消息面上，花旗发布研究报告指出，大宗商品价格已大幅上升，并似乎在较高水平整固，该行分析有关 对中国内地各板块的影响。正面而言，基础物料行业是主要受惠者，尤其是铝、铜及锂供应商。该行认 为，铜价上升亦令建滔积层板等覆铜板(CCL)生产商的毛利率得以扩张。 此前，花旗表示，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半 年的同比10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻 璃纤维业务可能的贡献。花旗认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能 力将原材料涨价压力传导至下游印刷电路板客户。 来源：智通财经网 建滔积层板(01888)涨超8%，截至发稿，涨8.59%，报15.9港元，成交额3.11亿港元。 ...

致：香港交易及結算所有限公司 公司名稱: 建滔積層板控股有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | 本月底 ...

Summary of CCL Industry Conference Call Industry Overview - The report focuses on the CCL (Copper Clad Laminate) industry, analyzing historical trends and future projections regarding material prices, demand, supply dynamics, and profitability [1][2]. Key Insights 1. **Historical Price Trends**: - **Cycle 1 (Q1 2016 - Q2 2018)**: Significant price increases in upstream materials led to a 68% price rise in FR4 CCL, with copper, electronic cloth, and resin prices increasing by 69%, over 100%, and 64% respectively [2]. - **Cycle 2 (Q1 2019 - Q4 2021)**: Continued price increases with copper, electronic cloth, and resin rising by 130%, 157%, and 70% respectively, resulting in a 129% increase in FR4 CCL prices [2]. 2. **Current Cycle (Q1 2023 - Present)**: - Upstream copper prices have reached a new high of 1.3 million yuan/ton, a 65% increase from previous highs [2]. - AI-related demand is significantly boosting downstream needs, with high-end CCL shortages affecting traditional capacities. The industry utilization rate is expected to rise to 80% by 2026 [2]. 3. **Market Concentration**: - The market concentration ratio (CR10) has increased from 74% in 2022 to 77% in 2024, indicating a trend towards greater industry consolidation [2]. 4. **Profitability Outlook**: - The gross margin for leading CCL manufacturers, such as Kingboard Laminates, is projected to improve significantly, with potential increases of 10 percentage points or more, reaching 30-40% by the first half of 2026 [3]. 5. **Price Projections**: - CCL prices are expected to rise by over 20% to a range of 170-190 yuan per sheet in the first half of 2026 [3]. 6. **Stock Performance**: - The stock prices of CCL manufacturers are anticipated to rise in tandem with margin recovery, supported by high-end product volume increases and process optimizations [3]. Investment Recommendations - Continued recommendations for investment in leading companies such as **Siyang Technology**, **Kingboard Laminates**, and **Nanya Technology**. Additionally, second-tier CCL manufacturers are expected to exhibit greater profit elasticity due to lower profit baselines [3].

Group 1 - Citigroup has initiated a "Buy" rating for Kingboard Laminates (01888) and a "Neutral" rating for Delta Electronics (00179) due to the divergent impact of rising copper prices on corporate earnings [1] - Copper prices surged by 22% year-on-year and approximately 14% quarter-on-quarter in Q4 2025, leading to significant differences in the earnings outlook for the two industry leaders [1] - Kingboard Laminates, as the world's largest copper-clad laminate manufacturer with a market share of about 16%, is expected to pass on rising costs to downstream customers, resulting in accelerated profit growth [1] Group 2 - Delta Electronics faces severe cost challenges, with copper accounting for over 25% of its sales costs, and its pricing power is limited in the automotive sector, which constitutes 84% of its sales [2] - If copper prices increase by 10%, and assuming Delta Electronics bears half of the cost pressure, its earnings could be impacted by up to 11% [2] - The forecast for Delta Electronics indicates a 7.1% year-on-year decline in core earnings for the second half of FY2026, contrasting with a 2.8% growth in the first half [2]

Core Viewpoint - Citi has issued a report highlighting the divergent impact of rising copper prices on corporate earnings, initiating an "Overweight" rating for Kingboard Laminates (01888) and a "Neutral" rating for Delta Electronics (00179) [1] Group 1: Kingboard Laminates - Kingboard Laminates, the world's largest copper-clad laminate manufacturer with a market share of approximately 16%, is expected to pass on rising costs to downstream customers, leading to accelerated profit growth [1] - The core profit growth rate for Kingboard Laminates is projected to increase significantly from a year-on-year growth of 10% in the first half of 2025 to about 58% in the second half, with further growth of 57% anticipated in 2026 [1] - The report notes that the high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to their printed circuit board customers [1] Group 2: Delta Electronics - Delta Electronics faces significant cost challenges, with copper accounting for over 25% of its sales costs; despite switching to a "cost-plus" pricing model, the company has limited pricing power in the automotive sector, which constitutes 84% of its sales [2] - If copper prices rise by 10% and Delta Electronics bears half of the cost pressure, its earnings could be impacted by up to 11% [2] - The forecast for the second half of the 2026 fiscal year indicates a year-on-year decline of 7.1% in core earnings for Delta Electronics, contrasting with a growth of 2.8% in the first half [2]

Core Viewpoint - The stock of Jiantao Laminated Board (01888) has risen over 3%, currently at 15.4 HKD, with a trading volume of 227 million HKD, following a report from Citigroup that initiated a "Buy" rating due to the impact of rising copper prices on corporate earnings [1] Group 1: Company Performance - Jiantao Laminated Board is the largest manufacturer of copper-clad laminates globally, holding a market share of approximately 16% [1] - The company is expected to pass on rising costs to downstream customers, which will accelerate profit growth [1] Group 2: Market Conditions - Copper prices have surged, with a year-on-year increase of 22% and a quarter-on-quarter rise of about 14% projected for Q4 2025 [1] - The core profit growth rate for Jiantao Laminated Board is anticipated to significantly accelerate during the copper price upcycle, increasing from 10% year-on-year in the first half of 2025 to approximately 58% in the second half [1] Group 3: Future Projections - The growth rate is expected to further reach 57% in 2026, not accounting for potential contributions from the company's AI glass fiber business [1] - The high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to printed circuit board customers [1]

Core Viewpoint - The recent surge in copper prices has led to a differentiated impact on corporate earnings, prompting Citigroup to initiate a "Buy" rating for Kingboard Laminates (01888) [1] Group 1: Company Performance - Kingboard Laminates' stock rose over 3%, currently at 15.4 HKD with a trading volume of 227 million HKD [1] - As the world's largest copper-clad laminate manufacturer with a market share of approximately 16%, Kingboard is expected to pass on rising costs to downstream customers, thereby accelerating profit growth [1] Group 2: Market Expectations - Citigroup forecasts that Kingboard's core earnings growth will significantly accelerate during the copper price upcycle, with growth rates expected to jump from 10% year-on-year in the first half of 2025 to about 58% in the second half [1] - Further growth of 57% is anticipated in 2026, not accounting for potential contributions from the company's AI glass fiber business [1] Group 3: Industry Dynamics - The high concentration in the copper-clad laminate industry allows leading companies to leverage their technological and cost advantages to transfer raw material price pressures to their printed circuit board customers [1]

Core Viewpoint - Citi has issued a report indicating a significant divergence in the earnings outlook for two leading companies in response to the recent surge in copper prices, with a recommendation to "buy" for Kingboard Laminates and a "neutral" rating for Delta Electronics [1] Group 1: Copper Price Impact - Copper prices surged by 22% year-on-year and approximately 14% quarter-on-quarter in Q4 2025 [1] - The increase in copper prices has led to differentiated impacts on corporate earnings within the industry [1] Group 2: Company Analysis - Kingboard Laminates, the world's largest manufacturer of copper-clad laminates with a market share of about 16%, is expected to pass on rising costs to downstream customers, resulting in accelerated profit growth [1] - Delta Electronics, the largest manufacturer of automotive micro motors globally with a market share exceeding 20%, has weaker bargaining power, leading to pressure on its profitability [1]

Core Viewpoint - The PCB sector is experiencing significant performance growth driven by AI demand, with several key investment themes identified for 2023 [1][2]. Investment Themes - **PCB Upgrade Trend**: The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products. mSAP capacity, equipment, and technical capabilities will become higher competitive thresholds for PCB manufacturers, presenting investment opportunities across the mSAP supply chain [1][2]. - **CCL Upgrade from M8 to M9**: The transition from M8 to M9 CCL is a definitive trend, with an increasing number of GPUs, ASIC servers, and 1.6T switches adopting M9 CCL. The usage of Q fabric, HVLP 3-4, and hydrocarbon resins will continue to rise rapidly [1][2]. - **Upstream Material Price Increases**: The price of upstream materials is still in an upward cycle, which is expected to further improve profitability [1][3]. - **Rising Demand for Substrates**: Demand for BT substrates is increasing, with continuous price hikes, while ABF substrate demand is beginning to overflow to domestic manufacturers [1][4]. Market Performance - The PCB sector's performance has exceeded market expectations, particularly in the upstream materials and equipment segments, driven by global AI PCB capacity expansion. Companies like Jin'an Guoji and Huazheng New Materials in the CCL segment, and Dazhu CNC and Chipbase in the equipment segment, have shown significant excess returns [2]. Price Trends - The CCL industry average price has increased by 20%-30% in 2025, with expectations for further price hikes in 2026 potentially exceeding those of 2025 due to supply-demand dynamics and raw material price trends [3]. Demand Dynamics - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 projected at $52-56 billion, significantly above market expectations. This indicates a strong upward trend in storage chip demand, leading to continuous price increases for BT substrates and the overflow of ABF substrate demand to domestic suppliers [4].

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability in performance [2][5]. Core Insights - The report highlights the significant growth in the performance of companies within the copper-clad laminate and storage chip sectors, with expectations of continued price increases driven by strong demand, particularly in AI applications [2][5]. - Companies like Jin'an Guoji are projected to see substantial profit increases, with forecasts suggesting a net profit of 280-360 million yuan in 2025, representing a year-on-year growth of 655-871% [2]. - The storage chip market is expected to experience a price surge in Q1 2026, with DRAM contract prices anticipated to increase by 55-60% and NAND Flash by 33-38% [2]. - The overall semiconductor industry is projected to reach $551.6 billion in 2026, a 134% year-on-year increase, with further growth expected in 2027 [2]. Summary by Sections Consumer Electronics - The report emphasizes the ongoing expansion of AI applications in consumer electronics, particularly within the Apple supply chain and smart glasses, which are expected to drive demand for related components [6]. PCB - The report notes a sustained high demand for copper-clad laminates, with price increases expected due to rising demand from automotive and industrial control sectors, alongside AI applications [7]. Components - The report identifies growth opportunities in passive components, particularly in MLCCs and inductors, driven by increased usage in AI mobile devices and laptops [22]. IC Design - The report expresses optimism regarding the storage sector, forecasting a significant price increase for DRAM due to rising demand from cloud service providers and consumer electronics [24][25]. Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic production capabilities and the need for self-sufficiency in semiconductor equipment and materials [26][28]. Key Companies - Companies such as Shenghong Technology and Northern Huachuang are highlighted for their strong market positions and growth potential in the semiconductor and PCB sectors [30][31][36].