李阳 国金证券建材分析师: 各位投资人大家晚上好，我是国金建材分析师李阳，感谢拨冗参会。那今天晚上我们是再 次邀请到一位专家来为我们去分享一下。整个像 CCL，包括电子部铜箔这些细分板块的一 些变化。那其实不少投资人关心，像最近在节前和节后的话，这两波其实行情还是走的比 较坚决的。这个其实还是比较符合预期，因为在最初的时候我们就提示一直要看涨价，价 格才是那个最重要的一个催化剂。所以这个也是可以看到，台面上我们最核心的几个标的 其实都是应该说是走势非常坚决，越来越多的这个板块和这资金段都往这个方向去进行一 个关注。 我觉得从这个时间点来看的话，其实最重要的是接下来会发生哪些变化？还是让我们再次 去点燃那个超预期这三个字，这个还是比较关心的。所以接下来的一些核心的变化、高频 的跟踪还是非常有必要的那我们今天也是请到专家跟我们去再更新一下节后的一些变化吧 我先抛砖引玉，请教，先请教专家几个比较笼统的问题随后我们也开放这个线上的沟通， 也欢迎各位投资人跟我们专家进行互动。专家您好，就是我们先跟您请教一下关于现在这 个 CCR，这个环节，就目前您看，您看到的关注，观察到的这个情况。 我们现在价格在 2 月份涨完之后的 ...

从基金十大重仓股角度 数据显示，弘毅远方基金旗下1只基金重仓生益科技。弘毅远方汽车产业升级混合A（015527）四季度 持有股数6万股，占基金净值比例为6.7%，位居第七大重仓股。根据测算，今日浮盈赚取约19.32万元。 2月24日，生益科技涨5.01%，截至发稿，报67.47元/股，成交10.35亿元，换手率0.65%，总市值1638.93 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%。 责任编辑：小浪快报 弘毅远方汽车产业升级混合A（015527）成立日期2022年12月16日，最新规模1344 ...

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a market cap of $23.4 billion, with a target price of $25.00, indicating an upside potential of 48%[5] - 正力新能 (Zhengli New Energy) has a market cap of $2.8 billion, with a target price of $18.00, indicating an upside potential of 113%[5] - 极兔速递 (Jitu Express) has a market cap of $12.2 billion, with a target price of $13.40, indicating an upside potential of 25%[5] - 三一国际 (Sany International) has a market cap of $6.2 billion, with a target price of $20.60, indicating an upside potential of 37%[5] - 瑞幸咖啡 (Luckin Coffee) has a market cap of $11.0 billion, with a target price of $54.68, indicating an upside potential of 41%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of -2.3%, outperforming the MSCI China Index, which returned -2.4% by 0.1 percentage points[10] - Out of the 26 stocks, 11 had returns exceeding the benchmark[10] - The report includes a new addition of Datadog (DDOG US) to the buy list, while Salesforce (CRM US) has been removed[7]

内容概况：在2018至2019年间，受逆变器产品价格大幅下降及太阳能光伏新增装机增速放缓的双重影 响，中国逆变器市场规模呈现阶段性收缩态势，其中2019年市场规模降至100.69亿元，同比下降 20.47%。2020年以来，随着光伏产业技术持续进步、行业全面进入平价上网阶段，并在"双碳"战略的深 入推进下，光伏行业整体步入快速发展阶段，从而有力带动逆变器市场规模实现快速增长。与此同时， 光伏组件成本的持续下降也在一定程度上刺激了终端对逆变器的配套需求。数据显示，2025年中国逆变 器行业市场规模已提升至561.7亿元。展望未来，在能源结构绿色低碳转型持续推进的背景下，逆变器 市场规模有望保持持续增长趋势。 相关上市企业：阳光电源（300274）、锦浪科技（300763）、固德威（688390）、上能电气 （300827）、科士达（002518）、生益科技（600183）、风华高科（000636）、顺络电子（002138）、 宏发股份（600885）、宝胜股份（600973）等。 相关企业：华为技术有限公司、深圳古瑞瓦特能源股份有限公司、广州三晶电气股份有限公司、南京冠 隆电力科技有限公司、江苏宝丰新能源科技有 ...

相关企业：联茂电子股份有限公司、南亚塑胶工业股份有限公司等。 关键词：高频高速覆铜板行业发展历程、高频高速覆铜板行业产业链、铜箔行业产量、高频高速覆铜板 行业供需情况、高频高速覆铜板行业市场规模、高频高速覆铜板行业竞争格局、高频高速覆铜板行业发 展趋势 一、高频高速覆铜板行业概述 高频高速覆铜板（高频高速基板）是射频/微波电路用覆铜板（一般称为高频覆铜板）和高速数字电路 用覆铜板（一般称为高速覆铜板）的统称，是在电子电路设计中常用的一种特殊类型的印刷电路板 （PCB）。按照基材可分为玻纤布基覆铜板、聚酰亚胺基覆铜板、聚酯基覆铜板；按电气性能可分为低 介电常数覆铜板、高介电常数覆铜板和低损耗角正切覆铜板。 高频高速覆铜板的分类 高频高速覆铜板制备工艺与普通覆铜板流程类似，包括混胶、上胶烘干、粘切片裁剪后叠BOOK、层 压、剪板等。 内容概况：高频高速覆铜板是新一代电子信息产业发展的关键材料，主要用于5G通信设备、高速数据 中心、汽车电子、卫星通信以及人工智能硬件等领域。随着5G基站的大规模建设、数据中心带宽需求 快速增长，以及新能源汽车和智能驾驶的普及，高频高速覆铜板市场呈现出强劲的增长势头。相比传统 覆铜板， ...

Core Viewpoint - Shengyi Technology's stock price has experienced fluctuations, with a current decline of 9.68% year-to-date, despite a recent increase of 2.32% over the last five trading days [1]. Company Overview - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials [1]. - The main revenue sources for Shengyi Technology are copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), comprehensive utilization of waste resources (3.37%), and other (2.04%) [1]. Financial Performance - For the period from January to September 2025, Shengyi Technology achieved a revenue of 20.614 billion yuan, representing a year-on-year growth of 39.80%. The net profit attributable to the parent company was 2.443 billion yuan, reflecting a year-on-year increase of 78.04% [2]. - Since its A-share listing, Shengyi Technology has distributed a total of 12.911 billion yuan in dividends, with 4.547 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shengyi Technology was 94,700, an increase of 26.08% compared to the previous period. The average number of circulating shares per person decreased by 19.91% to 25,277 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 118 million shares (a decrease of 48.99 million shares), and several ETFs, with varying changes in their holdings [3].

Summary of Key Points from the Conference Call Industry Overview - The AI video production industry is transitioning from high-cost, long-cycle, and high-threshold production to low-cost, efficient, and democratized industrial production, reshaping supply and demand dynamics and creating investment opportunities. However, there are concerns about the potential impact of large model capabilities on applications [2][3]. Core Insights and Arguments - The announcement of price increases by cloud service providers like Amazon AWS indicates the growing scarcity of AI cloud infrastructure, confirming the high demand for global AI computing power. The market is expected to replicate the post-Chinese New Year rally seen in 2025 [2][3]. - The release of models such as CloudOps 4.6 and Zhizhu GLM 5 marks a shift in AI from chatbots to customized team collaboration executors, which is anticipated to drive exponential growth in the industry by 2026 and change digital work patterns for businesses and individuals [2][5]. - Investment opportunities in domestic computing power related to AI applications are promising, with recommendations for GPU companies like Cambricon and self-developed ASIC chips from internet firms. Attention is also drawn to the expected price increases in target materials, with companies like Jiangfeng Electronics, OLAI New Materials, and Ashi Chuang being highlighted [2][6]. Investment Opportunities - The price increase of CCL (copper foil substrate) is expected to manifest in Q1 2026, with a projected overall positive performance for 2026-2027. Beneficiary companies include Nanya New Materials, Shengyi Technology, and Huazheng New Materials [2][8]. - In the AI hardware sector, there are significant investment opportunities related to domestic computing power, particularly due to the high power consumption of various AI applications, especially video-related ones [6][7]. Military Applications of AI - AI is primarily applied in military fields for situational awareness and unmanned operations, with Palantir's $4.3 billion large order demonstrating the substantial commercial potential of AI in military situational awareness [4][10][11]. - The development of unmanned operations is expected to accelerate significantly, with a focus on increasing the proportion of unmanned equipment in military operations [12][13]. Communication Chain Opportunities - Opportunities in the AI industry chain within the communication sector are identified in three main areas: AIS cloud services, network endpoints, and computing endpoints. Price increases in related components are anticipated due to the growth of AI applications and model upgrades [14]. Media and Entertainment Sector - The media and internet industry shows significant investment opportunities in AI applications, particularly with ByteDance's CDS 2.0 model, which enhances video production capabilities and efficiency. Companies with strong IP and distribution capabilities are recommended for investment [15]. Gaming Industry Impact - AI technology is expected to significantly enhance game development efficiency and user experience. Companies like Perfect World and KAEYING Network are highlighted as key investment targets due to their innovative projects [16][17]. Pharmaceutical Industry Potential - AI has substantial potential in the pharmaceutical industry, particularly in drug development, where it can shorten development cycles and improve efficiency. Companies like Hongbo Pharmaceutical and others are noted for their advancements in utilizing AI for drug development [18]. Multimodal Model Development - The development of multimodal models is rapidly advancing, with significant improvements in capabilities and usability. Companies like ByteDance and others are leading in this space, indicating a competitive landscape similar to the early stages of text models [19][20][21][22]. Recommended Companies for Investment - In the multimodal direction, companies such as Wanjing Technology, Haitai Ruisheng, and others are recommended for their strong positions in AI creative tools and applications [26]. This summary encapsulates the key insights and investment opportunities discussed in the conference call, providing a comprehensive overview of the current landscape in the AI industry and its various applications across sectors.

Summary of Conference Call Records Industry Overview - The focus is on the electronic materials industry, specifically on companies involved in the production of Copper Clad Laminate (CCL) and related high-tech materials for AI servers and other applications. Key Companies Discussed 1. **生益科技 (Siying Technology)** - Full product category coverage with over 70% high-end product ratio - Strong financial stability compared to competitors 南亚新材 (Nanya Technology) and 华正新材 (Huazheng Technology) - Expected net profit for 2026 is projected to be between 45-50 million, with a price-to-earnings ratio (PE) of 20-25x, corresponding to a market value of approximately 1600 billion [1][2] 2. **南亚新材 (Nanya Technology)** - The only domestic company certified by Huawei for M9, entering the NVIDIA M9 supply chain - Expected revenue for 2025 is projected to be between 48-50 million, with a net profit of 5.5-6.0 million; for 2026, revenue is expected to be between 70-75 million, with a net profit of 9-10 million - Normal valuation PE is estimated at 30-35x, corresponding to a market value of 270-350 billion; optimistic valuation targets a market value of 600-800 billion, which is one-third of 生益科技 [1][2] 3. **华正新材 (Huazheng Technology)** - Leading market share in aluminum-based CCL, entering the ABF substrate and M7N supply chain for昇腾 (Ascend) - Expected revenue for 2025 is projected to be between 44-46 million, with a net profit of 2.6-3.1 million; for 2026, revenue is expected to be between 60-65 million, with a net profit of 4.5-5.0 million - Normal valuation PE is estimated at 35-40x, corresponding to a market value of 158-200 billion; optimistic valuation targets a market value of 500 billion, which is one-third of 生益科技 [1][2] Core Insights and Arguments - CCL is identified as a leading segment with significant barriers to entry due to scale, technology, and customer relationships, with a net profit margin of 18-20% [1] - The focus on high-end CCL for AI servers (M9/M10) is seen as a strong growth driver, with a clear path to profitability as product structures improve [1][2] - Financial pressures are noted for 南亚新材 and 华正新材, with high debt ratios and the need for product volume increases to achieve profitability [1] Additional Important Points - The optimistic outlook for 南亚新材 and 华正新材 is heavily reliant on their ability to scale high-end production and improve profit margins [1][2] - The competitive landscape is characterized by a significant gap in customer share and scale between 生益科技 and its competitors, indicating potential risks for the latter [2] - The overall market sentiment is positive, with expectations for high-end product demand driven by AI and domestic substitution trends [2]

Group 1: Overall Market Performance - Over 270 companies on the Shanghai Stock Exchange have issued positive performance forecasts for 2025, indicating a robust outlook for the market [1] - Nearly 60% of companies on the Sci-Tech Innovation Board have reported year-on-year profit growth, showcasing the dual dimensions of quality and quantity in the economic trajectory of China [1] Group 2: Nonferrous Metals Industry - The nonferrous metals industry is experiencing a boom driven by resource prices and industrial upgrades, with industrial added value growth of 6.9%, surpassing the national average [2] - The total profit for ten major nonferrous metals reached 528.45 billion yuan, a year-on-year increase of 25.6%, marking a historical peak [2] - Leading companies like Zijin Mining are expected to see significant profit increases, with projected net profits of 51 to 52 billion yuan, reflecting a growth of 59% to 62% [2] Group 3: Electronic Industry - The electronic industry is witnessing growth driven by AI demand, with companies like Huaqin Technology expected to achieve revenues of 170 to 171.5 billion yuan, a year-on-year increase of 54.7% to 56.1% [4] - Shengyi Technology anticipates a net profit increase of 87% to 98%, benefiting from rising sales and improved product structure in the copper-clad laminate sector [4] - Companies are leveraging AI advancements to enhance their product offerings, with firms like Rockchip expected to see revenue growth of 71.97% to 85.42% [5] Group 4: Sci-Tech Innovation Board - The Sci-Tech Innovation Board is showing strong innovation momentum, particularly in the integrated circuit and biopharmaceutical sectors, with a projected net profit increase of approximately 99.49 billion yuan across 87 companies [6] - Companies in the AI chip sector are expected to see revenue growth exceeding 100%, with significant improvements in profitability [6] - The biopharmaceutical industry is transitioning towards commercialization, with notable collaborations and product approvals driving growth [6]

Investment Rating - The report maintains a "Recommended" rating for Pengding Holdings (002938) with a target PE of 30x for 2025E and 24x for 2026E, while other companies like Shenghong Technology (300476) and Shengyi Technology (600183) do not have a specific rating [3]. Core Insights - North American cloud vendors are experiencing a significant increase in capital expenditures, driven by AI demand, with total capital expenditures projected to rise from approximately $160 billion to about $450 billion from 2023 to 2025, indicating a strong alignment between capital expenditure growth and AI computing demand [9][25]. - The NPO (Near-Photonics Optics) and CPO (Co-Packaged Optics) technologies are gaining traction in the industry, providing substantial growth opportunities for domestic optical communication companies [31][46]. - The report emphasizes the importance of scalable optical modules in future cloud infrastructure, with NPO currently favored by domestic cloud vendors due to its advantages in interconnect density and cost [34][36]. Summary by Sections North American Cloud Vendors' Financial Performance - Microsoft reported Q4 FY26 revenue of $81.273 billion, a year-over-year increase of 16.72%, with a net profit of $38.458 billion, up 59.52% [12]. - Google achieved Q4 FY25 revenue of $113.828 billion, a 17.99% increase year-over-year, with a net profit of $34.455 billion, up 29.84% [16]. - Amazon's Q4 FY25 revenue reached $213.386 billion, a 13.62% increase year-over-year, with a net profit of $2.1192 billion, up 5.93% [20]. - Meta's Q4 FY25 revenue was $59.893 billion, a 23.78% increase year-over-year, with a net profit of $22.768 billion, up 9.26% [21]. Capital Expenditure Outlook for 2026 - Google is expected to have a capital expenditure of $175-185 billion in 2026, representing a year-over-year increase of 97% [25]. - Meta's capital expenditure is projected to be in the range of $115-135 billion for 2026, indicating a 77% increase year-over-year [27]. - Amazon's capital expenditure for 2026 is estimated at around $200 billion, a 50% increase from previous estimates [20]. NPO and CPO Technology Developments - NPO technology is gaining popularity among cloud vendors due to its high interconnect density and cost-effectiveness, making it suitable for distributed scale-up networks [34][36]. - CPO technology, which integrates optical engines and switching chips, is being actively promoted by NVIDIA and is expected to replace traditional pluggable optical modules in the future [37][42]. - The report highlights the significant development space for domestic optical communication companies driven by the advancements in NPO and CPO technologies [31][46].