2025年11月29日 证券研究报告| 2025年11月28日 PCB是十问十答 AI算力与终端创新共振，PCB重塑高密度连接格局 行业研究 · 行业专题 电子 投资评级：优于大市（维持评级） 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：张大为 证券分析师：詹浏洋 证券分析师：李书颖 021-60893306 021-60871321 0755-81982153 021-61761072 010-88005307 0755-81982362 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhangdawei1@guosen.com.cn zhanliuyang@guosen.com.cn lishuying@guosen.com.cn S0980521080001 S0980521080002 S0980522100003 S0980524100002 S0980524060001 S0980524090005 请务必阅读正文之后的免责声明及其项下所有内容 AI推动电子创新大周期，PCB开启中期成长趋势 请务 ...

（文章来源：证券日报） 证券日报网讯 11月28日，鼎龙股份在互动平台回答投资者提问时表示，鼎龙股份作为国内领先的关键 大赛道核心创新材料平台型企业，目前核心业务聚焦于半导体制造用CMP工艺材料、晶圆光刻胶、半 导体显示材料、半导体先进封装材料等细分板块，暂未直接布局英伟达M9材料相关的PCB基材、覆铜 板等产品及技术研发。未来，公司将持续聚焦自身核心赛道，同时密切关注半导体材料行业的技术演进 与市场机遇，结合自身技术储备和研发能力，适时探索相关领域的拓展可能性，致力于为投资者创造长 期价值。 ...

金安国纪集团股份有限公司投资者关系活动记录表 用场景看，随着全球数字化进程加速，5G 通信基站建设进 入规模化扩容阶段，万兆入户、5G-A/6G 移动通信持续推 进，新一代通信技术对高频高速覆铜板的低损耗、高稳定 性需求持续释放；新能源汽车渗透率稳步提升，车载电子 系统（如智能驾驶芯片、电池管理系统等）的集成化发展 推动了对高导热、高耐压覆铜板的需求增长；人工智能产 业爆发式发展带动服务器、算力芯片等硬件设备迭代升级， 高性能计算场景对覆铜板的电气性能与可靠性提出了更高 标准。与此同时，消费电子领域虽经历短期波动，但可穿 戴设备、AR/VR 终端等新兴品类的兴起逐步填补传统市场 需求缺口，叠加消费电子行业的智能化、集成化结构性升 级转型，增加了对高等级覆铜板需求，进一步拓宽了覆铜 板的市场空间，覆铜板行业亟须加大研发投入力度、促进 技术指标升级，才能满足下游行业的市场需求。我们顺应 行业发展趋势，增强覆铜板行业在高端领域竞争力。 本次向特定对象发行的目的是优化产品结构，加速高 端化转型，筑牢公司核心竞争力，同时公司产能利用率长 期居高不下，产能瓶颈日益突出，为了突破产能瓶颈扩大 公司生产规模，进一步完善市场布 ...

格隆汇11月28日丨鼎龙股份(300054.SZ)在互动平台表示，鼎龙股份作为国内领先的关键大赛道核心创 新材料平台型企业，目前核心业务聚焦于半导体制造用 CMP工艺材料、晶圆光刻胶、半导体显示材 料、半导体先进封装材料等细分板块，暂未直接布局英伟达M9材料相关的PCB基材、覆铜板等产品及 技术研发。 未来，公司将持续聚焦自身核心赛道，同时密切关注半导体材料行业的技术演进与市场机 遇，结合自身技术储备和研发能力，适时探索相关领域的拓展可能性，致力于为投资者创造长期价值。 ...

Core Viewpoint - The joint implementation plan by six government departments aims to enhance the adaptability of supply and demand in consumer goods, focusing on key industries like consumer electronics and promoting the application of artificial intelligence across the entire industry [1] Group 1: Industry Insights - The integration of artificial intelligence and consumer electronics is driving demand for high-end electronic materials, highlighting the value of Baoding Technology's electronic copper foil and copper-clad laminate business [1] - The global PCB market is projected to grow from $741.2 billion in 2025 to $1,134.9 billion by 2032, with a CAGR of 6.3%, while the global copper-clad laminate market is expected to reach $217.1 billion by 2030, with a CAGR of 5.09% [3] - The implementation plan anticipates the formation of three trillion-level consumer sectors and ten hundred-billion-level consumption hotspots by 2027, with many hotspots focusing on the integration of AI and consumer electronics [3] Group 2: Company Overview - Baoding Technology's subsidiary, Jinbao Electronics, specializes in the design, R&D, production, and sales of electronic copper foil and copper-clad laminates, establishing itself as a core supplier in the domestic PCB industry [2] - Jinbao Electronics has developed a tiered R&D system for electronic copper foil and copper-clad laminates, ensuring rapid conversion of technological achievements into production capabilities [2] - Baoding Technology's other subsidiary, Hexi Gold Mine, focuses on gold mining and has a solid resource base, with gold reserves amounting to 4.54 tons and resources totaling 10.96 tons as of the end of 2024 [4] Group 3: Market Dynamics - The international gold price has been on a strong upward trend due to multiple demand factors, with Goldman Sachs raising its gold price target for December 2026 from $4,300 to $4,900 per ounce [4] - The completion of Hexi Gold Mine's 30,000 tons/year project is expected to significantly boost gold production and sales revenue, enhancing the company's profitability and competitive strength [4][6] - Baoding Technology's integrated technical capabilities and tiered R&D system align with the government's push for trillion-level consumer dynamics, supporting the company's growth during the 14th Five-Year Plan period [5][6]

Market Overview - The Hang Seng Index rose by 0.32%, gaining 83 points to reach 26,011 points, while the Hang Seng Tech Index increased by 0.13%. The early trading volume in Hong Kong stocks was HKD 117.2 billion [1]. Paper Industry - Major paper companies are set to increase prices by the end of 2025, with cultural paper prices rising by HKD 200 per ton. Nine Dragons Paper (02689) saw a stock increase of 4.76%, and Lee & Man Paper (02314) rose by 5.98% [1]. Technology Sector - Cambridge Technology (06166) shares increased by 5% following reports that Google has placed additional orders for optical modules to expand its TPU cluster [2]. - Guanghe Communication (00638) shares surged over 8% as Huawei launched a companion robot "Smart Hanhai," and the company entered a strategic partnership with Luobo Intelligent [4]. - Quark AI glasses are set to be released soon, leading to a stock increase of over 4% for Konnate Optical (02276), with institutions optimistic about the company's XR business progress [7]. Healthcare Sector - Laika Pharmaceuticals-B (02105) saw its stock rise over 15%, with a cumulative increase of over 40% this month, following the recent acquisition of a significant BD order for LAE002 [5]. Energy Sector - Harbin Electric (01133) shares rose by over 3% due to the AIDC construction driving substantial electricity demand, indicating significant growth in the gas turbine industry [3]. Agriculture Sector - Youran Dairy (09858) shares increased by over 9%, with institutions optimistic about the cyclical resonance of beef and raw milk, suggesting potential profit improvements for leading agricultural enterprises [8]. Health Sector - Alibaba Health (00241) shares fell by 3.93%, despite a 64.7% year-on-year increase in interim net profit to CNY 1.266 billion [9]. - Chow Tai Fook (01929) shares dropped by over 3%, with net profit for the first half of the fiscal year remaining roughly flat year-on-year, and Daiwa projecting a conservative earnings outlook [10].

Group 1 - The Hang Seng Index rose by 0.32%, gaining 83 points to close at 26,011 points, while the Hang Seng Tech Index increased by 0.13%. The early trading volume in Hong Kong stocks reached HKD 117.2 billion [1] - Major paper companies announced price increases by the end of 2025, with cultural paper prices rising by HKD 200 per ton. Nine Dragons Paper (02689) saw a rise of 4.76%, and Lee & Man Paper (02314) increased by 5.98% [1] - Pop Mart (09992) surged by 8.7% as the market focused on the Labubu film adaptation, with the fourth quarter sales season approaching [1] Group 2 - Cambridge Technology (603083) (06166) rose by 5% following reports of Google placing additional orders for optical modules to expand its TPU cluster [2] - Harbin Electric (01133) increased by over 3% due to significant electricity demand from AIDC construction, leading to notable growth in the gas turbine industry [3] - Guanghetong (300638) (00638) surged by over 8% as Huawei launched the companion robot "Smart Hanhai," and the company formed a strategic partnership with Luobo Intelligent [4] Group 3 - Laika Pharmaceuticals-B (02105) saw a rise of over 15%, with a cumulative increase of over 40% this month, following the recent acquisition of a BD order for LAE002 [5] - Jiantao Laminates (01888) rose by over 2% during trading as copper-clad board manufacturers announced price increases, driven by demand from AI infrastructure [6] - Connet Optical (02276) increased by over 4% with the upcoming release of Quark AI glasses, and institutions are optimistic about the company's XR business progress [7] Group 4 - Alibaba Health (00241) fell by 3.93%, despite a 64.7% year-on-year increase in interim net profit to CNY 1.266 billion [8] - Chow Tai Fook (01929) dropped by over 3%, with net profit for the first half of the fiscal year remaining roughly flat year-on-year, and Daiwa expects conservative earnings guidance [9]

Core Viewpoint - The stock of Jiantao Laminates (01888) has seen a price increase, attributed to recent price hikes in CCL and PP by Taiwan's Nanya, effective from November 20, driven by rising costs of copper, copper foil processing fees, and fiberglass cloth [1] Group 1: Company Performance - Jiantao Laminates' stock rose over 6% during trading, currently up 2.2% at HKD 11.61, with a trading volume of HKD 188 million [1] Group 2: Industry Trends - Nanya has announced an 8% price increase for its entire range of CCL and PP, effective from November 20, following similar price hikes by other manufacturers like Shengyi and Nanya New Materials in October [1] - The AI copper-clad laminate (CCL) market is projected to be a key growth driver, with an estimated market size of USD 2.2 billion by 2025, reflecting a 100% year-on-year growth [1] - By 2026, the AI CCL market is expected to reach USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades to M9 CCL for new Nvidia products [1] - The AI CCL market is forecasted to grow to USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Insights - The stock price of Huazheng New Materials has increased by 84.97% year-to-date, with a recent rise of 2.04% to 44.56 CNY per share [1] - The company reported a significant year-on-year revenue growth of 13.17% and a remarkable net profit increase of 1042.19% for the first nine months of 2025 [2] Financial Performance - As of September 30, 2025, Huazheng New Materials achieved a revenue of 3.196 billion CNY and a net profit of 62.61 million CNY [2] - The company has distributed a total of 203 million CNY in dividends since its A-share listing, with 11.36 million CNY in the last three years [3] Shareholder Information - The number of shareholders decreased by 4.10% to 22,800 as of September 30, 2025, while the average circulating shares per person increased by 4.28% to 6,238 shares [2] - New institutional shareholders include multiple funds from E Fund Management, indicating increased institutional interest [3] Market Activity - The stock has seen significant trading activity, with a turnover of 98.81 million CNY and a turnover rate of 1.58% on the latest trading day [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, indicating notable trading volumes and investor interest [1]

Core Viewpoint - The demand for high-end PCBs driven by AI is creating structural opportunities for copper-clad laminates, leading to price increases and heightened production capacity utilization among manufacturers [1] Company Summary - 建滔积层板 (Kintor) shares rose nearly 3%, with a current price of HKD 11.38 and a trading volume of HKD 54.24 million [1] - The company has raised product prices multiple times this year due to cost pressures and demand benefits [1] Industry Summary - The AI-driven demand for copper-clad laminates is expected to significantly boost the market, with projections estimating the AI copper-clad laminate market (including AI servers, switches, and optical modules) to reach USD 2.2 billion by 2025, a 100% increase year-on-year [1] - By 2026, the market is anticipated to grow to USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades to M9 copper-clad laminates from NVIDIA's new products [1] - The market is projected to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]