6月27日涨停分析 今日共54股涨停，连板股总数9只，27股封板未遂，封板率为67%（不含ST股、退市股）。焦点股方面，高标新通联上演"天地板"行情，市场连板高度压缩 至4连板，其中大金融板块弘业期货一字涨停晋级4连板，固态电池概念股大东南T字涨停收获4连板，此外PCB板块的中京电子走出8天5板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 诚邦股份 | 2天2板 | 9.96% | 09:36 | 存储芯片 | | 603316 | | | | | | 农尚环境 | 首板 | 20.00% | 09:42 | 算力+芯片 | | 300536 | | | | | | 和而泰 | 首板 | 10.00% | 10:18 | 参股摩尔 | | 002402 | | | | 线程 | | 太龙股份 | 首板 | 20.01% | 13:59 | 未言体 | | 300650 | | | | 分销 | | 胜科纳米 | 首板 | 19.99% | 14:56 | 次新+芯片 | | 688757 | | | | | | 新恒 ...

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. maintains a stable credit rating of AA, with a positive outlook due to its strong market position and product advantages in the PCB industry [4][8]. Company Overview - The company ranks 10th globally and 3rd among domestic PCB manufacturers in China, benefiting from a diverse customer base and broad application fields including automotive, communication technology, and consumer electronics [6][18]. - The company has a significant number of patents, with 30 new invention patents added in 2024, enhancing its competitive edge [6][18]. Financial Performance - Total assets increased to 203.41 billion RMB in 2024, with total liabilities at 172.31 billion RMB, reflecting a healthy financial position [4][21]. - Revenue for 2024 reached 126.59 billion RMB, with a net profit of 11.60 billion RMB, indicating growth driven by demand in data centers and automotive electronics [4][21]. - The EBITDA margin was 22.73% in 2024, although it experienced a slight decline due to rising raw material costs [21][25]. Market Position and Competitive Landscape - The company holds a strong market share in the PCB industry, with a focus on high-density interconnect (HDI) products, which are expected to see significant growth due to AI server demand [11][12]. - The PCB market is projected to grow, with a global market value of 73.6 billion USD in 2024, driven by recovery in the AI server and consumer electronics sectors [10][11]. Operational Environment - The company operates multiple production bases in China and is expanding internationally, with a focus on maintaining high capacity utilization rates [18][19]. - The PCB industry is facing challenges from high raw material prices and increased competition, which may impact profit margins [13][20]. Future Outlook - The company is expected to continue benefiting from its strong market position and diverse applications, although it must navigate potential cost pressures and external factors such as U.S. tariff policies [7][17]. - The credit rating agency maintains a stable outlook for the company, anticipating sustained business viability due to its leading position in the PCB sector [8].

GB200300 与 ASCI 需求共振，继续看好 Ai-PCB 及核 心算力硬件 - 2025 年电子中期策略 20260626 摘要 云厂商资本开支大幅增长，推动算力需求。谷歌、亚马逊和微软 2025 年资本开支计划分别达到 750 亿、1,000-1,050 亿和 800 亿美元，同 比增长显著，国内阿里和字节预计也将大幅增加资本开支，主要用于大 模型训练和推理，进而带动算力需求。 ASIC 性价比优势显著，市场份额快速提升。ASIC 通过定制化设计提升 运算效率并降低功耗，成本潜力巨大。博通作为主要 ASIC 设计服务商， AI 收入 2024 年达 122 亿美元，同比增长 220%，预计 2027 年将达 600-900 亿美元。谷歌和亚马逊等云厂商积极采用 ASIC，预计 2025 年出货量将超过 300 万张。 AI 驱动 PCB 行业升级，业绩表现亮眼。AI 服务器和交换机对 PCB 的性 能和数量提出更高要求，推动 PCB 层数和材料升级。2024 年 PCB 板块 营收 2,359 亿元，同比增长 19.3%，归母净利润 163 亿元，同比增长 34.7%。2025 年第一季度营收 62 ...

PCB 板块整体预期上扬，主要受益于海外 ASIC 厂商上调明年出货量， 尤其 Meta 和谷歌大幅增加，形成硬件到软件、盈利到投入的闭环，带 动光模块、交叉矩阵排产及海外 ASIC 整体上修，预计明年 PCB 需求量 或增加 170-180 亿人民币。 短期订单跟踪显示 PCB 板块持续增长，但国内 PCB 和 CACCO 公司产 业链参与度提高，上游材料国产替代竞争加剧，可能影响高端材料市场 份额。 Rubicon 下一代产品技术路线未定，但包含 q 布规格材料的方案在高等 级材料中应用概率较大，可能首先应用于高带宽电路，如 AMD Sweet Spot，其他部分或使用 ROOKIE 二代或其他替代方案。 明年全球算力终端厂商基本采用 ROKIT 二代等级产品，但目前仅两款产 品使用 ODK 二代，其余仍以 LDK 一代为主。GB300 相对于 GB200 版 型设计无变化，需求仍集中在 LDK 一代。 国内扩产能厂商需关注材料导入进度，以实现高端产品盈利放量。行业 保持良好增速，有望通过扩展产能提升市场表现。 Q&A 电子布对话 PCB20260626 摘要 今年以来特种玻纤布板块的投资机会有哪些变化？ ...

A股三大指数集体翻红，军工、大金融、PCB、固态电池等方向领涨，沪深京三市上涨个股超2700只。 ...

Market Overview - A-shares continued to rebound, with the financial and defense sectors leading the gains [1][4] - The Shanghai Composite Index rose by 0.28%, the Shenzhen Component increased by 0.64%, and the ChiNext Index climbed by 1.34% [4] Financial Sector - The multi-financial, securities, and internet insurance sectors saw significant gains, with Dongfang Caifu (300059) up by 4.63% and achieving a trading volume of 12.245 billion yuan [1] - Hong Kong's brokerage sector experienced a surge, with Guotai Junan International rising by 68.55% after receiving approval to upgrade its securities trading license to include virtual asset trading services [3][4] Defense and Military Industry - The defense and military sectors, including military equipment and electronics, saw substantial increases [4] Earnings Reports - Recent earnings reports began to surface, with Tailin Micro announcing an expected revenue of approximately 503 million yuan for the first half of the year, a year-on-year increase of about 37%, and a net profit of around 99 million yuan, representing a growth of approximately 267% [7][8] - Analysts noted that stocks with better-than-expected mid-year earnings forecasts have been leading the market in recent years [9] Solid-State Battery Sector - The solid-state battery sector showed strength, with companies like Qianxun Technology and Yintu Network experiencing significant gains, and leading stock Guoxuan High-Tech rising over 7% [12] - Recent developments included Quantumscape's announcement of a successful integration of its membrane technology, leading to a stock price increase of over 30% [14] - The solid-state battery market is projected to exceed 200 billion yuan globally by 2030, with rapid growth expected in the domestic market by 2027 [15] AI Sector - The AI sector demonstrated active performance, with leading stocks in the PCB sector, such as Shenghong Technology, rising over 5% and reaching historical highs [17] - The entire computing power industry chain is expected to benefit from policy support, market demand growth, and technological innovation, making the outlook for this sector promising [17]

Group 1 - The growth in downstream demand driven by AI will continue to boost the demand for high-end PCBs such as high-frequency high-speed boards, HDI boards, and IC substrates [1] - The PCB market inventory is expected to improve significantly in 2024, with a clear recovery in the industry due to sustained high demand in AI and automotive electronics, as well as improvements in consumer electronics [1] - The demand for AI computing power will continue to grow, driven by ongoing capital expenditure increases from global cloud server vendors, leading to sustained high prosperity in the AI server market [1] Group 2 - The company is actively seizing market opportunities by expanding its computing power product market, focusing on technological innovation to optimize product structure, and enhancing production efficiency through digitalization [1] - The overseas base in Thailand is progressing smoothly, with equipment commissioning completed by the end of March and trial production already underway [1] - The Thailand project is positioned for data center server and switch products, with a production capacity expected to reach between 150 million to 200 million units in 2025, laying a solid foundation for long-term performance growth [1] Group 3 - The company forecasts revenues of 4.96 billion, 5.87 billion, and 6.78 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 890 million, 1.13 billion, and 1.33 billion yuan for the same years [2] - The company has initiated coverage with a "buy" rating based on these projections [2]

PCB方向今日新高，核心中金反包但烂板，有低位助攻，走趋势的沪电、生益、深南连续三四天未走 强。该方向偏走趋势，需区分情绪标的和机构风格趋势标的，前者如中金、诺德、泰禾、帝科等强度不 错，后者如沪电、生益等重点看10日线强趋势线是否跌破，多以偏低吸思路对待。PCB板块今日放量新 高，距前高有一点压力，锚定诺德、中金、泰禾等后续走势，个人倾向于大概率能突破。 光刻胶方向今日板块新高但量能未出，弹性方向冲高回落，整体性不强，或在PCB之后出现，强度和高 度弱于PCB，因消息刺激启动，非主动与指数共振，当作分支轮动看待，已连续反弹两天，明后天需防 冲高回落。 稳定币方向今日继续放量上涨，但高度核心走得纠结，东信早盘上板，恒宝迟迟不上板，安妮、天龙冲 高回落，弹性方向四方、拉卡也冲高回落。该方向大概率进入收尾阶段，因昨日已出现高低切换，今日 又高低切换且板块内部轮动拉升，若后期市场无超预期连续放量，后续大概率震荡逐步收尾，若有成交 量加持则有机会走穿越。 6月24日，和讯投顾刘昊称，若后续市场出现超预期连续放量，某方向有机会走穿越。指数今日放量站 上3400，但仅是第一天站上且涨停非大市值券商标的，更多是作为突破指数 ...

随着今日市场情绪与指数的修复走强，6月的最后一条低位新龙也逐渐浮出水面。然而，此时投资者不 应再对已经连续涨停7板的墨龙抱有不切实际的幻想。墨龙作为当前打破7板压制的破局龙头股，尽管表 现强劲，但明日一旦冲高，就将面临监管压力，且其走势极易受到外围消息面和石油价格波动的影响。 在当前的高度下，继续博弈墨龙的性价比已经不高。 石油板块早盘就遭遇资金哄抢，墨龙因为抢得过高而主动炸板放量，但盘中一直有承接，午后封死涨 停，打破7板空间压制，成为当前市场当之无愧的连板龙头。龙头地位来之不易，只要伊朗冲突还在发 酵，墨龙就仍然存在预期。有效跌破5日线才是离场点。至于准油，昨日提到一字板上来的品种给予反 包封板已经是最大的体面，后续空间不看太高，冲高回落，无承接即可分手。 再看科技线的PCB和固态方向。中金今日虽然断板，但收出一根中阳线，与昨日提到的冲高预期相符。 而板块中最亮眼的是亿豪的反包板，但从其两天都60%以上的换手来看，量化主导的居多，后续锚定5 日线高抛低吸即可。至于固态此波的龙头诺德，今日盘中分时在前高压力位附近完成换手，后续在板块 和情绪助推下封死涨停，主动性上弱了一筹。分歧爆量之下，明日开盘能缩量上攻， ...

（原标题：和讯投顾徐斌箐：越打越涨？中东题材7板了） 和讯投顾徐斌箐在市场分析中指出，油气板块周一持续上涨并完成了反包，中东板块收出七连板，基本 符合他此前对于油气行业的预判。 接下来要讲的重点是7月份的主线行情。投资者可能也发现了，除了油气板块的7板个股之外，其他板块 的走势似乎并不算特别强势。低位题材方面，比如固态电池，其实本身只是由一件小事情触发的，虽然 市场都在炒作，但强度也不够大。而且固态电池本身应该是赛道股，甚至是机构股，但目前上涨的却都 是小市值的个股。再往下看，就是稳定币了。稳定币也是因为消息催化而上涨，周一又出现了一波反 包，之前下跌的稳定币周一又开始上涨了。再加上化工板块的龙头个股周一也走出了监管，第一天上涨 又带动了一批高位抱团股。所以现在市场的整体感觉是有行情，但资金不够集中，相对来说比较分散。 主要原因在于，目前市场中大部分资金都集中在银行股上，只有银行股是天天在涨。所以周一低开之后 为什么还能上涨？因为银行股的带动。银行股天天上涨的过程中，对市场的"抽血"作用是显而易见的。 包括到现在为止，其实市场整体的成交量也只有一万多亿，大部分资金都在银行股里。这就导致小盘股 这边的题材不够集 ...