Investment Rating - The report suggests a positive outlook for the AI-PCB industry, indicating a strong demand driven by AI server and hardware needs, with expectations for significant growth in the second half of the year [1][4]. Core Insights - Doosan's copper-clad laminate (CCL) business exceeded expectations in Q2 2025, with revenues of 476.2 billion KRW (approximately 2.46 billion RMB), marking an 18.2% quarter-on-quarter increase and a 102.4% year-on-year increase, driven by strong demand for AI servers and 800G switches [1]. - The report anticipates that major CCL manufacturers like Taiko Electronics will also report better-than-expected results, with AI demand expected to double by 2026 compared to 2024 [1]. - The AI-PCB industry is experiencing a strong demand surge, with companies like NVIDIA and various ASIC chip manufacturers ramping up production, leading to a robust order book for PCB manufacturers [1][4]. - The report highlights the ongoing transition from M8 to M9 materials in AI servers and switches, which is expected to enhance the value of PCBs significantly [1]. Summary by Sections 1.1 Consumer Electronics - Samsung launched the Galaxy Z Fold7, which features AI capabilities and is lighter than previous models, indicating a focus on innovation in the consumer electronics sector [5]. - The report suggests that the current tariff situation may benefit Apple's supply chain, allowing for better pricing strategies [5][6]. 1.2 PCB - The PCB industry is experiencing a significant upturn, with high demand from automotive and industrial control sectors, alongside AI growth [7]. - The report maintains a high outlook for PCB industry growth, supported by strong performance metrics from Taiwanese manufacturers [7]. 1.3 Components - The report notes a continued upward trend in component demand, particularly in AI applications, with increased usage of MLCCs and inductors in mobile devices [19]. - The LCD panel prices are declining, indicating a potential weakness in that segment, while OLED production is ramping up due to domestic capacity expansion [20]. 1.4 IC Design - The storage segment is expected to see price increases of 10% to 15% in Q3 2025 due to supply constraints and rising demand from cloud computing [21]. - The report emphasizes the importance of domestic manufacturers in the storage market, particularly in light of geopolitical tensions [21]. 1.5 Semiconductor Equipment and Materials - The semiconductor industry is facing a trend of de-globalization, with increased focus on domestic production capabilities due to export controls [24]. - The report highlights the strong demand for advanced packaging and semiconductor equipment, suggesting a favorable outlook for companies in this space [24]. Key Companies - The report identifies several companies as key beneficiaries of the AI-PCB demand surge, including Shengyi Technology, Dongshan Precision, and others, emphasizing their strong order books and production capabilities [33]. - Companies like Northern Huachuang and Jiangfeng Electronics are highlighted for their roles in the domestic semiconductor equipment market, benefiting from the push for localization [36][38].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights that technology companies are expected to show strong performance in H1 2025, driven by demand in sectors such as PCB, diesel engines, consumer electronics ODM, and optical modules [7][8] - PCB manufacturers are experiencing significant revenue and profit growth, with net profit increases exceeding 40%, particularly for Shengyi Electronics, which reported a revenue growth of 84.98% to 96.73% and a net profit growth of 432.01% to 471.45% [7][8] - Diesel engine companies, such as Weichai Heavy Machinery, are also seeing substantial profit increases, with net profit growth of 40% to 60%, attributed to industry opportunities and demand from emerging sectors [7][8] - Consumer electronics ODM companies are benefiting from global digital transformation and AI advancements, with notable profit growth for companies like Wistron Technology, which reported a profit increase of 178% to 317% [7][8] Summary by Relevant Sections Market Review - The Shanghai Composite Index closed at 3534.48 points, with a weekly increase of +0.69%. The Shenzhen Component Index rose by +2.04%, and the ChiNext Index increased by +3.17% [5] Technology Industry Insights - As of July 20, 2025, technology companies are disclosing their H1 2025 performance forecasts, indicating positive trends in various segments [6][7] - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for investment opportunities [7][8] Investment Recommendations - The report suggests focusing on specific companies within the PCB sector, such as Shengyi Technology and Huadian Technology, as well as diesel engine companies like Weichai Heavy Machinery [8] - It also highlights the potential of semiconductor ASIC chips and equipment benefiting from trade barriers, recommending companies like Chipone Technology and Aojie Technology for investment [8]

Investment Rating - The industry investment rating is "Outperform the Market" [1][85] Core Insights - The AI infrastructure supply chain is entering a performance realization phase due to the maturation of business models driven by generative AI and large language models, alongside an increase in core hardware supply capacity [1] - The next generation of advanced AI infrastructure platforms is expected to continue driving product iterations and supply chain transformations, supporting the "Outperform the Market" rating [1] Demand and Supply Analysis - Global capital expenditure from major cloud computing companies remains high, with a projected increase in AI server demand, leading to sustained growth in AI cloud infrastructure [6][15] - The demand for high-end AI servers is expected to grow significantly, with a 150% increase in high-density interconnect (HDI) board demand as traditional server motherboards exceed 18 layers [45][49] - The AI server market is projected to reach $24.1 billion in 2024, with a year-on-year growth of 16% [49] Hardware and Technology Developments - NVIDIA's new GB300 NVL72 platform shows a tenfold improvement in user response speed compared to the previous generation, indicating significant advancements in AI performance [31] - The upcoming NVIDIA Rubin architecture, set to launch in 2026, will include GPUs, CPUs, and network processors, further enhancing the supply chain [34] Investment Recommendations - Recommended companies to focus on include: - PCB: Shenghong Technology, Huitian Technology, Shenzhen South Circuit, Pengding Holdings, Founder Technology, Shengyi Technology, Jingwang Electronics, and Guanghe Technology [3][78] - CCL: Shengyi Technology and Nanya New Materials [3][78] - Glass Fiber Cloth: Feilihua, China National Building Material, and Honghe Technology [3][78] - Copper Foil: Longyang Electronics and Defu Technology [3][78] - Epoxy Resin and Fillers: Dongcai Technology, Shengquan Group, Tongyu New Materials, and Lianrui New Materials [3][78]

Group 1 - The company, Shenghong Technology, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [2] - Shenghong Technology is recognized as a leading player in the PCB industry, with a significant operational footprint of 236,000 square meters and approximately 15,000 employees [2] - The company has implemented strategies focused on "smart factories, green manufacturing, and high-quality services," and has been a pioneer in industry transformation, achieving "national-level green factory" certification [2] Group 2 - The company has production capabilities for 28-layer HDI circuit boards and 14-layer high-precision HDI interconnection boards, positioning itself among the top in international technology [3] - Shenghong Technology has become a core partner for major international companies such as NVIDIA and Tesla [3] - In Q1 2025, the company's net profit reached a record high of 980 million yuan, representing a year-on-year increase of 367.54% [3]

证券研究报告——晨会聚焦 2025 年 7 月 22 日 | 7 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002244.SZ | 滨江集团 | | 002352.SZ | 顺丰控股 | | 1519.HK | 极兔速递-W | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 688680.SH | 海优新材 | | 603011.SH | 合锻智能 | | 600054.SH | 黄山旅游 | | 300476.SZ | 胜宏科技 | | 688519.SH | 南亚新材 | 中银晨会聚焦-20250722 ■重点关注 【宏观经济】提振消费的几点思考*朱启兵。短期内提振消费的关键在于增 强政府财政能力以及增加居民收入，中期提振消费需要收入分配制度的变革 和城镇化的持续推进。 【电子】鹏鼎控股*苏凌瑶。公司发布 2025 年半年度业绩预告，根据业绩预 告及月度营收披露，2025 年上半年公司有效降本同时稳步推进产品结构优 化，上半年营收利润取得增长。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | ...

以下文章来源于橙子不糊涂 ，作者橙子 橙子不糊涂 . 88年，集成电路背景，主要写科技，偶尔聊聊宏观和新鲜事儿。 今天交易时段就有彭博的信息，胜宏科技拟赴港上市。晚上公司正式披露公告： 其实没什么好聊的，说5个产业方面的观点： 1， 对于之前传统PCB⾏业，大规模扩产对于投资来说100%是坏事… 过去PCB行业的景气周期是2年， 扩产周期也基本就是1年多，客户产品需求出来，产能扩出价格就掉的比较糟糕。 过去若干年除了国内5G的2年周期，其他主要领域是消费电子、汽车电子等缺乏超级创新的行业，本身 就很"传统"， 在技术上缺乏门槛，什么有价值的新玩意儿都没有，毫无know-how可言 ，大厂小厂拼的 是对周期、客户需求的理解，以及够"狂野"，看到机会够狠、够卷。 2，目前PCB拼的是高端PCB的技术+产能储备，以及新材料、高多层以及HDI的Konw-how储备， 门槛 极高，且技术迭代和升级极快。 （1） 高端货奇缺 。客户看中的是你能承诺多少产能，多少良率； （2） 只有极少数几个巨头可以扩产 （设备周期至少10个月）。其他连扩产的资格都没有，因为既采购 不到设备，又没办法完成巨头客户的认证。 3，在这个超级周 ...

天相投顾数据显示，二季度末，腾讯控股继续蝉联主动权益基金头号重仓股，宁德时代及贵州茅台继续 位居第二、第三大重仓股。 【导读】基金二季度重仓股出炉，这些个股获集体增持 随着公募基金2025年二季报披露，主动权益基金最新重仓股也随之出炉。 在二季度调仓换股的过程中，表现亮眼的光模块板块、创新药板块以及此前低配的银行板块获得主动权 益基金较多增持。其中，光模块板块中的中际旭创、新易盛，PCB板块中的沪电股份位居主动权益基金 增持榜前三。 值得注意的是，尽管前三大重仓股保持不变，但公募基金抱团趋势有所减弱。前二十大重仓股中，有19 只个股遭到基金减持，仅招商银行获得增持。 腾讯控股蝉联头号重仓股 主动权益基金持股集中度有所下降 今年二季度，A股市场走出"V形"反转行情，季初受特朗普关税政策冲击，沪深两市一度大幅调整， 在"国家队"护盘作用下，市场迅速企稳，热点轮番演绎，季末站稳3400点之上。 在这一过程中，主动权益基金也积极调仓换股，把握结构性行情，刚刚披露的全部公募基金二季报揭开 了主动权益型基金的最新调仓动向。 天相投顾数据显示，今年二季度，纳入统计的5277只积极投资偏股型基金的前三大重仓股保持不变，分 别 ...

Core Viewpoint - The article highlights the significant changes in the holdings of actively managed equity funds in China during the second quarter of 2025, with a notable shift in investment strategies and a reduction in the concentration of holdings in top stocks [2][3][5]. Group 1: Major Holdings and Changes - Tencent Holdings remains the top stock held by actively managed equity funds, followed by Ningde Times and Kweichow Moutai, despite a decrease in their holdings [3][7]. - The concentration of holdings among the top twenty stocks has decreased, with 19 out of the top 20 stocks experiencing reductions in fund holdings, except for China Merchants Bank, which saw a slight increase [7][12]. - The number of funds holding Tencent, Ningde Times, and Kweichow Moutai has decreased, with respective holdings dropping by 14.75%, 5.72%, and 14.18% compared to the previous quarter [7][12]. Group 2: Sectors with Increased Investment - The light module sector, innovative pharmaceuticals, and previously underweighted banking sector have seen increased investments from actively managed equity funds [3][8]. - Zhongji Xuchuang and Xinyi Technology are the top two stocks that received the most significant increases in holdings, with Zhongji Xuchuang's stock price rising by 48.46% and Xinyi Technology's by 81.97% during the quarter [10][12]. - New consumer, innovative pharmaceuticals, light module, and PCB sectors have been highlighted as key areas of investment, with several stocks from these sectors appearing in the top fifty increased holdings list [9][12]. Group 3: Notable Reductions in Holdings - BYD and Alibaba have been significantly reduced in holdings, with BYD experiencing a 66.95% decrease in the number of shares held by actively managed equity funds [13][14]. - The white liquor sector has been particularly affected, with major brands like Kweichow Moutai and Wuliangye seeing substantial reductions in fund holdings [14].

Summary of the Call Transcript on the PCB Industry Industry Overview - The PCB industry, particularly in the context of computing power, is experiencing significant growth driven by overseas markets, especially in PCB optical modules and assembly, with notable performance realization and clear incremental opportunities [1][2] - The industry is currently in a rapid development phase, largely propelled by AI applications, with expectations that this cycle will be longer than the one in 2016, spanning this year and next [2] Key Trends and Developments - The transition from M4 to M9 transmission rates has raised raw material requirements, leading to increased prices and profit margins, with many PCB companies reaching a valuation of over 100 billion [1][4] - Domestic companies are gaining more opportunities as orders from local computing power PCB manufacturers like Shenghong, Sanyou Electronics, and Shennan increase, indicating a trend towards the localization of upstream materials [1][5] - The basic structure of PCB boards includes outer protective layers, copper lines, and substrates, with a trend towards increasing layers and decreasing hole sizes to meet the demands of chip-to-external circuit connections [1][8] Technical Insights - HDI technology enhances design flexibility and allows for denser, miniaturized layouts, making it suitable for high-speed applications [10] - Current optical modules can achieve transmission rates of up to 800Gbps and even 1.6Tbps, with M9 materials meeting single-channel requirements of 224Gbps [3][12] - High-end PCB materials face multiple barriers to production, including complex processes, formula improvements, and certification cycles [18] Market Dynamics - The domestic high-end PCB market share remains low, primarily due to historical preferences for Taiwanese companies by US clients like Cisco and Google; however, domestic firms are gradually gaining traction [16] - The price range for high-end PCB materials varies significantly, with standard PCBs costing a few hundred yuan per square meter, while high-end server PCBs can reach up to 20,000 yuan per square meter [21] Cost Structure and Implications - In server systems, PCBs account for approximately 2% of total costs, with high-end materials constituting about half of the overall cost during mass production [27] - The cost of PCB materials can be estimated based on layers and material properties, with significant price differences between standard and high-end materials [22] Future Outlook - The PCB industry is expected to continue expanding, particularly in high-end applications driven by AI server demand, with the market potentially reaching a scale of hundreds of billions [25][26] - The trend towards domestic production of materials is seen as a critical factor for future research and investment opportunities in the A-share market [5][25] Additional Insights - The integration of different types of PCB materials can optimize production efficiency and cost control, indicating a non-exclusive relationship among various materials [17] - The development of orthogonal backplane technology is anticipated to enhance performance in switch networks, with potential applications in future architectures [20] This summary encapsulates the key points from the call transcript regarding the PCB industry, highlighting its current status, technological advancements, market dynamics, and future prospects.

Group 1 - PCB concept stocks experienced a significant afternoon surge, with Zhongcai Technology (002080) hitting the daily limit up [1] - Defu Technology (301511) rose over 10%, while Jingwang Electronics (603228), Dazhu CNC (301200), and Shennan Circuit (002916) also saw gains [1]