公历新的一年来临前夕，不少机构马不停蹄地进行调研，寻找新一年A股市场投资机会。就在刚刚过去的2025年12月，合计逾600家A股 上市公司接受了机构调研。 值得注意的是，这里面，有超过100家公司2025年股价翻倍。 2025年12月机构调研逾600家A股上市公司 数据显示，刚刚过去的2025年12月，机构调研活动保持了较高的热度，合计逾600家A股上市公司接受了调研。 从调研次数上看，据Wind统计口径，机构2025年12月调研博盈特焊次数居前，全月累计调研次数合计超过10次，参与调研的机构涉及公募 基金、私募基金、券商、保险公司等多种不同类型的机构，调研形式包括现场参观、线上调研等。 比如2025年12月24日，博盈特焊以特定对象调研及现场参观形式接受了多家机构调研，在调研交流中，公司方面对投资者提出的一些问题 进行了回复。比如，对于国内HRSG产能布局问题，博盈特焊方面回复表示，公司在大凹基地布局2条HRSG生产线，预计会在2026年投产。 大凹基地生产的HRSG产品主要满足非北美市场的HRSG市场需求。 2025年12月，杰瑞股份股价亦走势强劲，当月累计上涨超过两成。 欧科亿2025年12月也多次接受 ...

CPO热门股获主力资金抢筹 从个股看，44股主力资金净流入超2亿元，9股获主力资金净流入超5亿元。 今日，光模块（CPO）三剑客"易中天"中际旭创、新易盛、天孚通信股价大涨，主力资金分别净流入 14.26亿元、14.22亿元、9.01亿元。机构表示，800G和1.6T光通信的迭代周期从传统3—4年缩短至1—2 年，800G光模块已实现大批量出货，1.6T光模块开始逐步放量，预计2026年将开始规模商用。 胜宏科技主力资金净流入11.75亿元，公司在近日的机构调研中表示，公司持续扩充高阶HDI、高多层 PCB及FPC等产品产能，包括惠州、泰国、越南及马来西亚工厂扩产项目等，扩产速度行业领先。 （原标题：主力资金丨CPO热门股获主力资金抢筹） 今日有27股主力资金净流出超2亿元，其中，平潭发展、永辉超市、航天发展、航天电子、赛微电子、 通宇通讯等热门股净流出金额均超7亿元。 通信行业主力资金净流入45.29亿元。 三大指数今日（12月17日）集体走强，行业板块多数收涨，能源金属、贵金属、保险、电池、化肥行 业、小金属、电源设备、有色金属板块涨幅居前，装修装饰、航天航空板块跌幅居前。 从主力资金情况来看，沪深两市全 ...

胜宏科技(惠州)股份有限公司投资者关系活动记录表 证券代码：300476 证券简称：胜宏科技 | 投资者关系活动类别 | 特定对象调研 ☐ ☐ | 分析师会议 | | --- | --- | --- | | | 媒体采访 ☐ ☐ | 业绩说明会 | | | ☐ 新闻发布会 ☐ | 路演活动 | | | 现场参观 ☐ 电话会议 | | | | ☐ 其他 | | | | 兴证全球基金、国盛证券、易方达基金、博时基金、淡水 泉、砥俊资产、东方阿尔法、沣京资本、富荣基金、歌汝 | | | | 私募、工银瑞信、广发证券、国金证券、国联证券、国泰 | | | | 证券、国投证券、国信证券、和沣资产、红筹投资、宏利 | | | | 基金、鸿道投资、华安基金、华安合鑫、华宝基金、华商 | | | | 基金、汇添富基金、惠通基金、混沌投资、嘉合基金、健 | | | | 顺投资、交银施罗德基金、今赫资产、景林资产、景顺资 | | | 参与单位名称及人员姓名 | 产、理成资产、摩根士丹利基金、南方基金、南土资产、 | | | | 宁波数法、诺德基金、盘京投资、鹏华基金、平安基金、 | | | | 平安养老、平安资产、前海开源基金 ...

Core Insights - The electronic industry is undergoing a critical transition driven by AI, shifting from computing infrastructure to application implementation by 2026 [1] - Overall industry valuation is considered high, necessitating a shift in investment logic from valuation expansion to profit realization [1] - Key opportunities are identified in three main areas: semiconductors, consumer electronics, and components [1] Semiconductor Sector - The semiconductor industry is experiencing rapid growth, with expectations for continued trends into 2026 [2] - Key focus areas include the trend of domestic computing power localization, the impact of AI on consumer electronics, and the significant demand for storage chips driven by computing needs [2] - The semiconductor manufacturing sector is entering a new growth cycle due to AI and high bandwidth memory (HBM) demand [2] Consumer Electronics - Major consumer electronics brands are embracing AI, with expectations for accelerated development in AI edge applications by 2026 [3] - Opportunities for valuation enhancement are seen in smartphone manufacturers as AI traffic entry points and in the rapid growth of smart imaging devices [3] - Investment opportunities are also identified in components related to AI glasses, AI headphones, and the upgrade of large-end devices [3] Components and Devices - The demand for printed circuit boards (PCBs) is expected to remain high due to AI, with leading manufacturers actively expanding production [4] - The global CSP manufacturers are increasing investments in AI, driving high demand for multi-layer PCBs and HDI products [4] - Opportunities in passive components focus on chip inductors and tantalum capacitors, while optical components are driven by the upgrade of smart phone optics and the proliferation of new consumer electronics [4]

Core Viewpoint - The electronic industry is experiencing significant structural differentiation, with strong performance in semiconductors, computing power, and leading consumer electronics, while other sectors are seeing a slowdown in overall growth. However, the industry trend remains positive, with a recovery in capacity utilization [1]. Semiconductor Industry - The overall profitability of the semiconductor industry has significantly improved, with the chip design sector maintaining a high level of prosperity. The storage segment has become a highlight, driven by AI computing demand for high-end products like HBM and DDR5. The SoC segment faces short-term pressures but has long-term demand prospects due to AI terminal applications. The analog chip sector is seeing new opportunities in low-power technology and domestic substitution in automotive and industrial fields. Power semiconductors are under short-term pressure but are expected to benefit from new demand in server power supplies. Wafer manufacturing is recovering from the bottom, driven by AI, and the semiconductor equipment sector is experiencing strong growth due to the dual drivers of global semiconductor demand recovery and deepening domestic substitution [1]. PCB and Passive Components - AI is driving an upsurge in PCB demand, with leading companies actively expanding production. The demand for high-layer and HDI products is exceeding supply due to downstream AI server needs. By 2026, global leading CSP capital expenditures are expected to increase by 40%, supporting high prosperity in the PCB industry. Passive component companies are also actively positioning themselves around AI, becoming a new growth point for the sector [2]. Optoelectronics Sector - The optoelectronics sector is recovering due to a resurgence in smartphone demand, with optical innovation presenting ongoing growth opportunities for related companies. The LED sector is experiencing a recovery, with structural opportunities emerging in high-end niche markets. In the LCD segment, global total shipments and area are expected to see slight year-on-year growth by 2025. However, mainstream application demand is generally declining, leading to increased inventory levels, and the industry is seeking a stable transition through reduced shipments. The smartphone OLED market is recovering, but overall supply still exceeds demand [3]. Consumer Electronics - The consumer electronics components sector is showing steady growth driven by the recovery of the global smartphone market and the accelerated implementation of AI technology. Leading companies in the industry are achieving stable growth due to their strong technological capabilities, quality customer resources, and excellent supply chain management [4]. Investment Recommendations - Companies to focus on include Cambrian, Haiguang Information, SMIC, Northern Huachuang, Tuojing Technology, Changdian Technology, Shenghong Technology, Hude Electronics, Shengyi Technology, Shengyi Electronics, Hengxuan Technology, Rockchip, Lexin Technology, Crystal Optoelectronics, Yian Technology, Luxshare Precision, GoerTek, Aisen Technology, Demingli, Jiangbolong, Purun Technology, and Zhaoyi Innovation [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated significant revenue and profit growth, with a 83.40% year-on-year increase in revenue to 14.117 billion yuan and a 324.38% increase in net profit to 3.245 billion yuan for the first three quarters of 2025 [6] - The company is well-positioned to benefit from the expanding demand for AI-related products, particularly in the PCB sector, which supports its profitability [9] - The company has a strong order backlog and is improving production efficiency, which is expected to enhance profitability further [9] Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 5.086 billion yuan, a 78.95% increase year-on-year, and a net profit of 1.102 billion yuan, reflecting a 260.52% year-on-year growth [6] - The projected revenues for 2025-2027 are 20.417 billion yuan, 25.447 billion yuan, and 31.693 billion yuan, with year-on-year growth rates of 90.3%, 24.6%, and 24.5% respectively [8] - The projected net profits for the same period are 5.659 billion yuan, 7.649 billion yuan, and 9.990 billion yuan, with growth rates of 390.2%, 35.2%, and 30.6% respectively [8] Market Position and Strategy - The company is a leading player in the high-layer PCB market, with capabilities to produce PCBs with over 70 layers and ongoing development for 100-layer PCBs [9] - The company is focusing on AI server applications, which are expected to drive demand for its products in various sectors, including data centers and industrial control [9] Valuation Metrics - The earnings per share (EPS) for 2025-2027 are projected to be 6.50 yuan, 8.79 yuan, and 11.48 yuan, with corresponding price-to-earnings (P/E) ratios of 48x, 36x, and 27x [8]

Group 1 - The company, Siwei Fushi (300852.SZ), primarily focuses on high multilayer PCB production at its factory in Thailand and has not yet ventured into flexible circuit boards [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching 14.117 billion yuan, a year-on-year growth of 83.40%, and net profit of 3.245 billion yuan, a growth of 324.38% [1] - The successful completion of a 1.9 billion yuan private placement will strengthen the company's position in the AI computing infrastructure sector and support its high-end intelligent manufacturing initiatives [1] Company Overview - The company is a leading global supplier of PCBs for artificial intelligence and high-performance computing, focusing on high-end HDI and multilayer PCBs used in advanced technology sectors such as AI, new energy vehicles, and high-speed communication [2][3] - Its core products include AI computing cards, servers, AI servers, data center switches, and general substrates, with AI server PCBs priced 30 times higher than standard products, achieving gross margins over 40% [2] - The company has established strong partnerships with top global tech firms, serving as a core supplier for NVIDIA and the exclusive supplier for Tesla's autonomous driving PCBs [2] Production Capacity and Global Strategy - The company has production facilities in Guangdong, Hunan, Thailand, and Malaysia, with its headquarters in Huizhou being the largest single PCB production base globally [3] - The recent fundraising will support the establishment of AI HDI manufacturing bases in Vietnam and high-layer PCB projects in Thailand, enhancing the company's capacity to meet international AI client demands [3] Industry Trends and Growth Potential - The demand for AI computing and servers is rapidly increasing, driving high demand for PCBs with stringent requirements, which supports the industry's growth [4] - The ongoing upgrade in signal transmission bandwidth and material quality is creating a structural supply-demand gap in high-end PCBs, favoring leading companies like this one [4] - The company is advancing its technology to produce 10-layer 30-layer HDI products and has capabilities for over 100-layer multilayer PCBs, positioning itself as a key player in the AI computing supply chain [4] Market Outlook - The global HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, with AI server-related HDI expected to grow at a CAGR of 19.1% [5] - The company is expected to leverage its technological advantages and strategic partnerships to break through core technology barriers in high-layer and high-end HDI, facilitating large-scale production in AI computing and data center sectors [6] - A potential listing on the Hong Kong Stock Exchange could expand the company's market reach, enhancing its competitive position in the global market [6]

Group 1 - The A-share market showed strong performance on October 27, with the Shanghai Composite Index approaching the 4000-point mark, and most industry sectors recorded gains, particularly in electronics, communication, and semiconductor sectors [1] - The main funds in the market experienced a net outflow of 75.9 billion yuan, with the electronics and communication sectors seeing significant net inflows of 38.66 billion yuan and 22.5 billion yuan, respectively [1] - Among the 21 sectors with net outflows, the power equipment sector had the highest outflow at 46.58 billion yuan, while the automotive, media, and non-bank financial sectors each saw outflows exceeding 10 billion yuan [1] Group 2 - A total of 43 stocks had net inflows exceeding 2 billion yuan, with 12 stocks receiving net inflows over 4 billion yuan [2] - Shenghong Technology led with a net inflow of 9.47 billion yuan, highlighting its capability in large-scale production of high-density interconnect (HDI) boards and advanced PCB technology [2] - Hengbao Co. followed with a net inflow of 8.72 billion yuan, with significant buying from institutional investors [3] Group 3 - There were 40 stocks with net outflows exceeding 2 billion yuan, including Dongfang Wealth and CATL, which each saw outflows over 7 billion yuan [4] - In the last trading session, the market saw a net inflow of 1.68 billion yuan, with notable inflows in the electronics and biopharmaceutical sectors [5] - Stocks like Luxshare Precision and CATL experienced tail-end net inflows exceeding 1.5 billion yuan [5]

Group 1 - The A-share market experienced a significant upward trend, with the Shanghai Composite Index reaching a new high for the year, closing up 0.71%, while the ChiNext Index surged by 3.57% [2] - The trading volume in the Shanghai and Shenzhen markets was 1.97 trillion yuan, an increase of 330.3 billion yuan compared to the previous trading day [2] - Key sectors that led the gains included optical modules, storage chip concepts, and commercial aerospace, with notable stocks hitting their daily limit [2] Group 2 - Shengyi Electronics reported a strong performance in Q3, with revenue and profit both exceeding market expectations, driven by the demand for AI hardware [3] - The company projected a revenue median of 3.055 billion yuan for the first three quarters, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 39.6% [3] - Shengyi's profit median was estimated at 583 million yuan, showing a year-on-year growth of 545% and a quarter-on-quarter growth of 76.7% [3] Group 3 - TSMC remains optimistic about AI demand, expecting a compound annual growth rate (CAGR) of around 45% for AI revenue from 2024 to 2029 [4] - The surge in token numbers indicates a strong real demand for AI computing power, with TSMC receiving strong signals from customers for future forecasts [4] - The market is anticipated to continue its structural bull market trend, supported by domestic policies, liquidity easing, and new capital inflows, with a focus on sectors like semiconductors, AI hardware, and renewable energy [4]