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， ...

内容概要：锂电铜箔是锂离子电池负极集流体的核心材料，影响电池性能，成本占电池总成本约 5%-10%。中国锂电铜箔产业链联动紧密，呈现"上游约束成本、中游决定供给、下游牵引需求"格局。 在全球新能源转型背景下，锂电池出货量攀升，为锂电铜箔奠定需求基础，2025年全球锂离子电池出货 量达2280.5GWh，预计2026年突破3016GWh。中国锂电池行业领先，2025年出货量占全球82.8%，推动 锂电铜箔发展。2025年国内锂电铜箔出货量达到94万吨，预计2026年全年出货量将达到115-120万吨， 保持高速增长态势。当前行业企业竞争格局集中度提升，2025年TOP10企业出货量集中度近80%。未 来，超薄化是核心主线，供应链深度绑定成常态，企业将通过多元化布局突围，推进全球化、延伸产品 品类、强化成本管控，提升抗风险能力，推动行业高质量发展。 上市企业：诺德股份（600110）、嘉元科技（688388）、德福科技（301511）、中一科技（301150）、 铜冠铜箔（301217）、江西铜业（600362）、海亮股份（002203）、亨通股份（600226）、杭电股份 （603618）、宝鼎科技（00255 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、交易事项概述 （a）受限于本协议的条款和条件，受让方向转让方购买目标股权（下称"股权转让"），转让方对目标 公司股权的股权转让款（下称"股权转让价款"）合计人民币50,950万元（大写：人民币伍亿零玖佰伍拾 万元）。 九江德福科技股份有限公司（以下简称"公司"、"德福科技"）于2026年1月15日召开公司第三届董事会 第二十次会议审议通过《关于收购子公司部分股权的议案》，同意公司以现金收购九江市现代产业引导 基金（有限合伙）（以下简称"引导基金"）持有的九江琥珀新材料有限公司（以下简称"琥珀新材"） 26.32%股权，股权转让价格为人民币50,950万元。具体内容详见公司于2026年1月15日于巨潮资讯网上 披露的《关于收购子公司部分股权的公告》（公告编号：2026-007）。根据《深圳证券交易所创业板股 票上市规则》《公司章程》等相关规定，本次交易在董事会决策权限之内，无需提交股东会审议批准。 二、进展情况 近日，公司与引导基金签署了《股权转让协议》，本次交 ...

Investment Rating - The industry is rated as "Buy" with expectations of an increase exceeding 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from high-end applications [4][15][24]. Summary by Sections Upstream Materials - The report identifies that the PCB board count is increasing, and the corresponding value per cabinet/GPU is also on the rise, particularly with the introduction of new PCB designs like the Vera Rubin NVL144 CPX [2][8]. - Continuous upgrades in PCB upstream materials are necessary to meet the higher demands for transmission speed and signal integrity from AI applications [11][12]. - Upstream materials are prone to inflation, with significant price differences observed in various generations of electronic fabrics [15][18]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics in 2026 due to supply shortages and rising demand from high-end applications [4][36]. - The second-generation Low-Dk fabrics are expected to face a clear supply-demand gap in 2026, driven by the large-scale deployment of Google's TPU V7 and above [36][37]. - Q fabrics are highlighted for their superior performance and scarcity, with a gradual increase in production expected in 2027 [26][34]. Copper Foil - The report notes a clear upgrade trend in HVLP copper foil, with significant price increase potential due to rising demand from AI applications and planned expansions by leading manufacturers [5][41]. - The market for carrier copper foil is identified as a second growth pole, with a current global market size of approximately 5 billion, primarily dominated by Japanese companies [49][50]. Resins - The report discusses the importance of resin types, particularly carbon-hydrogen resins, in high-frequency and high-speed applications, with domestic companies accelerating production to meet demand [51][54].

证券日报网讯2月13日，德福科技（301511）在互动平台回答投资者提问时表示，公司严格按照相关法 律、法规履行披露义务。 ...

Investment Rating - The industry is rated as "Buy" with an expected increase of over 15% in the next 3-6 months [57]. Core Insights - The report emphasizes that upstream materials are a key inflationary component in the PCB upgrade iteration process, with three main conclusions: the number of PCBs is increasing, the value of PCBs per cabinet/GPU is rising, and upstream materials are undergoing continuous upgrades [2][8]. - The market is focusing on materials that are close to "ultimate" technology or "upgrade" directions, indicating a potential profit release in 2026 [3][18]. - The report highlights the significant price inflation in electronic fabrics, particularly Low-CTE and Q fabrics, driven by supply constraints and increasing demand from AI applications [4][15][26]. Summary by Sections Upstream Materials - The report identifies that the PCB upgrade process is characterized by increasing PCB quantities and value, with a focus on the evolving requirements for materials such as electronic fabrics, copper foil, and resins [2][8]. - It notes that the industry trends for upstream materials lag behind PCB developments by 0.5-1 year, suggesting a delayed but strong profit release potential in 2026 [3][21]. - The sensitivity of material prices to market trends is highlighted, indicating that cost structures and supply dynamics are favorable for upstream materials [3][22]. Electronic Fabrics - The report predicts a continued price increase for Low-CTE fabrics due to supply shortages and rising demand, particularly from high-end applications [4][38]. - Q fabrics are expected to see significant adoption starting in 2027, with a strong short-term outlook due to supply constraints [26][34]. - The second-generation Low-Dk fabrics are anticipated to face a clear supply-demand gap in 2026, driven by the large-scale rollout of Google's TPU V7 and above [36][37]. Copper Foil - The report discusses the clear upgrade path for HVLP copper foil, with major producers expanding capacity and confirming strong demand trends [5][41]. - The market for carrier copper foil is identified as a second growth area, with a current global market size of approximately 5 billion, primarily dominated by Japanese firms [49]. - Price increases for HVLP copper foil are expected, supported by strong demand from AI and high-performance computing applications [46][45]. Resins - The report highlights the importance of resin types in high-frequency and high-speed applications, with carbon-hydrogen resins being the mainstream choice for advanced PCBs [51][54]. - Domestic companies are accelerating production to meet the growing demand for high-performance resins, indicating a shift towards local supply chains [54].

九江德福科技股份有限公司（以下简称"公司"、"德福科技"）于 2026 年 1 月 15 日召开公司第三届董事会第二十次会议审议通过《关于收购子公司部 分股权的议案》，同意公司以现金收购九江市现代产业引导基金（有限合伙）（以 下简称"引导基金"）持有的九江琥珀新材料有限公司（以下简称"琥珀新材"） 26.32%股权，股权转让价格为人民币 50,950 万元。具体内容详见公司于 2026 年 1 月 15 日于巨潮资讯网上披露的《关于收购子公司部分股权的公告》（公告编 号：2026-007）。根据《深圳证券交易所创业板股票上市规则》《公司章程》等 相关规定，本次交易在董事会决策权限之内，无需提交股东会审议批准。 二、进展情况 近日，公司与引导基金签署了《股权转让协议》，本次交易完成后，公司持 有琥珀新材 100%股权，琥珀新材成为公司全资子公司。 三、股权转让协议的主要内容 证券代码：301511 证券简称：德福科技 公告编号：2026-015 九江德福科技股份有限公司 关于收购子公司部分股权进展暨完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大 ...

证券代码：301511 证券简称：德福科技 公告编号：2026-014 九江德福科技股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 九江德福科技股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日召 开 2025 年第二次临时股东会，审议通过了《关于 2026 年度为子公司提供担保的 议案》，同意公司为合并报表范围内的子公司提供总额不超过 1,323,600 万元的 担保，有效期自 2025 年第二次临时股东会审议通过之日起至 2026 年 12 月 31 日止，并授权公司董事长或其授权代表人，在核定额度内根据各子公司业务发展 的实际需要确定执行，签署有关的文件、协议等其他相关法律文件。 二、担保进展情况 近日，公司与贵研化学材料（云南）有限公司（以下简称"贵研化学"）、 甘肃银行股份有限公司兰州新区支行（以下简称"甘肃银行"）分别签订了合 同编号：GYHX26-DBHT0002 和 DB202602110000001 的担保合同，约定公司 为江西斯坦德电极科技有限公司（以下简称" ...

Group 1 - The core viewpoint of the news is the implementation of the "Implementation Opinions on Improving the National Unified Electricity Market System" by the State Council, which outlines the goals and tasks for the electricity market over the next 5 to 10 years [1] - The implementation opinions emphasize the need to improve cross-provincial and cross-regional electricity trading systems, promoting regular market transactions between State Grid and Southern Grid, and increasing the scale of cross-regional transmission and the proportion of clean energy delivery [1] - The opinions also encourage greater participation of private enterprises in the electricity market and aim to refine the electricity pricing mechanism primarily determined by supply and demand, prohibiting local governments from unlawfully implementing preferential pricing policies [1] Group 2 - The China Securities report indicates that during the "14th Five-Year Plan" period, the country faces a contradiction between increasing decarbonization pressure and slowing growth in new energy installations, necessitating policy support for further low-carbon transitions [1] - A national capacity pricing policy is set to be introduced in January 2026, which will encourage the construction of stable power sources and open up space for new energy installations, while providing high-yield investment options for power companies [1] - The report estimates that even with lower capacity price subsidies, the profitability of energy storage projects will improve, potentially driving demand for energy storage not only in northern regions but also in central and eastern provinces [1] Group 3 - The ChiNext New Energy Index covers various segments of the new energy and electric vehicle industries, including batteries and photovoltaics, and is the only new energy index on the ChiNext with a 20% daily price fluctuation limit [2] - The ChiNext New Energy ETF (159368) is characterized by high elasticity, with a maximum increase of 20%, and has the lowest fees, with a total management and custody fee of only 0.2% [2] - The ETF has a nearly 90% allocation to energy storage and solid-state batteries, aligning with current market trends [2]

Investment Rating - The report maintains a rating of "Outperform" for the new materials sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.53%, outperforming the ChiNext index by 1.76%. Over the past five trading days, various sub-sectors showed mixed performance, with battery chemicals slightly increasing by 0.09% while semiconductor materials fell by 3.70% [3][17]. - Strong capital expenditure growth is observed in North America, particularly among major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, with a combined capital expenditure exceeding $670 billion in 2026, representing a year-on-year growth of over 60%. This investment is expected to drive demand for AI servers and related materials [6]. Summary by Sections 1. Secondary Market Performance - The new materials sector has seen a decline, with the Shanghai Composite Index and ChiNext Index also experiencing negative movements. The new materials index's performance is highlighted as it has outperformed the ChiNext index [3][13]. 2. Industry Chain Data Tracking - Price tracking for various materials shows fluctuations, with amino acids like valine at 13,850 RMB/ton (-1.42%) and vitamins such as vitamin A at 60,500 RMB/ton (-1.63%). Prices for biodegradable plastics remain stable, indicating a steady market for these materials [4][12]. 3. Industry News - The report emphasizes the importance of AI infrastructure development, which is expected to enhance the demand for high-frequency and high-speed copper-clad laminates and related materials. Companies such as Shengquan Group and Dongcai Technology are highlighted for their potential in the resin sector, while Zhongcai Technology and Honghe Technology are noted for electronic fabrics [6]. 4. Investment Recommendations - The report suggests focusing on upstream material development opportunities, particularly in AI-related sectors, as the demand for advanced materials is anticipated to grow significantly due to the increasing need for AI server infrastructure [5][6].