Summary of Key Points from the Conference Call Industry Focus - The conference call primarily focused on the **artificial intelligence (AI) network sector**, particularly the **co-packaged optics market trends**, and the **global printed circuit board (PCB) / copper clad laminate (CCL) industry** dynamics, including supply-demand patterns and competitive landscape [1][2] Core Insights and Arguments Artificial Intelligence Network Sector - Investors are particularly interested in the **supply-demand dynamics of optical modules** and the trends in **co-packaged optics technology** [1] - The **AI data center market** is viewed positively by most investors, who see it as a long-term growth opportunity for optical communication companies, driven by increased capital expenditures from global cloud service providers and the technological upgrade from **800G to 1.6T** [2] - Some investors express uncertainty about the **development trends of co-packaged optics**, questioning whether this technology will disrupt the business models of optical module companies [2] - Nomura suggests that co-packaged optics may become a competitive solution in horizontal network expansions, while pluggable optical modules will maintain a longer lifecycle due to lower implementation difficulty and a more mature supply chain [2] - Key component companies benefiting from the high entry barriers in the co-packaged optics field include **Corning** and **Lumentum**, particularly in the fiber optics and high-power laser sectors [2] - Japanese companies such as **Fujikura**, **Sumitomo Electric**, and the unlisted **Xuan Guang Advanced Components** are highlighted as having potential opportunities in the global co-packaged optics supply chain [2] Printed Circuit Board / Copper Clad Laminate Industry - Investors are keen to understand the successful development experiences of Chinese AI PCB / CCL companies over the past 2-3 years, while also expressing concerns about the sustainability of current demand growth and potential overcapacity risks [3] - Nomura believes that continuous technological innovation from **graphics processing units (GPUs)** and **application-specific integrated circuits (ASICs)** will support material and product upgrades in 2026 and 2027, potentially accelerating the industry into an upgrade cycle starting in the second half of 2026 [3] - Supply shortages of key raw materials such as **glass fiber**, **copper foil**, and **resins**, as well as equipment like **laser drilling machines**, are expected to persist, allowing leading PCB / CCL companies to maintain their competitive edge through more efficient supply chain management [3] - The competitive landscape in the **high-density interconnect PCB** sector is viewed as more favorable compared to the **high-layer PCB** sector, with the CCL industry exhibiting a higher concentration than the PCB industry [3] - Core recommended stocks include **Shenghong Technology** and **Shengyi Technology**, with Shengyi being a leading CCL supplier in China and Shenghong serving as a high-density interconnect PCB supplier for **NVIDIA** [3] Concerns Regarding Japanese Suppliers - Some investors are worried that Japanese upstream suppliers are adopting a conservative approach to capacity expansion, while their Chinese counterparts are more aggressive, potentially allowing Chinese companies to capture market share and impact the high-profit business of Japanese firms [4] Software Sector Insights - Most investors currently hold a negative view of the software sector, primarily due to concerns that **large language models (LLMs)** and **open AI agents** will disrupt the software industry [5] - Nomura agrees with this sentiment, indicating that valuation pressures in the software sector will persist in the short term due to a weak macro environment and intense competition, with many Chinese software companies facing growth challenges [5] - Despite the negative outlook, Nomura believes that a clear trend of differentiation will emerge within the software industry, where companies that integrate deeply into business processes and leverage LLMs and AI technologies to provide smarter solutions will thrive and not be disrupted [5]

北交所 万源通：昆山万源通电子科技股份有限公司的主营业务是印刷电路 板的研发、生产和销售。2025年上半年，公司多层板、双面板和单 面板产品收入占比分别为43.54%、29.70%、18.72%。 许昌智能：许昌智能继电器股份有限公司的主营业务是智能配用电 产品、新能源产品和系统的研发、设计、组装、销售和服务，以及 电力工程总承包业务。2025年上半年，公司配用电自动化系统及智 能元件、高低压成套开关设备及智能开关元件、电力工程总承包项 目和新能源业务收入占比分别为35.41%、30.79%、18.50%、12.07%。 ◼ 风险提示。原材料价格波动风险；算力中心建设不及预期；市场竞 争加剧的风险。 北 交 所 研 究 2026 年 2 月 25 日 电源设备需求持续增长 北交所专题报告 投资要点： ◼ 关注2家电源行业相关企业 证 券 研 行业指数走势 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -20% 0% 20% 40% 19/09 19/11 20/01 20/03 20/05 20/07 券商 ...

Sector Insights - The current booming sectors for 2025 earnings forecasts are primarily in new energy, pharmaceuticals, and technology[12] - Key stocks in the energy metals sector include Huayou Cobalt, which reported significant increases in product prices and production volumes[1] - In the battery sector, companies like Putailai and Xianhui Technology are highlighted due to rapid growth in demand from the new energy vehicle and energy storage markets[1] - The pharmaceutical sector shows a divergence in performance, with WuXi AppTec indicating stable growth while Dian Diagnostics faces revenue pressure[2] Market Performance - A-shares experienced slight gains with a focus on technology stocks driven by AI industry catalysts, while consumer sectors lagged[3] - The A-share ERP is currently at 2.52%, reflecting a slight recovery in market risk appetite[3] - Global equity markets mostly rose, with Asian markets leading; the KOSPI, Taiwan Stock Exchange, and Nikkei 225 saw increases of 8.21%, 5.74%, and 4.96% respectively[6] Policy and Economic Indicators - January's macroeconomic indicators in China showed positive signals, with core CPI improving and PPI's decline narrowing[7] - The U.S. labor market added 130,000 jobs in January, exceeding expectations, while CPI data met forecasts, indicating a stable inflation environment[7]

该行估计建滔集团呈报净利润将超过43.2亿元，包括来自投资于香港交易所上市的大部分蓝筹股所产生 的13.5亿元收益。尽管如此，该行估计2025年下半年核心盈利增长将加速至同比11.9%，对比2025年上 半年为4%，主要由于覆铜面板业务利润率更强劲复苏，但部分被中国宏观经济及油价疲弱导致化工业 务利润率受压所抵销。 智通财经APP获悉，花旗发布研报称，建滔集团(00148)发布2025年正面盈利预告，预计净利润同比急增 超过165%至逾43.2亿元，表现略优于预期。该行分别上调2025年、2026年及2027年核心盈利预测1%、 5%及4%，并基于分类加总估值法将目标价由36港元上调至45港元，相当于2026年预测市盈率约12倍(原 本约10倍)，较平均值高出2个标准差，鉴于覆铜面板及印刷电路板均处于行业上升周期，该行认为，估 值合理，维持"买入"评级。 然而，相较于建滔集团，该行偏好建滔积层板(01888)，因建滔集团的盈喜主要由投资收益带动，而该 行相信覆铜面板业务今年将继续录得强劲表现。 ...

该行估计建滔集团呈报净利润将超过43.2亿元，包括来自投资于香港交易所上市的大部分蓝筹股所产生 的13.5亿元收益。尽管如此，该行估计2025年下半年核心盈利增长将加速至同比11.9%，对比2025年上 半年为4%，主要由于覆铜面板业务利润率更强劲复苏，但部分被中国宏观经济及油价疲弱导致化工业 务利润率受压所抵销。 花旗发布研报称，建滔集团(00148)发布2025年正面盈利预告，预计净利润同比急增超过165%至逾43.2 亿元，表现略优于预期。该行分别上调2025年、2026年及2027年核心盈利预测1%、5%及4%，并基于分 类加总估值法将目标价由36港元上调至45港元，相当于2026年预测市盈率约12倍(原本约10倍)，较平均 值高出2个标准差，鉴于覆铜面板及印刷电路板均处于行业上升周期，该行认为，估值合理，维持"买 入"评级。 然而，相较于建滔集团，该行偏好建滔积层板(01888)，因建滔集团的盈喜主要由投资收益带动，而该 行相信覆铜面板业务今年将继续录得强劲表现。 ...

玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过，新一轮涨价潮是在前期大幅上涨 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，，计划月度调价幅度为，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 大陆玻璃纤维布涨价潮概况 涨价节奏：自 2025 年 10 月以来已连续经历四轮涨价，源头信息加微WUXL7713涨价周期由季度缩短至月度。 主要涨价原因： ：AI 服务器 PCB 层数增加，单台电子布用量陡升，料供不应求。 ：低介电常数（low-Dk）、低热膨胀系数（low-CTE）电子布供不应求。 ：核心设备依赖进口、拉丝制程复杂、客户认证周期长（2-3 年）。 ：树脂、能源成本上升，叠加运输与环保合规 ...

大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意 大陆玻纤布业再掀涨价潮 月度调整 10% 至 15% 到年底价格可能翻倍 玻璃布供应持续吃紧，业者计划启动第二轮涨价。 陆媒引述供应商和业内人士预计，由于成本上升和供应紧张，大陆玻璃纤维（玻纤布）制造商将启动新一轮涨价 潮，计划月度调价幅度为10% 至 15%，若按此节奏推进，到 2026 年底价格可能较当前翻倍，并将对电子产品及 PCB 产业链带来连锁影响。 值得注意的是，这一轮预期涨价并非从低位起步。 2025 年以来，玻璃纤维累计年涨幅已超过50%，新一轮涨价潮是在前期大幅上涨基础上的再次加码。 卓创资讯数据显示，2025 年 10 月、12 月及 2026 年 1 月、2 月，普通电子布已经经历四次涨价，涨价周期由季度 缩短至月度。 ...

然而，相较于建滔集团，该行偏好建滔积层板，因建滔集团的盈喜主要由投资收益带动，而该行相信覆 铜面板业务今年将继续录得强劲表现。 花旗发表研报指，建滔集团发布2025年正面盈利预告，预计净利润按年急增超过165%至逾43.2亿港 元，表现略优于预期。该行分别上调2025年、2026年及2027年核心盈利预测1%、5%及4%，并基于分类 加总估值法将目标价由36港元上调至45港元，相当于2026年预测市盈率约12倍(原本约10倍)；鉴于覆铜 面板及印刷电路板均处于行业上升周期，该行认为其估值合理，维持"买入"评级。 ...

2月的桂北，春寒料峭。荔浦市的田间地头，5万余亩荔浦芋采收收官，其中大部分流入现代化生产 车间，变身为20余种深加工产品；荔浦市高新技术产业园，激光钻孔机在PCB板上雕琢出比发丝还精细 的电路；丰鱼岩景区，刚忙完农活的村民换上工装，以船工和讲解员的身份，向游客讲述家乡的山水故 事……这幅产业交融的生动图景，是荔浦市以"全链赋能、三产融合"书写高质量发展答卷的生动缩影。 近年来，荔浦市坚持以工业思维重塑农业优势、以链式思维做强工业筋骨、以融合思维激活文旅潜 能，推动农业、工业、农文旅三大板块全链条布局、全环节升级、全价值提升，走出具有特色的县域高 质量发展新路。据统计，2025年荔浦市GDP增长5.1%，二产增速达6.6%，规模以上工业增加值同比增 长9.9%，旅游总收入同比增长11.9%，发展质效稳步提升。 荔浦隆赢食品科技有限公司生产车间，工作人员在分拣包装好的芋泥。 游客在丰鱼岩景区岩洞内游览。 以工业思维夯实富民强市之基 走进荔浦隆赢食品科技有限公司生产车间，浓郁芋香扑面而来。工人正将高温熬煮好的芋泥倒入设 备，经分装、低温处理，一袋袋芋泥即将供应国内多家头部奶茶企业。与此同时，麻薯、速冻芋头条、 罐头 ...

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of PCB-related companies following a price hike announcement by Resonac, a Japanese semiconductor materials manufacturer [1] - Copper Crown Copper Foil saw its stock price rise over 10%, reaching a historical high, while other companies such as Huibai New Materials, Jiangnan New Materials, Qiangda Circuit, Tianjin Printech, and Huazheng New Materials also experienced gains [1] - Resonac announced a price increase of over 30% for copper foil substrates (CCL) and adhesive films used in printed circuit boards (PCBs), effective from March 1 [1]