随着人工智能服务器更新换代浪潮的加速，其核心组件印制电路板（PCB）和覆铜板（CCL）正迎来一场深刻的技术与规格升级。 汇丰6日的报告认为，这一趋势不仅将大幅提升相关产品的出货量与平均售价，更有望开启一轮由高端需求和成本传导驱动的涨价新周期。 报告认为，英伟达下一代Rubin平台的推出将是引爆本轮升级的关键催化剂。新平台对更高数据传输速率的要求，将推动行业向更昂贵、更复杂的M9级别 CCL材料和更高层数的PCB板迁移，从而显著推高服务器机柜中PCB/CCL的价值含量。 与此同时，谷歌、AWS等云服务巨头在自研AI芯片（ASIC）领域的加速投入，也为高端PCB市场注入了强劲动能。汇丰表示，在这两大需求的共同作用 下，叠加铜、玻璃纤维等原材料成本的上涨，CCL制造商已开始具备将成本向客户传导的能力，涨价趋势初现。 AI芯片升级驱动，PCB/CCL迎来量价齐升 汇丰的报告分析，本轮PCB/CCL行业的增长主要由两大引擎驱动：英伟达的新平台和大型云服务商（CSP）的ASIC芯片。 首先，英伟达预计在2026年下半年量产的Rubin平台，将在三个层面触发PCB/CCL的价值跃升。其一，引入新的结构，如用于处理长文本AI ...

11月7日，生益科技跌5.02%，截至发稿，报61.17元/股，成交9.66亿元，换手率0.65%，总市值1485.89 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，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）三季度减持3100 股，持有股数5.66万股，占基金净值比例为5.95%，位居第五大重仓股。根据测算，今日浮亏损失约 18.28万元。 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2828.88万。 ...

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300476 | 胜宏科技 | 5.97 | 5.31 | 162339.78 | | 002384 | 东山精密 | 10.00 | 7.43 | 106905.56 | | 688041 | 海光信息 | 7.96 | 1.81 | 94166.45 | | 001309 | 德明利 | 10.00 | 8.59 | 73440.86 | | 688981 | 中芯国际 | 4.23 | 3.66 | 68848.71 | | 300433 | 蓝思科技 | 9.60 | 3.02 | 67142.21 | | 601138 | 工业富联 | 1.30 | 0.87 | 51209.27 | | 688012 | 中微公司 | 4.26 | 3.06 | 36841.13 | | 600183 | 生益科技 | 1.77 | 1.81 | 30894.20 | | 688521 | 芯原股份 | 3.97 | 2.97 | 30209.40 | ...

| 688981 | 中芯国 | 4.23 | 3.66 | 68848.71 | 7.60 | | --- | --- | --- | --- | --- | --- | | | 际 | | | | | | 688012 | 中微公 | 4.26 | 3.06 | 36841.13 | 6.32 | | | 司 | | | | | | 600183 | 生益科 | 1.77 | 1.81 | 30894.20 | 11.19 | | | 技 | | | | | | 002371 | 北方华 | 3.57 | 1.07 | 29275.52 | 9.28 | | | 创 | | | | | | 002156 | 通富微 | 3.64 | 5.44 | 26777.28 | 7.89 | | | 电 | | | | | | 688691 | 灿芯股 | 7.55 | 16.92 | 26664.33 | 18.50 | | | 份 | | | | | | 002559 | 亚威股 | 6.99 | 22.68 | 25338.56 | 19.61 | | | 份 | | | | | | 002436 | 兴森科 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [3][23]. Core Insights - The company achieved revenue of 20.614 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 39.80%. The net profit attributable to shareholders was 2.443 billion yuan, up 78.04% year-on-year [1]. - The report highlights the upward resonance of CCL (Copper Clad Laminate) and PCB (Printed Circuit Board) businesses, indicating that profitability is expected to continue rising [1][7]. - The company’s PCB business is experiencing accelerated growth, particularly in AI-related products, which are expected to see significant volume increases in the coming quarters [7]. Financial Performance Summary - For Q3 2025, the company reported revenue of 7.934 billion yuan, a year-on-year increase of 55.10% and a quarter-on-quarter increase of 12.24%. The net profit attributable to shareholders for Q3 was 1.017 billion yuan, reflecting a year-on-year growth of 131.18% [1]. - The report projects total revenue for 2025 to reach 29.423 billion yuan, with a year-on-year growth rate of 44.3%. The net profit is expected to be 3.552 billion yuan, with a growth rate of 104.3% [3][9]. - The company’s earnings per share (EPS) is forecasted to increase from 0.72 yuan in 2024 to 1.46 yuan in 2025, and further to 2.48 yuan in 2026 [3][9]. Business Outlook - The report emphasizes that the company’s CCL business is expected to stabilize and grow due to the increasing demand for high-speed CCL products, particularly in AI server applications [7]. - The company is positioned to benefit from the ongoing AI industry boom, with both high-speed CCL and high-end PCB products expected to drive substantial growth [7]. - The target price for the company is set at 86.8 yuan, based on a valuation of 35 times earnings for 2026, reflecting a potential upside from the current price of 63.28 yuan [3][7].

Core Insights - The PCB industry is experiencing unprecedented growth driven by the explosive demand for high-end HDI and packaging substrates due to AI server requirements [1][2][3] - A total of 38 listed companies in the A-share PCB sector reported a combined revenue of 1560.42 billion yuan and a net profit of 168.62 billion yuan for the first three quarters of 2025, both figures marking historical highs [2][3] - The industry is witnessing a significant expansion in high-end production capacity, raising concerns about potential price competition if AI demand does not sustain post-2026 [1][5][7] Revenue and Profit Growth - The PCB sector's total revenue increased by approximately 385 billion yuan or 32.75% year-on-year, while net profit rose by 73.51 billion yuan or 77.3% [1][2] - Leading companies such as Huadian Co., Shenghong Technology, and Shennan Circuit are showing robust growth, with revenue exceeding 10 billion yuan for several firms [2][3] - Notable performers include Shenghong Technology with a revenue growth of 83.40% and a net profit increase of 324.38% [2][3] High-End Product Demand - The surge in AI server demand is identified as the primary driver of the PCB industry's high growth, particularly for high-end products like HDI and packaging substrates [3][4] - Companies that successfully capture high-end PCB market demand are experiencing faster growth, with significant differences in profit margins across the sector [3][4] - Huadian Co. and Shenghong Technology reported sales net profit margins exceeding 20%, while others like Shennan Circuit and Shengyi Technology surpassed 13% [3][4] Capacity Expansion and Market Competition - Major PCB manufacturers are investing heavily in expanding high-end production capacity to meet the rising demand for AI-related products [5][6] - Companies like Shengyi Technology and Huadian Co. are undertaking significant capital projects to enhance their production capabilities [5][6] - The current expansion trend raises concerns about intensified competition and potential profit erosion if demand does not keep pace with the new capacity coming online [5][7] Future Outlook and Challenges - Analysts express caution regarding the sustainability of the current demand growth, suggesting that a slowdown could lead to oversupply and price competition in the future [7] - The PCB industry is characterized by high fixed costs, making capacity utilization critical for profitability, and any decline in utilization could severely impact margins [7] - Future competition may shift from quantity to quality, focusing on technological advancements and customer loyalty, favoring companies with early expansion and technological advantages [7]

Core Viewpoint - The electronic industry shows significant growth in Q3 2025, with a notable increase in net profit across various sub-sectors, particularly in satellite electronics, semiconductors, and AI supply chains [4]. Summary by Sections Overall Industry Performance - In Q3 2025, 650 companies in the electronic industry reported a total net profit of 163.7 billion yuan, reflecting a year-on-year increase of 40% and a quarter-on-quarter increase of 20% [4]. Sub-industry Performance - The top three sub-industries by year-on-year net profit growth in Q3 2025 are: - Satellite Electronics: 200 million yuan, +113% - Semiconductors: 22.11 billion yuan, +89% - AI Supply Chain: 22.06 billion yuan, +84% [4]. Detailed Sub-sector Growth - Among 74 detailed sub-sectors, the top five in terms of year-on-year net profit growth are: - LED-LED Power: 8 million yuan, +644% - LED-LED Display: 193 million yuan, +431% - Display-Equipment: 202 million yuan, +250% - Semiconductor-Digital GPU and CPU: 1.242 billion yuan, +242% - Semiconductor-Analog: 459 million yuan, +218% [4]. Leading Companies in the Electronic Industry - The top five companies by net profit and year-on-year growth in Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Luxshare Precision: 4.874 billion yuan, +32% - Hikvision: 3.662 billion yuan, +20% [5]. Semiconductor Sector Leaders - The leading companies in the semiconductor sub-industry for Q3 2025 are: - Cambricon Technologies: 567 million yuan, turned profitable - Haiguang Information: 760 million yuan, +13% - Northern Huachuang: 1.922 billion yuan, +14% - Zhongwei Company: 505 million yuan, +28% - OmniVision Technologies: 1.182 billion yuan, +17% [6]. AI Industry Chain Leaders - The top five companies in the AI industry chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Cambricon Technologies: 567 million yuan, turned profitable - Zhongji Xuchuang: 3.137 billion yuan, +125% - Haiguang Information: 760 million yuan, +13% - Xinyi Sheng: 2.385 billion yuan, +205% [7]. Nvidia Supply Chain Performance - The leading companies in the Nvidia supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Zhongji Xuchuang: 3.137 billion yuan, +125% - Shenghong Technology: 1.102 billion yuan, +261% - Shengyi Technology: 1.017 billion yuan, +131% - Huitian Technology: 1.035 billion yuan, +46% - Tianfu Communication: 566 million yuan, +76% [8]. Apple Supply Chain Performance - The top five companies in the Apple supply chain for Q3 2025 are: - Industrial Fulian: 10.373 billion yuan, +62% - Luxshare Precision: 4.874 billion yuan, +32% - Lens Technology: 1.700 billion yuan, +13% - Pengding Holdings: 1.175 billion yuan, -1% - GoerTek: 1.171 billion yuan, +5% [9].

Group 1 - Jinguang Electric won a bid for a State Grid procurement project with a total amount of 21.7976 million yuan, accounting for approximately 2.93% of the company's expected revenue for 2024 [1] - Shen Gong Co. plans to reduce its shareholding by up to 2%, equating to 340.61 million shares [2] - Guomai Culture received a government subsidy of 3.78 million yuan, representing 24.90% of its audited net profit for 2024 [2] Group 2 - Guomai Culture focuses on the development and provision of digital content operation platforms [3] - Shentong Technology's two directors plan to collectively reduce their shareholding by no more than 0.0473% [4] - Ruihua Tai intends to reduce its shareholding by up to 1%, amounting to 1.8 million shares [5] Group 3 - Guoji Automobile's wholly-owned subsidiary won a total contract project worth 809 million yuan [7] - Changcheng Technology's stock is expected to remain suspended due to potential changes in control [9] - Huabei Pharmaceutical's subsidiary received approval for a chemical raw material drug listing application [11] Group 4 - Fuyao Glass has changed its legal representative to Cao Hui [13] - Huaxi Biological plans to reduce its shareholding by up to 2%, totaling 9.6336 million shares [14] - Hopu Co. signed a procurement contract for a storage system worth 500 million yuan [15] Group 5 - ST Songfa's subsidiary plans to invest 458 million yuan in a mooring dock project [18] - Zhonghong Medical's subsidiary is expected to be selected for several centralized procurement projects [19] - Huakai Yibai's vice chairman plans to increase his shareholding by no less than 30 million yuan [20] Group 6 - Haichuang Pharmaceutical completed the first participant enrollment for a clinical trial of a drug for metabolic-associated fatty liver disease [21] - Dongfang Biological's subsidiary obtained medical device product registration certificates for multiple products [22] - Lepu Medical's rechargeable implantable deep brain stimulation system received NMPA registration approval [23] Group 7 - Changyuan Power's power generation in October decreased by 32.25% year-on-year [24] - Jinshi Yaya's diclofenac sodium sustained-release tablets passed the consistency evaluation for generic drugs [26] - Yutong Bus sold 3,040 buses in October, a decrease of 5.62% year-on-year [27] Group 8 - Far East Co. signed contracts worth 1.062 billion yuan in October [28] - Tianya Pharmaceutical's subsidiary passed the consistency evaluation for a drug [29] - Yuheng Pharmaceutical plans to resolve a debt dispute through a share transfer agreement [30] Group 9 - Hailanxin's subsidiary won a bid for a marine observation network project worth 1.097 billion yuan [31] - Huasheng Lithium plans to reduce its shareholding by up to 0.37% [33] - Maike Biological obtained product registration certificates for five new in vitro diagnostic products [34] Group 10 - Huayuan New Materials signed a strategic cooperation agreement with Taiblue New Energy [37] - Greebo's actual controller and some directors plan to collectively increase their shareholding by no less than 11.5 million yuan [39] - Yian Technology received a government subsidy of 1.1643 million yuan [41] Group 11 - Kangtai Biological's quadrivalent influenza virus vaccine has commenced Phase I clinical trials [43] - Spring Airlines received a commitment letter for a stock repurchase loan of up to 450 million yuan [45] - Foton Motor sold 8,006 new energy vehicles in October, a year-on-year increase of 98.83% [46] Group 12 - Greebo plans to transfer 100% equity of its subsidiary for 280 million yuan [48] - Siwei Liekong's director is under investigation [49] - Dingyang Technology launched a new generation of multi-channel microwave signal generator products [50] Group 13 - Jiangling Motors reported a year-on-year increase of 8.06% in vehicle sales for October [51] - Shengyi Technology plans to reduce its shareholding by up to 1.03% [52] - Dongshan Precision completed the acquisition of 100% equity of France's GMD Group for approximately 814 million yuan [53] Group 14 - Tianyang Technology plans to acquire 7.5% of Baoland's shares for 155 million yuan [54] - Alter plans to establish a joint venture company with a total investment of 672 million yuan [54] - Changchun High-tech's clinical trial application for a drug was approved [55] Group 15 - Beibu Gulf Port's cargo throughput in October increased by 22.73% year-on-year [56] - ST Zhangjiajie was ruled by the court to undergo reorganization [57] - Teda Co.'s subsidiary was selected as a supplier for an energy project in Indonesia [58]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Insights - The company has effectively capitalized on AI development opportunities, leading to a sequential improvement in profitability [1][7] - In the first three quarters of 2025, the company achieved a revenue of 20.614 billion yuan, a year-on-year increase of 39.8%, and a net profit attributable to shareholders of 2.443 billion yuan, up 78.04% year-on-year [4][7] - The gross margin and net margin for the first three quarters of 2025 increased to 26.74% and 13.89%, respectively [7] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted upwards, with expected net profits of 3.591 billion yuan (previously 2.743 billion yuan) for 2025, 5.290 billion yuan (previously 3.337 billion yuan) for 2026, and 6.623 billion yuan (previously 3.923 billion yuan) for 2027 [8] - The company’s earnings per share (EPS) are projected to be 1.48 yuan for 2025, 2.18 yuan for 2026, and 2.73 yuan for 2027 [10] - The price-to-earnings (P/E) ratio is expected to decrease from 89.0 in 2024 to 43.1 in 2025, and further to 29.2 in 2026 [10] Product and Market Positioning - The company has a comprehensive product matrix and is advancing high-end product projects, maintaining long-term collaborations with leading global clients [7] - The company is actively developing high-end packaging products, including FC-CSP and FC-BGA, for advanced applications in AI and computing [7] Industry Outlook - The overall demand in the industry is favorable, with AI-related product orders continuing to be released, contributing to the company's performance [7][8] - The report indicates that the price of copper-clad laminates is expected to stabilize and rise, further enhancing the company's operational performance and profitability [8]

格隆汇11月4日丨新恒汇(301678.SZ)在投资者互动平台表示，生益科技是公司的合作伙伴，合作研发了 国产环氧树脂布（固化片和覆铜板），代替进口材料，并成功运用到柔性引线框架生产过程中。 ...