2026年的A股市场，指数在震荡中缓慢上行，但个股行情却冰火两重天。 很多散户朋友每天追逐涨停板、跟风热门题材，结果往往是高位被套、来回亏损。 然而，就在市场喧嚣的背后，一股"聪明钱"正在悄然行动。 以社保、公募、外资为代表的主力资金，正避开人声鼎沸的热门股，默默建仓一批看似低调、 实则内核强大的公司。 这些公司不是靠故事和概念炒作，它们普遍拥有五大特征：身处国家重点支持的高景气赛道、近三年业绩持续增长、当前估值处于 历史低位、拥有难以替代的技术壁垒、并且获得了中长期机构的持续加仓。 它们就像武侠小说里的"扫地僧"，平时不显山露水，却身怀绝技。 本文将为你 揭开这10只被主力悄悄看中的"隐形冠军"面纱，看看它们究竟凭什么能成为穿越市场周期的底气。 厦门钨业是一家拥有钨、稀土、锂电材料三大主业的资源巨头。 市场通常把它看作传统的周期品公司，忽视了其在新材料领域的成长性。 2025年，公司实 现营业收入464.69亿元，同比增长31.37%；归母净利润23.11亿元，同比增长35.08%。 在钨业务上，它是全球APT产能第一的企业，光伏切割用的钨丝全球 市占率超过80%。 在新能源材料领域，它的子公司厦钨新能是宁 ...

Core Viewpoint - The article discusses the "Spring Festival Effect" in the A-share market, emphasizing that it is not merely about price increases or decreases, but rather about market rhythm and style shifts during this period [3][4]. Group 1: Market Trends - Historical data from 2015 to 2025 indicates that the A-share market exhibits systematic and quantifiable characteristics around the Spring Festival, particularly in overall trends and style rotations [5]. - Pre-festival, market sentiment is generally stable, with the average increase of the Shanghai Composite Index and CSI 300 Index being approximately 0.62% and 0.77% respectively in the last five trading days before the festival, and an upward probability of about 63.6% [6][11]. - Post-festival, the market often enters a sustained upward phase, with the average increase of major indices turning positive within the first ten trading days after the festival, showing an upward probability of 72.7% for the Shanghai Composite Index and 81.8% for the CSI 1000 Index [11][12]. Group 2: Style Rotation - There is a clear rotation in market style before and after the Spring Festival. Before the festival, larger-cap stocks tend to outperform due to lower trading activity and higher certainty in earnings, as indicated by the better performance of the CSI 300 Index compared to the CSI 1000 Index [13][15]. - After the festival, the market sees a significant reversal in style, with the CSI 1000 Index showing an average increase of 2.47% in the first five trading days post-festival, outperforming the CSI 300 Index, which only saw a marginal increase of 0.01% [15][16]. - This shift indicates a return of funds and an increase in risk appetite, with investors favoring smaller-cap growth stocks that are more sensitive to liquidity [15][20]. Group 3: Future Market Predictions - For the 2026 Spring Festival, the report suggests a high probability of a phase of market recovery post-festival, driven by valuation levels, policy expectations, and capital inflows, although the path may be more complex than in previous years [18][19]. - The rotation logic of preferring defensive large-cap stocks before the festival and more elastic assets afterward remains relevant, with a focus on sectors that align with current policy support for technological innovation and new production capabilities [20][21]. - Key sectors to watch post-festival include artificial intelligence, high-end manufacturing, and renewable energy, which are expected to benefit from strong policy drivers and high industry growth [21][22].

Core Viewpoint - Jingwang Electronics has officially submitted its prospectus to the Hong Kong Stock Exchange, marking the start of its A+H capital platform construction, coinciding with the booming PCB industry and the company's expansion into overseas markets [1][2][3]. Company Overview - Jingwang Electronics is the world's largest automotive electronic PCB supplier and has been deeply involved in the PCB sector for 33 years [2][3]. - The company has maintained an overseas revenue share of around 40%, with major clients including top automotive suppliers and leading AI computing companies [2][4]. Expansion Plans - To meet the increasing demand from overseas clients, Jingwang Electronics began constructing a factory in Thailand in 2023, which is expected to commence production in early 2026 [2][3]. - The funds raised from the Hong Kong listing will primarily be used to expand and upgrade production capacity, including the construction of a second phase in Thailand [3][5]. Industry Trends - The PCB industry is experiencing a significant surge in interest due to the explosive growth in AI computing and electric vehicles, with the PCB index price increasing by 144% over the year [4]. - The high-end PCB market concentration ratio (CR10) has risen from 25% in 2020 to 30% in 2024, indicating a shift towards larger players like Jingwang Electronics as smaller firms exit the market [4][5]. Financial Performance - Jingwang Electronics has reported continuous revenue growth over the past three years, with revenues of 12.659 billion and 11.083 billion yuan for the first three quarters of 2024 and 2025, respectively, reflecting year-on-year growth of 17.68% and 22.08% [4]. - The automotive electronics segment generated 5.066 billion yuan in revenue during the first three quarters of 2025, marking a year-on-year increase of 22.72% [4]. Market Outlook - The market for data infrastructure PCBs and automotive electronic PCBs is projected to grow significantly, with expected increases from $12.5 billion and $9.2 billion in 2024 to $23 billion and $12.2 billion by 2030, respectively [5]. - The industry is witnessing a capacity expansion race, with multiple PCB companies, including Jingwang Electronics, investing heavily in new facilities and upgrades to meet rising demand [5].

Core Insights - The company is a leading domestic PCB supplier for AI servers, benefiting significantly from the high demand for computing power, with a notable revenue increase and profit growth in 2025 [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit attributable to shareholders of 492 million yuan, up 53.91% [1] - The gross profit margin improved to 36.41%, indicating enhanced profitability [1] Group 2: Technological Advancements - The company invested 179 million yuan in R&D in 2024, a year-on-year increase of 48.6%, focusing on high-end product development [1] - Achievements include mass production of PCIe 5.0 server motherboards and early-stage R&D for PCIe 6.0, along with stable mass production of five-layer HDI accelerator card PCBs and UBB boards with 22 to 32 layers [1] Group 3: Global Expansion - The company is deepening its global production capacity with a new facility in Thailand, which has an initial annual production capacity of approximately 200,000 square meters, aimed at serving overseas data center clients [2] - The first phase of the Thailand production base commenced operations in June 2025, with a second phase planned for 2026 [2] Group 4: Investment Outlook - Revenue projections for 2025-2027 are 5.437 billion yuan, 7.362 billion yuan, and 10.121 billion yuan, respectively, with net profits of 1.072 billion yuan, 1.477 billion yuan, and 2.075 billion yuan [2] - Corresponding price-to-earnings ratios are estimated at 28.3, 20.5, and 14.6 times, with an initial "buy" rating suggested [2]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of the year, driven by successful ramp-up of new production capacity and strong demand for AI servers and high-speed switches [2][3]. Financial Performance - For the first three quarters, the company achieved revenue of 6.83 billion, a year-on-year increase of 115%, and a net profit attributable to shareholders of 1.11 billion, up 498% year-on-year [2]. - In Q3 alone, revenue reached 3.06 billion, representing a year-on-year increase of 153.7% and a quarter-on-quarter increase of 39.8% [2]. - The gross margin for Q3 was 33.9%, up 9.0 percentage points year-on-year, while the net margin was 19.1%, an increase of 11.6 percentage points year-on-year [2]. Market Dynamics - The company's strong performance in Q3 was attributed to several factors: 1. Overly pessimistic market concerns regarding AWS server platform transitions and competition from Taiwanese peers, while the company maintained a leading position in PCB supply for AWS AI servers [2]. 2. Successful ramp-up of production at the Dongcheng No. 5 plant, which helped consolidate AWS market share and secure more computing power-related orders [2]. 3. Continuous upgrades in the switch business, with 400G and 800G switch PCB products entering mass production, significantly enhancing profitability [2]. 4. A decline in non-AI related business, with price increases for clients in this area to improve gross margins [2]. Future Outlook - For Q4 and 2026, the company is expected to operate at full capacity in its new plants, with increased production from existing facilities due to technological upgrades, supported by strong downstream AI demand and improved order visibility [3]. - The second phase of the Ji'an plant and the Thai plant are projected to commence production by mid-2026, with the company actively seeking certification from clients like Meta, Google, and NV, which may enhance market share in AI servers and high-speed switches [3]. Investment Recommendations - Given the strong Q3 performance and favorable short-term order visibility, along with ongoing expansion of high-end production capacity and continuous product optimization, the company has revised its revenue and net profit forecasts for 2025-2027 [3].

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]

Core Viewpoint - Chongda Technology (002815) is making steady progress in expanding its AI computing power client base and has initiated factory construction in Thailand to enhance global supply capabilities [1] Group 1: Company Developments - The company is advancing according to plan in the development of AI computing power for major clients [1] - A factory has been launched in Thailand to strengthen global supply capabilities [1] - The company is continuously collaborating with clients for preliminary research and trial production of new platforms [1] Group 2: Market Position and Strategy - Chongda Technology possesses advanced technical strength in the AI server PCB sector [1] - Market expansion in this area is a strategic priority for the company [1] - Specific client progress details are not disclosed due to adherence to commercial confidentiality principles [1]

Core Viewpoint - The company is successfully advancing its efforts to develop AI computing power clients as planned, with ongoing factory construction in Thailand to enhance global supply capabilities [1] Group 1: Company Developments - The company has initiated factory construction in Thailand to strengthen its global supply capacity [1] - The company is actively collaborating with clients on the research and trial production of new platforms [1] - The company possesses advanced technical capabilities in the AI server PCB sector, which is a strategic focus for market expansion [1] Group 2: Client Engagement - Specific client progress details are not disclosed due to adherence to commercial confidentiality principles [1]

Core Insights - The company has seen a significant improvement in profitability in the AI server PCB sector compared to traditional PCB business, with an overall gross margin reaching 36.22% in the first half of 2025, an increase of 15.62 percentage points year-on-year [1] Group 1 - The company did not disclose the gross margin for products used in various downstream sectors separately [1] - The increase in profitability is attributed to the substantial rise in manufacturing process requirements in the PCB industry, leading to increased output value and a significant rise in average selling price (ASP), which has seen exponential growth [1]

Core Viewpoint - The public letter from a former employee of Jingwang Electronics highlights serious workplace issues, including labor contract disputes, workplace bullying, and the protection of female employees' rights, which has drawn significant public attention [3][21][25]. Group 1: Employee's Experience and Allegations - The former employee, Jiang Jingyi, joined Jingwang Electronics in 2022 and claims to have restructured the securities department successfully [4][48]. - Jiang reported excellent performance, receiving an "A" in annual performance and leading her team to win multiple awards [5][48]. - In June 2025, without prior communication, the company allegedly revoked her access to work software and issued a termination notice [7][48]. - After submitting her pregnancy proof, HR still sent her a notice of non-renewal of her labor contract, which violates labor laws protecting pregnant employees [9][10][48]. Group 2: Workplace Environment and Company Culture - Jiang criticized the company for regressing in its treatment of female employees, noting the reduction of employee benefits such as transportation and the neglect of facilities like the nursing room [22][55]. - There has been an increase in complaints regarding overtime and employee treatment within the company [23][55]. - Jiang's public letter calls for a return to a more compassionate corporate culture that respects the rights and needs of female employees [25][55]. Group 3: Impact on Company Reputation and Market Response - The incident has raised concerns about Jingwang Electronics' human resource management and its implications for the company's public image and investor confidence [41][42]. - Despite the controversy, the company's stock price remained relatively stable, closing at 72.64 yuan per share, with a market capitalization of 68.459 billion yuan [33][36]. - Market analysts suggest that if the allegations are proven true, the company may face labor arbitration and regulatory scrutiny [35].