AI革命与智能汽车驱动PCB市场结构性增长 智通财经APP注意到，近年来，全球PCB市场正经历结构性变化，增长动力从传统消费电子向高性能计算和汽车电子等高端领域转移。以销售收入计，全球 PCB行业的市场规模于2024年达到750亿美元，2020年至2024年的复合年增长率为3.6%。预计到2029年，全球PCB行业市场规模将达968亿美元，2024年至 2029年期间的复合年增长率为5.2%。 在此产业演进阶段，资本市场成为相关企业布局技术升级与产能扩张的重要途径。沪士电子股份有限公司(简称"沪电股份（002463）"，002463.SZ)已正式向 港交所主板递交上市申请，由中金公司（601995）与汇丰银行担任联席保荐人。若此次发行顺利完成，沪电股份将成为又一家实现"A+H"两地上市布局的 PCB领域企业。 在全球人工智能产业化进程加速的背景下，印刷电路板(PCB)作为数据中心与算力设备的关键基础组件，其技术规格与产能规模正面临新一轮升级需求。随 着AI服务器、高性能计算等高端应用场景的快速扩张，市场对高层数、高密度、高传输可靠性的PCB产品需求显著提升，推动产业向高阶HDI(高密度互连) 等先进制造领域集 ...

在全球人工智能产业化进程加速的背景下，印刷电路板（PCB）作为数据中心与算力设备的关键基础组件，其技术规格与产能规模正面临新一轮升级需求。 随着AI服务器、高性能计算等高端应用场景的快速扩张，市场对高层数、高密度、高传输可靠性的PCB产品需求显著提升，推动产业向高阶HDI（高密度互 连）等先进制造领域集中转型。 在此产业演进阶段，资本市场成为相关企业布局技术升级与产能扩张的重要途径。智通财经APP获悉，沪士电子股份有限公司（简称"沪电股份"， 002463.SZ）已正式向港交所主板递交上市申请，由中金公司与汇丰银行担任联席保荐人。若此次发行顺利完成，沪电股份将成为又一家实现"A+H"两地上 市布局的PCB领域企业。 AI革命与智能汽车驱动PCB市场结构性增长 智通财经APP注意到，近年来，全球PCB市场正经历结构性变化，增长动力从传统消费电子向高性能计算和汽车电子等高端领域转移。以销售收入计，全球 PCB行业的市场规模于2024年达到750亿美元，2020年至 2024年的复合年增长率为3.6%。预计到2029年，全球PCB行业市场规模将达968亿美元，2024年至 2029年期间的复合年增长率为5.2%。 ...

Core Viewpoint - The leading printed circuit board (PCB) manufacturer, Hushi Electronics, has applied for a secondary listing in Hong Kong, focusing on high-end applications in artificial intelligence servers and smart vehicles, driving strong revenue growth [1][2]. Group 1: Company Overview - Hushi Electronics has submitted its listing application to the Hong Kong Stock Exchange, following a similar move by competitor Dongshan Precision just a week prior [2][3]. - The company has experienced a 57% year-on-year revenue growth and a 49% increase in profit for the first half of this year, maintaining a competitive high gross margin [2][5]. - Hushi Electronics has strategically shifted its focus from consumer electronics to high-end PCB products for smart vehicles and AI applications, distinguishing itself from Dongshan Precision, which remains rooted in the more mature consumer electronics market [5][6]. Group 2: Production and Market Position - Hushi Electronics operates five production bases, with notable projects in Jiangsu and Thailand, the latter focusing on advanced products for high-speed networking and AI servers [6][8]. - The company has become the largest supplier of data center PCBs globally, with a market share of 10.3% as of June this year [6]. - Hushi Electronics leads the high-end HDI PCB market for L2 and above autonomous driving domain controllers, holding a market share of 15.2% [7]. Group 3: Financial Performance - The data communication PCB segment is the largest growth driver for Hushi Electronics, with a 71% year-on-year revenue increase, reaching 6.53 billion yuan, accounting for over 75% of total revenue [8]. - The company's gross margin has increased from 27.9% in 2022 to 32.3% in the first half of this year, reflecting its focus on high-end markets [8]. - Hushi Electronics' net profit for the first half of 2025 grew by 49% year-on-year, from 1.14 billion yuan to 1.68 billion yuan, with cash reserves increasing from 1.54 billion yuan to 2.74 billion yuan [9].

2，PCB 材料商 正式向港交所递交申请（来源：贝壳财经） 12月1日，鼎泰高科公告，公司于2025年12月1日向香港联合交易所有限公司递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联 交所网站刊登了本次发行上市的申请材料。该申请材料为草拟版本，其所载资料可能会适时作出更新及修订，投资者不应根据其中的资料作出任何投资决 定。 12月1日，威尔高在互动平台回答投资者提问时表示，公司持续密切关注市场趋势，并依据对行业发展的精准判断进行产能规划，以确保能够及时满足客 户的需求。目前，公司在泰国的生产基地计划于2025年底将产能提升至月产10万平方米:同时，江西二期扩建项目也在稳步推进，项目预计将新增月产12 万平方米的产能。 微信中部赞助商广告开放招募中 与您一路同行，做您最忠实的拥护者--PCB行业融合新媒体-2025年最有价值的电路板产业服务平台！欢迎您的关注与点赞！祝您事业有成！平安喜乐！ 1，PCB大厂 披露泰国基地进展：2025 年底月产能冲刺 10 万平方米（来源：证券日报） ...

AI需求风暴引发的缺货涨价潮蔓延至印刷电路板（PCB）产业链上游。CCL（覆铜板）、电子铜箔、电 子布等高端原材料掀起供不应求声浪，进一步支撑产品价格提涨。 值得关注的是，相关产能扩充速度有被市场需求碾压之势。针对缺货现状，业内某上市公司高管向智通 财经记者表示，高端产品的需求太消耗产能了。AI的需求增长太快，而短期之内产能出不来。 上游的价格及供应情况"变化"使下游成本端承压，鹏鼎控股（002938.SZ）、崇达技术（002815.SZ）等 厂商通过技术革新、优化产品结构等方式降低影响。 AI推升行业景气度，上游高端基材货缺价涨 对于当前PCB市场供需行情，产业链人士告诉智通财经记者，"低端产品还未缺货，AI相关的缺。" 由此引发的连锁反应在PCB上游环节已清晰显现。 智通财经从业内了解到，随着AI驱动PCB行业整体景气度持续回暖，上游相关高端基材需求见涨，不同 程度出现缺货和涨价现象。 拆分材料构成来看，覆铜板（制作PCB的核心基材）主要原材料包括电子铜箔、电子级玻璃纤维布等。 一位电子铜箔从业者称，部分公司产品采用"铜价+加工费"的定价模式，下游需求旺盛会推涨加工费。 智通财经记者从近期举办的第十六届中 ...

Core Viewpoint - The AI demand surge is causing shortages and price increases in the upstream supply chain of the printed circuit board (PCB) industry, particularly affecting high-end raw materials like CCL (copper-clad laminate), electronic copper foil, and electronic fabric [1][2]. Group 1: Industry Impact - The demand for high-end products is consuming production capacity rapidly, and the growth in AI demand is outpacing the speed of capacity expansion in the industry [1][2]. - Currently, there is no shortage of low-end products in the PCB market, but AI-related products are experiencing shortages [1][2]. Group 2: Company Responses - Companies such as Pengding Holdings and Chongda Technology are implementing technological innovations and optimizing product structures to mitigate the impact of rising costs from upstream price and supply changes [1][2].

AI需求风暴引发的缺货涨价潮蔓延至印刷电路板(PCB)产业链上游。CCL(覆铜板)、电子铜箔、电子布 等高端原材料掀起供不应求声浪，进一步支撑产品价格提涨。 值得关注的是，相关产能扩充速度有被市场需求碾压之势。针对缺货现状，业内某上市公司高管向智通 财经记者表示，高端产品的需求太消耗产能了。AI的需求增长太快，而短期之内产能出不来。 上游的价格及供应情况"变化"使下游成本端承压，鹏鼎控股(002938.SZ)、崇达技术(002815.SZ)等厂商 通过技术革新、优化产品结构等方式降低影响。 AI推升行业景气度 上游高端基材货缺价涨 对于当前PCB市场供需行情，产业链人士告诉智通财经记者，"低端产品还未缺货，AI相关的缺。" 一位电子铜箔从业者称，部分公司产品采用"铜价+加工费"的定价模式，下游需求旺盛会推涨加工费。 智通财经记者从近期举办的第十六届中国电子铜箔技术研讨会上获悉，目前铜箔市场形势开始回暖，企 业的开工率明显增加，大厂基本处于满产状态，铜箔加工费开始缓慢回升。 "行业当前的核心矛盾是'低端过剩、高端不足'。"诺德股份(600110.SH)研究院院长丁瑜在接受智通财经 记者采访时表示，未来竞争将是" ...

Core Insights - The partnership with NVIDIA has become a core asset for Shenghong Technology, propelling its founder Chen Tao into the ranks of top billionaires in China's AI sector [2][3] - Shenghong Technology's stock price has surged over 530% this year, making it the top performer in the MSCI Asia Pacific Index, with Chen Tao and his wife amassing a combined net worth of $9.1 billion [3][7] - The company faces multiple risks due to its reliance on NVIDIA and geopolitical tensions, but is actively pursuing a global expansion strategy to mitigate uncertainties [3][10] Company Overview - Shenghong Technology, founded by Chen Tao, specializes in the manufacturing of printed circuit boards (PCBs), which are essential components for AI servers [4][8] - The company has become a key supplier for NVIDIA, benefiting from the explosive demand for AI technology [4][8] - As of November 25, Chen Tao and his wife hold a combined 27% stake in Shenghong Technology, significantly contributing to their wealth [7] Financial Performance - Shenghong Technology's stock has outperformed other tech stocks in both China and the U.S., with a projected price-to-earnings ratio of 32 times, which is relatively low compared to other domestic chip manufacturers [4][7] - The company's HDI (High-Density Interconnect) PCB business reported a gross margin of 38.8% in Q1 2025, a substantial increase from 8.3% in the same period last year [11] Global Expansion Strategy - To counterbalance risks associated with geopolitical tensions and reliance on domestic production, Shenghong Technology is expanding its operations globally, with investments in Thailand and Vietnam [10][11] - The company aims to serve Western clients sensitive to export restrictions through its new facilities in Southeast Asia [11] - Management restructuring has been implemented to align with global expansion needs, including the appointment of a new CTO with extensive international experience [11]

Core Insights - Dongshan Precision, originally a metal sheet processing company, has transformed into the world's third-largest PCB supplier through a series of acquisitions and has submitted an application for a Hong Kong IPO [2][3][5] Group 1: Business Transformation and Growth Strategy - The company has successfully transitioned from traditional metal processing to becoming a significant player in the PCB industry, particularly through strategic acquisitions [3][6] - Dongshan Precision's growth strategy heavily relies on mergers and acquisitions, which have proven effective in expanding its market presence [5][9] - The company has made significant acquisitions, including a $600 million purchase of Mflex in 2016 and a $293 million acquisition of Multek, enabling it to produce all major types of PCBs [6][8] Group 2: Financial Performance and Risks - In the first half of the year, Dongshan Precision's PCB business generated revenue of 110 billion yuan, accounting for 65% of total revenue, while traditional precision components contributed only 13.9% [6][7] - The overall revenue increased from 166 billion yuan to 170 billion yuan, a growth of 2.4%, while profit surged by 39% from 560 million yuan to 758 million yuan [6][9] - The company's debt levels are a significant concern, with short-term liabilities reaching 98.36 billion yuan (over $13 billion), a 35% increase from the previous year [9][10] Group 3: Market Position and Competitive Landscape - Dongshan Precision ranks as the second-largest FPC supplier globally with a market share of 23.8%, while its overall PCB market share is only 4.8%, highlighting the industry's fragmentation and intense competition [7][9] - The company is actively seeking diversification through acquisitions in new sectors, such as optical communications and automotive components, to mitigate competitive pressures [8][9] Group 4: Future Prospects and IPO - The upcoming Hong Kong IPO is expected to provide necessary funding for continued acquisition activities, although the rapid expansion into new business areas raises concerns about maintaining financial stability [10]

Core Viewpoint - Musk is accelerating the establishment of a complete autonomous chip supply chain in the U.S., aiming to reduce external dependencies and address AI computing demands while mitigating geopolitical risks [2][3]. Group 1: Chip Supply Chain Development - The new PCB center in Texas is now operational, and the FOPLP factory is in the equipment installation phase, expected to achieve small-scale production by Q3 2026 [3][6]. - SpaceX is a key driver of this strategy, aiming to integrate satellite chip packaging processes to lower costs and gain full control over Starlink components [6][10]. - Musk has recruited technical personnel from Intel, TSMC, and Samsung, indicating the high importance placed on the chip business [7]. Group 2: Wafer Factory Goals - A large wafer factory is planned, with an initial monthly production target of 100,000 units, ultimately aiming for a capacity of 1 million units [9]. - Although the factory may not compete with TSMC in advanced process nodes, it will have production capabilities for 14nm and more advanced processes, sufficient to support robotics, autonomous driving, and satellite network needs [9][10]. Group 3: Strategic Response to AI Demand - The establishment of an autonomous supply chain aligns with Musk's goal to address the anticipated surge in AI demand, as reliance on external suppliers may lead to delivery bottlenecks during peak demand periods [12]. - Starting in the second half of 2026, Musk's companies will gradually withdraw production orders from partners and shift to internal manufacturing, impacting existing suppliers and accelerating the trend of autonomy in the chip sector [12].