No offer or invitation will be made to the public in Hong Kong until after a prospectus of the Company has been registered with the Registrar of Companies in Hong Kong in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on a prospectus of the Company registered with the Registr ...

Group 1 - The core viewpoint of the article indicates that Yidun Electronics (603328.SH) has limited PCB products applied in the industrial robot sector and has not yet ventured into low-orbit satellites or AI server fields [1] Group 2 - The company is currently focused on specific applications of its PCB products, primarily in areas other than low-orbit satellites and AI servers [1] - There is a clear indication that the company is not involved in emerging technology sectors such as AI and satellite communications at this time [1]

Core Viewpoint - The company has identified "multi-variety, small-batch" as its competitive advantage in trade and EMS sectors, and is now focusing on deepening customer marketing in key industries such as servers, automotive, and mobile phones [1] Group 1 - The company has established stable partnerships with major domestic manufacturers including ZTE, H3C, and Inspur [1] - The company has achieved significant progress in large-volume deliveries, with over 60% of its orders now classified as large-volume [1]

每经AI快讯，天眼查App显示，近日，东莞极目机器有限公司发生工商变更，注册资本由38.9亿元人民 币增至约46.89亿元人民币，增幅约21%。该公司成立于2023年6月，法定代表人为李建国，经营范围包 括电子元器件制造、其他电子器件制造、工程和技术研究和试验发展等。股东信息显示，该公司由华为 技术有限公司全资持股。 每日经济新闻 ...

Core Insights - The Chengdu-Chongqing region is advancing the integration of industry and education in the Internet of Things (IoT) sector, aiming to address structural contradictions between talent cultivation and market demand [1][2] - A proposal for establishing a collaborative community for IoT industry-education integration was released, emphasizing shared resources and mutual recognition of credits and skills [1][2] Group 1: Industry and Education Integration - The event highlighted the need to shift from a linear model of "market demands courses" to a collaborative approach where leading enterprises and key institutions co-create cross-domain course resources [2] - A "dual-teacher" sharing pool will be established, incorporating technical experts from enterprises and core teachers from institutions to promote cross-regional hiring and collaborative teaching [2] - Mechanisms for mutual recognition of credits and skill levels will be developed to facilitate course selection and practical training outcomes between institutions in the region [2] Group 2: Regional Development and Collaboration - The Chengdu-Chongqing area has become a significant hub for advanced manufacturing, producing approximately two-thirds of iPads globally, one-seventh of China's automobiles, and one-fifth of power batteries [2] - The region is recognized as the first national-level advanced manufacturing cluster across provinces, with leading companies like XGIMI Technology, BOE Technology Group, and Chenxian Optoelectronics [2] - The integration model aims to break down administrative barriers, allowing for greater mobility of talent, such as engineers from companies like Canopus Robotics being appointed as "visiting professors" at vocational colleges in Chongqing [2]

Core Insights - Sanmina Corporation is transitioning from a low-margin electronics manufacturer to a significant player in the AI hardware sector, indicating a strategic shift towards higher-margin opportunities [1] Company Analysis - Sanmina's increasing involvement in AI positions it as a potential leader in the growing AI hardware market, reflecting a robust financial profile and a focus on innovation [1] - The company employs a quantamental analysis approach, combining data-driven models with fundamental research to identify investment opportunities [1] Investment Thesis - The article emphasizes the importance of making unique investment ideas accessible to both retail and professional investors, highlighting the analytical depth of the research conducted on Sanmina [1]

Group 1: Core Insights - The rapid development of AI infrastructure is driving demand for high-end PCB, with global PCB industry value expected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, reflecting a CAGR of 5.6% [1] Group 2: PCB Equipment Market - The PCB equipment sector is entering a golden age due to AI, with significant growth expected across various equipment types: - The global drilling equipment market is projected to grow from $1.47 billion to $2.40 billion from 2024 to 2029, with a CAGR of 10.3% [2] - The global exposure equipment market is expected to increase from $1.20 billion to $1.94 billion, with a CAGR of 10.0% [2] - The global electroplating equipment market is anticipated to rise from $508 million to $811 million, with a CAGR of 9.8% [2] - Key trends include narrower line widths, increased layer counts, and higher precision requirements for AIPCB boards, which will demand more advanced PCB equipment [2] Group 3: PCB Drill Needles - The global PCB drill needle market is expected to grow from ¥4.5 billion in 2024 to ¥9.1 billion by 2029, with a CAGR of 15.0% [3] - Major players include Ding Tai High-Tech, Japan's Youneng, and Zhongtung High-Tech, with Ding Tai High-Tech holding the largest market share [3] - The trend towards high-layer and high-density applications in AI servers is driving the development of advanced drill needles, while the high operational demands from leading companies like NVIDIA may stimulate upgrades and production expansions in drill needles [3] Group 4: SMT Equipment Market - The global SMT market is projected to reach $5.595 billion by 2025, with surface mount technology (SMT) equipment such as placement machines and printing equipment being key components [4] - Although domestic companies are competitive in printing, welding, and inspection, the high-end placement machine market remains dominated by a few foreign manufacturers [4] - The trend towards miniaturization and lightweight electronic components due to AI advancements is raising performance and precision requirements for SMT equipment [4]

Core Viewpoint - The article discusses the core processes and key equipment in high-end PCB manufacturing, highlighting the competitive landscape, market share, and recent performance of leading companies in drilling, plating, and blind hole formation processes. Group 1: Drilling Process - The drilling process includes mechanical and laser drilling, with key equipment such as mechanical drilling machines and CO₂/UV/ultrafast laser drilling machines. The domestic market share for mechanical drilling is approximately 70%, while laser drilling is rapidly increasing but still faces foreign competition [2]. - Leading domestic company Dazhu CNC (301200) holds a leading market share in mechanical drilling and has reported a revenue of 3.343 billion yuan in 2024, a 104.56% increase, and a net profit of 301 million yuan, a 122.20% increase [3]. - Mitsubishi Electric is a global benchmark for laser drilling machines, but faces challenges with long delivery times and high prices, leading to accelerated domestic substitution [4]. - Haoshi Electromechanical (300503) leads in high-speed air-floating spindles for PCB drilling, benefiting from high-end PCB expansion with increased shipment volume and price [5]. - Ding Tai Gao Ke (301377) holds the top global market share in PCB drill bits, with a projected 2024 share of approximately 26.8% [6]. - Chip Microelectronics (688630) is gaining traction with CO₂ laser drilling machines, targeting major clients and showing rapid growth in orders and shipments [7]. Group 2: Plating Process - Dongwei Technology (688700) is a domestic leader in vertical continuous plating (VCP) with over 50% market share, reporting a revenue of 757 million yuan in the first three quarters of 2025, a 30.58% increase [8]. - German company Amtech is a benchmark for high-end horizontal plating and IC substrate wet process equipment, but faces competition from domestic manufacturers like Dongwei in terms of cost and localization [9]. - Jingming (Taiwan) is an established player in VCP and plating lines, competing with Dongwei, which has superior uniformity and cost advantages [10]. Group 3: Blind Hole Formation Process - Dazhu CNC leads in routing/V-Cut forming machines, supporting pre-drilling and back drilling for blind holes, with high growth in orders and shipments expected in 2024-2025 [11][12]. - German company Berke-Faranna is a benchmark for high-end laminating machines used in blind hole lamination, but faces long delivery times and high prices, with domestic manufacturers catching up [13]. - Dongwei Technology supports blind hole filling with VCP and horizontal filling plating lines, achieving a filling fullness rate of over 98% [14].

Group 1: Market Overview - US equities showed strong performance in Q3 2025, driven by easing tariff concerns, a pro-growth budget from Congress, and expectations of further rate cuts by the Federal Reserve [1] - The Loomis Sayles Small Cap Value Fund returned 6.21% in Q3 2025, underperforming the Russell 2000 Value Index, which returned 12.60% [1] Group 2: Company Focus - TTM Technologies, Inc. - TTM Technologies, Inc. (NASDAQ:TTMI) is the largest US-domiciled supplier of printed circuit boards, essential for many electronic products [3] - The company reported net sales of $752.7 million in Q3 2025, up from $616.5 million in the same period of 2024, indicating strong revenue growth [4] - TTM Technologies' stock gained 186.46% over the last 52 weeks, closing at $72.59 per share with a market capitalization of $7.501 billion on December 24, 2025 [2] - The company has improved revenue quality and margins through factory consolidation, with significant growth driven by demand from the AI servers and aerospace/defense sectors [3] Group 3: Investment Sentiment - TTM Technologies was held by 43 hedge fund portfolios at the end of Q3 2025, an increase from 40 in the previous quarter, indicating growing interest among institutional investors [4] - Despite the positive outlook for TTM Technologies, some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Viewpoint - CCSC Technology International Holdings Limited reported a decrease in revenue and an increase in net loss for the first six months of fiscal year 2026, highlighting challenges in sales volume and operational efficiency despite maintaining a stable gross profit margin [1][6][18]. Financial Performance - Total revenue for the six months ended September 30, 2025, was US$8.47 million, down 8.2% from US$9.22 million in the same period last year [5][6]. - Gross profit decreased by 9.9% to US$2.48 million, with a gross profit margin of 29.2%, slightly down from 29.8% year-over-year [6][14]. - Net loss increased by 30.5% to US$0.97 million, compared to a net loss of US$0.74 million in the prior year [6][18]. Revenue Breakdown - Revenue from cables and wire harnesses decreased by 9.0% to US$7.83 million, while revenue from connectors increased by 3.5% to US$0.64 million [5][7]. - Revenue by region showed a decline in Europe (down 11.6% to US$4.97 million) and the Americas (down 30.3% to US$0.60 million), while revenue from Asia increased by 5.9% to US$2.90 million [8][9][10]. Cost Management - Cost of revenue decreased by 7.4% to US$5.99 million, attributed to lower inventory and labor costs [11][13]. - Inventory costs were US$4.14 million, down from US$4.44 million, reflecting a 14.1% decrease in total sales volume [12]. Operational Efficiency - Operating expenses decreased by 3.3% to US$3.44 million, driven by reduced selling and administrative expenses [15]. - Other expenses decreased by 9.9% to US$0.12 million, primarily due to the absence of a non-recurring government subsidy [16]. Future Outlook - The company plans to commence construction of a new supply chain management center in Serbia in January 2026, expected to enhance logistics and manufacturing capabilities in Europe [3]. - The focus remains on product innovation, operational execution, and disciplined investment to deliver customized interconnect solutions [4].