（文章来源：证券日报） 证券日报网讯 1月7日，芯碁微装在互动平台回答投资者提问时表示，M9CCL属于超低损耗、超高频高 速基板，对曝光精度与侧蚀控制要求更高，M9材料的应用将提升高端PCB的加工难度和价值量，公司 将密切关注市场需求变化，积极推进技术创新，致力于为全球客户提供更高效、更可靠的解决方案。 ...

首创证券（601136）认为，1)北美算力：AI大模型算力需求持续刚性扩张，北美算力产业链在服务器组 装、高端PCB、光模块等环节具备成熟产能与技术壁垒，是算力基础设施建设的核心支撑环节；2)国产 算力：AI大模型与国内芯片厂已逐步形成技术协同的完整生态，叠加国产芯片厂产能持续扩张，国产 算力芯片在自主可控+供应链安全的双重逻辑下，有望加速打入国内算力基础设施供应链。 中泰证券（600918）认为，AI算力成为通信行业主要增长引擎，看好算力产业链投资机会，头部光模 块厂商交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算力重 视芯片进展，以及国产模型追赶变化，将影响AIDC景气节奏。 中信证券认为，2025年以来中美科技股均取得亮眼成绩，算力板块涨幅领跑市场，模型和应用侧亦出现 局部爆发机会。展望2026年，国产算力方兴未艾，业绩弹性及投资确定性兼备，有望复刻美股2023年以 来的长牛行情。一方面，半导体设备、AI芯片等在海外管制下发展紧迫性增强，国产替代是大势所 趋；另一方面，国内芯片厂已初步探索出超节点等解决方案，以多卡数量优势补足单卡性能劣势，实现 算力突围。多卡集群的建 ...

平安证券研报指出，当前AI发展如火如荼，AI数据中心等基础设施加速扩建，不断催生高端PCB需求， 高端PCB呈现量价提升趋势。生益电子作为国内领先PCB厂商，凭借出色的技术实力和深厚的客户资 源，已在AI服务器和高端交换机等领域实现持续突破，在AI高景气背景下，公司经营业绩有望迎来快 速提升，预计公司2025-2027 年EPS 分别为2.01元、2.83元和3.73元，对应2025年12月25日收盘价PE 分 别为49.7倍、35.4倍和26.8倍，首次覆盖给予"推荐"评级。 ...

首创证券研报指出，胜宏科技深耕PCB行业20多年，根据Prismark数据，公司在全球PCB厂商中排名第 六，在中国大陆内资PCB厂商中排名第三。公司在高多层及HDI领域积累深厚，已打入全球头部客户供 应链。根据Prismark预测，PCB市场规模将从2024年的735.65亿美元增长至2029年的946.61亿美元，五年 复合增长率为5.2%。公司积极扩产，把握AI带来的高端PCB需求。为巩固公司在全球PCB行业的地位， 强化在AI算力、AI服务器等领域的优势。公司凭借在高多层和HDI领域的提前布局，有望把握AI带来的 成长机会。首次覆盖，给予"买入"评级。 ...

崇达技术（002815.SZ）12月22日在投资者互动平台表示，公司重点布局的高端PCB产能，如珠海二厂 的新增产能，主要供应给AI服务器、通讯领域的客户。目前已与中兴、新华三（H3C）、云尖、宝德、 浪潮等国內多家主流服务器厂商建立了合作关系，产品应用于服务器主板、GPU等。同时，公司在海外 大客户的导入工作正按计划推进，并已启动泰国工厂建设以提升全球服务能力。感谢您的关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司重点布局的高端PCB产能供应给谁？目前拓展了哪 些客户？ ...

证券研究报告 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 《"朱雀三号"首飞在即，推动卫星通信行业 发展》2025-12-01 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业研究 / 行业点评 2025 年 12 月 21 日 行业及产业 电子 TPU 需求上涨带动 Google 产业链发展 ——电子行业周报（2025/12/15-12/19） 本周（2025/12/15-12/19）本周 SW 电子行业指数（-3.28%），涨跌幅排名 31/31 位， 沪深 300 ...

格隆汇12月15日｜中银证券研报指出，深南电路发布限制性股票激励计划（第二期）（草案），彰显定 力决心，公司AI算力及存储下游景气延续，维持公司"买入"评级。本次激励计划拟向激励对象授予 1516.17万股股票，约占本激励计划签署时公司股本总额2.27%，授予价格为114.72元/股，激励对象为董 事、中层管理人员及核心骨干，合计667人。若按授予价格计算，授予对象全部购买限制性股票后，公 司将收到17.39亿现金，股本增加1516.17万元，资本公积增加17.24亿元，实施本激励计划公司应确认的 管理费用预计为11.60亿元，将在有效期内摊销。公司AI+存储景气延续，公司2025前三季度创佳绩；持 续加码高端PCB产能，产能释放打开供给空间。 ...

Core Insights - The AI server hardware is undergoing a significant design upgrade driven by GPUs and ASICs, with new platforms from NVIDIA and AMD expected to enhance computing power and cabinet density by 2026 [1][4] - The demand for AI servers is surging, with NVIDIA's platform projected to see cabinet demand more than double from approximately 28,000 units in 2025 to at least 60,000 units in 2026 [2] - The transition to advanced cooling and power solutions is essential as GPU power consumption increases, leading to a complex engineering system for future AI data centers [4][5] AI Server Demand - The demand for AI servers continues to rise, with NVIDIA's platform expected to see cabinet demand increase significantly [2] - AMD's Helios server rack project is also making progress, further intensifying the market demand for advanced AI hardware [2] NVIDIA AI Server Roadmap - NVIDIA's upcoming AI server platforms include the GB300 and Vera Rubin series, with increasing power consumption from 700W for H100 to 3700W for the upcoming VR200 platform [4][22] - The GB200 platform is currently the core driver of the AI server market [3] Supply Chain and Production - Major ODM manufacturers like Hon Hai, Quanta, Wistron, and Wiwynn are key suppliers for NVIDIA's AI server cabinets, with Hon Hai leading in production [10] - Hon Hai's AI server cabinet shipments increased by 300% quarter-over-quarter, with expectations to exceed NT$1 trillion in revenue by 2025 [10] Revenue and Market Share - In November, Quanta, Wistron, and Wiwynn reported record monthly revenues, with significant year-over-year growth [12] - By 2025, Hon Hai is expected to capture over 40% of the AI server market share, with GB200 and GB300 platforms dominating shipments [12] Industry Upgrades - The shift to NVIDIA's GB300 and Vera Rubin platforms represents a new cycle in AI hardware, prompting a reevaluation of supply chain components [13] - The power supply and cooling systems are undergoing significant changes to accommodate the increasing power demands of AI workloads [14][16] Power Supply Innovations - NVIDIA's Kyber power supply strategy aims to redefine data center power architecture, with projected values for Rubin Ultra cabinets expected to exceed ten times that of current GB200 cabinets by 2027 [16] - The transition to 800V DC power solutions is critical for meeting the demands of modern AI data centers [14][16] Cooling Solutions - NVIDIA's cooling technology is evolving from air cooling to liquid cooling solutions to manage the rising thermal demands of high-performance GPUs [17][22] - The value of cooling components for AI servers is expected to increase significantly, with projections indicating a 17% rise for the next generation of cooling modules [22] PCB Demand Surge - The upgrade of AI servers is driving a surge in demand for high-end PCBs, with manufacturers increasing production capacity for advanced multi-layer boards [23][24] - The market for high-end PCBs is expected to grow significantly, with prices for advanced boards potentially doubling due to increased complexity [23] CSP Capital Expenditure - Major cloud service providers (CSPs) are ramping up capital expenditures to support the growing demand for AI infrastructure, with projected increases in spending for 2025 and 2026 [26][29] - The total capital expenditure for the eight major CSPs is expected to exceed $600 billion in 2026, reflecting strong long-term growth potential in AI infrastructure [26][29]

Core Viewpoint - The stock of Chaoying Electronics (sh603175) reached its daily limit with a price of 75.2 yuan, reflecting a 10.01% increase, driven by low issuance P/E ratio, revenue growth, and opportunities in the AI industry [1][2]. Group 1: Financial Performance - Chaoying Electronics reported an issuance P/E ratio of 28.64, significantly lower than the industry average of 60.52, indicating strong valuation appeal [2]. - The company's revenue grew by 10.71% year-on-year, primarily due to increased demand in the communication and storage sectors, leading to an expansion in business scale [2]. - Total assets increased by 10.74%, with current assets rising by 20.31%, showcasing a trend of business expansion [2]. Group 2: Market Dynamics - The recent surge in AI technology is driving demand for high-end PCBs, with Chaoying Electronics being a leading player in automotive electronic PCBs, which are widely used across various sectors [2]. - The company's main board listing provides liquidity premium, aiding in long-term value discovery, while the commitment to stabilize stock prices through a repurchase clause enhances market confidence [2]. - On November 3, 2025, the company was included in the "Dragon and Tiger List," with a trading volume of 9.56 billion yuan, indicating significant participation from speculative funds, which may have contributed to the stock price increase [2]. Group 3: Technical Analysis - The influx of speculative funds may have led to a breakout above key resistance levels, attracting further attention from investors [2]. - Although technical indicators were not mentioned in the announcement, the capital inflow likely contributed to the stock's strong short-term performance, resulting in the limit-up movement [2].

Core Viewpoint - The company is focusing on high-end PCB products for advanced sectors such as aerospace and medical devices, aiming to enhance its core competitiveness in emerging technologies like AI and new energy vehicles [1] Group 1: Industry Focus - PCB products serve as critical components in aerospace and medical equipment, providing essential support for related devices and control systems [1] - The company plans to actively expand its customer base in cutting-edge fields including AI servers, AI computing cards, AI phones, AIPC, smart driving, new energy vehicles, and next-generation communication technologies [1] Group 2: Future Plans - Despite the current low revenue contribution from high-end sectors, the company intends to prioritize the development and expansion of its high-end PCB product offerings in the future [1]