Shanghai Securities·2025-08-22 11:11Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - CCL is experiencing a price increase trend, with major manufacturers like Jiantao and Hongruixing announcing price hikes for various products [5] - CCL is a core raw material for PCBs, accounting for 30% of PCB total costs, with raw material costs making up 60% of the total PCB cost [5][10] - The demand for PCBs is driven by the rapid growth of AI technology, leading to a strong demand for AI servers and an upward trend in PCB market conditions [5] - The supply of upstream materials for AIPCB is facing shortages, particularly in high-performance materials such as Low Dk electronic cloth and HVLP copper foil [5] - The report suggests focusing on companies like Honghe Technology, Tongguan Copper Foil, and Defu Technology, which are key players in the upstream materials for AIPCB [6] Summary by Sections Price Trends - Major manufacturers have announced price increases for CCL products, with Jiantao raising prices by 10 yuan per sheet and other manufacturers following suit due to rising copper prices [5] Cost Structure - CCL's cost structure shows that upstream raw materials account for approximately 90% of its costs, with copper foil, resin, and fiberglass being the primary components [5][12] Market Demand - The rapid development of AI technology is significantly boosting the demand for PCBs, particularly for high-performance materials required for AI server upgrades [5] Supply Constraints - The report highlights a tightening supply of high-end materials in the PCB industry, including Low Dk electronic cloth and HVLP copper foil, which are critical for meeting the growing demand [5] Investment Recommendations - The report recommends monitoring companies such as Honghe Technology, Tongguan Copper Foil, and Defu Technology for potential investment opportunities in the AIPCB upstream materials sector [6]