12月26日，沪铜期货价格强势攀升，一举突破99000元/吨大关，再创历史新高。 同日，全球最大覆铜板(CCL)生产商之一的建滔积层板(01888.HK)宣布，因铜价暴涨及玻璃布供应紧张，即日起对公司所有材料 价格统一上调10%。这是该公司12月以来第二次宣布涨价，值得注意的是，建滔积层板最近3个交易日股价涨超7%。此前，另一 覆铜板巨头南亚塑胶在11月也发布涨价函。 A股市场上，覆铜板指数最近走势也颇为亮眼，近25个交易日内已涨超18%。12月26日，覆铜板厂商生益科技（600183） (600183,SH)、南亚新材(688519.SH)分别涨5.4%、13.59%。 PCB龙头东山精密（002384）向以投资者身份致电的21财经.南财快讯记者表示："我们这块的话有做过商品套保，所以对于上游 原材料涨价的影响应该也可控。" 此外，鹏鼎控股（002938）也回应，称公司目前原材料价格较为稳定，暂未看到铜价上涨带来的影响。该公司此前在半年度业 绩说明会上指出，公司主要以进口高端覆铜板材料为主，此类材料的市场价格波动相对较小，因此对公司整体成本的影响也较 为有限。公司积极与上游原材料厂商加强合作与沟通，及时调整 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 人工智能的蓬勃发展对日本小型芯片制造材料供应商 Nitto Boseki 来说是一件好事。 日东纺（Nittobo）公司控制着全球高端玻璃纤维布市场约 90% 的份额，这种近乎垄断的地位帮助 公司提高了利润，并使其股价在今年上涨了 55% 以上。 现在，客户和股东们都强烈要求这家总部位于东京的公司扩大产能，以满足不断增长的需求。 但日东纺CEO多田博之表示，公司将继续坚持当初使其取得今天成就的战略：质量重于数量。 "以与市场相同的速度扩张产能是有风险的，"多田告诉《日经亚洲》。"我们不会成为一家拥有庞 大产能、大量生产大宗商品的公司。" 高端玻璃纤维织物是制造芯片基板的关键材料，而芯片基板正是构建中央处理器和图形处理器等先 进芯片的材料。 日东纺几乎生产了世界上所有最优质的这种组件，即低热膨胀系数玻璃。低热膨胀系数玻璃对于英 伟达、AMD、高通、博通和台积电等顶级芯片制造商至关重要。 多田承认，他的公司一直难以满足激增的需求。他表示，人工智能的出现和数据中心建设的热潮， 引发了一场规模超过以往任何周期的繁荣，包括1995年前后的个人电脑热潮和2010年前后的智能 手机 ...

Investment Rating - The report maintains a positive investment rating for the semiconductor industry, highlighting four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive positioning, and industry consolidation through mergers and acquisitions [2][4]. Core Insights - The global semiconductor market is projected to grow by 26% year-on-year in 2026, reaching $975 billion, with AI-related segments leading this growth [4][48]. - Key recommended stocks include Zhongji Xuchuang (300308 CH), with a target price of RMB 707, and Shengyi Technology (600183 CH), with a target price of RMB 90, both expected to benefit significantly from AI infrastructure investments [3][5]. Summary by Themes Theme 1: AI-Driven Structural Growth - The AI supply chain is experiencing strong revenue growth and profit margin expansion, indicating a robust demand for infrastructure rather than a temporary investment craze [5]. - Capital expenditure from major cloud providers is expected to reach $367 billion in 2025, a 59% increase year-on-year, and further rise to $495 billion in 2026 [5][6]. - The demand for AI technology is expanding beyond large cloud service providers to include sovereign funds and enterprise clients [5][10]. Theme 2: China's Semiconductor Self-Sufficiency Trend - The self-sufficiency of the semiconductor supply chain in China is identified as a core theme with long-term growth potential, driven by geopolitical shifts and domestic policy support [3][38]. - Companies like Northern Huachuang (002371 CH) are positioned to benefit from this trend, with a target price of RMB 460 [39]. Theme 3: High-Yield Defensive Positioning - Major Chinese telecom operators are recommended as core defensive positions due to their strong balance sheets and attractive dividend yields, with China Mobile offering a yield of 6.0% [43][44]. Theme 4: Accelerating M&A Activity in the Semiconductor Industry - The report anticipates an acceleration in M&A activities within the semiconductor sector, with key players actively seeking to fill technology gaps and enhance supply chain resilience [46][47]. - Notable transactions in 2025 include Northern Huachuang's acquisition of Xinyuan Micro and other strategic consolidations aimed at strengthening market positions [47].

核心数据看盘面： 沪指微跌-0.13%收3918，创业板指+1.07%领涨。半日成交1.26万亿，量能依然充沛，但较昨日缩量347 亿，说明在关键点位资金出现分歧，调仓换股激烈。 板块强弱一眼清： 驱动逻辑拆解：这波科技股为啥这么硬？ 各位股友，午盘数据出炉，市场结构分化剧烈，操作难度加大，但主线也前所未有的清晰。 但操作上要注意： 总结一下：市场的主线就是围绕"新质生产力"的硬科技，尤其是算力产业链的硬件环节。抛弃幻想，聚 焦产业趋势和公司基本面，在产业链的关键环节寻找龙头。行情在分歧中前进，在一致时休整，保持耐 心，聚焦核心。 最强进攻方向：通信（+2.86%）、电子（+1.23%）。细分看，CPO（中际旭创新高）、高速连 接、电路板（PCB）、覆铜板（CCL）是资金攻击的锋刃。万得概念里，覆铜板指数涨近4%，高 频PCB指数涨超3.7%，非常犀利。 主要抛售方向：有色、煤炭、钢铁、石化，这些传统周期板块跌幅都超1%。地产、券商也弱势。 资金从"旧经济"流出，流入"新制造"的迹象非常明显。 1. 政策底牌已亮："新质生产力"是最高层定调的核心。炒股要听党的话，资金必然向科技创新、高 端制造聚集。这是长期确 ...

Group 1 - The demand surge driven by AI is causing shortages and price increases in the upstream PCB industry, particularly affecting high-end raw materials like CCL, electronic copper foil, and electronic fabric [1][2] - The current market situation shows that while low-end products are not in shortage, high-end products related to AI are experiencing significant demand and price hikes [2][3] - Companies are facing challenges in expanding production capacity to meet the rapid growth in demand, with some executives indicating that high-end product demand is consuming capacity too quickly [1][7] Group 2 - The copper foil market is showing signs of recovery, with increased operating rates and a gradual rise in processing fees due to strong downstream demand [3] - The industry is currently facing a core contradiction of "oversupply in low-end products and insufficient supply in high-end products," leading to a potential industry reshuffle [3][8] - High-end electronic copper foil is particularly scarce, with challenges in achieving the required technical specifications and production processes [3][8] Group 3 - The electronic fabric industry is experiencing significant demand growth, with a notable increase in sales prices driven by high-performance electronic fabrics [4][6] - Companies like Honghe Technology have reported substantial profit increases, with net profits rising nearly 17 times year-on-year, reflecting the positive market conditions [4][5] - The price of ordinary electronic fabric has also seen an increase, attributed to product structure adjustments and high-end product shortages [4][5] Group 4 - The high-end CCL market is witnessing simultaneous increases in both volume and price, with companies adjusting prices multiple times throughout the year [7][10] - The demand for high-performance materials in applications such as AI servers and automotive electronics is driving the need for high-end CCL, which is currently in short supply [7][9] - Companies are actively working to stabilize raw material supply and optimize product structures to mitigate the impact of rising raw material prices [10][11] Group 5 - The PCB industry is expected to benefit from sustained high demand driven by AI and other technologies, with projections indicating a compound annual growth rate of 5.2% from 2024 to 2029 [11] - The global PCB market value is anticipated to approach $95 billion by 2029, highlighting the industry's growth potential [11]

AI需求风暴引发的缺货涨价潮蔓延至印刷电路板(PCB)产业链上游。CCL(覆铜板)、电子铜箔、电子布 等高端原材料掀起供不应求声浪，进一步支撑产品价格提涨。 值得关注的是，相关产能扩充速度有被市场需求碾压之势。针对缺货现状，业内某上市公司高管向智通 财经记者表示，高端产品的需求太消耗产能了。AI的需求增长太快，而短期之内产能出不来。 上游的价格及供应情况"变化"使下游成本端承压，鹏鼎控股(002938.SZ)、崇达技术(002815.SZ)等厂商 通过技术革新、优化产品结构等方式降低影响。 AI推升行业景气度 上游高端基材货缺价涨 对于当前PCB市场供需行情，产业链人士告诉智通财经记者，"低端产品还未缺货，AI相关的缺。" 一位电子铜箔从业者称，部分公司产品采用"铜价+加工费"的定价模式，下游需求旺盛会推涨加工费。 智通财经记者从近期举办的第十六届中国电子铜箔技术研讨会上获悉，目前铜箔市场形势开始回暖，企 业的开工率明显增加，大厂基本处于满产状态，铜箔加工费开始缓慢回升。 "行业当前的核心矛盾是'低端过剩、高端不足'。"诺德股份(600110.SH)研究院院长丁瑜在接受智通财经 记者采访时表示，未来竞争将是" ...

Group 1 - A-shares indices collectively strengthened on November 25, with various sectors experiencing broad gains, particularly in education, gaming, precious metals, energy metals, communication equipment, battery, chemical pharmaceuticals, optical electronics, insurance, and consumer electronics [1] - The main funds in the Shanghai and Shenzhen markets saw a net inflow of 8.812 billion yuan after seven consecutive trading days of outflows, with 18 sectors experiencing net inflows, notably communication, power equipment, and electronics, each exceeding 3.6 billion yuan [2] - Among the 13 sectors with net outflows, defense and military industry, as well as the computer sector, had the highest outflows, each exceeding 2.7 billion yuan [3] Group 2 - Ten stocks received net inflows exceeding 500 million yuan, with 87 stocks seeing net inflows over 100 million yuan [4] - Yangguang Electric Power led with a net inflow of 1.087 billion yuan, as the photovoltaic sector rebounded significantly, with Yangguang Electric Power rising by 4.95% [5] - PCB concept stock Huidian Co. saw a net inflow of 999.8 million yuan, with its stock price hitting the daily limit, driven by a report from HSBC indicating accelerated AI server iterations [5] Group 3 - Hainan Ruize experienced a net inflow of 104 million yuan at the close, leading the market, while N Haian, Industrial and Commercial Bank, ZTE, and Shennong Seed Industry also saw significant inflows [6][7] - N Haian, which just listed, closed with a 74% increase, focusing on the development and production of giant all-steel engineering machinery tires [8] - In terms of outflows, Xinyi Sheng saw over 100 million yuan in net outflows, with other notable stocks like BlueFocus and Shengguang Group also experiencing significant outflows [9]

Group 1 - A-shares indices collectively strengthened on November 25, with various sectors experiencing broad gains, particularly in education, gaming, precious metals, energy metals, communication equipment, battery, chemical pharmaceuticals, optical electronics, insurance, and consumer electronics [1] - The main funds in the Shanghai and Shenzhen markets saw a net inflow of 8.812 billion yuan after seven consecutive days of outflows, with 18 sectors experiencing net inflows [1] - The communication, power equipment, and electronics sectors each saw net inflows exceeding 3.6 billion yuan, significantly outpacing other sectors [1] Group 2 - Among individual stocks, 87 stocks had net inflows exceeding 100 million yuan, with 10 stocks seeing inflows over 500 million yuan [2] - Sunshine Power led with a net inflow of 1.087 billion yuan, boosted by a significant rebound in the photovoltaic sector [2] - Huadian Technology also saw a net inflow of 999 million yuan, with its stock price hitting the daily limit [2] Group 3 - The top 10 stocks with the highest net inflows included Sunshine Power, Huadian Technology, and Yingwei Ke, with respective inflows of 1.087 billion yuan, 999 million yuan, and 937 million yuan [3] - Conversely, 63 stocks experienced net outflows exceeding 100 million yuan, with BlueFocus and Shengguang Group leading the outflows [4] Group 4 - At the end of the trading day, the main funds saw a net outflow of 151 million yuan, with banking and power equipment sectors showing net inflows exceeding 300 million yuan [5] - Hainan Ruize attracted a net inflow of 104 million yuan at the close, while N Haian, Industrial Bank, and Zhongxing Communications also saw significant inflows [5] Group 5 - The tail-end net outflow rankings showed that New Yisheng had a net outflow exceeding 100 million yuan, with BlueFocus and Shengguang Group also experiencing substantial outflows [7]

Group 1 - The technology growth sector is experiencing strong gains, with the ChiNext Index rising over 2.5% and the Sci-Tech Innovation Index increasing by more than 1.7% [1] - The Double Innovation Leader ETF (588330) saw a peak intraday increase of 3.45%, currently up 2.5%, with a trading volume exceeding 320 million yuan [1] - Key players in the optical module sector, including Zhongji Xuchuang and Xinyi Sheng, have seen stock increases of over 6%, while Tianfu Communication rose by more than 4% [1] Group 2 - The top ten components of the Double Innovation Leader ETF have shown significant price increases, with Zhongji Xuchuang up 6.70% and Shenghong Technology up 6.62% [2] - The report from HSBC indicates that the acceleration of AI server iterations is driving a dual cycle of technology and price increases for core components like PCBs and CCLs [3] - Citigroup previously projected that the supply-demand tension for AI PCBs will persist into next year, highlighting the ongoing demand in the sector [3] Group 3 - The Double Innovation Leader ETF is characterized by cross-market diversification, focusing on 50 large-cap strategic emerging industry companies from the Sci-Tech Innovation Board and ChiNext [4] - The ETF is positioned as a high-elasticity tool to capture technology market trends, with a low investment threshold allowing entry for less than 100 yuan [4] - The index that the ETF tracks has shown varied annual performance from 2020 to 2024, with a notable increase of 86.90% in 2020 [4]

创50ETF紧密跟踪创业板50指数，创业板50指数由创业板市场中日均成交额较大的50只股票组成，反映 了创业板市场内知名度高、市值规模大、流动性好的企业的整体表现。 数据显示，截至2025年10月31日，创业板50指数(399673)前十大权重股分别为宁德时代(300750)、中际 旭创(300308)、东方财富(300059)、新易盛(300502)、阳光电源(300274)、胜宏科技(300476)、汇川技术 (300124)、迈瑞医疗(300760)、亿纬锂能(300014)、同花顺(300033)，前十大权重股合计占比70.15%。 创50ETF(159681)，场外联接(A：018482；C：018483；I：023024)。 截至2025年11月25日 10:08，创业板50指数(399673)强势上涨，成分股胜宏科技(300476)上涨7.40%，新 易盛(300502)上涨5.97%，中际旭创(300308)上涨5.74%，天孚通信(300394)，长川科技(300604)等个股跟 涨。创50ETF(159681)上涨2.50%，最新价报1.39元。 受AI概念催化，CPO、PCB再度走高，消 ...