方案升级趋势明确，看好 PCB 产业链高弹性 20151223 摘要 议主要集中在电信号传输效率处于及格线，但差损指标不满意。虽然考虑过用 DF 值更低的 PDFE 覆铜板，但由于制造难度大、良率和稳定性低，最终决定继 续使用马九材料制作正胶背板。 正胶背板未来出货节奏如何？ 预计 2025 年第一季度会有少量样品用于 GTC 会议展示。到 2026 年下半年开 始小批量出货，到 2027 年将实现大批量出货。目前预期整个行业供需到 2027 年会处于紧平衡状态，高端激光钻孔设备拉货时间延长至一年半以上， 这使得产能爬坡相对较慢。因此，PCB 行业价格和利润率有望维持高水平直到 2027 年。 AI 服务器背板方案预计 2025 年 2 月定案，2026 年 3 月 GTC 会议展示， 2026 下半年小批量出货，2027 年大批量出货。技术难点在于层数多、 对齐钻孔难度大及高温铜浆烧结技术，当前争议点为电信号传输效率的 差损指标不理想。 菲利华石英电子布已从测试转向小批量生产，价格提升至 250-280 元/ 米，预计 2026 年出货 1,000 万米，贡献约 10 亿人民币业绩增量。公 司是全球唯一全产 ...

Core Viewpoint - The A-share market is experiencing a trend of moderate upward movement, supported by stable large-cap stocks and active small-cap growth stocks, indicating a shift from localized recovery to broader market improvement driven by policy, economic conditions, and capital flow [4][5]. Market Performance - The Shanghai Composite Index is primarily supported by stable large-cap stocks and the rotation of thematic stocks, while the Shenzhen Component Index shows the largest increase driven by active thematic stocks and the rise of small-cap growth stocks [4]. - The ChiNext Index has achieved a mild increase propelled by the growth of technology and computing-related stocks [4]. Market Sentiment - A total of 4,125 stocks have risen, indicating a strong overall market rally and improved investor sentiment, transitioning from "localized recovery" to "broad expansion" [5]. - The market is characterized by a strong upward trend, with a notable shift in focus towards high-growth sectors such as commercial aerospace, computing hardware, and PCB [5]. Capital Flow - The total trading volume in both markets has slightly decreased by 1.03%, reflecting a shift in capital from high-priced thematic stocks (like new energy and consumer electronics) to undervalued blue-chip stocks (such as banks and public utilities) and technology leaders (like AI computing and semiconductors) [6]. - There is a significant structural differentiation in capital flow, with retail investors actively pursuing small-cap stocks while institutional investors focus on high-growth sectors [7]. Investor Behavior - Retail investors are engaging in short-term speculation and chasing hot stocks, particularly increasing their positions in commercial aerospace, semiconductors, and computing hardware, complementing the strategies of institutional investors [7]. - The current average position of investors is reported at 68.27%, with 31.57% increasing their positions, 17.00% reducing their positions, and 51.43% remaining unchanged [13].

Market Overview - A-shares experienced a rise with the Shanghai Composite Index achieving six consecutive gains, closing up 0.53% at 3940.95 points, while the Shenzhen Component Index rose 0.88% and the ChiNext Index increased by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.8973 trillion yuan, a decrease of approximately 24 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like New Jingang, New Ray Energy, and Superjet Co. all hitting the 20% limit up, while other companies like XW Communication and Chuangyuan Technology also performed strongly [2][4] - The sector is being driven by supportive policies and technological advancements, with the National Space Administration's action plan for commercial aerospace development and successful tests of reusable rockets [4] PCB Sector - The PCB sector experienced strong gains, with companies such as Youyan Powder Materials and Ruihua Tai reaching the 20% limit up, and Shengyi Technology hitting a historical high with a market value of 176.4 billion yuan [5][7] - The market for PCBs is expected to grow significantly, driven by the demand from AI servers and electric vehicles, with a projected compound annual growth rate of 32.5% in the AI/HPC server PCB sector from 2023 to 2028 [7] Victory Energy - Victory Energy's stock hit a new high, closing at 34.79 yuan per share, marking its ninth consecutive trading day of limit up [8] - The company has warned investors about the significant deviation of its stock price from market trends and its fundamentals, indicating potential risks of rapid price declines [9][10]

Market Overview - A-shares experienced a rise with the Shanghai Composite Index gaining 0.53% to close at 3940.95 points, marking a six-day winning streak [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.8973 trillion yuan, a decrease of approximately 24 billion yuan from the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Chaojie Co., Xin Jingang, and Xin Le Energy hitting the 20% limit up [3][4] - The sector is driven by supportive policies and technological advancements, including the successful vertical recovery test of the Zhuque-3 rocket and plans for IPOs by leading companies like SpaceX and Blue Arrow Aerospace [5] PCB Sector - The PCB sector also showed strong performance, with stocks such as Youyan Powder Materials and Ruihua Tai reaching the 20% limit up, and Jiayuan Technology rising over 10% [7][8] - The market for PCBs is expected to grow significantly, driven by the AI computing revolution, with a projected compound annual growth rate of 32.5% in the AI/HPC server PCB segment from 2023 to 2028 [9][10] Specific Stock Performances - Victory Energy (001331) achieved a nine-day consecutive limit up, closing at 34.79 yuan per share, with a trading volume of nearly 130,000 hands on the limit up board [12] - The company has warned investors about the significant deviation of its stock price from market fundamentals, indicating potential risks [14]

Market Overview - A-shares experienced a rise with the Shanghai Composite Index achieving six consecutive days of gains, closing up 0.53% at 3940.95 points, while the Shenzhen Component Index rose 0.88% and the ChiNext Index increased by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.8973 trillion yuan, a decrease of approximately 24 billion yuan compared to the previous day [1] Commercial Aerospace Sector - The commercial aerospace concept saw a significant surge, with stocks like Chaojie Co. (301005) hitting the daily limit and achieving new highs, while Shenjian Co. (002361) recorded five consecutive limit-ups [2][4] - Institutions noted that policies and industry collaboration are propelling China's commercial aerospace into a new development phase, with the National Space Administration's action plan for high-quality development set for 2025-2027 [4] - The market is expected to see a massive growth opportunity, with a focus on space computing power and reusable rockets, as well as low-orbit communication satellite chains supported by fundamental logic and orders [4] PCB Sector - The PCB sector experienced strong gains, with companies like Youyan Powder Materials and Ruihua Tai both hitting the daily limit of 20%, and Jiayuan Technology rising over 10% [6] - The global PCB market is projected to grow, with a compound annual growth rate of 32.5% in the AI/HPC server PCB segment from 2023 to 2028, driven by demand from new energy vehicles and AI servers [9] Victory Energy - Victory Energy achieved a nine-day consecutive limit-up, closing at 34.79 yuan per share, with nearly 130,000 hands of buy orders at the limit [10] - The company issued a warning regarding significant deviations in stock price from market indices, indicating potential risks of rapid declines and advising investors to make rational decisions [12]

Market Overview - The market experienced a rebound with the Shanghai Composite Index achieving six consecutive gains, closing up 0.53%, while the Shenzhen Component rose by 0.88% and the ChiNext Index increased by 0.77% [1][8] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, a decrease of 19.6 billion yuan compared to the previous trading day [1] Sector Performance - The commercial aerospace sector saw significant gains, with over 20 stocks hitting the daily limit, including Shenjian Co. with five consecutive gains and Guoji Precision Engineering with three gains in four days [2][6] - The computing hardware sector also showed strength, with stocks like Huanxu Electronics achieving three gains in six days and Yintang Intelligent Control hitting the daily limit [2][6] - The PCB sector experienced a surge, with Shengyi Technology hitting the daily limit and reaching a historical high [4][6] Key Events and Reports - The China Commercial Aerospace Development Conference was held, where a report indicated that China completed 87 space launches this year, with 23 by private commercial rocket companies [2] - Nvidia's GB300 series servers began small-scale shipments this year, with expectations for large-scale production in the first half of next year, potentially reaching 55,000 units, a 129% year-on-year increase [4][7] Individual Stock Highlights - In the commercial aerospace sector, stocks like Shenjian Co. and Guoji Precision Engineering showed strong performance, with Shenjian Co. achieving five consecutive gains [2][6] - The Fujian sector also performed well, with stocks like Anji Food and Hexing Packaging showing multiple consecutive gains [6] - The computing hardware sector saw stocks like Huanxu Electronics and Jintai Technology actively trading, indicating a positive trend [6] Future Market Outlook - The market is expected to continue its upward trend, with the Shanghai Composite Index breaking above the December 8 high of 3936, indicating a potential for further gains [8] - However, the overall trading volume has not significantly increased, suggesting that maintaining a continuous rally may be challenging without additional capital inflow [8]

2025.12. 24 本文字数：764，阅读时长大约2分钟 资金流向 作者 | 一财阿驴 12月24日，A股三大指数震荡走高，截至收盘，沪指涨0.53%，录得六连阳；深成指涨0.88%，创 业板指涨0.77%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 12 more | 3940.95c | 20.97 | 0.53% | | 399001 | 深证成指 | MW | 13486.42c | 117.43 | 0.88% | | 399006 | 创业板指 | MW | 3229.58c | 24.57 | 0.77% | 盘面上，商业航天概念股再度爆发，福建本地股反复活跃，光伏、锂电池、算力硬件、AI手机、智能 驾驶、化纤题材走强。 具体来看，商业航天概念集体爆发，中国卫星、航天动力、永鼎股份等近30股涨停。 | 代码 | 名称 | 涨幅号 | 现价 | | --- | --- | --- | --- | | 300629 | 新劲刚 | +20.02% | 22.6 ...

机构观点 巨丰投顾：周三市场震荡回暖，商业航天板块涨幅居前。从长期趋势来看，在政策刺激下，A股与经济 有望出现同步向上的拐点。具体投资方向上，中线建议关注维持高景气度的半导体、消费电子、人工智 能、机器人、商业航天等领域的增量机会；对于风险偏好较低的投资者，可逢低关注中证A500ETF、沪 深300ETF等宽基基金。 华泰证券：全球游戏市场正从流量红利驱动转向结构性创新驱动，中国游戏企业的出海已全面进入"高 质量增长新时代"。从后续机会看，出海机遇来自：（1）区域扩张：从"广撒网"到"精耕细作"，新兴市 场与高价值市场并重；（2）玩法与品类更新，混合玩法与跨平台成新趋势。 新华财经北京12月24日电 A股三大指数12月24日集体收涨，沪指震荡走强录得6连阳，深证成指、创业 板指涨近1%。沪深两市成交额1.88万亿元，较上一个交易日缩量196亿元。盘面上，商业航天概念集体 爆发，中国卫星、航天动力等20余股涨停；算力硬件概念拉升，环旭电子、英唐智控涨停；PCB概念快 速拉升，生益科技涨停创历史新高。下跌方面，乳业概念集体调整，庄园牧场跌停。 截至收盘，沪指报3940.95点，涨幅0.53%，成交7739亿元；深 ...

Market Overview - The market experienced narrow fluctuations in the early session, with a recovery in the afternoon. The Shanghai Composite Index rose by 0.53%, the Shenzhen Component Index increased by 0.88%, and the ChiNext Index gained 0.77%. The total trading volume for the day was 1.86 trillion yuan, a decrease of 33.2 billion yuan compared to the previous day [1] Key Highlights - The commercial aerospace industry chain saw a significant rebound, with 17 out of 18 stocks containing "aerospace" in their names rising, including Aerospace Engineering hitting the daily limit for the fourth time in three days [2] - The computing power industry chain continued to rotate, with the PCB sector experiencing a surge in the afternoon after previous gains in optical modules and liquid cooling. The power supply equipment sector also saw activity, while PCB stocks exploded again in the afternoon [2] - Financial concept stocks strengthened in the afternoon, driven by expectations for 2025 annual reports and the certainty of non-bank sector performance. Although there was no reduction in the LPR in December, expectations for a reserve requirement ratio cut remain, leading to predictions of a more relaxed liquidity environment in January [2] - The semiconductor industry chain, particularly the memory chip sector and SMIC, attracted significant attention. Other sectors included active performance from Fujian stocks, while consumer stocks like dairy products faced collective adjustments [3] Sector Performance - **Commercial Aerospace**: The sector continued to thrive, with over 20 component stocks hitting the daily limit. Notable performers included Shenjian Co. with five consecutive limits and Guoji Precision Engineering with four limits in three days. The China Securities Regulatory Commission reported that Blue Arrow Aerospace's IPO guidance work has been completed, with a projected market value of 85 billion yuan for China's commercial aerospace by 2030 [4] - **PCB Sector**: The PCB sector saw a strong performance, with Shengyi Technology hitting the daily limit and reaching a historical high market value of 176.4 billion yuan. Market predictions indicate that NVIDIA's GB300 AI server cabinet shipments are expected to reach 55,000 units next year, a 129% year-on-year increase [5] - **Semiconductor Industry**: The semiconductor chip sector strengthened, with Shenghui Integrated achieving three consecutive limits and reaching a historical high. Reports indicate that SMIC has implemented a price increase of about 10% on some production capacities [6] - **Fujian Stocks**: The Fujian sector showed strong performance, with Anji Food achieving four limits in seven days and Hexing Packaging achieving three consecutive limits [7] Institutional Insights - **CITIC Securities**: The firm noted that market sentiment is shifting towards stock market speculation, with rapid theme rotation. They suggest focusing on themes such as domestic GPU company listings, advanced processes, Google computing power chains, humanoid robots, autonomous driving, and commercial aerospace [8] - **Cinda Securities**: The firm anticipates a spring market rally before the 2026 Spring Festival, driven by potential profit improvements and capital inflows. They caution that the current A-share valuations are not low, and external market uncertainties may lead to short-term adjustments [9] - **China Galaxy**: The firm expects the market to continue its oscillating structure due to year-end liquidity tightening and uncertainties in overseas monetary policies. They highlight the upcoming key window for cross-year layouts and anticipate structural opportunities in policy-driven sectors [9]

具体来看，商业航天概念集体爆发，中国卫星、航天动力、永鼎股份等近30股涨停。 | 代码 | 名称 | 涨幅� | 现价 | | --- | --- | --- | --- | | 300629 | 新劲刚 | +20.02% | 22.66 | | 301002 | 超捷股份 | +20.00% | 112.44 | | 300593 | 新雷能 | +20.00% | 30.24 | | 688456 | 有例材材 | +20.00% | 64.14 | | 688323 | 瑞华泰 | +19.98% | 23.24 | | 300887 | 谱尼测试 | +19.95% | 9.32 | | 300136 | 信维通信 | +17.96% | 44.73 | | 300159 | *ST新研 | +17.36% | 3.38 | | 300342 | 天银机电 | +17.21% | 30.78 | | 920068 | 天工股份 | +16.15% | 20.86 | | 301232 | 飞沃科技 | +14.22% | 122.00 | | 300900 | 广联航空 | +11.58% | 26 ...