Core Viewpoint - The company, Shenzhen South Circuit Technology Co., Ltd. (深南电路), reported strong performance in its PCB and packaging substrate businesses due to increased demand from computing power upgrades and the automotive electronics market [1] Group 1: Business Performance - The overall capacity utilization rate of the PCB business remained relatively high in the first half of the year [1] - The packaging substrate business saw a significant month-on-month increase in capacity utilization due to a recovery in the storage market [1] - The company's comprehensive capacity utilization is still at a relatively high level [1] Group 2: Project Developments - The first phase of the Guangzhou packaging substrate project is set to connect in the fourth quarter of 2023, with continuous improvements in product line capabilities [1] - The company is steadily ramping up production capacity and has secured bulk orders for BT and some FC-BGA products, although it is still in the capacity ramp-up phase [1] - The losses at Guangzhou Guangxin are expected to narrow on a quarter-on-quarter basis by the first half of 2025 [1] Group 3: Investment and Production - The total investment in the Thailand factory amounts to 1.274 billion RMB (approximately 127.4 million USD), and it has commenced trial production [1]

鹏鼎控股（002938）(002938.SZ)披露2025年8月营业收入简报，公司2025年8月合并营业收入为32.17亿 元，较去年同期的合并营业收入减少12.46%。 ...

证券日报网讯广合科技（001389）9月5日在互动平台回答投资者提问时表示，东莞工厂非全制程工厂， 主要为广州工厂提供工序配套服务，黄石工厂稼动率已超过80%，后续将对黄石工厂进行针对性的技术 改造，产能有较大的提升空间，泰国工厂已于2025年6月正式投产，目前正处于产能爬坡阶段，二季度 已完成部分核心客户的审核，下半年将继续加快推动重点客户认证和产品导入工作。目前公司各项技改 扩产的规划主要针对数通类高端PCB产品，可以支持到公司的业务发展需要。 ...

Financial Performance - The company achieved total revenue of 10.453 billion RMB in the first half of 2025, a year-on-year increase of 25.63% [2] - Net profit attributable to shareholders was 1.360 billion RMB, up 37.75% year-on-year [2] - PCB business revenue reached 6.274 billion RMB, growing 29.21% year-on-year, accounting for 60.02% of total revenue [2] - The gross margin for PCB business was 34.42%, an increase of 3.05 percentage points year-on-year [2] - The packaging substrate business generated 1.740 billion RMB in revenue, a 9.03% increase, with a gross margin of 15.15%, down 10.31 percentage points [5] - Electronic assembly business revenue was 1.478 billion RMB, up 22.06%, with a gross margin of 14.98%, an increase of 0.34 percentage points [2] Market Trends and Strategies - The company is focusing on three growth opportunities: AI computing power upgrades, recovery in the storage market, and electric vehicle intelligence [2] - PCB products are primarily applied in communication devices, data centers, and automotive electronics [3][4] - The company is expanding its PCB business in the automotive electronics sector, targeting both domestic and overseas Tier 1 customers [4] Production Capacity and Utilization - Overall capacity utilization for PCB business is at a relatively high level due to increased demand from AI and automotive electronics [6] - The packaging substrate business has seen a significant increase in capacity utilization due to the recovery in the storage market [6] - The Guangzhou packaging substrate project is in the ramp-up phase, with ongoing improvements in production capacity [7] Investment and Expansion - The total investment in the Thailand factory is 1.274 billion RMB, which is now in trial production [8] - The factory will enhance the company's capabilities in high-layer and HDI PCB technologies, facilitating expansion into international markets [8] - The company is also expanding production capacity through technological upgrades and new projects in Nantong and Thailand [9] Raw Material Costs - Key raw materials include copper-clad laminates, semi-cured sheets, copper foil, and gold salt, with prices affected by commodity market fluctuations [10] - The company is monitoring raw material price changes and maintaining communication with suppliers and customers [10] Technology and Innovation - The company has HDI technology capabilities, which are applied in high-end products across various sectors including communication and automotive electronics [11] - The demand for PCB products related to AI computing power is increasing, driven by the need for high-performance and high-speed networks [12]

Company Overview - Jingwang Electronics, established on March 9, 1993, is located in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of printed circuit boards (PCBs) [1] - The company's main business revenue composition is 94.67% from printed circuit boards and 5.33% from other supplementary sources [1] Stock Performance - On September 5, Jingwang Electronics' stock rose by 5.07%, reaching a price of 54.67 CNY per share, with a trading volume of 1.392 billion CNY and a turnover rate of 2.80% [1] - The total market capitalization of Jingwang Electronics is 51.542 billion CNY [1] Fund Holdings - According to data, one fund under GF Fund Management holds a significant position in Jingwang Electronics, specifically the GF Science and Technology Theme Flexible Allocation Mixed Fund (LOF) [2] - As of the second quarter, this fund held 552,500 shares of Jingwang Electronics, accounting for 3.79% of the fund's net asset value, making it the fifth-largest holding [2] - The fund has achieved a year-to-date return of 24.25% and a one-year return of 54.1%, ranking 2400 out of 8178 and 1741 out of 7978 in its category, respectively [2]

Group 1 - The core viewpoint of the news is that Jingwang Electronics has seen a significant increase in its stock price, rising by 5.07% to 54.67 CNY per share, with a trading volume of 1.392 billion CNY and a turnover rate of 2.80%, leading to a total market capitalization of 51.542 billion CNY [1] - Jingwang Electronics, established on March 9, 1993, and listed on January 6, 2017, is primarily engaged in the research, production, and sales of printed circuit boards, with 94.67% of its revenue coming from this main business and 5.33% from other supplementary activities [1] Group 2 - From the perspective of fund holdings, Jingwang Electronics is a significant position in the portfolio of the Jingguan Taifu Innovation Power Mixed Fund A (022336), which held 36,200 shares, accounting for 3.02% of the fund's net value, making it the sixth-largest holding [2] - The Jingguan Taifu Innovation Power Mixed Fund A was established on December 24, 2024, with a latest scale of 49.6468 million CNY and has achieved a year-to-date return of 15.8%, ranking 3895 out of 8178 in its category [2] - The fund manager, Cao Yongzhi, has been in the position for 256 days, with the fund's total assets amounting to 50.1113 million CNY, achieving a best return of 15.81% and a worst return of 15.49% during his tenure [2]

Group 1 - The core viewpoint of the news is that Xiehe Electronics has seen a significant increase in stock price, rising by 5.08% to 32.47 yuan per share, with a total market capitalization of 2.857 billion yuan [1] - Xiehe Electronics, established on February 17, 2000, specializes in the research, production, and sales of rigid and flexible printed circuit boards, with 96.27% of its revenue coming from printed circuit boards and 3.73% from other sources [1] - The trading volume for Xiehe Electronics reached 62.8083 million yuan, with a turnover rate of 2.27% [1] Group 2 - Among the top shareholders of Xiehe Electronics, the Dazhong Fund's Dazhong CSI 360 Internet + Index A (002236) increased its holdings by 77,300 shares in the second quarter, now holding a total of 512,200 shares, which represents 0.58% of the circulating shares [2] - The Dazhong CSI 360 Internet + Index A fund has achieved a year-to-date return of 27.61% and a one-year return of 77.8%, ranking 1038 out of 4222 and 513 out of 3795 respectively [2] - The fund manager, Xia Gao, has a tenure of 10 years and 277 days, with the best fund return during this period being 200.97% [2]

Group 1 - The core viewpoint of the news is that Pengding Holdings has seen a significant increase in stock price, with a rise of 5.02% to 51.02 CNY per share, and a total market capitalization of 118.27 billion CNY [1] - The company specializes in the design, research and development, manufacturing, and sales of various printed circuit boards, with its main revenue sources being communication boards (62.70%), consumer electronics and computer boards (31.60%), automotive/server boards (4.92%), and others (0.78%) [1] Group 2 - According to data, the Shenyuan Lingxin Fund has a significant holding in Pengding Holdings, with the Shenyuan Lingxin Intelligent Driving Stock A (005825) increasing its stake by 10.58 thousand shares in the second quarter, bringing its total to 57.53 thousand shares, which constitutes 6.33% of the fund's net value [2] - The fund has achieved a year-to-date return of 43.82%, ranking 264 out of 4222 in its category, and a one-year return of 71.55%, ranking 757 out of 3795 [2] Group 3 - The fund manager of Shenyuan Lingxin Intelligent Driving Stock A is Fu Juan, who has a tenure of 13 years and 138 days, with a total fund asset size of 3.711 billion CNY and a best return of 172.37% during her tenure [3] - Co-manager Bu Zhonglin has a tenure of 325 days, managing assets of 291 million CNY, with a best return of 41% during his tenure [3]

Group 1 - The core viewpoint of the news is that Pengding Holdings has seen a significant increase in stock price, with a rise of 5.02% to 51.02 CNY per share, and a total market capitalization of 118.27 billion CNY [1] - Pengding Holdings specializes in the design, research and development, manufacturing, and sales of various printed circuit boards, with its main business revenue composition being 62.70% from communication boards, 31.60% from consumer electronics and computer boards, 4.92% from automotive/server boards, and 0.78% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in Pengding Holdings, with Zheshang Huijin Transformation Growth (000935) holding 39,500 shares, which represents 3.25% of the fund's net value [2] - The Zheshang Huijin Transformation Growth fund has achieved a year-to-date return of 28.08% and a one-year return of 49.29%, ranking 1843 out of 8178 and 2110 out of 7978 respectively [2]

Core Viewpoint - The company is actively implementing strategies to mitigate the impact of raw material price fluctuations on its operations through various measures [1] Group 1: Company Strategies - The company is developing multiple suppliers to introduce competitive materials [1] - Continuous optimization of supply chain management is being pursued [1] - Internal initiatives for cost reduction and quality improvement are being implemented [1] - The company is constructing a rooftop photovoltaic power generation project to reduce electricity costs [1] - Negotiations with customers for re-pricing and optimizing order structures are ongoing to minimize risks from material price volatility [1]