据港交所12月14日披露，广州广合科技（001389）股份有限公司(简称：广合科技)递表港交所主板，中信证券、汇丰 为其联席保荐人。 | [編纂]的[編纂]數目 | | : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [编纂]股H股(可予[編纂]) | | [編纂]數目 | .. | [編纂]股H股(可予[編纂]及視乎 | | | | [編纂]行使與否而定) | | 最高[編纂] | .. | 每股[編纂][編纂]港元,另加1%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565% | | | | 聯交所交易費及0.00015%會財局交易徵費 | | | | (須於申請時以港元繳足,多繳款項可予 | | | | 狠還) | | 直信 | : : | 每股H股人民幣1.00元 | | [编纂] * [编纂] | | | 招股书显示，广合科技(001389.SZ)致力于制造算力服务器关键部件PCB，主要从事研发、生产及销售应用于算力服务 器及其他算力场景的定制化PCB。 根据弗若斯特沙利文的资料，以2022年至2024 ...

中船汉光12月11日披露，截至12月10日公司股东户数为28397户，较上期（11月30日）减少2935户，环 比降幅为9.37%。 公司发布的三季报数据显示，前三季公司共实现营业收入8.75亿元，同比增长0.45%，实现净利润 8613.82万元，同比下降9.44%，基本每股收益为0.2900元，加权平均净资产收益率5.97%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，中船汉光收盘价为16.85元，下跌3.44%，本期筹码集中以来股价累 计下跌9.94%。具体到各交易日，2次上涨，7次下跌。 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [4][5]. Core Views - The company is expected to benefit from the growing demand in the PCB industry, particularly driven by AI infrastructure and automotive electronics [4][37]. - The partnership with MEIKO is anticipated to enhance the company's capabilities in product certification and quality management, particularly for its Thailand factory [4][25][26]. - The PCB industry is entering a new growth cycle, with significant expansion expected in high-end products like HDI boards and multilayer boards [4][46]. Company Overview - The company, founded in May 2008, specializes in the R&D, production, and sales of PCBs, with a focus on single-sided, double-sided, and multilayer boards [12][60]. - As of the third quarter of 2025, the actual controller of the company is a couple, holding 68.38% of the voting rights [4][23]. Financial Performance - The company’s projected revenues for 2025, 2026, and 2027 are expected to be 55.64 billion, 67.08 billion, and 80.03 billion yuan respectively, with growth rates of 21.85%, 20.56%, and 19.30% [4][6]. - The net profit attributable to the parent company is forecasted to be 3.74 billion, 5.19 billion, and 7.23 billion yuan for the same years, with growth rates of 5.90%, 38.74%, and 39.36% [4][6]. Industry Analysis - The global PCB market is projected to grow from 73.565 billion USD in 2024 to 94.661 billion USD by 2029, with a CAGR of 5.2% [4][37]. - China has become the largest PCB producer globally, with a market share of 56.02% in 2024, expected to remain above 50% through 2029 [4][39]. - The demand for HDI boards is expected to see significant growth, driven by AI servers and high-speed networks [4][46]. Business Strategy - The company is actively expanding its production capacity and exploring new applications in AI servers and automotive electronics [4][60]. - The company has announced plans to raise funds through convertible bonds to invest in high-end PCB projects, with a total investment of 1.82 billion yuan [4][6].

Core Viewpoint - Huadian Electronics Co., Ltd. (沪士电子股份有限公司) has submitted an application to list on the Hong Kong Stock Exchange, highlighting its position as a leading provider of PCB solutions in the data communication and smart automotive sectors, driven by the growing demand for AI-driven data centers and the rapid development of electric, intelligent, and connected vehicles [1] Group 1: Company Overview - Huadian Electronics is recognized as a global leader in PCB solutions for data communication and smart automotive applications [1] - The company is backed by joint sponsors, China International Capital Corporation (中金公司) and HSBC [1] Group 2: Market Position and Performance - As of June 30, 2025, Huadian Electronics holds the top position in the global PCB market for data centers, with a market share of 10.3% [1] - The company ranks first globally in the production of PCBs with 22 layers or more, capturing 25.3% of the market [1] - Huadian Electronics leads the market for PCBs used in switches and routers, with a share of 12.5% [1] - The company's L2+ autonomous driving domain controller high-end HDI PCB also ranks first globally, holding a market share of 15.2% [1]

■ 除上述修订外，将《公司章程》中"股东大会"的表述统一修订为"股东会"、将"监事"和"监事会"的表述 删除；将《公司章程》中部分阿拉伯数字表述形式按《上市公司章程指引》统一修订为中文数字表述。 《公司章程》其他条款内容不变，条款编号及引用条款编号相应调整。 证券代码：600601 证券简称：方正科技 公告编号：临2025-073 方正科技集团股份有限公司 第十三届监事会2025年第八次会议 决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 方正科技集团股份有限公司（以下简称"方正科技"或"公司"）于2025年11月18日以电子邮件方式向全体 监事发出公司第十三届监事会2025年第八次会议通知，会议于2025年11月26日以通讯表决方式召开，本 次会议应参加表决监事3人，实际参加表决监事3人。会议的召集与召开符合《中华人民共和国公司法》 及《公司章程》的有关规定，会议审议并通过了如下决议： 一、关于取消监事会并修订《公司章程》及其附件的议案 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 ...

11月20日，依顿电子涨1.04%，成交额2.17亿元。两融数据显示，当日依顿电子获融资买入额4545.96万 元，融资偿还2316.28万元，融资净买入2229.67万元。截至11月20日，依顿电子融资融券余额合计3.85 亿元。 融资方面，依顿电子当日融资买入4545.96万元。当前融资余额3.84亿元，占流通市值的3.60%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，依顿电子11月20日融券偿还400.00股，融券卖出700.00股，按当日收盘价计算，卖出金额 7476.00元；融券余量14.77万股，融券余额157.74万元，低于近一年40%分位水平，处于较低位。 资料显示，广东依顿电子科技股份有限公司位于广东省中山市三角镇高平化工区，成立日期2000年3月2 日，上市日期2014年7月1日，公司主营业务涉及高精度、高密度双层及多层印刷线路板的制造和销售。 主营业务收入构成为：线路板及相关100.00%。 截至9月30日，依顿电子股东户数4.78万，较上期增加12.95%；人均流通股20894股，较上期减少 11.47%。2025年1月-9月，依顿电子实现营业收入30.53亿元，同比 ...

Group 1: Stock Performance - 16 stocks had a closing order amount exceeding 100 million yuan today, with notable mentions including Hangtian Development and Rongji Software, which ranked first and second with amounts of 308 million yuan and 241 million yuan respectively [2] - The stock Hangtian Development achieved a closing order of 223,700 hands, with significant net purchases from institutional investors and notable retail investors [2] - Jiuwu Wang achieved a 7-day consecutive limit-up, while Hangtian Development and Zhongshui Fishery achieved 5 consecutive limit-ups [2] Group 2: PCB Sector - Several stocks in the PCB sector, including Zhongfu Circuit and Dongcai Technology, reached their daily limit, with Zhongfu Circuit focusing on high-end PCB applications in various fields such as communication and automotive electronics [3] - Dongcai Technology is advancing its high-speed PCB project, which is expected to cater to emerging fields like 5G/6G communications and AI servers [3] - Dwei Co., Ltd. is engaged in PCB design and product packaging testing, aligning its offerings with customer needs [3] Group 3: Smart Government Sector - Stocks such as Wantong Technology and Rongji Software saw limit-up performance, with Rongji Software enhancing its digital government and smart court platforms through collaborations with state-owned enterprises [4] - Shida Group focuses on digital government and AI infrastructure, indicating a strong positioning in the smart government sector [5] Group 4: Lithium Extraction from Salt Lakes - Stocks like Beijiete and Zhengguang Co., Ltd. achieved limit-up status, with Beijiete providing comprehensive solutions for lithium extraction projects [6] - Zhengguang Co., Ltd. is advancing its research on lithium adsorption materials, aiming for mass production [7] Group 5: Institutional Investment - Four stocks on the Dragon and Tiger list had net purchases exceeding 120 million yuan, including Beijiete and Zhongfu Circuit, with corresponding amounts of 134 million yuan and 126 million yuan respectively [8] - Institutional net purchases were notably high for Hangtian Development and Jianglong Shipbuilding, indicating strong institutional interest [8]

Group 1: Company Performance - In the first three quarters of 2025, the company achieved a revenue of 5.593 billion yuan, representing a year-on-year growth of 20.27% [3][5] - The net profit attributable to shareholders for the same period was 314 million yuan, with a year-on-year increase of 19.58% [3][5] - In Q3 2025, the net profit reached 92 million yuan, showing a remarkable growth of 252.87% compared to the previous year [3][5] Group 2: Market Position and Challenges - The company has been listed for 9 years but has not gained significant market recognition, with its market value only about one-third of its initial listing value [2][6] - The company acknowledges that its stock price does not reflect its intrinsic value and growth potential [6][7] - The company is currently ranked 6th among domestic PCB manufacturers and 26th globally [9][12] Group 3: Strategic Initiatives - The management is focused on optimizing product structure, enhancing cost control, and accelerating high-end capacity release to improve profitability [3][7] - The company is actively exploring share buybacks and management shareholdings as part of its market value management strategy [6][10] - A new factory in Thailand is under construction, aimed at optimizing global capacity and serving international customers [12] Group 4: Investor Relations and Feedback - The company has received feedback regarding the disparity between employee compensation and company performance, and it is considering reforms to align incentives with performance [10][11] - Investors have expressed concerns about the impact of rising raw material costs on PCB shipments, to which the company is responding with price adjustments and improved material utilization [3][4]

Core Viewpoint - Dongshan Precision Manufacturing Co., Ltd. (002384.SZ) has submitted an application to list on the Hong Kong Stock Exchange, with UBS Group, Haitong International, GF Securities, and CITIC Securities as joint sponsors. The company is recognized as the world's largest PCB supplier for edge AI devices, with products used in smartphones, personal computers, automobiles, industrial applications, and IoT devices, and is rapidly expanding into the data center terminal market [1][3]. Company Overview - Dongshan Precision is an innovative company focused on smart manufacturing with a global perspective. It has established a leading market position in core product areas and is the largest edge AI device PCB supplier and the second-largest soft board supplier globally, based on projected 2024 revenues [3]. - The company offers a diverse product portfolio, including PCBs, precision components, touch panels, LCD modules, and optical modules, which are widely used in consumer electronics, automotive, data centers, communication equipment, and industrial control devices [3][4]. - Dongshan Precision is the only supplier globally that possesses capabilities in PCB, optical chips, and optical modules, which together account for approximately 9% to 14% of AI server material costs, enhancing its ability to enter the high-growth data center terminal market [3]. Market Position and Strategy - The company has long-term partnerships with four of the top five consumer electronics brands, four of the top five electric vehicle manufacturers, and four of the top five cloud service providers globally. It engages deeply with clients during the early product design stages, fostering trust and aligning with industry trends [4]. - Dongshan Precision is expanding its global manufacturing footprint and enhancing regional operational capabilities to meet evolving customer demands. The recent acquisition of European automotive parts supplier GMD exemplifies this strategy [4]. - As of the first half of 2025, 77.7% of the company's revenue came from clients outside mainland China, with production facilities in 15 countries and regions across Asia, North America, Europe, and Africa, employing approximately 20% of its workforce abroad [4]. Financial Performance - The company reported revenues of RMB 31.58 billion, RMB 33.65 billion, and RMB 36.77 billion for the years 2022, 2023, and 2024, respectively. The primary revenue source during this period was electronic circuits [8]. - Gross profits for the same years were RMB 5.09 billion, RMB 4.68 billion, and RMB 4.22 billion, indicating a decline primarily due to reduced margins in communication equipment components and increased losses in other areas [9]. - Net profits for 2022, 2023, and 2024 were RMB 2.37 billion, RMB 1.97 billion, and RMB 1.09 billion, respectively [10]. Industry Overview - The PCB industry is essential for electronic devices, providing critical functions such as precise electrical interconnection and low-loss signal transmission. The increasing performance demands of electronic devices are driving technological upgrades in the PCB industry [11]. - The global PCB market is projected to grow significantly, with the data center PCB market expected to reach USD 12.5 billion in 2024 and grow at a compound annual growth rate (CAGR) of 10.9% to USD 21 billion by 2029 [14]. - The edge AI device PCB market is anticipated to expand rapidly, with a market size exceeding USD 9.8 billion in 2024 and a projected CAGR of 26.4% to reach USD 31.7 billion by 2029 [25].

Group 1: Company Performance - The company achieved a revenue of 390,281.72 million yuan in the first three quarters of 2025, representing a year-on-year growth of 66.53% [3] - The net profit attributable to shareholders reached 49,170.68 million yuan, marking a significant increase of 142.19% compared to the same period last year [3] - Key factors for growth include rising demand for high-tech HDI specialized processing equipment and the company's ability to provide comprehensive solutions for downstream clients [3] Group 2: Industry Trends - The PCB industry is projected to grow by 7.6% in revenue and 7.8% in production in 2025, driven by strong demand for AI servers and switches [4] - The compound annual growth rate (CAGR) for high multi-layer boards and HDI boards is expected to reach 22.1% and 17.7% respectively from 2024 to 2029 [4] Group 3: Product Development - The demand for high-density multi-layer boards and HDI boards is increasing due to the adoption of 112/224Gbps SerDes designs in AI servers and high-speed switches [5] - The company has developed new products, including a CCD six-axis independent drilling machine with 3D back drilling capabilities, which has received industry certification and large-scale orders [5] - New laser drilling machines are being developed to meet the needs for high-quality processing of multi-layer HDI boards, addressing the challenges of signal integrity and precision [6] Group 4: Market Opportunities - The rise of AI smartphones and 800G+ optical modules is driving the demand for high-precision processing of micro-holes and slots, with the company providing innovative laser processing solutions [6] - The company is positioned to support the growing AI PCB market by offering high-reliability processing solutions that meet increasing demands for thickness ratio, impedance tolerance, and signal integrity [6]