TSP架构下高速SerDes通道密度与芯片集成度同步提升，单机柜需承载数万条高速信号走线与复杂拓扑路由，PCB 层数持续提升，单板走线密度呈数量级增长。 这种超大规模横向扩展设计对信号完整性提出极限挑战，高速信号传输损耗控制已成为保障集群算力充分释放的 核心瓶颈，直接推升对低损耗基材的刚性需求。 【东吴电子陈海进】Groq LPU引爆AI推理集群升级，进一步提振M9产业链景气，重点推荐菲利华！ 事件：英伟达近期与AI推理芯片先锋Groq达成约200亿美元技术授权合作，获得LPU架构非独家IP授权并整体吸 纳创始人及核心团队，双方技术融合成果有望于年度GTC大会发布。 Groq第二代LPU采用三星SF4X4nm工艺，相较初代14nm产品实现15-20倍能效比跃升，单集群规模从26 【东吴电子陈海进】Groq LPU引爆AI推理集群升级，进一步提振M9产业链景气，重点推荐菲利华！ 事件：英伟达近期与AI推理芯片先锋Groq达成约200亿美元技术授权合作，获得LPU架构非独家IP授权并整体吸 纳创始人及核心团队，双方技术融合成果有望于年度GTC大会发布。 Groq第二代LPU采用三星SF4X4nm工艺，相较初代14 ...

智通财经APP获悉，东吴证券发布研报称，重点关注2026年 M9产业链、光互联产业链投资机遇。PCB 材料向M9等级升级、光电共封装及"光入柜内"的确定性技术趋势。因此该行建议2026年重点关注 PCB M9 材料产业链投资机遇，以及CPO、光入柜内所对应的光芯片、光器件等领域的投资机遇。 东吴证券主要观点如下： SerDes 代际跃迁，驱动算力互联介质升级 算力芯片的互联带宽已成为衡量其性能的核心指标，而 SerDes(高速串行解串器)作为高速 IO 端口的核 心技术组件，其速率迭代直接决定了芯片互联带宽的上限。以英伟达为例，NVLink SerDes 已从 Ampere 架构的 56Gbps 演进至 Blackwell 架构的 224Gbps，支撑单芯片互联带宽实现代际跨越。然而， SerDes 速率的持续提升对 AI 服务器，交换机的信号传输介质提出严苛挑战。从速率瓶颈看，224G 以 上信号高频衰减剧增，驱动 PCB 覆铜板向 M9 级别升级;从功耗瓶颈看，SerDes 功耗占比随速率攀升， 光互联亟需通过光电近封装、共封装技术缩短与交换芯片的物理距离，以替代传统可插拔方案，实现能 效跃升。 Rubi ...

Group 1: A-Share Market Performance - A-shares have achieved a historic milestone with total trading volume exceeding 405 trillion yuan by December 22, 2025, marking the first time annual trading volume surpasses 400 trillion yuan [1] - The average turnover rate for A-shares is approaching 1.74% this year, potentially reaching the highest level since 2016 [1] - Notably, 19 individual stocks have recorded trading volumes exceeding 1 trillion yuan this year, with companies like Zhongji Xuchuang, Dongfang Caifu, and Xinyisheng surpassing 2 trillion yuan [1] Group 2: Sector Performance - The Hainan sector has shown strong performance, with stocks such as Haikou Group, Hainan Development, and Hainan Ruize hitting the daily limit [3] - Sanya's duty-free sales reached 102 million yuan on December 21, reflecting a year-on-year increase of 37.3%, indicating a boost in local tourism consumption due to the opening of Hainan [4] - The commercial aerospace sector remains active, with companies like Shenjian Co. and Chuangyuan Technology experiencing consecutive gains, driven by a shift towards reusable manufacturing models [4] Group 3: Communication and Power Equipment - The communication equipment sector has seen localized movements, with stocks like Zhongguang Fanglei hitting the daily limit and others like Guodun Quantum and Dingtong Technology also rising [5] - The power equipment sector is rebounding, with Haibosi Chuang rising over 6%, supported by government goals to reach 15 million kilowatts of solar thermal power capacity by 2030 [5] - The PCB sector is gaining strength, with stocks like Dingtai High-Tech and Dongcai Technology showing significant increases [5]

Group 1 - The PCB sector is experiencing a strong rally in early trading, with the M9 industry chain leading the gains [1] - Ding Tai High-Tech has seen a nearly 10% increase in its stock price, while Dongcai Technology has reached its daily limit up [1] - Other companies such as Copper Crown Copper Foil, Zhongcai Technology, Feilihua, World, and Defu Technology are also showing significant gains [1]