Core Viewpoint - The expansion of Robotaxi's autonomous driving business in North America signifies broader recognition of autonomous driving technology, which is expected to enhance the specifications and value of automotive PCBs [1] Company Summary - The company is a core PCB supplier for T clients and has been efficiently responding to customer demands, supplying PCBs related to autonomous driving [1] - The company maintains a close collaborative relationship with T clients in technology development, sharing core technology architectures across electric vehicles and humanoid robots, including the three-electric system and intelligent perception [1] - The compatibility of chip computing solutions is high, indicating potential for integrated technological advancements [1] Industry Outlook - As the collaboration between the company and T clients deepens, emerging businesses such as AI chip autonomous driving and humanoid robots are expected to progress towards mass production, leading to a sustained increase in demand for the company's PCBs [1]

Core Viewpoint - The company, as a core PCB supplier for T client, is effectively responding to customer demands and supplying PCB products related to autonomous driving [1] Group 1: Business Collaboration - The company maintains a close collaborative relationship with T client in technology research and development [1] - The collaboration includes shared core technology architectures for electric vehicles and humanoid robots, such as the three-electric system and intelligent perception [1] Group 2: Future Growth Potential - The compatibility of chip computing solutions is high, indicating potential for future growth in PCB demand [1] - As the company deepens its business and technical cooperation with T client, emerging businesses like AI chip autonomous driving and humanoid robots are expected to progress towards mass production, leading to sustained growth in PCB demand [1]

Core Viewpoint - Shenghong Technology (300476) emphasizes its leading advantages in R&D, manufacturing, and quality technology, highlighting deep collaborations with numerous domestic and international tech giants [1] Company Focus - The company will continue to focus on the high-end PCB product sector, actively expanding its customer resources [1] - There is a commitment to continuously enhance the company's core competitiveness [1]

Core Viewpoint - The company is actively expanding its international and domestic robotics business, with significant developments in humanoid robot PCB products and new factory construction in Thailand to meet overseas demand [1] Group 1: International Market Development - Since 2020, the company has been collaborating with clients to develop and produce humanoid robot PCB products, successfully securing new product design points with a leading North American humanoid robot company [1] - The design plans have been finalized and are entering the mass production preparation phase [1] - A new factory in Thailand is expected to commence production by the end of 2025, which will enhance the company's ability to meet overseas market demands and further expand its international robotics business [1] Group 2: Domestic Market Strategy - The company is leveraging its first-mover advantage in the overseas electric vehicle PCB sector to extend its reach into the domestic PCB market [1] - Humanoid robots have been identified as a key development area, with ongoing collaborations and project designations with leading domestic humanoid robot clients [1]

Summary of Conference Call on PCB Industry Industry Overview - The conference call discusses the PCB (Printed Circuit Board) industry, highlighting the significant demand driven by advancements in AI and data centers, particularly due to NVIDIA's investment in OpenAI of 100 billion RMB, indicating a robust demand for GPU and ASIC chips, which in turn boosts PCB demand [1][2]. Key Insights and Arguments - **NVIDIA's Product Evolution**: NVIDIA's transition from the eight-card architecture to the GB200/GB300 series and now to the Ruby series has led to significant enhancements in PCB specifications, including increased layers and density, which raises the value of single-chip PCBs [1]. - **Market Demand Projections**: The global PCB market demand is expected to exceed 90 billion RMB by 2026, but supply-side capacity remains tight due to the heavy asset nature of the industry and long production cycles, with overseas production lagging behind expectations [1][8]. - **Supply-Demand Dynamics**: The PCB industry is anticipated to experience a relative shortage of capacity in the coming years, as companies like Huadian Technology and Shenghong Technology are accelerating expansion, but at a pace slower than the explosive demand growth [1][9]. - **Investment Potential**: Companies such as Huadian Technology, Shenghong Technology, and Pengding possess significant investment potential due to their client progress and capacity expansion. Additionally, upstream material suppliers like Shengyi Technology are gaining traction within the NVIDIA and Amazon supply chains, indicating strong future growth [1][10]. Additional Important Points - **Role of PCBs in Data Centers**: PCBs play a crucial role in data centers for carrying and transmitting signals, with specifications improving significantly with each chip iteration. The shift towards PCBs over traditional copper cables is driven by better heat dissipation and lower maintenance costs [3]. - **Specific Requirements of NVIDIA's Series**: The Ruby series introduces an orthogonal backplane solution, replacing some copper cable connections, which enhances assembly efficiency and significantly increases the value of single-chip PCBs to approximately 150,000 to 200,000 RMB [6]. - **Material Upgrades**: The PCB market's growth is also tied to advancements in upstream materials, particularly in copper-clad laminates (CCL) and copper foil, with companies like Shengyi Technology adapting production lines to meet demand surges [11][12]. - **Future Supply-Demand Structure**: The supply-demand structure in the PCB industry is expected to remain tight due to rapid demand growth and the heavy asset nature of the industry, which prolongs new factory setups and customer validation cycles [13]. - **NVIDIA's Orthogonal Backplane Progress**: The orthogonal backplane solution from NVIDIA is still in the validation phase, with expectations of adoption, indicating a potential upward valuation for the PCB segment [14].

Group 1 - Dongshan Precision plans to issue H-shares and list on the Hong Kong Stock Exchange, becoming the fifth A-share company from Suzhou to initiate a Hong Kong listing this year [1] - Huadian Co., another member of Suzhou's "trillion-dollar club," announced its intention to issue H-shares and list on the Hong Kong Stock Exchange just days prior [1] - Both companies are leading players in the printed circuit board (PCB) industry, with Dongshan Precision ranking second globally in flexible printed circuits (FPC) and third in PCB business [1] Group 2 - Dongshan Precision's stock price has increased over 150% this year, with a market capitalization of 137.1 billion yuan as of September 24 [1] - Huadian Co. has seen its stock price rise over 90% this year, with a market capitalization of 143.2 billion yuan as of September 24 [1] - The primary goal of Dongshan Precision's Hong Kong listing is to advance its international strategy, enhance overseas business layout, and improve brand recognition [1] Group 3 - The choice to list in Hong Kong aligns with the long-term development plans of both companies and reflects the trend of Chinese manufacturing firms expanding internationally and the dual opening of capital markets [2] - Dongshan Precision reported overseas revenue of 13.168 billion yuan in the first half of 2025, accounting for 77.66% of total revenue [2] - Huadian Co. reported overseas revenue of 6.893 billion yuan in the same period, representing 81.16% of total revenue [2]

40年深耕：顺着产业浪潮踏浪而行 回溯世运电路的成长脉络，其每一步成长始终与本土PCB产业的发展同频共振。1985年，佘英杰踏入 PCB行业。彼时，中国电子产品领域尚处空白，PCB作为电子产业的基础工业，正迎来发展机遇。 "当时我就判断，随着电子产品不断创新，PCB的需求一定会持续增长，这是一个有未来的行业。"佘英 杰的这一判断，成为世运电路40年坚守的起点。 创业初期，世运电路先在香港扎根，依托香港的区位优势对接海外市场与资源。1991年，佘英杰将工厂 迁至深圳，成立深圳世运电子厂。"深圳的产业配套逐步完善，政策也鼓励制造业发展，我们顺势而 为，在这里开启了规模化发展的新阶段。"他说。 到2000年，世运电路的工厂面积扩展至1.5万平方米，年产值接近3亿元。此后，因深圳产业政策调整以 及企业对发展空间的需求增加，世运电路将目光投向了江门。"一方面是因为广东作为改革开放前沿， 产业配套成熟、客户资源集中，留在广东能更好地服务客户；另一方面，江门的环保条件、土地资源更 契合企业长远布局需求。"佘英杰表示。 此后，世运电路逐步成长为行业领先企业。2017年4月，世运电路成为江门市首家在上交所挂牌的企 业。 40年 ...

Group 1 - The company, China Shipbuilding Industry Corporation Han Guang, announced on September 23 that it will hold the 11th meeting of the 5th Board of Directors on September 23, 2025 [2] - The meeting will review the proposal to purchase Directors, Supervisors, and Senior Management Liability Insurance [2]

Group 1 - The core viewpoint emphasizes that investment attraction should evolve from merely "bringing in one enterprise" to "driving a batch and prospering a chain" [1][2] - Various regions are adopting innovative practices in investment attraction, shifting focus from "competing on incentives" to "competing on ecosystems" [1][2] - The concept of "chain-based investment attraction" effectively attracts upstream and downstream enterprises, as demonstrated by Jiangxi's Xinfeng County, which has gathered over 30 listed companies in the printed circuit board sector [1][2] Group 2 - Leading enterprises play a crucial role in "chain-based investment attraction," as their establishment leads to the aggregation of a complete set of upstream and downstream processes [2] - "Scenario-based investment attraction" provides practical application environments for enterprises, enhancing their technological innovation capabilities [2] - Local governments have the potential to meet the demand for application scenarios, but they must accurately grasp industry trends and enhance their innovative planning capabilities [2][3] Group 3 - The transformation of government roles and awareness is critical for the innovative exploration of investment attraction [3] - Upgrading investment attraction models requires government departments to promote institutional innovation and become quality ecosystem builders [3] - Continuous efforts in optimizing the business environment and enhancing government service levels are essential for sustainable enterprise development [3]

Core Viewpoint - The current investment attraction strategy should evolve from merely "bringing in one enterprise" to "driving a batch and prospering a chain" [1][2] Group 1: Investment Attraction Strategies - Various regions are innovating their investment attraction methods, shifting from "competing on incentives" to "competing on ecosystems" [1][3] - "Chain-based investment attraction" effectively draws in upstream and downstream enterprises, as demonstrated by Jiangxi's Xinfeng County, which has gathered over 30 listed companies in the printed circuit board sector [1][2] - The "scene-based investment attraction" approach provides practical application scenarios for enterprises, enhancing their technological innovation capabilities [2][3] Group 2: Role of Government - Government departments play a crucial role in the innovation of investment attraction strategies, requiring a shift from focusing on "grabbing projects" to "planning layouts" [3] - A long-term vision is essential for improving service levels and creating a favorable development environment, which stabilizes enterprises' expectations for sustainable growth [3] - Continuous efforts in optimizing the business environment and reforming institutional mechanisms are necessary to adapt to new investment attraction paths [3]