Q&A 中泰证券在建材和新材料领域的研究报告有哪些主要主题？ 中泰证券的研究报告涵盖了六大核心主题，具体如下： PCB 材料：AI 材料产业升级方兴未艾浩浩荡荡 20250825 摘要 覆铜板(CCL)是 PCB 的关键材料，成本占比 15%-30%，其原材料包括 铜箔（占比近 40%）、树脂（25%-30%）和电子布（20%-25%）， 下游应用升级驱动高性能覆铜板需求，如马 7 至马 9 服务器版，其介电 常数和介电损耗更低，信号传输速率更快。 PCB 产业链正经历升级，多层式架构从 12-16 层提升至 30-40 层，高 端覆铜板价值量增加，预计 2026 年需求翻倍。技术革新要求更高加工 性能，下游算力终端需求推动上游各环节向更高级别发展，自 2025 年 5 月以来股价已有所反应。 电子布升级体现在材料类型和介电性能上，从传统的 7,628 型到二代、 三代产品，价格大幅提升。三代石英纤维布（Q 布）用于马 9 覆铜板， 价格高达 250-400 元/米。预计 2026 年一代电子布需求量将达 1.4-1.5 亿米，二代 2,600 万米，三代 1,000 万米。 高端云厂商升级带来突发性需求增长 ...

上海证券发布研报称，近日，CCL迎来涨价潮，建滔积层板发布涨价函，宏瑞兴、威利邦等二线厂商纷 纷跟进。随着人工智能技术和应用的快速发展，AI服务器需求强劲，成为PCB需求增长的主要动能，上 游高端材料面临供应紧缺，包括LowDk电子布/石英布、HVLP铜箔等产能都面临紧缺。建议持续关注 AIPCB上游材料机会，相关厂商包括宏和科技（603256）(603256.SH)、铜冠铜箔（301217） (301217.SZ)、德福科技（301511）(301511.SZ)、东材科技（601208）(601208.SH)、圣泉集团 （605589）(605589.SH)、天承科技(688603.SH)、联瑞新材(688300.SH)、江南新材（603124） (603124.SH)等。 上海证券主要观点如下： CCL迎来涨价潮，建滔积层板发布涨价函，宏瑞兴、威利邦等厂商跟进 电子布：高性能电子布主要指低介电电子布(Low DK、Low Df)和低膨胀(LowCTE)电子布，高性能电子 布原材料高性能电子纱市场供不应求。根据思涵产业研究院，全球高性能电子布供应商主要以日企、台 企和部分中国大陆企业为主。日东纺Nittob ...

国泰海通建材鲍雁辛-周观点：建材中的"抱团"与"切换" （国泰海通 建材行业 鲍雁辛 18676684351）20250824 本文汇报 1、周观点：建材中的"抱团"与"切换" 本周市场迎来了风格再次强化，科技尤其是唯一有基本面支撑算力，其演绎越来越极 致。此时在建材领域，无论是选择继续"抱团"还是转向"切换"，都有显然值得考虑 的选项。 1.建材中的"抱团"：电子布格局暂不会证伪，增量乐观者定价 玻纤电子布实现业绩兑现和产业趋势的共振。25 年 AI 趋势尚未结束，以板块行情为主， 26 年选择能低成本无瓶颈量产一代布的公司，和 Q 布良率有望率先突破的公司。而板块 的风险主要需要观测北美预期指引节奏的变化。 1）头部企业电子布业绩如期兑现。 本周中材科技发布中报，作为特种玻纤布领域国内 产品体系最全的公司，中报业绩落在此前业绩预告的上缘，上半年公司特种布销量 895 万米，倒算 25Q2 产销量近 600 万米，产销环比提速，盈利体量放大。 2）AI 产业链整体量产预期提前。从产业链上看，近期 PCB 企业和核心 Q 布供应商排产均 反馈 1.6T 交换机用 M9 量产预期有望提前，过去 GB300 配套 ...

CCL 迎涨价潮，持续关注 AIPCB 上游 材料机会 ——电子行业观点报告 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 电子 日期: shzqdatemark [Table_Author] 分析师: 方晨 Tel: 021-53686475 2025年08月22日 | E-mail: | fangchen@shzq.com | | --- | --- | | SAC 编号: | S0870523060001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -6% 3% 13% 22% 32% 42% 51% 61% 70% 08/24 10/24 01/25 03/25 06/25 08/25 电子 沪深300 证 券 研 究 报 告 行 业 动 态 ◆CCL 迎来涨价潮，建滔积层板发布涨价函，宏瑞兴、威利邦等厂商跟 进。 近日建滔积层板发布涨价函，宣布 8 月 15 日起，CEM-1/ 22F/V0/HB/FR-4 等产品，每张涨价 10 元。同日二线厂商也发布涨价 函，威利邦因铜价上涨，8 ...

Investment Rating - The report maintains a "Recommended" rating for leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd. [4][5] Core Viewpoints - The PCB industry is experiencing rapid advancements in packaging and high-density interconnect technologies, with traditional HDI and substrate technologies evolving into mSAP processes to meet the demands of high-speed signal transmission and large-scale integration [1][2] - The demand for PCB is driven by AI applications, leading to significant expansions in production capacity among leading companies, with total investments exceeding 30 billion RMB [2][20] - The core materials for PCB, including copper foil, electronic cloth, and resin, are undergoing upgrades to meet the high-frequency and high-speed requirements of AI applications [2][20][26] Summary by Sections 1. CoWoP and mSAP as Core Technologies - CoWoP (Chip-on-Wafer-on-PCB) is emerging as a future packaging route, enhancing interconnect density and reducing costs by directly using large-size PCBs [1][11] - mSAP (Modified Semi-Additive Process) is becoming the core process for achieving sub-10 µm line capabilities, essential for high-performance applications [1][14] 2. PCB Capacity Expansion and Material Upgrades - Leading PCB manufacturers are actively expanding production capacity, with significant investments announced by companies like Huadian Co., Ltd. and Shenghong Technology [2][20] - The upgrade of core materials includes the transition of copper foil from HVLP1 to HVLP5, electronic cloth to third-generation low-dielectric cloth, and resin to hydrocarbon and PTFE types [2][20][28] 3. Tight Supply of Core Equipment and Acceleration of Domestic Substitution - The supply of core PCB equipment, including drilling, plating, and etching imaging, is tight, with domestic manufacturers accelerating their layouts in advanced process equipment [2][49] - Companies like Dazhu CNC and Ding Tai High-Tech are focusing on high-layer boards and HDI equipment to meet the increasing demands of the industry [2][49] 4. Investment Recommendations - The report suggests focusing on leading PCB manufacturers such as Shenghong Technology, Pengding Holdings, and Huadian Co., Ltd., as well as material companies with core technologies like Honghe Technology and Zhongcai Technology [3][4] - Equipment manufacturers involved in domestic substitution, such as Dazhu CNC and Xinqi Microelectronics, are also highlighted as potential investment opportunities [3][4]

Summary of AI PCB Industry and Related Companies Industry Overview - The AI PCB market is expected to exceed $10 billion by 2026 and reach over $13 billion by 2027, driven primarily by the surge in demand for ASICs and switches, as well as the application of NVIDIA's Rubin series products [1][2][4]. Key Companies and Market Dynamics - **High-Speed Copper Clad Laminate (CCL)**: NVIDIA's cabinets and ASIC solutions primarily utilize the Ma 8 CCL, with the next-generation Ma 9 CCL expected to triple the value per unit in 1.6T switches. Companies like Shengyi Technology and Nanya New Material are poised to expand their market share [1][5]. - **PCB Market Leaders**: Companies such as Shenzhen Circuits, Huitian Technology, and Pegatron hold significant market shares in the ASIC and switch PCB markets. Pegatron stands out for its mSAP technology, while Shengyi Technology and Nanya New Material excel in high-speed CCL [1][6][9]. - **Profit Elasticity**: High-speed CCL companies exhibit substantial profit elasticity. Shengyi Technology's monthly production capacity is 1 million units, with a potential annual revenue of approximately 20 billion RMB, indicating significant profit potential [7]. Price Trends and Future Expectations - **Ordinary CCL Pricing**: Prices for ordinary CCL (FR4) rose by 5% to 10% from March to May but fell in June due to decreased demand. However, a price increase of 7% to 8% was announced by secondary companies in early August, indicating a positive outlook for future price increases due to reduced supply from leading companies shifting capacity to high-speed boards and increased AI PCB demand [8][9]. Technological Developments - **PCB Technology Trends**: The industry is witnessing a shift from 32-layer to 36-layer and above high-multilayer PCBs, with HDI boards transitioning from 5-stage to 7-stage enhancements. The copper foil sector is also recovering, with high-frequency ultra-low profile (HZLP) copper foil being applied in high-end AI servers [3][33]. Electronic Fabric Market - The electronic fabric market is transitioning from traditional fiberglass to quartz fabric, which is essential for high-frequency applications. Companies like Zhongyi Technology are advancing in this space, with plans to achieve an annual production capacity of 20 million meters by 2030 [10][11]. Competitive Landscape - **Key Players**: In the AI PCB sector, Shenzhen Circuits, Huitian Technology, and Pegatron are recommended for their strong HDI technology. Shengyi Technology and Nanya New Material are favored in the high-speed CCL domain due to their established supply chains and production capacities [6][9]. - **Quartz Fabric Development**: Zhongyi Technology is a leading player in quartz electronic fabric, with significant advancements in product capabilities and production capacity [11][12]. Conclusion - The AI PCB industry is on a growth trajectory, driven by technological advancements and increasing demand for high-performance materials. Key players are well-positioned to capitalize on these trends, with a focus on expanding production capacities and enhancing product offerings to meet the evolving market needs [1][2][3][4][5][6][7][8][9][10][11][12][33].

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The price increase of copper-clad laminates (CCL) is driven by rising raw material costs, particularly copper prices, which have increased over 10% since April 9, 2023 [1][2]. - The demand from PCB manufacturers, particularly driven by AI needs, is leading to significant capacity expansions, with over 30 billion RMB planned for expansion by leading PCB companies [2]. - The combination of rising raw material costs and strong demand from the PCB sector supports the price increase of copper-clad laminates, with expectations for further price hikes in the future [3]. Summary by Sections Upstream - The price of copper has risen from 71,694 RMB/ton to 79,060 RMB/ton, reflecting a significant increase in raw material costs that is pressuring CCL manufacturers to raise prices [1]. - Companies like China Jushi and Taishan Glass Fiber have also announced price increases for electronic yarn and cloth, contributing to the upward pressure on CCL prices [1]. Downstream - Major PCB manufacturers are expanding production capacity significantly, with companies like Shenghong Technology and Huadian Co. leading the charge, supported by a strong demand for AI-related products [2]. - The upcoming traditional peak season for consumer electronics and the resolution of tariff uncertainties are expected to further boost demand for non-AI PCBs, enhancing the overall industry outlook [2]. Investment Recommendations - The report suggests focusing on leading CCL manufacturers such as Shengyi Technology, Nanya New Materials, and Kingboard Laminates, which are expected to benefit directly from price increases and AI product demand [3]. - It also recommends attention to upstream suppliers with core technologies and customer resources, including Honghe Technology and Zhongcai Technology, as well as equipment manufacturers involved in domestic substitution [3].

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **PCB (Printed Circuit Board)** industry, particularly focusing on the **CCL (Copper Clad Laminate)** sector and the **copper foil** market, highlighting the impact of **AI technology** on demand growth in the industry [1][2][3]. Core Insights and Arguments - **AI Technology Impact**: The demand for upstream materials and equipment is expected to increase significantly as AI technology becomes more integrated into various sectors, particularly in China [1][2][3]. - **Strong CCL Market Performance**: The CCL industry has shown robust performance with full orders and instances of explosive order growth since May. The price increase cycle is expected to extend, driven by rising copper prices and strong demand for high-end products [1][4][5]. - **Price Increase Logic**: The logic behind the price increase in CCL is based on the anticipated rise in copper prices and the issuance of price increase notices by companies like Jiantao, indicating strong market conditions [1][6]. - **High-End Product Pricing**: The likelihood of price increases for high-end products is low, as key customers are resistant to price hikes. Companies may shift production capacity from FR4 to lower-end products, leading to potential price increases for mid to low-end products [1][7]. - **Jiantao's Market Position**: Jiantao Integrated Board Company is highlighted as a standout performer during the price increase cycle, benefiting from both upstream and downstream profit margins. The company is expected to achieve a market valuation of at least **60 billion HKD** by 2026 [1][8]. Future Outlook - **PCB and CCL Growth Potential**: The PCB and CCL sectors are projected to continue their growth trajectory, with no signs of valuation bubbles. The upcoming earnings reports are expected to exceed expectations, further enhancing valuation prospects for 2026 [1][9]. - **Copper Foil Market Dynamics**: The copper foil sector is entering a second wave of price increases, driven by demand from major clients and supply shortages of alternative materials. This is expected to positively impact related companies [1][10][11]. - **Performance Expectations for Q3 and Q4**: The electronic department is anticipated to see improved performance in the latter half of the year, with significant increases in shipment volumes for various products [1][12]. - **Price Increase Drivers**: The price increase in copper foil is primarily attributed to Japanese company Mitsui raising its annual performance expectations, which is expected to influence Chinese companies to follow suit [1][13]. Additional Important Insights - **Future Projections for Companies**: Companies like Tongguan and Zhongcai are expected to see upward revisions in their performance as they secure orders and establish supply chains [1][15]. - **Pengbo Company's Performance**: Pengbo has shown strong recent performance with optimistic future expectations, benefiting from increased market share and improved profitability due to rising industry conditions [1][16][17].

Summary of Conference Call Records Industry Overview - The real estate sector is characterized as a "three low" industry (low price-to-book ratio, low positioning, low attention), suggesting that the valuation gap will eventually close [3][5] - The construction and real estate sectors are experiencing significant challenges, with broad infrastructure investment growth declining by 1.9% year-on-year in July 2025, marking the first negative growth in two years [6][9] - The construction investment growth rate in July 2025 was negative 5.1%, indicating a severe decline in local government-funded projects and highlighting fiscal difficulties [6][9] Key Points and Arguments - Real estate stocks are not to be viewed pessimistically; the market is in a phase of orderly expansion, and the sector's win rate is high due to its low valuation metrics [3][5] - In July 2025, real estate investment fell by 17.1%, while manufacturing investment decreased by 0.3%, both showing significant declines and marking a critical turning point [11] - The cash flow situation in the real estate market has improved compared to last year, with financing costs and completion rates showing strength, suggesting potential recovery in construction data in the second half of the year [2] - The introduction of special bonds and government debt in July has significantly increased, aiding in resolving real estate debt issues and enhancing macroeconomic stability [7] Notable Companies and Their Performance - Companies like Vanke, JinDi, Longfor, and New Town are identified as having high elasticity due to improved competitive dynamics [8] - Service-oriented companies such as Wanwu Cloud, China Resources Mixc, and China Overseas Property are also highlighted for their dividend performance in the mid-year reports [8] - Recommended companies in the consumer building materials sector include Oriental Yuhong and Henkel Group, which are expected to perform well due to improved market conditions [19] Risks and Future Outlook - The upcoming mid-year reports for construction companies are anticipated to be risky, with potential for lower-than-expected performance due to increased receivables and declining revenues [13][16] - Despite short-term risks, there is potential for a rebound in the fourth quarter, particularly for companies with mineral resource attributes, such as China Metallurgical Group and China Railway [14] - The cement industry is projected to face a demand decline of 4.5% for the year, with July's demand down by 5.6% [17] Additional Insights - The consumer building materials sector is showing signs of recovery, with improved fundamentals and reduced price wars, which may lead to enhanced profitability [18] - The western region's infrastructure projects are expected to significantly impact the building materials industry, with strong demand and funding availability [24] - Investors are advised to adjust their positions cautiously in anticipation of potential volatility following the mid-year report disclosures [15]