特斯拉的储能业务并非孤立存在，而是与电动汽车、自动驾驶、人形机器人形成协同生态的关键一环。其核心产品矩阵覆盖家庭、商 业、电网三大场景，精准切入能源存储的全产业链： Powerwall ：面向家庭用户的储能明星，13.5 千瓦时的锂电池组可存储太阳能发电或电网低谷电价电能，不仅能在停电时提供应急 供电，还能通过虚拟电厂（VPP）模式将多余电力售回电网，实现能源套利。 从业绩表现来看，特斯拉储能业务已实现规模化增长：2022-2025 年电池部署量复合年增长率高达 91%，2024 年全球储能市场份额达 到 18%；毛利率从 2022 年的 7% 飙升至 2025 年的 30%，规模效应与成本优化成效显著，成为抵消电动汽车业务短期波动的 "压舱 石"。 为什么要特意提储能业务？ 新年开市第一天，在前5个最热的板块中，有3个都跟马斯克有关：Neuralink的脑机接口、SpaceX的商业航天和特斯拉的人形机器 人，必须得用"马斯克链"来形容这一波行情。 | 排名 | 板块名称 | 涨幅 | 热度 | | --- | --- | --- | --- | | 1 | 脑机接口 | 13.70% | 88.04万 | ...

国金证券研报指出，AI需求旺盛+上游原材料成本上升，覆铜板涨价有望持续。AI强劲需求带动PCB价 量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，四季度及明年业绩高增长有望持 续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。 消息面上，据报道，12月26日，建滔积层板发出涨价通知，表示目前铜价暴涨、玻璃布供应紧张，迫于 成本压力，将从当日起，对所有材料价格统一上调10%。值得注意的是，今年建滔积层板已多次涨价。 8月15日，建滔宣布旗下CCL全面涨价，每张板子调升人民币10元；12月1日，建滔因铜、玻璃布及化工 原材料价格大幅攀升发布调价公告，CEM-1/22F/V0/HB类产品价格上调5%，FR-4、PP类产品价格上调 10%。 建滔积层板(01888)涨超9%，截至发稿，涨9.08%，报13.46港元，成交额6220.97万港元。 ...

Core Insights - The report emphasizes that computing infrastructure will drive AI growth, focusing on the transformative "0 to 1" phase in the industry [1][3] - Storage price increases are expected to persist throughout 2026, with advancements in technologies like 4F2 and CBA becoming key development directions [1][3] - The consumer electronics sector faces both cost pressures and innovation opportunities, particularly with the emergence of edge AI chips [1][3] Investment Recommendations - The report suggests monitoring companies in various segments: - Computing: Cambrian, Haiguang Information, Moore Threads, and Muxi [3] - Advanced Manufacturing: SMIC and Huahong [3] - Advanced Packaging: Tongfu Microelectronics and Yongxi Electronics [3] - PCB: Shenghong Technology, Shenzhen South Circuit, and others [3] - Storage: Jiangbolong, Biwei Storage, and others [3] - Edge AI SoC: Amlogic, Hengxuan Technology, and others [3] - Autonomous Driving: Horizon Robotics and others [3] Industry Performance - The report notes that the semiconductor equipment and digital chip design sectors have shown significant revenue growth, with the semiconductor equipment sector achieving a 31% YoY increase [19][20] - The overall electronic industry saw a revenue increase of approximately 19% YoY, with net profits rising by 42% [19][20] - The Shenyuan Electronics Index outperformed the CSI 300 Index, with a growth of about 49.1% compared to 19.2% for the latter [14][15] AI Infrastructure and Market Trends - The demand for AI tokens has surged, with Google processing tokens reaching 1.3 trillion in October 2025, more than double the amount from May 2025 [26][27] - Major cloud service providers are increasing capital expenditures significantly, with North American firms expected to spend $34.96 billion in 2025, a 53% YoY increase [29][36] - The report highlights that the global storage market is projected to grow from $263.3 billion in 2025 to $407.1 billion by 2029, with a CAGR of approximately 11.5% [1][3] Challenges and Opportunities - The consumer electronics sector is expected to face an 8-10% increase in costs in 2025 and 5-7% in 2026 due to rising storage prices [1][3] - Domestic AI chip manufacturers are experiencing both opportunities and challenges, with significant revenue growth reported for companies like Haiguang Information and Cambrian [52][54] - The introduction of NVIDIA's H200 chip could create a "catfish effect," prompting domestic manufacturers to enhance their products and performance [54]

智通财经APP获悉，招商证券发布研报称，26年PCB产业链仍建议关注算力板、CCL及上游主材、设 备、AI端侧、国产替代等板块中长期的投资机会。该行总体认为，此轮AI驱动的科技创新上升周期将 持续更长时间且产生的市场需求也更广阔，目前海外CSP厂商对于26年的AI-Capex展望乐观，后续AI大 模型持续迭代升级以及更广泛的应用将不断打消市场"AI泡沫化"的疑虑，算力板块依旧是2026年Beta最 强的主线之一。AI持续推动行业对于高多层及高阶HDI的需求向上，国内PCB行业不断升级并加速扩充 高端产能、布局海外产能，板块业绩释放具备持续性和弹性空间。该行看好国内设备厂商在此轮由AI 驱动的产能升级下实现弯道超车。 招商证券主要观点如下： 25年AI基建加速部署，算力芯片及存储芯片两大核心领域形成"需求共振"，全球载板产能稼动率快速提 升。展望后市，AIGPU、ASIC新品、高端存储芯片拉货增长动能将延续至26年全年，上游LowCTE玻 布材料供给紧缺，供需缺口下将推动载板价格持续走高。国内载板厂商此轮将受益于载板价格上涨带来 的盈利能力回升，而高端ABF载板供给紧张将给陆厂切入国内外核心客户供应链绝佳的机会 ...

Group 1 - The PCB sector has achieved significant excess returns driven by AI demand and technological upgrades from major companies like Nvidia, Amazon, and Google, with a year-to-date increase of 150%, leading the electronic sub-sector [3][22] - In 2026, AI demand for PCB is expected to continue growing rapidly, with supply tightness persisting, particularly in high-end HDI and multilayer boards, as well as in domestic high-end substrate breakthroughs [3][6] - The overall PCB market is projected to grow from $849 billion in 2025 to between $940 billion and $980 billion in 2026, reflecting a robust growth trajectory [6][12] Group 2 - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand, despite anticipated weakness in mobile and automotive sectors in 2026 [5][12] - Inventory levels in Taiwan and mainland China have shown an upward trend, indicating increased stocking by downstream manufacturers due to strong AI demand [5][6] - The overall capacity utilization rate for PCB manufacturers in the second half of 2025 is between 93% and 97%, with optimistic order visibility extending beyond three months for leading manufacturers [6][12] Group 3 - The demand for high-end HDI and multilayer boards is rapidly increasing, with supply constraints and accelerated capacity expansion expected to benefit manufacturers with advanced technology [7][12] - The AI-driven trend is pushing for upgrades in PCB specifications, particularly in consumer electronics and automotive sectors, with a focus on innovations from companies like Apple and OpenAI [8][12] - The market for high-speed CCL is anticipated to grow significantly, with projections of around $8 billion in 2026 and a CAGR of 40% from 2024 to 2027 [9][12] Group 4 - The upstream materials for CCL, including copper foil, resin, and fiberglass cloth, are experiencing significant upgrades and supply tightness, driven by AI demand [10][12] - The equipment sector is expected to benefit from the expansion of PCB production, with high demand for advanced equipment driving rapid growth for domestic manufacturers [11][12] - The overall investment strategy for 2026 suggests focusing on sectors like computing boards, CCL, upstream materials, and domestic equipment manufacturers, as the AI-driven innovation cycle is expected to last longer and create broader market demand [12][12]

4 December 2025 | 1:54PM CST Equity Research TAIWAN TECHNOLOGY Expect solid AI PCB/CCL demand and positive pricing for CCL/PCB/Substrate in 2026E and beyond; marketing trip takeaways We have met with over 150 investors during the past two months (including our marketing trips in HK, SG and Taiwan), where investors remain positive on the PCB/CCL/Substrate industry, expecting a much better pricing and shipment environment. Key takeaways from our trips and industry trends suggest that solid AI demand and posit ...

Core Insights - The report suggests a high probability of an upward breakout in the market, leading to a cross-year rally, particularly due to anticipated positive economic policy adjustments from the upcoming political meetings [2][3] - The report emphasizes the importance of December as a strategic month for investment, with increased demand for equity funds expected due to the influx of new insurance premiums and favorable currency conditions [2][3] - The report identifies three main investment directions: infrastructure and real estate, service consumption, and self-sufficiency, with a focus on policy-driven adjustments [2][3] Investment Recommendations - The report lists a "golden stock" combination including companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, China Merchants Bank, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology [2][4] - Specific insights into Luxshare Precision highlight its strong position in the Apple supply chain and its potential for robust growth across various sectors, including automotive [8][9] - Shengyi Technology is noted for its leading position in the CCL market, with expectations for continued high-end product upgrades and significant growth potential [12][13] - Century Huatong is recognized for its innovative gaming strategies and strong market position, particularly with its successful game releases [17] - Zhongji Xuchuang is positioned to benefit from increasing overseas demand for optical modules, with a strong production capacity [17] - Haiguang Information is expected to see growth in its DCU chip business due to domestic project implementations [24] - China Merchants Bank is highlighted for its prudent management and strong asset quality, with expectations for recovery in performance as economic conditions improve [24] - Alibaba's cloud business is projected to grow significantly, driven by AI demand and a strong competitive position in the market [24] - Zijin Mining is anticipated to benefit from favorable commodity price trends, particularly in gold and copper [24] - Xingye Silver Tin is positioned as a leading silver producer with significant growth potential [20] - XGIMI Technology is expected to see revenue growth driven by market recovery and product innovation [20] Earnings Forecasts - Companies such as Luxshare Precision, Shengyi Technology, Century Huatong, Zhongji Xuchuang, Haiguang Information, Alibaba, Zijin Mining, Xingye Silver Tin, and XGIMI Technology are projected to achieve over 30% stable growth in earnings this year [5] Financial Metrics - Luxshare Precision is projected to have an EPS of 1.85 in 2024, with a net profit growth rate of 22.03% [6] - Shengyi Technology's EPS is expected to rise from 0.72 in 2024 to 2.03 in 2026, with a net profit growth rate of 49.37% in 2024 [7] - Century Huatong's EPS is forecasted to increase from 0.16 in 2024 to 1.11 in 2026, with a net profit growth rate of 131.51% in 2024 [7] - Zhongji Xuchuang is expected to see significant growth in EPS from 4.61 in 2024 to 17.24 in 2026, with a net profit growth rate of 137.93% in 2024 [7] - Haiguang Information's EPS is projected to grow from 0.83 in 2024 to 2.01 in 2026, with a net profit growth rate of 52.87% in 2024 [7] - Alibaba's EPS is expected to rise from 3.91 in 2024 to 5.82 in 2026, with a net profit growth rate of 9.93% in 2024 [7] - Zijin Mining's EPS is forecasted to increase from 1.21 in 2024 to 2.24 in 2026, with a net profit growth rate of 51.76% in 2024 [7] - Xingye Silver Tin's EPS is projected to grow from 0.86 in 2024 to 1.39 in 2026, with a net profit growth rate of 57.82% in 2024 [7] - XGIMI Technology's EPS is expected to rise from 1.72 in 2024 to 5.20 in 2026, with a net profit growth rate of -0.3% in 2024 [7]

Core Viewpoint - The stock of Kinsus Interconnect Technology Corp (01888) has seen a price increase, attributed to rising prices in the copper and fiberglass sectors, as well as the introduction of price hikes by competitors in the industry [1] Price Movements - Kinsus Interconnect Technology Corp's stock rose over 6% during trading, currently up 2.2% at HKD 11.61, with a trading volume of HKD 188 million [1] Industry Price Trends - Nanya Technology recently announced an 8% price increase for its entire series of CCL and PP, effective from November 20, driven by rising copper prices, copper foil processing fees, and fiberglass cloth costs [1] - Other manufacturers, including Shengyi and Nanya New Materials, initiated price hikes in October, which have been successfully implemented by November [1] Market Growth Projections - According to Industrial Research, AI copper-clad laminates are expected to drive a new wave of growth in the industry, with the market size projected to reach USD 2.2 billion by 2025, reflecting a 100% year-on-year growth [1] - By 2026, the market for AI copper-clad laminates is anticipated to grow to USD 3.4 billion, a 60% increase, driven by the release of ASICs and upgrades to M9 copper-clad laminates from Nvidia's new products [1] - The market is expected to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Viewpoint - The stock of Jiantao Laminates (01888) has seen a price increase, attributed to recent price hikes in CCL and PP by Taiwan's Nanya, effective from November 20, driven by rising costs of copper, copper foil processing fees, and fiberglass cloth [1] Group 1: Company Performance - Jiantao Laminates' stock rose over 6% during trading, currently up 2.2% at HKD 11.61, with a trading volume of HKD 188 million [1] Group 2: Industry Trends - Nanya has announced an 8% price increase for its entire range of CCL and PP, effective from November 20, following similar price hikes by other manufacturers like Shengyi and Nanya New Materials in October [1] - The AI copper-clad laminate (CCL) market is projected to be a key growth driver, with an estimated market size of USD 2.2 billion by 2025, reflecting a 100% year-on-year growth [1] - By 2026, the AI CCL market is expected to reach USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades to M9 CCL for new Nvidia products [1] - The AI CCL market is forecasted to grow to USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Summary of Conference Call Notes Industry Overview - **Industry**: Technology Hardware - Asia-Pacific, specifically focusing on ABF substrate and PCB markets - **Key Drivers**: Continued demand from datacenter investments, particularly in AI and compute sectors Core Insights 1. **Demand Growth**: - AI server demand is projected to grow by over 25% from CY25 to CY27, significantly impacting the ABF substrate market [1][2] - Server accelerators and GPUs are expected to be the main growth drivers, with their mix in demand projected at 32% in 2025, 36% in 2026, and 43% in 2027 [2][15] 2. **Supply and Demand Dynamics**: - An oversupply of 6% is expected in 2025, followed by undersupply of 1% in 2026 and 6% in 2027 [2][10] - Ibiden aims to increase its capacity for GPU package substrates to 1.4x by FY3/26 and 2.3x by FY3/28 [2] 3. **Company Ratings and Price Objectives**: - Price objectives for Unimicron, NYPCB, and Kinsus have been raised to NT$150, NT$130, and NT$110 respectively, while maintaining an Underperform rating due to competitive pressures [1][9] - Ibiden maintains a Buy rating due to its technological strength in the high-end market [1] 4. **Competitive Landscape**: - Taiwan companies are losing market share to Chinese competitors due to faster production ramp-up and aggressive capacity expansion [4] - Unimicron's share loss in NVIDIA is highlighted as a significant concern [4] 5. **Material Supply Insights**: - Ibiden does not foresee major supply issues into FY3/26 and plans to diversify supply in FY3/27 [3] - Non-NVIDIA customers are adapting to substrate supply from non-Japanese vendors [3] Financial Projections 1. **Earnings Estimates**: - Unimicron's 2026/27 EPS estimates have been raised by 9-10% and 2-8% respectively, reflecting a better margin outlook due to price hikes [1][22] - The gross margin for Unimicron is expected to improve to 19.9% by 2027, up from 18.7% [22] 2. **Comparison with Consensus**: - BofA's estimates for Unimicron are 2% to 4% below consensus for 2026 and 2027 operating profit due to conservative gross margin assumptions [24][25] Additional Insights - **Technological Advancements**: The report emphasizes the importance of technological strength in maintaining competitive advantage in the high-end substrate market [1] - **Market Adaptation**: Non-NVIDIA customers are increasingly reliant on alternative supply sources, indicating a shift in the supply chain dynamics [3] This summary encapsulates the key points from the conference call, focusing on the industry dynamics, company performance, and financial projections.