在近日最高涨至4025点，创下近十年新高，截 至10月31日，上证指数年内上涨17.99%，超过2024年的涨幅。 从个股表现来看，有452只个股的涨幅超过100%，翻倍股数量占比8%。而期间最大上涨幅度超过100%的个股有2027只，占比达37%。可见，股民需要提 升波段交易的能力，这样才好提升收益率。 在每日经济新闻App私人定制的"模拟训练"中，今年以来有多名投资者的收益率翻倍，其中最高收益率达到285%。今天我们就来复盘一下，看看他们是 怎样实现高收益的，以供大家借鉴学习。 复盘收益率前十高手，他们是如何做到的？ 复盘发现，第一的"心慈和善"今年收益率达到285%，他在3月21日以86.69元买入13100股胜宏科技，并一路持有至今。公司属于PCB板块，是英伟达产业 链公司之一，今年前三季度，公司净利润32.45亿元，同比增长324.38%。 第四名的"每经网友80544"则是抓住了阳光电源这只大牛股，他在2月5日以70.72元买入14000股，并一路持有至今，这家公司 ...

Group 1 - Strong demand for AI is driving price increases in the semiconductor supply chain, particularly affecting passive components and copper foil substrates [1] - The PCB supply chain has experienced a supply-demand imbalance since the second half of this year, exacerbated by NVIDIA's significant resource absorption [1] - High demand for T-Glass fiberglass is leading to severe shortages in Q4, while copper foil substrates are expected to see a supply gap due to necessary upgrades in signal integrity standards [1] Group 2 - Goldman Sachs predicts that prices for non-NVIDIA ABF substrates will increase by 5% to 10% each quarter from Q4 2023 to Q4 2026, with BT substrates also experiencing significant price hikes [1] - The passive component industry may face tightening supply conditions by 2026, prompting major Taiwanese passive component manufacturers like Yageo to raise tantalum capacitor prices starting in November [1]

Core Insights - The article highlights the strong position of the company, Han's Laser, as a leading player in the global laser equipment market, particularly in the context of AI-driven innovation and growth opportunities [1] Group 1: Company Overview - Han's Laser is a leading enterprise in the laser equipment integration field, with a diverse business portfolio including consumer electronics, PCB equipment, lithium battery equipment, photovoltaic equipment, display and semiconductor equipment, and high-power equipment [1] - The company has a stable and professional management team that emphasizes R&D investment, maintaining a leading global market share [1] Group 2: 3D Printing Technology - 3D printing is identified as a transformative technology in precision manufacturing, particularly for titanium alloy components, which are favored for their lightweight and high strength [2] - The company’s subsidiary, Han's 3D, has developed selective laser melting (SLM) metal 3D printing equipment that improves printing efficiency by over 50% compared to traditional devices, showcasing its competitive edge in the 3D printing sector [2] Group 3: PCB Market Growth - The demand for AI servers and data centers is expected to drive significant growth in the PCB market, with AI server PCBs typically featuring 20-28 layers, surpassing the traditional 12-16 layers [3] - Han's Laser's subsidiary, Han's CNC, provides comprehensive solutions for the PCB industry, anticipating substantial improvements in fundamentals driven by downstream customer demand in 2024 [3] Group 4: Industry Outlook - The company is poised to benefit from the upgrade of components and material innovations driven by AI, as well as the high capital expenditure in PCB expansion, with core business expected to resonate positively from 2025 to 2026 [4] - Han's Laser's strong customer resources and brand advantages solidify its long-term leadership position in the laser processing equipment industry, indicating considerable investment potential [4]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 25.25 CNY for the next six months [4][8]. Core Insights - The company reported a revenue of 5.373 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 23.48%, and a net profit of 131 million CNY, up 516.08% [1]. - In Q3 2025, the company achieved a revenue of 1.947 billion CNY, a year-on-year increase of 32.42%, with a gross margin of 22.36% [2]. - The PCB industry is experiencing a recovery driven by AI, a rebound in storage chips, and a revival in consumer electronics, leading to a more favorable market environment [2]. - The company is making progress in its ABF substrate business, with losses narrowing and both revenue and profit showing growth [2]. Financial Projections - Revenue projections for the company are 7.155 billion CNY, 8.944 billion CNY, and 11.270 billion CNY for 2025, 2026, and 2027 respectively, with net profits expected to be 185 million CNY, 438 million CNY, and 868 million CNY in the same years [4][14]. - The company’s FCBGA packaging substrate project has an investment scale exceeding 3.8 billion CNY, with significant improvements in technical capabilities and production yield [3]. Market Position and Strategy - The company is focusing on expanding its domestic customer base while also targeting overseas clients to secure future production opportunities [3]. - The FCBGA packaging substrate market is currently dominated by Taiwanese suppliers, indicating a significant opportunity for domestic alternatives [3].

Core Viewpoint - The recent market correction of the Double Innovation Leading ETF (588330) is seen as a technical adjustment within a medium-term upward trend, indicating potential buying opportunities if support levels hold [1][3]. Group 1: Market Performance - The Double Innovation Leading ETF (588330) experienced a price drop of over 3.8%, currently down 3.53%, with a trading volume exceeding 69 million yuan, indicating strong buying interest despite the pullback [1]. - The ETF's price reached a high of 0.989, close to its listing peak of 0.991, marking the highest level since July 2021 [1]. - The index has risen 95.19% since its low on April 8, significantly outperforming other major indices such as the ChiNext Index (80.56%) and the STAR Market Composite Index (60.15%) [5][6]. Group 2: Sector Performance - There is a divergence in the performance of constituent stocks, with computing hardware stocks declining, including a drop of over 9% for chip leader Lanke Technology and over 8% for PCB leader Shenghong Technology [1]. - Conversely, sectors such as pharmaceuticals, software development, and photovoltaics are seeing gains, with notable increases including over 10% for pharmaceutical leader Baili Tianheng and over 5% for software leader Kingsoft Office [1]. Group 3: Strategic Initiatives - On October 29, a special fund for strategic emerging industries was launched in Beijing with an initial scale of 51 billion yuan, focusing on areas like artificial intelligence, aerospace, and quantum technology [3]. - The development of new productive forces is highlighted as a key task in the upcoming five-year plan, emphasizing the importance of technology self-reliance and strategic security [3].

Group 1 - The current market state indicates a potential top formation, with momentum showing a clear divergence at the daily level, which should be taken seriously [2] - The recent market rally has been supported by computing power and hard technology in electricity, raising questions about whether these sectors can continue to drive growth [2] - The innovation drug sector has shown movement, while the lithium battery sector has experienced a pullback, indicating mixed performance across sectors [2] Group 2 - The optical connection sector, represented by leading company Xinyiseng, is showing signs of fatigue after a top formation and daily level momentum divergence [2] - The PCB sector appears to be performing better, but companies like Shengyi Electronics and Dingtai Technology are showing signs of excessive volume at peaks, suggesting that momentum may be exhausted [3] - The market is likely transitioning away from a unilateral upward trend, emphasizing the need for careful stock selection and sensitivity to reducing positions [5]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]

Group 1 - The CPO, PCB, and domestic computing power sectors experienced a collective pullback, while new energy themes such as photovoltaics, lithium batteries, and energy storage saw a rise followed by a decline [1] - The ChiNext Mid-cap 200 Index fell by 1.3%, the ChiNext Index decreased by 1.8%, and the ChiNext Growth Index dropped by 2.5% [1] - The ChiNext ETF (159915) saw a net subscription exceeding 130 million shares today [1]

Market Overview - A-shares experienced significant volatility on October 30, with major indices declining: Shanghai Composite down 0.73%, Shenzhen Component down 1.16%, and ChiNext down 1.84% [2] - The decline was led by previously strong sectors such as CPO, PCB, and controllable nuclear fusion, while rare earths and cultivated diamonds saw temporary gains before closing with reduced increases [2][4] Sector Performance - The steel sector maintained strength, with an overall increase of over 1%. Key stocks like Anyang Iron & Steel and Ordos hit the daily limit, while Fangda Special Steel rose by 6.5% [5] - Analysts suggest that the steel industry's supply-side reduction trend may lead to a balanced supply-demand situation, stabilizing steel prices and enhancing corporate profitability [5] Future Market Outlook - Most brokerages remain optimistic about the market's future, expecting a continued upward trend. The emphasis on high-quality development and technological self-reliance in the "14th Five-Year Plan" is expected to create a favorable policy environment for A-shares [7][8] - Key investment themes include technology-driven growth, advanced manufacturing, consumer assets supported by policy, and resource sectors benefiting from national energy security [8][9] Investment Opportunities - Focus areas for investment include: 1. Technology sectors represented by AI and TMT, with potential in quantum technology and 6G [8] 2. Advanced manufacturing sectors such as defense, machinery, and new energy vehicles [8] 3. Quality consumer assets driven by domestic demand [8] 4. Resource sectors benefiting from energy security and cyclical recovery [9]