一图了解M9级覆铜板产业链

Core Insights - Nvidia has confirmed the use of M9-grade copper-clad laminates (CCL) in its new product Rubin, indicating a significant market opportunity in the CCL and PCB production sectors [1] Industry Overview - The M9-grade CCL production involves upstream raw materials, which are critical for the manufacturing of high-performance PCBs [1] Company Summaries - Ping An Electric: Market cap of 2.385 billion; positive feedback on quartz fabric products for AI servers, focusing on low dielectric constant and loss characteristics [1] - International Composites: Market cap of 8.862 billion; specializes in high-frequency applications [1] - Honghe Technology: Market cap of 33.850 billion; engaged in the development of ultra-thin quartz electronic fabrics [1] - Philihua: Market cap of 42.808 billion; ultra-thin quartz electronic fabric is in testing phase, expected to be a growth driver [1] - China National Materials: Market cap of 54.237 billion; largest producer of electronic fabrics with a focus on low dielectric materials [1] - China Jushi: Market cap of 64.250 billion; annual production capacity of 1.3 billion meters, specializing in low-Dk and ultra-thin fabrics [1] High-End Copper Foil - Longyang Electronics: Market cap of 5.150 billion; involved in HVLP5 series ultra-low profile copper foil production [2] - Nord Shares: Market cap of 11.435 billion; products include RTF for AI servers and high-end electronic circuit copper foil [2] - Defu Technology: Market cap of 13.274 billion; focuses on high-end copper foil domestic substitution [2] - Hengtong Holdings: Market cap of 13.533 billion; has mass-produced RTF and low-profile copper foils [2] - Copper Crown Foil: Market cap of 26.611 billion; HVLP4 copper foil has completed customer testing, with mass production expected in 2026 [2] Resin Production - Shiming Technology: Market cap of 3.494 billion; produces electronic-grade hydrocarbon resin with a capacity of 500 tons/year [2] - Dongcai Technology: Market cap of 18.774 billion; M9 resin has leading dielectric loss indicators [2] - Shengquan Group: Market cap of 24.768 billion; expanding electronic-grade hydrocarbon resin capacity to support AI server performance [2]