| 国金证券股份有限公司 | | | --- | --- | | 华金证券股份有限公司 | | | 关于方正科技集团股份有限公司 | | | 向特定对象发行股票并上市 | | | 之 | | | 上市保荐书 | | | 保荐机构（主承销商） | | | （成都市青羊区东城根上街 95 号） （上海市静安区天目西路 128 号 19 层 1902 室） | | | 二〇二五年八月 | | | 方正科技集团股份有限公司 上市保荐书 | | | 声 明 | | | 上海证券交易所： | | | 国金证券股份有限公司、华金证券股份有限公司（以下合并简称"保荐机构"） | | | 接受方正科技集团股份有限公司（以下简称"方正科技"、"发行人"、"公司"） | | | 的委托，担任方正科技本次向特定对象发行股票（以下简称"本次发行"）的保 | | | 荐机构，出具本上市保荐书。 | | | 保荐机构及其保荐代表人根据《中华人民共和国公司法》 | | | （以下简称"《公司 | | | 法》"）、 | | | 《中华人民共和国证券法》 | | | （以下简称"《证券法》"）、 | | | 《证券发行上市保荐 | | | 业 ...

PETACH TIKVA, Israel, Aug. 25, 2025 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it received orders totaling $2.4 million from a defense customer. The products are to be delivered mainly throughout 2026 and 2027."The customer is a leading Israeli defense company, recognized as one of the foremost companies in the country's defense sector. The order relates to products that have ...

格隆汇8月25日｜东莞证券研报指出，沪电股份2025上半年归母净利润、扣非后归母净利润分别为16.83 和16.44亿元，同比分别增长47.50%和47.90%，处于业绩预告中枢区间，符合预期。主要受益于AI服务 器、交换机等数据中心基础设施的强劲需求推动，高多层板、HDI等产品需求持续加大，驱动业绩进一 步释放。为满足客户对高端PCB需求，公司通过技改、新建项目等方式推进产能扩张，其中昆山新建项 目计划年产HDI29万平方米，有望充分受益AI浪潮。汽车板稳健增长，胜伟策经营向好。公司上半年汽 车板营业收入为14.22亿元，同比增长24.18%。其中毫米波雷达、采用HDI的自动驾驶辅助以及智能座 舱域控制器、埋陶瓷、厚铜、p2Pack等新兴汽车板产品市场持续成长。 ...

2025 年 8 月 25 日 投资要点： 罗炜斌 电子行业 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： | 罗炜斌 | | | --- | --- | | SAC 执业证书编号： | | | S0340521020001 | | | 电话：0769-22110619 | | | 邮箱： | | | luoweibin@dgzq.com.cn | 公 | | 陈伟光 | 司 | | SAC 执业证书编号： | 研 | | S0340520060001 | | | 电话：0769-22119430 | 究 | | 邮箱： | | | chenweiguang@dgzq.com.cn | | | 主要数据 2025 年 8 | 月 22 日 | | 收盘价(元) | 55.63 | | 总市值（亿元） | 1,070.31 | | 总股本(亿股) | 19.24 | | 流通股本(亿股) | 19.22 | | ROE（TTM） | 24.56% | | 12 月 ...

晨会纪要 晨会纪要 核心观点： 一、宏观经济组： 事件： 美国货币政策框架调整包括：一是删除零利率下限（ELB）是经济决定性特征的表 述；二是取消 2020 年平均通胀目标制（FAIT），即补偿策略，回归灵活通胀目标 制框架（FIT）；三是删除了此前"决策将依据就业低于最大水平的评估"的表述； 四是在广泛经济环境下，即就业与通胀目标无法兼顾时，应采取平衡策略推进双 重目标，即最大就业和物价稳定。 8 月 22 日（星期五）22 点，美联储主席鲍威尔在杰克逊霍尔央行年会上的讲话。 分析师：刘笑瑜 评论： 8 月 22 日，美联储主席鲍威尔在美国怀俄明州杰克逊霍尔央行年会上发表《货币 政策与美联储评估框架》（Monetary Policy and the Fed's Framework Review） 的演讲，这次讲话之所以备受市场关注，不仅是因为这是鲍威尔任期内最后一次 在全球央行年会上发表讲话，而且杰克逊霍尔央行年会通常是美联储发布新的货 币政策框架，并披露下一步行动线索的场所。 美联储主席鲍威尔在年会上，一是对于就业市场：鲍威尔认为虽然失业率未显著 上行，但贸易与移民政策变化使得就业供需共同走弱，特别是在劳 ...

公开资料显示，胜宏科技业务包含高精密多层、HDI 、FPC、软硬结合板的研发、生产和销售，产品广 泛应用于人工智能、大数据中心、工业互联、汽车电子(新能源)、新一代通信技术、新能源、航空航 天、医疗仪器等领域，是全球印制电路板制造百强企业，中国印制电路行业协会副理事长单位，是行业 标准的制定单位之一，位居《中国PCB企业排行榜》前列。 北京商报讯（记者 陶凤 实习记者 王天逸）8 月 20 日，胜宏科技（惠州）股份有限公司发布公告称，公 司已于当日向香港联合交易所有限公司递交发行境外上市股份（H 股）并在港交所主板挂牌上市的申 请，同日在港交所网站刊登了本次发行的申请资料。 ...

Core Viewpoint - The company, Xinhecheng (002001.SZ), currently does not produce PEEK materials and focuses on developing high-performance polymers and key intermediates, while moderately expanding downstream applications [1] Group 1: Company Focus - The company is primarily engaged in the development of high-performance polymers and key intermediates [1] - Current main products include polyphenylene sulfide (PPS), high-temperature nylon (PPA), HDI, and IPDA [1] - The company is also involved in moderate development of downstream applications [1] Group 2: Application Areas - Downstream applications of the company's products are primarily in the automotive, electronics, environmental protection, and industrial sectors [1]

Core Viewpoint - The PCB industry is experiencing significant growth driven by increasing demand for HDI products, particularly due to advancements in AI server technology and substantial capital investments from major tech companies [3][7]. Market Trends - The HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [3]. - Major companies like Google are increasing their capital expenditures, with a reported $22.446 billion for Q2 2025, marking a 30.5% quarter-over-quarter increase and a 70.2% year-over-year increase [3]. Company Performance - Shengyi Technology (生益电子) reported a 91% year-over-year increase in revenue for the first half of 2025, reaching 3.769 billion yuan, and a 452% increase in net profit to 531 million yuan [3]. Technological Developments - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with CoWoP (Chip-on-Wafer-on-Panel) becoming a focal point for innovation [5][9]. - CoWoP technology requires Low-CTE (Coefficient of Thermal Expansion) materials to ensure compatibility with high-precision applications, leading to a focus on specialized materials and advanced manufacturing processes [9]. Key Drivers of Demand - The demand for PCBs is primarily driven by two segments: high-performance GPUs led by Nvidia and custom ASIC chips developed by cloud service providers like Google and Amazon [7][8]. - The shift towards custom ASICs is aimed at optimizing workloads and reducing reliance on external suppliers, which is expected to further increase PCB demand [8]. Advanced Packaging and Materials - CoWoP technology transforms PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials and manufacturing techniques [9]. - The introduction of HVLP (High-Voltage Low-Power) copper foil is essential for high-speed signal transmission, with surface roughness controlled to minimize signal loss [12][13]. Resin Innovations - The industry is moving away from traditional epoxy resins due to high dielectric loss, favoring advanced resin systems like PPO, PTFE, and CH, which offer better electrical performance [14].

Core Viewpoint - The A-share market has experienced a significant surge since July, with the Shanghai Composite Index breaking the 3700-point barrier, driven by strong sector performances and positive market sentiment [2][3][4]. Market Performance - As of August 15, 2023, the Shanghai Composite Index closed at 3696.77 points, with a 0.83% increase, while the Shenzhen Component Index and the ChiNext Index rose by 1.60% and 2.61%, respectively [2][3]. - Since July, the overall A-share market has shown steady progress, with a notable performance in sectors such as components, communication equipment, and medical services, each exceeding a 25% increase [2][4]. Sector Analysis - The top-performing sectors since July include: - Components: 30.67% - Communication Equipment: 28.26% - Medical Services: 25.14% [4][5]. - Notable stocks in these sectors include: - Shenghong Technology, with a stock price increase of nearly 70% since July [6]. - New Yisheng, with an increase of over 80% in the same period [6]. Earnings Reports Impact - The release of mid-year earnings reports has positively influenced stock prices, with companies like Industrial Fulian and Shentong Technology seeing significant stock price increases due to strong earnings [9]. - Industrial Fulian reported a 35.58% increase in revenue and a 38.61% increase in net profit for the first half of 2025 [9]. Future Investment Directions - Analysts suggest focusing on sectors with long-term potential, including new consumption, new pharmaceuticals, and hard technology, driven by economic transformation and industrial upgrades in China [10].

Core Viewpoint - The report highlights the explosive growth of Shengyi Electronics, a leading global high-end PCB manufacturer, with significant increases in revenue and profit in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.769 billion yuan, a year-on-year increase of 91.00% [1] - The net profit attributable to shareholders reached 531 million yuan, reflecting a year-on-year growth of 452.11% [1] - The non-recurring net profit was 528 million yuan, up 483.25% year-on-year, indicating a significant improvement in profit quality [1] - For the second quarter alone, revenue was 2.19 billion yuan, with a year-on-year growth of 101.1%, and net profit was 330 million yuan, up 374.3% [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 247 million yuan [1]. Strategic Focus and Market Expansion - The company is strengthening its core business areas and actively exploring new frontiers, particularly in the network communication sector, focusing on the 800G high-speed switch market [1] - Collaboration with key customers is accelerating the development of next-generation 224G products, which are currently in the sampling stage [1] - In the automotive electronics sector, strategic partnerships with global leaders in automotive electronics and electric vehicles have led to successful mass production of products in key areas such as intelligent driving assistance and energy management [1] - The company is also proactively entering the low-altitude economy sector, with several collaborative R&D projects in the validation stage, aiming to foster new growth momentum for future production [1]. Capacity and R&D Investment - The company is focusing on capacity construction and R&D innovation to support future growth, achieving large-scale production of high-end products such as HDI and optical modules [2] - The smart computing center project, currently in trial production, is expected to significantly enhance the company's capacity supply in the high-end PCB market upon full operation [2] - R&D expenses for the first half of 2025 amounted to 195 million yuan, a year-on-year increase of 67.51%, with resources concentrated on new products, processes, and materials [2] - The company has accumulated 369 intellectual property rights, including 282 invention patents, indicating a strong focus on innovation [2]. Market Outlook - Despite uncertainties in the global economic environment, the rapid development of emerging technologies like AI presents vast growth opportunities for the PCB industry, particularly in high-end products [2] - The company plans to deepen market positioning, accelerate high-end capacity construction, and enhance technological innovation and digital transformation to improve core competitiveness and seize market opportunities for sustainable high-quality development [2].