每经记者｜杨煜 每经编辑｜张海妮 丨 2025年8月25日 星期一 丨 NO.1 今年我国智能算力规模增长将超40% 据"2025中国算力大会"消息，中国算力平台正加快建设。目前，已有山西、辽宁、上海、江苏等10个省 份的算力分平台正式接入。工业和信息化部负责人表示，将引导各地合理布局智能算力设施，逐步提高 智能算力供给质量，满足新兴产业和未来产业发展需要。目前，智能算力已经广泛应用于生成式大模 型、自动驾驶、具身智能、智慧城市和工业制造等领域。通过算力应用大赛累计征集的创新算力项目已 超过2.3万个，在工业、金融、医疗、能源等领域实现了规模化复制推广。预计2025年，我国智能算力 规模增长将超过40%。 点评：中国智能算力产业的迅猛发展将显著提升国家在人工智能、自动驾驶等前沿领域的竞争力。从行 业趋势看，算力作为数字经济的核心基础设施，正吸引大量投资并推动新兴产业扩张。算力应用普及有 望加速智慧城市和工业升级，但需关注数据安全与伦理挑战。 NO.2 景旺电子50亿元扩产项目聚焦AI算力等领域 点评：此次扩产凸显景旺电子深度布局AI产业链核心环节的战略野心。从行业趋势看，AI服务器、自 动驾驶等领域的高端PC ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 深圳市景旺电子股份有限公司（以下简称"公司"、"景旺电子"）于2025年8月23日披露了《景旺电子关 于珠海金湾基地扩产投资计划的公告》（公告编号：2025-094），现就上述公告涉及的投资事项补充说 明如下： 一、本次扩产投资概况 1、项目投资规模：预计总投资人民币50亿元。经初步测算，本次扩产投资项目税后投资回收期约为7.5 年（含建设期）。 2、项目建设周期：2025年至2027年，公司将根据市场需求和业务进展等具体情况分阶段实施，具体如 下。 ■ 3、对公司经营业绩的影响：本次扩产投资项目不会对公司2025年度经营业绩产生重大影响，长期经营 业绩存在不确定性。 二、本次扩产投资的背景、必要性及可行性 （一）本次扩产投资的背景和必要性 2023年以来，以大模型与生成式AI为代表的技术突破推动科技硬件创新蓬勃发展，高端PCB供不应求， 市场前景可观。Prismark预测，在AI服务器和高速网络基础设施建设的驱动下，2024-2029年18层以上多 层板、HDI的5年复合增长率 ...

景旺电子表示，本次扩产投资项目符合国家相关的产业政策、行业发展趋势，满足新兴领域对高端 PCB 的中长期、高标准需求，具有良好的市场发展前景；扩充公司高阶HDI、SLP、HLC 产品产能，完 善专业化生产线，符合公司持续提升技术创新能力和高端产品占比、聚焦 AI+打造第二增长曲线的战略 规划要求，保持并拉大领先优势，提高公司经济效益，拓展公司经营规模，以满足 AI 算力、高速网络 通讯、汽车智驾、AI 端侧应用等领域全球客户的中长期、高标准需求，提升公司在高端产品的市场竞 争优势。 近年来，以大模型与生成式 AI 为代表的技术突破推动科技硬件创新蓬勃发展，高端 PCB 供不应求，市 场前景可观。Prismark 预测，在 AI 服务器和高速网络基础设施建设的驱动下，2024-2029 年 18 层以上 多层板、HDI 的 5 年复合增长率分别达到 15.7%、6.4%，高于其他应用领域的增长。与此同时，前述应 用领域的高端 PCB 技术要求高，产品的附加值也更高，而普通产品则出现竞争加剧的现象。 8月24日，景旺电子发布公告，公司拟投资建设珠海金湾基地扩产项目，预计总投资50亿元。经初步测 算，此次扩产投资项 ...

公 司 报 告 电子 2025年08月23日 沪电股份(002463.SZ) AI与高速网络协同发力，高端产能扩充奠定增长基础 推荐 ( 维持) 股价:55.63元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.wustec.com | | 大股东/持股 | BIGGERING (BVI) HOLDINGS CO., | | | LTD./19.34% | | 实际控制人 | 吴礼淦家族 | | 总股本(百万股) | 1,924 | | 流通A股(百万股) | 1,922 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,070 | | 流通A股市值(亿元) | 1,069 | | 每股净资产(元) | 6.62 | | 资产负债率(%) | 47.7 | 行情走势图 相关研究报告 【平安证券】沪电股份（002463.SZ）*年报点评*AI 与高速通信需求强劲，助推公司业绩步入高增长*推 荐20250329 【平安证券】沪电股份（002463.SZ）*季报点评*季 度净利润创历史新高，扩充高端产能夯实长期竞争力 *推荐20241026 证 券 公 司 ...

（文章来源：每日经济新闻） 兴森科技（002436.SZ）8月19日在投资者互动平台表示，公司第一大客户为海外客户，公司将持续深化 技术研发和市场拓展，不断提高与客户的合作深度和广度。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的高端PCB是否已获得日韩大客户的量产订 单？ ...

Core Insights - The article highlights the structural characteristics of the A-share market, particularly focusing on the phenomenon of "doubling stocks" which have seen significant price increases due to policy support and capital flow [2][3]. Group 1: Doubling Stocks Overview - As of August 15, 2023, there are 313 stocks in the A-share market that have doubled in value since the beginning of the year, representing 5.77% of the total 5424 stocks [3][8]. - These doubling stocks are concentrated in sectors such as computing power, humanoid robots, innovative pharmaceuticals, and solid-state batteries, with nearly 70% having a market capitalization of less than 5 billion yuan at the start of the year [2][3][8]. Group 2: Sector Distribution - The doubling stocks are primarily found in the following sectors: biomedicine (57 stocks), machinery (54 stocks), basic chemicals (25 stocks), computers (24 stocks), electronics (19 stocks), and power equipment (19 stocks) [3][4]. - A total of 196 doubling stocks, accounting for 63% of the total, are concentrated in high-growth sectors driven by favorable policies [4][6]. Group 3: Market Dynamics - The article notes a positive feedback loop where rising stock prices attract more capital, further driving prices up, particularly in high-growth sectors like AI and robotics [4][9]. - The average price-to-earnings ratio of the doubling stocks exceeds 80, indicating high valuations, with many companies yet to validate their earnings [9][10]. Group 4: Small and Micro-Cap Stocks - The micro-cap stock index has outperformed major indices, rising 55.71% year-to-date, with 68.7% of doubling stocks having a market cap below 5 billion yuan [8][9]. - Among the top 20 doubling stocks, 15 had a market cap of less than 5 billion yuan at the beginning of the year, showcasing the potential for significant returns in smaller companies [9].

Core Viewpoint - The article highlights the structural characteristics of the A-share market, particularly focusing on the phenomenon of "doubling stocks," which are primarily concentrated in sectors driven by strong policy support and technological innovation [3][11]. Group 1: Doubling Stocks Overview - As of August 15, 2025, there are 313 stocks in the A-share market that have doubled in value since the beginning of the year, representing 5.77% of the total stocks [3][4]. - These doubling stocks are heavily concentrated in sectors such as computing power, humanoid robots, innovative pharmaceuticals, and solid-state batteries, with nearly 70% having a market capitalization of less than 5 billion yuan at the start of the year [3][4]. Group 2: Sector Distribution - The doubling stocks are primarily distributed across eight major industries: biomedicine (57 stocks), machinery (54), basic chemicals (25), computers (24), electronics (19), and power equipment (19), with communication and military industries having 11 and 12 stocks respectively [4]. - A total of 196 doubling stocks, accounting for 63%, are found in sectors with clear policy support, significant growth potential, and high market activity [4][11]. Group 3: Market Dynamics - The average increase for all stocks in the A-share market from January 1 to August 15 is 29.92%, with a median increase of 18.74% [3]. - The doubling stocks have created a positive feedback loop where rising prices attract more capital, further driving up prices and creating a cycle of increased investor interest [4][11]. Group 4: High-Growth Stocks - The top 20 stocks by percentage increase include five from biomedicine, three from electronics and defense, and two each from basic chemicals, light manufacturing, and communications [5]. - Notable performers include Shangwei New Materials, which has seen a staggering increase of 1,357.74%, and Shenghong Technology, which has increased by 450% this year [6][7]. Group 5: Small and Micro-Cap Stocks - The micro-cap stock index has outperformed major indices, rising 55.71% year-to-date, with nearly 70% of doubling stocks having a market cap of less than 5 billion yuan at the start of the year [10][11]. - The majority of the doubling stocks are small-cap, indicating that these stocks are more elastic and can provide higher returns for speculative investors [11]. Group 6: Future Outlook - The article suggests that the current market dynamics are driven by themes of policy support and high growth potential in emerging sectors, with small companies likely to exhibit breakthrough growth in the coming years [11]. - As the earnings reports for these doubling stocks are released, the average price-to-earnings ratio exceeds 80, indicating high expectations for future performance [11].

高端 PCB 需求跃迁，算力基座价值重构 20250811 摘要 全球 PCB 市场规模预计在未来几年内显著增长，从 2024 年的 735.65 亿美元增长到 2026 年的 1,000 亿美元，AI 服务器市场是主要驱动力， 其价值量提升速度超过全球 AI 服务器的增长速度。 AI 算力需求通过增加 GPU 和 ASIC 出货量推动 PCB 行业发展，尤其 ASIC 在功耗性能方面要求更高，对高多层板和高频高速材料等高端 PCB 产品需求更大，高端材料如马九、银部、PDFE 等将推动单板价值 量提升。 GPU 出货量预计明年（2026 年）将达到 676 万颗，相较于 2025 年的 576 万颗增长约 20%至 30%。各代 GPU 产品单服务器或单 GPU 对应 价值持续增长，每一代产品大约有 30%的价格增长。 云计算厂商对 AI 商业化进程加速持乐观态度，并上调资本开支，预计 2025 年北美四大云计算厂商总 CAPEX 达到 3,661 亿美元，同比增长 接近 50%，2026 年进一步增至 4,262 亿美元，推动 ASIC 和 PCB 需求 持续增加。 Q&A 近年来，AI 算力需求的增长对 ...

Industry News - The State Council held a press conference announcing that starting from January 1, 2022, eligible infants can receive childcare subsidies, with a preliminary budget of approximately 90 billion yuan for this year [6] - A national teleconference on the prevention and control of the Chikungunya virus was held, emphasizing the need for environmental sanitation and effective mosquito control measures [6] - The Chinese medicine industry will implement labeling regulations for medicinal herbs starting August 1, 2023, requiring labels to include expiration dates [7] - The China Coking Industry Association held a market analysis meeting, where representatives agreed to raise coking prices by 50 to 75 yuan per ton starting July 31 [7] - A successful launch of low-orbit satellite internet satellites was conducted using the Long March 8 rocket, marking advancements in automated launch technology [8] Company News - Upwind New Materials announced a suspension of trading due to abnormal stock price fluctuations [3] - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and plans to distribute a cash dividend of 10.07 yuan per share [9] - Vanke A announced that Shenzhen Metro Group will provide a loan of up to 869 million yuan to the company [9] - XGIMI Technology projected a net profit increase of 2062% year-on-year for the first half of the year [9] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [9] - Yangtze Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [9] - Digital Certification announced that its controlling shareholder intends to transfer shares without compensation, changing the controlling shareholder to Beijing Data Group [9] - Chip products from Shanghai Lisan are undergoing optimization, with no revenue generated yet [9] - Zhongwang Software is facing a copyright infringement lawsuit from Autodesk in a U.S. court [9] - Chipsea Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [9] - Sunshine Dairy announced that its controlling shareholder sold a total of 1.1452 million shares in the past two days [9]

Core Viewpoint - The article emphasizes the growing demand for high-end printed circuit boards (PCBs) driven by advancements in AI, high-performance computing (HPC), and smart devices, highlighting the significant market opportunities for companies like Huadian Co., Ltd. [2][3][36] Group 1: Industry Demand and Trends - High-end PCBs are increasingly sought after due to the requirements of AI and HPC, which necessitate advanced server technologies and high-density interconnects, leading to rising values for these components [3][4] - The transition of optical modules from 800G to 1.6T demands improved PCB manufacturing processes, such as mSAP technology, which presents high technical challenges but also high added value [3] - The automotive and wearable device sectors are also driving demand for lighter, more efficient, and faster PCBs, indicating a shift towards high-end products in these markets [4] Group 2: Company Performance - Huadian Co., Ltd. is positioned as a leading player in the domestic PCB market, with a strong performance forecast for the first half of 2025, projecting a net profit of 1.65 billion to 1.75 billion yuan, representing a year-on-year growth of 45% to 53% [6][8] - The company reported a revenue increase of 49% in 2024, with net profit growth of 71%, driven primarily by high-end PCB products [8][9] Group 3: Strategic Advantages - Huadian Co., Ltd. has successfully integrated into the supply chains of major international tech companies, with 86.5% of its revenue coming from overseas in 2024, showcasing its strong market position [17] - The company has a robust R&D investment strategy, increasing from 320 million yuan in 2019 to 790 million yuan in 2024, focusing on advanced technologies such as HDI and high-frequency materials [23][25] - The gross margin for PCB products has improved from 30.4% in 2019 to 35.9% in 2024, reflecting the company's ability to enhance profitability through technological advancements [26] Group 4: Future Outlook - The company plans to invest 4.3 billion yuan in expanding its high-end PCB production capacity, indicating confidence in sustained industry demand [33] - The global automotive PCB market is expected to exceed 30 billion USD by 2025, with Huadian Co., Ltd. already achieving breakthroughs in high-end automotive products [35] - The anticipated compound annual growth rate (CAGR) of 40.2% for AI server and HPC-related PCBs from 2023 to 2028 presents significant growth opportunities for the company [34]