PCB Industry Research Summary Industry Overview - The PCB industry outlook for 2026 is optimistic, with AI computing power remaining the main theme. The market size is expected to grow from $84.5 billion in 2025 to between $94 billion and $98 billion in 2026 [1][3] - AI-related PCB demand is projected to significantly increase, particularly in high-end HDI and multilayer boards, driven by the needs of companies like NVIDIA, Huawei, and Ascend [1][5] Key Trends and Developments - The CCL segment shows promising growth prospects, with a shortage of high-speed materials leading to significant ASP (Average Selling Price) increases. Leading domestic companies like Shennan Circuits are integrating into NVIDIA's supply chain, which is expected to drive volume growth in the coming years [1][7] - The PCB equipment sector, particularly drilling machines (including back drilling and laser drilling), is crucial. Domestic company Dazhong CNC is highlighted as a key player, with significant growth expected in high-end back drilling equipment [1][8] Financial Performance - In 2025, the PCB sector performed exceptionally well, achieving an average return of 150%, outperforming the overall electronic sector's return of approximately 40% [2] - Despite fluctuations in the PCB market throughout 2025, leading companies exceeded performance expectations, contributing to a substantial increase in the sector [11] Material and Equipment Insights - Upstream material prices are generally on an upward trend, with copper prices reaching historical highs and fiberglass prices continuing to rise, which is pushing up CCL and PCB product prices [4][15] - The demand for AI-related products is expected to account for 50-60% of total PCB demand by 2026, significantly impacting production capacity and operational rates [4][31] Investment Opportunities - Investment opportunities are emerging in various segments, including high-end HDI, multilayer boards, and the CCL sector, with companies like Dazhong CNC and Nanya showing potential [4][16] - Traditional consumer electronics PCB companies are also making strides in the AI computing sector, with companies like Pengding and Dongshan increasing capital expenditures and securing orders from major clients [27] Future Outlook - The PCB industry is expected to continue benefiting from the growth in AI-related demand, with the proportion of AI in total PCB demand projected to rise from nearly 30% in 2025 to higher levels in 2026 [12][31] - The industry is entering a prolonged capacity expansion cycle, with significant capital expenditures planned by multiple companies to meet growing market demands [14] Conclusion - The PCB industry is poised for significant growth driven by AI computing needs, technological advancements, and strategic investments in capacity expansion. The overall sentiment for 2026 remains positive, with various segments showing robust potential for returns [10][24]

Core Viewpoint - Shengyi Technology has maintained its position as a leading global player in the rigid copper-clad laminate industry, focusing on high-end markets driven by the demand for AI and advanced packaging technologies [5][6]. Group 1: Company Overview - Shengyi Technology has been deeply engaged in the copper-clad laminate and related electronic materials sector for 40 years, consistently ranking second globally in sales since 2013 [5][6]. - The company’s copper-clad laminate production has grown from 600,000 square meters in 1985 to over 140 million square meters projected for 2024, achieving a global market share of 13.7% [6][7]. Group 2: Market Trends and Demand - The demand for high-end copper-clad laminates is increasing due to the rise of AI servers, data centers, and new communication technologies, which require materials with low dielectric loss and high reliability [6][7]. - The company is experiencing a surge in orders as downstream PCB manufacturers stock up in response to rising prices of core raw materials like copper [5][6]. Group 3: Product Development and Innovation - Shengyi Technology has developed a range of products that have received certification from advanced end customers, with applications in AI servers, 5G antennas, and communication networks [7][9]. - The company invests over 4.5% of its revenue in R&D annually, with a projected increase to 5.67% in 2024, reflecting a commitment to innovation and technology advancement [9]. Group 4: Global Expansion and Strategic Initiatives - Shengyi Technology is expanding its global footprint, with recent projects in Thailand aimed at enhancing production capacity and meeting market demands in Southeast Asia and beyond [11]. - The company has established long-term partnerships with major PCB manufacturers and tech giants, positioning itself within the supply chains of the top three global server manufacturers [11].

Group 1 - The core viewpoint of the article highlights the significant rise in copper prices, which has led to a 10% price increase in materials by major copper-clad laminate (CCL) manufacturers, such as Kingboard Laminates, marking the second price hike in December [1][3] - The copper-clad laminate index in the A-share market has shown strong performance, increasing over 18% in the last 25 trading days, with specific companies like Shengyi Technology and Nan Ya Plastics seeing stock price increases of 5.4% and 13.59% respectively on December 26 [1][3] - The impact of rising copper prices on the printed circuit board (PCB) industry is noted, with companies like Dongshan Precision indicating that they have implemented commodity hedging to manage the effects of raw material price increases [3][4] Group 2 - The PCB industry is expected to undergo structural upgrades driven by the rapid penetration of AI technology, with projections indicating that global PCB output will reach $94.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5] - China currently dominates the global PCB market, accounting for over 50% of the total output value, with expectations for domestic PCB output to reach $41.213 billion in 2024, reflecting a year-on-year growth of 9.0% [5] - The uncertainty in the price trends of copper-clad laminates is acknowledged, as they are significantly influenced by fluctuations in copper prices, which could impact the overall profitability of companies in the sector [4]

Group 1: Copper Price Surge and Impact on CCL Manufacturers - On December 26, copper futures prices surged, breaking through the 99,000 yuan/ton mark, reaching a historical high [1] - Jiantech (01888.HK), one of the largest CCL manufacturers, announced a 10% price increase for all materials due to soaring copper prices and tight supply of glass cloth, marking the second price hike in December [1] - The stock price of Jiantech rose over 7% in the last three trading days, indicating positive market sentiment [1] Group 2: Market Reactions and Price Adjustments - The CCL index in the A-share market has shown strong performance, increasing over 18% in the last 25 trading days [1] - On December 26, CCL manufacturers Shengyi Technology (600183.SH) and Nanya New Materials (688519.SH) saw stock price increases of 5.4% and 13.59%, respectively [1] - Jiantech's sales department confirmed that new orders will be settled at the increased prices, while existing orders will maintain the original pricing, with future adjustments based on copper price fluctuations [3] Group 3: PCB Industry and Material Cost Management - PCB leaders like Dongshan Precision (002384) and Pengding Holdings (002938) reported that they have implemented commodity hedging to manage the impact of rising raw material prices [4] - Pengding Holdings noted that their raw material prices remain stable and have not yet felt the effects of rising copper prices, attributing this to their focus on high-end imported CCL materials [4] - The PCB industry is expected to undergo structural upgrades driven by the rapid penetration of AI technology, with projections indicating a global PCB market value of $94.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5]

Market Overview - The component sector experienced a decline of 0.31% on December 26, with Jingwang Electronics leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Top Performers - Nanya New Materials (688519) saw a significant increase of 13.59%, closing at 81.39 with a trading volume of 133,600 shares and a transaction value of 1.069 billion [1] - Shiyun Circuit (603920) rose by 5.57%, closing at 46.25 with a trading volume of 470,200 shares and a transaction value of 2.134 billion [1] - Shengyi Technology (600183) increased by 5.40%, closing at 74.50 with a trading volume of 561,800 shares and a transaction value of 4.045 billion [1] Underperformers - Jingwang Electronics (603228) declined by 4.27%, closing at 73.57 with a trading volume of 327,600 shares and a transaction value of 2.421 billion [2] - Tongfeng Electronics (600237) fell by 3.97%, closing at 9.20 with a trading volume of 708,000 shares and a transaction value of 659 million [2] - Tianjin Yinlin (002134) decreased by 3.43%, closing at 25.59 with a trading volume of 191,900 shares and a transaction value of 496 million [2] Capital Flow - The component sector saw a net outflow of 1.139 billion from main funds, while retail investors contributed a net inflow of 1.054 billion [2] - Major stocks like Shengyi Technology and Xingsen Technology experienced significant net inflows from retail investors, indicating strong interest despite overall sector outflows [3] Individual Stock Analysis - Shengyi Technology (600183) had a main fund net inflow of 334 million, accounting for 8.26% of its trading volume, while retail investors showed a net outflow of 121 million [3] - Xingsen Technology (002436) reported a main fund net inflow of 252 million, with retail investors experiencing a net outflow of 180 million [3] - Jingwang Electronics (603228) had a main fund net inflow of 174 million, but retail investors faced a net outflow of 150 million [3]

今日生益科技（600183）涨5.40%，收盘报74.5元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星数据中心计算显示，对该股盈利预测较准的分析师团队为招商证券的涂锟山。 生益科技（600183）个股概况： 2025年11月3日，招银国际研究员杨天薇,张元圣,蒋嘉豪发布了对生益科技的研报《三季度业绩表明AI 周期全面启动，目标价上调至90元人民币》，该研报对生益科技给出"买入"评级，认为其目标价为90.0 元，现价距离目标价尚有20.81%的涨幅空间。研报中预计公司2025/26年收入将同比增长41%/38%，净 利润同比增长102%/79%。重申"买入"评级，目标价上调至90元人民币（基于2026年估值），上调盈利 预测以反映公司在AI驱动下的强劲增长势头（本次为更强劲的上升周期）和利润率的持续改善。证券 之星数据中心根据近三年发布的研报数据计算，该研报作者对此股的盈利预测准确度为50.89%。 ...

泰康创新成长混合A（009596）成立日期2020年9月7日，最新规模8.12亿。今年以来收益48.66%，同类 排名1286/8087；近一年收益46.76%，同类排名1294/8074；成立以来收益32.17%。 泰康创新成长混合A（009596）基金经理为薛小波。 截至发稿，薛小波累计任职时间11年104天，现任基金资产总规模19.98亿元，任职期间最佳基金回报 172.1%， 任职期间最差基金回报-78.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，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。 12月26日，生益科技涨5.14%，截至发稿，报74.31元/股，成交32.96亿元，换手率1.92%，总市值 1805.08亿元。 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材 ...

Core Viewpoint - Shengyi Technology's stock has shown significant growth this year, with a year-to-date increase of 212.80%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Shengyi Technology achieved a revenue of 20.614 billion yuan, representing a year-on-year growth of 39.80% [2]. - The net profit attributable to shareholders for the same period was 2.443 billion yuan, reflecting a year-on-year increase of 78.04% [2]. Stock Market Activity - As of December 26, Shengyi Technology's stock price was 72.10 yuan per share, with a market capitalization of 175.139 billion yuan [1]. - The stock has experienced a recent increase of 19.31% over the last five trading days and 25.00% over the last twenty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.08% to 94,700, while the average circulating shares per person decreased by 19.91% to 25,277 shares [2]. - The company has distributed a total of 12.911 billion yuan in dividends since its A-share listing, with 4.547 billion yuan distributed in the last three years [3]. Major Shareholders - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 118 million shares, a decrease of 48.99 million shares from the previous period [3]. - New institutional shareholders include Yongying Technology Smart Selection Mixed Fund, which holds 17.0194 million shares [3].

Group 1 - The PCB sector has achieved significant excess returns driven by AI demand and technological upgrades from major companies like Nvidia, Amazon, and Google, with a year-to-date increase of 150%, leading the electronic sub-sector [3][22] - In 2026, AI demand for PCB is expected to continue growing rapidly, with supply tightness persisting, particularly in high-end HDI and multilayer boards, as well as in domestic high-end substrate breakthroughs [3][6] - The overall PCB market is projected to grow from $849 billion in 2025 to between $940 billion and $980 billion in 2026, reflecting a robust growth trajectory [6][12] Group 2 - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand, despite anticipated weakness in mobile and automotive sectors in 2026 [5][12] - Inventory levels in Taiwan and mainland China have shown an upward trend, indicating increased stocking by downstream manufacturers due to strong AI demand [5][6] - The overall capacity utilization rate for PCB manufacturers in the second half of 2025 is between 93% and 97%, with optimistic order visibility extending beyond three months for leading manufacturers [6][12] Group 3 - The demand for high-end HDI and multilayer boards is rapidly increasing, with supply constraints and accelerated capacity expansion expected to benefit manufacturers with advanced technology [7][12] - The AI-driven trend is pushing for upgrades in PCB specifications, particularly in consumer electronics and automotive sectors, with a focus on innovations from companies like Apple and OpenAI [8][12] - The market for high-speed CCL is anticipated to grow significantly, with projections of around $8 billion in 2026 and a CAGR of 40% from 2024 to 2027 [9][12] Group 4 - The upstream materials for CCL, including copper foil, resin, and fiberglass cloth, are experiencing significant upgrades and supply tightness, driven by AI demand [10][12] - The equipment sector is expected to benefit from the expansion of PCB production, with high demand for advanced equipment driving rapid growth for domestic manufacturers [11][12] - The overall investment strategy for 2026 suggests focusing on sectors like computing boards, CCL, upstream materials, and domestic equipment manufacturers, as the AI-driven innovation cycle is expected to last longer and create broader market demand [12][12]

Core Viewpoint - On December 25, a total of 13 A-share listed companies disclosed share reduction plans, with no companies announcing share increases on the same day [1]. Group 1: Share Reduction Details - Wanlong Magnetic Plastic: Controlling shareholder intends to reduce no more than 3.00% of shares [2] - Xinlong Health: Shareholder Litian Development plans to reduce no more than 1% of shares [2] - Boshi Co., Ltd.: Shareholder Cai Zhihong intends to reduce no more than 30 million shares [2] - Inno Laser: Shareholder Hongcui Investment plans to reduce no more than 3% of shares [2] - Fuchuang Co., Ltd.: Controlling shareholder intends to reduce no more than 3% of shares [2] - Shengyi Electronics: Shareholder Dongguan Kechuang Investment Group has completed the reduction of 8.3182 million shares [2] - Xitai Power: Actual controller Yu Yinglian plans to reduce no more than 2.00% of shares [2] - Super Thin Co., Ltd.: Controlling shareholder reduced some shares during stock trading volatility [2] - Haikan Co., Ltd.: Shareholder Pu Huahui intends to reduce no more than 3.60% of shares [2] - Yidian Daxia: The controlling shareholder and actual controller's concerted action plan has been completed [2] - New Aluminum Era: Shareholders Guotong Hongma and concerted actors plan to reduce no more than 2.49% of shares [2] - Hexing Packaging: Controlling shareholder Xinjiang Xinghui reduced 1.5305 million shares during stock volatility [2] - Shengyi Technology: Company CFO Lin Daohuan reduced 150,000 shares [2]