新奇美妆公司在 PCB 设备领域前景乐观，新产品如二氧化碳激光钻和先 进封装将在明年全面上量，凭借 PCB 景气度提升收入利润，有望实现第 二成长曲线。 预计明年（2026 年），Robin 大批量生产 Switch 版将新增约 400 万米需求。 同时，如果谷歌 TPU V8 系列采用麻九加修补方案，将新增 800 万米需求。因 此，2026 年的总需求有望从初期 1,000 万米增加到 2000 万米以上。展望 2027 年，如果英伟达 ROPIN ULTRA 全系采用马里的方案，以及谷歌 TPU V8 和 V9 芯片排产达到 500 万颗，对应总需求可能突破 8,000 万米。 Q&A 目前 Q 布产业链的整体趋势如何？需求端有哪些超预期的空间？ 整体来看，Q 布产业链的趋势非常明确，需求端存在较大的超预期空间。明年 （2026 年）AI 服务器领域将迎来大规模部署，例如 Robin 的迭代和 CSP A 级 芯片的部署，这些都将推动 PCB 产业景气度持续提升。特别是今年（2025 年）5 月份以来，市场对店铺板块关注度显著提升，主要基于 2026 年 AI PCB 市场规模及 CCL 价值量占比测算 ...

12月24日，A股三大指数全天震荡上行，全市场超4000只个股上涨。热点题材板块午后反复活跃，商业航天概念持续拉升，多只成分股涨停，电子产业链 概念股持续走强。 截至收盘，上证指数涨0.53%，深证成指涨0.88%，创业板指涨0.77%，市场全天成交额约1.9万亿元。 板块方面，电源、商业航天板块活跃，贵金属、海南板块调整。 个股方面，PCB概念龙头股生益科技（600183）涨停，创历史新高；光伏概念多股涨停，钧达股份（002865）午后快速涨停，海南发展（002163）走出"4 连板"，天通股份（600330）"4天2板"；3倍牛股胜通能源（001331）走出"9连板"。 截至12月23日，A股市场融资余额首次站上2.5万亿元，创历史新高。融资余额最新报25145.96亿元，较前一交易日增加148.59亿元，其中，上交所融资余 额报12712.02亿元；深交所融资余额报12355.07亿元；北交所融资余额报78.87亿元。 胜通能源走出"9连板" 12月12日以来，胜通能源股价持续大涨。今天，该股再次涨停，走出连续9个"一字板"，股价创历史新高，收报34.79元/股，市值逼近百亿元，截至收盘， 封单超12万 ...

湘财证券指出，2025年以来，消费电子延续复苏态势，折叠屏手机新品不断发布，人工智能技术的进步 推动AI基建需求维持高景气，同时，AI技术在终端上的落地推动端侧硬件升级，推动端侧SoC、散热材 料等零部件赛道景气度高企。AI大厂和全球互联网大厂投入巨额资本开支扩建数据中心，Dell'Oro的报 告称，到2029年全球数据中心资本支出的复合增长率将达到21%，AI大厂和互联网大厂的巨额资本开支 计划将推动算力集群持续扩容。算力扩容会同步放大"网络瓶颈"，使交换机从"配套件"变成提高数据中 心性能的"关键产能"，推动高速交换机需求快速增长。同时，AI服务器和高速交换机中的PCB层数不断 增加，PCB使用的材料也不断升级，推动单机PCB价值量大幅提升。量价齐升共同推动AI PCB市场规模 快速增长，看好AI PCB的投资机会。 PCB概念24日盘中强势上扬，截至发稿，有研粉材、瑞华泰20%涨停，嘉元科技涨超10%，生益科技涨 停创历史新高。 ...

AI寻机系列03： AI PCB电镀铜粉耗材迎景气周期 丁健 分析员 SAC 执证编号：S0080520080002 SFC CE Ref：BRQ847 鲁烁 分析员 SAC 执证编号：S0080524070023 刘中玉 分析员 SAC 执证编号：S0080521060003 SFC CE Ref：BSP722 Email: jian3.ding@cicc.com.cn shuo.lu@cicc.com.cn zhongyu.liu@cicc.com.cn 2025年12月 投资建议 AI驱动PCB产品向高厚径比、多盲埋孔升级，带动AI PCB电镀铜粉耗材需求旺盛，量价齐升拉动行业利润快速增 长，长期成长确定性强，我们认为行业短期产能紧俏，将迎来景气周期。 AI PCB带动铜粉行业加工费利润快速增长。铜球铜粉是PCB电镀耗材，铜球和铜粉分别占PCB成本比重的6%和 13%。AI PCB板厚与层数显著增加，盲埋孔数量几何级增长，填孔工序繁杂，孔铜标准更厚，为应对高厚径比带 来的电镀均匀性挑战，行业铜粉用量占比持续提升是趋势。我们预计2029年PCB铜粉耗材占电镀耗材的比重将从 现在的15%提升至27%以上。铜 ...

Vi e w p o i n t | 17 Dec 2025 08:44:52 ET │ 13 pages Han's CNC Technology (301200.SZ) Strong Demand Remains Intact with Upside Likely from Ultrafast Laser Drilling; Reiterate Buy/HR CITI'S TAKE We reiterate our Buy/HR rating on Han's CNC (HC) given the intact AI PCB drilling equipment upcycle. We estimate HC to deliver 64%YoY revenue growth in 4Q25E despite 4Q24 high base, which we believe is achievable as 1) its Taiwanese peer Ta Liang (3167.TW, Non-rated) registered 54% YoY revenue growth in Oct-25 and N ...

中金研究 AI驱动PCB产品向高厚径比、多盲埋孔升级，带动AI PCB电镀铜粉耗材需求旺盛，量价齐升拉动行业利润快速增长，长期成长确定性强，我们认为行 业短期产能紧俏，将迎来景气周期。 点击小程序查看报告原文 Abstract 摘要 AI PCB带动铜粉行业加工费利润快速增长。 铜球铜粉是PCB电镀耗材，铜球和铜粉分别占PCB成本比重的6%和13%。AI PCB板厚与层数显著增加，盲埋 孔数量几何级增长，填孔工序繁杂，孔铜标准更厚，为应对高厚径比带来的电镀均匀性挑战，行业铜粉用量占比持续提升是趋势。我们预计2029年PCB铜 粉耗材占电镀耗材的比重将从现在的15%提升至27%以上。铜粉加工费是铜球加工费的4-5倍，我们认为这将明显拉动铜粉行业加工费利润的快速增长。 供给稳定需求快速增长，行业短期或酝酿加工费上涨迹象。 在铜粉领域，日韩企业在产品纯度、粒径控制等尖端技术方面仍保持领先优势，当前国内江 南新材和泰兴冶炼厂产能分别为3/1.45万吨，光华科技产能超1万吨，我们预计2026年下半年国内厂商新增产能超过3万吨。今年年底到明年上半年，在新 产能投放出来之前，下游需求旺盛，行业供需格局紧张，铜粉加工费或酝酿 ...

36氪获悉，中信证券研报认为，近期英伟达FY26Q3业绩表现及FY26Q4业绩指引超预期，同时谷歌发布 Gemini 3，模型性能大幅提升，表现超预期。研报认为背后本质是AI产业仍在加速上行阶段，看好PCB 作为AI芯片端最同频升级环节的产业机会，近期PCB板块亦存在密集催化，持续推荐AI PCB板块的重 点厂商。建议关注：1.技术能力/客户卡位领先、业绩高确定性的龙头厂商。2.边际变化突出，积极扩张 产能、AI业务预期持续强化的厂商。3.受益于覆铜板价格上行周期的利润改善，以及高端材料放量的覆 铜板龙头。 ...

Core Insights - Recent performance of Nvidia's FY26Q3 exceeded expectations, and the FY26Q4 guidance is also optimistic, indicating strong growth in the AI sector [1] - Google's release of Gemini 3 shows significant improvements in model performance, further supporting the growth narrative in AI [1] Industry Analysis - The AI industry is in an accelerating upward phase, presenting substantial investment opportunities, particularly in the PCB sector, which is closely aligned with AI chip advancements [1] - The PCB sector has seen recent catalysts, leading to a recommendation for key manufacturers within the AI PCB space [1] Investment Recommendations - Focus on leading manufacturers with strong technical capabilities and customer positioning, as well as high earnings certainty [1] - Identify companies with notable marginal changes, actively expanding capacity, and strengthening AI business expectations [1] - Look for benefits from the rising price cycle of copper-clad laminates, which could improve profits, particularly for leading manufacturers of high-end materials [1]

Core Viewpoint - The A-share market experienced fluctuations around the 4000-point mark, with significant movements in the new energy sector, particularly in photovoltaic and superhard materials, leading to notable stock performances [1][2]. New Energy Sector - The new energy sector saw a strong surge, with the photovoltaic segment leading the way, particularly in perovskite batteries and HJT batteries, resulting in multiple stocks hitting the daily limit up [7][9]. - Key stocks included Zhonglai Co., Ltd. (300393) with a 20.06% increase, and several others like Tuojin New Energy (002218) and Xiexin Integration (002506) achieving around 10% gains [8]. Superhard Materials Sector - The superhard materials sector experienced a collective rise, with the cultivated diamond concept stocks increasing by over 10%, driven by a recent announcement from the Ministry of Commerce and the General Administration of Customs regarding the suspension of export controls on related items [3][4]. - Notable performers included Sifangda (300179) with a 19.99% increase and Huifeng Diamond (920725) with a 17.05% rise [4]. Storage Chip Sector - The storage chip concept stocks continued to strengthen, with Jiangbolong (301308) rising by 11.31%, reaching a new historical high [13][14]. Industrial Robotics - The market share of domestic industrial robots in China has surpassed 50% for the first time, reaching 58.5%, with a projected annual growth rate of 33.1% during the 14th Five-Year Plan period [16].

Investment Rating - The report assigns a "Buy" rating for Jiangnan New Materials (603124) with a target price of 112 CNY, based on its growth potential and position in the industry [6][40]. Core Insights - Jiangnan New Materials specializes in copper-based materials, focusing on products such as copper balls, copper oxide powder, and high-precision copper heat sinks, primarily serving the PCB and liquid cooling sectors [1][12]. - The company is transitioning its product structure towards higher-margin copper powder due to increasing demand for high-end PCBs, which require more precise manufacturing processes [30][33]. - The high-precision copper heat sinks are expected to significantly boost revenue in the first half of 2025, with a projected income of 84.11 million CNY, marking a 596% year-on-year increase [3][37]. Summary by Sections Overview - Jiangnan New Materials was established in 2007 and has developed a leading position in copper-based materials, with a focus on R&D and manufacturing [12][18]. - The company has a stable shareholding structure, with the chairman holding 39.06% of the shares, which supports long-term development [18]. Market Drivers - The growth in high-end PCB demand is driving the shift from copper balls to copper powder, which offers better process capabilities and efficiency [30][33]. - The liquid cooling market for servers is expected to create a second growth curve for the company, with significant revenue growth anticipated from high-precision copper heat sinks [3][36]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY, with net profits expected to reach 284.75 million CNY, 465.85 million CNY, and 658.64 million CNY respectively [4][38]. - The report compares Jiangnan New Materials with peers in the PCB and liquid cooling sectors, suggesting a valuation of 35 times earnings for 2026, leading to a target price of 112 CNY [40][41].