天风证券：AI服务器发展助力高端铜箔国产替代

Group 1 - The development of AI is driving the demand for high-end PCB copper foil and product iteration, with domestic manufacturers expected to benefit from industry growth [1] - AI servers have an increased demand for HVLP copper foil, with usage per unit being eight times that of traditional servers [1] - Nvidia's new generation Rubin platform explicitly adopts HVLP 5th generation copper foil paired with PTFE substrates, enhancing value [1] Group 2 - Domestic copper foil manufacturers have made breakthroughs in the high-end PCB copper foil sector, positioning them to benefit from the current wave of AI development [1] - Companies such as Tongguan Copper Foil and Defu Technology are highlighted as potential beneficiaries in the high-end copper foil market [1]