Investment Rating - The report maintains a positive outlook on the AI-PCB and core computing hardware industry, as well as the Apple supply chain and AI-driven sectors [4][32]. Core Insights - The demand for AI-PCB is significantly increasing, driven by the strong performance of companies like NVIDIA and the rapid development of ASIC chips by major tech firms [1][4]. - The report highlights a price increase in copper-clad laminates due to high raw material costs, with several manufacturers announcing price hikes [1][32]. - The overall PCB industry is experiencing a high level of prosperity, with expectations for continued growth in the third quarter [7][32]. Summary by Sections 1. Industry Overview - The AI-PCB sector is witnessing robust demand, with major companies like NVIDIA ramping up production of AI servers and switches, leading to a shift towards M8 and potentially M9 materials [1][4]. - The report predicts that by 2026, the number of ASIC chips from companies like Google, Amazon, and Meta will exceed 7 million units, further driving demand for AI-PCB [1][4]. 2. Subsector Analysis 2.1 Consumer Electronics - The launch of innovative products, such as the影翎 Antigravity A1 drone, is expected to enhance user experience and differentiate from competitors [5]. - The report emphasizes the importance of monitoring the folding screen opportunities in the Apple supply chain, particularly with the anticipated launch of new products [6]. 2.2 PCB - The PCB industry is maintaining a high prosperity level, with significant growth driven by automotive and industrial control sectors, alongside AI demand [7]. 2.3 Components - The report notes the collaboration between Bloom Energy and Oracle to provide power solutions for AI data centers, highlighting the growth potential for SOFC technology [19]. - The demand for passive components is expected to rise due to increased usage in AI applications, with a notable increase in MLCC usage in mobile devices [19]. 2.4 Semiconductor Design - The storage segment is projected to see upward trends, with DRAM prices expected to rise by 10% to 15% in Q3 2025, driven by increased demand from cloud computing and consumer electronics [21][23]. 2.5 Semiconductor Equipment and Materials - The report discusses the ongoing trend of de-globalization in the semiconductor industry, with a focus on domestic equipment and materials as companies adapt to new export controls [24][31]. 3. Key Companies - Companies such as 建滔积层板 are expected to benefit from the rising demand for AI-PCB and the ongoing price increases in raw materials [32][39]. - 北方华创 is positioned to gain market share due to the domestic semiconductor equipment replacement trend, with a strong focus on advanced manufacturing processes [34]. - 兆易创新 is highlighted for its growth potential driven by domestic substitution and the increasing demand for storage solutions in AI applications [38].

Market Performance - The Shanghai Composite Index rose by 0.83%, the Shenzhen Component Index increased by 1.6%, and the ChiNext Index surged by 2.61% at the close [1][3] - Over 4,600 stocks in the two markets experienced gains, with a total trading volume of 2.24 trillion [1] Sector Performance - Financial stocks, including brokerage and fintech companies, saw significant gains, with stocks like Zhinancun and Tonghuashun reaching historical highs [3] - PCB and liquid cooling server concept stocks experienced a resurgence, with multiple stocks, including Chuanhuan Technology, hitting the daily limit [3] - Solar energy concept stocks rebounded, with Oujing Technology also reaching the daily limit [3] - PEEK materials, liquid cooling servers, and PCB sectors were among the top gainers [3] Banking Sector - The banking sector opened lower and experienced a decline of up to 2% during the day, but rebounded in the afternoon, closing down by 1.09% [3] - Nearly 10 banking stocks, including Everbright Bank, Minsheng Bank, and Pudong Development Bank, saw declines exceeding 2% [3] Market Outlook - Despite fluctuations during the trading day, the overall trend remains strong, with the market currently consolidating below the 3,700-point level, indicating a period of accumulation [3]

Group 1: Market Trends and Growth - The PCB concept is experiencing significant activity, driven by increasing performance requirements for PCB products in AI servers, leading to a substantial rise in HDI market demand. The HDI market is expected to grow at a CAGR of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [1] - Major companies are reporting impressive earnings, with Shengyi Electronics (688183.SH) announcing a revenue of 3.769 billion yuan for the first half of 2025, a 91% year-on-year increase, and a net profit of 531 million yuan, up 452% [1] - Google disclosed a record high capital expenditure of $22.446 billion for Q2 2025, a 30.5% quarter-on-quarter increase and a 70.2% year-on-year surge, with a significant portion allocated to AI training and high-end servers [1] Group 2: Technological Advancements - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with key materials like copper foil and electronic cloth gaining attention [2] - The current upward cycle in the PCB market is primarily driven by increased capital investments in AI hardware by international giants, with Nvidia leading the demand for high-density interconnect (HDI) technology [3][4] - The CoWoP (Chip-on-Wafer-on-Panel) process is transforming the role of PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials with low thermal expansion coefficients [5] Group 3: Supply Chain and Material Requirements - The production of Low-CTE glass cloth is highly concentrated, with few manufacturers capable of supplying it, including domestic leader Zhongcai Technology [6] - The CoWoP process demands high precision in PCB manufacturing, requiring advancements in laser direct imaging (LDI) and laser drilling equipment, with companies like Chipbase Microelectronics and Dazhong CNC leading in these technologies [7] - The demand for high-quality copper foil is increasing due to the skin effect in high-frequency circuits, with HVLP copper foil being developed to minimize signal loss [8] Group 4: Advanced Resin Development - The industry is shifting from traditional epoxy resins to advanced resin systems like PPO, PTFE, and BMI to meet the demands of high-frequency applications, with PTFE offering superior electrical performance but at a higher manufacturing cost [9][10]

Core Viewpoint - The PCB industry is experiencing significant growth driven by increasing demand for HDI products, particularly due to advancements in AI server technology and substantial capital investments from major tech companies [3][7]. Market Trends - The HDI market is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2029, reaching a global market size of $17.037 billion by 2029 [3]. - Major companies like Google are increasing their capital expenditures, with a reported $22.446 billion for Q2 2025, marking a 30.5% quarter-over-quarter increase and a 70.2% year-over-year increase [3]. Company Performance - Shengyi Technology (生益电子) reported a 91% year-over-year increase in revenue for the first half of 2025, reaching 3.769 billion yuan, and a 452% increase in net profit to 531 million yuan [3]. Technological Developments - The PCB industry is evolving towards high-frequency, lightweight, and lead-free technologies, with CoWoP (Chip-on-Wafer-on-Panel) becoming a focal point for innovation [5][9]. - CoWoP technology requires Low-CTE (Coefficient of Thermal Expansion) materials to ensure compatibility with high-precision applications, leading to a focus on specialized materials and advanced manufacturing processes [9]. Key Drivers of Demand - The demand for PCBs is primarily driven by two segments: high-performance GPUs led by Nvidia and custom ASIC chips developed by cloud service providers like Google and Amazon [7][8]. - The shift towards custom ASICs is aimed at optimizing workloads and reducing reliance on external suppliers, which is expected to further increase PCB demand [8]. Advanced Packaging and Materials - CoWoP technology transforms PCBs from mere connectors to high-precision "inner substrates," necessitating advanced materials and manufacturing techniques [9]. - The introduction of HVLP (High-Voltage Low-Power) copper foil is essential for high-speed signal transmission, with surface roughness controlled to minimize signal loss [12][13]. Resin Innovations - The industry is moving away from traditional epoxy resins due to high dielectric loss, favoring advanced resin systems like PPO, PTFE, and CH, which offer better electrical performance [14].

Group 1: Company Performance - The company reported a net profit of 531 million yuan for the first half of the year, representing a year-on-year increase of 452.11% [1] - The company's operating revenue reached 3.769 billion yuan, up 91% year-on-year, with basic earnings per share of 0.65 yuan [1] - The company plans to distribute a cash dividend of 3 yuan per 10 shares (tax included) [1] Group 2: Industry Trends - The PCB industry is experiencing a recovery, driven by low industry base and rapid expansion in high-end applications such as artificial intelligence [1] - The demand for HDI and high-layer boards is particularly strong, with growth expected to continue into 2025 due to sustained demand from AI servers and high-performance computing [1] Group 3: Strategic Initiatives - The company is focusing on expanding its high-end product line capacity and upgrading technology for high-frequency, high-speed, and high-density PCBs to meet market demands [1] - The company is actively developing next-generation 224G products and has entered the prototyping stage, reinforcing its position in the network communication sector [2] - The company is also enhancing its collaboration with global leaders in automotive electronics and electric vehicles, successfully launching products in key technology areas such as autonomous driving and smart cockpit [2] Group 4: Capacity Optimization - The company is optimizing its capacity layout by supplementing key equipment and enhancing production capabilities across its factories [3] - The company’s new projects, including the East City Phase IV, are steadily operating, achieving large-scale production of high-end products like HDI and optical modules [3] - The company has increased its R&D investment to 195 million yuan, a year-on-year growth of 67.51%, to support the development of advanced PCB technologies [3]

来源：金融界 金融界8月15日消息，有投资者在互动平台向胜宏科技提问：董秘好！请问基于什么原因，公司要到香 港上市？缺资金还是？ 公司回答表示：尊敬的投资者，您好！第一，港股上市融资主要用于支持公司高端产能扩张、智能化升 级、AI算力及其他前沿PCB技术研发，帮助公司实现全球快速扩张的需求，提升公司的海外交付能力和 对国际客户的服务深度，适应全球科技行业供应链变革趋势，进一步巩固公司优势、夯实行业龙头地 位。第二，有利于引入全球知名长线投资者，多元化股东结构。公司深度受益人工智能变革浪潮，科技 属性强，是港股市场稀缺的人工智能硬件产业链龙头企业，深受国际投资者欢迎。国际知名战略投资人 的背书也可以进一步提高融资能力和抗风险能力。第三，港股上市能够进一步提升公司国际影响力，加 强全球顶尖科技行业客户、国际投资者对公司品牌、技术能力、业务及合规的认可，巩固与全球客户战 略合作，更好地服务国际优质客户。谢谢关注！ ...

四、涨停揭秘 一、板块异动 二、涨跌停温度 三、涨跌家数 | 車中 | 涨停 | 104 | | --- | --- | --- | | 涨幅 | > 7% | 228 | | 涨幅 | 5-7% | 223 | | 涨幅 | 3-5% | 627 | | 沿线墙 | 0-3% | 3547 | | 跌幅 | 0-3% | 591 | | 跌幅 | 3-5% | 33 | | 跌幅 | 5-7% | 14 | | 跌幅 | > 7% | Built | | 其中 跌停 | | Property | | 上涨家数 | | 4625 | | | | 64 | | 下跌停 千赢得 | | 15 | | | | 5424 | | | | 22728.447 | | 总成交量 | | 148770.9万 | | 张家增减 | | 1913 | | 张家增幅 | | 70.54% | | 指数量比 | | 1.11 | 截至收盘，沪指涨0.83%，报3696.77点，深成指涨1.6%，报11634.67点，创业板指涨2.61%，报2534.22点，科创50指数涨1.43%，报1101.29点。沪深两市合 计成交额2244 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天，A股低开高走，全市场超4600只个股上涨。 截至收盘，上证指数涨0.83%，深证成指涨1.6%，创业板指涨2.61%。全市场成交额约2.27万亿元，较上 个交易日缩量334亿元。 券商股、金融科技股集体大涨，指南针、同花顺创历史新高。东方财富、中信证券、同花顺、指南针包 揽今天A股成交额前四名，合计成交额逼近800亿元，其中东方财富（300059）以442.12亿元的成交额位 居A股第一。 热门个股方面，洪通燃气涨停，斩获"9天7板"。大元泵业涨停，收获"5连板"。 机器人概念板块掀涨停潮，均普智能、金田股份等多股涨停。消息面上，2025世界机器人运动会8月15 日至17日举行。来自16个国家的280支队伍参赛，包括192支高校队和88支企业队，汇聚500余台人形机 器人，覆盖127个品牌。天工、宇树科技、加速进化等国内头部人形机器人整机制造企业参与其中。 芯片股午后拉升，东芯股份涨4.21%，创历史新高。 券商、金融科技股爆发 今天券商、金融科技股强势上涨，东方财富涨9.85%；指南针"20CM"涨停，同花顺涨16.27%，二者 ...

就如我昨天分析的那样，昨天跳水更多是技术性调整，今天深证成指、创业板指都反包了，上证指数差 一点，但最高也摸到了3700点。量能上，虽然缩了一点，但还是有差不多2.3万亿，技术上暂时没啥瑕 疵。 昨晚数据公布后美元指数一度反弹，虽然今天盘中又跳水了，倒是美债收益率昨晚有大幅反弹。我这里 还是要提醒大家，关税会开始反映在美国通胀数据里，就算9月份降息，后面可能也会有扰动，就看美 联储到底是在意就业还是通胀。 统计局公布了7月份经济数据，数据大家看，反正和之前的社融数据一样不及预期，咱就不多评论 了。这恰好说明了现在的牛市是水牛，实体经济并没有显著回暖，这可能也是后面的风险，如果 过度脱离基本面，还是有风险的。 今天盘中建滔积层板等pcb上游公司发布铜箔涨价通知，带动Ah股铜箔、电子布掀起涨停潮，港 股建滔积层板暴涨超20%，A股的电子布平安电工、宏和科技、中材科技涨停，铜箔德福科技暴 涨超9%。之前说过今年的PCB板块是A股景气度最高的行业之一，可能仅有光模块才能与之一 争，从设备、材料到HDI、高多层都是高景气。 | 初始 代码 | | 名称 | 0 | | 居新 | 流幅% J | 年初至今涨幅% | | ...

Market Overview - A-shares opened lower but closed higher, with over 4600 stocks rising across the market [1] - The Shanghai Composite Index rose by 0.83%, the Shenzhen Component Index increased by 1.6%, and the ChiNext Index gained 2.61% [1] - Total market turnover was approximately 2.27 trillion yuan, a decrease of 33.4 billion yuan compared to the previous trading day [1] Sector Performance - PEEK materials, liquid-cooled servers, PCB, and securities sectors saw significant gains, while a few sectors like banking experienced declines [2] - Brokerage and fintech stocks surged, with stocks like Zhina Compass (300803) and Tonghuashun (300033) reaching all-time highs [2][3] - The top four stocks by turnover were Dongfang Caifu (300059), CITIC Securities, Tonghuashun, and Zhina Compass, collectively accounting for nearly 80 billion yuan in turnover [2][6] Notable Stocks - Dongfang Caifu had a turnover of 44.212 billion yuan, ranking first in A-share turnover [6][7] - Zhina Compass and Tonghuashun saw price increases of 20% and 16.27% respectively, with both stocks hitting historical highs [3][4] - The robotics sector experienced a surge, with multiple stocks hitting the daily limit, driven by the upcoming 2025 World Robot Conference [2] Chip Sector - Chip stocks rallied in the afternoon, with Dongxin Co. rising by 4.21% to reach a historical high [2] PCB Sector - The PCB sector saw strong performance, with multiple stocks hitting the daily limit, including Yidong Electronics and Zhongfu Circuit [10] - The PCB industry is expected to enter a new growth cycle, driven by the acceleration of AI applications and the recovery of consumer electronics demand [13]