香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Delton Technology (Guangzhou) Inc. 廣州廣合科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下知 悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司文件根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公司不會向香 港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公司 註冊處處長註冊的本公司文件作出投資決定；文件的文本將於發售期內向公眾刊發。 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不作任何陳述，並明確表示對因本申請版本的全部或任何部分內容而引致或因依賴本申請版本的全部 或任何部分內容而引致的任何損失不負任何責任。 WUS Printed Circuit (Kunshan) Co., Ltd. 滬士電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下 知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長註冊前，本 公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向 公眾派發。 ( ...

Summary of the 2026 PCB Industry Outlook Conference Call Industry Overview - The conference focuses on the PCB (Printed Circuit Board) industry, highlighting the supply-demand dynamics and the impact of AI on the sector [3][19]. Key Points and Arguments Supply Chain Dynamics - **Material Shortages**: The year 2026 is anticipated to be a year of material shortages, emphasizing that "having materials equates to having computing power" [3]. - **Upstream Supply**: The upstream PCB sector is experiencing tight supply and demand, leading to capacity constraints and price increases [3]. - **Downstream Demand**: Customers are actively placing orders to secure materials, with demand continuously being revised upwards [4]. Market Growth and Projections - **CSP Capital Expenditure**: The capital expenditure for cloud service providers (CSPs) is projected to grow by 43% in 2026, with significant growth rates expected in 2025 [8]. - **Server Shipment Growth**: Global server shipments are expected to see mid-single-digit growth in 2026, with a year-on-year increase of 7-8% anticipated [12]. Key Players and Recommendations - **Recommended Stocks**: The report suggests focusing on specific companies such as 8358 Jinjoo, 8021 Jiandian, and others due to their strong positioning in the market [5]. - **Copper Foil Demand**: The demand for HVLP4 copper foil is expected to exceed 3,000 tons per month, with slow supply growth and inevitable processing fee increases [5][36]. AI's Impact on the PCB Supply Chain - **AI as a Core Policy**: AI has become a central policy focus in the U.S., driving investments in AI computing power and reshaping the PCB supply chain [7][19]. - **Shift in Supplier Dynamics**: Traditional leading PCB manufacturers are currently lagging in adapting to AI demands, while second-tier manufacturers are successfully entering the AI supply chain [19]. Material Specifications and Trends - **High-Density Interconnect (HDI)**: The demand for high-density interconnects is increasing, with specifications evolving to meet the needs of AI applications [19]. - **Material Upgrades**: The transition to higher-grade materials such as M8.5 and M9 is necessary to meet the stringent dielectric requirements for high-frequency applications [23][31]. Production Capacity and Challenges - **Drill Supply Shortages**: The supply of PCB drills is expected to remain tight as manufacturers expand capacity at a slower rate than PCB producers [32]. - **Copper Foil Supply Gap**: The supply gap for HVLP4 copper foil is projected to widen towards 2027, with significant price increases anticipated due to demand pressures [39][44]. Regional Expansion - **Overseas Production**: Major PCB manufacturers are actively expanding their production capacities in Southeast Asia, with significant investments planned in Thailand and Malaysia [21][22]. Additional Important Insights - **Emerging Technologies**: The report discusses the importance of next-generation materials and technologies, such as quartz fabric, which are becoming essential for high-performance applications [23][28]. - **Market Adjustments**: The PCB industry is expected to see price adjustments due to ongoing supply constraints and rising demand for advanced materials [47]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the PCB industry's current state and future outlook.