Group 1 - The diesel generator sector is undergoing adjustments primarily due to the impact of chip bans, leading to lower-than-expected capex intensity and pace from domestic manufacturers [1] - Nvidia is developing a new chip, B30, specifically for the Chinese market, with plans to produce over 1 million units this year [1] - Despite slow progress in data center construction in Q2, overall demand remains strong, extending the industry's prosperity until at least the end of next year [2] Group 2 - Major manufacturers plan to initiate bidding for diesel generators for 2026 in advance, with both the bidding volume and prices expected to exceed previous expectations from April to May [3] - Weichai Power (02338) anticipates selling over 8,100 units of its M series large-bore engines in 2024, with overseas sales accounting for 62% and a 20% year-on-year revenue increase, driven by a 148% surge in data center product sales [4] - Chongqing Machinery and Electric (02722) projects a net profit of approximately 431 million yuan for 2024, reflecting a 42% increase, benefiting from the sustained high demand for high-end diesel generators due to ongoing AIDC and data center construction [4]

Group 1: Company Strategy - The company focuses on maintaining a balanced customer base among industry leaders, emphasizing long-term sustainable benefits over short-term gains [2] - It aims to adapt its technical and production capabilities to meet the evolving market demands, particularly in high-density integration and high-speed signal transmission [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network products for 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products representing 37.68% of this figure [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and stabilizing yield rates while managing initial costs [5] - The company is implementing a comprehensive risk management mechanism to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, with a notable demand for 800G switches [6] - Increased capital expenditure is anticipated, with approximately ¥658 million spent on fixed assets in Q1 2025 and a planned investment of ¥4.3 billion for AI chip-related PCB expansion [7][8] - The market for complex and high-performance PCB products is expected to grow, driven by the needs of AI and network infrastructure [8]

美银证券近期举办了人工智能资本支出论坛。与数据中心专家、上海金属网铜行业专家、紫金矿业 （601899）和安徽海螺水泥（600585）进行了交流。 中国人工智能资本支出超5000亿元，数据中心市场同比增长20% 数据中心专家预计，2025年中国人工智能资本支出将超过5000亿元。对于互联网数据中心(IDC)和人工 智能数据中心(AIDC)，机房建设成本分别占资本支出的30%和18%。柴油发电机、IT设备和冷却系统分 别占资本支出的15-18%、45%和20%。 他认为，在中国数据中心市场中，受人工智能数据中心(AIDC)的推动，市场规模同比增长20%，主要增 长区域为华东、内蒙古和华北地区，而互联网数据中心(IDC)的增长可能放缓。 海螺水泥：需求疲软；在人工智能模式上积极探索 海螺水泥4-5月产量为75万吨/日，同比下降8%，6月产量因雨季预计为70万吨/日。 海螺水泥预计，由于房地产市场疲软以及地方政府资金紧张导致基础设施项目延迟，2025年中国水泥需 求将同比下降5-7%。6月平均售价(ASP)降至255-260元/吨。 铜行业专家：供应紧张但2025年需求预计同比增长4% 专家认为，2025年中国铜需 ...

Core Viewpoint - TDK Corporation has acquired the power business assets of QEI, enhancing its position in the rapidly growing semiconductor equipment market and contributing to the AI ecosystem [1][2]. Group 1: Acquisition Details - TDK has acquired advanced RF power generators and impedance matching networks from QEI, which are critical for plasma processing in semiconductor manufacturing [1]. - This acquisition allows TDK to strengthen its market presence in the semiconductor sector, which is a key driver of digital transformation [1]. Group 2: Market Impact - The demand for semiconductor devices is surging due to advancements in technologies such as AI, IoT, data centers, and electric vehicles, leading to increased demand for advanced manufacturing equipment [1]. - TDK aims to enhance customer value by integrating QEI's RF power solutions for deposition and etching processes with its existing DC power products [1]. Group 3: Leadership Statements - Jeff Boylan, President and CEO of TDK-Lambda Americas, expressed enthusiasm about the acquisition, highlighting the combination of QEI's flexible RF technology with TDK's leading DC products to access the over $1 billion RF market [2]. - Alex Nazarenko, President of QEI, acknowledged the hard work of employees and expressed confidence in achieving significant success under TDK's leadership [2].

Group 1: Company Strategy - The company focuses on differentiated operations, aligning technical and production capabilities with long-term market demand, emphasizing sustainable growth over short-term profits [2] - Maintaining a balanced customer base among top clients is crucial for stable development in a changing market environment [2][3] Group 2: Revenue Structure - In 2024, the company expects to generate approximately ¥10.093 billion from the enterprise communications market, with AI servers and HPC-related PCB products accounting for about 29.48% and high-speed network switch products for approximately 38.56% [4] - The automotive sector is projected to achieve around ¥2.408 billion in revenue, with emerging automotive PCB products making up about 37.68% [4] Group 3: Production and Supply Chain - The Thailand production facility has commenced small-scale production, focusing on improving efficiency and production yield while managing initial costs through refined cost control measures [5] - A comprehensive risk management mechanism is being established to address operational risks associated with overseas facilities [5] Group 4: Market Trends and Capital Expenditure - The rapid development of AI is transforming the data center switch market, necessitating a robust architecture to support AI and HPC clusters [6] - Increased demand for AI-driven servers and high-speed network infrastructure is creating growth opportunities, prompting the company to enhance capital expenditures, with approximately ¥658 million allocated for fixed and intangible assets in Q1 2025 [7][8] - A new project for expanding high-end PCB production to support AI chip development is expected to launch soon, aimed at meeting long-term market demands [8]

Core Viewpoint - SoftBank's CEO Masayoshi Son is promoting a $1 trillion integrated facility in the U.S. for manufacturing robotics and artificial intelligence, aiming to bring manufacturing back to the U.S. [1][6] Group 1: Investment and Partnerships - Son is seeking TSMC as a partner for a $165 billion investment in the U.S., with the first factory already established in Arizona [3][9] - The integrated facility, dubbed the "Crystal Land Project," aims to advance AI development and ensure a lasting legacy for Son [6] - SoftBank is exploring potential investors, including major tech companies like Samsung [8] Group 2: Government Support and Tax Incentives - The ambitious facility requires support from the Trump administration, with discussions ongoing about possible tax incentives for companies investing in the project [7] - SoftBank executives have engaged with federal and state officials, including Commerce Secretary Howard Lutnick, regarding potential tax breaks [7] Group 3: Data Centers and Financing - SoftBank has made significant investments in OpenAI, leading a $40 billion funding round, as both companies seek to raise hundreds of billions for large data centers crucial for the AI industry [10][11] - The financing approach for the "Crystal Land" project may follow a similar model to the $500 billion "Stargate" project, allowing for project-specific funding rather than raising a large sum upfront [13] Group 4: Current Status and Future Plans - The plans for the integrated facility and partnerships are still in preliminary stages and may evolve [14]

Core Viewpoint - The PCB sector, particularly companies related to computing power and data centers, is experiencing significant activity, with notable interest from social security funds in specific companies [1]. Group 1: Company Highlights - Guanghe Technology is the leading domestic server PCB supplier in China, with products used in high-performance computing servers, AI computing servers, storage servers, and core data center equipment [3]. - Aoshikang also focuses on PCBs, with applications in data centers, servers, AIPC, communication and network devices, and automotive electronics [10]. Group 2: Fund Holdings - In the first quarter, social security funds made new investments in Guanghe Technology, acquiring approximately 500,000 shares, making it the sixth largest circulating shareholder [4]. - Aoshikang saw new investments from social security funds, with two funds becoming the eighth and ninth largest circulating shareholders [11]. Group 3: Financial Performance - Guanghe Technology has shown consistent revenue growth for eight consecutive years, with a total increase of 130% over the last five years, averaging 26% annually [7]. - The company's net profit, excluding non-recurring items, has surged from 120 million in 2020 to 678 million in 2024, reflecting a 465% increase over five years, averaging close to 100% annual growth [9]. - Aoshikang's revenue growth over five years is 55%, averaging 11% annually, which is lower compared to Guanghe Technology [13]. - Aoshikang's net profit growth is limited, with a forecast of revenue increase without profit growth in 2024, attributed to rising sales expenses [15].

Core Viewpoint - The article highlights the successful C-round financing of Raycus Technology, which raised several hundred million yuan to enhance R&D, expand production, and explore overseas markets, indicating strong investor interest despite a cautious financing environment [4][5]. Company Overview - Raycus Technology, established in 2017, specializes in high-precision automated equipment for the optical communication semiconductor sector, providing solutions for optical modules, laser processing, and automotive radar [4][5]. - The company has a strong team with over 20 years of experience in the optical semiconductor automation equipment industry and has established manufacturing bases and R&D centers in Shenzhen and Xi'an, with nearly 40% of its workforce dedicated to R&D [5][6]. Market Demand and Growth - The demand for optical modules is expected to continue growing over the next two to three years, driven by rapid advancements in AI, data centers, and telecommunications [5][6]. - Raycus Technology has achieved significant market penetration in the optical communication sector, with its equipment meeting the high precision and efficiency demands of domestic manufacturers [6][8]. Product Development and Innovation - The company’s core products are evolving, with a notable increase in sales of multi-mode/single-mode optical device coupling machines, which are expected to drive new growth [6][9]. - Raycus Technology is also focusing on expanding its product offerings, including high-precision semiconductor packaging equipment, which has begun to see small-scale domestic sales [9] . Investment Insights - Investors view Raycus Technology as a key player in providing comprehensive solutions for optical communication, industrial lasers, and chip manufacturing, with a strong potential for future growth [10]. - The investment from the optical-electronic integration fund is seen as a strategic move to establish a presence in the silicon photonics sector, highlighting the company's importance in the industry [10].

一、行情 6月20日，PCB板块迎来连续走强。诺德股份4连板，中京电子3连板，正业科技（20CM）、光华科技盘中涨停，中一科技、逸豪新材、德龙激光、铜冠铜箔 等集体走强。 二、事件：多家PCB厂商积极看好+中国台湾PCB厂商同比增速显著 1）胜宏科技6月13日的机构调研纪要显示，该公司表示坚定"拥抱AI,奔向未来",精准把握AI算力技术革新与数据中心升级浪潮带来的历史新机遇,2025年一季 度，AI算力、数据中心相关产品收入占比超过40%。 沪电股份在6月11日的调研中对机构表示，AI驱动的服务器、数据存储和高速网络基础设施需求增长以及新兴应用领域的拓展为行业带来发展机遇,市场上相 关高阶产品的产能供应并不充裕,公司近两年已加大对关键制程和瓶颈制程的投资力度,预计2025年下半年产能将得到有效改善。 2）从台湾地区PCB行业月度营收数据来看，据财信证券统计，金像电、瀚宇博4、5月的单月营收持续稳定在历史高位区间，同比增速显著。 3）随云厂商积极自研ASIC芯片，ASIC正成为AI服务器市场中与GPU并行的重要架构，进一步带动高阶PCB的需求。 展望2025年，除AWS外，谷歌、meta的新产品中，ASIC服务 ...

"我们坚持'以需定研'，以用为导向，在关键'卡脖子'领域取得系列国际国内领先突破，并迅速转化为产业竞争力。"报告中，柳俊对九 峰山实验室取得的研发成果如数家珍。面向产业需求，九峰山实验室成功研发出全球领先的8英寸硅光薄膜铌酸锂光电集成技术，实现单 片集成光电收发，将带宽提升5倍，为全球集成度最高的光电芯片，支撑人工智能算力与数据中心升级，破解算力激增难题与能耗瓶颈。 九峰山实验室还诞生了全球领先的硅基异质集成芯片出光技术，构建光电子集成芯片领域优势。此外，九峰山实验室成功下线高精密光栅 晶圆，填补国内工艺空白。在产业转化上，九峰山实验室支撑合作伙伴开发出高性能光选择开关模块，国内市场占有率超40%。 湖北九峰山实验室工艺中心总经理柳俊作报告。 作为湖北十大实验室之一，九峰山实验室是湖北深化科技体制改革打造的新型研发机构，不定级别、不设编制，人员聘用由实验室自 主调配。区别于传统科研机构更看重论文和项目申报，在这里，科研成果和应用前景被置顶。 "我们是技术策源地，更是创新资源的'高效配置器'和产业生态的'阳光雨露'。"报告会现场，柳俊向嘉宾和"城市观察团"介绍，九峰山 实验室拥有化合物半导体领域最先进、最大规模 ...