Core Viewpoint - Anjie Technology (002635.SZ) is acquiring a 1% stake in Anjieli Meiwai Electronics (Xiamen) Co., Ltd. through its wholly-owned subsidiary Suzhou Jiliang Enterprise Management Co., Ltd. for approximately RMB 80.49 million, while also participating in a consortium to acquire an additional 46% stake in the same company through a public bidding process [1][2]. Group 1 - Suzhou Jiliang plans to form a consortium with other interested parties to jointly acquire the 46% stake in Anjieli Meiwai, with Suzhou Jiliang's share in the consortium being 9.8251%, translating to a purchase price of approximately RMB 363.80 million for a 4.5196% stake [2]. - Following the completion of this transaction, Suzhou Jiliang will hold a total of 5.5196% of Anjieli Meiwai's equity [2]. - Anjieli Meiwai is recognized as a leading domestic printed circuit board (PCB) company, with key products including high-end IC substrates, high-end PCBs, and CCS for new energy batteries, maintaining strong partnerships with well-known consumer electronics and new energy vehicle clients [2]. Group 2 - The acquisition is driven by the company's positive outlook on the growth prospects of high-end IC substrates, high-end PCBs, and CCS for new energy batteries, establishing a solid foundation for future collaboration [2]. - This transaction aligns with the company's strategy to enhance its core business and expand its market presence, thereby improving overall competitiveness [2].

Core Insights - Aoshikang Technology Co., Ltd. reported a revenue of approximately 4.032 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 21.89% [1] - The third quarter showed particularly strong performance with a revenue of about 1.467 billion yuan, a year-on-year increase of 26.45%, and a net profit attributable to shareholders of approximately 86.24 million yuan, up 56.09% year-on-year [1] Company Performance - The core of Aoshikang's growth lies in breakthroughs in high-end printed circuit board (PCB) technology and the expansion of applications across multiple scenarios [1] - The company focuses on core products such as high-layer boards, achieving technological implementation in emerging fields like AI servers and automotive electronics [1] - The company has made significant progress in delivering server motherboards, storage boards, and GPU boards, with its Thailand factory taking on high-end orders for AI servers and AIPC, indicating a ramp-up in production capacity [1] Technological Advancements - Advanced technology serves as the main engine for Aoshikang's performance growth, with a quality management model emphasizing IT management, automated production, and professional personnel [1] - The company continues to increase R&D investment, successfully penetrating core scenarios of new productivity such as 5G base stations, data storage, autonomous driving, and AR/VR [1] Market Positioning - Aoshikang's products cover a wide range of applications including high-end consumer electronics, digital energy, and medical industrial control, focusing on core products like AI servers and embedded ICT [2] - The company aims to anchor new productivity tracks through technological breakthroughs, leveraging diverse application scenarios and global capacity layout to sustain growth momentum [2]

Group 1 - The PCB concept is experiencing a significant upward trend, with multiple companies seeing their stock prices surge [1] - Companies such as Jingwang Electronics and Dongcai Technology have reached the daily limit increase in stock prices [1] - Other companies like Helitai, Honghe Technology, and Dawi Shares also previously hit the daily limit, indicating strong market interest [1] Group 2 - Additional companies such as Aisen Shares, Shengyi Electronics, Chujian New Materials, Oat Technology, and Founder Technology have also seen notable stock price increases [1]

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Core Insights - The 2025 Taiwan Printed Circuit Board Exhibition (TPCA Show) concluded with industry leaders optimistic about the future, driven by the explosive demand for AI servers and high-performance computing, indicating that "PCBs will usher in a golden decade" [1] - The role of PCBs is evolving from merely connecting signals to becoming system carriers, necessitating larger sizes, higher layers, and stricter thermal and signal integrity requirements due to AI server integration [2] - Taiwan's PCB industry holds a strategic position globally, with significant market shares in semiconductor and packaging sectors, expected to increase further with the acceleration of AI and heterogeneous integration [3] Industry Trends - The AI trend is positioning PCBs as a trillion-dollar industry in Taiwan, expected to grow alongside the semiconductor sector [4] - The surge in demand for high-end PCBs due to AI servers has exposed material supply bottlenecks, particularly for high-performance glass fiber cloth and ultra-low profile copper foil [5] - Taiwanese PCB manufacturers are actively collaborating with material and equipment suppliers to optimize processes and develop new materials, forming a new industrial ecosystem [6] Expansion and Investment - Major Taiwanese PCB companies are expanding production capacities in response to the increasing demand driven by AI, with companies like 臻鼎-KY and 台光电 planning significant capacity increases [7] - 臻鼎-KY is expanding its high-end production capabilities in China, Thailand, and Kaohsiung, while 台光电 aims to increase its capacity by 70% over the next three years [7]

Core Viewpoint - The company is focusing on high-growth markets, particularly in the humanoid robot sector, and has established partnerships with leading domestic and international firms in this field [1] Group 1 - The company is paying close attention to new technologies and product applications within the industry [1] - The company's PCB products for the humanoid robot sector have entered the production and sales phase [1]

证券日报网讯强达电路10月22日在互动平台回答投资者提问时表示，公司专注于PCB中高端样板和小批 量板的研发、生产和销售，其技术储备以及"多品种、小批量、高品质、快速交付"的特点，与当前量子 计算硬件处于研发和原型机阶段的需求适配度较高。公司能够紧密配合量子计算研发机构和企业进行技 术和产品开发，提供快速、精准的产品与服务支持。同时，公司拥有服务众多高端及科研客户的经验， 产品下游应用领域广泛，为发展PCB在量子计算领域的应用奠定了坚实基础。 （文章来源：证券日报） ...

Core Viewpoint - The company is leveraging its first-mover advantage in overseas markets to expand into the domestic humanoid robot PCB sector, having established partnerships with three leading domestic humanoid robot companies [1] Group 1: Company Developments - The company has entered the small-batch supply phase for one project, which focuses on the control circuit of its first-generation commercial model [1] - Another project is in the late stage of sample validation, concentrating on high-power driver module PCB products [1]

Core Insights - The PCB industry is entering a new growth cycle driven by the rapid development of AI applications and the resolution of inventory adjustments and weak consumer electronics demand [2] - The demand for PCB technology is evolving across three dimensions: materials, processes, and architecture, particularly in high-speed applications [3] Industry Overview - The PCB is a critical electronic interconnection component, categorized as a secondary packaging stage, essential for electronic assembly and testing [2] - The global PCB market is expected to reach a value of $94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, indicating a stable growth trend [6] Market Demand - The consumption demand for PCBs in sectors such as servers/storage, consumer electronics, computers, mobile phones, and automotive electronics is projected to grow rapidly, with a total demand of $52.4 billion in 2024, accounting for 71% of the total downstream application demand [5] - The expected CAGRs for these sectors from 2024 to 2029 are 11.6%, 3.0%, 2.5%, 4.5%, and 4.0%, respectively, supporting future PCB market growth [5] Technological Advancements - High-speed PCB materials are evolving, with low roughness copper foil and advanced materials like M9/PTFE resin becoming critical for achieving high-frequency transmission [3] - The mSAP/SAP processes are pushing line width/spacing below 10 micrometers, supporting high-density interconnections [3] Company Highlights - Shenghong Technology is a leading global high-end PCB supplier, expected to see its revenue in the AI/HPC sector rise from 6.6% in 2024 to 44.3% in Q1 2025 due to participation in high-end AI server projects [8] - Simmtech has increased its server product order ratio to 48.96% in 2024, with ongoing capacity expansions in Thailand and domestic smart computing centers [8] - JINGWANG Electronics is the largest automotive PCB manufacturer globally, actively expanding into high-end AI-related products [8] - Huitian Technology has seen a significant increase in its high-speed network switch products, with a year-on-year growth of 161.46% in the first half of 2025 [9] - Dongshan Precision has acquired Solstice Optoelectronics to enhance its capabilities in high-speed optical modules, significantly increasing its participation in the AI server supply chain [10]

Core Insights - Foreign data center operators looking to expand their business in Thailand can start purchasing clean energy through the country's direct power purchase agreement (PPA) program beginning in December [1] - The Thai authorities are eager to launch this pilot PPA program as it facilitates trade activities between power companies and customers, which is crucial for investors considering data center investments in Thailand [1] - Currently, peer-to-peer electricity trading in the renewable energy sector is prohibited in Thailand; however, under direct purchase agreements, power producers can sell electricity directly to buyers [1] Summary by Sections - **Direct Power Purchase Agreement (PPA) Program** - The PPA program will provide detailed information, including electricity prices and trading rules, to data center operators later this month [1] - The program is set to be officially implemented in December after approval from the Energy Policy Management Committee [1] - **Eligibility and Implementation** - Only data center operators who have received investment incentives approved by the Investment Promotion Committee can participate in the direct public procurement agreements [1] - The Thai government plans to initially implement this PPA mechanism in a pilot project before expanding it to other industries such as printed circuit boards, electronics, and electric vehicles, all of which require reliance on clean energy [1]