Core Viewpoint - Chongda Technology (002815.SZ) has successfully established a mSAP (Modified Semi-additive Process) production line, which is set to officially commence production in September 2023, focusing on high-end applications in RF packaging substrates, SiP packaging substrates, PMIC packaging substrates, and TPMS substrates [1] Group 1 - The mSAP process has achieved mass production capabilities with a line width/spacing of 20/20 micrometers, while the ETS buried line process can reach a line width/spacing of 15/15 micrometers, meeting the demand for advanced packaging substrates [1] - Products made using the mSAP process are already being shipped in large quantities, indicating a successful transition to mass production [1] - The company is currently centered on advanced packaging substrates and is building a technological moat through mSAP process upgrades and customer certification systems [1] Group 2 - The COWOP technology is still in the industry research and validation phase, and the company has not yet directly engaged in COWOP packaging [1] - The company's experience in high-precision PCB manufacturing, advanced packaging substrates, and AI server fields provides potential for future involvement in higher-level packaging technology integration [1] - The company will continue to monitor industry trends and assess technology extension paths based on market demand and technological maturity [1]

Foxconn has sold the former GM factory it has owned for three years after failing to stand up any meaningful, large-scale electric vehicle production there. The pivot marks the second major failure of Foxconn to deliver on its promises to help revive U.S. manufacturing. The iPhone-maker once promised to build a giant LCD factory in Wisconsin — a project that Donald Trump called the “eighth wonder of the world” during his first term — and wound up underdelivering to an extreme degree. Foxconn says the buye ...

资料显示，盟军集团于2020年12月4日由"上为集团"更名而来。集团前身"上为集团有限公司"是一家境 外离岸公司。上为(深圳)科技有限公司是上为集团有限公司中国大陆运营总部,该集团是专门从事液晶显 示及网络通讯产品研发与制造的高科技型企业,公司于2010年12月在美国纳斯达克交易所挂牌上市。 本文源自：金融界 8月5日，盟军集团(TROO)盘中上涨4.22%，截至01:46，报0.76美元/股，成交5.11万美元，总市值 8214.21万美元。 财务数据显示，截至2024年12月31日，盟军集团收入总额1007.3万美元，同比增长182.24%；归母净利 润-1341.3万美元，同比减少680.28%。 作者：行情君 ...

Bollène (France), August 4, 2025 – 06 :00pm (CET) Press Release COMBINED GENERAL MEETING NOTICE OF MEETING Egide Group (Euronext Growth Paris™- ISIN : FR0000072373 - Ticker : ALGID), worldwide provider of hermetic packages and connectors and thermal management solutions for sensitive electronic components, invites its shareholders to attend the Combined General Meeting to be held on Wednesday, September 10, 2025, at 11:00 am, at the Company's headquarters (Site Industriel du Sactar - 84500 Bollène - France) ...

此外，上半年，规模以上电子信息制造业累计实现出口交货值同比增长3.6%，其中出口集成电路1678 亿个，同比增长20.6%；规模以上电子信息制造业实现营业收入8.04万亿元，同比增长9.4%，实现利润 总额3024亿元，同比增长3.5%。 （文章来源：新华社） 新华财经北京8月1日电（记者周圆）工业和信息化部日前发布的数据显示，2025年上半年，我国电子信 息制造业生产快速增长，出口稳定向好，效益持续改善，行业整体发展态势良好。其中智能手机产量达 5.63亿台，同比增长0.5%。 数据显示，上半年，规模以上电子信息制造业增加值同比增长11.1%，增速分别比同期工业、高技术制 造业高4.7个和1.6个百分点。主要产品中，微型计算机设备产量1.66亿台，同比增长5.6%；集成电路产 量2395亿块，同比增长8.7%。 ...

本文源自：金融界 作者：行情君 财务数据显示，截至2024年12月31日，盟军集团收入总额1007.3万美元，同比增长182.24%；归母净利 润-1341.3万美元，同比减少680.28%。 资料显示，盟军集团于2020年12月4日由"上为集团"更名而来。集团前身"上为集团有限公司"是一家境 外离岸公司。上为(深圳)科技有限公司是上为集团有限公司中国大陆运营总部,该集团是专门从事液晶显 示及网络通讯产品研发与制造的高科技型企业,公司于2010年12月在美国纳斯达克交易所挂牌上市。 8月1日，盟军集团(TROO)盘中上涨3.01%，截至00:45，报0.78美元/股，成交4.8万美元，总市值8429.35 万美元。 ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the given report. 2. Core Viewpoints of the Report - With the expansion of global AI demand and the capital expenditure on computing power by North American cloud - computing giants, the domestic computing hardware supply chain is expected to continue its high - growth trend. Domestic large - models are predicted to iterate rapidly in the second half of the year, and the AIDC scale is expected to further expand. The pan - AI sector is a relatively scarce high - growth area, and investment opportunities in this sector are recommended to be focused on in Q3 [1][10]. - Currently, convertible bond valuations are at a relatively high historical level due to the continuous inflow of fixed - income funds and the recovery of stock market expectations. The idea of achieving excess returns in the high - valuation range is to bet on the elasticity of the underlying stocks of convertible bonds. When the capital situation of convertible bonds is stable and the stock market expectations do not change significantly, the valuation of the convertible bond market is unlikely to shrink actively. Buying convertible bonds corresponding to high - elasticity underlying stocks (such as those in the AI sector) at a high - risk preference position can easily generate excess returns during an upward wave [1][10]. 3. Summary by Relevant Catalog 3.1 Overall Logic and Layout Ideas - The domestic computing hardware supply chain is expected to maintain high growth due to global AI demand expansion and North American cloud - computing giants' capital expenditure on computing power. Domestic large - models will iterate quickly in the second half, and AIDC will expand. The pan - AI sector is a high - growth area, and Q3 investment opportunities are recommended [1][10]. - For convertible bond investment, with high valuations, the strategy is to invest in convertible bonds of high - elasticity underlying stocks to gain excess returns in an upward market [1][10]. 3.2 Individual Bond Selection 3.2.1 Unex Electronics/Unex Convertible Bond - Unex is a global leader in electronic design and manufacturing services, leading in the SiP module field. It has 30 manufacturing service sites across four continents, providing comprehensive services to global brand customers [16]. - In 2024, its revenue was 60.691 billion yuan, almost flat year - on - year. Cloud and storage product revenue increased by 13.35% due to AI - driven server demand [16]. - In 2025, it aims to accelerate business in AI accelerator cards. It is also developing power modules and motherboards for AI servers. It participates in providing Wi - Fi SiP modules for a North American AI glasses customer's third - generation product and has obtained an order for N - in - one motherboard modules, expected to bring significant revenue in 2026 [2][22][24]. 3.2.2 Huamao Technology/Huamao Convertible Bond - Huamao is a leader in the automotive passive safety field, with products covering airbags, seat belts, etc. In 2024, it released an action plan, strengthening its automotive parts business and entering the semiconductor and computing manufacturing fields [25]. - In 2024, its revenue was 2.213 billion yuan, up 7.67% year - on - year. Net profit was 277 million yuan, up 14.64%. It plans to expand in the semiconductor and computing manufacturing sectors by increasing investment and integrating the supply chain of Fuchuang Youyue [25][30]. - Fuchuang Youyue provides one - stop electronic manufacturing services, especially in high - speed optical module manufacturing for global computing industry chains. It has shipped to 7 of the top 20 global optical module manufacturers in 2024, with over 3.5 million 800G optical module PCBA shipments [31][32]. 3.2.3 Bowei Alloy/Bo 23 Convertible Bond - Bowei's main businesses are new materials and international new energy. Its new materials are high - performance non - ferrous alloy products, widely used in AI, 6G, etc. In 2024, its alloy strip business sales increased by 42.23% and net profit increased by 171.12% [33]. - Its high - speed connector, shielding, and lead - frame materials are crucial for computing servers and data centers. Products like boway19920 and boway70318 meet the requirements of high - computing servers [35]. 3.2.4 Sangfor Technologies/Sangfor Convertible Bond - Sangfor focuses on enterprise - level network security, cloud computing, and IT infrastructure. Its network security business uses cloud security and AI for active monitoring and protection [36]. - It has been developing cloud computing since 2012, launching multiple products. In 2024, it released the AICP platform for large - model development, aiming to lower the threshold of using AI technology [37]. 3.2.5 Minglida/Mingli Convertible Bond - Minglida's products are mainly used in photovoltaic, energy storage, new - energy vehicles, and security. In 2024, its sales declined due to the inventory reduction in the photovoltaic and energy - storage industries. However, demand is recovering in 2025 [39]. - It has made breakthroughs in the new - energy vehicle business with leading global customers. It plans to expand in the robot and liquid - cooling industries and expects increased revenue from server and automotive liquid - cooling [39][43][44].

Financial Data and Key Metrics Changes - Organic sales grew by 6% in Q2 2025, with adjusted EBITDA increasing by 7% when excluding the Graphics business divestiture [12] - Adjusted EBITDA of $136 million exceeded initial guidance of $120 million to $125 million for the quarter [12] - The net leverage ratio at the end of the quarter was 2.1 times, with no debt maturities until 2028 [19][20] Business Line Data and Key Metrics Changes - The Electronics business achieved a 9% organic growth, with significant contributions from wafer level packaging products, which grew over 20% [12][16] - The Industrial and Specialty segment saw organic net sales increase by 1% year over year, with core Industrial business volumes slightly down [17] - Offshore's organic sales grew by 15% year over year, driven by large project completions [18] Market Data and Key Metrics Changes - Demand for Electronics was driven by B2B customers in high-performance computing and telecommunications, with advanced solder paste volumes growing significantly [14] - The semiconductor solutions segment experienced a 20% organic net sales growth due to robust demand in wafer level packaging [15] - Industrial Solutions faced macro weakness in Europe and the Americas, but automotive growth in Asia partially offset this [17] Company Strategy and Development Direction - The company is focused on penetrating fast-growing areas within its addressable markets while driving productivity through continuous improvement [5] - A new world-class research center was opened in Bangalore, India, to support global formulation research and local applications development [10] - The company is investing in technology and strategic initiatives, including the construction of a mid-scale active copper manufacturing site expected to be commissioned by the end of the year [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite macroeconomic uncertainties, noting strong demand in data centers and high-performance computing [10][21] - The company is cautious about the second half of the year, particularly regarding the electric vehicle market and consumer electronics [21][22] - Management highlighted the importance of capital allocation and the potential for share repurchases and acquisitions to enhance shareholder value [23] Other Important Information - The company generated $59 million of adjusted free cash flow in Q2 and invested $35 million into working capital [18] - The adjusted EBITDA margin for the Electronics segment declined by roughly 40 basis points year over year, largely due to higher pass-through metal prices [12][13] Q&A Session Summary Question: Insights on customer demand and potential pull forward - Management indicated no signs of pull forward in Q2, with robust investment in data center capacity continuing [27][28] Question: Expectations for Power Electronics in the second half - Power Electronics had strong growth in Q2, but management expects some customer-specific production volume declines in the second half [30][31] Question: Comparison of current Electronics business to prior peak levels - Electronics revenue is at a new peak, but volumes are not back to prior peak levels, particularly in the circuitry and assembly businesses [33][34] Question: Competition in power electronics and advanced packaging - Management noted established competition in wafer level packaging but highlighted strong growth and differentiation in power electronics [37][38] Question: Guidance assumptions and risks - The guidance range allows for potential demand variability, with risks including macro deterioration and weaker smartphone activity [62][63] Question: Updates on Cuprion production and capacity - The first production line for Cuprion is expected to be operational by the end of the year, with plans for additional capacity in the next 18 months [65][66] Question: Growth dynamics in the electronics portfolio - The growth is driven by high-performance computing and emerging markets, with a shift towards B2B sales reducing cyclicality [70][71] Question: Margin dynamics in Industrial and Specialty - Management emphasized productivity and price discipline in maintaining margins despite a low growth environment [76][77]

Second Quarter 2025 Earnings Presentation Enabling Technology. Growing Sustainably. Legal Notices SAFE HARBOR Please note that in this presentation, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. Such discussion and statements will often contain words such as "expect," "anticipate," " ...

大族激光（002008）发布投资者关系活动记录表公告，随着AI产业链服务器、高速交换机等基础设施 需求爆发，叠加消费电子市场复苏，PCB专用加工设备市场需求快速反弹。公司构建了覆盖多层板、 HDI板、IC封装基板、挠性板及刚挠结合板等不同细分PCB市场及层压、钻孔、曝光、成型、检测等关 键工序的立体化产品矩阵，为PCB不同细分领域的客户提供差异化的一站式工序解决方案。 ...