从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓深南电路。浙商汇金量化精选混合A（006449）三季度持有 股数4.4万股，与上期相比持股数量不变，占基金净值比例为5.2%，位居第五大重仓股。根据测算，今 日浮盈赚取约45.01万元。 11月26日，深南电路涨5.09%，截至发稿，报211.11元/股，成交11.77亿元，换手率0.86%，总市值 1407.56亿元。 资料显示，深南电路股份有限公司位于广东省深圳市龙岗区坪地街道盐龙大道1639号，成立日期1984年 7月3日，上市日期2017年12月13日，公司主营业务涉及从事印制电路板的研发、生产及销售。主营业务 收入构成为：印制电路板60.01%，封装基板16.64%，电子装联14.14%，其他(补充)5.80%，其他产品 3.40%。 浙商汇金量化精选混合A（006449）成立日期2019年3月25日，最新规模1.83亿。今年以来收益 56.72%，同类排名391/8134；近一年收益52.25%，同类排名605/8056；成立以来收益52.97%。 责任编辑：小浪快报 截至发稿，庞雅菁累计任职时间1年303天，现任基金资产总规模1.83亿 ...

截至发稿，雷涛累计任职时间3年335天，现任基金资产总规模134.9亿元，任职期间最佳基金回报 211.4%， 任职期间最差基金回报-29.94%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，德邦基金旗下1只基金重仓深南电路。德邦福鑫A（001229）三季度持有股数2.02万股，占基 金净值比例为4.42%，位居第十大重仓股。根据测算，今日浮盈赚取约20.66万元。 11月26日，深南电路涨5.09%，截至发稿，报211.11元/股，成交11.75亿元，换手率0.86%，总市值 1407.56亿元。 德邦福鑫A（001229）成立日期2015年4月27日，最新规模7799.63万。今年以来收益24.66%，同类排名 3025/8134；近一年收益33.11%，同类排名2000/8056；成立以来收益72.09%。 资料显示，深南电路股份有限公司位于广东省深圳市龙岗区坪地街道盐龙大道1639号，成立日期1984年 7月3日，上市日期20 ...

点击上方 蓝字 关注我们，看更多行业报告 并将 "材料汇" 设为"星标⭐"，第一时间收获最新推送 写在前面 一直在路上，所以停下脚步，只在于分享 分享内容包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 1.1 封测的定义、作用与工艺流程 | 图表1:半导体封装工艺流程 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 即段操作 | | | | 后段慢作 | | | 晶圆脂频 | 品周切宜 | 芯片贴装 | 焊接货 | 后固化、测试 | 打标 | | | 该步骤指在圆片官 | 该步骤也称划片, | 已切割下来的芯片 | 该先辈主要用于使 | 塑封和后固化工艺指在塑封后加热硬 | 电镀：待营脚成型后，在其表面涂 | | | | | | | | | 包装:根据测试结果 | | 面采用机械或化学 | 先将晶圆粘贴在蓝 | 需要非美到框架中 | 引线孔与引脚相连 | 化并去除管亮周围多余的材料,防止 | 刷防腐材料,避免管脚出现氧化、 | | | 机械方式进行财 | 膜上,再将晶圆切 | 间的焊盘上,若焊 | ，使芯片可以与外 ...

（文章来源：证券日报） 证券日报网讯一博科技11月19日在互动平台回答投资者提问时表示，公司在大容量存储PCB研发设计与 仿真技术、高密度（HDI）PCB研发设计与仿真技术、高速通讯背板设计与仿真技术、低电压大电流 PCB研发设计与仿真技术、封装基板设计与仿真技术及高速测试夹具设计与仿真技术等领域有深入的研 究与应用经验，在高速高密PCB设计关键技术上处于行业领先地位。具体情况请参阅公司已披露或回复 的相关信息。 ...

Core Performance - The company reported a significant increase in revenue and net profit for Q3 2025, achieving operating income of 6.301 billion yuan, a year-on-year growth of 33.25%, and a net profit of 966 million yuan, which represents a substantial increase of 92.87% [2] - The growth in performance is attributed to the company's ability to capitalize on opportunities in AI computing power upgrades, structural growth in the storage market, and increased demand for automotive electronics [2] Business Development - The PCB business focuses on communication equipment, with key investments in data centers (including servers) and automotive electronics, showing consistent revenue growth in these areas [3] - The packaging substrate business has shown remarkable performance, with revenue from storage packaging substrates experiencing significant growth due to increased demand [3] Capacity and Projects - The company maintains a high overall capacity utilization rate, with PCB and packaging substrate businesses showing strong performance [4] - New factories, including the Nantong Phase IV and Thailand facilities, are expected to enhance PCB production capacity, with the Thailand factory already in trial production [4] Cost Management - The company faces some cost pressures due to rising prices of raw materials such as gold salts and copper, but it is actively managing these through supply chain optimization and product structure adjustments [5] Compliance - The company confirmed that during the investor meeting, it adhered to information disclosure regulations and did not disclose any undisclosed significant information [6]

Core Viewpoint - ShenNan Circuit has shown significant stock performance with a year-to-date increase of 116.08%, despite a recent decline of 3.20% over the last five trading days [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved a revenue of 16.754 billion yuan, representing a year-on-year growth of 28.39% [2] - The net profit attributable to shareholders for the same period was 2.326 billion yuan, reflecting a year-on-year increase of 56.30% [2] Stock Market Activity - As of November 18, ShenNan Circuit's stock price was 205.28 yuan per share, with a market capitalization of 136.869 billion yuan [1] - The stock has been active on the trading board three times this year, with the latest occurrence on October 24, where it recorded a net purchase of 380 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders for ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, increased its holdings to 21.7066 million shares, while several new institutional investors entered the top ten list [3] Dividend Distribution - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion yuan in dividends, with 1.744 billion yuan distributed over the last three years [3] Industry Context - ShenNan Circuit operates within the electronic components sector, specifically in printed circuit boards (PCB), and is associated with major concepts such as the Foxconn concept and the Apple supply chain [2]

Core Viewpoint - ShenNan Circuit experienced a stock price decline of 2.08% on November 11, with a trading price of 213.76 CNY per share and a market capitalization of 142.52 billion CNY [1] Company Overview - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards (PCBs) [1] - The revenue composition of ShenNan Circuit includes: 60.01% from printed circuit boards, 16.64% from packaging substrates, 14.14% from electronic assembly, 5.80% from other supplementary products, and 3.40% from other products [1] Financial Performance - For the period from January to September 2025, ShenNan Circuit achieved operating revenue of 16.754 billion CNY, representing a year-on-year growth of 28.39%. The net profit attributable to the parent company was 2.326 billion CNY, reflecting a year-on-year increase of 56.30% [2] - Since its A-share listing, ShenNan Circuit has distributed a total of 3.441 billion CNY in dividends, with 1.744 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of ShenNan Circuit was 39,500, a decrease of 25.79% from the previous period. The average number of circulating shares per person increased by 34.75% to 16,847 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 21.7066 million shares, an increase of 7.4697 million shares from the previous period. New shareholders include several funds, while some previously listed funds have exited the top ten circulating shareholders [3]

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations of shortages lasting for another year [2] - The demand for PCBs is projected to remain strong over the next 2-3 years, with a peak expected in Q4, despite the ongoing material shortages [2][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and the vulnerabilities in the supply chain [2][5] Industry Overview - The global demand for AI servers is driving a substantial increase in capital expenditures among major cloud service providers, with a forecasted total exceeding $420 billion by 2025, representing a 61% increase from previous years [3][4] - The price of PCBs for AI training servers can exceed $200,000, significantly higher than traditional server PCBs, which range from $3,000 to $15,000 [3][4] - The supply shortage is affecting the entire PCB industry, particularly in core materials like copper foil, which has a projected demand of 850 tons per month by 2025 against a current production capacity of only 700 tons [4][5] Financial Performance - Leading PCB manufacturers are experiencing substantial revenue growth, with companies like Huadian achieving a 39.92% increase in revenue to 5.019 billion yuan and a 46.25% rise in net profit to 1.035 billion yuan in Q3 [6] - Willgo reported a 41.33% increase in revenue to 407 million yuan and a remarkable 175.75% increase in net profit [6] Market Trends - The global PCB market is expected to enter a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year growth [7] - By 2029, the global PCB market value is anticipated to reach $94.661 billion, with a compound annual growth rate (CAGR) of approximately 5.2% from 2024 to 2029 [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans, with significant investments aimed at increasing high-end production capacity to meet rising demand [9] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in expanding their production capabilities, with plans to invest 5 billion yuan and 1.9 billion yuan, respectively [9] Strategic Insights - While leading companies are expanding capacity to capture AI market opportunities, there is a risk of overcapacity if demand growth slows down post-2026 [10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms and mitigate risks associated with overcapacity [10][11]

Group 1 - The core point of the news is that ShenNan Circuit experienced a decline of 5.01% in its stock price, reaching 218.95 CNY per share, with a trading volume of 832 million CNY and a turnover rate of 0.56%, resulting in a total market capitalization of 145.983 billion CNY [1] - ShenNan Circuit Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on July 3, 1984. The company was listed on December 13, 2017, and its main business involves the research, development, production, and sales of printed circuit boards [1] - The revenue composition of ShenNan Circuit includes printed circuit boards (60.01%), packaging substrates (16.64%), electronic assembly (14.14%), other supplementary products (5.80%), and other products (3.40%) [1] Group 2 - From the perspective of major fund holdings, Hengyue Fund has one fund heavily invested in ShenNan Circuit. The Hengyue Growth Selected Mixed A Fund (010622) held 138,100 shares in the third quarter, accounting for 4.11% of the fund's net value, ranking as the fifth-largest holding [2] - The Hengyue Growth Selected Mixed A Fund (010622) was established on February 9, 2021, with a latest scale of 473 million CNY. Year-to-date, it has achieved a return of 69.5%, ranking 357 out of 8148 in its category; over the past year, it has returned 47.56%, ranking 903 out of 8053; since inception, it has incurred a loss of 16.2% [2] Group 3 - The fund manager of Hengyue Growth Selected Mixed A Fund (010622) is Liao Mingbing, who has been in the position for 5 years and 119 days. The total asset scale of the fund is 955 million CNY, with the best fund return during his tenure being 53.85% and the worst being -41.96% [3]

Core Viewpoint - Torch Electronics Co., Ltd. has established a wholly-owned subsidiary, Shanghai Mingqi Hongke Technology Co., Ltd., with a registered capital of 50 million yuan, marking its entry into the artificial intelligence sector [1][3]. Group 1: Company Developments - The new subsidiary will focus on AI industry application system integration services, AI basic software development, information system integration, and software research and development [3]. - This move is seen as a strategic step for Torch Electronics to build an AI application ecosystem from hardware to systems, enhancing its upstream technology reserves [4]. Group 2: Industry Context - As a significant player in the domestic electronic components manufacturing sector, Torch Electronics has been advancing the intelligent and high-end upgrade of its products, which include ceramic capacitors, LTCC devices, and packaging substrates [4]. - The acceleration of AI technology penetration across various industries has prompted manufacturers with electronic foundations and system integration capabilities to explore collaborative development paths for AI hardware and software [4].