Investment Rating - The industry is rated positively, with a focus on AI-PCB, core computing hardware, and the Apple supply chain, indicating a bullish outlook for the upcoming quarters [4][27]. Core Insights - The demand for AI is robust, leading to price increases in copper-clad laminates (CCL), with a projected continuous rise due to escalating copper prices and material shortages [1][4]. - The semiconductor industry, particularly DRAM and NAND Flash, is expected to see significant price increases and revenue growth, with DRAM average selling prices projected to rise by approximately 58% year-on-year by 2026 [1][27]. - Companies like Google, Amazon, Meta, OpenAI, and Microsoft are anticipated to experience explosive growth in ASIC demand from 2026 to 2027, driven by strong AI requirements [1][4]. Summary by Sections 1. AI Demand and CCL Pricing - The report highlights a strong demand for AI, which is driving up the technical requirements for CCL, with price increases already implemented by major manufacturers like 建滔积层板 [1]. - The report anticipates that the price increases will lead to performance improvements starting in Q4, with a sustained upward trend expected [4]. 2. Semiconductor Market Outlook - The semiconductor market is projected to grow significantly, with DRAM revenues expected to exceed $300 billion by 2026, and NAND Flash revenues reaching $110.5 billion [1]. - The report notes that the average price of NAND Flash is expected to increase by 32% year-on-year [1]. 3. AI Hardware and ASIC Growth - The report emphasizes the strong demand for AI hardware, particularly in the context of ASIC production, with major tech companies ramping up orders [1][4]. - The anticipated growth in ASIC demand is expected to benefit the entire AI hardware supply chain, with companies currently operating at full capacity [4]. 4. Industry Segmentation and Performance - The report categorizes various segments within the electronics industry, indicating a stable upward trend in consumer electronics, PCB, and semiconductor chips [4]. - Specific segments such as passive components and advanced packaging are also noted for their robust performance, driven by AI and other technological advancements [4][20]. 5. Company Performance and Projections - Companies like 思泉新材 and 三环集团 are highlighted for their strong revenue growth and profitability, driven by AI-related demand and product innovations [29][31]. - The report suggests that companies involved in the AI-PCB and semiconductor equipment sectors are well-positioned to benefit from the ongoing trends in AI and semiconductor demand [27][32].

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]

每经AI快讯，建滔积层板(01888.HK)涨幅扩大逾6%，截至发稿涨6.17%，报12.22港元，成交额1.04亿港 元。 （文章来源：每日经济新闻） ...

建滔积层板(01888)涨幅扩大逾6%，截至发稿，涨6.17%，报12.22港元，成交额1.04亿港元。 国金证券发布研报称，根据11月跟踪，整个PCB产业链景气度判断为"保持高景气度"，主要原因来自于 汽车、工控随着政策补贴加持同时AI开始大批量放量，并且从当前的能见度观察来看，四季度有望持 续保持较高的景气度状态，中低端原材料和覆铜板在四季度又迎来一轮涨价，我们预计覆铜板涨价已经 走到了斜率有望变高的重要时间点，建议保持密切观察。 消息面上，继台湾南亚塑胶11月发布涨价函之后，12月1日，覆铜板巨头建滔积层板发出涨价通知。通 知称，由于目前铜价高企，原铜难求，玻璃布供应亦十分紧张。迫于成本压力，故将从即日接单起对旗 下覆铜板全系列产品价格进行上调，涨幅区间为5%至10%。 ...

消息面上，继台湾南亚塑胶11月发布涨价函之后，12月1日，覆铜板巨头建滔积层板发出涨价通知。通 知称，由于目前铜价高企，原铜难求，玻璃布供应亦十分紧张。迫于成本压力，故将从即日接单起对旗 下覆铜板全系列产品价格进行上调，涨幅区间为5%至10%。 国金证券发布研报称，根据11月跟踪，整个PCB产业链景气度判断为"保持高景气度"，主要原因来自于 汽车、工控随着政策补贴加持同时AI开始大批量放量，并且从当前的能见度观察来看，四季度有望持 续保持较高的景气度状态，中低端原材料和覆铜板在四季度又迎来一轮涨价，我们预计覆铜板涨价已经 走到了斜率有望变高的重要时间点，建议保持密切观察。 智通财经APP获悉，建滔积层板(01888)涨幅扩大逾6%，截至发稿，涨6.17%，报12.22港元，成交额1.04 亿港元。 ...

Summary of Key Points from Kingboard Laminates (1888.HK) Management Call Company Overview - **Company**: Kingboard Laminates (1888.HK) - **Industry**: Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing - **Profile**: Kingboard is a leading global supplier of CCL and upstream raw materials, including glass fiber, copper foil, and epoxy resin, with over 20 plants worldwide, primarily in China and Thailand [3][4] Core Insights 1. **Vertical Integration as a Strength**: - Kingboard's vertically integrated manufacturing process allows it to produce both CCL and upstream raw materials, enhancing manufacturing efficiency and cost control [4][8] - This integration is viewed as a key competitive advantage, enabling Kingboard to offer cost-effective products [4][7] 2. **Expansion into High-End Products**: - Management highlighted a strategic shift towards high-value-added products, particularly in the consumer electronics, home appliances, and automotive sectors [8] - Kingboard is focusing on R&D and sales of raw materials for high-end CCL, such as low-DK glass fiber, to improve signal integrity and meet market demand [8][9] 3. **Capacity Expansion Plans**: - Kingboard is actively expanding its CCL and raw material capacity, with plans to add 1,500 tons of copper foil monthly in mainland China by 2025 to cater to rising demand from data centers [9] - Additional investments in low-DK glass fiber yarn manufacturing are planned to support future CCL growth and meet client supply chain diversification needs [9] 4. **Market Demand and Future Outlook**: - Despite current low revenue contributions from data communication, management is optimistic about the rising demand for high-end CCL products, particularly in data communications and AI applications [2][8] - The company aims to leverage its vertical integration and economies of scale to enhance profitability and market presence [4][8] Additional Important Points - **Global Expansion**: Kingboard's capacity expansion in Thailand is part of a strategy to enhance its global footprint and better serve overseas markets amid macroeconomic uncertainties [9] - **Client Base**: Kingboard's major clients include its parent company, Kingboard Holdings, which also produces PCBs, indicating a strong inter-company relationship [3] This summary encapsulates the key takeaways from the management call, focusing on Kingboard's strategic initiatives, market positioning, and future growth prospects in the PCB and CCL industry.

建滔积层板(01888)发布公告，公司董事于2025年12月17日行使优先购股权获发行合共75万股股份。 ...

智通财经APP讯，建滔积层板(01888)发布公告，公司董事于2025年12月17日行使优先购股权获发行合共 75万股股份。 ...

公司董事于2025年12月17日行使优先购股权(根据公司2017年 5月29日采纳的优先购股权计划授予)获发 行50万股份 格隆汇12月17日丨建滔积层板(01888.HK)公布，公司董事于2025年12月17日行使优先购股权(根据公司 2017年5月29日采纳的优先购股权计划授予)获发行25万股份。 ...