2025年台湾电路板展（TPCA Show）落幕，多家产业高层一致看好，受惠AI伺服器与高速运算需求爆 发，"PCB将开启未来黄金十年"，也掀起上游缺料、供应链整合与大者恒大等趋势。人工智能（AI）时 代，印刷电路板（PCB）从幕后走向舞台中央。2025年台湾电路板展（TPCA Show）落幕，多家产业高 层一致看好，受惠AI伺服器与高速运算需求爆发，"PCB将开启未来黄金十年"，也掀起上游缺料、供应 链整合与大者恒大等趋势。 AI伺服器、资料中心与边缘运算需求飙升，带动电路板迎来结构性成长。欣兴电子董事长曾子章直 言，"AI要旺10年以上"；臻鼎集团营运长李定转表示，PCB将迎来黄金十年，是算力战争的隐形主角； 臻鼎-KY董事长沈庆芳更形容，这是"PCB百年未见的大机遇"，产业应团结加速转型。 AI时代，PCB扮演什么角色？ PCB被誉为"电子产业之母"，从手机、电脑到AI伺服器与云端资料中心，无不仰赖其稳定运作，但过去 较不受到关注。沈庆芳指出，PCB角色正从"讯号连接"走向"系统承载"。随着AI伺服器整合芯片与高频 宽记忆体等元件，要求PCB更大尺寸、更高层数与更严苛散热与讯号完整性，制造挑战倍增。 A ...

Group 1 - The report indicates that the real estate chain is showing signs of stabilization, with policies since 2025 continuing a loose tone that has been in place since 2024, suggesting a gradual bottoming out of the real estate fundamentals [1][34] - Cement demand is expected to decline at a slower rate in 2025, with industry awareness of price stability and profit protection increasing, indicating a potential profit turning point [1][34] - The consumption building materials sector is seeing an increase in the proportion of existing stock, with improved second-hand housing transactions and consumption stimulus expected to accelerate demand for renovations [1][3] Group 2 - Non-traditional building materials are experiencing higher overall demand, particularly in fiberglass, where downstream demand from wind power and thermoplastics remains strong, and competition is expected to ease [2][3] - The civil explosives sector is benefiting from increased investment in mining and water conservancy, leading to sustained demand growth, with major companies accelerating mergers and acquisitions [2][3] - Traditional refractory materials are facing weak downstream demand, but leading companies are expanding into new markets, such as magnesium salt chemicals and wet metallurgy, which are expected to contribute significantly to profits [2][3] Group 3 - The investment focus for traditional chains is on structural and supply aspects, while non-traditional chains are centered on downstream growth opportunities [3][4] - In the cement sector, supply-side reforms are accelerating, with a potential reduction in actual capacity to below 180 million tons in the medium to long term [3][4] - The consumption building materials sector is witnessing a price competition trend easing, with a focus on leading companies in the consumer market [3][4] Group 4 - The fiberglass segment is highlighted as a market focus, with significant demand expected for low dielectric and low expansion electronic fabrics, particularly in communication infrastructure and semiconductor packaging [4][3] - The civil explosives market in Xinjiang is projected to grow significantly, with existing demand estimated at 67.6 million tons, potentially reaching close to one million tons by the end of the 14th Five-Year Plan [4][3] - The report emphasizes the importance of policy-driven demand in the photovoltaic glass sector, awaiting improvements in market conditions [4][3]