转自：前瞻产业研究院 行业主要上市公司：中国巨石(600176);中材科技(002080);长海股份(300196);国际复材(301526);山东玻纤 (605006);宏和科技(603256);九鼎新材(000834)等 本文核心数据：中国电子级玻璃纤维产量;上市公司电子级玻璃纤维产量;上市公司电子级玻璃纤维销量 电子级玻璃纤维概述 从上市公司国际复材和宏和科技的电子布/纱产量看，2024年国际复材电子布产量2.16亿米，同比增长 2.37%;宏和科技电子布产量为2.03亿米，同比上升7.98%，电子纱产量0.86万吨，同比增长8.86%。 电子级玻璃纤维由叶腊石、高岭土、方解石、硼钙石、硅砂等原料混合，输送至温度高达1600℃的窑炉 之中加热成玻璃液，再经铂金漏板高速拉成玻璃纤维单丝，最后经合捻成制成的玻璃纱。由于电子纱具 备优异的耐热性、耐化学性、耐燃性以及电气及力学性能，主要用于覆铜板等产品的制造。 电子级玻璃纤维上游为叶腊石等原材料，中游包括电子纱、电子布等产品，下游主要包括覆铜板、印刷 电路板等产品。 电子级玻璃纤维供需分析： ——供给分析：2024年电子纱总产量上升至80.9万吨 2020-2 ...

Macro Strategy - The report highlights that export control measures on key metals have become a crucial advantage for China in the context of major power competition, particularly against the US and EU [8][9] - China's leading position in key metals is attributed to its resource advantages and a complete industrial system, which is difficult for developed economies to replicate in the short term [8] Fixed Income - The bond market is expected to face challenges in 2026, with less likelihood of a one-sided decline in interest rates as seen from 2022 to 2024, suggesting a need for a more flexible trading strategy [10] - The report notes that the 10-year government bond yield increased slightly to 1.8425% during the week, reflecting market reactions to policy announcements [10] Industry Analysis Minshi Group (敏实集团) - Minshi Group is a leading global supplier of automotive exterior and structural parts, benefiting from the acceleration of electric vehicle adoption in Europe, particularly in the battery box business [22][24] - The company is expanding into humanoid robotics and liquid cooling for servers, which are expected to open new growth opportunities [22][24] - Profit forecasts for Minshi Group indicate net profits of 2.753 billion, 3.257 billion, and 3.878 billion yuan for 2025-2027, with corresponding EPS of 2.34, 2.76, and 3.29 yuan, and P/E ratios of 11.91, 10.07, and 8.46 respectively [22] Zhongwei Company (中微公司) - Zhongwei Company plans to acquire Hangzhou Zhonggui to enhance its capabilities in CMP equipment, which is crucial for semiconductor manufacturing [7] - The acquisition aims to strengthen Zhongwei's competitiveness in complete process solutions, complementing its existing dry process equipment [7] - Profit forecasts for Zhongwei Company remain at 2.44 billion, 3.41 billion, and 4.46 billion yuan for 2025-2027, with dynamic P/E ratios of 70, 50, and 38 respectively [7]

Group 1 - The core message of the article indicates a shift in U.S.-China trade relations from confrontation to dialogue, as emphasized by U.S. Treasury Secretary Scott Bessenet, signaling a more favorable environment for domestic and foreign trade enterprises in the U.S. market [3] - The adjustment in tariff policies is seen as a necessary response to the significant reduction in the U.S. trade deficit with China, which decreased by 25.2% to $175.38 billion from January to September compared to the previous year, with a dramatic 51.7% drop in September alone [6] - The U.S. government has implemented a series of tariff exemptions, including a comprehensive list of nearly 1,000 products, which includes essential technology items like integrated circuits and semiconductors, facilitating exports from domestic tech companies [8][12] Group 2 - The recent tariff exemptions are characterized by their precision, allowing Chinese companies to benefit significantly, as all exempted products are clearly marked with HSUS tax numbers, simplifying the process for companies to confirm eligibility [13] - The electronic information industry is identified as the primary beneficiary of these tariff exemptions, with significant reductions in tariffs for laptops, smartphones, and core components like integrated circuits and printed circuit boards [13] - The chemical industry, particularly in the coatings sector, is poised for growth due to reduced import costs for key raw materials like titanium dioxide and epoxy resin, which will enhance profit margins and stimulate demand from downstream industries [14]

Investors bet on Chinese companies powering global AI build-out 尽管面临美国关税，像电池制造商 宁德时代 这样的公司仍能从出口销售中获得丰厚的利润。 © Johannes Simon/Getty Images 今年以来，中国电池、变压器和其他对全球人工智能建设至关重要的设备制造商的股价飙升，因 为耗电量巨大的数据中心正在争相寻找替代不堪重负的传统电网的方案。 得益于国内外需求的推动，全球最大的电池制造商宁德时代（CATL）和仅次于 特斯拉 的全球 第二大集成储能系统供应商 阳光电源 （Sungrow）等中国企业的利润大幅飙升。 今年以来，宁德时代(CATL)的股价上涨了45%，阳光电源(Sungrow)的股价上涨了130%。这 两家公司是深圳证券交易所沪深新能源指数中市值最大的两家公司，该指数在2025年已上涨了 38%。 "突然间，人们开始争相抢购这些电力设备，"伯恩斯坦负责全球储能行业的股票研究分析师布莱 恩·何表示。 这两家中国公司均未披露其在美国的销售额，但官方数据显示，中国占美国电池和储能系统进口 的大部分。 "中国不仅在为中国自身提供 ...

证券代码：603936 证券简称：博敏电子 公告编号：临2025-099 博敏电子股份有限公司 关于子公司为公司申请银行授信提供担保的公告 本公司董事会及全体董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。 重要内容提示： ● 被担保人名称：博敏电子股份有限公司（以下简称"公司"或"博敏电子"） ● 本次担保金额及已实际为其提供的担保余额：公司控股子公司深圳市博敏电子有限公司（以下简 称"深圳博敏"，公司直接持有深圳博敏94.7552%股权）为公司提供连带责任保证担保，金额为人民币 35,800万元。深圳博敏已实际为公司提供的担保余额为人民币25,488.90万元（不含本次）。 ● 本次担保是否有反担保：无 ● 对外担保逾期的累计数量：无 一、担保情况概述 公司因日常经营发展需要，向中国银行股份有限公司梅州分行（以下简称"中国银行"）申请授信额度人 民币35,800万元，期限为12个月。公司以部分自有房产及机器设备作为抵押，由深圳博敏为上述授信提 供连带责任保证担保，担保金额为35,800万元。前述担保不存在反担保情况。 根据《上海证券交易所上市 ...

Group 1 - The article highlights a significant shift in international dynamics surrounding Taiwan, with China receiving three favorable developments in a short span, leading to a change in Japan's stance on the issue [1][10] - The U.S. extended tariff exemptions on 178 Chinese goods until November 2026, revealing the underlying dependency of American supply chains on Chinese products, which include essential items like solar equipment and electric motors [3][10] - Cambodia's statement affirming Taiwan as an inseparable part of China undermines Japan's attempts to rally ASEAN support for Taiwan independence, exposing Japan's isolation in the region [4][10] Group 2 - French President Macron's upcoming visit to China signifies Europe's strategic pivot towards cooperation with China amid ongoing geopolitical tensions, contrasting Japan's isolationist rhetoric [6][10] - Japan's economic situation is deteriorating due to its hardline stance, with a decline in tourism and a drop in the yen's value, reflecting the negative impact of political posturing on the economy [9][10] - The article emphasizes that the recent developments are a manifestation of the shifting balance of power, with China leveraging its strong supply chains and international relationships to assert its position [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 90 RMB, reflecting strong growth momentum driven by AI [1][8]. Core Insights - The company's Q3 2025 performance shows significant growth, with revenue reaching 7.9 billion RMB, a year-on-year increase of 55% and a quarter-on-quarter increase of 12%. The gross margin improved to 28.1%, up from 22.9% a year ago and 26.9% in the previous quarter. Net profit surged by 131% year-on-year and 18% quarter-on-quarter to 1 billion RMB, resulting in a net profit margin of 12.8% [1][8]. - The report forecasts revenue growth of 41% and 38% for 2025 and 2026, respectively, with net profit expected to grow by 102% and 79% in the same periods [1][8]. Financial Summary - **Sales Revenue (Million RMB)**: - FY23A: 16,586 - FY24A: 20,388 - FY25E: 28,775 - FY26E: 39,631 - FY27E: 50,221 - **Year-on-Year Growth (%)**: - FY24A: 22.9% - FY25E: 41.1% - FY26E: 37.7% - FY27E: 26.7% [2] - **Gross Margin (%)**: - FY23A: 19.2% - FY24A: 22.0% - FY25E: 27.3% - FY26E: 30.5% - FY27E: 32.3% [2] - **Net Profit (Million RMB)**: - FY23A: 1,164 - FY24A: 1,738.7 - FY25E: 3,508.5 - FY26E: 6,272.3 - FY27E: 8,786.4 - **Year-on-Year Growth (%)**: - FY24A: 49.4% - FY25E: 101.8% - FY26E: 78.8% - FY27E: 40.1% [2] Market Position and Growth Drivers - The company is positioned as a core supplier in the AI infrastructure sector, benefiting from strong demand for AI servers. Its subsidiary, Shengyi Electronics, reported a record quarterly revenue of 3.1 billion RMB, reflecting a year-on-year increase of 154% and a quarter-on-quarter increase of 40% [1][8]. - The copper-clad laminate business achieved revenue of 4.9 billion RMB, with a year-on-year growth of 23%. Despite facing cost pressures from rising copper prices, the company expects price adjustments to mitigate most of the cost inflation [1][8]. Valuation Metrics - The target price of 90 RMB represents a potential upside of 40% from the current price of 64.30 RMB [3]. - The report adjusts the earnings forecast upwards to reflect the company's strong growth and improving profit margins, with a projected P/E ratio of 35 times for 2026 [1][8].

Core Viewpoint - TTM Technologies (TTMI) reported quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.61 per share, and showing a significant increase from $0.41 per share a year ago, indicating strong performance in the printed circuit board sector [1][2]. Financial Performance - The company achieved revenues of $752.74 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 5.63% and reflecting a year-over-year increase from $616.54 million [2]. - TTM has consistently outperformed consensus EPS estimates over the last four quarters, with an earnings surprise of +9.84% in the latest report and +11.54% in the previous quarter [1][2]. Stock Performance - TTM shares have increased approximately 139.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 17.2% [3]. - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for continued outperformance in the near future [6]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.63, with projected revenues of $726.44 million, and for the current fiscal year, the estimates are $2.32 EPS on $2.82 billion in revenues [7]. - The trend of estimate revisions for TTM has been favorable leading up to the earnings release, suggesting positive sentiment among analysts [6]. Industry Context - TTM operates within the Zacks Electronics - Miscellaneous Components industry, which is currently ranked in the top 13% of over 250 Zacks industries, indicating a strong industry outlook [8]. - The performance of TTM's stock may also be influenced by the overall industry trends, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8].

Core Viewpoint - Sanfu New Technology (SH 688359) announced the convening of its fourth board meeting on October 22, 2025, to discuss the election of an independent director and adjustments to the board's specialized committees [1] Financial Performance - For the first half of 2025, Sanfu New Technology's revenue composition was as follows: 64.11% from printed circuit boards, 14.11% from hardware and bathroom products, 8.54% from passive components, 5.06% from electronic communications, and 4.25% from automotive parts [1] Market Position - As of the report date, Sanfu New Technology had a market capitalization of 5.9 billion yuan [1]

Core Viewpoint - The "A+H" dual listing model is becoming an efficient pathway for Chinese companies to access international capital markets and accelerate their globalization efforts [1][21]. Group 1: A+H Dual Listing Trend - The trend of "A+H" dual listings is gaining momentum as companies pursue internationalization strategies and benefit from improved policy mechanisms [1][21]. - Several A-share companies, particularly in the LED lighting industry, are choosing to list in Hong Kong to leverage the dual financing platform [1][21]. Group 2: Company Specifics - Dongshan Precision - Dongshan Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international brand recognition and competitiveness [4]. - The funds raised will be used for project production, new capacity construction, technological upgrades, and potential mergers and acquisitions [4]. - For the first half of 2025, Dongshan Precision reported revenue of approximately 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of about 788 million yuan, up 35.21% [5]. Group 3: Company Specifics - Tailin Microelectronics - Tailin Microelectronics is in discussions with intermediaries regarding its H-share listing, with details yet to be finalized [8]. - The company expects to achieve revenue of approximately 766 million yuan for the first three quarters of 2025, a year-on-year increase of about 30%, and a net profit of around 140 million yuan, up approximately 118% [10]. Group 4: Company Specifics - Jiewa Technology - Jiewa Technology, which has faced losses despite revenue growth, reported revenue of approximately 1.679 billion yuan for 2024, a year-on-year increase of 29.46%, but a net loss of about 603 million yuan [16]. - For the first half of 2025, the company achieved revenue of approximately 1.187 billion yuan, a year-on-year increase of 58.20%, with a net loss of about 295 million yuan [16]. Group 5: Company Specifics - Hehui Optoelectronics - Hehui Optoelectronics is actively pursuing an H-share listing to enhance its international financing capabilities and expand its overseas business [20]. - The company reported revenue of approximately 2.670 billion yuan for the first half of 2025, a year-on-year increase of about 11.51%, but a net loss of approximately 840 million yuan [20]. Group 6: Industry Context - The recent surge in A-share companies listing in Hong Kong is influenced by new IPO regulations that relax listing conditions, such as lowering public shareholding ratios and expediting review processes [21]. - The drive for globalization among Chinese companies is a key factor behind the "A+H" listing trend, as they seek to navigate challenges like supply chain restructuring and domestic market saturation [21][23].