智通财经APP获悉，华金证券发布研报称，人工智能AI催生PCB行业增长新动能，行业景气度持续上 行，根据沙利文研究数据，以销售收入计，全球PCB市场规模从2020年的620亿美元增长至2024年的750 亿美元，2020年至2024年期间的复合年增长率为4.9%。AI服务器单台PCB价值量远高于传统服务器， 高性能PCB的需求将大幅增长。从材料角度考虑，低介电常数及低介质损耗因数的材料最合适，Q布性 能远优于二代布，或颠覆原来玻纤布原材料路线。 人工智能AI催生PCB行业增长新动能 材料方面，(1)CCL：由于趋肤效应的存在，高速PCB如果继续使用常规铜箔，其结果是：随信号传输频 率增加，趋肤效应导致的信号"失真"愈发严重。因此，当前的高速材料上低粗糙度铜箔的应用越来越广 泛，像MidLoss材料和LowLoss材料都采用反转(RTF)铜箔作为标配铜箔。(2)电子布：实现PCB的高频高 速化，通常通过如下几个方面进行：对树脂和玻纤及整体结构的改进，或通过布线或其他方式改进基板 的特性。从材料角度考虑，低介电常数及低介质损耗因数的材料最合适，Q布性能远优于二代布，或颠 覆原来玻纤布原材料路线。 建议关注 PCB ...

Core Viewpoint - Guangzhou Guanghe Technology Co., Ltd. held an investor meeting on September 19, 2025, revealing key information about the company's development and performance [1] Group 1: Business Operations - The company reported a strong operating status with sufficient orders on hand, indicating positive performance for the second half of the year [2] - The company is actively pursuing new customers and products to meet the growing demand for computing power, while also enhancing internal digital transformation to improve efficiency and reduce costs [2] - The Thai factory commenced production in June 2025 and is currently ramping up capacity, with plans to accelerate customer certification and product introduction in the second half of the year [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.425 billion yuan, a year-on-year increase of 42.17%, and a net profit of 492 million yuan, up 53.91% year-on-year [2] - The net cash flow from operating activities increased by 182 million yuan compared to the previous year, indicating healthy cash flow and consistent profit trends [3] Group 3: Technological Innovation - The company emphasizes technological innovation, focusing on materials, manufacturing processes, and product iteration, with plans to increase R&D investment in the future [3] Group 4: Capacity and Market Strategy - The company is expanding its manufacturing bases in Hubei and Thailand to align with business development plans, ensuring timely and high-quality delivery [4] - The Huangshi and Dongguan factories have achieved profitability, while the Thai factory is in the ramp-up phase, with a strong order backlog [4] Group 5: Talent Management - The company has established a talent management strategy to support future business development needs through a comprehensive talent development system [4]