东吴证券：覆铜板涨价映射PCB行业景气度高看好设备端资本开支延续性

Core Viewpoint - The price of copper-clad laminates, a fundamental material for PCBs, reflects the level of end-demand and has recently seen price increases from several manufacturers, indicating strong market demand driven by computing server needs [1] Group 1: Market Dynamics - Multiple copper-clad laminate producers, including Weili Bang, Jiantao Laminates, and Hongruixing, have announced price hikes for their products [1] - The current high growth in PCB demand is primarily driven by the needs of computing servers, with significant demand increases noted in multilayer boards, HDI (High-Density Interconnect) boards, and high-frequency boards [1] Group 2: Technical Requirements - HDI boards, characterized by more layers, denser circuits, and smaller hole diameters, impose new requirements on drilling, exposure, and electroplating processes [1] - East Wu Securities suggests focusing on the core processes of drilling, exposure, and electroplating in PCB production to capitalize on the growing demand [1]