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。 ...

Group 1: Company Performance and Market Position - The company reported a total of 75,458 shareholders as of September 30, 2025 [3] - In October, the company experienced a slight year-on-year revenue decrease due to customer order timing, despite being in a peak production season [4][5] - The company has maintained a positive operating status, with a focus on enhancing internal value and market competitiveness [5][6] Group 2: Product Development and Market Opportunities - The company is actively entering the AI server market with high-end HDI products and has achieved product certification with certain well-known manufacturers [3][4] - The global HDI market is projected to grow by 12.9% in 2025, reaching a market size of $125.18 billion, with a compound annual growth rate of 6.4% expected from 2024 to 2029 [3] - The company has developed a comprehensive product matrix covering AI mobile phones, AI PCs, and AI glasses, positioning itself as a key player in the global AI supply chain [4][6] Group 3: Financial Health and Cash Flow - For the first three quarters of 2025, the company reported operating cash inflows of ¥28.669 billion and a net cash flow from operating activities of ¥4.259 billion, indicating stable cash flow management [6] - The company has established a value management system in accordance with regulatory guidelines to enhance shareholder rights and maintain a solid financial foundation [5][6] Group 4: Market Challenges and Strategic Responses - The company faces challenges from rising raw material prices and supply shortages, but has managed to mitigate these impacts through strategic partnerships and product innovation [3][4] - The stock price has been affected by market conditions and investor sentiment, but the company emphasizes its commitment to solid operational performance and risk management [5][6]

沪电股份（002463）11月20日公告，公司拟以1900.91万欧元的价格购买关联方Schweizer Electronic AG. （下称"Schweizer"）持有的胜伟策15%股权，本次交易完成后，公司持有胜伟策的股权比例将由84%增 加至99%。同时，为进一步完善胜伟策在嵌入式封装技术等领域的技术布局，增强核心技术能力，提升 产品竞争力与市场壁垒，同意胜伟策以199.1万欧元的价格向Schweizer购买一组专利及技术资产。 据介绍，Schweizer于1849年设立，总部位于德国，主要经营印刷电路板的生产和销售，在汽车、太阳 能、工业以及航空航天等电子领域为客户提供优质的PCB产品及创新解决方案和服务。Schweizer已在 德国斯图加特证券交易所以及法兰克福证券交易所上市（股票简称"SCE"、股票代 码"DE0005156236"）。 本次交易涉及的股权资产交易完成后，沪电股份对胜伟策的持股比例将进一步提高，对胜伟策的控制力 和经营决策效率也将进一步提升。沪电股份在胜伟策业务、投资、产品规划及经营执行上的主导权将更 加明确，有利于胜伟策快速响应市场变化、提升资源配置效率并增强整体经营能力，使其未 ...

（文章来源：证券日报） 证券日报网讯一博科技11月19日在互动平台回答投资者提问时表示，公司在大容量存储PCB研发设计与 仿真技术、高密度（HDI）PCB研发设计与仿真技术、高速通讯背板设计与仿真技术、低电压大电流 PCB研发设计与仿真技术、封装基板设计与仿真技术及高速测试夹具设计与仿真技术等领域有深入的研 究与应用经验，在高速高密PCB设计关键技术上处于行业领先地位。具体情况请参阅公司已披露或回复 的相关信息。 ...

全球化产能布局深化，泰国基地助力海外市场拓展：公司泰国生产基地一期设计年产能约20 万平方 米，已于2025 年6 月投产，2026 年启动二期建设，重点服务海外数据中心客户，规避地缘政治风险， 完善全球供应链布局。 公司于2025 年8 月27 日拟投资金额约26 亿元购买土地使用权并投资建设"云擎智造基地项目"。通过广 州、黄石和泰国三大生产基地的协同发展，公司将构建起更具竞争力的全球化生产网络。 AI 服务器PCB 供应商，深度受益算力高景气：公司作为内资服务器主板PCB 领先企业，深度绑定全球 头部服务器ODM 厂商，在AI 服务器加速卡、UBB、CPU 主板等高端产品领域技术优势显著。2025 年 上半年实现营收24.25 亿元，同比+42.17%，归母净利润4.92 亿元，同比+53.91%，毛利率提升至 36.41%。在AI 驱动的高性能计算需求持续爆发背景下，公司产品结构不断优化，高层数、高速率PCB 占比提升，推动盈利质量显著增强。 技术研发持续高投入，夯实高端产品竞争壁垒：公司2024 年研发费用达1.79 亿元，同比+48.6%，已实 现PCIe 5.0 服务器主板量产、PCIe 6.0 ...

格隆汇11月14日丨依顿电子(603328.SH)在投资者互动平台表示,公司PCB产品暂未应用于小鹏机器人 上。 ...

Core Viewpoint - The report from Great Wall Securities indicates that the high demand for AI is driving an increase in PCB board demand, leading to stable growth in the performance of Huadian Co., Ltd. [1] Group 1: Industry Insights - By the third quarter of 2025, emerging computing scenarios such as high-speed computing servers and artificial intelligence are expected to continuously enhance the structural demand for PCB boards [1] - The company is maintaining high R&D investment and increasing capital expenditure to expand production capacity [1] Group 2: Company Performance - The Thai factory is set to continuously improve its production efficiency and orderly release capacity, supporting the long-term development of the company's business [1] - With ongoing product development and accelerated construction of overseas production capacity, the company is expected to see positive performance growth in the future, maintaining a "buy" rating [1]

格隆汇11月11日丨崇达技术(002815.SZ)在投资者互动平台表示，公司800G光模块用PCB产品目前正处 于批量交付阶段。 ...

Core Viewpoint - Jialichuang Group has transformed the PCB prototyping process for electronic engineers globally, evolving into a leading one-stop service provider in the electronic and mechanical industry chain, offering comprehensive services from circuit design to PCB prototyping and component assembly [1][3]. Group 1: Technological Advancements - Jialichuang announced two major technological breakthroughs: the mass production of 34 to 64-layer ultra-high-layer PCBs and the upcoming launch of 1 to 3-stage HDI (High-Density Interconnect) boards [5][8]. - The ultra-high-layer PCBs feature a maximum thickness of 5.0mm and a thickness-to-diameter ratio of up to 20:1, meeting the stringent requirements for complex circuit integration and high-density wiring [5][7]. - The minimum line width and spacing of the ultra-high-layer PCBs can reach 3.5mil, utilizing Tg170 high-temperature resistant substrates, which enhances signal integrity, heat dissipation, and structural stability [5][7]. Group 2: Manufacturing Process - The structure of the ultra-high-layer PCBs employs a core board and prepreg, alternating layers through a multi-layer pressing process, which allows for different types of circuits to be laid out across various layers [7][9]. - Jialichuang has introduced 0.1mm mechanical micro-drilling technology to enhance the precision of micro-holes, addressing the industry's challenges with low plating yield for through-holes [7][12]. - The company has achieved a production speed of ultra-high-layer PCB samples in as fast as 8 days, which is approximately twice as fast as the industry standard, while also reducing product prices by about 50% compared to similar products [8][9]. Group 3: Market Position and Future Directions - Despite being a pioneer in PCB prototyping, Jialichuang still has significant growth potential compared to global PCB giants, particularly in the ultra-high-layer PCB and HDI sectors [9][12]. - The combination of HDI and ultra-high-layer PCBs is essential for the future of modern smart hardware, enabling high-density wiring and supporting complex functionalities in 5G and AI applications [9][12]. - Jialichuang's journey into ultra-high-layer PCB and HDI has been a long-term effort, with significant milestones achieved since its establishment in 2006, including the development of various technologies and manufacturing processes [13][14]. Group 4: Industry Impact - The advancements in HDI and ultra-high-layer PCBs are crucial for the evolution of modern electronic devices, as they allow for smaller, more efficient designs that meet the demands of high-performance applications [12][17]. - Jialichuang's innovations are positioned to empower engineers by making high-end manufacturing techniques accessible, thereby enhancing the capabilities of Chinese manufacturing in the global market [17].

Core Insights - The PCB supply chain is facing significant shortages of upstream materials, particularly affecting high-end substrates like ABF and BT boards, with expectations that shortages will persist for another year [1] - The demand for PCBs is expected to remain strong over the next 2-3 years, with a peak in the fourth quarter of the current year, despite the ongoing material shortages [1][3] - The shortage is attributed to a surge in demand from the recovering global electronics industry and highlights the vulnerabilities in the supply chain [1][4] Material Shortages - Key materials such as T-Glass, quartz cloth, and low CTE fiberglass are in short supply, impacting the production of high-end PCBs [1] - The global demand for HVLP4-grade copper foil, essential for AI servers, is projected to exceed supply, with a current monthly production capacity of only 700 tons against a demand of 850 tons [3][4] - The supply of fiberglass materials is also constrained, with a projected demand of 18.5 million meters by 2026, while current capacity is only 10 million meters, resulting in a shortage of over 50% [3] Market Dynamics - The AI server market is driving a significant increase in PCB prices, with standard server PCBs priced between $3,000 and $15,000, while AI training server PCBs can exceed $200,000 [3] - Major cloud service providers are expected to increase their capital expenditures significantly, with a forecasted total exceeding $420 billion by 2025, marking a 61% increase from previous years [3] Financial Performance - Leading PCB manufacturers like Huadian and Weiergao reported substantial revenue growth in Q3 2025, with Huadian achieving a revenue of 5.019 billion yuan, up 39.92%, and a net profit increase of 46.25% [6] - The PCB industry is entering a new growth cycle, with a projected market value of $73.565 billion in 2024, reflecting a 5.8% year-on-year increase [7] Capacity Expansion - At least 11 PCB companies have announced expansion plans to increase high-end production capacity, with significant investments planned [7][8] - Companies like Jingwang Electronics and Shengyi Technology are investing heavily in new projects to meet the rising demand for high-end PCBs [8] Strategic Considerations - While leading companies are expanding capacity, there is a risk of overcapacity if AI demand slows down, particularly if growth rates drop below 15% post-2026 [9][10] - Smaller manufacturers are advised to focus on niche markets and technological differentiation to avoid direct competition with larger firms [9][10]