受益于行业复苏，公司营业收入保持稳定增长。利润层面主要受广州兴森半导体有限公司FCBGA封装 基板业务和宜兴硅谷电子科技有限公司高多层PCB业务的影响，其中，FCBGA封装基板业务仍未实现 大批量量产，依然对公司盈利形成拖累，全年费用投入约6.6亿元，但2025年样品订单数量同比实现大 幅增长；高多层PCB业务因产品结构不佳，全年亏损约1亿元，但各季度亏损持续收窄，第四季度已接 近盈亏平衡。 格隆汇1月30日丨兴森科技(002436.SZ)公布，预计2025年归属于上市公司股东的净利润13,200万元– 14,000万元，同比扭亏为盈，归属于上市公司股东的扣除非经常性损益的净利润13,800万元–14,600万 元，同比扭亏为盈。 ...

Group 1 - The core view of the report emphasizes that AI is reshaping manufacturing demand, with mature manufacturing moving towards global markets, and the mechanical industry is expected to benefit significantly from technology and export growth in 2026 [1][9][10] - The mechanical industry index outperformed the CSI 300 by 23.25 percentage points in 2025, with a 40.91% increase in the mechanical industry index compared to a 17.66% increase in the CSI 300 [9][10] - AI technology is expected to have a profound impact on the manufacturing industry, with AI infrastructure reshaping demand patterns and applications driving hardware manufacturing equipment demand [9][11] Group 2 - The report predicts that 2026 will see a significant increase in demand for equipment driven by AI infrastructure, including semiconductor equipment, liquid cooling equipment, and gas turbines [13] - The demand for AI hardware manufacturing equipment and components, such as humanoid robots and 3C automation equipment, is expected to rise [13] - Export-oriented equipment, particularly in the engineering machinery sector, is anticipated to show strong growth in 2026 [13] Group 3 - The semiconductor equipment market is projected to grow, with global sales expected to reach $125.5 billion in 2025, a 7.4% increase, and further growth to $138.1 billion in 2026 [34][40] - The report highlights that the domestic semiconductor equipment market in China is expected to reach approximately 230 billion yuan in 2025, indicating strong growth potential [41] - The PCB industry is entering a new development cycle driven by AI demand, with a projected global PCB market value of approximately $73.57 billion in 2024, reflecting a 5.8% year-on-year increase [54][56] Group 4 - Liquid cooling technology is becoming essential due to the increasing power consumption of AI servers, with the global liquid cooling component market expected to reach $5-10 billion in 2025 and $25 billion by 2030 [84][86] - The report indicates that the demand for liquid cooling solutions will significantly increase as AI processing power continues to rise, making traditional cooling methods inadequate [70][84] - The introduction of advanced liquid cooling systems, such as NVIDIA's GB200 and GB300, is expected to drive market growth and innovation in cooling technologies [84][86]

来源：长江商报 长江商报消息 ●长江商报记者 沈右荣 突破百元，A股上市不到两年的广合科技（001389.SZ）股价创了新高。 1月26日，广合科技盘中股价突破106.55元/股，创下了历史新高，最终收报102.31元/股，较发行价17.43元/股上涨 近5倍。 股价创新高的广合科技，2025年预计盈利10亿元左右，也创了历史新高，同比增长50%左右。 广合科技解释，业绩增长主要是因为受益于算力供应链需求旺盛，公司以全球化产能为支点，在算力浪潮中稳健 前行。 广合科技是一家PCB企业，致力于以高速、高频为主的高端PCB制造。 主攻高端市场，公司研发投入持续增长。2025年前三季度，公司研发投入1.94亿元，已经超过了2024年全年。 广合科技深耕全球市场。2025年上半年，公司来自于境外市场的收入占比为66.29%。 为了深化全球化战略布局，广合科技寻求港股上市，通过募资补充全球布局的"弹药"。1月23日晚，公司公告，其 拟发行不超5439.35万股H股已获得中国证监会备案。 业绩股价双创新高 广合科技取得了创新高的经营业绩。 根据广合科技近期发布的年度业绩预告，2025年度，公司预计实现归母净利润9.80亿 ...

Victory Giant (300476.SZ): PCB Factory Tour: AI infrastructure and specification migration drive growth ahead; Capacity and Customers in We hosted Victory Giant management and visited its Huizhou factory during our China PCB Tour on Jan 23. Key discussions focused on (1) competition landscape; (2) capacity expansion; and (3) clients expansion. Overall, management is positive on the rising demand across GPU and ASIC AI sever clients, considering the specification upgrade towards more complicated architecture ...

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

近期该只基金公布了四季报，下面来看最新操作与后市展望。 冠军基建议投资者"分散配置、低位定投、适时止盈"。 作者 | 市值风云基金研究部 编辑 | 小白 2026年仅过去14个交易日，已有基金收益率超30%，更有百只基金收益率超20%，全市场基金年内收 益率平均数也达到了4.1%（仅统计A份额）。 永赢科技智选混合（A：022364.OF；C：022365.OF）凭借233.2%的年度回报，在2025年问鼎公募基 金冠军，并打破尘封18年的收益纪录。那这只作为市场的焦点基金，年内却小亏1.14%，它还能继续 为投资者赚钱吗？ 仓位显著降低，前十重仓迎来"新面孔" 四季度，永赢科技智选在业绩与规模上实现双丰收，且整体呈现出"规模扩张"与"策略收缩"并存的特 征。 截至2025年末，该只基金合并规模已激增至154.6亿，环比三季度末增长了近40亿。基金份额也从三 季度末的34.6亿份增长至41.1亿份，仍有大量基民涌入。 单从四季度的成绩来看，这只基金表现不错，期间净值增长率为13.1%，大幅跑赢同期沪深300指 数-0.23%、上证指数2.21%的涨幅。 | 阶段 | 净值增长率(1) | 净值增长率标准 | ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies [1][4]. Company Summaries - **昊志机电 (Haozhi Electromechanical)**: The company expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%. The growth is attributed to increased demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, as well as accelerated domestic substitution and technological innovation [1]. - **胜宏科技 (Shenghong Technology)**: The company forecasts a net profit of 4.16 billion to 4.56 billion yuan for 2025, with a year-on-year growth of 260.35% to 295%. The growth is driven by the expansion of AI infrastructure and data center upgrades, with a focus on high-end products and global service capabilities [2][3]. - **金安国纪 (Jin'an Guoji)**: The company anticipates a net profit of 28 million to 36 million yuan for 2025, reflecting a year-on-year increase of 655% to 871%. The growth is due to improved market conditions for copper-clad laminates and increased sales volume and prices [3]. - **东威科技 (Dongwei Technology)**: The company expects its net profit to double in 2025, benefiting from the investment boom in Southeast Asia and the rapid development of AI and computing sectors [3]. Industry Insights - The rapid development of AI applications has significantly boosted the demand for high-end printed circuit boards (PCBs), pushing the industry into a high prosperity cycle. New fields such as AI servers and smart driving require higher standards for PCB layers, precision, and reliability, leading to increased demand for high-density interconnect (HDI) and multi-layer boards [4]. - According to Prismark, the global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029. The AI server-related HDI segment is predicted to grow at an average annual rate of 16.3% from 2023 to 2028, making it the fastest-growing category in the PCB market [5].

Group 1 - The core viewpoint of the article highlights the impressive performance of fund manager Ren Jie, who achieved a 233% annual return in 2025, and his latest portfolio reveals new investments and adjustments in holdings [1][2] - Ren Jie's top ten holdings include new positions in Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology, while he increased stakes in Shengyi Technology, Huadian Shares, Xinyi Technology, Shenzhen South Circuit, and Tianfu Communication, and reduced his position in Zhongji Xuchuang [1][2] - The report indicates that Ren Jie remains optimistic about AI, focusing on global cloud computing investments, and notes the performance of various indices during the fourth quarter of 2025 [2] Group 2 - The AI industry is experiencing a significant leap due to the launch of new multimodal models by leading companies, showcasing unique advantages in model iteration efficiency and application capabilities [3] - The application ecosystem is transitioning from scale expansion to structural upgrades, with a focus on user segmentation, differentiated capabilities, and deeper service offerings in high-barrier verticals like healthcare and enterprise-level applications [4] - The global AI model industry is in a phase of continuous capability enhancement and expanding application scenarios, indicating strong sustainability and certainty in development [5]

编辑：何颖曦 盘面上，商业航天概念走强，巨力索具、西部材料、九鼎新材等多股涨停。油气概念走高，洲际油 气、蓝焰控股、胜利股份等涨停。大飞机概念活跃，润贝航科、航发科技等涨停。煤炭板块异动拉升， 大有能源涨停。PCB概念走强，鹏鼎控股、金安国纪等多股涨停，算力租赁概念震荡走高，中贝通信涨 停。可控核聚变概念震荡拉升，浙富控股、雪人集团等涨停。建材、航空、船舶、石油、供气供热等板 块涨幅居前；保险、日用化工、半导体等板块跌幅居前。 中国经济周刊-经济网讯 截至收盘，上证指数报4122.58点，涨幅0.14%，成交额12017.64亿元；深 证成指报14327.05点，涨幅0.50%，成交额14899.68亿元；创业板指报3328.65点，涨幅1.01%，成交额 6815.35亿元。 ...

Core Viewpoint - Konka Group is facing significant financial challenges, including leadership changes, overdue loans, and a projected net loss for 2025, indicating a critical need for restructuring and strategic realignment [2][3][6]. Group 1: Leadership Changes - Konka's president, Cao Shiping, has resigned due to work arrangements but will remain with the company [2]. - Vice President Yang Bo has also submitted a resignation, and Dong Gang, with a background in China Resources, has been appointed as the new Vice President [2]. Group 2: Financial Performance - Konka's revenue for the first three quarters of 2025 was 7.679 billion yuan, a decrease of 5.43% year-on-year [3]. - The company reported a net loss attributable to shareholders of 982 million yuan, with a debt-to-asset ratio of 96.78% [3]. - By the end of 2025, Konka's overdue loans to three associated companies totaled 824 million yuan [2]. Group 3: Overdue Loans and Financial Risks - The overdue loans include approximately 395 million yuan to Chuzhou Kangxin Health Industry Development Co., which is behind on a wellness project [3]. - Another overdue loan of about 233 million yuan was provided to Yikang Technology Co., which has not established a renewal or interest adjustment plan [3]. - A loan of 196 million yuan to Dongguan Guankang Yuhong Investment Co. has also become overdue, linked to a renovation project [3]. Group 4: Strategic Changes and Support - China Resources has become the new controlling shareholder of Konka, holding 30% of the shares after a transfer from Overseas Chinese Town [4]. - To alleviate financial pressure, China Resources has provided Konka with 3.97 billion yuan in low-interest loans, with a portion allocated to repay previous debts [5]. - Konka is also pursuing perpetual bond financing of up to 5 billion yuan from its new controlling shareholder [5]. Group 5: Future Directions and Recommendations - Analysts suggest that for Konka to achieve a "new life," it must focus on core business areas, improve profit margins, and streamline operations [6][7]. - Recommendations include replacing the management team, reducing business lines to focus on two or three core areas, and repositioning the brand [6]. - The company is advised to enhance its television business profitability, leverage orders from China Resources in the PCB sector, and shift its semiconductor strategy towards lighter operations [7].