China Aims to Build New Power System, Expand Green Electricity Use

Shennan Circuits disclosed its investor relations activity record. The PCB business benefited from growing demand for AI computing infrastructure hardware-related products, with factory capacity utilization rates staying high. The packaging substrate business, driven by demand boosts from storage and processor chip substrates, maintained the elevated capacity utilization rate levels seen since Q4 2025. For the Guangzhou packaging substrate project, the capacity ramp-up of BT-type packaging substrates progressed steadily. FC-BGA packaging substrates achieved mass production of products with 22 layers and below, while R&D and sampling of products with 24 layers and above advanced on schedule. The Nantong Phase IV and Thailand factory projects were successfully connected and put into production in H2 2025, with capacity currently ramping up steadily. Capital expenditure in 2026 will primarily focus on PCB and packaging substrate businesses, with key investments directed toward the Wuxi high-speed, high-density, and high-multilayer electronic circuit product project, the Guangzhou packaging substrate factory construction, as well as subsequent payments for the Nantong Phase IV and Thailand factory projects.

This week, ferrous metals rose and then pulled back, moving sideways overall, with coking coal and coke experiencing a more notable pullback. In the first half of the week, market rumors suggested that a thermal coal supply assurance meeting would be held on Friday, which, combined with the sharp pullback on the raw material side driven by industrial capital fleeing, led to an overall pullback in ferrous metals. In the second half of the week, Trump's visit to China and trade negotiations proceeded simultaneously, but futures had already priced this in earlier, with no significant fluctuations. When the five major steel product data were released, supply showed some divergence, demand generally increased, and inventory destocking was strong. Spot market side, spot prices were held relatively firm, market transactions were mostly at low prices, and when the spot-futures price spread widened, basis traders were seen making shipments...