Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].

10月10日，生益科技涨5.06%，截至发稿，报58.37元/股，成交17.03亿元，换手率1.25%，总市值 1417.96亿元。 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材料、封装材料、 绝缘材料,自有房屋出租。从事非配额许可证管理、非专营商品的收购出口业务。提供产品服务、技术 服务、咨询服务、加工服务和佣金代理(拍卖除外)。主营业务收入构成为：覆铜板和粘结片65.96%，印 制线路板28.63%，废弃资源综合利用3.37%，其他(补充)2.04%。 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓生益科技。中欧潜力价值灵活配置混合A（001810）二季度持有 股数138.11万股，占基金净值比例为3.4%，位居第八大重仓股。根据测算，今日浮盈赚取约388.09万 元。 中欧潜力价值灵活配置混合A（001810）成立日期2015年9月30日，最新规模9.35亿。今年以 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 引言 在人工智能、 5G 通信、高性能计算和自动驾驶技术飞速发展的今天，芯片已成为推动全球科技进步的 核心引擎。然而，在每一颗高端芯片的背后，都 离不开一项被称为 " 隐形核心 " 的关键材料 —— ABF 胶膜 （ Ajinomoto Build-up Film ） 。这种由日本味之素公司几乎垄断的环氧树脂基绝缘薄膜，虽不为 人熟知，却是实现芯片高密度互联、高速传输和高可靠性的基础。它不仅是英特尔、 AMD 、英伟达等 巨头高端处理器的 " 标配 " ，更在全球半导体产业链中扮演着不可替代的角色。 当前，中国正全力推进半导体产业自主可控战略，而 ABF 胶膜作为 " 卡脖子 " 环节之一，其国产化进 程牵动着整个高端封装领域的命脉。本文将从 技术原理、市场与格局、产业链结构、技术壁垒、未来 方向及投资逻辑 等多个维度，全面剖析 ABF 胶膜的发展现状与国产突围路径，旨在为 行业参与者、投 资者和政策制定者 提供一份深入而系统的参考。 目录 一、 ABF 胶膜基本概况： 芯片封装的关键 " 黏合剂 " 1 、 ...

Core Viewpoint - High-tech enterprises play an irreplaceable role in fostering and expanding new productive forces, with over 60% of A-share market comprised of such companies [1]. Group 1: High-tech Enterprises Overview - A total of 130 high-tech companies identified as "technology-leading companies" based on research reports from 62 brokerage firms, focusing on technology strength and secondary market performance [1]. - Among these, several companies are expected to break monopolies or focus on key industries, including Yirui Technology, Lite-On Optoelectronics, and Changyang Technology [1]. Group 2: Shareholder Changes and Profit Forecasts - Out of the 130 companies, 11 have seen a decrease in shareholder numbers compared to the end of Q2, with 4 companies experiencing a decline of over 10% [1]. - Among the companies with concentrated shareholding, only 5 are predicted to have a net profit growth exceeding 10% in 2025 and 2026 [2]. Group 3: Performance Metrics of Leading Companies - Notable companies and their performance include: - Shengyi Technology: 131.34% increase, leading in high-end products [3]. - Rilian Technology: 105.74% increase, benefiting from domestic substitution and structural growth [3]. - Jizhi Technology: 82.65% increase, breaking foreign monopolies in high-end fields [3]. - Yirui Technology: 70.95% increase, a one-stop supplier for X-ray imaging equipment [3]. - Changyang Technology: 58.23% increase, leading in domestic CPI film and global reflective film [3]. - Guokai Micro: 45.29% increase, aiming to break overseas filter monopolies [3]. - Dike Digital: 22.03% increase, set to become Huawei's top partner in the government sector [3]. - United Imaging Healthcare: 20.09% increase, breaking the medical imaging monopoly [3]. - Caite Optoelectronics: 10.18% increase, leading in domestic OLED materials [3]. - Zhongke Technology: 6.87% increase, breaking foreign monopolies in core equipment [3]. Group 4: Shareholder Metrics and Profit Growth - Companies with significant shareholder changes and their performance include: - Yisuo Technology: 12.15% decrease in shareholder numbers, 189.44% increase in stock price [6]. - Dike Digital: 11.78% decrease, 22.03% increase in stock price [6]. - Beida Pharmaceutical: 9.04% decrease, 24.29% increase in stock price [6]. - Northern Navigation: 5.15% decrease, 53.13% increase in stock price [6]. - Langxin Group: 40.28% increase in shareholder numbers, 61.89% increase in stock price [6].

TUC: see positive as M8 becomes mainstream in 2026 CCL/PCB: stay tuned for continuous spec migration; maintain Buy on EMC/TUC Price Objective Change Continue to see spec upgrades across CCL and PCB Accessible version Within the CCL space, we notice the recent concern about AWS product transition, which we expect to last into 1Q26. However, we also witness the continuous upgrade of CCL material, which is evidenced by 1) the more significant upgrade in copper foil (vs/ glass fiber cloth previously); and 2) th ...

格隆汇9月26日｜华鑫证券研报指出，生益科技2025年上半年实现归母净利润14.26亿元，同比增长 52.98%；Q2实现归母净利润8.63亿元，同比增长59.67%，环比增长53.08%。25H1业绩符合预期，公司 市场表现亮眼。根据Prismark，2013年至2024年，生益科技刚性覆铜板销售总额保持全球第二，2024年 全球市场占有率达到13.7%。认为公司高频高速覆铜板技术领先，扎根于中国本土市场，有望充分受益 于下游AI算力建设需求高增的大趋势，首次覆盖，给予"买入"投资评级。 ...

Market Overview - The component sector experienced a decline of 4.47% on September 26, with Zhongfu Circuit leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Tianjin Pulin (002134) with a closing price of 21.00, up 4.37% on a trading volume of 143,100 shares and a turnover of 301 million [1] - ST Dongjing (002199) closed at 10.01, up 3.52% with a trading volume of 44,000 shares [1] - Major decliners included: - Zhongfu Circuit (300814) closed at 48.52, down 8.61% with a trading volume of 137,800 shares and a turnover of 689 million [2] - Dongshan Precision (002384) closed at 68.58, down 7.44% with a trading volume of 862,600 shares [2] Capital Flow - The component sector saw a net outflow of 6.765 billion in institutional funds, while retail investors contributed a net inflow of 5.702 billion [2] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in Tianjin Pulin and ST Dongjing [3]

截至发稿，周昊累计任职时间1年255天，现任基金资产总规模3968.25万元，任职期间最佳基金回报 56.57%， 任职期间最差基金回报56.3%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，东兴基金旗下1只基金重仓生益科技。东兴数字经济混合发起A（020440）二季度减持1.04万 股，持有股数5.97万股，占基金净值比例为4.54%，位居第十大重仓股。根据测算，今日浮亏损失约 17.07万元。 东兴数字经济混合发起A（020440）成立日期2024年1月16日，最新规模1540.04万。今年以来收益 46.64%，同类排名1446/8171；近一年收益86.5%，同类排名916/8004；成立以来收益56.57%。 东兴数字经济混合发起A（020440）基金经理为周昊。 9月26日，生益科技跌5.08%，截至发稿，报53.46元/股，成交17.34亿元，换手率1.33%，总市值1298.68 亿元。 资料显示，广东生益科技股份有限公 ...

推理驱动算力需求高歌猛进，高阶 PCB 迎量价齐升 20250924 摘要 英伟达向 OpenAI 投资千亿美元，预示数据中心对 GPU 和 ASIC 芯片的 巨大需求，进而驱动 PCB 行业需求增长。 英伟达产品迭代，从八卡架构到 GB200/GB300 系列，再到 Ruby 系列， PCB 规格显著提升，层数和密度增加，单芯片 PCB 价值量显著提高。 Ruby 系列引入正交背板方案替代部分铜缆连接，提高组装效率，单 72 模块正交背板 PCB 价值量约为 15-20 万人民币。 Ruby CPX 芯片设计新增 44 层 mid plane 和 22 层 5 阶 HDI PCB，并 升级至马九材料，进一步扩大 PCB 市场规模。 预计 2026 年全球 PCB 市场需求将达 900 多亿人民币，但因重资产和 投产周期长，供给端产能仍紧张，海外投产进度慢于预期。 未来几年 PCB 产能将相对紧缺，沪电股份、胜宏科技等公司加速扩产， 但扩产速度慢于需求爆发速度，供需关系持续紧张。 沪电、胜宏和鹏鼎等公司以及上游材料厂商生益科技具备超预期潜力， 生益科技在英伟达和亚马逊产业链份额提升，弹性大。 Q&A 目前 P ...

今年以来生益科技已经2次登上龙虎榜，最近一次登上龙虎榜为3月19日，当日龙虎榜净买入-5.48亿 元；买入总计3.97亿元 ，占总成交额比15.76%；卖出总计9.45亿元 ，占总成交额比37.51%。 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材料、封装材料、 绝缘材料,自有房屋出租。从事非配额许可证管理、非专营商品的收购出口业务。提供产品服务、技术 服务、咨询服务、加工服务和佣金代理(拍卖除外)。主营业务收入构成为：覆铜板和粘结片65.96%，印 制线路板28.63%，废弃资源综合利用3.37%，其他(补充)2.04%。 生益科技所属申万行业为：电子-元件-印制电路板。所属概念板块包括：液态金属、覆铜板、纳米概 念、柔性电子、5G等。 截至6月30日，生益科技股东户数7.51万，较上期减少14.25%；人均流通股31561股，较上期增加 16.61%。2025年1月-6月，生益 ...