当前时点如何看待 PCB 板块投资机遇？20260108 摘要 PCB 市场规模预计超 1,000 亿元，谷歌 TPU 出货量增加及 1.6T 交换机 量价齐升是主要驱动力，正交背板预计 2026 年底或 2027 年开始出货， 成为新增量。 预计 2026 年谷歌需求增长超 200%，亚马逊增长约 90%，英伟达增长 超 140%，交换机领域增长 160%，正交背板技术带来显著贡献。 现有 PCB 主要供应商包括盛弘、固电和台湾联能，GB300 领域新增方 正、景旺等。谷歌与亚马逊方面，现有供应商包括 ICU、镜像电和护电 深蓝等，未来可能新增盛宏、超亿、鹏岭和东山锦望等。 外资厂商如台湾新兴、金象电、韩国 ASU 及美国 TTM 产能扩张相对较 慢，ICU 计划扩产仅 10 个点，新兴与 TTM 资本开支不足，镜像电苏州 工厂具备一定供给潜力，资本开支提升 25%，但总体扩张速度较慢。 投资逻辑坚定龙头投资策略，关注从 0 到 1 突破的新兴黑马。关注谷歌 TPU V7/V8 芯片及亚马逊芯片相关 PCB 出货，以及英伟达正交方案测 试打样阶段。 Q&A 2026 年 PCB 市场的需求增长主要来自哪些方 ...

证券日报网讯1月8日，崇达技术（002815）在互动平台回答投资者提问时表示，公司通过持续优化产品 结构，使高端PCB产品收入占比超60%，并积极开展112G通讯等前沿技术研发以提升毛利率。公司产品 主要出口至美洲、欧洲、日本及亚太等地。在6G领域已有产品处于样品阶段，但目前在量子科技、脑 机接口及生物制造方面暂未涉及。 ...

格隆汇1月8日丨崇达技术(002815.SZ)在互动平台表示，公司专注于高端PCB产品，并在医疗设备领域拥 有业务布局，产品已应用于多种传统医疗仪器。针对您所关注的脑机接口这一前沿领域，公司目前暂未 涉及脑机接口相关业务。 ...

格隆汇1月8日丨崇达技术(002815.SZ)在互动平台表示，公司通过持续优化产品结构，使高端PCB产品收 入占比超60%，并积极开展112G通讯等前沿技术研发以提升毛利率。公司产品主要出口至美洲、欧 洲、日本及亚太等地。在6G领域已有产品处于样品阶段，但目前在量子科技、脑机接口及生物制造方 面暂未涉及。 ...

7 January 2026 | 10:41AM HKT Equity Research China PCB: Victory Giant Chairman visit: High-end AI servers to drive PCB demand; Scale advantages with high operational efficiency Company profile: Victory Giant (300476.SZ) is a global leading PCB supplier offering MLPCB, HDI, single / double layer PCB, FPC (flexible printed circuit), etc., covering diversified end markets, such as AI data center, automobile, telecom, and smart terminals, with a global footprint in mainland China, Malaysia, Vietnam, and Thailan ...

公司间接控股股东臻鼎科技为台湾地区上市公司，需按当地规定披露月度营收，鹏鼎控股同步披露以保障A股投资者及时掌握经营动态。 近日，鹏鼎控股在投资者关系互动平台表示，公司会密切关注下游技术趋势，并围绕新产品、新技术、新制程、新材料和新设备五大主轴，全力聚焦关键共 性技术与产品前沿技术，以掌握产品发展的潮流与趋势。 （校对/黄仁贵） 1月6日，鹏鼎控股发布2025年12月营业收入简报。数据显示，公司当月合并营业收入达424,355 万元，较去年同期大幅增长30.74%。 鹏鼎控股是具备各类PCB产品研发、设计、制造与销售服务的专业大型厂商，拥有优质多样的PCB产品线，具备为不同客户提供全方位PCB电子互联产品及 服务的强大实力。 ...

Core Viewpoint - The article highlights the significant growth in the PCB industry driven by the increasing demand for high-frequency and high-speed PCBs, with companies like Shengyi Technology making strategic investments to meet this demand [1][2]. Group 1: Company Developments - Shengyi Technology announced an investment of approximately 4.5 billion RMB for a high-performance copper-clad laminate project, aimed at supporting key technologies such as AI, cloud computing, and 6G communications [1]. - In Q3, Shengyi Technology reported revenues of 7.934 billion RMB, a year-on-year increase of 55.10%, and a net profit of 1.017 billion RMB, up 131.18% [2]. - Other companies like Kexiang Co. and Qiangda Circuit are also expanding their production capabilities, with Kexiang raising 287 million RMB for PCB production line upgrades and Qiangda planning to raise up to 550 million RMB for multi-layer board production [3]. Group 2: Market Trends - The demand for PCBs is surging, leading to a wave of production expansions across the industry, driven by the rapid growth of low-orbit satellite technology and high-frequency communication modules [3]. - The PCB industry is experiencing a shift towards higher value materials and processes, with upgrades in production techniques and materials such as copper-clad laminates moving from M6/M7 to M8/M9 [4]. - Major tech companies like Amazon, META, and Google are increasing their requirements for PCB materials, which is expected to enhance the value and elasticity of these materials in the market [4].

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and capacity expansion in Thailand and Vietnam. Management emphasized that the time required to ramp up new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10]. 2. Technological Advantages - **MLPCB and HDI Expertise**: The company has developed mass production capabilities for HDI (28-layers) and MLPCB (70-layers), which are crucial for the new specifications of AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9]. 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to the shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials. The company is committed to R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4]. 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4]. 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on increasing its customer base in AI infrastructure, which includes solutions for AI accelerator cards, AI servers, data center switches, UBB, SSDs, DDR, and optical transceivers [3][4]. Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is supported by deep partnerships with major clients, which enhances its competitive edge in the market [4][10]. - **Focus on R&D**: Continuous investment in research and development is crucial for maintaining technological leadership and meeting the evolving demands of the AI sector [10][4]. This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。 公司简介 招股书显示，景旺电子(603228.SH)是以技术创新为驱动、以产品布局全面为特色的PCB产品制造商。公司的PCB产品为 汽车电子、通信与数据基础设施、智能终端、工业控制等领域的全球客户提供智能互联基础。 公司在汽车电子PCB领域占据领先地位，并战略性重点佈局AI计算领域，形成了「1+1+N」的业务模式，即1个支柱型业 务(汽车电子)(「1」)、 1个重点发展业务(通信与数据基础设施)(「1」)和 N个高潜力业务组合(涵盖智能终端、工业控制 等)(「 N」)。 汽车电子是公司的支柱型业务领域，公司的汽车电子PCB产品广泛应用于ADAS、信息娱乐系统、车身电子系统、电池 管理系统、照明系统及充电配电系统等领域。 根据灼识咨询的资料，以2024年度收入计算，公司是全球第一大汽车电子PCB供应商，全球前十大Tier 1汽车供应商中有 七家是公司的客户，公司的PCB产品已广泛应用于全球前十大汽车集团的汽车产品中。 公司的PCB产品深度赋能汽车智能 ...

智通财经APP获悉，据港交所1月1日披露，深圳市景旺电子股份有限公司(简称：景旺电子)向港交所主板递交上市申 请，中信证券、美银证券、国联证券国际为其联席保荐人。招股书显示，景旺电子(603228.SH)是以技术创新为驱 动、以产品布局全面为特色的全球领先PCB产品制造商。公司的PCB产品为汽车电子、通信与数据基础设施、智能终 端、工业控制等领域的全球客户提供智能互联基础。 KIN"/ONG 景旺电子 [編纂] 聯席保薦人 · [編纂]及[編纂] Shenzhen Kinwong Electronic Co., Ltd. (深圳市景旺電子股份有限公司) (於中華人民共和國註冊成立的股份有限公司) 4 中信证券 ( ) 國際設計國際 BofA SECURITIES " :[編纂]股H股(視乎[編纂]行使與否而定) [編纂]的[編纂]數目 [編纂]數目 「編纂]股H股(可予重新分配) : [編纂]數目 [編纂]股H股(可予重新分配及視乎[編 : 纂]行使與否而定) 最高[編纂] 每股H股[編纂]港元,另加1.0%經紀 : 冊金、0.0027%證監會交易徵 費 · 0.00015%會財局交易徵費及 0.00565% ...