CTE 布：载板链条涨价+CPU 加单 20260201 摘要 AI 发展驱动电子级玻纤布需求激增，GPU 服务器中 T 波布用量远超手机， AI 服务器对 HBM、SSD 等需求增加，进一步推高玻纤布需求，预计玻 纤布价格上涨趋势将持续。 红河计划第一期玻纤布涨价 20%，美松面临日东纺涨价压力。日东纺计 划 2026 年底完成扩产，预计 2027 年 Q1 量产，扩产后总产能预计增 加三倍，但具体分配比例尚未明确。 GPU 对 ABF 载板需求显著增加，Intel 提前预订订单，Uni Micro 和芯 恩电子全年订单增加 30%。NVIDIA AI 服务器大量使用 ABF 材料，推 动 ABF 材料需求爆发。 ABF 材料市场由日本企业主导，阿基诺摩托公司近乎垄断。英伟达和英 特尔积极扩展 ABF 产能，据悉产能已排到 2027 年，表明 ABF 材料仍 供不应求。 AI 发展显著影响存储器市场，AI 服务器内存条需求是普通内存条的四倍。 HBM 依赖 ABF 材料，3D NAND Flash 使用 BT 材料，预计 2025 和 2026 年全球存储器市场分别增长 35%和 25%。 Q&A 最近载板 ...

缺 CTE 布吗？20260116 摘要 AI 芯片需求激增导致高端波纤布（low CTE 布）需求大幅增加，挤压了 消费电子客户的供应，AI 和消费电子在 low CTE 布方面存在竞争。 2024 年中 Blackberry 架构对材料模组和 CTE 提出更高要求，2024 年 11 月 COWOS 封装供不应求，2025 年 3 月至 4 月台积电客户和苹果均 需要大量 CTE，2025 年 7 月至 8 月下游基板交付周期被拉长，CO-OP 工艺加剧 CD1 部件需求紧张。 全球仅三家可供应 AI 芯片方向所需的 CD1 部件，中大科技是其中之一。 英伟达争取日东纺供应，苹果评估其他供应商，顶级消费电子厂家与顶 级 AI 芯片厂家争夺产能。 台积电通过台玻公司的 NV 认证，使其成为第二供应链，部分缓解紧缺。 中材科技和宏和科技被认为能够生产 CD1 部件，可能成为未来补充全球 产业链的重要力量。 台积电将资本开支从 410 亿美元增加至 560 亿美元，表明其对未来产 能扩展持积极态度，短期内将推动整个算力相关板块的发展。 Q&A T 克拉斯（CTE）主要应用在哪些领域，为什么会出现供应紧缺？ T ...

Summary of the Conference Call for ShenNan Circuit Company Overview - ShenNan Circuit is a leading domestic PCB supplier, particularly in the AI PCB sector, with significant experience in the power supply segment of AI servers and has achieved substantial shipments to overseas core ASIC customers [2][3] Financial Performance - In Q2 2025, the company reported a profit of 890 million RMB, exceeding expectations of 800 million RMB, driven by AI-related demand in the PCB business and a high demand for packaging substrates [2][5] - The company anticipates a profit exceeding 4 billion RMB by 2026, with a valuation higher than peers due to its strong performance in the packaging substrate business [4][15] Business Segments - The main business segments include: - PCB: 60% of revenue, serving data centers, communications, automotive electronics, industrial control, and military sectors [10] - Packaging Substrates: 20% of revenue, primarily BT substrates, with ABF substrates also showing growth [10][12] - Electronic Assembly: 15-20% of revenue, related to SMT services [10] AI PCB Business Impact - The AI PCB business is expected to significantly contribute to the company's performance starting in 2024, focusing on wired communication devices such as optical modules, switches, and routers [9][2] - The company has established a strong position in the AI power supply segment, particularly in the three-stage power supply architecture for servers, which has high gross margins [14] Expansion Plans - ShenNan Circuit is actively pursuing expansion plans in: 1. Thailand: New products expected to launch in the second half of the year [7] 2. Nantong: Four-phase expansion focusing on high-end HDI and multilayer products [7] 3. Shenzhen: Upgrading equipment and capacity for high-end HDI and multilayer products [7][6] Market Position and Client Base - The company has a strong presence in both domestic and international markets, serving major clients in the optical module sector and achieving significant shipments to overseas ASIC customers [3][11] - Key clients include major tech companies like Google and Amazon, with expectations of onboarding Meta as a significant customer by 2026 [11] Industry Trends and Competitive Advantages - The PCB industry is experiencing a supply-demand imbalance, particularly for high-layer and HDI PCBs related to AI [16] - ShenNan Circuit's advantages include a broad product range, extensive experience in high-end technology, and strong relationships with leading North American clients [16][17] Conclusion - ShenNan Circuit is positioned for growth with its strategic focus on AI PCB, robust financial performance, and ongoing expansion efforts, making it a noteworthy investment opportunity in the PCB sector [17]