【DT新材料】 获悉，近日，两大电子材料巨头宣布涨价。 首先是 ，3月1日起， 全球CCL及覆铜板粘结材料的重要供应商， 日本半导体材料巨头 Resonac 将铜箔基板（CCL）及黏合胶片售价上调30%以上。 公司表示，尽管已采取多项成本优化措施， 但受玻纤布、环氧树脂、铜箔等关键原材料持续紧缺及价格上涨影响 ，为保障产品稳定供应与新技术研发 投入，不得不启动本轮调价。Resonac此次调价将传导至MLCC、HDI板、IC载板、高频高速PCB等高端制造环节。 覆铜板是PCB核心原材料，传统服务器升级+AI服务器渗透驱动覆铜板量价齐升。覆铜板在PCB原材料成本中占比约30%。Prismark预计2024年至2028 年全球PCB产值复合增速预计为5.40%。其中，服务器/存储器领域增速预计为13.6%。 其次是 ， 全球高端覆铜板、BT树脂龙头及最大封装基板供应商， 日本电子材料大厂 三菱瓦斯化学 （Mitsubishi Gas Chemical）日前宣布调涨电子材 料产品价格，此次调涨范围涵盖CCL（铜箔基板）、Prepreg（树脂基材）与CRS（铜箔树脂片）等全系列产品，涨幅达30％，自2026年4月1日起 ...

Group 1 - The report emphasizes the strengthening of supply logic in the building materials industry due to carbon neutrality policies, with a continued price increase for copper-clad laminates (CCL) and adjustments in real estate policies in Shanghai [2][14][20] - The implementation of differentiated electricity pricing policies across provinces is expected to promote technological advancements and energy-saving measures in high-energy-consuming industries, aiding in the elimination of outdated production capacity [14][15] - The report highlights a significant price increase of over 30% for CCL and adhesive films by Resonac, driven by the ongoing shortage and rising costs of key raw materials [18][19] Group 2 - The building materials industry is experiencing a recovery in demand, particularly in the consumer building materials sector, which is expected to see stable long-term demand and improved profitability for leading companies [29][32] - The national cement market price has decreased by 0.8% week-on-week, but there is potential for price increases as demand recovers [29][33] - The report notes a slight increase in float glass prices, while the trading of photovoltaic glass remains sluggish, indicating a mixed outlook for the glass segment [29][34] Group 3 - The report suggests that the building materials sector is at a historical valuation low, with potential for significant recovery in profitability as supply-side improvements support the market [29][30] - Key companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, are highlighted for their resilience and growth potential amid a challenging market environment [29][32] - The report indicates that the glass fiber and carbon-based composite materials sector is expected to see price increases in electronic yarns and fabrics, driven by stable demand and competitive dynamics [29][34]

2026 年 2 月 27 日星期五 研究员：张毅驰 从业资格：F03108196 交易咨询资格：Z0021480 联系方式：15018531496 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 沪铜主力合约 夜盘收盘价 CU2604 102550 元/吨，较上一交易日夜盘收盘价下跌 0.4 7%。沪铜次主力合约 CU2605 夜盘收于 102870 元/吨，跌幅 0.42%。截止北京时间 2026-02-27 06:00，COMEX 铜主力合约 HGK26E 收盘价为 6.025 美元/磅（按汇率 换算为 铜主力合约 6.8397 90849 元/吨），较上一交易日下跌 0.31%。LME CA03M E 收于 13259 美元/吨（按汇率 6.8397 换算为 90688 元/吨），跌幅 0.68%。 | | --- | --- | --- | --- | | 有色 | 铜 | 震荡偏多 | 【重要资讯】 1、2 月 26 日，财联社资讯，日本半导体材料厂 Resonac 宣布自 3 月 1 日起上调涨铜 箔基板（CCL）、黏合胶片等印刷电路板（PCB）材料售价，涨幅达 30%以上。 2、 ...

6 证券研究报告 一、产业综合组： 3 月 1 日起，日本半导体材料巨头 Resonac 将铜箔基板（CCL）及黏合胶片售价 上调 30%以上。公司表示，尽管已采取多项成本优化措施，但受玻纤布、环氧树 脂、铜箔等关键原材料持续紧缺及价格上涨影响，为保障产品稳定供应与新技 术研发投入，不得不启动本轮调价。Resonac 此次调价将传导至 HDI 板、IC 载 板、高频高速 PCB 等高端制造环节。鉴于昨日英伟达发布的 2026 年一季度业绩 指引增长依然比较强劲，而且大模型在 Agent 模式的应用下未来增长的前景进 一步明确，因此我们继续看好覆铜板行业高景气度的持续。 证书编号：S1080525070001 昨日国产功率半导体厂商新洁能正式发布价格调整通知，宣布对其核心产品 MOSFET 进行价格上调，上调幅度 10%起，本次价格调整自 2026 年 3 月 1 日起发 货正式生效，已签订未发货订单按新价格执行。此外月初另一家国产功率半导 体大厂江苏捷捷微电子宣布，对其 MOS 系列产品提价 10%-20%，自 2026 年 2 月 1 日起，新发 MOS 成品均按新价格执行。士兰微、英飞凌等也更早上调价格， ...

Market Overview - A-shares experienced mixed fluctuations, with the Shanghai Composite Index down 0.08% and the Shenzhen Component Index up 0.28% as of midday trading on February 26 [1][2] - The total market turnover reached 1.65 trillion CNY, with 2,366 stocks rising and 2,962 stocks falling [5] Sector Performance - The electronic sector saw a significant rally, particularly in computing hardware stocks, with companies like Huadian Co. hitting a historical high and a total market capitalization exceeding 160 billion CNY [9][10] - The lithium battery sector faced a downturn, with major players like CATL dropping over 5% during intraday trading [16][19] Notable Stocks - Huadian Co. reached a peak price of 85.36 CNY, marking a 10% increase and a total market value of 164.26 billion CNY [10] - Shenzhen South Circuit Co. also hit a limit-up price of 290.14 CNY, approaching a market capitalization of 200 billion CNY [11] - Other notable gainers in the computing hardware sector included companies like Guanghe Technology and Dazhu Laser, both achieving limit-up prices [8] Hong Kong Market - The Hong Kong market saw the "Cheung Kong Group" stocks rise against the trend, with Cheung Kong Infrastructure and Power Assets Holdings increasing by over 5% [26][27] - The sale of UK Power Networks by the Cheung Kong Group generated over 110 billion HKD, which will be used for future investments and acquisitions [27] Industry Insights - Nvidia's recent earnings report highlighted a robust demand for AI computing power, indicating a significant growth trajectory for the sector [14] - The semiconductor materials market is also experiencing price increases, with a 30% rise in prices for copper foil substrates and adhesive films announced by Resonac [14] Lithium Market Developments - Zimbabwe's mining department has issued a ban on lithium ore exports, which is expected to tighten supply and potentially drive lithium prices higher [24]

数据显示，截至2026年1月30日，中证人工智能主题指数(930713)前十大权重股分别为中际旭创、新易 盛、寒武纪、澜起科技、科大讯飞、中科曙光、海康威视、豪威集团、芯原股份、金山办公，前十大权 重股合计占比57.27%。 截至2026年2月25日 13:01，中证人工智能主题指数(930713)上涨0.18%，成分股新易盛上涨4.25%，寒武 纪上涨3.03%，中际旭创上涨2.66%，和而泰上涨2.56%，星宸科技上涨2.37%。AI人工智能ETF(512930) 上涨0.18%，最新价报2.28元。 半导体产业链震荡走强，消息面上，日本半导体材料厂Resonac宣布自3月1日起调涨铜箔基板 （CCL）、黏合胶片等印刷电路板（PCB）材料售价、涨幅达30%以上。此外，2月11日，北京大学联 合电子学院团队成功构建全球首个基于集成光量子芯片的大规模量子密钥分发网络，实现量子通信芯片 级全功能集成与网络化部署。 国金证券指出，半导体设备行业呈现出三大核心逻辑：行业规模超预期增长：2025年全球半导体销售额 达到7917亿美元，同比增长25.6%，远超WSTS早前11%的预测，主要由AI算力需求的爆发驱动。预计 ...

转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 在跟踪到PCB行业面临着"基本面向上"与"股价横盘"背离的情况后，智通财经VIP特联合蜂网火线直 连"PCB"行业专家，讨论当前市场的核心分歧，以及新技术的落地进程。《金牌纪要库》汇总其会议要 《金牌纪要库》：精粹专家视角，传递市场先声。 点并在2月12日22:48发布文章加以梳理，文章提及铜冠铜箔，公司在2月13日大涨，日内最高涨幅达 10.11%。 市场热点一 PCB 消息面上，日本半导体材料厂Resonac宣布自3月1日起调涨铜箔基板（CCL）、黏合胶片等印刷电路板 （PCB）材料售价，涨幅达30%以上。 《风口研报》：提前挖掘"超预期"，捕捉下一个市场"风口"！ 2月8日16:06《风口研报》精选南亚新材研报，指出CCL供需共振驱动量价齐升，南亚新材公司全系列 高速产品通过华为认证，海外M6-M9全系列LowCTE材料测试正加速推进，截至2月13日收盘，其最高 涨幅达34.96%。 2月12日21:20《智通财经早知道》引用引用机构观点指出，目前人 ...

午后机器人（核心股）概念再度走强，双林股份涨超10%，此前百达精工、天奇股份涨停，精锻科技、 宏昌科技、五洲新春、锋龙股份跟涨。消息面上，宇树科技创始人、CEO 王兴兴在接受央视采访时表 示具身智能未来热度或远超移动互联网。如果未来几年，有真正大规模应用的具身智能 AI 模型和机器 人技术突破，那时候热度可能会比现在至少高 100 倍，甚至 1000 倍。 PCB概念午后震荡回升，铜冠铜箔涨超10%，续创历史新高，惠柏新材、江南新材、强达电路、天津普 林、华正新材跟涨。消息面上，日本半导体（核心股）材料厂Resonac宣布自3月1日起调涨铜箔基板 （CCL）、黏合胶片等印刷电路板（PCB）材料售价，涨幅达30%以上。 2月14日，A股蛇年收官，三大指数全天震荡下跌。截至收盘，沪指跌1.26%，报4082.07点，深成指跌 1.28%，报14100.19点，创业板指跌1.57%，报3275.96点，科创50指数跌0.72%，报1470.33点。沪深两市 合计成交额19826.8亿元，个股跌多涨少，沪深京三市约3900股飘绿。 板块题材上，军工（核心股）装备、影视（核心股）院线、造纸（核心股）、半导体设备、智能座 ...

Summary of Key Points from Conference Call Records Industry Insights Smart Grid and Energy Storage - The Ministry of Commerce announced that consumers purchasing new cars during the 9-day Spring Festival holiday can apply for vehicle trade-in subsidies as per policy requirements [1] - The National Energy Administration is actively promoting the development of new energy storage and emerging industries, with a forward-looking layout for hydrogen energy and nuclear fusion energy [2][3] Electric Power Market - The implementation opinion on improving the national unified electricity market system proposes that by 2030, a basic national unified electricity market system will be established, with market-based trading accounting for approximately 70% of total electricity consumption [4] - According to customs data, China's transformer export value is expected to reach a record 64.6 billion yuan by 2025, a nearly 36% increase from the previous year, with the average export price per transformer rising to 205,000 yuan, an increase of about one-third [4] Liquid Cooling Technology - The leading liquid cooling server company, Vertiv, reported better-than-expected results in its Q4 FY2025 earnings, driving its stock price up by 24%, reaching a new historical high [4] Data Center and Energy Consumption - A surge in data center construction in the U.S. has led to an electricity shortage, with over 29 GW of natural gas power generation capacity under construction, more than doubling in one year [5] Fiber Glass and Electronic Materials - International composite and fiberglass leaders have raised prices for electronic cloth multiple times, with ordinary electronic cloth experiencing four price increases from October 2025 to February 2026 [6][8] Semiconductor Materials - The prices of key materials for the global semiconductor industry, such as sputtering targets, are expected to increase by 20%-30% in Q1 2026 [10] Space Photovoltaics - A supply-demand matching meeting for space photovoltaics was held, with companies discussing technology development, material applications, and manufacturing processes [11][12] Company-Specific Developments - Yike Technology announced a price increase for all cloud products and services starting March 1, 2026, due to rising costs in core hardware procurement and infrastructure [4] - Lumentum has secured several hundred million dollars in CPO-related orders, with expected revenue of approximately $50 million from CPO in Q4 2026, anticipating a significant surge in the first half of 2027 [5] Market Trends - The Shanghai Composite Index rose by 0.05%, the Shenzhen Component Index increased by 0.86%, and the ChiNext Index climbed by 1.32%, with a total trading volume exceeding 2.1 trillion yuan, an increase of over 100 billion from the previous day [4] - The price of praseodymium-neodymium oxide has continued to rise, reaching 800,000 yuan per ton, with a week-on-week increase of 9.9% and a month-on-month increase of 28.8% [15] Geopolitical and Economic Factors - The ongoing geopolitical tensions have led to heightened shipping rates, with the Middle East-China VLCC freight rates remaining above $120,000 [13]

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting significant gains in technology stocks, particularly in the semiconductor sector, driven by supply shortages and price increases in CPUs and memory chips [1][18]. Group 1: Market Performance - On January 21, the three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.08%, the Shenzhen Component Index by 0.70%, and the ChiNext Index by 0.53% [18]. - The total trading volume across the three markets was 26,240 billion, a decrease of 1,804.27 billion from the previous day, with over 300 stocks rising [18]. - A total of 91 stocks hit the daily limit up, with the maximum consecutive limit up reaching 16 [18]. Group 2: Semiconductor Sector - The semiconductor sector saw a significant rebound, with domestic chip stocks surging. Notably, Longxin Technology hit the daily limit up, and several other stocks like Yingfang Micro and Tongfu Microelectronics also reached their daily limits [18]. - The increase in stock prices is attributed to a shortage in memory chips, with U.S. companies like Micron, Seagate, and SanDisk hitting record highs [18]. - Intel and AMD are expected to raise server CPU prices by 10%-15% in 2026, further driving interest in the semiconductor supply chain [2][18]. Group 3: CPU Demand and AI Impact - The demand for CPUs is projected to increase significantly due to the rise of AI agents, with estimates suggesting a need for up to 1,760,899 CPUs in optimistic scenarios for 2024, compared to a global shipment of 3,200 million CPUs [3]. - The article emphasizes that CPUs may become a bottleneck before GPUs in AI applications, as they are crucial for generating and evaluating tasks in reinforcement learning [11]. - A new paradigm proposed in the DeepSeek paper highlights the importance of CPU memory in handling large parameters, suggesting a shift in how AI models are structured [11][12]. Group 4: Material Costs and Industry Outlook - Japanese semiconductor material manufacturer Resonac announced a price increase of over 30% for PCB materials starting March 1, which could impact the overall cost structure in the semiconductor industry [12]. - Goldman Sachs projects a compound annual growth rate of 34% for optical modules from 2026 to 2028, with expected shipments reaching 94 million units by 2028, indicating a positive outlook for the optical communication sector [18].