CCL 迎涨价潮，持续关注 AIPCB 上游 材料机会 ——电子行业观点报告 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 电子 日期: shzqdatemark [Table_Author] 分析师: 方晨 Tel: 021-53686475 2025年08月22日 | E-mail: | fangchen@shzq.com | | --- | --- | | SAC 编号: | S0870523060001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -6% 3% 13% 22% 32% 42% 51% 61% 70% 08/24 10/24 01/25 03/25 06/25 08/25 电子 沪深300 证 券 研 究 报 告 行 业 动 态 ◆CCL 迎来涨价潮，建滔积层板发布涨价函，宏瑞兴、威利邦等厂商跟 进。 近日建滔积层板发布涨价函，宣布 8 月 15 日起，CEM-1/ 22F/V0/HB/FR-4 等产品，每张涨价 10 元。同日二线厂商也发布涨价 函，威利邦因铜价上涨，8 ...

Summary of Key Points from Conference Call Records Industry Overview - The semiconductor industry, particularly the chip SoC sector, is experiencing strong downstream demand with stable prices and healthy inventory levels. [1][3] - The passive components sector, specifically supercapacitors, is benefiting from increased demand due to advancements in AI technology, particularly with Nvidia's GV300. [11] Company-Specific Insights Jinchen Co., Ltd. - Jinchen Co., Ltd. reported Q2 revenue of 1.8 billion, a year-on-year increase of 10% and a quarter-on-quarter increase of nearly 20%. Net profit exceeded 300 million, with a year-on-year growth of 30% and a quarter-on-quarter growth of 60%. The gross margin reached 37.2%. [1][4] - Approximately 70% of Jinchen's products are exported, leading to a relatively relaxed competitive environment. The company is launching new products, including 6nm chips and WiFi router chips, which are expected to enhance profitability. [5] Ruikeda - Ruikeda's high-voltage connector business is benefiting from the electrification of vehicles, with profits and revenues stabilizing and recovering. The company has entered the optical communication field through a joint venture, with optimistic prospects for AEC orders starting in the second half of the year. [6][7] Cambrian - Cambrian is accelerating domestic substitution in the AI chip market, planning to raise 3.985 billion for the development of large model chip platforms. The company reported Q1 revenue of 1.1 billion, a year-on-year increase of 42 times, and expects 2025 revenue to reach 6-8 billion. [17][18][19] Market Dynamics Optical Film Industry - The optical film market is significant, accounting for approximately 12%-13% of semiconductor materials, with a total market size exceeding 20 billion. However, the domestic substitution rate is low, with less than 5% in the semiconductor sector. [8][9] Supercapacitor Market - The global supercapacitor industry is projected to grow at a compound annual growth rate of 25%, with the Chinese market expected to exceed 40 billion by 2030. Domestic companies like Jianghai and Yuanli are positioned to benefit from this growth. [11][12] Investment Trends - Domestic companies are increasing investments in the optical film sector, with Hefei Jingmei Semiconductor planning a total investment of 12 billion. Other companies like Guanshi Technology and Luwei Optoelectronics are also ramping up investments. [9][10] - The CCL (Copper Clad Laminate) industry is seeing a surge in demand, with companies like Shengyi Technology reporting significant revenue and profit growth. [13][15] Conclusion - The semiconductor and related industries are poised for growth, driven by technological advancements and increasing domestic substitution. Companies like Jinchen, Ruikeda, and Cambrian are well-positioned to capitalize on these trends, while the optical film and supercapacitor markets present significant investment opportunities. [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]

Core Insights - The core viewpoint of the article is that淡水泉投资 (Fountainhead Investment) is optimistic about the second half of 2025, focusing on three structural investment opportunities: the revaluation of quality Chinese assets, the globalization of advantageous industries, and technological self-sufficiency [2][7]. Market Performance Overview - Since late September last year, risk appetite in the A-share and Hong Kong markets has been rising, with structural opportunities emerging despite limited overall index volatility [3]. - The market has shown a "dumbbell" distribution of investment opportunities, with value dividend assets performing relatively poorly this year, while emerging growth assets have experienced rapid rotation [3]. - Economic indicators show that while government efforts to stabilize growth are ongoing, confidence among businesses and consumers still needs improvement [3]. Global Perspective - The loosening of the "American exceptionalism" narrative may lead to a global capital rebalancing, with investors regaining enthusiasm for stock markets across the U.S., Europe, and emerging markets [4]. - Global fund allocation to Chinese markets has stabilized after a decline since 2021, with future overseas capital inflows dependent on the certainty of China's economic recovery [4]. Investment Gains and Losses -淡水泉 acknowledged capturing investment opportunities in certain areas but also missing some due to strict research criteria [5]. - The firm successfully identified new consumption opportunities with overseas characteristics but missed some domestic demand-driven opportunities due to high weight requirements for overseas exposure [5]. - In the technology sector, the first quarter was driven by AI confidence, while the second quarter saw a return to overseas computing power themes [6]. Structural Investment Opportunities -淡水泉 identified three main structural opportunities for the second half of the year: revaluation of quality Chinese assets, globalization of advantageous industries, and technological self-sufficiency [7]. - The firm also highlighted the importance of marginal improvements in fundamentals and incremental policies as potential catalysts for economic-sensitive assets [7]. Sector-Specific Insights - In the automotive sector, opportunities are concentrated in high-end, intelligent, and export-oriented segments, with domestic brands experiencing a golden period of growth [9]. - The firm sees significant potential in the AI industry, focusing on overseas computing power, domestic computing capabilities, and AI application fields [8]. Conclusion -淡水泉's analysis indicates a cautiously optimistic outlook for the second half of 2025, emphasizing the need for quick responses to external changes while capitalizing on identified structural opportunities [7][8].