Company Overview - Huizhou Zhongjing Electronics Technology Co., Ltd. (stock code 002579) was established in 2000 and provides one-stop PCB solutions, specializing in the research, production, and sales of rigid multilayer circuit boards (MLB), high-density interconnect boards (HDI), flexible circuit boards (FPC & FPCA), and rigid-flex boards (R-F) [1] - The company is recognized as a national key high-tech enterprise under the Torch Program and serves as the vice-chairman unit of the China Printed Circuit Association (CPCA), being one of the standard-setting units in the industry [1] Financial Performance - The financial report indicates that Dachen Fund's Dachen 360 Internet + Big Data 100A has entered the top ten shareholders of Zhongjing Electronics, with a holding ratio of 0.27% as of the first quarter of this year [1] - The fund has achieved a year-to-date return of 18.61%, ranking 264th out of 3426 in its category [2] Fund Management - The fund manager, Xia Gao, holds a Ph.D. in engineering from Tsinghua University and has extensive experience in fund management, having worked at Dachen Fund Management Co., Ltd. since July 2012 [3][4] - Xia Gao has managed various funds, including the Dachen 360 Internet + Big Data 100 Index Fund since February 3, 2016, and has a cumulative management experience of over 10 years [4]

政府部门对辖内企业的项目建筑工程设计方案进行批前公示，却收到大量群众投诉，于是召开听证会以 期化解矛盾。这是今年3月发生在广州市南沙区的事，涉事的是安捷利（番禺）电子实业有限公司新增 投资30亿元的新兴产业园项目。 这家专注于设计、制造和销售柔性电路板（FPC）及其电子产品的企业，近几年频繁受到附近群众投 诉，原因在于其排污达到了国家和省层面对印制电路板行业生产的相关排放标准。此类排污"达标扰 民"现象在全国范围内并不少见。 南沙官方将安捷利问题定义为"典型的城市规划问题"：先企后楼，群众区与企业距离过近所致。安捷利 相关项目的环境报告表显示，项目卫生防护距离应为85米，而安捷利厂区距离最近的居民区仅60米。也 因此，附近群众强烈反对企业在现状下进行任何改扩建，希望政府采取停产整顿，甚至搬迁处理。 印制电路板（PCB）被称为"电子产品之母"，又属于我国的"高污染、高环境风险产品"，在新质生产力 发展要求下，必须加快向绿色化转型，推动实现产城融合发展。 6月5日，本因此次群众投诉按下"暂停键"的涉事项目，再度在市、区职能部门官网进行公示，其新建建 筑工程设计方案审查工作正在受理中。但问题根源仍未解决，投诉之声并 ...

4 July 2025 | 3:42PM CST Greater China Technology BT substrate pricing hike in 3Q driven by raising material cost; raise TP for all substrate players Most BT substrate prices increased by 5%-20% in early 3Q, driven mainly by the tightness of the key raw material T-glass (leadtime now is 15-20 weeks+ from 3-6 weeks normally, and the price went up by 10-20% if not LTA pricing in 2Q25) and the hike in gold pricing (spot price from ~US$2,700 per ounce in early 2025 to US$3,300 per ounce now; Exhibit 2) while T- ...

research.95579.com 1 丨证券研究报告丨 联合研究丨组合推荐 [Table_Title] 科技行业 2025 年 7 月金股推荐 %% %% %% %% 报告要点 [Table_Summary] 长江科技（电子、计算机、通信、传媒）2025 年 7 月金股推荐。 分析师及联系人 [Table_Author] 杨洋 宗建树 于海宁 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490517110002 SFC：BUW100 SFC：BUX668 SFC：BUX641 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 8 %% %% %% %% research.95579.com 2 更多研报请访问 长江研究小程序 cjzqdt11111 [Table_Title2] 科技行业 2025 年 7 月金股推荐 联合研究丨组合推荐 [Table_Summary2] 事件描述 长江科技（电子、计算机、通信、传媒）2025 年 7 月金股推荐。 事件评论 ⚫ 电子：东山精密、胜宏科技 ⚫ 计算机：科大讯飞、 ...

Core Viewpoint - *ST Hengtai has successfully completed its restructuring and will remove the delisting risk warning, allowing its stock to resume trading under the new name "Helitai" with an increased daily price fluctuation limit from 5% to 10% [1][2] Group 1: Company Overview - *ST Hengtai was founded in 2003 and its products include new displays, optoelectronic sensors, FPC flexible circuit boards, and new materials, which are widely used in consumer electronics, smart wearables, smart retail, smart cars, and industrial control [1] - The company underwent judicial restructuring in 2024, completing its restructuring plan by the end of the year [2] Group 2: Financial Performance - As of the end of 2024, *ST Hengtai reported a net asset value of 1.856 billion yuan, with a significant reduction in the debt-to-asset ratio from 193.91% at the beginning of the year to 27.52% [2] - The company achieved an annual revenue of 1.327 billion yuan in 2024, a decrease of 71.35% year-on-year, but turned a profit with a net profit of 1.519 billion yuan, attributed to the strategic reduction of business segments and the divestment of the loss-making traditional mobile phone business [2] - For the first quarter of 2024, *ST Hengtai's debt-to-asset ratio further decreased to 25.61%, with a revenue of 366 million yuan, an increase of 8.63% year-on-year, and a net profit of 4.0847 million yuan, indicating a return to profitability [2] - As of June 20, 2024, the company's stock price was 2.14 yuan per share, with a total market capitalization of 16.01 billion yuan [2]

Group 1: Product Launch and Features - Fingerprint Cards AB (FPC) announced the launch of a biometric physical access card by its partner, Fuse Identities, featuring the advanced FPC 1323 T-Shape sensor, which enhances secure, contactless identity verification for access control systems [1][4] - The new biometric access card is compatible with MIFARE Classic®, MIFARE DESFire®, and HID iCLASS® technologies, allowing organizations to upgrade security while ensuring system interoperability [2] - The card is designed to store and match biometric data securely on the card itself, rather than in a central database, aligning with GDPR and global privacy regulations [3] Group 2: Market Position and Strategic Importance - The launch of the biometric access card indicates a growing momentum for biometric solutions in the market, with FPC's T-Shape sensor being integrated into innovative products [4] - Fuse Identities emphasizes its commitment to practical and future-ready identity safeguarding, highlighting the importance of collaboration with FPC to enhance performance and trust in their solutions [5] - The biometric card targets key segments including critical infrastructure, enterprise access, and temporary identity solutions for immigrants, addressing significant market demands [7]

Summary of Key Points Core Viewpoint - The company has provided a guarantee for its wholly-owned subsidiary, Jiangsu Bomin Electronics Co., Ltd., to secure a credit facility of RMB 60 million from Shanghai Pudong Development Bank for operational and business development needs [1][2]. Group 1: Guarantee Details - The guarantee amount is RMB 60 million, with a term from June 20, 2025, to April 25, 2026 [1]. - There is no counter-guarantee associated with this guarantee [1]. - The company has previously provided a total guarantee balance of RMB 1,042.08 million to Jiangsu Bomin, and after this guarantee, the company can provide an additional guarantee of RMB 1,320 million within the approved limits [3][4]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee during meetings held on April 24, 2025, and May 23, 2025, as part of the annual guarantee limit for 2025, which totals up to RMB 2.25 billion [2]. - The approved guarantee limit includes RMB 1.85 billion for subsidiaries with a debt-to-asset ratio above 70% and RMB 400 million for those below [2]. Group 3: Subsidiary Information - Jiangsu Bomin Electronics was established on June 8, 2011, with a registered capital of RMB 700 million and is engaged in the manufacturing and sales of high-end printed circuit boards and electronic components [3][4]. - As of December 31, 2024, Jiangsu Bomin had total assets of RMB 3,037.84 million and total liabilities of RMB 2,133.31 million, with a net profit of -RMB 51.35 million [4]. Group 4: Guarantee Agreement Terms - The guarantee is a joint liability guarantee, with the guarantee period calculated from the maturity of each debt obligation [5]. - The guarantee covers not only the principal debt but also interest, penalties, and other related costs incurred during the execution of the guarantee [5]. Group 5: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary to meet the operational funding needs of the subsidiary, which is under the company's control and has a stable operational status [6]. - The board believes that the guarantee poses a controllable risk and will not adversely affect the company's normal operations or business development [6]. Group 6: Total External Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 3,427.58 million, which is 80.47% of the company's latest audited net assets [6]. - There are no overdue external guarantees, and the company has not provided guarantees for its controlling shareholders or related parties [6].

【导读】*ST合泰即将摘帽，证券简称由"*ST合泰"变更为"合力泰" 见习记者 杨晨 重整后净资产回正 成功"摘帽" 在经历了一系列的重整后， *ST合泰 迎来了 " 摘帽 " 时刻 。 6月22日晚间，*ST合泰（合力泰科技股份有限公司；证券代码：002217） 发布公告称， 公司股票将于6月 23 日停牌一天 ，于6月 24 日开市起复牌并 撤销退市风险警示和其他风险警示。 届时， 该公司 股票简称将由" ST合泰 "变更为" 合力泰 "， 股票代码仍为"002217"， 日涨跌幅限制由5% 变更至 10% 。 被证监会立案调查 管理层"大换血" 因 合力泰 2023年度经审计的期末归属于上市公司股东的净资产为负值， 该 公司股票已于2024年5月6日起被实施退市风险警示 。 同 时， 因 合力泰 2021 年 至2023年连续三个会计年度经审计扣除非经常性损益前后净利润孰低者均为负值，且2023年度审计报告显示公 司持续经营能力存在不确定性， 公司股票已于2024年5月6日起被叠加实施其他风险警示 。 资料显示， 合力泰 创立于2003年，系福建省电子信息集团控股的上市公司， 产品 包括新型显示、光电传 ...

Group 1: Industry Overview - The PCB (Printed Circuit Board) sector in the A-share market is experiencing significant activity, with multiple companies' stocks hitting the daily limit up, driven by strong demand from emerging fields such as 5G, AI, and automotive electronics [1] - The PCB industry is moving towards high-end development, supported by national strategic planning and local policies, which emphasize the importance of electronic components in the global electronics information industry chain [1][2] Group 2: Policy Support - National and local governments have established a multi-level support system for the PCB industry, with policies like the "14th Five-Year Plan" and the "14th Five-Year Digital Economy Development Plan" highlighting the cultivation of AI and enhancement of core electronic components [2] - Recent guidelines from the Ministry of Industry and Information Technology focus on automating and upgrading electronic component production, promoting miniaturization and high precision in PCB products [2] Group 3: Market Demand - The demand for high-frequency and high-speed PCBs is surging due to the construction of 5G base stations and the requirements of AI servers and data centers [4] - The automotive electronics market is expanding, driven by the trend of vehicle intelligence, which is expected to increase the value of PCBs per vehicle [6] Group 4: Company Developments - Companies are actively investing in expanding their production capacities, such as Huishi Electronics planning to invest approximately 4.3 billion yuan in a new high-end PCB project for AI chips [4] - Wenzhou Hongfeng and Guangdong Shiyun Circuit are also enhancing their production lines to meet the growing demand for high-performance PCB products [5][6] Group 5: Future Projections - The global PCB market is projected to reach $96.8 billion by 2025, driven by the proliferation of AI technology and the expansion of the electric vehicle market [7] - The PCB market for AI and HPC servers is expected to grow at a compound annual growth rate (CAGR) of 32.5% from 2023 to 2028, reaching a market size of $3.2 billion [7] Group 6: Challenges Ahead - The PCB industry faces challenges such as technological upgrades, environmental constraints, and cost pressures, necessitating agile R&D mechanisms and green process transformations [8] - Companies must focus on digital supply chain management and intelligent production technologies to control costs effectively while transitioning towards high-end, integrated products [8]

证券代码：300446 证券简称：航天智造公告编号：2025-042 航天智造科技股份有限公司 投资者关系活动记录表 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 ☐其他（请文字说明其他活动内容） 形式 现场☐网上☐电话会议 参与人员 华福证券马卓群、陈嘉莹 信达澳亚杨光、刘华、张凯 人保养老倪子泰 中邮保险资管李柯宏 五矿鑫扬刘强 交银人寿资产曹锐钢 国泰财险曲南 众安保险高翔 时间 2025年6月19日 地点 公司会议室 上市公司接待人员姓名 副总经理兼董事会秘书徐万彬先生 投资者关系管理陈可欣女士 投资者关系活动主要 内容介绍 1.公司对2025年的业绩有何预期？ 1 3.2024年，公司汽车零部件业务占比最大，并且实现 了较快增长，该业务的核心竞争优势有哪些？ 答：您好，公司汽车零部件业务（航天模塑）客户基 本实现国内主流车企全覆盖，已形成较为完善的国内产业 布局，具备产业集群优势，具备与主机厂进行多类大型总 成同步开发的能力，先后被评为国家高新技术企业、四川 省汽车行业先进单位、成都汽车轻量化工程技术研究中 3 心，是中国模具行业标准 ...