融通产业趋势股票（008382）基金经理为李进。 截至发稿，李进累计任职时间2年266天，现任基金资产总规模51.26亿元，任职期间最佳基金回报 107.57%， 任职期间最差基金回报7.5%。 从基金十大重仓股角度 数据显示，融通基金旗下1只基金重仓东山精密。融通产业趋势股票（008382）三季度增持1.26万股， 持有股数18.61万股，占基金净值比例为4.84%，位居第九大重仓股。根据测算，今日浮盈赚取约62.9万 元。 融通产业趋势股票（008382）成立日期2020年5月9日，最新规模2.75亿。今年以来收益72.94%，同类排 名23/4206；近一年收益74.16%，同类排名23/3983；成立以来收益13.55%。 11月25日，东山精密涨5.25%，截至发稿，报67.73元/股，成交10.37亿元，换手率1.12%，总市值 1240.55亿元。 资料显示，苏州东山精密制造股份有限公司位于江苏省苏州市吴中区太湖东路99号运河小镇总部产业园 12号楼，成立日期1998年10月28日，上市日期2010年4月9日，公司主营业务涉及精密钣金件和精密铸件 的制造与服务,精密电子制造;柔性电路板制造设计、 ...

Group 1 - The core point of the news is the performance and market position of Dongshan Precision Manufacturing Co., Ltd., which saw a stock price increase of 5.04% to 74.36 CNY per share, with a total market capitalization of 136.198 billion CNY [1] - Dongshan Precision's main business includes precision sheet metal and casting manufacturing, electronic manufacturing, and flexible circuit board design and production, with revenue composition being 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Group 2 - From the perspective of fund holdings, Dongshan Precision is a significant investment for the Green Fund, specifically the Green Macro Return Mixed A fund, which holds 84,000 shares, accounting for 0.81% of the fund's net value, ranking it as the fifth-largest holding [2] - The Green Macro Return Mixed A fund has achieved a year-to-date return of 46.9%, ranking 1073 out of 8140 in its category, and a one-year return of 42.06%, ranking 1295 out of 8057 [2]

Group 1: Institutional Research and Optimism - Over 40 A-share companies in the Apple supply chain have been intensively researched by institutions since the fourth quarter, with many expressing optimism about future business development prospects [1] - 18 A-share companies, including Lens Technology and Pengding Holdings, have received over 50 institutional research inquiries, indicating strong interest from the investment community [2] Group 2: Company-Specific Insights - Lens Technology, a key supplier for Apple, reported that market response to new product launches exceeded expectations, leading to strong customer order demand and plans to expand production staff to nearly 170,000 [2] - East Mountain Precision, a supplier of flexible circuit boards for iPhones, noted growth in its soft board business due to increased demand for new consumer electronics, with production capacity expected to ramp up starting in the second half of 2026 [3] - BOE Technology Group, a supplier of iPhone screens, highlighted its established capacity and technological advantages in the flexible AMOLED sector, with a significant increase in high-end product offerings [3] - Crystal Optoelectronics reported a substantial increase in shipments for a major client's new model, with expectations for continued growth in the fourth quarter [4][5] Group 3: Future Business Outlook - Crystal Optoelectronics anticipates steady demand for its core products, including micro-prism and coated filter products, with a focus on maintaining strong performance in the consumer electronics sector [5] - Pengding Holdings expects a strong performance in the fourth quarter, contingent on market demand, while preparing for future product line expansions [5] - The foldable phone market is rapidly growing, with significant expectations for new product launches from major clients in 2026, which will drive demand for various components [6][8]

Core Viewpoint - Nvidia's CEO Huang Renxun refers to Chen Tao, the founder and chairman of Shenghong Technology, as "China's partner" and "Nvidia's key person in China," highlighting the deep ties between Shenghong Technology and AI giants like Nvidia, which have significantly boosted the company's performance amid the global AI wave [2][16]. Financial Performance - Shenghong Technology's revenue for the first three quarters of this year reached 14.117 billion yuan, 1.3 times that of the entire previous year, while net profit attributable to shareholders was 3.245 billion yuan, nearly three times last year's figure [4][15]. - In Q3 alone, the company achieved a revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% year-on-year [4][5]. - The overall gross profit margin for the first three quarters was 35.85%, an increase of 14.3 percentage points year-on-year, although Q3 saw a decline of 3.6 percentage points compared to the previous quarter [4][5]. Cost and Investment - Shenghong Technology's total operating costs for the first three quarters reached 10.32 billion yuan, a nearly 50% increase year-on-year, marking a historical high for the same period [5]. - The company has significantly increased its investment in R&D, with expenses rising 84.43% to 608 million yuan [5]. Capacity Expansion and Market Strategy - To meet global demand for high-layer PCBs and advanced HDI, Shenghong Technology is accelerating capacity expansion, with a net cash flow from investment activities turning from -999 million yuan last year to -3.639 billion yuan this year due to increased fixed asset expenditures [6][7]. - The company is implementing a "China + N" global layout strategy, with domestic capacity centered in Huizhou and overseas production lines being established in Thailand and Vietnam to enhance global delivery capabilities [7][10]. Industry Outlook - The PCB industry is experiencing robust demand, driven by the rapid evolution of AI technology and the growing needs for AI computing and servers, which are expected to support sustained growth in the sector [10].

Core Viewpoint - Dongshan Precision experienced a decline of 5.01% on November 12, with a stock price of 72.10 CNY per share and a total market capitalization of 132.06 billion CNY [1] Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998. The company went public on April 9, 2010. Its main business includes the manufacturing and service of precision sheet metal parts and precision castings, as well as flexible circuit board design, production, and sales [1] - The revenue composition of the company is as follows: electronic circuit products 65.23%, touch panels and LCD display modules 17.98%, precision components 13.93%, LED display devices 1.69%, and others 1.17% [1] Shareholder Information - The top circulating shareholder of Dongshan Precision includes a fund from Ruifeng Fund, specifically Ruifeng Growth Value Mixed A (007119), which entered the top ten circulating shareholders in the third quarter with 21.34 million shares, accounting for 1.54% of circulating shares. The estimated floating loss today is approximately 81.1 million CNY [2] - Ruifeng Growth Value Mixed A (007119) was established on March 26, 2019, with a latest scale of 21.39 billion CNY. Year-to-date returns are 58.33%, ranking 531 out of 8147 in its category; the one-year return is 50.3%, ranking 494 out of 8056; and since inception, the return is 89.24% [2] Fund Manager Information - The fund managers of Ruifeng Growth Value Mixed A (007119) are Fu Pengbo and Zhu Lin. Fu has a cumulative tenure of 16 years and 304 days, with the fund's total asset scale at 23.63 billion CNY, achieving a best return of 429.69% and a worst return of -3.8% during his tenure [3] - Zhu has a cumulative tenure of 6 years and 234 days, with the same fund asset scale of 23.63 billion CNY, achieving a best return of 91.85% and a worst return of 86.83% during his tenure [3] Fund Holdings - Ruifeng Growth Value Mixed A (007119) has Dongshan Precision as one of its top holdings, with 21.34 million shares, representing 6.46% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is approximately 81.1 million CNY [4]

Financial Performance - In the first three quarters, the company achieved total revenue of 1.355 billion CNY, a year-on-year increase of 29.8% [2] - The net profit attributable to shareholders for the same period was 27.8539 million CNY [2] - In Q3 alone, the revenue was 506 million CNY, up 33.22% year-on-year, with a net profit of 11.0691 million CNY, reflecting a 94.58% increase [2] Thailand Factory Development - The Thailand factory project is located in the Rayong Industrial Zone and focuses on producing various types of circuit boards [3] - The project began trial operations at the end of 2024 and is currently in mass production, having passed audits from multiple overseas clients [3] - The factory aims to serve both overseas customers and existing domestic clients' overseas factories, enhancing market competitiveness [3] AI Sector Engagement - The company has established a presence in the AI data center power supply sector, covering first, second, and third power supplies [4] - The new HVDC architecture requires significant advancements in PCB design, indicating increased technical challenges [4] - Several second and third power supply projects are expected to enter mass delivery in Q4 of this year [4] Embedded Components Strategy - The company is committed to the research and development of embedded technology for chips, capacitors, and inductors [5] - Current applications include AI power modules and automotive "three electric" systems, with a focus on innovative industry trends [5] Raw Material Price Impact - The company faces profit pressure due to high volatility in raw material prices, particularly copper and gold [6] - Strategies to mitigate cost impacts include enhancing product value and optimizing product structure to increase the proportion of high-margin products [6]

Core Insights - Dongshan Precision fell by 5.01% on October 31, with a stock price of 69.01 yuan per share and a trading volume of 2.26 billion yuan, resulting in a total market capitalization of 126.40 billion yuan [1] Company Overview - Suzhou Dongshan Precision Manufacturing Co., Ltd. was established on October 28, 1998, and listed on April 9, 2010. The company is located in the Jiangsu Province, Suzhou City, and specializes in the manufacturing and service of precision sheet metal parts and precision castings, as well as precision electronic manufacturing and flexible circuit board design, production, and sales [1] - The main revenue composition of the company includes: electronic circuit products (65.23%), touch panels and LCD display modules (17.98%), precision component products (13.93%), LED display devices (1.69%), and others (1.17%) [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Industrial Bank, the Xingye Juyuan Mixed A Fund (002660), has a significant position in Dongshan Precision, holding 21,000 shares, which accounts for 0.99% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 76,400 yuan [2] - The Xingye Juyuan Mixed A Fund was established on June 30, 2016, with a latest scale of 23.99 million yuan. Year-to-date returns are 13.51%, ranking 5,393 out of 8,154 in its category; the one-year return is 20.49%, ranking 4,291 out of 8,046; and since inception, the return is 76.84% [2]

Core Viewpoint - Dongshan Precision is a leading global enterprise specializing in precision sheet metal and flexible circuit boards, with a comprehensive industry chain advantage [1] Financial Performance - In Q3 2025, Dongshan Precision achieved a revenue of 27.071 billion yuan, ranking first among 44 companies in the industry, surpassing the second-ranked Pengding Holdings by 1.16 billion yuan [2] - The main business composition includes electronic circuit products at 11.059 billion yuan (65.23%), touch panels and LCD modules at 3.049 billion yuan (17.98%), precision components at 2.362 billion yuan (13.93%), LED display devices at 286 million yuan (1.69%), and others at 199 million yuan (1.17%) [2] - The net profit for the same period was 1.224 billion yuan, ranking sixth in the industry, below Shenghong Technology and Shengyi Technology, but above the industry average of 481 million yuan [2] Financial Ratios - As of Q3 2025, the asset-liability ratio was 58.82%, slightly up from 58.71% year-on-year, and higher than the industry average of 44.70% [3] - The gross profit margin was 13.79%, an increase from 13.65% year-on-year, but still below the industry average of 20.58% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 5.23% to 104,800, with an average holding of 13,200 circulating A-shares, a decrease of 4.97% [5] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 68.7123 million shares, an increase of 5.2492 million shares from the previous period [5] Business Highlights - Dongshan Precision's revenue from the new energy business reached approximately 7.520 billion yuan in the first three quarters of 2025, a year-on-year increase of about 22.08% [6] - The company acquired 100% equity of Solstice Optoelectronics on September 30 and plans to invest up to 1 billion yuan in convertible bonds to focus on high-end optical module expansion [6] - The company is initiating investment in high-end printed circuit board projects with a planned investment of up to 1 billion USD [6] Market Outlook - The company is focusing on the high-end AI PCB market, enhancing product technology, and deepening cooperation with core customers [7] - The profit forecasts for 2025, 2026, and 2027 are 1.963 billion yuan, 4.352 billion yuan, and 5.960 billion yuan, respectively, with a maintained "buy" rating [7]

Core Insights - Shenghong Technology reported significant growth in Q3 2025, with revenue reaching 5.086 billion yuan, a year-on-year increase of 78.95%, and net profit of 1.102 billion yuan, up 260.52% [1] - For the first three quarters of 2025, the company achieved revenue of 14.117 billion yuan, representing an 83.40% increase year-on-year, and a net profit of 3.245 billion yuan, which is a 324.38% increase [1] - The growth in net profit is primarily attributed to the increase in sales, which is the main driver of revenue growth [1] Company Overview - Shenghong Technology is a leading manufacturer of printed circuit boards (PCBs) specializing in high-layer PCBs, high-density interconnect (HDI) PCBs, flexible circuit boards, and rigid-flex boards, with applications in AI, new energy vehicles, next-generation communication technologies, data centers, industrial internet, medical instruments, and computers [2] - The company has established five R&D and production bases domestically and internationally, and has built smart factories with leading process capabilities and scale in the industry to meet the mass production needs of high-end products [2] - Shenghong Technology is expanding its production capacity with multiple production lines in Thailand and Vietnam to meet global delivery demands [2] Strategic Direction - The Chairman of Shenghong Technology emphasized the importance of seizing opportunities in AI development, supported by proactive strategic planning and positioning in the industry transformation [2] - The company adheres to a strategic goal of "embracing AI and moving towards the future," focusing on three main strategies: smart factories, green manufacturing, and high-tech/high-quality services [2] - The company is committed to innovation in concepts, technology, talent, and capital, while also focusing on new materials and technologies to ensure sustainable and steady growth [2]

Core Viewpoint - Shenghong Technology reported significant growth in revenue and net profit for Q3 2025, indicating strong business performance and market demand [1][4]. Financial Performance - In Q3 2025, the company achieved revenue of 5.086 billion yuan, a year-on-year increase of 78.95%, and a net profit of 1.102 billion yuan, up 260.52% [1][4]. - For the first three quarters of 2025, Shenghong Technology's revenue reached 14.117 billion yuan, reflecting an 83.40% year-on-year growth, while net profit was 3.245 billion yuan, marking a 324.38% increase [1][4]. Stock Market Performance - On October 27, 2025, Shenghong Technology's stock closed at 340.32 yuan per share, rising 10.14%, with a total market capitalization of 296.2 billion yuan [1]. - The company's stock price has increased over 714% year-to-date [1]. Shareholder Structure - The largest shareholder, Shenzhen Shenghua Xinye Investment Co., Ltd., holds 15.63% of shares, while the second-largest shareholder, Shenghong Technology Group (Hong Kong) Co., Ltd., holds 15.24% [4]. - Hong Kong Central Clearing Limited's shareholding decreased by 7.65% to 2.96%, while other shareholders also saw reductions in their holdings [4][6]. Capacity Expansion - Shenghong Technology is progressing with its Huizhou factory project, aimed at producing high-layer and high-density interconnect printed circuit boards (PCBs) [7]. - The company has established five R&D and production bases domestically and internationally, with advanced smart factories to meet high-end product mass production needs [7]. Strategic Focus - The company is actively expanding in the artificial intelligence PCB sector, focusing on high-growth areas such as AI computing power and autonomous driving [8]. - Shenghong Technology's chairman emphasized the importance of seizing opportunities in AI development and maintaining a strategic focus on innovation in materials and technology [8].