Investment Rating - The report maintains a rating of "B" for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 3.69%, although it underperformed compared to the ChiNext index, which rose by 2.17% [2]. - The AI server market is experiencing rapid growth driven by increasing computational demands, with the global AI server market projected to reach USD 158.7 billion in 2025, up from USD 125.1 billion in 2024 [5]. - The report highlights investment opportunities in high-frequency and high-speed copper-clad laminate materials due to the evolving requirements of AI servers [5]. Market Performance - The new materials sector saw significant gains, with various sub-sectors performing well: - Semiconductor materials increased by 8.99% - Electronic chemicals rose by 8.84% - Biodegradable plastics grew by 5.95% - Industrial gases increased by 4.48% - Battery chemicals rose by 5.15% [18][2]. Price Tracking - Amino acids prices showed a downward trend, with valine at CNY 13,100 per ton (-2.60%) and tryptophan at CNY 42,500 per ton (-2.30%) [29]. - Biodegradable plastics prices remained stable, with PLA (FY201 injection grade) at CNY 17,800 per ton [33]. - Industrial gases prices varied, with oxygen priced at CNY 483 per ton (+10.27%) and nitrogen at CNY 503 per ton (-1.18%) [37]. Investment Recommendations - The report suggests focusing on companies such as Shengquan Group, Dongcai Technology, and Zhongcai Technology, which are positioned to benefit from the demand for high-frequency and high-speed copper-clad laminate materials [5].

报告导读： DeepSeek-V3.1 正式发布， 使用了 UE8M0 FP8 Scale 的参数精度，针对 即将发布的下一代国产芯片设计，下游需求发展加速新材料国产化替代。 投资建议： 1 ）半导体 DeepSeek-V3.1 正式发布， 使用了 UE8M0 FP8 Scale 的参数精度， UE8M0 FP8 Scale 针对即将发布的下一代国产芯片设计。 我们认为随着下游需求加速发展，有望实现新材料国产化替代。 2 ）高频高速覆铜板方面， 随着云计算、 AI 等新兴科技发展， AI 服务器及 X86 服务器需 求激增，带动高性能覆铜板需求。国内覆铜板企业正处于加快中高端领域的产能投放过程中， PCB 材料下游客户业绩实现快速增长。电子级马来酰亚胺树 脂、聚苯醚树脂、电子级碳氢树脂、活性酯固化剂树脂，将在高速通讯电路板、半导体封装用基板中得到广泛使用。 3 ）固态电池方面 ， 固态电池拥有高能 量密度和高安全性两大显著优势，成为新能源汽车高端车型和低空 eVTOL 的动力供给首选。我们认为随着新兴应用需求快速发展，高端新材料实现进口替 代。 新闻： 1 ）根据中国化工信息杂志， 2027 年海南省石化新材 ...

Group 1 - The establishment of Beijing Jingzhi Sensor New Materials Company by Jinghua New Materials focuses on flexible multi-modal sensors for applications in robotics, medical, and consumer electronics [2] - The demand for high-performance copper-clad laminates is increasing due to the growth of cloud computing and AI technologies, leading to rapid growth in the performance of downstream PCB material customers [2] - Solid-state batteries are becoming the preferred power source for high-end electric vehicles and low-altitude eVTOLs due to their high energy density and safety [2] Group 2 - According to SEMI, global silicon wafer shipments are projected to reach 3.327 billion square inches in Q2 2025, representing a 9.6% increase from 3.035 billion square inches in the same period of 2024 [3] - The global robotics market is expected to exceed $400 billion by 2029, with China accounting for nearly half of the market and leading with a compound annual growth rate of nearly 15% [3] Group 3 - Jingrui Electric Materials decided not to lower the conversion price of "Jingrui Convertible Bonds 2" during its recent board meeting [4] - LeKai Film has completed the construction of its TAC film production line and is currently in the trial production phase [4] - Zhengdan Co. reported a revenue of 1.429 billion yuan for the first half of 2025, a year-on-year increase of 3.37%, with a net profit of 630 million yuan, up 120.35% [4]

Core Viewpoint - The rapid development of emerging technologies such as AI, 5G communication, new energy vehicles, and the Internet of Things is driving significant growth in the PCB industry, which in turn is increasing the demand for upstream PCB materials [1][7]. Group 1: Industry Trends - The PCB industry is experiencing high demand due to advancements in AI and communication technologies, leading to increased performance requirements for PCB products [1]. - High-frequency and high-speed copper-clad laminates are essential for applications in base stations, satellite communications, and automotive radar systems [1][4]. - The demand for low dielectric constant (Dk) and low dielectric loss factor (Df) materials is critical for effective signal transmission in high-frequency environments [1][9]. Group 2: Material Types and Applications - Common high-frequency materials include modified epoxy, PTFE, and PCH, each with specific applications in high-frequency and high-speed PCBs [5][6]. - PTFE is preferred for high-frequency substrates due to its superior dielectric properties, especially in applications exceeding 30GHz [3][5]. - High-speed materials focus on minimizing dielectric loss (Df), with applications in computers, servers, and communication electronics [4][6]. Group 3: Future Demand and Supply Chain - The global AI server shipment is expected to grow by 46% in 2024, driven by strong demand from major cloud service providers, which will boost the need for high-frequency and high-speed copper-clad laminates [7][9]. - The supply chain for AI servers is projected to remain stable, with an anticipated growth of nearly 28% in 2025 under basic scenarios [7]. - The shift towards low Dk/Df resin materials is essential to meet the bandwidth and transmission speed requirements of 5G and future 6G technologies [9][10]. Group 4: Environmental and Regulatory Factors - The industry is facing increasing pressure to transition to halogen-free flame retardants due to stringent environmental regulations, which will necessitate significant changes in material formulations [10][10]. - The demand for lightweight and high-performance materials is growing, particularly in the context of miniaturization and integration in consumer electronics [9][10]. Group 5: Upcoming Events and Forums - The "2025 DT New Materials Polymer Industry Annual Conference" will focus on the latest developments in electromagnetic materials, including high-frequency and high-speed PCB substrates [14][15]. - The conference will feature discussions on the integration of new materials in various applications, including 5G/6G communication and new energy vehicles [14][15].

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 算力升级拉动电子原材料需求增长图解及测算 图表:算力升级拉动电子上游原材料需求增长图解 图表:服务器升级对PPO树脂及对应硅攒粉需求拉动测算 | | | | | 项目 2022E | 2023E | 2024E | | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科技浪潮 | | AI快发展 | | AI服务器(万台) 12 | 15 | | 34 | 54 | | | | 算力要求提高 | PPO树脂(吨) | 194 | 248 | | 537 | 861 | | | | | Low Df球硅(吨) | 117 | 149 | | 322 | 516 | | 终端应用 | AI服务器官求增长 | CPU服务器架构升级 | 数据中心网络架构造代 | | | | | | | | | | PCIE5.0 ...