推理驱动 ASIC&交换机需求爆发，算力 PCB 缺口有望加 大 20250701 摘要 AI 服务器和高级交换机推动算力 PCB 需求激增，预计 2025 年市场规模 超 500 亿元，2027 年有望破千亿，其中 AI 服务器占比过半，单卡用量 和卡片数量增加显著拉动 PCB 需求。 Marvell 大幅上调 ASIC 市场预期，预计 2028 年达 554 亿美元，博通 预测仅三家客户网络 ASIC 需求 2027 年达 600-900 亿美元，远超此前 预期，导致 PCB 需求规划滞后。 PCB 行业面临供需缺口，2025 年基本平衡，但 2026 年预计缺口达 10%，2027 年扩大至 16%，主要因 AI 需求爆发超预期，现有产能规 划难以满足。 PCB 厂商积极扩产，主要集中在东南亚，但面临人才短缺、基础设施不 完善、原材料配套不足等挑战，导致海外扩产进度较慢。 国内扩产相对较快，预计 2025 下半年至 2026 年陆续投产，但仍无法 弥补 AI 驱动的巨大需求缺口，市场景气度高涨为二线厂商提供发展机遇。 Q&A 当前全球 AI 算力市场的发展趋势如何？特别是 ASIC 和 PCB 行业的供 ...

| r | 中国八届 | 的任何国 | 的其他生产商 | т то | | --- | --- | --- | --- | --- | | | | 家/地区 | | | | 8 | 任何国 家/地区 | 中国大陆 | 除序号1至6生产商之外 的任意生产商 | 1. 16 | | 9 | 中国台湾 地区 | 包括中国 台湾地区 在内的任 何国家/ 地区(不 | 任意生产商 | 0.21 | | | | 包括中国 | | | | | | 大陆） | | | | 10 | 任何国 家/地区 〈不包括 | 中国台湾 地区 | 任意生产商 | 0. 21 | | | 中国大 | | | | | | 陆 > | | | | | 序号 | 原产国/ | 出口国/ | 生产商英文名〈译名供 | 反补贴税 〈美元/平 | | --- | --- | --- | --- | --- | | | 地区 | 地区 | 参考) | | | | | | | 方米) | | | | 包括中国 大陆在内 | Lucky Huaguang Graphics Co., Ltd (乐 | | | 1 | 中国大陆 | | | 0. 74 | | ...

智通财经7月1日电，午后PCB概念震荡回升，东山精密触及涨停，股价创历史新高，此前博敏电子涨 停，鹏鼎控股、沪电股份、深南电路、胜宏科技等跟涨。消息面上，中信建投研报称，英伟达召开股东 大会瞄准AI基础设施平台商定位，海内外头部厂商持续发力基础设施建设以满足激增的推理算力需 求，ASIC市场空间预期持续上调，算力产业链保持高景气。 PCB概念震荡回升 东山精密触及涨停创历史新高 ...

金十数据7月1日讯，A股三大指数早盘涨跌不一，截至午间收盘，上证指数涨0.21%，深证成指跌 0.32%，创业板指跌0.58%；北证50涨0.21%。沪深两市成交额约9606.21亿元，较前一个交易日放量约 463.26亿元。盘面个股方面银行股展开反弹，建设银行等再创历史新高。下跌方面，稳定币概念股持续 走低，霍普股份跌超10%；固态电池概念展开调整，英联股份跌停。板块方面，中船系、光刻机、银 行、创新药等板块涨幅居前，多元金融、跨境支付、固态电池、铜缆高速连接等板块跌幅居前。 A股午评：沪指窄幅震荡 半日收涨0.21% 银行板块集体反弹 ...

根据北交所公开发行并上市信息，广东高义包装科技股份有限公司（高义包装）北交所IPO已获受理。 公司主要财务指标 | 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 营业收入（万元） | 141125.29 | 108022.44 | 93448.34 | | 归属母公司股东的净利润（万元） | 9591.76 | 6907.96 | 8784.88 | | 扣除非经常损益后归属母公司所有者净利润（万元） | 10286.30 | 6537.75 | 8637.31 | | 基本每股收益（元） | 0.8800 | 0.6300 | 0.8100 | | 稀释每股收益（元） | 0.8800 | 0.6300 | 0.8100 | | 加权平均净资产收益率（%） | 10.78 | 8.67 | 12.18 | | 经营活动产生的现金流量净额（万元） | 11446.43 | 10258.28 | 15031.84 | （文章来源：证券时报网） | 序号 | 项目名称 | 项目投资总额 | 募集资金投资金额 | | --- | --- ...

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase exceeding 20% over three consecutive trading days, prompting a warning for investors to exercise caution in their investment decisions [1][2]. Company Overview - The company specializes in the research, development, production, and sales of PCBs (Printed Circuit Boards), including multi-layer boards, thick copper boards, high-frequency and high-speed boards, metal-based circuit boards, double-sided/multi-layer flexible circuit boards, high-density flexible circuit boards, HDI boards, rigid-flex boards, special material PCBs, carrier boards, and packaging substrates [1]. - Its products are widely used in various sectors such as automotive, next-generation communication technology, data centers, AIoT, consumer electronics, industrial interconnect, medical devices, new energy, and satellite communication [1]. Stock Performance - The stock price of the company reached a new high on June 30, 2025, following a significant short-term increase, which has raised concerns about potential investment risks [1]. - The company's recent trading volume has significantly exceeded previous levels, indicating heightened market activity [3]. Shareholder Actions - The controlling shareholder, Jinghong Yongtai Investment Holdings Co., Ltd., along with other related parties, has announced a plan to reduce their holdings by a total of 29.49 million shares, which is up to 3% of the company's total share capital, through both centralized bidding and block trading methods [3][4]. - As of the announcement date, the reduction plan is currently in progress, with a portion of shares already sold in accordance with the disclosed plan [4]. Regulatory Compliance - The company has confirmed that there are no undisclosed matters that should be reported according to the regulations of the Shanghai Stock Exchange [5].

Core Viewpoint - Guizhou Yongji Printing Co., Ltd. has reported a significant increase in revenue and net profit for the year 2024, driven by its core business in cigarette packaging and expansion into pharmaceutical products, despite challenges in the liquor packaging segment [9][10][11]. Company Bond Overview - The company issued convertible bonds on April 14, 2022, with a total fundraising amount of RMB 145.87 million, intended for various projects including the construction of a new production base [1][4]. - The bonds have a six-year term with a tiered interest rate starting at 0.30% in the first year and increasing to 2.50% in the sixth year [1][4]. - The initial conversion price for the bonds is set at RMB 8.76 per share, with the current conversion price adjusted to RMB 8.07 per share [17]. Business Performance - In 2024, the company achieved a revenue of RMB 905.13 million, representing a year-on-year growth of 10.69%, and a net profit of RMB 160.02 million, up 59.77% from the previous year [9][12]. - The cigarette packaging segment generated RMB 593.20 million in revenue, a 5.75% increase, while the liquor packaging segment saw a decline of 24.81% [11][12]. - The overseas pharmaceutical business reported revenue of RMB 142.35 million, marking a growth of 43.76% [12][13]. Financial Data - The company's total assets increased by 2.33% to RMB 1.95 billion, and net assets rose by 11.58% to RMB 1.20 billion by the end of 2024 [13]. - Basic earnings per share increased by 58.04% to RMB 0.3812, reflecting improved profitability [13][14]. Fundraising and Utilization - The company has effectively managed the funds raised from the convertible bonds, with a net amount of RMB 141.10 million available for investment after deducting issuance costs [14]. - As of December 31, 2024, the company has utilized RMB 134.44 million of the raised funds, primarily for the construction of the Yongji Shenglong liquor box production base [14][15]. - The production base is expected to reach an annual capacity of 6.8 million units, with projected profits of RMB 3.17 million in 2024 [14].

Core Viewpoint - The credit rating report indicates that Shenzhen Xingsen Quick Circuit Technology Co., Ltd. (referred to as "Xingsen Technology") maintains a stable credit rating of AA, reflecting its leading position in the domestic PCB prototype and small batch board sector, despite facing significant financial challenges due to high upfront costs in semiconductor projects and slow order integration [2][4][5]. Company Overview - Xingsen Technology is recognized as one of the few domestic manufacturers capable of mass production of FCBGA packaging substrates, maintaining a technological edge in the industry [2][17]. - The company has a diversified product application across various sectors, including communication, industrial control, medical electronics, and consumer electronics, with a stable customer base [4][17]. Financial Performance - The company reported total assets of 145.69 billion and total liabilities of 59.44 billion as of March 2025, with operating revenue of 15.80 billion for the year [2]. - The net profit for 2024 was a loss of 5.31 billion, reflecting the impact of high costs associated with semiconductor projects and insufficient order volume [3][5]. - The company's debt-to-equity ratio increased, indicating rising financial leverage and debt repayment pressure [5][19]. Industry Environment - The PCB market is expected to recover in 2024, driven by demand from AI servers and consumer electronics, with a projected global market value of 73.6 billion, representing a 5.8% year-on-year growth [11][12]. - The domestic PCB market in China is anticipated to grow from 41.2 billion to 50.8 billion from 2024 to 2029, with a compound annual growth rate of 4.3% [11][12]. - The industry faces challenges such as high raw material costs and competitive pressures, which may impact profit margins [15][19]. Competitive Position - Xingsen Technology ranks seventh among domestic PCB manufacturers according to the CPCA, showcasing its competitive strength [17]. - The company has invested significantly in R&D, with 4.42 billion allocated in 2024, and has received national awards for its technological advancements [18][19]. - Despite the competitive landscape, Xingsen Technology's PCB business saw a revenue increase of 5.11% in 2024, primarily due to recovery in the consumer electronics sector [19].

Industry Overview - The glass printer industry is experiencing rapid growth due to advancements in digital technology, allowing for direct image printing on glass without the need for traditional plate-making processes [1][3][13] - The market size for the glass printer industry in China is projected to be approximately 251 million yuan in 2024, a decline from the peak in 2022, influenced by macroeconomic fluctuations and reduced consumer budgets [1][13] - Future growth is expected in high-end decoration, electronic products, and architectural glass sectors, driven by increasing demand for personalized customization and advancements in industrial printing technology [1][13] Key Features of Glass Printers - Glass printers offer multiple material printing capabilities, allowing for direct printing on various flat materials such as glass, crystal, and ceramics [4][5] - They eliminate the need for plate-making, enabling quick and low-cost printing with high-quality results [4][5] - The technology supports single-piece printing and batch production, making it suitable for small-scale, high-precision demands [4][5] Industry Chain - The upstream of the glass printer industry includes raw materials like steel, glass substrates, inks, and core components such as print heads and control chips [7] - The midstream involves the manufacturing of glass printers, while the downstream applications span across construction decoration, home customization, advertising, automotive, and crafts [7][9] Market Dynamics - The demand for steel, a crucial raw material for glass printer manufacturing, is increasing due to growth in construction and manufacturing sectors, with China's steel production projected to rise from 1.05 billion tons in 2017 to 1.4 billion tons by 2024 [9] - The craft industry, a downstream application of glass printers, is also growing, with the market size expected to reach approximately 62.7 billion yuan in 2024, driven by rising consumer income and changing preferences [10] Competitive Landscape - The glass printer industry in China is characterized by a technology-driven and market-segmented competitive landscape, with key players like Shenzhen Longrun Color Printing and Dongguan Jihui focusing on high-end markets and specialized applications [15][16] - Local companies are gradually overcoming international technology barriers through core component development, promoting domestic substitution [15] Future Trends - The industry is expected to move towards smart technology integration, utilizing AI for optimizing printing processes and enhancing operational efficiency [22] - Environmental sustainability will be a focus, with innovations aimed at reducing energy consumption and emissions through the use of water-based inks and modular designs [23] - The rise in consumer demand for customization will drive the development of flexible production capabilities, allowing for intricate designs and functional printing applications [24]

证券代码：002969 证券简称：嘉美包装 公告编号：2025-042 债券代码：127042 债券简称：嘉美转债 嘉美食品包装（滁州）股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 嘉美食品包装（滁州）股份有限公司（以下简称"公司"）第三届董事会第 十七次会议通知于 2025 年 6 月 20 日以电子邮件的方式发出，并于 2025 年 6 月 生召集并主持，会议应出席董事 9 名，实际出席董事 9 名，公司监事及高级管理 人员列席了此次会议。本次会议的召集、召开方式符合《中华人民共和国公司法》 和《公司章程》的有关规定，合法有效。 二、 董事会会议审议情况 （一） 审议并通过《关于不向下修正"嘉美转债"转股价格的议案》 详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）的《关于不向下修正 嘉美转债转股价格的公告》（公告编号：2025-043）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 董事会 三、 备查文件 特此公告。 证券代码：002969 证券简称：嘉美包装 公告编号：2025-04 ...