Core Viewpoint - ASMPT is initiating a strategic evaluation of its Surface Mount Technology (SMT) solutions division as part of its transformation journey, aiming to maximize shareholder value while safeguarding stakeholder interests [1] Group 1: Strategic Evaluation - The evaluation aims to identify opportunities that support the long-term growth and success of the SMT solutions division [1] - Options under consideration may include sale, joint ventures, spin-offs, public listings, or retaining and supporting the strategic development of the SMT solutions division [1] Group 2: SMT Solutions Division Overview - The SMT solutions division is a global market and technology leader, offering integrated solutions for electronic manufacturing and key applications across automotive, industrial, consumer electronics, and semiconductor end markets [1] - The product portfolio includes high-precision DEK printers and the robust SIPLACE placement platform, recently enhanced by the newly designed innovative SIPLACE V platform [2] - The division's manufacturing execution system (MES) is modular, scalable, and cloud-supported, allowing seamless integration with enterprise systems and factory automation solutions [2]

Core Viewpoint - CCSC Technology International Holdings Limited will implement a reverse stock split of its ordinary shares on a 1-for-10 basis to comply with Nasdaq Marketplace Rule 5550(a)(2) regarding minimum bid price requirements [1][2]. Company Overview - CCSC Technology International Holdings Limited is a Hong Kong-based company specializing in the sale, design, and manufacturing of interconnect products, including connectors, cables, and wire harnesses [5]. - The company serves a diverse range of industries such as industrial, automotive, robotics, medical equipment, computer, network and telecommunication, and consumer products [5]. - CCSC operates under both Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM) models, catering to manufacturing companies and electronic manufacturing services [5]. - The company has a global customer base across more than 25 countries in Asia, Europe, and the Americas [5]. Reverse Stock Split Details - The reverse stock split will take effect on January 23, 2026, with Class A ordinary shares trading under the symbol "CCTG" and a new CUSIP number G1993R118 [1]. - The split will consolidate every ten shares of Class A and Class B ordinary shares into one share, reducing the total number of outstanding Class A shares from approximately 34,134,950 to about 3,413,495, and Class B shares from approximately 5,000,000 to about 500,000 [4]. - Any fractional shares resulting from the reverse stock split will be rounded up to the next whole number, ensuring no fractional shares are issued [3].

Core Viewpoint - TTM Technologies Inc. (NASDAQ:TTMI) has seen a significant stock price increase of 36.7% week-on-week, reaching an all-time high, following a price target upgrade from Truist Financial and positive financial targets announced by the company [1][2]. Group 1: Stock Performance and Upgrades - TTM Technologies' stock was upgraded by Truist Financial from $91 to $113, maintaining a "buy" recommendation [1]. - Needham also raised its price target for TTM Technologies by 33% from $79 to $105, while also keeping a "buy" recommendation [4]. Group 2: Financial Targets and Growth Expectations - The company aims to double its earnings per share and achieve annual sales growth of 15% to 20% over the next two years, following an 18% revenue growth in the last reported quarter of 2025 [2]. - For the fourth quarter of 2025, TTM Technologies targets net sales between $730 million and $770 million, with diluted earnings per share projected at $0.60 to $0.70 [5]. Group 3: Growth Drivers - The price target upgrade by Truist is based on optimism regarding TTM Technologies' growth in AI and expected margin expansion due to increased production in Penang, Malaysia [3]. - Truist also raised its 2027 EPS forecast for TTM Technologies to $4.27 from $3.80, indicating potential for further upside from AI and defense sectors [3].

本报讯 1月15日，位于平昌县的西南地区PCB（印制电路板）智能旗舰工厂智能化车间内，首批 精密电路板完成最终质检，准备发往国外市场。该工厂由四川英创力电子科技股份有限公司投资 15亿元建设，投产后填补了川东北高端PCB制造的空白。 平昌县招商局副局长陈嘉伟介绍，未来当地将以该项目为龙头，吸引10余家上下游配套企业入 驻，带动1000余人就业，并协同巴中电子信息企业共同打造500亿级电子信息产业集群。 该工厂拥有世界领先的全套电路板生产、测试设备和HDI制造技术，实现全生命周期系统化管 理，"5G+工业互联网"全覆盖，使所有设备能够传感联动、自动化运行，生产的高端印制电路板 广泛应用于通信、工业控制、AI计算机、新能源汽车等领域。 ...

Core Viewpoint - The article highlights the rapid development of industrial parks in the Wudang District of Guizhou Province, focusing on the health and medical industry, food production, and the integration of industrial and tourism sectors to drive economic growth. Group 1: Industrial Development - The Wudang District has implemented a new development strategy centered on industrial parks, achieving a 93.4% contribution of industrial output value from these parks during the 14th Five-Year Plan period [7] - The Guizhou Li Shizhen Miao Medicine Co., Ltd. has established a health food production base in the National Medicine Western Medical Industry Park, with an expected annual output value exceeding 500 million yuan [8] - The district aims to gather over 40 health and medical enterprises by 2025, with the health and medical output value projected to reach approximately 25% and 42.3% of the provincial and municipal totals, respectively [9] Group 2: Food Industry and Tourism Integration - The Huicheng Food Baking Factory in the Huoshipo Specialty Food Industrial Park has adopted an "industrial + tourism" model, attracting families for interactive baking experiences [10] - The Huicheng Specialty Food Ecological Park's second phase, with an investment of nearly 800 million yuan, is set to open in July 2024, offering food production, leisure, and educational activities [11] - The Huoshipo Specialty Food Industrial Park has attracted over 40 food enterprises, with an expected industrial output value of 560 million yuan by 2025 [11] Group 3: Industrial Space Optimization - The Wudang District has developed a clear industrial spatial layout, focusing on the New Tian Electronic Information Industrial Park and the Health Medicine Industrial Belt [13] - The district has established several specialized parks, including the Dongfeng Pharmaceutical Industrial Park and the Huoshipo Specialty Food Industrial Park, to attract over 1,000 enterprises [13] - The economic output of the Wudang District is projected to increase from 17.251 billion yuan to 25.108 billion yuan by 2024, with industrial contributions to economic growth remaining above 35% [14]

Core Insights - Foxconn has established its first joint venture with a state-owned enterprise in Zhengzhou, named Henan Hongchuang Technology Co., Ltd, which is expected to enhance confidence in the development of the real economy in the region [1][2] - The joint venture aims to focus on the precision production and manufacturing of high-end electronic products, with a registered capital of 2 billion yuan, and is projected to commence production in the second quarter of this year [1] - Foxconn is also expanding its mobile phone production capacity in Zhengzhou, with new facilities under construction that will optimize the production line layout and are expected to be delivered by May this year [2] Investment and Economic Impact - The establishment of the joint venture and the expansion project are seen as a "dual-wheel drive" for the development of the electronic information industry in Zhengzhou, providing both stability and new vitality to the regional economy [2] - The new dormitory area being constructed for employees is designed to enhance living conditions and includes modern amenities, with completion expected by 2027 [3] - The Zhengzhou Comprehensive Bonded Zone is projected to see a 15.84% year-on-year increase in total import and export value by 2025, with exports expected to reach 263.418 billion yuan, reflecting strong support for the province's trade growth [3]

东吴证券研报指出，大族数控业绩超预期，AI PCB扩产加速带动业绩持续高增。公司全年业绩高增， 维持前三季度的高增速，25全年业绩超我们预期，主要系①AI算力需求爆发，以胜宏科技、沪电股份 为代表的头部PCB厂商积极扩充高阶HDI、高多层PCB产能，拉动机械钻、CCD背钻机、激光钻等PCB 设备需求，公司作为钻孔设备龙头充分受益；②2025年12月1日公司发布公告变更会计估计，根据客户 结构调整了预期信用损失率，公司预计增加25Q4约5318万元净利润。顺应AIPCB扩产设备需求高端 化，传统优势钻孔设备进展顺利；紧跟技术迭代，超快激光有望随M9Q布/1.6T光模块兑现产业化。考 虑到AIPCB扩产加速，设备采购需求提升，上调公司2025-2027年归母净利润为8.4（原值7.0）/15.4（原 值11.4）/25.0（原值17.3）亿元，当前股价对应动态PE分别为61/33/21倍，维持"买入"评级。 ...

Summary of China-Japan Trade Tensions Conference Call Industry Overview - The conference call focuses on the trade relationship between China and Japan, highlighting the economic implications of ongoing tensions between the two countries. Key Points and Arguments Trade Relationship Dynamics - 17% of Japanese exports are directed to China, while only 4% of China's exports go to Japan [2] - Japanese firms are more exposed to China, with 4.8% of their revenues coming from China compared to 0.6% for Chinese firms from Japan [2] - Despite a trade deficit with Japan, China's reliance on Japan for inputs has decreased over the years [2] Base Case Scenario - The base case anticipates limited escalation of tensions, as China is likely to calibrate trade measures to avoid significant supply chain disruptions, which would also impact its own economy [3] - Both economies are currently weak, with growth primarily driven by exports rather than domestic demand [3] Potential Escalation Scenarios - If tensions escalate, China could: 1. Expand the dual-use export-control list to include more rare earths [4] 2. Initiate anti-dumping measures against Japanese imports [4] 3. Discourage purchases of Japanese consumer goods [4] 4. Implement a temporary ban on rare earths for civilian use [4] - Such actions could lead to downside risks for Japan's growth, particularly affecting sectors like autos, electronics, and chemicals [5] Equity Market Implications - The current market backdrop is viewed as a moderate net negative for both China and Japan, but not significant enough to alter overall investment strategies [6] - Japan maintains a small overweight position (FX unhedged) while China is underweight, with Japanese defense stocks performing well [6] Macroeconomic Considerations - The Bank of Japan (BoJ) may adopt a cautious stance in response to heightened uncertainty, monitoring trade and production data closely [16] - Fiscal support for supply-chain resilience is expected to increase, focusing on diversification and strategic inventories [16] Medium-Term Implications - Japan is actively diversifying its supply sources for rare earths, including agreements with Australian and French companies to reduce dependence on China [17] - The Japanese government has established a policy to ensure stable supply of critical minerals, designating 35 resources as critical commodities [66] Market and Currency Implications - If China expands export controls, it could lead to a deterioration in risk sentiment, affecting near-term BoJ rate hike expectations and potentially causing JPY depreciation [20][21] - The current measures have already led to a significant drop in Chinese tourist arrivals in Japan and reduced flight capacity [25] Supply Chain Vulnerabilities - Japan's exposure to China's export control list is manageable, with only a limited number of products affected [23] - Key products where Japan relies on China include tungsten, magnesium, and hydrofluoric acid [23] Counter-Measures from Japan - Japan is currently not considering direct counter-measures like tariffs due to the high economic costs involved, focusing instead on structural responses [14] - Japan's Ministry of Foreign Affairs has protested against China's measures but has not indicated plans for punitive actions [50] Conclusion - The ongoing trade tensions between China and Japan present both risks and opportunities, with significant implications for various sectors and the broader economic landscape. Monitoring developments in trade policies and supply chain dynamics will be crucial for investors and policymakers alike.

Core Viewpoint - Bel Fuse Inc. has appointed Tom Smelker as President of Connectivity Solutions, effective January 26, 2026, to drive growth and innovation in the aerospace and defense sectors [1][4]. Group 1: Appointment and Background - Tom Smelker brings over two decades of experience in the aerospace and defense sectors, previously serving as Senior Vice President and General Manager at Mercury Systems, managing a $400+ million P&L across ten sites [2]. - At Mercury Systems, he achieved a significant turnaround in profitability and repositioned key product lines into top-performing units [2]. - Prior to Mercury Systems, Smelker spent 19 years at Raytheon, where he advanced to Senior Fellow in Secure Processing and launched a secure systems business [2][3]. Group 2: Expertise and Strategic Fit - Smelker's expertise includes ruggedized computing, RF systems, secure microelectronics, and space technologies, aligning closely with Bel's strategic priorities [3]. - His leadership experience in P&L management and global operational oversight positions him well to lead Bel's Connectivity Solutions business unit [3]. Group 3: Leadership Comments - Farouq Tuweiq, CEO of Bel, expressed enthusiasm about Smelker's appointment, highlighting his leadership skills and industry knowledge as crucial for the company's growth [4]. - Smelker noted the opportunity to contribute to Bel's commitment to innovation and its strong position in the aerospace and defense markets [4]. Group 4: Company Overview - Bel Fuse Inc. designs, manufactures, and markets products that power, protect, and connect electronic circuits, serving various industries including defense, commercial aerospace, telecommunications, and automotive [5]. - The company's product groups include Power Solutions, Connectivity Solutions, and Magnetic Solutions, with operations in facilities worldwide [5].

Core Insights - Bel Fuse Inc. announced the retirement of Pete Bittner, President of Connectivity Solutions, effective April 3, 2026, after over 30 years of service [1][2] Group 1: Leadership and Contributions - Pete Bittner joined Bel in 1990 and has been pivotal in the growth of the Connectivity Solutions business, demonstrating vision and integrity throughout his 35-year career [2] - Under Bittner's leadership, the profitability of the Connectivity Solutions business doubled over the past four years, showcasing his significant impact on the organization [3] - Bittner's collaborative spirit and mentorship have fostered a culture of continuous improvement and teamwork within Bel [2][3] Group 2: Company Overview - Bel Fuse Inc. designs, manufactures, and markets a wide range of products that power, protect, and connect electronic circuits, serving various industries including defense, commercial aerospace, telecommunications, and automotive [4] - The company's product groups include Power Solutions, Connectivity Solutions, and Magnetic Solutions, with applications in high-speed data transmission, transportation, and consumer electronics [4]