NBTM(SH:600114) 材料汇·2025-12-26 14:58Core Viewpoint - The article emphasizes investment opportunities in upstream metal new materials driven by three key sectors: AI computing power, new energy, and humanoid robots for 2026. The demand for high-frequency, high-power, high-heat dissipation, and miniaturization is leading the material transformation [1]. Group 1: AI Materials - In the inductance field, metal soft magnetic chip inductors are highlighted for their miniaturization and high current resistance, with companies like Platinum New Materials and Dongkui Co. recommended for investment [1][2]. - In the capacitor sector, the recovery of consumer electronics and the AI engine's resonance suggest a new cycle for MLCCs, with nickel powder benefiting directly, making companies like Boqian New Materials a focus [2]. - The demand for liquid cooling materials in data centers is expected to grow significantly, with companies like Bowei Alloy recommended for their liquid cooling solutions [2]. Group 2: New Energy Materials - Copper is leading the cost revolution in photovoltaics, with companies like Boqian New Materials suggested for investment [4]. - Amorphous alloys are identified as suitable for high power density motors, with Yunlu Co. recommended [4]. - The axial flux motor is anticipated to drive the electric revolution, with Dongmu Co. highlighted for its potential [4]. Group 3: Humanoid Robot Materials - Lightweight materials, particularly magnesium, are noted as competitive, with Baowu Magnesium Industry recommended [4]. - Rare earth permanent magnets are expected to open up long-term growth in high-performance magnetic materials for humanoid robots, with companies like Jinli Permanent Magnet and Ningbo Yunsheng suggested [4]. - MIM (Metal Injection Molding) technology is emphasized for its advantages in robot structural components, with Dongmu Co. again highlighted [4]. Group 4: Capacitors - The MLCC industry is poised for recovery, with significant growth expected in 2024 driven by AI applications and consumer electronics [29]. - AI servers are projected to significantly increase MLCC demand, with estimates suggesting a rise from 603 million units in 2025 to 1.55 billion units by 2028, reflecting a CAGR of 37.2% [37]. - Companies like Boqian New Materials are positioned to benefit from the high-capacity MLCC market driven by AI [38]. Group 5: Liquid Cooling Materials - The demand for liquid cooling solutions is increasing due to the high-density requirements of AI servers, with Bowei Alloy recommended for their innovative materials [49]. - Tungsten-copper alloys are expected to meet the stringent thermal management needs of optical modules, with companies like Sui Rui New Materials suggested for investment [50].