观点全追踪（3月第1期）：晨会精选-20260302

Core Insights - The report highlights the evolution of power PCBs from a single substrate role to a "functional carrier board," with high-density integration being a core trend. The demand for high integration and verticalization in onboard power is driving revolutionary changes in PCBs [3]. Industry Analysis - The report discusses the transition of power PCBs towards high-density, passive component embedding, with examples such as Zhongfu Circuit integrating 14-18 layers within a 17x23mm size, requiring advanced PCB technologies to support over 800W power transmission [3]. - It emphasizes the embedding of power modules into PCBs to achieve Integrated Voltage Regulation (IVR) functionality, moving from traditional dispersed power management components to highly integrated solutions within a single chip or package [3]. - The report notes that the future of power PCBs will involve adopting mSAP technology for finer line widths and spacing to facilitate the packaging and embedding of IVR functions, indicating a shift towards more multifunctional roles for power PCBs [3].