Core Insights - Chinese multi-asset funds are leading globally in performance for 2025, primarily due to heavy investments in technology stocks [1] - Among the top 20 performing multi-asset funds globally, 13 are from China, with 7 funds achieving over 100% annual returns [1] - The strong performance of these funds is attributed to significant gains in AI-related stocks, despite global market disruptions caused by U.S. trade policies [1] Group 1: Fund Performance - The MSCI China Index rose by 28% in 2025, marking its best annual performance since 2017 [1] - K2 Asset Management's research head noted that the performance of multi-asset funds focusing on Chinese and particularly Chinese tech stocks in 2025 is remarkable compared to the underperformance from 2021 to 2024 [1] - Yongying Fund's Yongying Technology Smart Mixed Fund recorded a total return of 231% last year, managing approximately 11.5 billion RMB in assets as of the end of Q3 [1] Group 2: Specific Fund Highlights - Debang Fund Management's fund, with a scale of 9 billion RMB, surged by 129% due to successful bets on Shenghong Technology, whose stock price soared by 583% last year [2] - Both Yongying Fund and Debang Fund did not respond to requests for comments [2]

Core Viewpoint - The automotive PCB industry is experiencing significant growth driven by the increasing demand for electric and smart vehicles, with a projected market size increase from $6.457 billion in 2020 to $9.195 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.2% [8][9]. Group 1: Automotive PCB Industry Overview - PCBs are essential in various sectors, including automotive, consumer electronics, industrial, medical, and military applications, with automotive PCBs playing a crucial role [1][3]. - Automotive PCBs must exhibit excellent electrical performance and reliability, requiring rigorous testing under extreme conditions [1][6]. - The automotive PCB market is characterized by a competitive landscape where international giants dominate high-end segments while Chinese companies focus on mid-range markets [9][10]. Group 2: Market Dynamics - The global automotive PCB market is expected to grow to $9.712 billion by 2025, with a year-on-year increase of 5.6% [8]. - In China, the automotive PCB market is projected to reach approximately 22.27 billion yuan in 2024, marking a 4.3% year-on-year growth [8]. - The rise of electric vehicles (EVs) is significantly increasing the PCB usage per vehicle, with the value of PCBs in EVs exceeding 2,000 yuan per vehicle due to additional components like BMS and MCU [8][9]. Group 3: Competitive Landscape - Major competitors in the automotive PCB sector include companies such as Chaoying Electronics, Shennan Circuit, Jingwang Electronics, and Huitian Technology, with market shares of 3.7%, 2.3%, and 4.1% for Huitian Technology, Jinlu Electronics, and Chaoying Electronics respectively in 2024 [9][10]. - The industry is witnessing a shift where local companies are making breakthroughs in core application scenarios, challenging the dominance of international firms in high-frequency PCB segments [9][10]. Group 4: Industry Trends - The demand for automotive PCBs is expected to grow steadily, driven by the increasing penetration of electric vehicles and advancements in automotive electrification, intelligence, and connectivity [10]. - There is a trend towards upgrading from traditional six-layer PCBs to more complex HDI and high-temperature resistant boards, reflecting the rising complexity and performance requirements in automotive applications [10].

Core Viewpoint - Deep South Circuit is a leading enterprise in AI PCB and packaging substrates, equipped with both capacity and technology, poised to benefit from the growth of the AI industry [1] Group 1: Company Performance and Projections - The company has abundant high-end capacity, and its AI PCB/BT substrate-related business is expected to maintain high growth in the coming years [1] - Large-scale mass production of ABF substrates is anticipated to reach a turning point [1] - Projected net profit attributable to the parent company for 2025, 2026, and 2027 is estimated to be 34.63 billion, 64.74 billion, and 90.09 billion yuan respectively [1] Group 2: Product and Market Dynamics - Product iteration is expected to enhance average selling price (ASP) and profitability [1] - Current valuation has downward protection, and high operating leverage is likely to result in profit elasticity exceeding expectations [1] - Innovation in AI applications is expected to drive valuation increases in the sector [1] Group 3: Valuation and Recommendations - Based on comparable companies such as Shenghong Technology, Hudian Co., Shenyin Electronics, and Jingwang Electronics, a target valuation of 30X for 2026 is suggested, leading to a target price of 291.3 yuan [1] - The company is given a "strong buy" rating upon initial coverage [1]

证券日报网讯 12月29日，四会富仕在互动平台回答投资者提问时表示，公司PCB产品下游应用广泛， 有部分应用于机器人、航空航天及数据中心等领域。 （文章来源：证券日报） ...

鹏鼎控股（002938.SZ）12月29日在投资者互动平台表示，公司始终聚焦PCB领域的技术发展趋势，并 在新材料等方面积极布局，目前公司已针对M9等材料进行了产品开发。公司密切关注下游技术趋势， 并围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共性技术与产品前沿技术， 以掌握产品发展的潮流与趋势。 每经AI快讯，有投资者在投资者互动平台提问：贵司是否有开发M9材料产品？能否介绍一下最新进 展？贵司计划如何在M9材料时代保持竞争优势？ （记者 王晓波） ...

国盛证券（002670）发布研报称，AI服务器设计正迎来结构性转变，伴随芯片升级，PCB除用量升级 外，其规格、架构将进一步升级，有望向更高多层、更高阶数发展，直接带动上游材料实现质变，单台 服务器PCB价值同比将实现倍增。存储端，随着英伟达即将正式向中国出口搭载HBM3E的AI芯片 H200，三星电子与SK海力士决定将明年的HBM3E供应价格上调近20%。此外，据韩媒thelec报道，SK 海力士M15X新工厂的量产时间较原计划提前4个月，抢占HBM4市场先机。 国盛证券主要观点如下： 芯片持续迭代，PCB量价齐升 PCB价值量大幅提升，主要得益于1)PCB层数与工艺难度升级；2)功能集成增加。当前来看，AI服务器 设计正迎来结构性转变，从英伟达Rubin平台的无缆化架构，到云端大厂自研ASIC服务器的高层HDI设 计，PCB不再只是电路载体，而成为算力释放的核心层，PCB正式进入高频、高功耗、高密度的"三高 时代"。以Rubin为例，2026年Rubin将实现量产，采用Cabless设计，过去依靠线缆实现连接，后续将改 由PCB板直接承接。 国盛证券认为，伴随芯片升级，PCB除用量升级外，其规格、架构将进 ...

Group 1 - The core viewpoint of the article highlights the rapid development of AI and the accelerated expansion of AI data centers, which is driving high demand for high-end PCBs [1] - The high-end PCB market is experiencing an upward trend in both volume and price [1] - Shengyi Electronics, as a leading PCB manufacturer in China, has achieved continuous breakthroughs in AI servers and high-end switches due to its strong technical capabilities and deep customer resources [1] Group 2 - The company is expected to see a significant improvement in its operating performance against the backdrop of high demand in the AI sector [1] - EPS forecasts for Shengyi Electronics are projected to be 2.01 yuan, 2.83 yuan, and 3.73 yuan for the years 2025, 2026, and 2027 respectively [1] - Corresponding PE ratios based on the closing price on December 25, 2025, are estimated to be 49.7 times, 35.4 times, and 26.8 times for the respective years [1] - The report initiates coverage with a "recommend" rating for the company [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Kintor Pharmaceutical (00148), which rose nearly 5% to HKD 27.86, with a trading volume of HKD 62.02 million [1] - Market forecasts predict that NVIDIA's GB300 AI server cabinets are expected to ship 55,000 units next year, representing a year-on-year growth of 129% [1] - The next-generation Vera Rubin 200 platform is anticipated to begin shipping in the fourth quarter of next year, showcasing NVIDIA's advancements in AI technology [1] Group 2 - Xiangcai Securities believes that the substantial capital expenditure plans from major AI and internet companies will drive the continuous expansion of computing power clusters [1] - The new server architecture's shift from copper cables to PCB materials is expected to significantly enhance the value of PCBs per server [1] - Kintor Group is recognized as a leading supplier in the domestic PCB sector, with a vertically integrated supply chain covering chemical raw materials, copper-clad laminates, and PCBs across various categories [1]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Kintor Pharmaceutical (00148), which rose nearly 5% to HKD 27.86, with a trading volume of HKD 62.02 million [1] - Market forecasts predict that NVIDIA's GB300 AI server cabinet shipments are expected to reach 55,000 units next year, representing a year-on-year growth of 129% [1] - The next-generation Vera Rubin 200 platform is anticipated to begin shipping in the fourth quarter of next year, showcasing advancements in AI technology [1] Group 2 - Xiangcai Securities believes that the substantial capital expenditure plans from major AI and internet companies will drive the continuous expansion of computing clusters [1] - The new server architecture's shift from copper cables to PCB materials is expected to significantly enhance the value of PCBs per server [1] - Kintor Group is recognized as a leading supplier in the domestic PCB sector, leveraging a vertically integrated supply chain from chemical raw materials to copper-clad laminates and PCBs, covering a full range of products including single, double, multi-layer, and HDI [1]

Macro Strategy - The report highlights that export control measures on key metals have become a crucial advantage for China in the context of major power competition, particularly against the US and EU [8][9] - China's leading position in key metals is attributed to its resource advantages and a complete industrial system, which is difficult for developed economies to replicate in the short term [8] Fixed Income - The bond market is expected to face challenges in 2026, with less likelihood of a one-sided decline in interest rates as seen from 2022 to 2024, suggesting a need for a more flexible trading strategy [10] - The report notes that the 10-year government bond yield increased slightly to 1.8425% during the week, reflecting market reactions to policy announcements [10] Industry Analysis Minshi Group (敏实集团) - Minshi Group is a leading global supplier of automotive exterior and structural parts, benefiting from the acceleration of electric vehicle adoption in Europe, particularly in the battery box business [22][24] - The company is expanding into humanoid robotics and liquid cooling for servers, which are expected to open new growth opportunities [22][24] - Profit forecasts for Minshi Group indicate net profits of 2.753 billion, 3.257 billion, and 3.878 billion yuan for 2025-2027, with corresponding EPS of 2.34, 2.76, and 3.29 yuan, and P/E ratios of 11.91, 10.07, and 8.46 respectively [22] Zhongwei Company (中微公司) - Zhongwei Company plans to acquire Hangzhou Zhonggui to enhance its capabilities in CMP equipment, which is crucial for semiconductor manufacturing [7] - The acquisition aims to strengthen Zhongwei's competitiveness in complete process solutions, complementing its existing dry process equipment [7] - Profit forecasts for Zhongwei Company remain at 2.44 billion, 3.41 billion, and 4.46 billion yuan for 2025-2027, with dynamic P/E ratios of 70, 50, and 38 respectively [7]