Core Viewpoint - Recent rumors suggested that Nvidia (NVDA.US) has partnered with Xingsen Technology (002436.SZ) to take over 20% of high-end high-density interconnect (HDI) board orders previously supplied exclusively by Shenghong Technology (300476.SZ). However, both Shenghong Technology and Xingsen Technology have denied these rumors, stating that no such agreements have been made and that their order situations remain stable and optimistic [1][3]. Company Insights - Shenghong Technology has confirmed that it has not received any official communication from Bloomberg regarding the rumored partnership and has not found any related information on Bloomberg's website. The company maintains that its overall business performance is good, and core customer orders have not significantly changed [1][3]. - Xingsen Technology has stated that all information should be based on official announcements and will not disclose specific customer cooperation details. As of the report's publication, no announcements related to Nvidia orders have been found on the Shenzhen Stock Exchange information disclosure platform [3]. Industry Context - HDI (High-Density Interconnect) boards are advanced PCB technologies developed to meet the demands of miniaturization, high integration, and high performance in electronic devices. This segment is characterized by high added value and significant technical barriers compared to traditional PCBs [3]. - Shenghong Technology is one of the first companies globally to achieve large-scale production of 6-layer 24-layer HDI boards and possesses capabilities for 8-layer 28-layer HDI and 16-layer arbitrary interconnection HDI technology. High-layer and high-end HDI PCBs are essential for high-density wiring and high-speed signal transmission in AI servers and other high-performance computing devices [3]. - Xingsen Technology's main business includes the research, production, and sales of circuit boards, with applications in consumer electronics, communication devices, and automotive electronics. The company has disclosed its capabilities in high-end HDI and high-frequency high-speed PCBs, with technology for multilayer boards exceeding 18 layers [3].

恒瑞医药公告，公司及子公司山东盛迪医药有限公司收到国家药监局核准签发的HRS-6209胶囊、HRS- 2189片的《药物临床试验批准通知书》，将于近期开展临床试验。HRS-6209是一种新型选择性CDK4抑 制剂，临床拟用于治疗晚期恶性实体瘤。HRS-2189是一种新型的KAT6抑制剂，拟用于治疗晚期恶性肿 瘤。截至目前，HRS-6209相关项目累计研发投入约8037万元，HRS-2189相关项目累计研发投入约4900 万元。 生益电子：拟定增募资不超过26亿元 登录新浪财经APP 搜索【信披】查看更多考评等级 11月17日，创新药再传佳音，龙头药企恒瑞医药两款抗肿瘤新药获批临床；电路板龙头生益电子拟定增 募资26亿加码人工智能计算领域；科创信息（维权）因涉嫌信披违规被立案调查…… 以下是盘后公告精选： 恒瑞医药：HRS-6209胶囊、HRS-2189片获临床试验批准 生益电子公告，拟定增募资不超过26亿元，扣除发行费用后的募集资金净额拟投资于人工智能计算HDI 生产基地建设项目、智能制造高多层算力电路板项目及补充流动资金和偿还银行贷款。本次向特定对象 发行股票的发行对象为不超过35名（含35名）符合中国证监 ...

每经AI快讯，11月14日，电路板指数盘中出现显著调整，成分股普跌，科翔股份领跌7.08%，方邦股 份、中富电路、东山精密、兴森科技跌幅居前。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of a newly listed company, which is labeled as a "technology concept" stock, experienced a significant drop from 99 to 73 within six days of its listing, leading to a loss of 32% for investors who bought in at higher prices. The company's price-to-earnings (P/E) ratio reached 130, far exceeding the industry average of 70, indicating a potential bubble in its valuation [1][3][4]. Group 1 - The stock price surged by 462% on its first day, closing with a 397.6% increase, but investors who chased the high were already down 15% by the end of the day due to high trading volume and turnover rate [2][3]. - The stock's price fluctuated significantly in the following days, with a notable drop of 6.76% on the third day and a brief 12% rebound on the fourth day, before closing at 81 on the fifth day, indicating manipulation by major shareholders [3][4]. - The current stock price of 73 is higher than that of industry leaders, with a P/E ratio of 130, which raises concerns about the sustainability of its valuation given the lack of proven earnings [3][6]. Group 2 - The phenomenon of "炒新" (speculation on new stocks) in the A-share market often leads to high volatility, with a 70% probability of decline in stocks that have a turnover rate exceeding 80% on their first day [4][6]. - Retail investors tend to fall for the allure of "concept stocks," driven by greed and a lack of understanding of fundamental analysis, which can lead to significant losses [6]. - The company operates in the circuit board sector, which has low technical barriers and intense competition, questioning the justification for its inflated P/E ratio compared to more stable companies [6].

资料显示，欣兴电子成立于1990年，总公司位于中国台湾省桃园龟山工业区，为联电责任企业群，是电 路板(PCB)、集成电路载板(IC Carrier)产业的世界级供货商。公司目前分为PCB事业部、载板事业部、 IC代工预烧测试事业部，在台湾有十座FAB，四座HDI厂、五座载板厂与一座IC预烧与测试厂。在大陆 共有四个生产基地分别为座落于深圳、昆山、苏州。 欣兴电子致力于新产品与新技术的开发，是世界先进手机HDI板及IC封装载板的主要供货商，并积极发 展软板与软硬结合板。2009年欣兴电子与台湾全懋精密合并后跃升为全球第一大电路板供货商，产品线 涵盖高阶印刷电路板及各类IC载板等产品，应用横跨资讯、通讯及消费性电子三大领域。 苏州群策科技公司为欣兴集团在苏州的生产基地，主要产品为IC载板，类型为FCBOC、FCCSP、 CSP、BOC、MMC等等，产品广泛应用于各类3C消费类产品中，客户分布在中国大陆、香港、日本、 美国、欧洲等世界各地。 欣兴电子董事会于周二(10月28日)通过苏州群策科技公司拟于香港联合交易所主板申请上市案，并预计 将提交2026年股东会讨论。上市主体为欣兴旗下的苏州群策科技ABF及BT载板厂 ...

据悉，苏州群策科技选择在香港联交上市，是为了增强全球竞争力、吸引及激励优秀专业人才并拓展大 陆地区业务市场。苏州群策上市后，可借助香港联交所的国际化资金平台所提供的多元化筹资管道募集 资金，强化公司财务结构，提升财务调度的灵活性，并加速欣兴在全球及中国大陆之发展，可有效提升 企业知名度，借此吸引优秀人才，提高员工向心力。同时，除增强苏州群策自主创新能力，强化营运竞 争力外，亦有利于增加归属于公司身为控股母公司的净利润，提升整体股东权益。 智通财经APP获悉，欣兴电子董事会于周二(10月28日)通过苏州群策科技公司拟于香港联合交易所主板 申请上市案，并预计将提交2026年股东会讨论。上市主体为欣兴旗下的苏州群策科技ABF及BT载板 厂，由欣兴持股86%。预估上市时间将在2027年。 苏州群策科技公司为欣兴集团在苏州的生产基地，主要产品为IC载板，类型为FCBOC、FCCSP、 CSP、BOC、MMC等等，产品广泛应用于各类3C消费类产品中，客户分布在中国大陆、香港、日本、 美国、欧洲等世界各地。 资料显示，欣兴电子成立于1990年，总公司位于中国台湾省桃园龟山工业区，为联电责任企业群，是电 路板(PCB)、集成 ...

Core Viewpoint - A-shares experienced a strong performance on Monday, reaching a ten-year high with the Shanghai Composite Index peaking at 3999.07 points, closing at 3996.94, up 1.18% [1][2]. Market Performance - The Shanghai Composite Index closed at 3996.94, increasing by 46.63 points or 1.18% - The Shenzhen Component Index rose by 200.22 points, or 1.51%, closing at 13489.40 - The ChiNext Index increased by 62.89 points, or 1.98%, closing at 3234.45 - The CSI 300 Index closed at 4716.02, up 55.34 points or 1.19% - The CSI 500 Index rose by 120.86 points, or 1.67%, closing at 7379.39 - The total number of stocks that rose in the two markets and the Beijing Stock Exchange was 3360, while 1859 stocks fell, and 217 stocks remained flat [2][4]. Sector Performance - The storage chip concept saw a surge in stock prices, with strong performances in consumer electronics, CPO, and circuit board sectors - Active movements were noted in rare earth, nuclear fusion, and coal stocks - Conversely, gaming, Hainan, and oil and gas sectors experienced declines [4].

Core Viewpoint - The A-share market shows strong upward momentum with significant trading volume and a broad increase in stock prices, indicating a potential shift towards a more vibrant market phase driven by policy support and restored investor confidence [2][4][7]. Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion yuan, an increase of 365.9 billion yuan compared to the previous trading day [4]. - The Shanghai Composite Index rose by 1.18%, closing at 3996.94 points, while the Shenzhen Component Index increased by 1.51% to 13489.40 points, and the ChiNext Index gained 1.98%, reaching 3234.45 points [2][3]. Sector Performance - The storage chip sector experienced a surge, with multiple stocks hitting the daily limit, including Zhaoyi Innovation, which reached a new high [3]. - Other strong-performing sectors included consumer electronics, CPO, and circuit board concepts, while gaming, Hainan, and oil and gas sectors faced declines [3]. Capital Flow - Main capital inflows were observed in the communication, non-ferrous metals, and public utilities sectors, while there were outflows from battery, banking, and gaming sectors [6]. - Notable net inflows were recorded for Industrial Fulian, Shenghong Technology, and Hengbao Co., with net inflows of 1.768 billion yuan, 1.016 billion yuan, and 867 million yuan, respectively [6]. Institutional Insights - According to Citic Securities, the Shanghai Composite Index's approach to the 4000-point mark signifies the market entering a new, more dynamic phase, although sustained upward momentum will depend on solid economic fundamentals and improved corporate earnings [7]. - Qianhai Rongyue Asset Management suggests that the next resistance level for the Shanghai Composite Index may be around 4100 points [8]. - Guo Cheng Investment indicates that the market's continued upward trend should be monitored, particularly around the 4200-point resistance level for the Shanghai Composite Index [9].

Market Overview - On October 21, the A-share market rebounded, with the Shanghai Composite Index recovering the 3900-point mark, closing up 1.36% at 3916.33 points [1] - The Shenzhen Component Index rose by 2.06% to 13077.32 points, while the ChiNext Index increased by 3.02% to 3083.72 points [1] - The total trading volume of A-shares reached 1.89 trillion yuan, an increase of over 140 billion yuan compared to the previous trading day [1] Sector Performance - The AI computing power sector saw strong gains, with the Wind光模块 (CPO) index rising over 6% and the光芯片 index increasing nearly 5% [1][2] - The Apple supply chain strengthened due to a rise in Apple’s stock price, with companies like闻泰科技 and环旭电子 hitting the daily limit, and工业富联 rising by 9.57% [1] - Conversely, the Wind coal mining and lithium battery electrolyte indices fell by 1.30% and 1.59%, respectively [1][2] AI Sector Insights - The AI sector is experiencing a surge due to multiple favorable factors, including significant investments from global tech giants and supportive domestic policies [4] - The domestic semiconductor equipment localization rate has surpassed 45%, and AI computing infrastructure is receiving special bond support, accelerating the formation of an industrial ecosystem [4] - Institutions predict that AI inference demand will rise to 80% by 2030, driven by the explosion of intelligent applications [4] Market Volatility - Recent volatility in the computing power sector has been attributed to external negative news and profit-taking by investors [5] - The rapid switching of funds in the market reflects investors' high expectations and uncertainties regarding the future of artificial intelligence [5] Future Market Trends - There is a divergence of opinions among institutions regarding potential style shifts in the A-share market for the fourth quarter [6] - Some believe that a significant style shift is unlikely, while others anticipate a rotation between growth and value styles [6][7] - The market is expected to experience a stepwise upward trend, with a focus on low-valuation sectors and the sustainability of high-valuation sectors [8] Investment Strategies - Institutions suggest focusing on sectors such as AI, semiconductors, energy storage, and controlled nuclear fusion for long-term investments [9] - Short-term strategies should prioritize stocks with strong earnings, while value sectors like brokerage, insurance, and financial IT are expected to see improvements in valuation and performance [9][10] - The market is transitioning from liquidity-driven to profit-driven dynamics, emphasizing the importance of selecting high-quality assets with real orders and cash flow improvements [9]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 1.36% to close at 3916.33 points, while the Shenzhen Component Index rose by 2.06% to 13077.32 points. The Sci-Tech 50 index saw a gain of 2.81%, closing at 1406.32 points, and the ChiNext Index increased by 3.02% to 3083.72 points. Overall, 4624 stocks rose, 729 fell, and 80 remained unchanged, with a total trading volume of 18739 billion yuan, an increase of 1362.89 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, all sectors except coal experienced gains today. The leading sectors in terms of growth included telecommunications, electronics, construction decoration, comprehensive, real estate, and machinery equipment [1]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), consumer electronics OEM, optical chips, HBM, primary real estate developers, cultivated diamonds, copper-clad laminates, circuit boards, optical communications, excavators, memory storage, urban village renovation, natural gas, oil and gas extraction, and GPU sectors [1].