（文章来源：第一财经） 中信证券研报表示，2026年初以来PCB板块相对滞涨，除算力/人工智能整体beta偏弱外，我们认为市场 担忧主要集中在应用拓展扰动、升规升阶延后、业绩兑现滞后、材料涨价影响等方面。但我们强调AI PCB行业底层的增长逻辑并未改变且在不断强化，我们对市场担忧方向均持相对乐观观点，且后续板块 存在密集潜在催化，明后年的增量能见度在持续提升；同时业绩及估值视角来看，龙头厂商的业绩预期 整体仍在逐步获得兑现，估值水平则存在进一步上修空间，当前时点我们坚定看好PCB板块后续的上行 动能。 ...

这一轮三次电源的变化里， 产业链的地位从"基板供应"转向了"功能载板解决方案"：从产业链定位的变化来看，电源PCB厂商从此前较为 简单的供应商，#转变为与电源企业进行预研的解决方案提供商，电源PCB玩家的定位变得更为核心。 在三次电源的变化下，电源PCB从传统的承接角色转向电源功能载板，核心是PCB从#传统的厚铜板演变为嵌入式 电源模块PCB。 此前横向供电模式下电源PCB仅为普通厚铜，而 这一轮三次电源的变化里， 产业链的地位从"基板供应"转向了"功能载板解决方案"：从产业链定位的变化来看，电源PCB厂商从此前较为 简单的供应商，#转变为与电源企业进行预研的解决方案提供商，电源PCB玩家的定位变得更为核心。 在三次电源的变化下，电源PCB从传统的承接角色转向电源功能载板，核心是PCB从#传统的厚铜板演变为嵌入式 电源模块PCB。 此前横向供电模式下电源PCB仅为普通厚铜，而转为垂直供电后 PCB#从此前的承载功能转向封装功能，需要在嵌 入式技术、HDI技术等上具备深厚技术积累。 而远期IVR技术方案更是需要#PCB通过Msap工艺将IVR模块封装进芯片架构内，技术壁垒极高。 往后看，代际ASP的通胀逻辑也有 ...

【广发军工】 重视电源PCB的单瓦价值量通胀概念，电源PCB是一个未来强通胀、高增速的市场 而从芯片功耗端来看，NVRubinUltra系列功耗达3600W，Feynman架构功耗或超过5000W。 总结来看，电源PCB市场=单瓦价值量（复杂工艺带来的价值量提升）* 瓦数（AI芯片功耗迅速增长） 是 【广发军工】 重视电源PCB的单瓦价值量通胀概念，电源PCB是一个未来强通胀、高增速的市场 #需注意所谓"电源PCB"概念中，#二三次电源PCB 是未来的核心增量及变化环节： #一次电源：AC/DC电源 PCB可通过凸铜Gold finger等工艺承载更高电流，但尺寸、构造等无本质变化 #二次电源：开始采用#重铜及HDI技 术 以满足高效的电流分配及稳定供电，12-30层、3-5mm厚度、4-5盎司的重铜技术，结合HDI，构成标准化模块 # 三次电源：本轮产业趋势中的核心变化环节，需要用到较为复杂的嵌入式、HDI、Msap工艺，是电源PCB微型化 的最高水平。 #电源PCB的市场空间会伴随AI芯片功耗的提升快速增长：电源PCB是一个未来强通胀、高增速的市场，以谷 歌为例，其过去单瓦价值量在0.5元/瓦左右；AMD ...

瑞财经 吴文婷 近日，胜宏科技(惠州)股份有限公司（以下简称"胜宏科技"）更新IPO招股书，继续冲刺港交所，摩根大通、中信建投国际、广发证券 （香港）为联席保荐人。 以2024年及2025年上半年销售收入计，胜宏科技是全球领先的人工智能及高性能计算印刷电路板(PCB)供应商，专注于高阶高密度互连(HDI)、高多层印 刷电路板(MLPCB)的研发、生产和销售。 根据弗若斯特沙利文的资料，以 2025年上半年人工智能及高性能算力PCB收入规模计，公司的市场份额位居全球第一，于2024年，以同一指标计，公司 位居全球第七，市场份额为1.7%，核心应用涵盖AI算力卡、服务器、AI服务器、数据中心交换机、通用基板等关键设备。 据招股书，2022年-2024年，胜宏科技实现收入分别为78.85亿元、79.31亿元、107.31亿元；期内溢利分别为7.91亿元、6.71亿元、11.54亿元。 | | | | 截至12月31日止年度 | | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

Group 1 - The A-share market saw a collective surge in PCB concept stocks, indicating strong investor interest in this sector [1] - Tongyu New Materials experienced a rise of over 17%, while Mingyang Circuit increased by more than 16% [1] - Many other companies also showed significant gains, with Wanyuantong up over 11% and Weiergao rising more than 10% [1] Group 2 - Several companies reached their daily limit up, including Dazhu Laser, Guanghe Technology, and Shenzhen South Circuit, among others [1] - Other notable performers included Qihui Fushi and Shenghong Technology, which rose over 9%, and Lite Optoelectronics, which increased by more than 8% [1] - Companies like Chip Microelectronics, Dongwei Technology, and Benchuan Intelligent also saw gains exceeding 7% [1]

Group 1 - PCB concept stocks experienced a significant rally on February 25, with companies such as Hongchang Electronics, Jiangnan New Materials, and Tongguan Copper Foil reaching new highs during trading [1] - Nord Shares hit the daily limit up, while other companies like Defu Technology, Zhongyi Technology, Shandong Fiberglass, Shenghong Technology, and Guanghua Technology also saw increases [1]

股份有限公 ( 【繼臺】 佣金、0.0027％證監會交易徵費、 0.00565%聯交所交易費及0.00015% 會財局交易徵費(須於申請時以港元繳 足,多繳款項可予退還) 据港交所2月24日披露，胜宏科技（300476）(惠州)股份有限公司(简称：胜宏科技(300476.SZ)向港交所主版递交上市申请，摩根大通、中信建投（601066) 国际、广发证券为联席保荐人。该公司曾于2025年8月20日递交过上市申请。据招股书，以2024年及2025年上半年销售收入计，胜宏科技是全球领先的人工 智能及高性能计算印刷电路板("PCB")供货商，专注于高阶高密度互连("HDI")、高多层印刷电路板("MLPCB")的研发、生产和销售。 Victory Giant Technology (HuiZhou) Co., Ltd. [編纂]項下的[編纂]數目 「編纂]股H股(視乎[編纂]行使與否而定) : [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]股H股(可予重新分配及視乎[編 「編纂]數目 : 纂]行使與否而定） 每股H股[編纂]港元,另加1.0%經紀 漫賞l繼續] : 每股H股人民幣1.00元 面值 : 【編 ...

智通财经APP获悉，据港交所2月24日披露，胜宏科技(惠州)股份有限公司(简称：淮宏科技(300476.SZ))向潜交所主板递交上市申请，摩根大通、中信建投国 际、广发证券为政席探荐人。该公司曾于2025年8月20日递交过上市申请。据招股书，以2024年及2025年上半年销售收入计，胜宏科技是全球领先的人工智 能及高性能计算印刷电路板("PCB")供货商，专注于高阶高密度互连("HDI")、高多层印刷电路板("MLPCB")的研发、生产和销售。 佣金、0.0027％ 證監會交易徵費、 0.00565% 聯交所交易費及0.00015% 會財局交易徵費(須於申請時以港元繳 足,多繳款項可予退還) 聯席保薦人 · [編纂] Victory ( Giant Technology (HuiZhou) Co., Ltd. 版 价 有 限 公 【經營】 每股H股人民幣1.00元 面值 : [編纂] [編纂] : [編纂]項下的[編纂]數目 「編纂]股H股(視乎[編纂]行使與否而定) : [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]股H股(可予重新分配及視乎[編 「編纂]數目 : 纂]行使與否而定) 每股H股[ ...

Core Viewpoint - Citigroup's report indicates that Kintor Group (00148) has issued a positive profit forecast for 2025, expecting a net profit increase of over 165% to exceed 4.32 billion HKD, slightly outperforming expectations [1] Financial Projections - Citigroup has raised its core earnings forecasts for Kintor Group for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively [1] - The target price for Kintor Group has been increased from 36 HKD to 45 HKD, which corresponds to a projected price-to-earnings ratio of approximately 12 times for 2026, up from about 10 times, and is 2 standard deviations above the average [1] Business Performance - The positive profit forecast is primarily driven by investment income, with an estimated 1.35 billion HKD generated from investments in major blue-chip stocks listed on the Hong Kong Stock Exchange [1] - Despite the overall positive outlook, the core profit growth for the second half of 2025 is expected to accelerate to 11.9% year-on-year, compared to 4% in the first half of 2025, mainly due to a stronger recovery in the profit margins of the copper-clad laminate business [1] - The performance of the chemical industry is expected to be pressured by weak macroeconomic conditions in China and low oil prices, which may offset some of the gains in profit margins [1] Comparative Analysis - Citigroup expresses a preference for Kintor Laminates (01888) over Kintor Group, as the profit increase for Kintor Group is mainly driven by investment income rather than operational performance [1]

Group 1 - The core viewpoint of the report is that Kintor Group has issued a positive profit forecast for 2025, expecting a net profit increase of over 165% year-on-year to exceed HKD 4.32 billion, slightly outperforming expectations [1] - Citi has raised its core profit forecasts for Kintor Group for 2025, 2026, and 2027 by 1%, 5%, and 4% respectively, and has increased the target price from HKD 36 to HKD 45, which corresponds to a projected price-to-earnings ratio of about 12 times for 2026, up from the previous 10 times [1] - The report indicates that both copper-clad laminates and printed circuit boards are in an industry upcycle, and Citi believes the valuation of Kintor Group is reasonable, maintaining a "Buy" rating [1] Group 2 - Despite the positive outlook for Kintor Group, Citi prefers Kintor Laminates, as the profit increase for Kintor Group is primarily driven by investment income, while the copper-clad laminate business is expected to continue performing strongly this year [1]