国产存储公司上市将带动设备及零部件采购，提升中国存储行业竞争力， 建议关注晶合集成、惠成等有两存配套预期的公司，以及受益于存储技 术升级的脱晶、中微等公司。 AI 芯片发展推动 PCB 材料全面升级，玻纤布向三代布（Q 布）升级，但 目前产能紧缺；碳氢树脂因优异性能在马七马八到马九升级中用量显著 攀升，东材科技等公司已获认证。 为减少趋肤效应损耗，铜箔主流方案向 HVLP2 过渡，预计明年导入 HVLP4；材料硬度增加导致钻针等耗材用量提升，大族数控超快激光设 备有望成高端 PCB 制造必备。 AI PCB 领域正向更高级发展，英伟达设计方案预计明年初完成验证，供 应链厂商将争夺订单；玻纤布、树脂和铜箔等原材料不断升级，制造环 节也需采用冷加工方式。 PCB 行业趋势集中在材料升级和制造工艺提升，大族激光在高端设备如 LDI 设备方面具有先发优势，国产化升级推动半导体封装等环节升级， 带来市场机会。 Q&A 存储产业链和 PCB 产业链的投资机会有哪些？ 重申看好 AIPCB 产业链 20251222 存储产业链方面，我们建议投资者从中期视角观察，而非局限于短期现货价格 的波动。AI 应用的爆发带动了存储需求 ...

证券日报网讯 12月22日，世名科技在互动平台回答投资者提问时表示，公司盘锦基地生产的碳氢树脂 产品是高速覆铜板的核心基材树脂，主要应用于覆铜板生产，而覆铜板是PCB的核心原材料。 （文章来源：证券日报） ...

世名科技（300522.SZ）12月22日在投资者互动平台表示，公司盘锦基地生产的碳氢树脂产品是高速覆 铜板的核心基材树脂，主要应用于覆铜板生产，而覆铜板是PCB的核心原材料。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在辽宁盘锦基地投产的"9000吨级UV单体、 2000吨级光敏树脂"是否可用于PCB？ ...

研究早观点 2025 年 12 月 19 日 星期五 市场走势 【行业评论】通信：周跟踪（20251208-20251214）-博通财报验证 ASIC 景气度，长 12 甲有望再挑战可回收任务 【山证新材料】PCB 材料行业报告-乘 AI 之风，PCB 材料向高频高速 升级 资料来源：常闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,876.37 | 0.16 | | 深证成指 | 13,053.97 | -1.29 | | 沪深 300 | 4,552.79 | -0.59 | | 中小板指 | 7,902.79 | -1.12 | | 创业板指 | 3,107.06 | -2.17 | | 科创 50 | 1,305.97 | -1.46 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 【今日要点】 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20251208-2 ...

Core Insights - The domestic PCB market is projected to grow from $41.213 billion to $49.704 billion from 2024 to 2029, with a CAGR of 3.8% [1] - The fastest-growing downstream sector for PCBs is servers/data storage, expected to have a CAGR of 11.6% during the same period [1] Group 1: PCB Market Growth - The demand for PCBs is driven by explosive growth in computing power, particularly in AI servers and switches, which require higher performance [1] - The requirements for PCB materials are evolving, with a focus on low Dk/Df properties for core materials like resin, fiberglass, and copper foil [1] Group 2: Resin Demand and Supply - PPO and hydrocarbon resins are ideal for high-frequency and high-speed applications, with expected global demand reaching 4,558 tons and 1,216 tons by 2025, reflecting year-on-year growth of 41.89% and 41.62% respectively [2] - Major global suppliers of PPO and hydrocarbon resins include Sabic, Asahi Kasei, and Mitsubishi Gas, while domestic companies like Dongcai Technology and Shengquan Group are rapidly improving their product performance and production capabilities [2] Group 3: Low-DK Electronic Fabrics - Low-DK electronic fabrics are essential for M7 and above CCL, with the market expected to reach $2.3 billion by 2033, growing at a CAGR of 7.50% from 2024 to 2033 [3] - The supply of low-DK electronic fabrics is concentrated among Japanese, Taiwanese, and domestic companies, with domestic firms accelerating their production capabilities [3] Group 4: HVLP Copper Foil - HVLP copper foil is a core material for high-frequency PCBs, with a projected market growth from $2 billion to $5.95 billion between 2024 and 2032, achieving a CAGR of 14.6% [4] - The high-end copper foil market is currently dominated by Japanese and Korean companies, but domestic firms like Defu Technology and Tongguan Copper Foil are making significant advancements [4] Group 5: Key Companies - Notable companies to watch include Shengquan Group (605589.SH), Dongcai Technology (601208.SH), Zhongcai Technology (002080.SZ), Honghe Technology (603256.SH), International Composite Materials (301526.SZ), Defu Technology (301511.SZ), Tongguan Copper Foil (301217.SZ), and Longyang Electronics (301389.SZ) [5]

新材料 PCB 材料行业报告 领先大市-B(维持) 乘 AI 之风，PCB 材料向高频高速升级 2025 年 12 月 18 日 行业研究/行业深度分析 化学原料板块近一年市场表现 投资要点： 资料来源：常闻 相关报告： 稳定奔跑，产品量产在即推动产业发展 加 速 - 新 材 料 周 报 （ 251201-1205 ） 2025.12.10 【山证新材料】宇树科技 IPO 辅导收 官，有望推动人形机器人产业发展加速- 新材料周报（251124-1128） 2025.12.2 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com AI 服务器快速发展，拉动高频高速 PCB 需求。根据 Prismark 预测，2024- 2029 年国内 PCB 产值将从 412.13 亿美元提升至 497.04 亿美元，CAGR 为 3.8%。服务器/数据储存是 PCB 增速最快的下游领域，2024-2029 年 CAGR 达到 ...

证券日报网讯12月10日，航天智造（300446）在互动平台回答投资者提问时表示，公司子公司乐凯化学 主要从事耐候功能材料的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相 关业务。 ...

格隆汇12月10日丨航天智造(300446.SZ)在互动平台表示，公司子公司乐凯化学主要从事耐候功能材料 的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相关业务。 ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司子公司乐凯化学有在碳氢树脂方面布局吗？ （记者 王晓波） 航天智造（300446.SZ）12月10日在投资者互动平台表示，公司子公司乐凯化学主要从事耐候功能材料 的研发与制造，耐候功能材料主要为抗老化功能助剂。乐凯化学暂无碳氢树脂相关业务。 ...

Core Viewpoint - The company held a Q3 2025 earnings presentation to enhance communication with investors, discussing operational performance and strategic development plans [1] Group 1: Earnings Presentation Details - The earnings presentation took place on November 25, 2025, via the Shanghai Stock Exchange's online platform, featuring a video recording and interactive text [1] - Key executives, including the chairman and general manager, participated in the presentation, addressing investor inquiries within the scope of information disclosure [1] Group 2: Investor Questions and Company Responses - The company reported that the monthly shipment of hydrogenated resin has been increasing, with a projected annual output depending on downstream customer orders [2] - In Q3, the revenue share of high-speed electronic resin was 11.68%, with a year-on-year revenue growth of approximately 100%, significantly contributing to overall performance [2] - The subsidiary Shandong Aiment's management restructuring has led to reduced losses in the first three quarters of 2025, with improvements expected in the annual financial data [2] - The M10 resin is currently in the verification phase with downstream clients, targeting next-generation high-end server applications [3] - The company acknowledged a decline in revenue from photovoltaic backsheet films due to intensified competition, but stated that this segment has a limited impact on overall performance [3] - High-speed resin is primarily supplied to leading domestic and international copper-clad laminate manufacturers, with strong market demand [3] - The company does not produce lithium hexafluorophosphate [3] Group 3: Other Matters - The company expressed gratitude to investors for their participation and encouraged ongoing communication through various channels [3]