AI 应用驱动 PCB 行业景气上行，PCB 材料迎来重大机遇 20250922 摘要 全球 PCB 市场持续增长，2024 年总产值达 736 亿美元，中国大陆占比 56%，为最大生产地区。多层板占比最高，HDI 多层板受益于电子产品 高密度化需求，预计 2023-2028 年全球 HDI 市场复合年均增长率达 8.7%，2028 年市场规模将达到 160 亿美元。 高性能 AIDC 用 PCB 应用于 AI 服务器、高速交换机和自动驾驶系统， 核心部件包括主板、电源背板等。英伟达 AI 服务器核心模组采用高多层 板，单机 PCB 价值达 8,000 至 10,000 美元。高频高速覆铜板需满足 10~50 Gbps 信号传输速度，对阻抗、信号分散和损耗性能有高要求。 高频高速电路板对介电常数（DK）和介质损耗常数（DF）要求极高， 理论上越低越好。服务器传输需要的 DK 值通常在 3.3 到 3.6 之间，DF 值在 0.002 到 0.004 之间。松下电工 M6 及以上型号覆铜板需满足上述 DK 和 DF 值。 碳氢树脂是高频高速覆铜板领域的热点材料，DK 小于 2.6，DF 小于 0.001，耐高温 ...

Core Viewpoint - The 22nd China International Chemical Exhibition highlighted the green and low-carbon development trends in the petrochemical industry, showcasing nearly 800 domestic and international companies and their advanced technologies and sustainable development paths [1] Group 1: Company Initiatives - Jingbo Petrochemical presented its theme "Chain Green Towards New, Co-Chemistry Future," emphasizing its commitment to green sustainable development and showcasing its latest achievements in high-end chemical products and high-performance materials [3][5] - The company launched four strategic new products during the exhibition, including low-color, high-purity hydrocarbon resins aimed at aiding the green upgrade of 5G communications and semiconductor industries, and a high-carbon isomer alcohol that balances performance with low environmental impact [7][9] - Jingbo Petrochemical has become the first company in Shandong to obtain food-grade n-hexane production licensing and has introduced a hydrocarbon environmental foaming agent that effectively replaces harmful substances like chlorofluorocarbons [9] Group 2: Environmental Impact - The "Haiyun" high-modulus modified asphalt achieved a 39 cm reduction in road thickness, saving 23,000 tons of stone per kilometer and resulting in a 50% reduction in carbon emissions over its lifecycle, extending its lifespan to over 35 years [9] - The company has implemented chemical recycling of waste plastics, delivering polypropylene products and promoting closed-loop utilization in the packaging sector [10] - Jingbo Petrochemical's biobased polycaprolactone rubber can reduce carbon dioxide emissions by approximately 1.4 tons per ton compared to traditional products, continuously exploring new green low-carbon pathways [10] Group 3: Industry Positioning - The company has optimized its industrial structure, with high-end chemical and material products accounting for over 65% of its revenue, and is committed to enhancing its ESG initiatives through investments in environmental protection and renewable energy projects [12] - Jingbo Petrochemical aims to become a global resource allocation and operation value center in the crude oil industry, serving as an incubator for innovation in the chemical and new materials sectors, thereby contributing to high-quality sustainable development in the industry [14]

Core Viewpoint - The recent announcement by Dongcai Technology highlights the increased market attention on its high-speed electronic resin products, driven by the rising demand in the high-end server industry due to advancements in artificial intelligence and computing power upgrades [1] Group 1: Company Performance - Dongcai Technology's high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The company has established supply relationships with leading copper-clad laminate manufacturers, providing products to major server systems such as Nvidia, Huawei, Apple, and Intel, which has become a new growth point for its performance [1] Group 2: Industry Trends - Electronic resin is a key material in PCB manufacturing, accounting for 20%-30% of copper-clad laminate costs and 8%-12% of overall PCB costs, with technological iterations directly driving PCB performance upgrades [1] - The explosive demand for AI servers, 5G communication, and new energy vehicles is increasing the penetration rate of high-frequency and high-speed PCBs, leading to a gradual replacement of traditional epoxy resins with new types such as PPO, hydrocarbon resin (PCH), and PTFE [1] - New resins are becoming core materials for AI computing hardware upgrades due to their low dielectric loss (Df≤0.005) and high thermal stability, indicating a broad space for domestic substitution [1]

Core Viewpoint - The stock price of Dongcai Technology (601208.SH) has been influenced by the rising demand in the high-end server industry, leading to increased market attention on the company's high-speed electronic resin products [1] Company Summary - Dongcai Technology has benefited from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades, enhancing its competitive advantage in high-speed electronic resins [1] - The company produces various types of high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, which have seen successful market expansion [1] - The products have been supplied to major server systems from leading companies like Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company's performance [1]

Core Viewpoint - Dongcai Technology has released an announcement regarding its recent market activity, highlighting increased attention on its high-speed electronic resin products due to the rising demand in the high-end server industry driven by artificial intelligence and computing power upgrades [1] Group 1: Company Performance - The company’s high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The products have been supplied to major server systems of leading companies such as Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company’s performance [1] Group 2: Industry Trends - The high-end server industry is experiencing a boost in market interest, particularly influenced by the quality development in emerging fields such as artificial intelligence and computing power upgrades [1]

Core Viewpoint - The report highlights that AI applications are driving the PCB industry into a growth cycle, with expectations for both volume and price increases in the PCB market due to rising demand from end-user electronics, 5G, and AI servers [1][21]. Group 1: AI Driving PCB Growth - AI applications are expected to lead to a significant increase in demand for high-end PCBs, particularly HDI and 18+ layer boards, with global market value CAGR projected at 6.4% and 15.7% respectively from 2024 to 2029 [1][6][39]. - The PCB industry is entering a new growth phase, with AI servers requiring more layers and advanced materials, resulting in a value increase that is several times higher than traditional servers [6][52]. Group 2: Core Material - Copper Clad Laminate (CCL) - CCL accounts for approximately 27% of PCB manufacturing costs, with key raw materials being copper foil, resin, and fiberglass cloth [2][6]. - The demand for high-frequency and high-speed CCL is expected to grow rapidly, driven by applications in AI and 5G [2][6]. Group 3: Evolving Demand for Electronic Resins - Electronic resins are crucial for enhancing the properties of CCL and PCBs, with a shift towards high-performance resins such as PTFE, PPO, and hydrocarbon resins [2][7][12]. - The demand for high-performance electronic resins is increasing as traditional epoxy resins fail to meet the high-speed requirements due to signal loss issues [5][12]. Group 4: Rapid Growth of High-Performance Silica Micro Powder - The demand for silica micro powder is expected to grow rapidly, with projections indicating a 13.2% year-on-year increase, reaching 473,000 tons by 2025 [2][12]. - Silica micro powder is essential for enhancing the performance of high-frequency and high-speed CCL, particularly in AI server applications [12][94]. Group 5: Market Dynamics and Trends - The PCB market is projected to recover with a growth rate of 5.8% in 2024, driven by new AI demands creating a new growth curve rather than just a cyclical recovery [21][29]. - China is the largest PCB manufacturing base globally, accounting for 56% of the market value, which provides a significant advantage for upstream material companies [29][24]. Group 6: Investment Insights - Investors are advised to focus on material companies that are positioned in high-growth segments such as HDI, IC substrates, and high-frequency boards, rather than those targeting low-end rigid boards [30][39]. - Companies capable of producing 18-layer and above PCBs, along with those providing corresponding CCL and materials, are expected to benefit the most from the current market dynamics [39][49].

Macro Strategy - The recent cooling of US employment data makes a rate cut in September almost certain, with expectations of a 25bps cut and potential for 1-2 additional cuts throughout the year [1][13][17] - The US non-farm payrolls for August showed an increase of only 22,000, significantly below the expected 75,000, indicating a weakening labor market [1][17] - The unemployment rate rose to 4.324%, slightly above expectations, reflecting a trend of declining labor demand [1][17] Fixed Income - The issuance of green bonds in the primary market totaled approximately 8.767 billion yuan, an increase of 1.651 billion yuan from the previous week [2] - The secondary market saw a total transaction volume of green bonds amounting to 48.2 billion yuan, a decrease of 4 billion yuan from the previous week [2] Industry Analysis - In the non-ferrous metals sector, copper prices are under pressure due to slow demand recovery, while supply is expected to tighten due to large-scale maintenance in domestic smelting plants [9] - Gold prices have surged to new highs, driven by increased safe-haven demand amid concerns over US employment data and geopolitical tensions [9] - The aluminum market is experiencing a slight increase in production capacity utilization, but overall demand remains subdued, indicating a cautious outlook for prices [9] Utility Sector - Investment opportunities in the power sector are highlighted, particularly in hydropower and thermal power, as demand peaks during summer [10][11] - The nuclear power sector is expected to see growth with multiple approvals for new projects, enhancing profitability and dividend potential [10][11] Steel Industry - The steel industry is transitioning from active to passive destocking, driven by policy changes and infrastructure projects, which may support a rebound in rebar prices [11][12] - The forecast for the company's net profit shows significant growth, with expected increases of 63.24%, 261.43%, and 174.62% from 2025 to 2027 [12] Resin Industry - The resin sector is poised for growth due to increasing demand from AI and cloud services, with projected revenue growth for the company reaching 52 billion yuan by 2025 [12] - The company is well-positioned in the high-frequency resin market, catering to major global manufacturers, which enhances its competitive edge [12]

特种布行业供需，技术路线及出货情况 20250908 摘要 LDK 一代玻璃布主要由中材红河、国际富彩供应，LDK 二代纯度更高， 降低 DNF。石英玻璃布方面，国内菲利华、中材红河领先，巨石验证中， 面临 1-2 年验证周期，需关注其量产进度对市场格局的影响。 M9 材料技术路线存在 GTF 加碳氢混合、M9 Plus 和纯 PDF 方案。增焦 背板需提升 PCB 损耗等级，主流方案包括 M9 加落地 K 二代布、M8 加 落地 K 二代布及 M9 加石英布，其中 M9 加落地 K 二代布性能较好但性 价比稍逊。 马达级别主流用 OPE 树脂，马九级别采用碳氢树脂（ODV、BCB 等）， 由东财、三菱瓦斯与旭化成供应。半导体级碳氢树脂对金属离子要求高， 价格较高，国内武汉比赛生产 VCP 树脂，世民新材和美联新材生产二烯 树脂。 铜箔方面，马九将升级到 HVIP 4 级别，HAP 四级铜箔主要由海外三井 和卢森堡占据，国内德芙、铜冠验证中。未来将使用 HOP 5 级别铜箔， 仅三井、卢森堡、福田可送样，龙耀电子样品性能基本满足要求，但需 解决剥离强度和耐热性问题。 正交背板最可能采用 GSP 加碳氢方案，即 ...

山西证券指出，《关于深入实施"人工智能+"行动的意见》印发，有望推动AI新材料实现高速发 展。随着人工智能及大模型技术快速普及，算力需求急剧上升，AI服务器市场呈现快速增长态势。 2024年全球人工智能服务器市场规模为1251亿美元，预计2025年将增至1587亿美元。中国人工智能算力 市场规模2024年达190亿美元，同比增长86.9%，预计2025年将达259亿美元。AI服务器对信号传输速 率、数据传输损耗等要求更高，推动覆铜板向高频高速方向升级迭代，PPO树脂、碳氢树脂、low-dk电 子布等核心原材料需求有望快速提升。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数聚焦于新材料产业，从市场中选 取涉及先进基础材料、关键战略材料及前沿新材料等领域的上市公司证券作为指数样本，以反映新材料 相关行业的整体 ...

化学原料行业近一年市场表现 资料来源：最闻 相关报告： 加速发展，关注高频高速覆铜板材料机 遇-新材料周报（250818-0822）2025.8.27 【山证新材料】首届世界人形机器人运 动会圆满闭幕，关注人形机器人领域材 料进展-新材料周报（ 250811-0815） 2025.8.20 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 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250825-0829） 领先大市-B(维持) 国务院印发"人工智能 +"行动意见，AI 新材料有望实现高速发展 【山证新材料】算力需求驱动 AI 服务器 可降解材料：PLA(FY201 注塑级)(17800 元/吨，不变)、PLA(REVODE 201 吹膜级)(17200 元/吨，不变)、PBS(17800 元/吨，不变)、PBAT(9850 元/吨，不变) 维生素：维生素 A(64000 元/吨，不变)、维生素 E(65500 元/吨，-2.96%) ...