复合材料与膜材料业务表现稳健，功能性复合材料成功开发3D平板后盖轻质快固化复合材料、石墨烯 复合创新产品，通过客户认证并逐步量产，在CT、核磁共振等医疗设备领域实现核心件突破，CT机架 产品进入小批量交付阶段；交通物流用复合材料在车厢、物流箱等传统市场稳步增长的同时，拓展新能 源电池包、仓储移动货架等新应用领域，超轻托盘等新产品实现市场落地；铝塑膜业务持续推进客户验 证，在储能与小动力领域批量稳定交付，半固态电池领域于国内知名厂商获得小批量订单，同时紧跟固 态电池技术趋势推进产品级验证，为后续增长奠定基础。 研发投入上，公司持续加大技术创新力度，上半年研发支出9487万元，同比增长4.79%，重点推进高端 覆铜板、半导体封装材料、铝塑膜等产品技术迭代与新品开发。公司构建强大分析测试能力，检测中心 为CNAS认证第三方检测机构，同时推行IPD集成产品开发模式，建成数字化集成开发平台，强化基础 研究与研发质量管控，为技术突破提供支撑。 生产与运营效率提升是盈利增长的重要保障，公司深化数字化战略，对青山湖、珠海工厂进行数字化二 次升级，优化SAP系统，推进业务场景全面数字化，助力精细化成本管控与提效降本。全球化布局 ...

证券日报网讯美联新材（300586）8月14日在互动平台回答投资者提问时表示，公司控股孙公司辉虹科 技生产的EX电子材料即聚烯烃树脂材料是新一代的高频、高速、高传输率电子材料，数据传输速度更 快，信号损耗更低，是生产高端覆铜板(CCL，印刷电路板的重要基础材料)的重要新材料，主要应用于 高频高速覆铜板的电绝缘层，终端可应用于机器人领域。 ...

Group 1 - The core viewpoint of the article highlights that Meilian New Materials' subsidiary, Huihong Technology, produces EX electronic materials, which are essential for high-end copper-clad laminates [2] - EX electronic materials are primarily used in the dielectric layer of high-frequency copper-clad laminates, indicating their significance in the PCB manufacturing process [2] - Copper-clad laminates are identified as a fundamental core material in PCB manufacturing, positioning EX electronic materials in the upstream segment of the PCB industry chain [2]

Core Viewpoint - Meilian New Materials announced that its subsidiary, Huihong Technology, produces EX electronic materials, which are a new generation of high-frequency, high-speed, and high-transmission-rate electronic materials [2] Company Summary - Huihong Technology's EX electronic materials, specifically polyolefin resin materials, enable faster data transmission and lower signal loss [2] - These materials are crucial for the production of high-end copper-clad laminates (CCL), which are essential for printed circuit boards [2] - The primary applications of these materials include high-frequency and high-speed copper-clad laminates' electrical insulation layers, with end uses in computing centers, robotics, intelligent driving, communication fields, and semiconductor chip packaging [2]

智通财经APP获悉，国信证券发布研报称，随着AI服务器出货量快速上升及普通服务器用覆铜板升级转 型，高端覆铜板市场迎来结构性机遇。GPU板组增量需求叠加服务器层数升幅，高性能服务器对高速覆 铜板的需求将持续扩大，建议关注具备高频高速覆铜板技术储备及电子树脂核心技术的龙头企业。 电子树脂是覆铜板制作材料中唯一具有可设计性的有机物，影响介质损耗的因素有分子的极性及极性基 团的密度和可动性，要想降低树脂的介质损耗，需尽可能减少树脂中极性官能团的含量。目前高端覆铜 板中常用的树脂有双马树脂、聚苯醚树脂、碳氢树脂，其中碳氢树脂由于性质优良，有较大开发潜力， 是目前开发热点。圣泉集团及东材科技均以量产相关树脂，成功打入主流供应链。 国信证券主要观点如下： 印制电路板在电子领域应用广泛，电性能是PCB迭代关键指标 印制电路板是电子产品的关键电子互连件，有"电子产品之母"之称。PCB 的上游主要为铜箔、玻纤 布、树脂等原材料行业，覆铜板(CCL)为重要的中间产品。松下电工的Megtron系列产品为高速覆铜板 领域的分级标杆，通常被视为CCL行业的通行标准，等级越高的覆铜板介电常数及介电损耗越小。高端 覆铜板可以分为高频、高速 ...

Core Insights - The article emphasizes the strategic importance of copper-clad laminates (CCL) as a foundational material in the electronics industry, highlighting the need for domestic production to enhance supply chain security and reduce reliance on foreign imports [4][5][7]. - The current state of the industry is characterized by a structural imbalance, where China is a major producer but lacks strength in high-end segments, with less than 20% domestic production in advanced materials [7][8]. - There is a significant opportunity for investment in the high-end CCL market, driven by the increasing demand from AI computing, communication upgrades, and automotive electronics [8][10]. Industry Position and Challenges - CCL serves as the core substrate for printed circuit boards (PCBs), crucial for signal transmission efficiency and reliability in strategic industries like 5G, AI, and automotive electronics [4]. - The industry faces challenges such as overcapacity in low-end products, high competition, and a lack of core technologies in high-end materials, leading to supply chain risks [7][8]. - The high-end CCL market is dominated by foreign companies, with significant market shares held by U.S. and Japanese firms, creating a critical need for domestic innovation and production [7][8]. Growth Drivers - The demand for high-end CCL is expected to surge due to the rapid growth of AI servers, with usage rates projected to be 3-5 times higher than traditional servers, and a 25% growth rate in millimeter-wave radar materials [8][10]. - The transition from 5G to 5.5G and the development of 6G technologies are anticipated to further drive the demand for high-frequency materials [13][14]. - The automotive sector is also a significant growth area, with increasing electronic component integration in electric vehicles and advanced driver-assistance systems [15][16]. Path to Breakthrough - Domestic companies are making strides in technological breakthroughs and capacity expansion, with several firms achieving significant advancements in high-frequency materials and IC substrates [12][19]. - The industry is witnessing a shift from being mere followers to becoming leaders in technology, with domestic firms increasingly participating in the global supply chain [19][20]. - The focus is on building a robust ecosystem that integrates materials, processes, and applications to enhance competitiveness [19][20]. Investment Opportunities - The high-end CCL market is projected to grow significantly, with estimates suggesting that the high-end segment's market share will increase from 30% to over 45% by 2027, reaching a total market size of over $20 billion [10][11]. - Investment opportunities are emerging in companies that can demonstrate technological breakthroughs and have the capacity to meet the growing demand in high-end applications [8][10]. - The article suggests that companies with strong vertical integration capabilities and those that can navigate the certification processes will be well-positioned for growth [35][42]. Policy and Technological Support - Government policies are increasingly supportive of the domestic CCL industry, with initiatives aimed at enhancing production capabilities and reducing reliance on imports [20][21]. - Significant technological advancements have been made in high-end CCL products, with domestic firms achieving performance metrics comparable to international standards [21][22]. - The industry is entering a critical phase where the focus will shift from mere technological breakthroughs to the establishment of a comprehensive ecosystem that supports sustainable growth [19][20].

Summary of Conference Call on Quartz Fiber Electronic Fabric and Philihua Investment Value Analysis Industry Overview - The high-end PCB market is expected to benefit from the growth in server storage demand, with a projected market value of $10.9 billion in 2024, representing a 33% year-on-year increase, and a compound annual growth rate (CAGR) of 12% over the next five years, driven primarily by strong demand from the AI computing sector for high-end copper-clad laminates and PCBs [1][3][4]. Company Insights: Philihua - Philihua is one of the few manufacturers globally capable of mass-producing quartz fiber, possessing an integrated supply chain from quartz materials to finished products. The acquisition of Zhongyi New Materials has strengthened its competitiveness in the electronic fabric sector, leading to explosive growth in its business [1][5]. - The company has significant growth potential in the electronic fabric business, with projected revenues of 200-300 million yuan in 2026, and the potential to reach a scale of 700-1,000 million yuan in the coming years, possibly achieving a market value of 20 billion yuan [3][25]. Product Advantages - Quartz fiber electronic fabric exhibits significant advantages over traditional glass fiber fabric, particularly in dielectric constant (approximately 3.78) and dielectric loss (theoretically up to 1/10,000), making it more suitable for high-speed data transmission, especially in 224G high-speed interconnect applications [1][2][8][12]. - The high-end copper-clad laminate market is projected to grow from over $4 billion in 2024 to nearly $7 billion by 2029, with an annual increment of about $3 billion. If fully covered by quartz fiber electronic fabric, this would create an additional market space of approximately $1 billion (around 10 billion yuan) each year [1][14]. Market Dynamics - The special electronic fabric market is highly competitive, with Philihua's subsidiary Zhongyi New Materials having a full order book and actively expanding production since launching its quartz fiber electronic fabric project in 2017 [1][16][17]. - The global top ten copper-clad laminate manufacturers hold a high market concentration, accounting for about 75% of global sales. The market for AI server copper-clad laminates is primarily dominated by Taiwanese companies, which have been conservative in their expansion plans, leading to a persistent supply-demand imbalance in high-end copper-clad laminates [15]. Future Outlook - The demand for high-end PCBs is expected to enter a new growth cycle from 2024 to 2029, driven by high-end requirements such as high multilayer boards, HDI, and packaging substrates [13]. - Philihua's traditional semiconductor and aerospace businesses are expected to maintain steady growth, with aerospace demand anticipated to recover strongly in 2026 [3][19][24]. - The company’s new electronic fabric business is projected to achieve significant revenue growth, potentially reaching 700-1,000 million yuan in the next few years, with a market valuation of 20 billion yuan being a reasonable expectation [25][26]. Investment Considerations - Philihua's overall investment strategy indicates a strong outlook for its electronic fabric segment, with the potential for substantial market share and revenue growth in the quartz fiber sector, supported by its leading position in the domestic and global markets [27].

Group 1 - Linzhou has transformed from an anti-Japanese base to an industrial city, showcasing a blend of historical significance and modern economic development [4][7] - The city has been recognized as one of the top 100 counties in China for comprehensive economic competitiveness for four consecutive years, with a projected economic growth rate of 6.7% in 2024 [3][7] - Linzhou's industrial sector has seen significant growth, with over 1,000 industrial enterprises, including 182 above-scale enterprises, and a 57.2% year-on-year increase in secondary industry investment in 2024 [7] Group 2 - The city has developed over 50 national high-tech enterprises, focusing on innovation in high-frequency, high-speed, and IC substrate research [4][7] - Linzhou Guangyuan New Materials Co., Ltd. has made substantial progress in electronic-grade glass fiber materials, achieving a competitive edge in the industry within ten years [4][7] - The Red Flag Canal scenic area has become a national research camp, with over 200 courses offered and an annual visitor increase of over 20%, reaching over 1.9 million in 2024 [3][4]