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]

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]

证券代码：603920 证券简称：世运电路 公告编号：2025-095 广东世运电路科技股份有限公司 关于董事辞职暨选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事离任情况 根据《中华人民共和国公司法》《公司章程》等有关规定，公司于2025年12月23日召开职工代表大会， 选举蒋毅先生为公司第五届董事会职工代表董事，与公司其他董事共同组成公司第五届董事会，任期自 本次职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。蒋毅先生简历附后。 蒋毅先生符合《中华人民共和国公司法》等法律法规规定的有关职工代表董事的任职资格和条件，其当 选公司职工代表董事后，公司第五届董事会中兼任高级管理人员职务以及由职工代表担任的董事人数总 计未超过公司董事总数的二分之一，符合相关法律法规的规定。 三、备查文件 （一）蒋毅先生的《辞职报告》； （一）提前离任的基本情况 ■ （二）离任对公司的影响 广东世运电路科技股份有限公司（以下简称"公司"）董事会于近日收到非独立董事、财务总监蒋毅先生 提交的书面辞职报告，因 ...

广东世运电路科技股份有限公司 关于董事辞职暨选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事离任情况 | 姓 | 离任职务 | 离任时 | 原定任 | 离任原 | 是否继续在上 | 具体职务 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | | 间 | 期到期 | 因 | 市公司及其控 | （如适 | 履行完毕的 | | | | | 日 | | 股子公司任职 | 用） | 公开承诺 | | 蒋毅 | 非独立董 | 2025 年 | 2028年 1 | 公司治 | 是 | 财务总监 | 否 | | | 事 | 12 月 23 | 月 12 日 | 理结构 | | | | | | | 日 | | 调整 | | | | （一）提前离任的基本情况 （二）离任对公司的影响 证券代码：603920 证券简称：世运电路 公告编号：2025-095 根据《中华人民共和国公司法》《公司章程》等有关规定，公司于 2025 年 12 月 ...

格隆汇12月25日丨世运电路(603920.SH)公布，公司董事会于近日收到非独立董事、财务总监蒋毅先生 提交的书面辞职报告，因公司治理结构调整，蒋毅先生申请辞去公司非独立董事职务，该辞职报告自公 司收到之日起生效。蒋毅先生辞去非独立董事职务后仍在公司担任财务总监职务。 根据《中华人民共和国公司法》《公司章程》等有关规定，公司于2025年12月23日召开职工代表大会， 选举蒋毅先生为公司第五届董事会职工代表董事，与公司其他董事共同组成公司第五届董事会，任期自 本次职工代表大会审议通过之日起至公司第五届董事会任期届满之日止。 ...

Core Viewpoint - The company has made significant advancements in the commercial aerospace sector, which is a crucial area for the electronics industry, and has established technical layouts and system certifications for project implementation and product delivery [1] Company Developments - The company has engaged in collaborations with key clients to advance project implementation and product application delivery, although specific client and product information cannot be disclosed due to confidentiality agreements [1] - The company is focusing on developing embedded PCB packaging technology, which integrates power chips directly into PCB boards, offering advantages such as optimized signal transmission paths, improved heat dissipation, and enhanced system reliability [1] Industry Outlook - The embedded PCB technology has broad application prospects in the aerospace sector, indicating a promising future for the company's innovations in this field [1]

Core Viewpoint - The company has established a technological layout for PCB used in optical modules, which are essential components for AI computing centers and large data centers, indicating a rapidly growing market demand [1] Group 1: Company Developments - The company will continue to increase its R&D investment in the optical module sector [1] - Current R&D and business expansion efforts are focused on growth sectors such as automotive electronics, AI servers, humanoid robots, energy storage, and low-altitude flight [1] - The company is advancing the "Chip Innovation and Intelligence Integration" project, which involves the industrialization of high-end embedded technology for third-generation wide bandgap semiconductor SiC/GaN chip embedded packaging circuit boards [1]

Core Viewpoint - The company is actively engaging in the development and supply of advanced circuit board solutions, particularly focusing on orthogonal backplanes and high-speed connectors to enhance server performance and meet increasing customer demands [2] Group 1: Product Development - The orthogonal backplane is recognized as a solution to optimize server space and heat dissipation, improving information exchange among computing units in large-scale computing clusters [2] - The company is closely monitoring the market for orthogonal backplanes and has made technical arrangements to support this development [2] Group 2: Supply Chain and Partnerships - The company has entered the NVIDIA and Google supply chain through OEM methods, providing specialized circuit board products necessary for the mass supply of high-speed connectors [2] - The company is actively collaborating with clients to meet rapid growth demands and is involved in the research, testing, and certification of next-generation products [2] Group 3: Business Strategy - The company aims to deepen its presence in its core areas while expanding into emerging sectors, actively promoting business development [2]

Group 1 - The core point of the news is that Shiyun Circuit conducted a block trade on December 17, with a total of 50,000 shares traded, amounting to 2 million yuan, which represents 0.13% of the total trading volume for that day [1] - The transaction price was 40 yuan, which is a discount of 7.39% compared to the market closing price of 43.19 yuan [1] Group 2 - The block trade was executed under the stock code 603920 for Shiyun Circuit [2] - The trading date was recorded as December 17, and the total transaction amount was 2 million yuan [2]

Core Viewpoint - The company is focusing on orthogonal backplane technology and high-speed connectors to enhance server space optimization and heat dissipation in large-scale computing clusters [1] Group 1: Technology Development - Orthogonal backplane is recognized as a solution for optimizing server space and heat dissipation, improving information exchange among computing units in large-scale clusters [1] - The company is closely monitoring this technology and making technical arrangements to capitalize on its potential [1] Group 2: Supply Chain and Partnerships - The company has entered the NVIDIA and Google supply chain through OEM methods, supplying specialized circuit board products necessary for high-speed connectors [1] - It is actively responding to customer demands for rapid increases in supply while participating in the research, testing, and certification of next-generation products [1] Group 3: Business Strategy - The company aims to deepen its advantages in existing fields while expanding into emerging sectors to promote business development [1]