中国科技硬件：深交所上市公司交流会2026纪要

EquitiesElectronic Equipment &Instruments SZSE Corporate Day 2026 takeaways China ◆Demand visibilityonoptical transceiversextends to 2030 Bingyi Zheng* (Reg. No. S1700521060001)Analyst, A-share Technology HardwareHSBC Qianhai Securities Limitedbingyi.zheng@hsbcqh.com.cn+86 21 5066 2028 ◆BOE’s glass-core substrate for AI chippackaging enterscustomer sampling stage Cara Su* (Reg. No. S1700525070001)Analyst, A-share IT Hardware ResearchHSBC Qianhai Securities Limitedcara.z.h.su@hsbcqh.com.cn+86 21 50662080 ◆BuysonLuxshareand SG Micro;Hold on BOE(all unchanged) Converging signals across the AI hardware supply chain.After meetingwithLuxshare, SG Micro and BOE attheSZSE Corporate Dayon29May, we remain positiveontheAI-driven demand for optical interconnects and advanced packaging substrates,and believeChina’s domestic supply chain is deepening its engagement with globalhyperscalers.Luxshare’s ramp-upwith its lead hyperscalercustomer and SG Micro’srising revenue mix from networking and computing point to robust near-term demand foroptical transceiver components. Meanwhile, BOE’s progress on glass-core substrates forAI chip packaging suggests a credible domestic alternative is taking shape in theadvanced packaging materials space. Supply-side constraintswere a recurring theme. Steven Sun*, CFA (Reg. No. S1700517110003)Head of Research, HSBC Qianhai Securities LimitedHSBC Qianhai Securities Limitedstevensun@hsbcqh.com.cn+86 755 8898 3158 Yongzhu Wang* (Reg. No. S1700125070003)AssociateShenzhen * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations Luxshare:Automation moat and multi-year ramp-uptrajectory.Managementdetailed aphased ramp-upplan withits lead hyperscaler customer, beginning withinitial lines this year and scaling through 2027-28. The company’s fully automatedoptical module assembly linewas presented as a structural competitive advantagethat cannot be replicated through parameter replication alone. Beyond optics, thecopper connectivitybusiness (DAC+ACC) is scaling rapidly and expected to becomea meaningful contributorto profit. On theauto side, the recent Jingxi Zhixingacquisition completes a gap in the intelligentchassis portfoliorelated to suspensionand braking, complementingexisting steering capabilities. Management expressedconfidence in sustained optical transceiver demand growththrough 2030. SG Micro:Networking and computing mix inflecting higher.The networking andcomputing segment currently accounts for approximately 25% of total revenue,reflecting the company’s increasing exposure to AI-related end markets. In the nearterm, optical transceivers and server power management are expected to be theprimary growth drivers. Management guided for stable cost levels,suggestingthepotential formargin expansion as the highervalue product mix scales. SG Micro’strajectory reinforces our view that the analogueand PMIC layer of the AI hardwarestack is entering a volume inflection, with domestic suppliers wellpositioned tocapture share as hyperscaler programmes diversify their component sourcing. BOE:Glass-core substrate progress and display business stabilisation.BOE’sglass-core substratehas now entered the customer sampling stage with multiple chipdesign firms. A strategic partnership with Corning across glass-core substrates,perovskite PV and foldable glass was highlighted as carrying significant signalling value.Onthedisplay business, OLED losses appear to be troughing as pricing stabilisesnear floor levels. LCD faces near-term demand headwinds,driven by memory costinflation that is compressing the low-end product mix. SeeValuation and risksonpage2. Disclosures & DisclaimerThis report must be read with the disclosures and the analyst certifications in Issuer of report:HSBC Qianhai Securities Limited the Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBCQianhai Securitiesat:https://www.research.hsbc.com Valuation and risks Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarilyresponsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and anyotherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specificrecommendation(s) or views contained in this research report: BingyiZheng, Cara Su and Steven Sun, CFA Important disclosures Equities: Stock ratings and basis for financial