证券日报网讯1月8日，华正新材（603186）在互动平台回答投资者提问时表示，公司多款高端覆铜板实 现量产并取得相应的营收，部分产品正在积极推进客户认证。 ...

良率"陷阱"助推原材料需求，高盛锁定高端台系供应商 高盛对AI PCB/CCL潜在市场规模（TAM）进行了激进上调。 据追风交易台，高盛分析师 Chao Wang 和 Allen Chang 团队于 2026 年 1 月 6 日发布了关于中国台湾 PCB（印制电路板）及 CCL（覆铜板）行业的研报，高盛将2027年AI PCB的TAM从原先预期的174亿美 元猛增至266亿美元，CCL则从80亿美元上调至183亿美元。这一调整意味着2025-2027年间的复合年增 长率（CAGR）将分别达到惊人的140%和178%。 这种增长并非线性外推，而是基于架构变革的精准计算： "我们全球团队大幅上调AI PCB/CCL TAM的一个关键原因是，我们计入了VR200/300机架内 部新增的PCB/CCL内容。这些新内容将取代过桥线缆（从线缆转为PCB），以改善整体成 本结构并提升计算性能。" 对于密切关注 AI 硬件供应链的投资者而言，这份报告释放了一个明确信号：在英伟达GB300等新一代 架构的推动下，PCB行业正经历一场从单纯的"出货量增长"向"价值量暴涨"的质变。AI 基础设施的扩 建远未结束，且随着技术架构的演 ...

Market Overview - In December 2025, the A-share market showed a "high-level fluctuation and structural switching" pattern, with the Shanghai Composite Index rising by 2.06% and the Shenzhen Component Index increasing by 4.17%[7] - The average return of the stock portfolio in December was 6.20%, outperforming the CSI 300 Index, which rose by 2.28%[7] Stock Recommendations - **Hengrui Medicine (600276)**: Closing price at 59.57 CNY, focusing on innovative drugs with a projected EPS of 1.31 CNY for 2025[10][12] - **Luoyang Molybdenum (603993)**: Closing price at 20.00 CNY, benefiting from copper and gold business expansion, with an EPS forecast of 0.88 CNY[15][18] - **Huaxin Cement (600801)**: Closing price at 24.54 CNY, with a focus on overseas expansion and an EPS estimate of 1.42 CNY[19][22] - **Sanmei Co., Ltd. (603379)**: Closing price at 60.72 CNY, specializing in refrigerants, with an EPS forecast of 3.50 CNY[23][27] - **CATL (300750)**: Closing price at 367.26 CNY, with a valuation recovery theme and an EPS estimate of 15.00 CNY[28][31] - **Sungrow Power Supply (300274)**: Closing price at 171.04 CNY, benefiting from favorable conditions in new energy storage, with an EPS forecast of 7.12 CNY[32][35] - **Sany Heavy Industry (600031)**: Closing price at 21.13 CNY, focusing on engineering machinery with an EPS estimate of 0.99 CNY[36][39] - **Inovance Technology (300124)**: Closing price at 75.33 CNY, focusing on industrial control with an EPS forecast of 2.07 CNY[40][42] - **North Huachuang (002371)**: Closing price at 459.08 CNY, specializing in semiconductor equipment with an EPS estimate of 9.95 CNY[43][45] Risks and Considerations - The report indicates a medium to high risk level for the stock portfolio, emphasizing the need for cautious investment decisions based on the accuracy and completeness of the information provided[6][3] - Potential risks include macroeconomic fluctuations, raw material price volatility, and regulatory changes affecting industry dynamics[11][18][19]

（校对/黄仁贵） 公告表示，该项目意向用地位于东莞松山湖东平大道西侧、江南大道南侧，总面积约298亩，使用年限50年，将采用整体规划、分期建设的模式推进。资金 来源为公司自有或自筹资金，项目已通过公司会议审议，具体投资方案待后续相关审批程序落地。 项目建成后，将进一步强化公司在高性能覆铜板领域的产能与技术优势，助力公司提升核心竞争力和市场占有率，巩固行业领先地位，为电子信息产业高质 量发展贡献力量。 1月5日，生益科技发布公告称，已与东莞松山湖高新技术产业开发区管理委员会签订项目投资意向协议，计划投资约45亿元建设高性能覆铜板项目。 作为电子信息产业核心材料供应商，生益科技在覆铜板领域深耕多年，凭借稳定的产品质量和技术优势，已成为全球领先的覆铜板企业，产品广泛应用于通 信、汽车电子、人工智能等多个领域。 ...

1月4日晚间，覆铜板行业龙头生益科技发布公告称，公司与东莞松山湖高新技术产业开发区管理委员会签订项目投资意向协议，意向投资金额约45亿元， 投资于高性能覆铜板项目。该项目投资不属于关联交易，也不构成相关规定的重大资产重组。 拟投资建设高性能覆铜板项目 公告显示，生益科技与东莞松山湖高新技术产业开发区管理委员会经友好协商，并在东莞市政府同意推动公司万江老厂区地块收储工作，采用一揽子解决 方案的基础上，双方就公司投资建设高性能覆铜板项目的相关事项达成合作意向，签订《东莞松山湖高新技术产业开发区项目投资意向协议》，意向投资 金额约45亿元，以满足高性能覆铜板持续增长的需求。 图片来源：公司公告 Wind数据显示，2025年，生益科技股价持续走高，屡创历史新高，全年累计涨幅为205.82%。2025年12月31日，该股收报71.41元/股，总市值为1735亿 元。 图片来源：Wind 其中，东莞松山湖高新技术产业开发区管理委员会将按照土地出让的相关政策规定，委托东莞市自然资源局和东莞市公共资源交易中心公开出让该地块的 使用权，并承诺按项目用地"五通一平"条件交付土地。生益科技将按照国家法律法规规定的程序竞买项目用地， ...

Core Viewpoint - Company Shengyi Technology (600183) has signed an investment intention agreement with the Dongguan Songshan Lake High-tech Industrial Development Zone Management Committee to invest approximately 4.5 billion yuan in a high-performance copper-clad laminate project, which is not classified as a related transaction or a significant asset restructuring [1][4][6]. Group 1: Investment Details - The investment amount for the high-performance copper-clad laminate project is approximately 4.5 billion yuan, aimed at meeting the growing demand for high-performance copper-clad laminates [1][4]. - The project will cover a total area of approximately 198,667.66 square meters and will be implemented using the company's own or self-raised funds [6]. - The project is expected to have a usage period of 50 years and will not significantly impact the company's total assets, net assets, or net profit for the year 2025 [6]. Group 2: Market Performance - In 2025, Shengyi Technology's stock price increased significantly, with a cumulative growth of 205.82%, closing at 71.41 yuan per share on December 31, 2025, resulting in a total market capitalization of 173.5 billion yuan [3][7]. - The company has established a strong competitive advantage in the high-end electronic materials market, producing various products including copper-clad laminates, which are widely used in AI servers, 5G antennas, and other advanced technologies [7][8]. Group 3: Financial Performance - For the third quarter of 2025, Shengyi Technology reported a revenue of 7.933 billion yuan, a year-on-year increase of 55.10%, and a net profit attributable to shareholders of 1.017 billion yuan, up 131.18% [8]. - The company's revenue for the first three quarters of 2025 reached 20.614 billion yuan, reflecting a year-on-year growth of 39.80%, with a net profit of 2.443 billion yuan, an increase of 78.04% [8]. Group 4: Industry Outlook - The demand for AI servers is expected to drive Shengyi Technology's performance, as the growth in AI applications is anticipated to lead to a 40% increase in capital expenditures among the top eight global cloud service providers, reaching over 600 billion dollars by 2026 [9]. - The PCB and server industry, along with related upstream materials, are projected to enter a high-growth phase due to expanding computing power demands [9].

1月4日晚间，覆铜板行业龙头生益科技发布公告称，公司与东莞松山湖高新技术产业开发区管理委员会 签订项目投资意向协议，意向投资金额约45亿元，投资于高性能覆铜板项目。该项目投资不属于关联交 易，也不构成相关规定的重大资产重组。 图片来源：公司公告 Wind数据显示，2025年，生益科技股价持续走高，屡创历史新高，全年累计涨幅为205.82%。2025年12 月31日，该股收报71.41元/股，总市值为1735亿元。 拟投资建设高性能覆铜板项目 其中，东莞松山湖高新技术产业开发区管理委员会将按照土地出让的相关政策规定，委托东莞市自然资 源局和东莞市公共资源交易中心公开出让该地块的使用权，并承诺按项目用地"五通一平"条件交付土 地。生益科技将按照国家法律法规规定的程序竞买项目用地，并负责项目用地内的工程设计与施工、设 施建设等工作。 生益科技表示，项目投资拟使用公司自有或自筹资金实施，项目使用年限为50年，总面积约为 198667.66平方米。协议的履行对公司2025年度的资产总额、净资产和净利润等不构成重大影响。 公司表示，覆铜板属于国家重点支持的新一代信息技术产业关键基础材料，本次投资项目是公司面向未 来发展的 ...

Core Viewpoint - Shengyi Technology (600183) announced an investment of approximately 4.5 billion yuan to establish a high-performance copper-clad laminate project, which is a strategic move to meet the growing global demand in advanced technology sectors [1][2] Group 1: Investment Details - The investment agreement was signed with the Dongguan Songshan Lake High-tech Industrial Development Zone Management Committee and has been approved by the company's board of directors [1] - The project is positioned as a high-performance copper-clad laminate initiative, aimed at enhancing the company's core competitiveness and market share in key technology areas such as AI, cloud computing, 6G communication, and smart automotive electronics [1] Group 2: Financial Performance - Shengyi Technology reported impressive financial results for the first three quarters of 2025, achieving a revenue of 20.614 billion yuan and a net profit attributable to shareholders of 2.443 billion yuan, marking a year-on-year increase of 78.04% [1] - The company's net profit excluding non-recurring items saw a year-on-year growth of 81.25% [1] Group 3: Industry Context - The global copper-clad laminate industry is currently experiencing a price surge due to increased demand from high-end applications like AI servers and rising raw material costs [1] - There is a noticeable trend of increasing industry concentration, with leading companies gaining technological advantages [1]

机构：国泰海通证券 研究员：鲍雁辛/舒迪/花健祎/杨冬庭 本报告导读： 近期由于铜价和玻纤布价格大幅上涨，公司覆铜板再发涨价函，旺季提价频率超预期，验证AI 需求带 来的显著挤压效果下，覆铜板行业和电子布行业的景气度。 投资要点： 维持"增持" 评级。近期由于铜价和玻纤布价格大幅上涨，公司覆铜板再发涨价函，公司作为行业稀缺 的一体化布局公司，产品高端化同步推进，有望步入涨价+升级双击的盈利上行周期。维持公司2025- 2027 年净利分别为23.49/31.23/38.15 亿港元，维持目标价20港元。 月内铜价和玻纤布提涨，成本驱动下覆铜板再次涨价。12 月26 日建滔发布涨价函，由于目前铜价暴 涨，玻璃布供应紧缺，迫于成本压力公司对所有材料上调10%价格。历史上铜价和玻纤布向上的周期 中，传统覆铜板的价格周期也较为乐观，2025 年下半年以来，公司8 月、10 月、12 月月初已经提价三 次，12 月再次提涨，月内两次提涨超预期。意味着AI 景气驱动下全产业链进入良性提价周期。 公司同时布局铜箔、电子布和覆铜板，作为行业一体化龙头有望能全环节受益于涨价周期。 外售上游材料同步涨价，或有望带动电子布行业跟涨 ...

Investment Rating - The report maintains an "Overweight" rating for the copper-clad laminate industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [96]. Core Insights - The copper-clad laminate market is expected to recover in 2024, with global sales projected to reach $15.013 billion, representing a year-on-year growth of 17.90%. This recovery is attributed to the resurgence in consumer electronics demand and increased requirements for high-end copper-clad laminates driven by AI computing power [6][27]. - A new wave of price increases is anticipated in the copper-clad laminate sector, driven by rising raw material costs, high demand from downstream PCB manufacturers, and the concentrated market share of laminate manufacturers, which grants them significant pricing power [6][47]. - AI is driving the high-end product development in the copper-clad laminate market, with expectations for increased value as new platforms from companies like NVIDIA adopt advanced materials [65][71]. Summary by Sections 1. Market Recovery and Applications - Copper-clad laminates are widely used in various sectors, including consumer electronics, computers, communications, and automotive electronics. The market is set to recover in 2024, reversing a two-year decline [14][27]. 2. Price Increase Trends - Historical data shows that the copper-clad laminate industry has experienced two major price increase cycles in the past decade, primarily driven by rising raw material costs and strong end-user demand. Current trends indicate that manufacturers are already implementing price hikes due to increased costs of copper and other materials [38][44][55]. 3. AI-Driven High-End Product Development - The demand for high-performance copper-clad laminates is increasing due to AI computing requirements. The introduction of new materials, such as M8.5+ and M9, is expected to significantly enhance product value and performance [65][71]. 4. Investment Recommendations - The report suggests focusing on two main investment lines: companies benefiting from the price increases of conventional copper-clad laminates and those with high-end laminate or electronic copper foil product reserves. Key companies identified include Shengyi Technology, Nanya New Material, Huazheng New Material, Jin'an Guoji, Defu Technology, and Tongguan Copper Foil [93].