强于大市（维持评级）：机械设备PCB设备周观点：CoWoS技术加速落地，玻璃基板有望年内商业化-20260118

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [13]. Core Insights - The report highlights that Huadian Co. is establishing a cutting-edge technology platform to accelerate the implementation of CoWoP technology, with plans to invest a total of $300 million in a high-density optical integrated circuit board project, which is expected to add an annual production capacity of 1.3 million high-density optical integrated circuit boards once fully operational [3][5]. - The glass substrate industry is approaching a critical transition from technology validation to early-stage mass production, with expectations for small-scale commercial shipments to begin by 2026. The compound annual growth rate (CAGR) for semiconductor glass wafer shipments is projected to exceed 10% from 2025 to 2030 [4]. - The demand for AI-driven servers, data storage, and high-speed network infrastructure is creating new growth opportunities in the PCB market, as the supply of related high-end products is currently insufficient. The development of AI and network infrastructure will require more complex, higher-performance, and high-density interconnect (HDI) PCB products [5]. Summary by Sections - Investment Highlights: Huadian Co. is set to invest $300 million in a project for high-density optical integrated circuit boards, aiming for a production capacity of 1.3 million units annually [3]. - Glass Substrate Commercialization: The glass substrate industry is on the verge of commercial viability, with significant players like SK, LG, and Samsung expanding their collaborations with material and process suppliers [4]. - Market Opportunities: The growth in AI and network infrastructure is expected to drive demand for advanced PCB products, presenting new opportunities for the industry [5]. - Recommended Companies: The report suggests focusing on PCB equipment consumables and PCBA equipment companies, including Dazhu CNC, Ding Tai High-Tech, and others [6].