Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The AI wave is driving higher value consumption in CCL (Copper Clad Laminate) materials, with a focus on M9 material upgrades and four main lines of development [4][8] - The demand for high-performance electronic materials is expected to surge, particularly with the anticipated release of Nvidia's Rubin platform in 2026, which will require M9-level CCL using Q-glass [8][29] - The supply of high-performance electronic materials is facing constraints, particularly in Low Dk electronic cloth and HVLP copper foil, leading to a supply-demand imbalance [8][35] Summary by Sections CCL and Key Materials - CCL's cost structure shows that upstream raw materials account for approximately 90% of the total cost, with copper foil, resin, and glass fiber being the primary components [13][15] - The transition from M7 and M8 to M9 CCL is underway, with M9 expected to utilize high-performance Q-glass and HVLP4 copper foil as the next mainstream products [21][36] Electronic Cloth - The global low dielectric electronic cloth market is projected to grow significantly, with a compound annual growth rate (CAGR) of 23.8%, reaching approximately $1.94 billion by 2033 [24][26] - The industry is transitioning from first-generation to second-generation low dielectric cloth, with a notable shift towards Q-glass for M9 applications [29][30] HVLP Copper Foil - HVLP copper foil has evolved to HVLP4, which is expected to become the mainstream product for AI server applications by 2026 [41][44] - Major manufacturers like Mitsui and Jincheng are accelerating production to meet the high demand for advanced copper foil [42][44] Electronic Resins - The use of hydrocarbon resins in M9 is expected to increase significantly, with a ratio of 2:1 compared to PPO, enhancing the value of resin in M9 materials [45][48] - The market for hydrocarbon resins is currently dominated by overseas suppliers, but domestic companies are ramping up production capabilities [49][52] Fillers - The use of spherical silica powder is increasing, with a projected market size exceeding 61,685.97 tons by 2026, driven by the demand for high-speed substrates [53][56] - Liquid-phase preparation methods for silica are becoming the industry standard, meeting the requirements for M7 and above [53][54] Other Upstream Materials - Electronic-grade copper oxide powder is crucial for high-end PCB upgrades, accounting for about 6% of PCB costs [57][60] - The market for PCB-specific electronic chemicals is evolving towards higher-end products, with domestic suppliers increasingly replacing foreign ones [61][62]

【长江电子】 正交背板是否会取消？ 我们认为：正交背板依旧是Rubin-Ultra中确定性相对最强的通信方案 关于正交背板或将取消的讨论，主要源于背板方案几轮测试下来电信号测试和插损指标表现不佳，市场担心英伟 达会因为正交背板性能不达预期而直接取消。 我们了解到，正交背板目前是78层M9材料方案，而当前供应商正测试94层/104层方案，核心是通过增加层 【长江电子】 正交背板是否会取消？ 我们认为：正交背板依旧是Rubin-Ultra中确定性相对最强的通信方案 关于正交背板或将取消的讨论，主要源于背板方案几轮测试下来电信号测试和插损指标表现不佳，市场担心英伟 达会因为正交背板性能不达预期而直接取消。 我们了解到，正交背板目前是78层M9材料方案，而当前供应商正测试94层/104层方案，核心是通过增加层数而分 散线路，从而提升电路的阻抗性能与连接器的可靠性。 相较于密集布线，更宽松的布线能获得更快的信号速度和更小的干扰，不仅能提升传输速度，更能有效减少信号 干扰。 正交背板是否会推迟？ 我们认为：推迟风险较小、短期内PTFE材料难有突破、M9材料仍占主导地位 正交背板的推迟风险主要源自于M9材料和PTFE材料之 ...

NV Rubin 架构最新更新−上游材料 20260118 摘要 为降低成本和提高供应链稳定性，CPX 可能从 M9 材料降级到 M8，尽 管 M9 已完成测试，但因供应量和质量问题，CPH 也倾向于降级到 M8，以匹配成熟供应链。 中板设计仍以标准设计为主，搭配 PPF1 是趋势，但目前倾向于普通楼 梯间布或二代楼梯间布，减少客户应用问题。若电性能不足，则考虑 Q 布方案。 Switch Tree 模块评估从 HVRP4 转向 VIP3 等方案，以优化系统和降低 材料风险，设计仍有调整空间。材料降级后，通过调整铜箔或布料满足 电性能要求。 COUP 与 COAS 设计在材料用量上差异不大，主要影响封装基板而非 PCB 层数，关键在于线宽间距，需精密线路工艺，未来载体铜需求或增 加。 生益科技受益于台光问题，成为 NV 国内最大受益者，已小批量供货。 南亚新材重新送样测试，预计 2 月中旬完成验证。华正与权威合作进展 有限，重心在安全项目 PTS1 方案。 Q&A NV 目前的架构定型情况及 Rebate 的最新进展如何？ 目前 NV 的架构中，路炳基本上有几个是确定的，CPS 和 Switch 模块也已确 ...

（原标题：主力资金丨这6股尾盘获抢筹超亿元） 有色金属、基础化工、医药生物、电子行业主力资金净流入均超12亿元。 A股喜迎2026年开门红，重新站上4000点大关。行业板块呈现普涨态势，保险、医疗器械、医疗服务、船舶制造等板块涨幅居前。 据证券时报·数据宝统计，今日（1月5日）沪深两市主力资金净流出62.98亿元。从行业来看，申万一级行业中有12个行业主力资金净流入，其中有 色金属、基础化工、医药生物、电子行业净流入均超12亿元；银行、石油石化行业净流入均超5亿元；传媒、纺织服饰、食品饮料行业净流入均超 1亿元。 19个主力资金净流出的行业中，汽车、机械设备、通信行业净流出金额居前，均超20亿元；轻工制造、国防军工行业净流出金额均超10亿元。 从个股来看，蓝色光标、航天机电、东方财富、天际股份尾盘主力资金净流入金额均超2亿元，江丰电子、西测测试尾盘主力资金净流入金额均超 1亿元。 据数据宝统计，金风科技、长盈精密、新易盛、山子高科、航天发展、御银股份等个股尾盘主力资金流出居前。 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 校对：陶谦 8股净流入金额均超6亿元 从个股来看，57股主力资金净 ...

Market Performance - The A-share market opened strongly in 2026, with the Shanghai Composite Index rising 1.38% to 4023.42 points, marking a 12-day winning streak and reclaiming the 4000-point level [1] - The Shenzhen Component Index increased by 2.24% to 13828.63 points, while the ChiNext Index rose by 2.85% to 3294.55 points, and the STAR 50 Index surged by 4.4% to 1403.41 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,463.47 billion yuan, an increase of 5,011 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included brain-computer interfaces, innovative pharmaceuticals, insurance, storage chips, AI applications, military equipment, and non-ferrous metals [1] - Conversely, sectors such as Hainan Free Trade Zone, tourism and hotels, pork, steel, banking, and automotive showed weaker performance [1] AI and Storage Chip Developments - AI applications continued to strengthen, with stocks like Zhuoyi Information hitting the daily limit, and BlueFocus rising over 15% to reach a 10-year high [1] - The storage chip sector also saw significant gains, with stocks like Purun and Yunhan Chip City hitting the daily limit, and companies like Zhaoyi Innovation and Hengsuo rising sharply [2] - The demand for storage chips is expected to surge, with prices for DDR4 16Gb chips increasing by 1800%, DDR5 16Gb by 500%, and 512Gb NAND flash memory by 300% by 2025 [2] PCB and Military Sector Insights - The PCB sector experienced a rally, with stocks like Shenghong Technology and Shenzhen South Circuit achieving notable gains [2] - The military sector also saw upward movement, with stocks like Jianglong Shipbuilding hitting the daily limit and other military-related companies following suit [2] Analyst Perspectives - Citic Securities highlighted that balancing external and internal demand will be a major focus in 2026, with expectations for tax reforms and subsidies to stimulate domestic demand [3] - Huatai Securities noted that the positive sentiment from overseas Chinese stocks could influence investor behavior, although geopolitical issues may create short-term volatility [3] - CITIC Construction emphasized that post-holiday, investor risk aversion is likely to decrease, leading to a more proactive search for opportunities, supporting an upward trend in A-shares [3]

Core Viewpoint - The PCB sector is experiencing significant upward movement, with companies like Shenghong Technology and Shenzhen South Circuit achieving notable stock price increases due to anticipated demand for M9 materials in the coming years [1] Group 1: Market Performance - Shenghong Technology's stock rose nearly 10% [1] - Shenzhen South Circuit's stock increased nearly 5%, reaching a new historical high [1] - Other companies such as Fangbang Technology, Yibo Technology, Fangzheng Technology, Huadian Technology, and Shengyi Electronics also saw stock price increases [1] Group 2: Material Demand - Guojin Securities' research report indicates that Nvidia's Rubin PCB will start using M9 materials by 2026 [1] - The ongoing development of orthogonal backplanes is expected to significantly increase the demand for M9 materials [1] - Google's TPU products are also likely to adopt M9 materials, with other ASIC manufacturers expected to follow suit, leading to explosive growth in M9 material demand over the next three years [1]

国产算力迎来发展新机遇：国内云厂商资本开支尚有提升空间，腾讯、阿里、百度25Q3资本开支分别 为130亿元/315亿元/34亿元，分别同比-24%/+80%/+107%。国内云厂商也同步提升远期AI投入，阿里在 今年2月宣布未来三年投入3800亿元建设云和AI硬件基础设施，看好国产算力的AI芯片、存储芯片、先 进晶圆制造、交换芯片、光芯片等方向。 AI端侧看好苹果硬件及端侧AI创新及AI/AR眼镜产业链：全球AI大模型调用量正经历高速增长，行业 已进入规模化应用爆发期。苹果的AI战略是以硬件为本、端侧优先、强隐私保护。核心能力涵盖语言 文本、图片影像、跨应用操作、个人情景理解，其AI不是单一功能或大模型，而是深度嵌入操作系 统、芯片与应用生态的"个人智能系统"，基于个人情景实现跨app执行操作。AI/AR眼镜有望不断实现 技术突破和销量上升，看好SOC芯片、光学等核心环节。 风险提示： AI资本开支低于预期、AI端侧应用不达预期、存储芯片上涨影响电子硬件销量，存储及晶圆厂扩产低 于预期。 智通财经APP获悉，国金证券发布研究报告称，北美四大云厂商(微软、谷歌、Meta、亚马逊)资本开支 持续增长，并且对未来资 ...

Investment Rating - The report maintains a positive outlook on the AI industry chain and core computing hardware, with a focus on AI copper-clad boards, PCBs, semiconductor equipment, and domestic computing power benefiting from the AI sector [1][2][3]. Core Insights - The capital expenditure (CAPEX) of the four major North American cloud service providers (CSPs) continues to grow, with a positive outlook for future spending. The total CAPEX for Microsoft, Amazon, Google, and Meta reached $97.3 billion in Q3 2025, a year-on-year increase of 65% [1][13]. - The demand for AI computing power is expected to remain strong, driven by the increasing need for ASICs and GPUs. The global market for ASICs is projected to grow at a compound annual growth rate (CAGR) of 54% from 2025 to 2029 [1][41]. - The semiconductor equipment industry is poised for growth due to the expansion of storage capacity and the push for domestic control, with significant opportunities for domestic equipment manufacturers [2][3]. Summary by Sections Section 1: Continued Optimism for the AI Industry Chain - The high CAPEX of cloud providers is expected to be sustainable, with Microsoft, Amazon, Google, and Meta showing strong growth in capital expenditures [1][13]. - AI server demand is projected to increase significantly, with a 20% year-on-year growth expected in 2026, driven by CSP investments in AI infrastructure [1][34]. Section 2: Semiconductor Equipment Industry - The storage expansion cycle, combined with the need for domestic control, is expected to benefit the semiconductor equipment supply chain. The introduction of 3D DRAM technology and increased stacking layers in NAND will drive demand for advanced manufacturing equipment [2][3]. Section 3: Domestic Computing Power Opportunities - Domestic cloud providers have significant room for increased capital expenditure, with major players like Alibaba planning to invest $58 billion in AI hardware infrastructure over the next three years [2][3]. Section 4: AI Edge Applications and Hardware Innovations - Apple's AI strategy focuses on hardware integration and edge AI applications, with expectations for growth in AI/AR glasses and related technologies [3][3]. Investment Recommendations - The report suggests a favorable outlook for AI copper-clad boards, PCBs, core computing hardware, semiconductor equipment, and domestic computing power, anticipating continued growth in these sectors through 2026 [3].

Core Viewpoint - The article discusses the emergence of a new trend in the market, driven by advancements in AI technology, particularly focusing on the M9 material and the rising prices of optical fiber rods as key investment opportunities [1]. Group 1: Breakthrough in Quantity - The M9 material, essential for high-end computing substrates, is set to experience significant growth due to the deployment of Nvidia's Rubin architecture and Google's TPU products, expected to reach a tipping point by 2025 [1]. - Q fabric, a core component of M9 material, is facing an expanding supply-demand gap, with price expectations for domestic Q fabric projected to rise to 250-300 RMB per square meter by 2026, up from a previous estimate of 200-250 RMB [1]. - Core companies in this sector include China National Materials (leading domestic Q fabric producer) and Feilihua (leading quartz material company) [2]. Group 2: Price Recovery - The optical fiber market is undergoing a structural change driven by AI, with demand expected to grow significantly; global optical fiber demand is projected to reach approximately 600 million core kilometers by 2025, with AI-related demand increasing from 5% to 10% annually [3]. - The supply side is constrained by the production of optical rods, which are essential for fiber production and face high technical barriers, leading to a strong likelihood of price increases [4]. - Historical data shows that previous supply constraints led to significant price increases in the optical fiber market, indicating a potential for similar trends in the current AI-driven environment [5]. - Key companies in the optical fiber sector include Yangtze Optical Fibre and Cable (leading in optical fiber and rod production) and Hengtong Optic-Electric (integrated layout benefiting from both submarine cables and AI fiber demand) [5].

Summary of Conference Call on Q-Bu and Copper Foil Industry Industry Overview - The conference call primarily discusses the Q-Bu (modified carbon metal) and its application in the PCB (Printed Circuit Board) industry, particularly in the Ruby series products such as Service Tree, Meta Pando, and CPX [1][2]. Key Points and Arguments - **Performance Comparison**: Q-Bu outperforms PTFE solutions, but faces supply chain challenges. Two options are available: Doosan's easier-to-implement but lower-performance solution and Taiguang's superior performance but more complex processing solution [1][2]. - **Supply Chain Challenges**: The domestic supplier, Feilihua, dominates the market but has low yield rates. Improvements in furnace stability and capacity expansion are necessary. PCB manufacturers need to enhance drill performance to handle Q-Bu's hardness [1][4]. - **Production Timeline**: A decision on the mass production of Q-Bu in the Ruby series is expected by mid-January 2026. If the supply chain is not ready, applications may shift to Ultra backplanes [1][8]. - **Yield Rates**: The estimated yield rate for PCB manufacturers using Q-Bu is around 70%, influenced by raw material quality and drill consumption [7]. - **Market Dynamics**: 2026 is anticipated to be a year of accelerated Q-Bu penetration, with current high pricing expected to rise further. By 2027, increased competition may stabilize prices [24]. - **Material Requirements**: High-speed communication terminals have strict DKDF value requirements, necessitating advanced materials to ensure signal integrity [29]. - **Alternative Solutions**: The potential coexistence of Q-Bu and PTFE solutions is acknowledged, with both having their advantages and challenges. If supply chain issues are resolved, Q-Bu may see increased adoption [10]. Additional Important Insights - **Technological Developments**: The transition from third-generation to fourth-generation copper foil is deemed feasible to bridge performance gaps, but other factors like warping and flatness must also be addressed [25][27]. - **Investment Interest**: There is significant interest from manufacturers and investors in the PCB upstream sector, with many companies expanding capacity and developing related technologies [19]. - **Future Trends**: By 2026, various technological routes will coexist, with a clearer direction towards Q-Bu dominance expected by 2027 [37]. - **Supply Chain Security**: Concerns exist regarding Taiguang's potential market dominance affecting supply chain security, but NV is likely to maintain a dual-supplier strategy to mitigate risks [14]. This summary encapsulates the critical discussions and insights from the conference call, highlighting the current state and future outlook of the Q-Bu and copper foil industry.