SmartHK Morning Brief | PCB Industry to Welcome Super Catalyst NIO(09866): Maintains Full-Year Profitability Target for 2026

【Today’s Headlines】

International Electronics Material Giants Announce Price Hikes, PCB Industry to Enter Super Catalytic Phase

Recently, two major international electronics material giants announced price increases. First, Japanese semiconductor material giant Resonac (a key supplier of global CCL and copper-clad laminate bonding materials) announced on March 1st that the prices of copper foil substrates (CCL) and adhesive films would be raised by over 30%. Subsequently, Japanese electronics material manufacturer Mitsubishi Gas Chemical (a leader in high-end copper-clad laminates, BT resins, and the largest supplier of packaging substrates) also announced price hikes across its electronic material products, including CCL, Prepreg (resin substrates), and CRS (copper foil resin sheets), with increases of up to 30%, effective for shipments from April 1, 2026.

Wenlian Securities states that the acceleration of computing power drives AI development, leading to upgrades in PCB technology and increased demand for high-end PCBs such as high multilayer and HDI boards. CITIC Securities notes that the continued strength of the PCB sector, with price hikes as a core logic, is supported by robust downstream demand since late 2025, with AI demand squeezing traditional capacity. Meanwhile, raw material prices, especially copper, remain high, and electronic glass prices continue to rise, with high-end T-glass still out of stock. These factors jointly accelerate the price increases of copper-clad laminates, BT substrates, and ABF substrates. Since Q4 2025, prices for FR4 (copper-clad laminates), BT, and ABF substrates have increased by approximately 15%-20%, with further increases of 10%-20% expected in H1 2026. Related companies are expected to see significant profit elasticity release starting in H1 2026.

PCB industry chain involves Hong Kong-listed companies: Jiantao Laminates (01888); Jiantao Group (00148). Han’s Laser (03200) is expected to benefit from increased demand and structural upgrades in AI PCB drilling processes.

【Market Outlook】

WTI Crude Oil Futures Close at $86.39 per Barrel, Down 8.84%

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 34.29 points at 47,706.51, a decline of 0.07%; the S&P 500 fell 14.51 points to 6,781.48, down 0.21%; the Nasdaq Composite rose 1.15 points to 22,697.1, up 0.01%.

Major tech stocks showed mixed performance, with Intel up over 2%, Nvidia and Meta up over 1%. Optical communication stocks surged, with AAOI up nearly 9%, Lumentum up over 4%; storage stocks also rose, with SanDisk up over 5%, Micron Technology up over 3%, Western Digital up over 1%. Most popular Chinese concept stocks increased, with the Nasdaq Golden Dragon China Index up 1.96%. NIO surged over 15%, achieving its first quarterly profit. Hang Seng Index ADRs rose, with the index closing at 26,020.36 points, up 60.46 points or 0.23% from Hong Kong market close.

NYMEX WTI crude oil futures for the current month fell $8.38 to close at $86.39 per barrel, down 8.84%. COMEX gold futures rose $95.00 to $5,198.7 per ounce, up 1.86%. COMEX silver futures increased $4.05 to $88.57 per ounce, up 4.79%.

【Hot Topics Preview】

National Internet Emergency Center Issues OpenClaw Security Application Risk Alert

Recently, OpenClaw (“Lobster,” formerly Clawdbot, Moltbot) app downloads and usage have surged, with major domestic cloud platforms offering one-click deployment services. This intelligent agent software directly controls computers based on natural language commands. To enable “autonomous task execution,” the app is granted high system permissions, including access to local file systems, environment variables, external APIs, and installation of extensions. However, due to its default security configuration being extremely vulnerable, attackers can easily gain full control of the system once a breach is found.

EIA: Iran War Disrupts Supply, Brent Oil to Remain Above $95 for Next Two Months

On Tuesday, March 10, U.S. Energy Information Administration (EIA) reported that due to disruptions caused by Iran war, Brent crude oil prices are expected to stay above $95 per barrel for the next two months. As supply recovers later, prices may fall back to around $70 by the end of this year.

UN Warns: Shipping Blockades Could Drive Up Fertilizer and Food Prices

Amid escalating tensions in the Middle East, multiple ships have been attacked, effectively shutting the Strait of Hormuz, which has shaken global oil markets. The UN’s latest report warns that this situation is also pushing up food and fertilizer prices, with potentially severe impacts on poorer countries.

Yangtze Life Sciences (00775) Announces Establishment of Shunpu Medical Technology Co., Ltd. to Focus on Developing Its Therapeutic Cancer Vaccine Portfolio

Zhitong Finance APP reports that Yangtze Life Sciences (00775) announced the establishment of its wholly owned subsidiary, Shunpu Medical Technology Co., Ltd. (“Sequencio”), dedicated to advancing its therapeutic cancer vaccine portfolio.

Chongqing M&E (02722) Reports Profit Surprise, Expected Annual Net Profit to Increase 70%-75% YoY

Zhitong Finance APP reports that Chongqing M&E (02722) announced that the group expects its net profit attributable to shareholders for the year ending December 31, 2025, to increase by approximately 70%-75% compared to 2024. This growth is mainly driven by strong performance in its high-power engine and ultra-high voltage transformer businesses, capturing domestic and international markets, significantly increasing investment income; and continuous improvement in lean management, with hydropower business turning profitable, further enhancing operational efficiency.

Guofu Hydrogen (02582) Plans to Issue Up to 4.908 Million Shares at a Discount, Raising About HKD 149 Million

Guofu Hydrogen (02582) announced that on March 10, 2026, the company entered into a placing agreement with the placing agent, agreeing to appoint the agent to place up to 4.908 million shares at a price of HKD 31.07 per share, with subscribers agreeing to purchase these shares. The number of shares represents approximately 4.84% of the enlarged issued H-shares and 3.88% of total issued shares after the placement. The placing price is about 12.28% lower than the closing price of HKD 35.42 per share on the date of the agreement.

Yuyuan Group (00551) Reports Net Operating Income of $675 Million in February, Up 19.4% YoY

Zhitong Finance APP reports that Yuyuan Group (00551) announced that its net operating income (total sales minus discounts and returns) for February 2026 was USD 675 million, an increase of 19.4% year-over-year.

Lepu Biopharma-B (02157) Issues Profit Warning, Expected Net Profit Not Less Than HKD 200 Million, Turning Losses into Profits

Lepu Biopharma-B (02157) announced that it expects its net profit attributable to shareholders for the year ending December 31, 2025, to be at least HKD 200 million, reversing a loss of about HKD 411 million in 2024, with an increase of at least HKD 611 million. The significant turnaround is mainly due to substantial revenue growth from PuYouHeng® (Ptuoli monoclonal antibody injection) and MeiYouHeng® (Vebecortolumab injection), with MeiYouHeng® generating initial income after approval by the National Medical Products Administration in October 2025.

Harbor Digital (00913) Reports Profit Surprise, Expected Annual Net Profit of HKD 135-165 Million, Turning Loss into Profit

Zhitong Finance APP reports that Harbor Digital (00913) announced that, based on unaudited management accounts and available information, it expects to record an unaudited consolidated net profit for the year ending December 31, 2025, compared to a net loss in the previous year.

Wuling Motors (00305) Reports Profit Growth, Expected 2025 Net Profit to Increase About 54% YoY

Zhitong Finance APP reports that Wuling Motors (00305) announced that it expects its net profit for the year ending December 31, 2025, to be approximately RMB 170 million, an increase of about 53%, and attributable profit to owners to be about RMB 78 million, up about 54%.

Baiqin Oil Services (02178) Reports Profit Expectation, Net Profit Not Exceeding HKD 25 Million for 2025

Zhitong Finance APP reports that Baiqin Oil Services (02178) announced that it expects its net profit attributable to owners for the year ending December 31, 2025, not to exceed HKD 25 million, compared to a net loss of about HKD 17.8 million in 2024. The improved profitability is mainly due to (i) depreciation of certain factories and machinery to residual value in 2024, reducing depreciation expenses; (ii) increased government subsidies during the reporting period; (iii) the turnaround of associated companies’ performance during the period.

Gilead Sciences-B (01672): Positive Top-Line Results for US Phase II 24-Week Study of Long-Acting Subcutaneous Depot Formulation of Small Molecule GLP-1R Agonist ASC30 for Obesity

Zhitong Finance APP reports that Gilead Sciences-B (01672) announced that its small molecule GLP-1 receptor (GLP-1R) agonist ASC30 depot formulation for obesity (NCT06679959) achieved positive topline results in a US Phase II 24-week study. A total of 65 subjects with obesity or at least one weight-related comorbidity were enrolled across three cohorts, receiving two formulations (A1 and A2).

【Stock Highlights】

NIO (09866): Maintains Full-Year Profitability Target for 2026

NIO released its Q4 2025 and full-year financial results, with Q4 operating profit of RMB 1.25 billion. Founder, Chairman, and CEO William Li stated during the earnings call that the second generation of advanced intelligent chips for the Shenji company has successfully gone into mass production.

NIO CFO Qu Yu mentioned that in 2026, prices for bulk materials including copper and lithium carbonate are rising and volatile, posing significant pressure on cost control and gross margin. The overall situation remains unclear, and the company is working with the supply chain to explore ways to improve efficiency and reduce negative impacts on gross margin. Given the high gross margin of large vehicles, the company maintains a growth target of 40-50% for the year and aims to achieve non-GAAP profitability for the full year.