2025年10月9日，奥士康（sz002913）触及涨停，涨停价44.66元，涨幅10%，总市值141.32亿元，流通 市值134.34亿元，截止发稿，总成交额8706.51万元。 声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，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。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 根据喜娜AI异动分析，奥士康涨停原因可能如下，可转债发行+高端PCB+国际化布局： 1、公司积极推 进资本运作，可转债发行计划获高票通过，拟募资10亿元用于高端PCB项目，显示股东对公司发展策略 高度认可。该项目瞄准AI服务器、AIPC、汽车电子等高增长领域，有望助力公司提升市场竞争力与盈 利能力。 2、公司业务发展态势良好，通过与日本名幸电子合作拓展国际市场，泰国基地建设取得进 展，海外收入占比提升至 ...

来源：雪球App，作者： 独角兽智库，（https://xueqiu.com/1048969405/355675531） 国庆假期期间，科技领域事件密集，尤以AMD与OpenAI的合作为焦点，重塑全球AI算力格局。与此同 时，国内核电与固态电池技术取得关键突破，共同构成A股市场节后投资主线。本报告将深入分析三大 科技领域的投资机会，并梳理核心标的及其逻辑。 一、半导体自主可控：AMD-OpenAI合作开启千亿市场，国产替代加速 AMD与OpenAI的深度绑定标志着AI算力竞争进入新阶段。10月6日，AMD宣布与OpenAI达成一项为期 四年、总值高达数百亿美元的6吉瓦算力协议，OpenAI将部署多代AMD Instinct系列GPU为其下一代AI 基础设施提供动力支持，首批1吉瓦基于MI450芯片的部署计划于2026年下半年启动。作为协议核心， AMD向OpenAI发行了最多1.6亿股认股权证，若全部行使，OpenAI可能持有AMD约10%的股权，这 种"硬件换股权"模式将双方利益深度捆绑，推动技术协同和生态共建。此合作不仅为AMD带来直接收 入增长（预计未来四年新增收入超千亿美元），更打破了英伟达在AI加速 ...

Group 1 - The company Dongshan Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and brand recognition [1] - In the first half of 2025, Dongshan Precision achieved total revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit attributable to shareholders of 758 million yuan, a year-on-year increase of 35.21% [3] - The company's gross profit margin improved due to reduced depreciation costs and ongoing structural adjustments in its LED business [3] Group 2 - Dongshan Precision's AI strategy focuses on building competitive hardware infrastructure to meet the demands of the AI industry ecosystem, with a focus on high-end PCBs and optical modules for AI computing power [3] - The current optical chip market is experiencing a supply shortage driven by the demand for high-speed optical modules, particularly for products with speeds of 800G and above [4] - The expansion cycle for optical chips is approximately one year, with an additional three years required for customer validation, while optical module expansion can respond more flexibly to customer demand [4]

PCB（印制电路板），是现代电子产品的核心组件，PCB与芯片、面板并称电子信息产业三大元器件，主要作用是实现电子 元器件之间的相互连接，实现信号传输，因此也被称为"电子产品之母"。 Prismark数据显示，2024年全球PCB市场产值为735.65亿美元，同比增长5.8%；而中国以412.13亿美元的产值领跑全球，同比 增速高达9.0%。 数据来源：Prismark 制图：杨期鑫 而在这场产业竞逐中，城市间的角力尤为激烈——作为中国PCB产业核心区域，广东PCB产能占全国约60%，拥有超万亿市值 的上市企业集群，以及深圳、惠州、东莞等城市形成的城市集群；与此同时，中西部城市如江西信丰、安徽广德正借势产业 转移东风强势崛起。 在全球科技竞争日趋白热化的当下，高端PCB产业已成为其中的关键一环——最先进的芯片需依托同样高端的PCB才能实现 性能释放，其技术水平直接制约着算力、通信等前沿领域的突破。AI技术的爆发式发展，正为PCB产业开辟新的增长极：算 力服务器、智能驾驶等场景对高层数（超20层）、高精度PCB的需求激增，推动产业加速向高端化、定制化转型。 在这个过程中，广东珠海正凭借东山精密、景旺电子等头部企业 ...

Group 1: Industry Overview - The PCB industry is experiencing increased attention, with leading domestic companies actively expanding high-end HDI capacity to compete for quality orders in the future server PCB market [1] - The demand for PCB products is expected to rise, with both product value and industry demand on an upward trend due to the ongoing AI technology revolution [1][3] - The industry is witnessing a shift towards higher layer counts and increased unit prices for PCB products, driven by the growing demand for AI computing power [1][2] Group 2: Company Developments - Dongshan Precision has initiated a $1 billion investment plan over 2-3 years, with approximately $200 million already allocated for upgrading existing facilities, and new capacity expected to be released in the first half of next year [2] - The company is leveraging its acquisition of Multek, which possesses advanced technology in HDI and high-layer PCBs, to meet the core demands of AI devices [2] - In the first half of 2025, Dongshan Precision reported revenue of 16.955 billion yuan, a year-on-year increase of 1.96%, with electronic circuit products contributing 11.059 billion yuan, accounting for 65.23% of total revenue [2] Group 3: Competitor Insights - Shenghong Technology has reported a significant increase in revenue, achieving 9.031 billion yuan in the first half of 2025, a year-on-year growth of 86%, with net profit rising by 366.89% to 2.143 billion yuan [3][4] - The company emphasizes its technological leadership in AI computing and server fields, claiming to be 2-3 years ahead in mass production technology [4] - Shenghong Technology is expanding its production capacity overseas, with ongoing projects in Thailand and Vietnam to enhance high-layer and high-end HDI production capabilities [4]

Group 1 - The core focus of the company's AI strategy is to build competitive advantages around the hardware infrastructure needed for the AI industry ecosystem [2] - The company aims to enhance its capabilities in high-end PCB and optical modules required for AI computing power, with increased capital expenditures to boost production capacity and scale delivery [2] - The company has established a stable business foundation in consumer electronics and new energy vehicles, serving leading international clients [2] Group 2 - The AI PCB business is driven by the company's deep technical expertise and resource reserves from Multek, which has a strong technology foundation and serves well-known international clients [3] - The company possesses core technologies in high-layer PCBs and has accumulated manufacturing experience through early applications in communication equipment, enabling it to meet the high-density and multi-layered product demands of AI devices [3] - The company has implemented strategies to secure production capacity resources for critical manufacturing processes, anticipating growth in PCB product layers and prices due to rising AI computing power demands [3] Group 3 - The acquisition of Sols is progressing smoothly, with core transaction phases advancing as planned [4] - The optical chip market is experiencing a supply shortage driven by the demand for high-speed optical modules due to AI, with significant gaps in supply for products rated at 800G and above [4] - Post-acquisition, the company plans to enhance capital and supply chain support for Sols, focusing on high-end optical module demands and optimizing production capabilities [4]

格隆汇9月17日｜东山精密(002384.SZ)公告称，东山精密在投资者关系活动中透露，公司AI战略布局， 核心是围绕AI产业生态的硬件基础设施需求构建竞争力。未来重点推进适配高增长、高性能场景下AI 算力所需高端PCB和光模块的研发和生产。当前光芯片市场因AI驱动的高速光模块需求爆发而呈现显著 紧缺态势，尤其是800G及以上高速率产品的供应缺口尤为突出，供应紧张格局短期难以缓解。索尔思 在大客户上核心围绕高端光模块产品的市场渗透，收购后长期目标将重点锁定2027年全球顶级科技客户 的1.6T光模块需求，同时优化生产基地为2026年业务放量夯实产能基础。索尔思在光模块技术布局上采 取EML与硅光方案双轨并行策略。当前以EML方案为主力推进800G/1.6T产品送样，同时重点培育硅光 技术——其硅光方案成本优势显著，在LRO、DSP减半及LPO等场景中具备应用优先级。 ...

Core Viewpoint - The article discusses the significant changes in the North American AI hardware supply chain, highlighting four major expectation gaps due to rapid application growth and competition among tech giants [4]. Group 1: Expectation Gaps - Expectation Gap 1: A "computing power squeeze" has emerged due to the rapid explosion of applications, leading to shortages in critical materials such as advanced process capacity from TSMC, high-end PCBs, and optical modules, exceeding expectations [5][6]. - Expectation Gap 2: The competition among major players like OpenAI, Google, Meta, and Amazon for computing resources is intensifying, with companies scrambling to secure TPU and GPU resources [10][11]. - Expectation Gap 3: Product upgrades are expected to significantly enhance profit margins, particularly for high-end products like PCBs and optical modules, which are in high demand [13]. - Expectation Gap 4: The fierce competition among North American tech giants is expected to lead to price increases, as companies prioritize securing production capacity over reducing prices [14]. Group 2: Industry Dynamics - The supply chain's position is improving, which is a necessary condition for valuation increases, as major players like Google, Oracle, AWS, and OpenAI seek suppliers from the current mainstream companies in the supply chain [12]. - The competition is expected to drive up profit margins due to the scarcity of high-end products and the aggressive resource acquisition strategies of major clients [16]. - The technological uncertainty is anticipated to decrease amid intense competition, delaying significant advancements in areas like CPO until after the current competitive cycle [17]. Group 3: Market Outlook - The article suggests that the current innovation cycle favors domestic supply chains, with a bullish market outlook for AI leading to a natural increase in valuations [17]. - The expectation is that new capital influx will drive marginal pricing, with potential for significant growth in valuations for high-demand products [16].

Group 1: Company Overview - China Electronics PuTian Technology Co., Ltd. (PuTian Technology) is a high-tech enterprise specializing in public network communication, private network communication, smart applications, and intelligent manufacturing, listed on the Shenzhen Stock Exchange since January 28, 2011, with a registered capital of 680 million yuan [3]. - The company is a key player in the national cybersecurity system development and is actively involved in satellite internet as part of its strategic direction [4]. Group 2: Business Performance - In the first half of 2025, the public network communication segment faced revenue pressure due to a decline in operator investments, prompting the company to enhance its digital consulting and design capabilities [3]. - The private network communication and smart applications segment is under pressure from intensified competition and service structure adjustments, with a focus on stabilizing core markets in transportation, safety, and energy [3]. - The intelligent manufacturing segment saw significant order growth in the first half of 2025, although manufacturing costs increased due to rising precious metal prices, leading to a decline in gross margins [3]. Group 3: Core Competencies - The company offers integrated project services in the mobile communication sector and has a first-mover advantage in autonomous research and development of 5G core networks and terminals [5]. - It has pioneered the use of domestically produced TETRA digital cluster equipment in rail transit and developed a multi-level emergency command narrowband wireless communication network [5]. - The company specializes in high-reliability, short-lead-time, and special process requirements for manufacturing printed circuit boards, with products widely used in high-end fields such as aerospace and power [5]. Group 4: Data Governance and Innovation - The company is committed to data governance, focusing on building core capabilities in data integration, governance, development, sharing, security, and operations, targeting government and enterprise sectors [7]. - A strategic partnership was formed with Helium Star Light Co., Ltd. and Beijing Yixin Technology Co., Ltd. to establish a joint R&D center aimed at advancing satellite internet strategies and key technologies in space computing [7].

Group 1: Jingwang Electronics - In the first half of 2025, the company achieved operating revenue of 7.095 billion yuan, a year-on-year increase of 20.93% [1] - The net profit attributable to shareholders was 650 million yuan, a decrease of 1.06% year-on-year, while the net profit excluding share-based payment impacts was 721 million yuan, reflecting a year-on-year growth of 9.55% [1] - The company is investing 5 billion yuan in the Zhuhai Jinwan base for high-end PCB capacity construction, with the Thailand base structure already completed to meet overseas demand for automotive electronics and AI server products [1] Group 2: Lens Technology - Lens Technology (H-share: 06613) was listed on July 9, 2025, and has engaged in joint R&D with leading companies in the 3D printing industry, with some products expected to achieve mass production next year [2] - The wholly-owned subsidiary, Hunan Lens New Energy Co., Ltd., has a registered capital of 1 billion yuan and focuses on photovoltaic glass products, equipment, and projects [2] Group 3: Shiyun Circuit - The company collaborates with leading domestic and international AI smart glasses clients, providing one-stop supply services [2] - New energy vehicle PCBs are a core business area, and the company offers comprehensive support for clients, leveraging years of technical accumulation and production experience [2] - The company is currently supplying energy storage-related PCB products globally to a key client, with ongoing progress in the energy storage sector [2] Group 4: Institutional Overview - Founded in 2007, the company is a leading private equity fund manager in China, focusing on investment opportunities related to China [2] - The client base includes global government pension funds, sovereign wealth funds, university endowments, insurance companies, and high-net-worth individuals [2]