Group 1 - Yunhan Chip City was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 30, with stock code "301563", marking a significant recognition of its innovative service model and technical capabilities in the electronic manufacturing supply chain [1] - The company focuses on enhancing the efficiency of the electronic industry chain through internet technology, targeting the R&D, production, and procurement needs of small-batch electronic components [1] - Yunhan Chip City has integrated thousands of quality suppliers globally, creating a comprehensive database with over 44 million electronic component SPUs, providing supply assurance for numerous downstream customers [1] Group 2 - The company has over 690,000 registered users and has served more than 158,000 enterprise clients, showcasing its extensive reach in the market [1] - Yunhan Chip City aims to extend its services across the supply chain, offering one-stop digital supply chain services, including product technical solution design, PCBA manufacturing, and technical support for electronic engineers [1] - The listing is seen as a new chapter for Yunhan Chip City, which plans to enhance its platform through big data and electronic industry collaborative manufacturing services, addressing pain points in the electronic industry chain [2]

Core Insights - Mitsubishi Electric Corporation has developed a new type of contactless body data sensor that can detect minute variations in heart rates, respiration, and other vital body indicators with high precision [1] - This new sensor enables continuous and accurate daily measurement of health data in situations where contact-type sensors, such as smartwatches, may be difficult to use [1] - The introduction of this sensor is expected to enhance people's health, security, and well-being [1]

【责任编辑：杨梓安 】 以下为研究报告摘要： 金元证券近日发布电子行业周度点评报告：本周上证指数上涨0.21%，深证成指上涨 1.06%，沪深300指数上涨1.07%，申万电子版块上涨3.51%，电子行业在全行业中的涨跌幅 排名为3/31。电子行业本周整体呈现涨跌互现的格局，细分领域表现差异显著。从申万二级 行业数据看，半导体板块以7.64%的周涨幅领跑电子行业，其细分申万三级行业中，半导体 设备子板块表现尤为突出，涨幅达到15.56%，成为板块增长的主要驱动力。 全行业：本周上证指数上涨0.21%，深证成指上涨1.06%，沪深300指数上涨1.07%，申 万电子版块上涨3.51%，电子行业在全行业中的涨跌幅排名为3/31。板块个股涨幅前五名分 别为：聚辰股份、长川科技、晶合集成、唯特偶、江丰电子；跌幅前五名分别为：隆扬电 子、永新光学、东田微、科森科技、天通股份。电子行业：电子行业本周整体呈现涨跌互现 的格局，细分领域表现差异显著。从申万二级行业数据看，半导体板块以7.64%的周涨幅领 跑电子行业，其细分申万三级行业中，半导体设备子板块表现尤为突出，涨幅达到 15.56%，成为板块增长的主要驱动力。元件板块 ...

Core Viewpoint - Yunhan Chip City successfully held its online roadshow for the initial public offering (IPO) on the ChiNext board, with the stock subscription starting on September 19 [1][2] Company Overview - Founded in 2008, Yunhan Chip City focuses on the research, production, and procurement needs of small-batch electronic components in the electronic manufacturing industry [1] - The company utilizes digital and internet technologies to provide a one-stop supply chain service for electronic components through its self-built B2B online mall [1] - Services extend to product technical solution design, PCBA manufacturing, and technical support from electronic engineers [1] R&D Expenditure - The R&D expenses for the years 2022 to 2024 are projected to be 61.70 million yuan, 48.99 million yuan, and 45.62 million yuan respectively [2] - Over 95% of the R&D expenses are attributed to labor costs, technical service fees, and depreciation [2] - The company aims to enhance its technical service capabilities through continuous investment in supply chain capabilities and industrial internet, focusing on the application development of information systems/modules and efficient utilization of data resources [2] IPO Details - The IPO price for Yunhan Chip City is set at 27 yuan per share, with the subscription code being 301563 [2]

Core Insights - The article discusses the rising global economic and trade uncertainties and the need for Chinese enterprises, particularly those in the Guangdong-Hong Kong-Macao Greater Bay Area, to adapt their strategies for global expansion [2] Group 1: New Strategies for Global Expansion - Li Dongsheng, founder and chairman of TCL, advocates for a shift from "overseas layout" to "local rooting" for Chinese companies, aiming to break traditional "overseas production and sales" models [2] - TCL announced an investment of 29.5 billion yuan to build an 8.6-generation printed OLED display panel production line in Guangzhou, which is expected to strengthen China's competitive position in the global new display industry [2] - The Greater Bay Area is highlighted as a hub for innovation, housing 76,000 national high-tech enterprises and leading the nation in R&D investment intensity, providing a fertile ground for innovation [2] Group 2: Performance and Future Outlook - In the first half of the year, TCL reported total revenue of 172.8 billion yuan, a 12% increase, with overseas revenue reaching 81.7 billion yuan, up 15%, accounting for approximately 50% of total revenue [3] - The company emphasizes the importance of transitioning from "product output" to "capability output" and "ecosystem establishment" to enhance global business and drive exports [3] - Over the past five years, TCL has invested a total of 82.5 billion yuan in Guangdong, focusing on upgrading its global strategy from leading in quantity and market share to excelling in comprehensive competitiveness and operational efficiency [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Asia-Pacific Technology sector**, specifically **Copper Clad Laminate (CCL)** and **Printed Circuit Board (PCB)** industries, with a particular emphasis on companies like **Elite Material (EMC)**, **Taiwan Union Technology Corporation (TUC)**, **Unimicron**, and **Shengyi**. Core Insights and Arguments 1. **CCL and PCB Market Dynamics** - Continuous specification upgrades are observed in both CCL and PCB sectors, with a notable transition in AWS products expected to last until **1Q26**. The upgrade in CCL materials, particularly in copper foil, is highlighted as a significant trend [1][2][3]. 2. **EMC's Position** - EMC is positioned as a prime beneficiary of the adoption of **M9-grade CCL**, particularly for mid-plane applications with **40+ layers of PCB**. The demand for CCL is expected to increase due to additional PCB requirements from **CX9 networking cards** and **CPX GPUs** [2]. 3. **TUC's Outlook** - TUC is anticipated to benefit from the mainstream adoption of **M8-grade CCL** in AI servers by **2026**. The company is also expected to see a mix improvement in low earth orbit (LEO) applications, transitioning from **M6 to M7** materials [3]. 4. **Unimicron's Financial Projections** - Unimicron's estimates for **2026-27 EPS** have been raised by **2-6%** due to the positive impact of the VR NVL144 CPX. The price objective has been adjusted to **NT$110** from **NT$105**, maintaining a **13.5x 2026E P/E** [4][9]. 5. **Shengyi's Revenue Growth** - Shengyi has increased its revenue exposure to AI and infrastructure-related business to approximately **35%**. The price objective has been raised to **CNY32** from **CNY27.5**, with a higher P/E multiple of **18x** [5][21]. Additional Important Insights 1. **Market Competition** - The competitive landscape for CCL is less crowded compared to PCB, which is a favorable condition for companies like EMC and TUC [1]. 2. **Revenue Stagnation in Certain Segments** - Despite growth in AI-related business, Shengyi still derives about **40%** of its revenue from consumer electronics and industrial verticals, which are experiencing stagnant demand [5]. 3. **Valuation Adjustments** - The valuation multiples for Unimicron and Shengyi have been adjusted based on their respective market positions and growth prospects, reflecting a strategic response to evolving market conditions [9][10]. 4. **Risks and Challenges** - Potential risks include competition in high-end CCL, fluctuations in raw material prices, and execution challenges that could impact market share and business traction for these companies [20][24][26]. 5. **Analyst Ratings** - The report includes various investment ratings for the companies discussed, with EMC and TUC rated as **Buy**, while Unimicron and Shengyi are underperforming relative to their peers [19][30]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the CCL and PCB industries, along with specific company analyses.

Market Trends - Historical data indicates that the first trading day after the National Day holiday shows a 70% probability of the Shanghai Composite Index and Shenzhen Component Index rising [1] - Over the past decade, the Shanghai Composite Index has recorded a 60% probability of rising in the first five trading days after the holiday [1] Historical Performance - In the last ten years, the Shanghai Composite Index has experienced five years of gains and five years of losses in October, while the Shenzhen Component Index has seen seven years of gains and three years of losses [2] - The average performance of the Shanghai Composite Index in October has varied, with a peak increase of 10.80% in 2015 and a decline of -7.75% in 2018 [3] Sector Performance - Post-holiday, sectors such as Computer, Communication, and Electronics have shown a high probability of rising, with the Computer sector having a 90% probability of gains in the first week after the holiday [4] - The Banking and Non-Banking Financial sectors also maintain a high probability of rising in the weeks following the holiday [4] Investment Strategies - Analysts suggest that investors should consider sectors with upward trends such as Electronics, Communication, and Machinery, as well as sectors with improving fundamentals like New Energy and Innovative Pharmaceuticals [5][6] - The current market sentiment is positive, with active trading and a rebound in investor participation, indicating a potential continuation of the upward trend in A-shares [6]

Core Viewpoint - The market performance after the National Day holiday is generally positive, with historical data indicating a high probability of gains in major indices [1]. Market Performance - Over the past ten years, the Shanghai Composite Index and Shenzhen Component Index have shown a 70% probability of rising on the first trading day after the National Day holiday, with 60% and 70% probabilities of gains over the subsequent five trading days, respectively [1]. - The Shanghai Composite Index recorded five years of gains and five years of losses in October, while the Shenzhen Component Index had seven years of gains and three years of losses [2]. Historical Index Changes - The performance of the Shanghai Composite Index on the first trading day after the holiday varied, with notable years including: - 2015: +2.97% - 2018: -3.72% - 2024: +4.59% [2] - The Shenzhen Component Index also showed fluctuations, with: - 2015: +4.07% - 2018: -4.05% - 2024: +9.17% [2]. Sector Performance - The probability of gains in various sectors after the National Day holiday is generally above 50%, particularly in the following sectors: - Computer, Communication, and Electronics [4]. - Banking, Non-bank Financials, and Automotive sectors also show high probabilities of gains in the weeks following the holiday [4]. Investment Outlook - Multiple brokerages have a positive outlook for the A-share market post-holiday, suggesting investors hold stocks during the holiday to better navigate market changes [5]. - Specific sectors recommended for investment include: - Electronics (consumer electronics, semiconductors) - Communication (computing power) - Machinery (robots) - Non-ferrous metals (rare and precious metals) - Media (gaming) - Computing (AI applications) [5][6]. - Conservative investors are advised to maintain positions and respond flexibly to market changes after the holiday [6].

Core Insights - The AI technology revolution is driving rapid growth in the PCB (Printed Circuit Board) industry, with over 20 PCB-related listed companies in A-shares reporting revenue growth exceeding 20% in the first half of 2025, and leading companies like Shenghong Technology and Suneast Electronics seeing net profit growth over 300% [1] - Guangdong has emerged as a hub for globally competitive PCB companies, with Shuo Cheng Technology Co., Ltd. breaking the long-standing foreign monopoly in the electronic materials sector and becoming a leading domestic player [1] Industry Overview - The PCB industry is experiencing a robust growth trend, with listed companies reporting over 20% revenue growth in the first half of 2025, and profits also increasing significantly. The industry is characterized by a "stronger getting stronger" dynamic, where leading companies are expanding while smaller firms face greater pressure [3] - High-end products, particularly those used in AI, computing, robotics, and new energy, are seeing significant profit margins due to high technical barriers [3] Company Positioning - Shuo Cheng focuses on key chemical products for hole metallization, holding a significant market share in China and serving major industry players such as Shenghong Technology and Suneast Electronics [3] - The company has successfully developed products that replace foreign counterparts, particularly in semiconductor functional film materials and IC substrates, positioning itself as an essential participant in the industry [4] Competitive Advantages - Guangdong accounts for approximately 60% of China's PCB production capacity, with the production focus shifting from Shenzhen and Dongguan to Zhuhai, which is becoming a PCB industry hub [6][7] - The region benefits from a rich talent pool and a complete industrial chain, providing strong support for companies operating in the PCB sector [7] International Expansion - Shuo Cheng is expanding its operations overseas, particularly in Thailand and India, with plans to build a facility in Thailand and engage in technology cooperation in India [8][9] - The company emphasizes the importance of thorough preparation for overseas ventures, highlighting challenges such as local regulations and market understanding [9] Future Plans - Shuo Cheng aims to become a global leader in electronic materials and process solutions, with a target revenue of 1 billion yuan and plans for an IPO to support its growth [10] - The company has set strategic goals, including developing 100 core products and achieving a production value of 10 billion yuan [10]

Core Viewpoint - The company has established itself as a leader in the liquid cooling server market, providing a comprehensive range of products and forming partnerships with major internet and server manufacturers [1] Group 1 - The company offers a full suite of liquid cooling products including fluid connectors, heat exchangers, manifolds, and CDU [1] - The company has nearly two decades of experience in developing liquid cooling products, positioning it as one of the early developers in this field in China [1] - The company possesses significant advantages in technical standard formulation, customization of full-link liquid cooling solutions, product variety, and product reliability [1]