PCB新技术方向：新材料、新架构、新封装“三新”共振，铸造板块强β

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights a recovery in capital expenditure (Capex) among domestic internet companies, indicating a potential upward trend in the industry [3] - The report discusses the upcoming changes in materials and technologies in the PCB sector, emphasizing the need for new materials to meet the demands of advanced applications [4][5] Summary by Sections New Materials - The M9 level copper-clad laminate (CCL) is expected to undergo significant upgrades, with upstream materials needing to evolve to meet requirements for low dielectric constant and low expansion coefficient [3][4] - Key materials such as quartz fabric, PPO, and hydrocarbon resin are anticipated to become important choices in the future [3] New Architectures - Orthogonal backplanes may replace copper cables as a crucial connection method within cabinets, offering advantages in high-speed transmission and reduced heat generation [4] - The use of orthogonal backplanes is expected to increase PCB usage per cabinet, thereby boosting upstream material demand [4] New Packaging Technologies - Advanced packaging techniques such as PCB process substrate, embedded components, and glass-based materials are evolving to reduce signal loss and improve power integrity [5] - The new packaging methods will require higher specifications for PCB dimensions and will necessitate collaboration across multiple stages, including testing and packaging [5] Investment Recommendations - The report suggests focusing on various aspects such as technological capabilities, production expansion pace, and customer development [6] - Beneficiary stocks in the upstream materials segment include companies like Feilihua, Honghe Technology, and Zhongcai Technology [6] - Beneficiary stocks in the CCL segment include Shengyi Technology and Nanya New Materials [6] - Beneficiary stocks in the PCB segment include companies like Huitian Technology, Shenchao Technology, and Jingsheng Electronics [6]