来源：洞察IPO 2026年2月24日，胜宏科技（300476.SZ）再度向港交所递交主板上市申请，联席保荐机构为摩根大通、 中信建投国际与广发证券。 这是胜宏科技继2025年8月首次递表失效后，第二次冲击港股IPO，公司于2015年在深交所创业板上 市，截至2026年2月25日收盘，胜宏科技股价报292.58元，市值约2552.93亿元。 01 行业"卖水人" 作为AI算力赛道的核心供应商，胜宏科技已登顶全球AI及高性能计算PCB市占率榜首，成为行业"卖水 人"。 胜宏科技本次赴港港股上市，是公司全球化与资本战略的关键一步。公司已在A股创业板上市多年，依 托AI产业爆发实现市值与业绩双跃升，此次登陆港股，意在搭建境内外联动的融资体系，支撑高端产 能扩张、技术研发投入与全球市场拓展。 产品结构同步升级，高阶HDI与高多层PCB收入占比持续提升，低附加值传统产品占比不断压缩，整体 产品矩阵向高端化、高毛利化转型。 02 三重核心风险 总的来看，胜宏科技近年业绩增长态势显著。 2022年至2024年，胜宏科技收入分别约为78.85亿元、79.31亿元、107.31亿元。2025年前三季度，公司 营收同比增长83. ...

招股书显示，胜宏科技是全球领先的人工智能及高性能计算PCB供应商，专注于高阶HDI、高多层PCB的研发、生产和销售。凭借领先的技术、高品质产品 和强大的生产能力，成为众多全球顶尖科技企业的重要合作伙伴。根据弗若斯特沙利文的资料，以2025年第一季度人工智能及高性能算力PCB收入规模计， 公司的市场份额位居全球第一，核心应用涵盖AI算力卡、服务器、AI服务器、数据中心交换机、通用基板等关键设备。 智通财经APP获悉，胜宏科技(惠州)股份有限公司(简称：胜宏科技(300476.SZ))于2025年8月20日所递交的港股招股书满6个月，于2026年2月20日失效，递表 时摩根大通、中信建投国际、广发证券(香港)为联席保荐人。 ...

智通财经APP获悉，胜宏科技(惠州)股份有限公司(简称：胜宏科技(300476.SZ))于2025年8月20日所递交的港股招股书满6个月，于2026年2月20日失效，递表 时摩根大通、中信建投国际、广发证券(香港)为联席保荐人。 招股书显示，胜宏科技是全球领先的人工智能及高性能计算PCB供应商，专注于高阶HDI、高多层PCB的研发、生产和销售。凭借领先的技术、高品质产品 和强大的生产能力，成为众多全球顶尖科技企业的重要合作伙伴。根据弗若斯特沙利文的资料，以2025年第一季度人工智能及高性能算力PCB收入规模计， 公司的市场份额位居全球第一，核心应用涵盖AI算力卡、服务器、AI服务器、数据中心交换机、通用基板等关键设备。 ...

Group 1 - The National Integrated Circuit Industry Investment Fund (Phase III) has invested in TianSuiXinYuan Technology (Shanghai) Co., Ltd., a subsidiary of Chipone Technology, demonstrating the government's commitment to developing the integrated circuit industry and strengthening the self-controllability of the industrial chain [1] - TianSuiXinYuan's registered capital has increased from 10 million to 950 million yuan, with new shareholders including Huaxin Dingxin and Shanghai Guotou Xian Dao Integrated Circuit Private Equity Investment Fund [2] - The major shareholders of TianSuiXinYuan include Chipone Technology, Huaxin Dingxin, and Shanghai Guotou Xian Dao, holding 40%, 31.58%, and 15.79% respectively, with Huaxin Dingxin being a fund under the National Integrated Circuit Industry Investment Fund (Phase III) [2] Group 2 - The National Integrated Circuit Industry Investment Fund (Phase III) has been actively investing in multiple semiconductor companies over the past six months, including Huaxin Dingxin's investment in Anhui Juhua Microelectronics and Guotou Jixin's investments in several other firms [4] - Investments made by the fund include stakes in companies such as Anhui Juhua Microelectronics (18%), Anjie Liming (8.85%), Changfei Quartz (20.80%), Nantong Crystal (25%), and Tuojing Technology (12.71%) [5] - The investments aim to address critical areas in the semiconductor supply chain, enhancing the technological capabilities and production scales of the involved companies, thereby promoting the overall development of the semiconductor industry in China [8]

Core Viewpoint - Shenzhen Toptech Technology Co., Ltd. has submitted its registration, focusing on smart controllers and industrial IoT solutions, and is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 1: Company Performance - Toptech reported a total revenue of 1.132 billion yuan and a profit of 111 million yuan for 2025, showing steady growth year-on-year [1] - The company successfully passed the listing committee review of the Beijing Stock Exchange in January, becoming one of the first companies to be approved in the new year [1] Group 2: Investment Banking Activities - GF Securities, the exclusive sponsor for Toptech, ranks sixth in the industry with 13 IPOs among the 348 companies currently in the A-share IPO queue, focusing on specialized and innovative enterprises and strategic emerging industries [1][2] - Guangdong-based Yu-Chip Semiconductor, another company supported by GF Securities, is the first 12-inch wafer manufacturing enterprise to enter mass production in the province, planning to raise 7.5 billion yuan through an IPO on the ChiNext board [2] Group 3: Industry Trends - The proportion of specialized and innovative enterprises among the companies sponsored by GF Securities reached 82.98% as of June 2025, significantly higher than the market average [3] - The report from Ernst & Young and Zhejiang University indicates that the proportion of specialized and innovative listed companies in total listings was 47.66%, 45.05%, and 60.00% for the years 2022, 2023, and 2024, respectively [3] Group 4: Strategic Focus - GF Securities is enhancing its industry research capabilities and transitioning to a comprehensive financial "resource allocation investment bank," focusing on specialized and innovative industries [4] - The stock price of Shenghong Technology, a leading supplier of AI and high-performance computing PCBs, increased nearly sixfold from 41.92 yuan to 287.58 yuan in 2025, reflecting the growing demand for AI infrastructure [4] Group 5: Future Outlook - GF Securities' investment banking business is expected to continue releasing potential by focusing on specialized and innovative industries, aiding more such enterprises in entering the capital market [5]

Investment Rating - The report maintains an "Overweight" rating for the PCB industry chain, anticipating high growth in 2025 and sustained prosperity in 2026 [1]. Core Insights - The PCB industry is expected to experience significant growth in 2025, driven by increasing demand for AI computing power and the upgrade of PCBs towards high-performance and high-density products. This includes a rise in demand for high-layer boards and advanced HDI products, which will also boost related sectors such as high-end copper-clad laminates, drilling consumables, and equipment [4][61]. - Despite some disruptions in Q4 2025 performance, the growth logic for 2026 remains intact, with new computing platforms and technologies like orthogonal backplanes and CoWoP expected to enhance product value significantly [4][61]. Summary by Sections PCB - Q4 2025 performance may face disruptions, but the growth logic for 2026 remains unchanged. The demand for high-layer and advanced HDI PCBs is increasing, leading to high growth rates for companies like Shenghong Technology, Huadian Co., and Shennan Circuit, with projected net profits of 43.60 billion, 38.22 billion, and 32.48 billion respectively, reflecting year-on-year growth rates of 277.68%, 47.74%, and 73.00% [13][14]. Copper Clad Laminate (CCL) - The CCL sector is expected to see high growth in 2025, benefiting from increased demand for high-end products driven by AI computing power and price adjustments. Major CCL manufacturers are projected to achieve significant profit increases, with companies like Shengyi Technology expected to report a net profit of 33.50 billion, a year-on-year increase of 92.50% [36][41]. Drilling Tools and Equipment - The drilling tool sector is anticipated to exceed market expectations in 2025, with companies like DingTai High-Tech projected to achieve a net profit of 4.35 billion, reflecting a year-on-year growth of 91.74%. This growth is driven by increased demand for high-end PCBs and the optimization of product structures [48][49]. - Equipment demand is expected to rise due to the expansion of PCB production capacity, with companies like Dazhu CNC and Chip Quik projected to see significant profit increases, driven by the growing market for PCB-specific processing equipment [55][57].

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies, such as昊志机电 and 胜宏科技 [1][3][5] Company Performance - 昊志机电 expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%, with a non-net profit forecast of 77 million to 112 million yuan, reflecting a growth of 79.77% to 163.19% [1][3] - 胜宏科技 anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, indicating a year-on-year increase of 260.35% to 295% [3][5] Market Drivers - The growth in the PCB industry is attributed to the rapid increase in demand for AI computing infrastructure and the continuous upgrade of consumer electronics, which has significantly boosted sales of specialized processing equipment [3][5] - The sales revenue of PCB spindle products from 昊志机电 reached 169 million yuan, marking an increase of 83.99% [3] Industry Trends - The PCB market is entering a high prosperity cycle due to the explosive growth of AI applications, with increasing demand for high-density interconnect (HDI) and multi-layer boards [7] - Consulting firm Prismark predicts a global PCB market value growth of approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [7] Competitive Landscape - Companies like 金安国纪 and 东威科技 are also forecasting significant profit growth, with 金安国纪 expecting a net profit of 280 million to 360 million yuan, reflecting a year-on-year increase of 655.53% to 871.40% [6][7] - The industry is witnessing a trend of domestic companies enhancing their production capacity and focusing on high-end products to maintain competitive advantages in the global market [5][6]

Core Insights - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics [1][4][9] Company Performance - Haoshi Electromechanical expects a net profit increase of 54.4% to 99.03% for 2025, with projected profits between 128 million to 165 million yuan [2] - The company attributes its growth to the rising demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, alongside accelerated domestic substitution and technological innovation [2][4] - Shenghong Technology anticipates a net profit increase of 260.35% to 295% for 2025, with expected profits between 4.16 billion to 4.56 billion yuan [5] - The company emphasizes its commitment to embracing AI and capitalizing on the historical opportunities presented by the AI computing technology revolution [6][7] Market Trends - The PCB industry is witnessing structural growth due to the rapid increase in demand for AI computing infrastructure and continuous upgrades in consumer electronics [4][9] - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029 [9] - The demand for high-density interconnect (HDI) and high-layer count boards is surging, leading global PCB companies to increase capital investments and expand high-end production capacity [9] Other Companies' Performance - Other PCB companies, such as Jin'an Guoji, Xinqi Microelectronics, and Guanghe Technology, are also expected to report significant profit increases in 2025 [8] - Jin'an Guoji anticipates a net profit of 280 million to 360 million yuan, representing a year-on-year growth of 655.53% to 871.40% [8]

Core Insights - In December 2025, over 600 A-share listed companies underwent institutional research, indicating a strong interest in investment opportunities in the A-share market as the new year approaches [2][3]. Group 1: Institutional Research Activities - The research activities in December 2025 maintained a high level of engagement, with more than 600 A-share companies participating [3]. - Among these, companies like Boying Special Welding received significant attention, with over 10 research sessions conducted, involving various types of institutions such as public funds, private equity, and insurance companies [3]. - Boying Special Welding plans to launch two HRSG production lines in 2026, primarily targeting non-North American markets [3][4]. Group 2: Company Performance and Insights - Boying Special Welding was noted as one of the standout stocks in December 2025, with a cumulative increase of over 30% [4]. - Jerry Holdings also ranked high in terms of institutional research frequency, focusing on supply chain resilience and partnerships with major gas turbine manufacturers [5]. - Jerry Holdings' stock price rose by over 20% in December 2025, reflecting strong market performance [5]. Group 3: Market Trends and Sector Focus - The research highlighted a concentration of interest in sectors such as machinery, electronics, basic chemicals, automotive, pharmaceuticals, power equipment, and computers [6]. - Over 100 companies that saw their stock prices double in 2025 participated in institutional research, indicating a correlation between research engagement and stock performance [8]. - Companies like Shenghong Technology, which experienced a stock price increase of over 500%, engaged with numerous institutional investors to discuss expansion plans and production capacity [8].

Core Viewpoint - In December 2025, over 600 A-share listed companies underwent institutional research, indicating a strong interest in investment opportunities in the A-share market as the new year approaches [1][4]. Group 1: Institutional Research Activities - More than 100 companies that experienced a doubling in stock price in 2025 were part of the institutional research [2][10]. - The research activities maintained high intensity, with institutions such as public funds, private funds, brokerages, and insurance companies participating in various forms including on-site visits and online research [4]. - Notable companies like Boying Special Welding and Jereh Holdings received significant attention, with Boying Special Welding being researched over 10 times in December 2025 [4][6]. Group 2: Company Insights - Boying Special Welding plans to launch two HRSG production lines in 2026 to meet non-North American market demands, leveraging its experience and production qualifications to maintain a competitive edge [4][5]. - Jereh Holdings emphasized its global supply chain resilience and strategic partnerships with major turbine manufacturers to ensure timely delivery of products, while also expanding its production capacity in North America [6]. - Okoyi's insights on tungsten prices suggest a stable high price range, benefiting the tool industry and allowing leading companies to consolidate their market positions through technological advantages [7]. Group 3: Market Trends and Performance - In December 2025, Jereh Holdings' stock rose over 20%, reflecting strong market performance [7]. - The A-share market saw the emergence of over 500 doubling stocks in 2025, with more than 100 of these companies participating in institutional research in December [10]. - Companies like Shenghong Technology, which saw a stock increase of over 500%, actively engaged with institutional investors to discuss expansion plans and production capabilities [10].