Group 1 - As of the end of Q3 2025, the Northbound capital's holding market value reached approximately 2.59 trillion yuan, marking a 12.91% increase from the previous quarter and surpassing the 2.41 trillion yuan recorded in the same period last year [1] - The ChiNext board saw a significant increase in Northbound capital holdings, with a market value of 583.44 billion yuan, reflecting a 61.24% quarter-on-quarter growth [1] - The Science and Technology Innovation Board also experienced a notable increase, with Northbound capital holdings reaching 173.595 billion yuan, up 54.57% from the previous quarter [1] Group 2 - In September 2025, foreign capital inflow into the Chinese stock market rebounded to 4.6 billion USD, the highest monthly figure since November 2024, with a total of 18 billion USD flowing into passive funds year-to-date [2] - The technology sector, particularly the electronics and power equipment industries, saw substantial increases in Northbound capital holdings, with the electronics sector experiencing a 67.78% increase in market value, reaching 391.536 billion yuan [3] - The AI trend has significantly boosted the electronics industry, which recorded a quarterly growth of 47.59%, the highest since Q2 2009 [3] Group 3 - The agriculture sector, specifically the animal husbandry industry, had the highest increase in holding quantity at 28.73%, with major pig farming companies like Muyuan Foods and Wens Foodstuffs receiving increased Northbound capital [4] - Traditional sectors such as construction decoration, banking, transportation, public utilities, and oil and petrochemicals saw a reduction in Northbound capital holdings, with declines exceeding 20% [4] Group 4 - Over 1,700 stocks saw an increase in Northbound capital holdings, with 103 stocks experiencing an increase of more than 2 percentage points [5] - Guohua Technology led the increase with a holding ratio of 10.61%, reflecting a more than 10 percentage point increase in Northbound capital holdings [5] - Among the top five stocks by Northbound capital holdings, only CATL and Northern Huachuang saw an increase in holding ratios, while Kweichow Moutai, Midea Group, and China Merchants Bank experienced declines [6]

8月21日晚间，广合科技(001389)发布2025年中报，公司上半年实现营业总收入24.25亿元，同比增长 42.17%，实现归母净利润4.92亿元，同比增长53.91%。 广合科技的主营业务为多高层印制电路板的研发、生产与销售，产品主要定位于中高端应用市场，广泛 应用于服务器、消费电子、工业控制、安防电子、通信、汽车电子等领域;其中服务器用PCB产品的收 入占比约七成，是公司产品最主要的下游应用领域，产品应用于高性能计算服务器、AI运算服务器、 存储服务器、交换机等数据中心的核心设备，为全球大数据、云计算等产业提供重要电子元器件供应。 报告期内，受益于算力基础设施需求强劲增长，广合科技所处的算力供应链需求旺盛。公司加大算力产 品市场开拓，通过数字化推动提产增效，经营业绩稳步提升。上半年，公司在高阶HDI、AI服务器、高 速交换机、新代际通用服务器、光模块等核心产品领域持续突破技术瓶颈，高端产品技术的加速迭代与 突破，在高端化产品赛道奠定基础。 在制造环节，作为广合科技主力制造基地的广州广合，借助东莞广合的投产运营，持续进行瓶颈工序的 产能提升、工艺能力提升及数字化技改。在推进数字化转型的过程中，不仅实现了 ...

Core Insights - Guanghe Technology (001389) reported a total revenue of 2.425 billion yuan for the first half of 2025, representing a year-on-year growth of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% year-on-year [1] Business Performance - The main business of Guanghe Technology focuses on the research, production, and sales of multi-layer printed circuit boards (PCBs), primarily targeting the mid-to-high-end application market, with significant applications in servers, consumer electronics, industrial control, security electronics, communication, and automotive electronics [1] - Revenue from server PCBs accounts for approximately 70% of the company's total revenue, making it the primary downstream application area [1] - The company has benefited from strong demand in the computing infrastructure sector, leading to robust growth in the supply chain for computing products [1] Manufacturing and Capacity Expansion - The main manufacturing base in Guangzhou has enhanced production capacity and process capabilities through digital transformation, resulting in improved product structure and delivery competitiveness [2] - The Thailand facility officially commenced operations in June 2025 and is currently in the capacity ramp-up phase, with plans to accelerate customer certification and product introduction in the second half of the year [2] Research and Development - Research and development expenses reached 117 million yuan, a year-on-year increase of approximately 46%, reflecting the company's commitment to innovation [2] - The company has developed several core technologies related to server PCBs, establishing independent intellectual property rights and high-precision manufacturing processes [2] - Several key products, including high-performance PCBs for high-end servers and AI server motherboards, have been recognized as high-tech products in Guangdong Province for 2025 [3]