研究早观点 2025 年 12 月 19 日 星期五 市场走势 【行业评论】通信：周跟踪（20251208-20251214）-博通财报验证 ASIC 景气度，长 12 甲有望再挑战可回收任务 【山证新材料】PCB 材料行业报告-乘 AI 之风，PCB 材料向高频高速 升级 资料来源：常闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,876.37 | 0.16 | | 深证成指 | 13,053.97 | -1.29 | | 沪深 300 | 4,552.79 | -0.59 | | 中小板指 | 7,902.79 | -1.12 | | 创业板指 | 3,107.06 | -2.17 | | 科创 50 | 1,305.97 | -1.46 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 【今日要点】 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【行业评论】通信：周跟踪（20251208-2 ...

Core Insights - The domestic PCB market is projected to grow from $41.213 billion to $49.704 billion from 2024 to 2029, with a CAGR of 3.8% [1] - The fastest-growing downstream sector for PCBs is servers/data storage, expected to have a CAGR of 11.6% during the same period [1] Group 1: PCB Market Growth - The demand for PCBs is driven by explosive growth in computing power, particularly in AI servers and switches, which require higher performance [1] - The requirements for PCB materials are evolving, with a focus on low Dk/Df properties for core materials like resin, fiberglass, and copper foil [1] Group 2: Resin Demand and Supply - PPO and hydrocarbon resins are ideal for high-frequency and high-speed applications, with expected global demand reaching 4,558 tons and 1,216 tons by 2025, reflecting year-on-year growth of 41.89% and 41.62% respectively [2] - Major global suppliers of PPO and hydrocarbon resins include Sabic, Asahi Kasei, and Mitsubishi Gas, while domestic companies like Dongcai Technology and Shengquan Group are rapidly improving their product performance and production capabilities [2] Group 3: Low-DK Electronic Fabrics - Low-DK electronic fabrics are essential for M7 and above CCL, with the market expected to reach $2.3 billion by 2033, growing at a CAGR of 7.50% from 2024 to 2033 [3] - The supply of low-DK electronic fabrics is concentrated among Japanese, Taiwanese, and domestic companies, with domestic firms accelerating their production capabilities [3] Group 4: HVLP Copper Foil - HVLP copper foil is a core material for high-frequency PCBs, with a projected market growth from $2 billion to $5.95 billion between 2024 and 2032, achieving a CAGR of 14.6% [4] - The high-end copper foil market is currently dominated by Japanese and Korean companies, but domestic firms like Defu Technology and Tongguan Copper Foil are making significant advancements [4] Group 5: Key Companies - Notable companies to watch include Shengquan Group (605589.SH), Dongcai Technology (601208.SH), Zhongcai Technology (002080.SZ), Honghe Technology (603256.SH), International Composite Materials (301526.SZ), Defu Technology (301511.SZ), Tongguan Copper Foil (301217.SZ), and Longyang Electronics (301389.SZ) [5]

格隆汇12月5日丨金禄电子(301282.SZ)在投资者互动平台表示，公司有生产高频高速PCB，但不生产覆 铜板产品。 ...

Core Viewpoint - The article emphasizes the critical role of high-frequency and high-speed PCBs in various applications such as AI, high-speed communication, data centers, and consumer electronics, highlighting their performance stability and reliability as key factors for system signal integrity and operational efficiency [1]. Upstream, Midstream, and Downstream Summary - Upstream: Material suppliers provide high-performance substrate materials, where key parameters like dielectric constant (Dk/Df) and copper foil surface roughness (SR) directly impact PCB signal transmission performance [2]. - Midstream: PCB manufacturers utilize the supplied materials to produce multilayer high-frequency and high-speed circuit boards, catering to complex application demands through advanced manufacturing processes [2]. - Downstream: End customers integrate high-frequency and high-speed PCBs into various electronic devices, including AI servers, data centers, communication equipment, and smart terminals [2]. Key Testing Indicators for High-Speed PCBs - The main testing projects for PCBs include frequency domain S-parameters, time domain impedance, rise time, skew, eye diagrams, and material characteristics, which collectively assess transmission performance, impedance characteristics, timing characteristics, and signal integrity [3]. S-Parameter Testing - S-parameter testing is a routine evaluation method for high-speed PCBs, allowing designers to assess transmission and reflection performance, with a particular focus on insertion loss performance indicated by Sdd21, which reflects signal attenuation during transmission [5]. Time Domain Impedance Testing - Time domain impedance testing is crucial for evaluating the impedance characteristics of high-speed PCBs, providing insights into transmission line characteristics and impedance matching [8]. Rise Time and Skew Testing - Rise time testing measures the signal's rise time, reflecting transmission speed and response time, while skew testing measures the time delay differences between different signal lines, assessing signal synchronization and timing accuracy [10]. Eye Diagram Testing - Eye diagram testing is essential for evaluating signal integrity in high-speed PCBs, allowing for the observation of noise, jitter, and distortion issues [12]. Dk/Df Testing for PCB Copper Clad Materials - Dk (dielectric constant) and Df (loss factor) testing of PCB copper clad materials are vital for assessing dielectric performance and energy loss characteristics, with common measurement methods including resonant cavity methods [14]. De-embedding Applications and Methods - De-embedding is crucial for accurate PCB testing, as it eliminates the influence of fixtures on the test results. Various de-embedding methods are employed, including basic de-embedding, advanced time-domain de-embedding, and specialized methods like TRL and Delta-L [16][18]. New Challenges and Testing Requirements - The testing of high-frequency and high-speed PCBs faces new challenges due to the continuous development of high-speed technologies, necessitating comprehensive consideration of material properties, signal integrity, and compliance with standards [23][27]. Specific Challenges in High-Frequency Testing - The emergence of resonant issues in PCB lines at high frequencies and the need for improved de-embedding methods for frequencies exceeding 40GHz are highlighted, with ongoing research into Delta-L measurement solutions for 67GHz [24][26]. Conclusion - The industry must innovate and optimize testing solutions to meet the evolving demands of high-speed applications, ensuring that PCB designs comply with the requirements of 5G, AI, and supercomputing [27].

Core Insights - The global demand for AI computing power is experiencing unprecedented explosive growth, while the process of domestic substitution is accelerating [1] - The A-share market is witnessing significant development in three major technology sectors: computing power, CPO (Co-Packaged Optics), and PCB (Printed Circuit Board) [1] Group 1: Computing Power Infrastructure - Gansu Qingyang has successfully deployed a domestic 100,000-card intelligent computing cluster, utilizing a fully autonomous architecture and Ascend chips, marking a significant advancement in China's computing power infrastructure [1] - This achievement breaks international technological barriers and signifies a leap from "usable" to "optimal" computing power infrastructure [1] Group 2: CPO Technology - CPO technology integrates optical modules with chip packaging, significantly reducing signal transmission losses and greatly enhancing the energy efficiency and bandwidth of data centers and AI servers [1] - Morgan Stanley predicts that the CPO market will surge from $8 million in 2023 to $9.3 billion by 2030, with a staggering compound annual growth rate (CAGR) of 172% [3] Group 3: PCB Market - The PCB sector is also showing strong growth, driven by the rapid increase in AI inference demand, with applications in servers, switches, and optical modules [3] - Prismark forecasts that the AI server PCB market will achieve a CAGR of 32.5% from 2023 to 2028 [3] Group 4: Investment Opportunities - ZTE Corporation is actively pursuing a "computing power network" strategy, providing comprehensive ICT infrastructure solutions and has won multiple domestic intelligent computing center projects [4] - ZTE has collaborated with NVIDIA to develop a 51.2T CPO switch, setting a new industry record for single-chip bandwidth, which is already applied in Meta's data center [4] - Huada Technology, a leading AI server PCB supplier, has orders booked until 2026 and has made significant breakthroughs in 800G optical module PCB signal integrity [4] - Shengyi Technology, the second-largest copper-clad laminate manufacturer globally, holds over 20% market share in the high-frequency and high-speed CCL market and has achieved a 99.5% yield rate for 800G optical modules [5] - The company has also developed high thermal conductivity PCBs for liquid-cooled servers, successfully applied in the 100,000-card intelligent computing cluster in Qingyang [5] - The top potential stock, H3C, leads the domestic switch market and ranks among the top three globally in AI server shipments, having launched the 51.2T 800G CPO silicon optical switch [4][5]