证券日报网讯顺络电子（002138）9月17日发布公告，在公司回答调研者提问时表示，随着AI服务器对 数据存储、信息处理和传输的要求持续提升，整个系统的功率要求同步提高，而单位算力的继续增长， 提升了对AI服务器中各类xPU芯片功率的要求，也对周边元件产品的散热能力和功率密度提出了更高的 要求，基于AI服务器客户对元器件产品继续提高功率承接能力、提升瞬态响应速度的要求，传统的VR 结构难以满足大电流的负载的快速变动，电路中的TLVR概念应运而生。在AI服务器功率持续提升的发 展趋势下，TLVR拓扑的产品应用将进一步打开。各类工艺下的TLVR电感产品相较于非TLVR类型的AI 电感，性能和单价均显著提升，未来将对AI服务器中磁性器件的价值量提升带来显著变化。顺络已提 前布局TLVR结构的各类型电感产品，走在行业前沿，随着客户需求发展，未来几年，数据中心业务将 进入快速发展通道。 ...

FORTIOR(01304)午前涨超11%，高见197.8港元创上市新高。截至发稿，涨10.16%，报196.3港元，成交 额1.24亿港元。 公开资料显示，FORTIOR(峰岹科技)是一家芯片设计公司，专注于BLDC电机驱动控制芯片的设计与研 发。根据弗若斯特沙利文的资料：集团是中国首家专注于BLDC电机驱动控制芯片设计的芯片设计厂 商；及截至2023年12月31日，集团在中国BLDC电机主控及驱动芯片市场的份额达到4.8%(按收入计)， 排名第六，且集团为该市场前十大企业中唯一的中国企业。 华泰证券指出，公司作为国内领先的BLDC电机驱动控制芯片供应商，将充分受益在AI服务器、机器人 等高速增长领域的深度布局，且进一步拓展至传感器等领域将打开第二成长曲线。西部证券（002673） 也表示，25年上半年公司研发并推出传感器产品，实现了产品类型的拓展，随着公司传感器产品的面世 和市场导入，预计将带动公司未来增长曲线。 ...

Core Insights - The company has reported a robust order volume for AI server-related products, indicating rapid growth in this business segment [2] - The data center is identified as a key strategic market for the company, leveraging its advantages in miniaturization, high precision, and high power density technology [2] Group 1: Product Solutions - The company provides a comprehensive product solution for clients, covering primary, secondary, and tertiary power supply systems for servers [2] - Primary power supply focuses on high-power devices for AC-DC and high-low voltage conversion applications [2] - Secondary power supply involves 48V to 12V DC conversion, utilizing various inductors and transformer products to address power supply challenges [2] - Tertiary power supply includes components for xPU chips (CPU, GPU, ASIC), network cards, memory, and SSDs, featuring new AI inductors and tantalum capacitors among other products [2] Group 2: Industry Trends - The transition from traditional servers to AI servers is driving a rapid increase in power consumption around CPU, GPU, and ASIC chips, necessitating higher performance, power density, and thermal management from components [3] - The company is positioned to capitalize on these industry opportunities by offering one-stop component solutions for power semiconductor clients and various AI server customers [3]

Group 1: AI Server Product Applications - The company focuses on the emerging strategic market of data centers, leveraging advantages in miniaturization, high precision, and high power density technology to provide comprehensive power supply solutions for AI servers [2] - The company has a full order book for AI server-related products, indicating rapid business growth in this sector [3] Group 2: Power Supply Solutions - The first power supply primarily consists of large power devices for AC/DC conversion and high/low voltage applications, tailored for AI server scenarios [2] - The second power supply involves 48V to 12V DC conversion, with various inductors and transformers addressing customer power supply challenges [2] - The third power supply includes components for xPU chips (CPU, GPU, ASIC), network cards, memory, and SSDs, featuring new AI inductors and tantalum capacitors [3] Group 3: Tantalum Capacitor Development - The company has developed new tantalum capacitor products with a wire-free structure and PCB packaging, enhancing size and performance for various applications [4] - These tantalum capacitors meet the high-temperature and high-voltage stability requirements of AI servers, with a strong customer acceptance rate [4] Group 4: Capacity Utilization and Market Trends - The company reports high capacity utilization in Q3, aligning with the traditional peak season for orders [4] - The automotive electronics sector is viewed as a key emerging market, with ongoing investments in new product development to maximize customer resource advantages [4] Group 5: Capital Expenditure Planning - The company operates in a capital-intensive industry, necessitating ongoing expansion and high funding requirements [5] - Continuous investment in R&D is prioritized, with a long-term growth trend in R&D spending [5] - Future capital expenditures will focus on industrial park infrastructure, with a slowdown expected as recent projects are completed [5]

Group 1 - The company held an online investor reception event on September 15, 2025, to engage with both retail and institutional investors [1] - The company reported a strong demand for copper foil, particularly high-frequency and high-speed copper foil, and is currently managing production and delivery efficiently, although specific order amounts were not disclosed [2] - The company has no current plans for mergers or acquisitions but will announce any future plans promptly [3] Group 2 - The company aims to focus on its core business by optimizing operations and implementing cost-reduction measures while advancing products towards special functionalities and high-end applications [3] - The company acknowledged that stock price fluctuations are influenced by multiple factors and carry uncertainties, with product prices being adjusted based on market conditions [3] - The company has achieved batch supply of HVLP copper foil to downstream customers and is expanding production capacity to meet future demand [3]

Summary of PCB Drill Needle Industry Conference Call Industry Overview - The PCB drill needle market is experiencing rapid growth driven by increased demand from AI servers and consumer electronics, with global sales expected to exceed 1 billion units by 2025, reflecting an annual growth rate of 20%-30% [1][5][18]. - Key growth areas include high aspect ratio, tungsten carbide coatings, and ultra-small diameter tools, with laser drilling machines in high demand due to their advantages in processing micro blind holes [1][5]. Core Insights and Arguments - High-end PCB tool demand is driven by trends in AI servers, high-performance computing devices, and the miniaturization of consumer electronics [1][5]. - New materials like PDF1 are replacing traditional materials, raising the requirements for tool durability and strength, which may benefit advanced technologies like diamond coating from Japan [1][7]. - Japanese company Uryu holds a competitive edge in diamond coating, tungsten alloy, and ULF coating products, serving major clients like Pegatron and Unimicron [1][8]. - Domestic players like Ding Tai High-Tech and Jingzhou Precision are facing challenges in technology and material processing capabilities, particularly in comparison to Japanese standards [1][9]. Market Participants - The PCB drill needle market is dominated by four main players: Uryu (Japan), Jentech (Taiwan), Ding Tai High-Tech, and Jingzhou Precision (under ZTE) [3]. - Ding Tai High-Tech holds a 26.5% market share, with micro drills (under 0.2 mm) accounting for 21.12% and coating products for 30.91% [3]. Equipment and Technology - High-end PCB manufacturing equipment is in strict demand, particularly for Nvidia orders, which require multiple lamination cycles and precise processing of blind holes [4][22]. - Ding Tai High-Tech is expanding its capacity to meet growing demand and has established an AI team to develop micro drill products [4][40]. - The market is seeing a shift towards laser drilling technology, which is expected to dominate in high-density interconnect (HDI) applications [6][16]. Future Trends and Challenges - The demand for high-end tools will be influenced by the development of AI servers and the trend towards miniaturization in consumer electronics [7]. - The introduction of new electronic fabric materials, such as PTFE, is increasing the demand for durable drill tools, although these materials pose challenges for tool longevity [15]. - The market for diamond drill needles is projected to grow steadily by 10%-20%, driven by the increasing number of PCB layers, particularly in high-end applications [2][18]. Pricing and Market Dynamics - The market share for coated drills exceeds 60%, with diamond drills accounting for approximately 20%-30% [17]. - The price of diamond and coated drills can be 8-10 times higher than traditional types, reflecting the complexity of processing and material costs [17]. - Current high-end equipment prices have not seen significant increases, with minor adjustments of around 5% due to rising material and processing costs [26]. Conclusion - The PCB drill needle industry is poised for significant growth, driven by technological advancements and increasing demand from high-performance applications. Companies must navigate challenges related to material processing and technological gaps to maintain competitiveness in this evolving market.

Core Viewpoint - The metal sector is expected to see further profit growth in the first half of 2025, maintaining a strong performance with excellent results in rare earths, tungsten, nickel, cobalt, tin, antimony, and copper [1] Summary by Categories Sector Performance - The metal sector's profitability growth is on the rise, with the sector maintaining a strong operational status [1] - The sector's dividend and fund holdings are also increasing [1] Subsector Highlights - Rare earths and tungsten, nickel, cobalt, tin, antimony, and copper are performing exceptionally well [1] - Aluminum, lithium, nickel, cobalt, tin, and antimony are noted for their undervaluation advantages [1] Market Outlook - The outlook for gold prices is optimistic, with expectations for new highs following interest rate cuts by the Federal Reserve [1] - Copper prices are anticipated to rise due to strong fundamentals [1] - Supply disruptions are creating bottom opportunities for battery metals, while the strategic value of rare earths and tungsten remains significant [1] - The aluminum sector is expected to see a resonance in profitability and valuation upward [1] Investment Recommendations - Attention is recommended for materials related to solid-state batteries and AI servers [1]

Core Viewpoint - The metal sector is expected to maintain strong performance with profit growth accelerating in the first half of 2025, particularly in rare metals like rare earths and tungsten, as well as nickel, cobalt, tin, antimony, and copper [1][2] Market Review - The metal market has seen a comprehensive increase, with the CITIC Nonferrous Metals Index rising by 52.5% year-to-date, outperforming the CSI 300 Index by 34.8 percentage points [1] - From the beginning of 2025 to August 29, the best-performing sub-sectors include rare earth magnetic materials, tungsten, and nickel-cobalt-tin-antimony, with increases of 123%, 91%, and 67% respectively [1] Performance and Valuation Analysis - The overall revenue of the nonferrous metal industry grew by 6.7% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 37.5% [2] - The sub-sector of rare earths and magnetic materials, gold, and copper showed significant profit growth, with net profits increasing by 624.1%, 58.8%, and 40.2% respectively [2] - As of August 29, 2025, the nonferrous metal sector's price-to-earnings ratio (TTM) is at 21.2 times, while the price-to-book ratio is at 2.8 times, indicating a high valuation since 2022 but still below the 2021 peak [2] Holdings and Dividend Analysis - As of the end of Q2 2025, the market value of fund holdings in the nonferrous metal sector reached 127 billion yuan, ranking 9th among 30 industries [3] - The overall dividend payout ratio for the metal industry in the first half of 2025 was 15.0%, an increase of 5.6 percentage points year-on-year [3] Market Outlook - The outlook for the metal sector remains positive, with expectations for gold prices to reach new highs following interest rate cuts, potentially hitting $4,000 per ounce [4] - Copper prices are anticipated to benefit from strong fundamentals, potentially reaching $10,500 per ton [4] - The strategic value of rare earths and tungsten remains significant, and the aluminum sector is expected to see a positive correlation between profitability and valuation [4]

Core Viewpoint - The report highlights the potential for aluminum electrolytic capacitors and supercapacitors to be widely used in AI servers, driven by increasing demand for high voltage and compact components in the AI sector [4] Financial Performance - In 1H25, the company achieved revenue of 2.694 billion yuan (YoY +13.96%) and a net profit attributable to shareholders of 358 million yuan (YoY +3.19%). The net profit after deducting non-recurring items was 344 million yuan (YoY +8.96%) [5] - For 2Q25, the company reported revenue of 1.536 billion yuan (YoY +17.02%, QoQ +32.69%) and a net profit of 206 million yuan (YoY -1.92%, QoQ +35.82%). The net profit after deducting non-recurring items was 207 million yuan (YoY +10.54%, QoQ +51.01%) [5] - The company's gross margin for 1H25 was 24.93% (YoY -0.01 percentage points), and the net margin was 13.42% (YoY -1.46 percentage points) [5] Aluminum Electrolytic Capacitors - In 1H25, revenue from aluminum electrolytic capacitors reached 2.229 billion yuan (YoY +16.70%) with a gross margin of 26.75% (YoY +0.19%). Growth was driven by increased demand in the photovoltaic sector and robust needs in UPS and communication power supply sectors [6] - The introduction of new products, such as MLPC for AI servers and solid-liquid hybrid capacitors for the automotive sector, is expected to enhance growth. The shift towards higher voltage requirements in AI servers will significantly increase the demand for horn-shaped capacitors [6] - The manufacturing process for horn-shaped aluminum electrolytic capacitors will transition from traditional chemical etching to atomic deposition technology, leading to higher product prices [6] Supercapacitors - In 1H25, supercapacitor revenue was 162 million yuan (YoY +48.93%) with a gross margin of 16.86% (YoY -3.71%). The decline in gross margin is attributed to the company's efforts to explore new application areas [7] - Supercapacitors are expected to become standard components in AI computing clusters due to their ability to provide instantaneous power compensation during significant power fluctuations caused by AI chip power consumption [7] - The company's EDLC and LIC products have received certifications from several leading domestic and international companies, with EDLC expected to achieve scale due to its lower heat generation and cost advantages [7] - The supercapacitor market is anticipated to experience explosive growth driven by increasing demand across various sectors, including AI servers, energy storage, smart meters, and controlled nuclear fusion [7]

Group 1 - Yangjie Technology announced a cash acquisition of 100% equity in Better Electronics for a total transaction amount of 2.218 billion yuan [1] - After the acquisition, Better Electronics will become a wholly-owned subsidiary of Yangjie Technology, enhancing the company's competitive edge in its main business through synergies in product categories, technology R&D, downstream customers, and sales channels [1] - Better Electronics specializes in the R&D, production, and sales of power electronic protection components and related accessories, with applications in automotive electronics, photovoltaics, and energy storage [1] Group 2 - As of March 2023, Better Electronics had total assets of 1.024 billion yuan and a book value of shareholders' equity of 599 million yuan, with an assessed total equity of 2.22 billion yuan, reflecting an increase of 1.64 billion yuan and a valuation increase rate of 282.89% [2] - Yangjie Technology's main business focuses on power device products, particularly over-voltage protection, which aligns with Better Electronics' product offerings in the power electronic protection component category [2] - Yangjie Technology is experiencing rapid growth, having established an integrated IDM power semiconductor supply chain, with products being adopted by leading customers in the new energy vehicle, AI server, and photovoltaic energy storage sectors [2]