报告期内，公司坚定执行"拥抱AI，奔向未来"的核心发展理念，精准把握AI算力技术革新与数据中心升 级浪潮带来的历史新机遇，占据全球PCB制造技术制高点，凭借研发技术优势、制造技术优势和品质技 术优势，深耕细作国际头部大客户，快速落地AI算力、数据中心等领域的产品布局，实现大规模量 产，产品结构持续优化，推动公司业绩高速增长。 智通财经APP讯，胜宏科技(300476.SZ)发布2025年半年度报告，该公司营业收入为90.31亿元，同比增 长86.00%。归属于上市公司股东的净利润为21.43亿元，同比增长366.89%。归属于上市公司股东的扣除 非经常性损益的净利润为21.49亿元，同比增长365.69%。基本每股收益为2.5元。 ...

作者：杨溪 出品：洞察IPO 8月18日-8月24日，上交所有1家公司终止上市审核，深交所无公司终止上市审核。 | 数据来源：公开信息；图 | | --- | 表制作：洞察IPO 上交所&深交所 新 股 上 市 8月18日-8月24日，上交所、深交所均无公司上市。 通过上市委员会审议会议 8月18日-8月24日，上交所、深交所均无公司过会。 递交上市申请 8月18日-8月24日，上交所、深交所均无公司递交上市申请。 终止上市审核 1.福建德尔：国内能够同时制备氟化工基础材料、含氟特种气体、新能源锂电材料和半导体湿电子化学品的电子专用材料制造高科技企业。 港交所 新 股 上 市 8月18日-8月24日，港交所有1家公司上市。 | 数据来源：公开信息；图表制作：洞察 | | --- | IPO 1.天岳先进：是一家专注于碳化硅单晶衬底材料研发、生产和销售的科技型企业。上市首日股价收涨6.40%，截至8月25日收报45港元/股，较发行价42.8港 元/股涨5.14%，市值约329亿港元。 新 股 招 股 8月18日-8月24日，港交所有2家公司新股招股，其中1家于当周完成招股。 | | | 1.双登股份：是一家储能 ...

每经记者｜杨煜 每经编辑｜张海妮 丨 2025年8月25日 星期一 丨 NO.1 今年我国智能算力规模增长将超40% 据"2025中国算力大会"消息，中国算力平台正加快建设。目前，已有山西、辽宁、上海、江苏等10个省 份的算力分平台正式接入。工业和信息化部负责人表示，将引导各地合理布局智能算力设施，逐步提高 智能算力供给质量，满足新兴产业和未来产业发展需要。目前，智能算力已经广泛应用于生成式大模 型、自动驾驶、具身智能、智慧城市和工业制造等领域。通过算力应用大赛累计征集的创新算力项目已 超过2.3万个，在工业、金融、医疗、能源等领域实现了规模化复制推广。预计2025年，我国智能算力 规模增长将超过40%。 点评：中国智能算力产业的迅猛发展将显著提升国家在人工智能、自动驾驶等前沿领域的竞争力。从行 业趋势看，算力作为数字经济的核心基础设施，正吸引大量投资并推动新兴产业扩张。算力应用普及有 望加速智慧城市和工业升级，但需关注数据安全与伦理挑战。 NO.2 景旺电子50亿元扩产项目聚焦AI算力等领域 点评：此次扩产凸显景旺电子深度布局AI产业链核心环节的战略野心。从行业趋势看，AI服务器、自 动驾驶等领域的高端PC ...

Investment Rating - The report maintains a "Positive" investment rating for the PCB industry [3][11]. Core Insights - The PCB industry is experiencing growth driven by strong demand from AI applications and technological upgrades, leading to increased capital expenditures in downstream sectors [8][21]. - The global PCB market is expected to see differentiated growth across product segments, with high-density interconnect (HDI) boards benefiting from AI server demand, projected to grow by 18.8% year-on-year to reach $12.5 billion in 2024 [11][12]. - The report highlights a trend towards high-density, high-performance PCB products, with the combined market share of HDI and packaging substrates exceeding 34% [11][12]. Summary by Sections PCB Product Overview - PCB products are categorized into rigid boards, flexible boards, rigid-flex boards, and packaging substrates, with HDI boards widely used in consumer electronics and high-frequency boards for 5G communication [8][9]. Market Segmentation and Growth - In 2024, the global PCB market is projected to reach $73.57 billion, with multilayer boards holding the largest share at 38.1% [11][12]. - The smartphone sector accounts for 19% of the PCB market, with a projected value of $13.89 billion, while the server/storage sector is expected to grow by 33.1% year-on-year to $10.92 billion [15][16]. Regional Market Dynamics - China is expected to dominate the PCB market, with its share increasing from 54.4% in 2023 to 56.0% in 2024, reflecting its significant role in global PCB production [22][23]. Technological Advancements - The report emphasizes the need for PCB manufacturers to adapt to higher complexity and performance requirements driven by AI and high-speed networking, necessitating advancements in design and manufacturing processes [21][24]. Equipment and Supply Chain - The report outlines the production processes and key equipment used in PCB manufacturing, highlighting the importance of drilling equipment, which holds the highest market share in the PCB production process [31][34]. - The global drilling equipment market is projected to grow from $1.17 billion in 2020 to $1.47 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% expected from 2024 to 2029 [38][43]. Market Trends and Future Outlook - The PCB industry is expected to continue evolving with the increasing demand for high-density and high-layer count boards, particularly in AI server applications, which are pushing the boundaries of PCB technology [27][28].

Core Viewpoint - The company Shenghong Technology (300476) has gained significant attention from both public funds and renowned Wall Street investment institutions, particularly due to its strong performance in the AI computing sector [2][4]. Group 1: Investment Interest - As of the end of Q2, 314 public funds held significant positions in Shenghong Technology, a substantial increase from 165 funds at the end of Q1, indicating growing institutional interest [4]. - The total market value of Shenghong Technology is currently 165.7 billion yuan, with a year-to-date increase of 351.46% and an almost tenfold increase since January 1, 2024 [2][4]. Group 2: Financial Performance - In Q1 2025, Shenghong Technology reported a revenue of 4.312 billion yuan, representing a year-on-year growth of 80.31%, and a net profit attributable to the parent company of 921 million yuan, up 339.22% year-on-year [6]. - The company's strong performance is attributed to its strategic positioning in the AI PCB sector, capitalizing on the technological advancements in AI computing and data center upgrades [6]. Group 3: Market Outlook - The year 2025 is anticipated to be a pivotal year for AI applications, with a focus on sectors such as robotics, AI glasses, AI smartphones, and smart driving in automobiles [7]. - UBS Wealth Management highlights that the Chinese technology sector presents opportunities for excess returns, supported by the increasing adoption of AI, favorable government policies, and the demand surge driven by innovations like DeepSeek [7].

Group 1 - The core viewpoint of the article is that Shenghong Technology has officially launched a strategic cooperation with Saiyi Information's subsidiary, Shenzhen Yimeike Software Co., Ltd., in the field of PCB intelligent manufacturing [1] - The project aims to assist Shenghong Technology in building a comprehensive digital production scheduling system, which will serve as a demonstration model for the industry's intelligent upgrade [1]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4][6]. Core Views - The company is a leading manufacturer of copper-clad laminates (CCL) and is positioned to benefit from the increasing demand for high-frequency and high-speed products driven by AI computing needs [4][10]. - The company expects significant growth in net profit from 2025 to 2027, with projected increases of 78%, 41%, and 28%, reaching 31 billion, 44 billion, and 56 billion yuan respectively [4][5]. - The company has a strong market position, being the second-largest global supplier of rigid CCL, with a market share of 14% as of 2023 [2][35]. Summary by Sections Financial Performance - The company forecasts a net profit of 8.61 billion yuan for Q2 2025, representing a year-over-year increase of 59.44% and a quarter-over-quarter increase of 52.66% [1]. - The revenue for 2024 is projected to be 20.39 billion yuan, with a year-over-year growth of 22.9% [5]. - The company’s net profit is expected to grow from 1.16 billion yuan in 2023 to 5.57 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 12.9% [5][16]. Market Position and Growth Drivers - The company has maintained its position as the second-largest rigid CCL manufacturer globally for over a decade, with a production capacity that has grown from 600,000 square meters per year at inception to 140 million square meters in 2024 [2][11]. - The demand for CCL is expected to rise due to the recovery in consumer electronics, automotive, and mining sectors, alongside a price increase in CCL driven by raw material costs [2][4]. - The company has invested heavily in R&D, with a research expense ratio of 5.7% in 2024, which is higher than its peers [2][38]. Product Development and Innovation - The company has successfully entered the high-frequency and high-speed CCL market, achieving technological parity with leading international competitors [2][38]. - The company is actively collaborating with top AI computing clients to develop new products, which are already being supplied in bulk [3][66]. - The company’s high-frequency CCL products have been certified by major clients such as NVIDIA, Huawei, and Nokia, indicating strong market acceptance [79]. Future Outlook - The report anticipates that the company will benefit from the AI-driven demand for high-frequency CCL, with revenue from CCL and bonding sheets expected to grow significantly in the coming years [89]. - The company is projected to see a gradual improvement in gross margins, with expectations of reaching over 30% for high-end products by 2027 [89].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Ding Tai High-Tech (301377.SZ) [3][8]. Core Views - Ding Tai High-Tech is a leading global PCB drill needle manufacturer, achieving a market share of 26.5% in 2023, with a solid competitive position [1][14]. - The company's performance is expected to benefit from the synergy between AI computing power and technological innovation, leading to a continuous improvement in profitability [1][21]. - The entry into the robotics sector, leveraging its self-research capabilities, is anticipated to open new growth avenues for the company [2][8]. Company Overview - Ding Tai High-Tech focuses on providing integrated solutions in tools, materials, and equipment for PCB and precision machinery industries, with a significant revenue contribution from its drill needle and milling cutter products [14][15]. - The company has a comprehensive product portfolio, including tools, grinding materials, functional films, and intelligent CNC equipment, with the tool segment accounting for approximately 75.40% of revenue in 2024 [15][25]. Traditional Business - The PCB industry is experiencing a recovery driven by structural demand, particularly from AI and automotive electronics, which is expected to enhance the company's profitability [21][22]. - The company has established deep partnerships with leading PCB manufacturers, which is likely to further increase its market share [7][21]. Potential Growth Options - The company is positioned to benefit from the domestic replacement of high-precision grinding machines, which are currently reliant on imports, indicating significant market potential [7][22]. - Ding Tai High-Tech has been actively investing in R&D, with an average R&D expense ratio of 14% over the past three years, indicating a strong commitment to innovation [2][8]. Financial Forecast and Investment Recommendations - Revenue projections for Ding Tai High-Tech are estimated at 20.52 billion, 25.08 billion, and 30.14 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.39 billion, 4.54 billion, and 5.54 billion yuan [8][9]. - The expected growth rates for revenue and net profit are 29.92% and 49.45% for 2025, respectively, reflecting the company's strong growth trajectory [8][9].

Market Overview - A-shares experienced slight declines, with the Shanghai Composite Index down 0.03%, the Shenzhen Component down 0.22%, and the ChiNext Index also down 0.22 at the close [3][4]. - A total of 3,278 stocks rose, with 67 hitting the daily limit up, while 1,929 stocks fell [4][5]. - The total trading volume reached 14,617.34 billion, with a total trading amount of 109,665.3 million [5]. Sector Performance - Pharmaceutical stocks showed strength against the market trend, with companies like Lianhuan Pharmaceutical and Lisheng Pharmaceutical hitting the daily limit up [6]. - The automotive parts sector also saw gains, with companies such as Yingli Automotive and Xishanghai reaching the daily limit up [8]. - Robotics concept stocks were active, with firms like Shangwei New Materials and Zhejiang Rongtai also hitting the daily limit up [8]. Declining Stocks - PCB concept stocks underwent adjustments, with companies like Shenzhen South Circuit and Jiangnan New Materials experiencing declines of over 5% [10][11]. - Specific stocks such as Jiangnan New Materials fell by 8.53%, while Shenzhen South Circuit dropped by 6.39% [11]. Federal Reserve News - Kevin Hassett, a former economic advisor to Trump, is a leading candidate to replace Jerome Powell as the Federal Reserve Chair [13][15]. - Trump has criticized Powell for maintaining high interest rates and is looking for a successor who supports rate cuts, raising concerns about the independence of the Federal Reserve [15][19]. - The selection process for Powell's successor has begun, with discussions involving Treasury Secretary Scott Bentsen and other key figures [15][18].

Group 1: PCB Industry Developments - Recent stock performance of domestic high-end PCB manufacturers such as Shenghong Technology, Jingwang Electronics, and Shennan Circuit has been impressive, with price increases of 67.73%, 57.21%, and 39.44% respectively since June [1] - The global AI/HPC server PCB market is projected to reach $1.9 billion in 2024, with a year-on-year growth of nearly 150%, and is expected to grow to $3.17 billion by 2028, reflecting a compound annual growth rate of 32.5% from 2023 to 2028 [2] - The demand for AI servers is pushing PCB technology towards higher layer counts, with AI server PCBs typically ranging from 20 to 30 layers, compared to a maximum of 16 layers for traditional server PCBs [2] Group 2: Company Innovations and Solutions - Saiyi Information has developed an AI platform called "Shanmo GPT" tailored for the PCB industry, optimizing the entire process from order receipt to production preparation, significantly reducing parameter extraction time from 4-6 hours to a few minutes with over 95% accuracy [3] - The company has introduced various AI-native applications, such as automated MI parameter extraction and intelligent quoting, which enhance data processing accuracy and efficiency, compressing preparation time from hours to minutes [4] - Saiyi Information's solutions have been adopted by 90% of the top 10 PCB companies in China, providing strong digital and intelligent operational support [4][5] Group 3: Empowering the New Energy Sector - Since 2012, Saiyi Information has focused on smart manufacturing, helping companies in the new energy sector, particularly in solid-state battery technology, to achieve digital transformation [6] - The company has established deep partnerships with leading domestic firms, including CATL, to create a comprehensive digital solution covering the entire smart manufacturing chain [6] - Saiyi Information's lithium battery industry digital transformation solution integrates smart manufacturing, IIoT technology, big data analysis, and digital twin technology, improving production efficiency and product quality while reducing costs [7]