Core Viewpoint - The rapid development of AI servers and high-speed communication networks is driving the demand for large-size, multi-layer PCBs and high-frequency copper-clad laminates, leading to a significant growth cycle for specialty fiberglass cloth [1][2] Industry Overview - The overall server market is projected to reach approximately $306 billion in 2024, with AI servers expected to account for about $205 billion of that, indicating a strong growth trajectory for AI-related hardware [2] - The global PCB market is anticipated to reach $94.66 billion by 2029, driven by advancements in AI and other industries [2] Material Demand and Supply - Material costs constitute about 63% of PCB production costs, with copper foil, fiberglass cloth, and epoxy resin being the primary components [3] - Specialty fiberglass cloth is crucial for high-performance AI servers, with current supply being tight and major suppliers like Nitto Denko announcing a 20% price increase effective August 1, 2025 [3][6] Domestic Market Dynamics - Domestic companies are rapidly expanding production capacities for high-end fiberglass products to break the international monopoly, with significant expansions planned for 2024 and beyond [1][5] - Zhongcai Technology plans to increase its specialty fiberglass cloth production capacity from 26 million meters to 35 million meters, with a total investment of 1.43 billion yuan [6] - Honghe Technology is also preparing to invest 720 million yuan in a new high-performance fiberglass yarn production line, anticipating a production capacity of 1,254 tons annually [6] Stock Market Performance - Related listed companies have seen significant stock price increases this year, with Zhongcai Technology rising by 49.81% and Honghe Technology by 93.55% from June 16 to July 11 [8] - The stock price surge is attributed to the overall growth in the PCB sector and the influence of rising stock prices of companies like Nvidia in the US market [8]

华夏时报记者赵奕上海报道 7月10日，此前收获5连板的金安国纪（002636）(002636.SZ)披露了2025年半年度业绩预告。公司预计 归属净利润1500万元—2250万元，同比下降67.83%—78.56%；扣非净利润6000万元—8000万元，同比 增长4700%—6300%。 在此前一天，金安国纪还披露了调整出售控股子公司股权挂牌价格的公告，拟将控股子公司上海金板科 技有限公司(下称"上海金板")60%股权的挂牌价格调整为不低于7100万元，并重新提交上海联合产权交 易所公开挂牌寻觅受让方。而这已是金安国纪今年以来第二次降价出售该子公司。 就本次子公司出售及公司业绩相关情况，《华夏时报》记者致函金安国纪，但截至发稿，尚未收到回 复。 预计上半年扣非净利润猛增47倍 对于今年上半年归属净利润的下降，金安国纪在公告中解释称，去年同期公司完成对承德天原药业有限 公司(下称"承德天原")80%的股权转让，产生投资收益7701万元，本报告期无此类事项。承德天原是金 安国纪在2019年9月收购而来的子公司，因其未完成三年业绩承诺，金安国纪于2024年5月将其出售。 此外，为优化资产结构及整合资源配置，聚焦主业 ...

转债新高，困局何解 20250710 摘要 低价转债数量减少，占比约 3.6%，建议关注中低价策略，如文泰、数 域等，因其具备长期有效性和价格保护。强赎情况下溢价率难以超过 10%，价格突破 130 元较难。 牛市中银行、券商、转债将快速退出，震荡市部分资金撤出，下跌时高 价转债溢价率压缩。当前阶段性高位宜选弹性且不强赎标的，如文泰、 数域，或具安全底部保护标的。 政策驱动最终反映在二级市场，光伏反内卷标的如金科、金奥、金能价 格修复。建筑建材央国企如万青和季东评级高但破净，可从政府弹性入 手。有色、生猪养殖周期行业如希望转、牧原和温氏值得关注。 推荐中低价策略的文泰和数域，具弹性和价格保护。政策驱动下关注光 伏（金科、金奥）及建筑建材（万青、季东）。周期行业考虑生猪养殖 （希望转、牧原、温氏），现金流良好且正股具弹性。 筛选低价转债选剩余期限长、短期不强赎的次新券，如安吉转债。或选 短时间内不强赎标的，溢价率将攀升。PCB 产业链受益于算力需求、关 税缓和预期及铜价上涨。 Q&A 近期转债市场的表现如何？有哪些策略值得关注？ 转债指数近期创下新高，个券价格受到一定压制，后续弹性可能不如其他大类 资产。转债的 ...

新华财经上海7月10日电（林郑宏、周西仑）7月以来，A股PCB（印制电路板）行业牛股辈出。 截至7月10日收盘，金安国纪（002636.SZ）、铜冠铜箔（301217.SZ）、国际复材（301526.SZ）位列板块月内涨幅前三甲，涨幅均超过50%，其中金安国纪 涨59.81%居首。 大市值公司方面，胜宏科技（300476.SZ）作为PCB行业当前唯一总市值超千亿元的龙头企业，7月以来上涨近8%，但该股今年累计涨幅已超246%。而鹏鼎 控股（002938.SZ）、沪电股份（002463.SZ）两家总市值超900亿元的公司，7月以来分别上涨23.88%和10.97%。由此可见，当前投资者对于PCB行业整体看 好。 上半年扣非净利最多增63倍 产业链景气度明显提升 以PCB行业本月"股王"金安国纪为例，该公司全名为金安国纪集团股份有限公司，注册地址位于上海市松江区，于2011年11月在深交所上市。 中经社行业洞察产业服务数据平台（简称"行业洞察系统"）显示，金安国纪是国内覆铜板行业排名前三强企业，拥有国家级高新技术企业、省市级专精特新 小企业、创新性中小企业等多项资质。 金安国纪官网信息显示，公司拥有多条先进的覆铜 ...

Core Viewpoint - Jin'an Guoji Group Co., Ltd. expects a significant decline in net profit for the first half of 2025, primarily due to the absence of previous year's extraordinary gains and asset impairment from the sale of a subsidiary's stake [1] Group 1: Financial Performance - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between 15 million to 22.5 million yuan, representing a year-on-year decline of 78.56% to 67.83% [1] - The company anticipates a net profit excluding non-recurring gains and losses to be between 60 million to 80 million yuan, indicating a year-on-year increase of 4700% to 6300% [1] Group 2: Business Operations - Jin'an Guoji's main business involves the research, production, and sales of copper-clad laminates, with products including PCBs and medical devices [2] - The company has seen an increase in production and sales volume of copper-clad laminates, along with a slight recovery in sales prices [1][2] Group 3: Industry Outlook - The PCB market is experiencing growth driven by AI trends, with a projected year-on-year increase in PCB output value and shipment volume of 6.8% and 7.0%, respectively, in 2025 [2] - The demand for high-end PCBs is being fueled by the recovery in consumer electronics and increased orders from sectors like home appliances and automotive electronics [3] - Jin'an Guoji is positioned among the top three in the domestic copper-clad laminate industry, benefiting from integrated production and sales, and is focusing on high-end products to enhance market share [3]

Core Viewpoint - Foster, a leading photovoltaic film manufacturer, announced a significant decline in its expected net profit for the first half of 2025, attributing this to industry overcapacity and intensified market competition [1] Group 1: Financial Performance - The company expects a net profit of 473 million yuan for the first half of 2025, representing a year-on-year decrease of 49.05% [1] - The non-recurring net profit is projected to be 426 million yuan, down 52.65% year-on-year [1] - The overall revenue and gross margin have declined, with gross profit decreasing by 46.72% compared to the previous year [1] Group 2: Business Strategy and Development - The company is committed to its strategy of focusing on the photovoltaic main business while actively developing other new material industries [1] - Despite achieving profitability in its new electronic materials business, losses were incurred in other new ventures such as specialty films and investments in upstream POE resin [1] - The company has been developing its electronic materials business for nearly a decade, establishing significant competitive barriers [2] Group 3: Market Position and Future Outlook - Foster is a leading domestic photosensitive dry film manufacturer, with a market share of approximately 10% in this segment, aiming to increase it to 20%-30% [2] - The market potential for photosensitive dry films, FCCL, and photosensitive cover films is expected to exceed 20 billion yuan, with the photosensitive dry film market alone nearing 10 billion yuan [2] - The company is expanding its product offerings to meet high-end demands in the packaging substrate field, particularly for AI server applications [2]

广东省四会市大沙镇马房开发区，同宇新材董事长办公室内，除了一张长长的办公桌，便只有一张小茶 几。与他的办公室一样，同宇新材董事长张驰也很低调——简单的穿着透着典型的"理工男"风格。但就 是在这样的低调之中，张驰带领同宇新材，将无铅无卤覆铜板用电子树脂从我国电子产业链的"软肋"锻 造为"硬拳头"。 在电子信息产业蓬勃发展的当下，核心材料国产化进程始终是行业关注的焦点。在近日接受上海证券报 专访时，张驰介绍了公司在电子树脂领域的技术突破、产业布局及行业愿景，揭示了一家本土企业如何 在核心材料领域开辟出国产替代的新路径。 "既卖食材，又教炒菜" "十年前，国产消费电子品牌百花齐放，但上游核心材料电子树脂却基本依赖外资企业。"张驰说，在看 到终端产品品牌繁荣却受制于上游材料时，他意识到，"这种产业失衡状态既是挑战，更是本土企业的 机遇"。 2015年，曾任外资企业助理科学家的张驰与来自外资化工巨头的技术骨干做出重大抉择，决定瞄准中国 电子产业链的"软肋"创业。 国金证券相关研报显示，由于5G通信及人工智能等技术的快速发展，数据中心、云计算的相关需求也 快速增长，数据传输带宽及容量呈现几何级数增加，对各类电子产品的信号 ...

Core Viewpoint - The PCB industry is experiencing a positive trend driven by the AI wave, with companies like Jin'an Guoji reporting significant growth in non-recurring profit despite a decline in net profit [1][4]. Group 1: Company Performance - Jin'an Guoji expects a net profit of 15 million to 22.5 million yuan for the first half of 2025, a year-on-year decline of 78.56% to 67.83% [1]. - The company's non-recurring net profit is projected to be between 60 million and 80 million yuan, a year-on-year increase of 47 to 63 times [1][2]. - The decline in net profit is attributed to the absence of investment gains from the sale of subsidiary shares, which amounted to over 77 million yuan in the same period last year [2]. Group 2: Market Trends - The PCB market is expected to see a year-on-year growth in output value and shipment volume of 6.8% and 7.0%, respectively, by 2025 [1]. - The average product price of copper-clad laminates has risen significantly, with an expected cumulative increase of 40% to 50% this year [4]. - The stock price of Jin'an Guoji has surged approximately 97% since the beginning of 2025, with the stock hitting the daily limit for five consecutive trading days [4][5]. Group 3: Industry Insights - The demand for PCB materials is anticipated to increase due to the next generation of AI chips, which will likely enhance profit margins for PCB and copper-clad laminate companies [4]. - Other companies in the PCB sector, such as Pengding Holdings and Shenghong Technology, have also reported significant revenue growth, indicating a robust industry outlook [3][4].

| | | 7月9日重点A股上市公司业绩公告精选 | | | --- | --- | --- | --- | | 类型 | 公司简称 | 主要内容 | 业绩变动原因 | | | 北方稀土 | 上半年净利润同比预增1883%-2015% | 治炼分离、稀土金属、稀土功能材料、永磁电机等主要产品产销量 同幅度增长。 公司生猪出栏量较去年同期上升导致收入上升,且生猪养殖成本将 洋。 | | | 牧原股份 | 上半年归母净利润同比预增1130%-1190% | | | | TCL中环 | 上半年预计净亏损40亿元-45亿元 | 5-6月,产业链需求逐步降温,叠加产业链各环节产能供需失衡, 因素影响,产品价格持续下跌。 | | 重点聚焦 | | | 得益于主打产品烯草酮市场售价上涨、创制产品吡唑喹草酯投放市 | | | 先达股份 | 上半年净利润同比预增2443%-2835% | 管控措施的实施。 | | | 令安国纪 | 上半年扣非净利润同比预增4700%-6300% | 公司覆铜板产销数量同比上升、销售价格略有回升,实现主营业务 | | | TCL科技 | 上半年净利润同比预增81%-101% | 半导体显示业务预 ...

本报讯(记者丁蓉)电子树脂是"电子产品之母"PCB(印制电路板)上游覆铜板的重要基材之一。受益于全 球PCB产业向我国转移，高端电子树脂的市场需求旺盛。7月9日晚间，同宇新材（301630）料(广东)股 份有限公司(以下简称"同宇新材")发布公告，公司将于7月10日在深圳证券交易所上市。 同宇新材上市主要是为全资子公司江西同宇新材料有限公司年产20万吨电子树脂项目(一期)募集资金， 缓解产能紧张。2022年至2024年，同宇新材产能利用率为100.04%、105.93%和116.37%。 随着智能手机、可穿戴设备等电子产品朝小体积、轻质量等方向发展，高密度互连印刷线路板产品兴 起，阶数与层数增加使得压合次数增加，促进了电子树脂的技术升级。张驰表示："由于电子树脂的热 稳定性直接影响覆铜板压合工艺精度，因此，要求电子树脂的特性能够实现覆铜板在热尺寸稳定性、玻 璃化转变温度等方面的更好表现。" 同宇新材高度重视研发。数据显示，2022年至2024年，同宇新材研发投入复合增长率为20.28%。同宇 新材不仅在无铅无卤覆铜板适用的电子树脂领域，有效降低了覆铜板生产企业对外资或台资供应商的依 赖，持续提升高性能电子树脂 ...