根据沙利文研究数据，以销售收入计，全球PCB市场规模从2020年的620亿美元增长至2024年的750亿美 元，2020年至2024年期间的复合年增长率为4.9%。 AI服务器单台PCB价值量远高于传统服务器，高性能PCB的需求将大幅增长。 从材料角度考虑，低介电常数及低介质损耗因数的材料最合适，Q布性能远优于二代布，或颠覆原来玻 纤布原材料路线。 机构强烈推荐M9上下游及相关PCB厂商。 建滔积层板(01888)：建滔积层板今年上半年实现营业额95.88亿港元，同比增加11%；纯利9.33亿港元， 同比增加28%。此外，近期覆铜板涨价潮起，建滔、威利邦、宏瑞兴8月15日齐涨5—10元/张。开源证 券指出，2025H2公司覆铜板价格已率先调涨，PCB需求强劲或支撑价格刚性，下半年业绩表现有望受 益；2026年高端CCL及物料产能布局提速，AI期权有望步入兑现期，驱动估值中枢上移，实际报表贡献 或在2027年集中释放。 据相关产业消息，英伟达确定在新一代产品Rubin使用M9 材料，在明年下半年发售的Rubin系列中， CPX和midplace的PCB都将使用M9 CCL， 由于Q布（石英布/三代布）极度紧缺， ...

智通财经APP获悉，据相关产业消息，英伟达确定在新一代产品Rubin使用M9 材料，在明年下半年发售 的Rubin系列中，CPX和midplace的PCB都将使用M9 CCL， 由于Q布（石英布/三代布）极度紧缺，英伟 达正在评估compute和swithc tray是否也采用M9，其中swithc tray评估将在11月底确定。 27年的Rubin Ultra#确定使用正交背板代替铜缆，M9材料，3块26层板合成78层板。 仅CPX，midplane和正交背板市场空间近千亿。 中金发布研报称，Rubin CPX是英伟达(NVDA.US)发布的一款专为处理超长上下文AI推理任务设计的 GPU，其采用了创新的解耦式推理架构。Rubin CPX在硬件端带来了较大变化，其中，连接器/PCB方 面，采用无线缆架构，同时新增Paladin B2B连接器与位于机箱中间的PCB中板(mid plane)相连。 Rubin CPX在PCB、连接器、散热等架构上带来显著创新，有望大幅增加其硬件端市场规模，中金公司 预计2027年英伟达AI PCB市场规模有望达69.6亿美元，较2026年增长142%。 华金证券发布研报称，人工 ...

Group 1 - Broadcom's AI semiconductor revenue reached $5.2 billion in FY25Q3, representing a 63% year-over-year increase and an $800 million quarter-over-quarter increase, exceeding previous guidance of $5.1 billion [1] - The XPU business accounted for 65% of AI semiconductor revenue, with expectations for AI revenue to reach $6.2 billion in FY25Q4, reflecting a $1 billion quarter-over-quarter increase [1] - Broadcom's total backlog reached $110 billion, with a new customer securing $10 billion in AI orders, indicating potential growth in FY26 [1] Group 2 - The demand for ASICs is expected to surge due to increased downstream inference demand, with major companies like Google, Amazon, and Meta rapidly developing ASIC chips [1] - NVIDIA's NVL72 rack quantity is anticipated to exceed expectations next year due to strong demand and improved yield capacity [1] - The AI PCB market is expected to see significant growth, with companies actively expanding production in response to strong orders [1] Group 3 - The investment outlook is positive for AI-PCB and computing hardware, as well as the Apple supply chain and industries benefiting from AI-driven and self-controlled technologies [2] - The demand for AI copper-clad laminates is robust, with a shift towards M8 materials in AI servers and switches, and potential future adoption of M9 materials [2] - Various segments such as consumer electronics, PCB, semiconductor chips, and passive components are showing stable to upward trends in their respective markets [2]

Summary of Conference Call on Electronic Fabric Industry Industry Overview - The conference call focused on the electronic fabric industry, specifically discussing advancements in PCB (Printed Circuit Board) technologies and materials used in various architectures such as GP300, GB200, and Rubin series [2][4][6]. Key Points and Arguments 1. **Material Upgrades and Usage**: - GP300 architecture has reverted to PCB solutions, increasing PCB usage and material grades. The Rubin series is testing PTFE1 and Ma9 grade materials, with NV actively evaluating Ma9 materials [2][4]. - GP300 employs HDI design with approximately 20+ layers, while GB200's actual layer count increased from 30 to nearly 40 layers, significantly enhancing CCL (Copper Clad Laminate) and BS (Binding System) material usage and value [2][6]. 2. **Price Changes**: - In GB200, the computer section is priced around $500-$600, while the switch section exceeds $1,000. In GP300, the switch section's value increased by 30%, from $1,000 to $1,500 [7][8]. - The Rubin series is expected to see a price coefficient increase of 2-2.5 times, with each board potentially exceeding $4,000 [7][8]. 3. **Supply Chain Dynamics**: - There is a significant disparity in yield rates among glass fabric manufacturers, with major suppliers including Asahi Glass (Japan), Taiwan Glass, and Taishan Fiberglass (China) [10][11]. - Ordinary fiberglass is priced around 10 RMB, while first-generation Low DK is priced at 30-40 RMB, and quartz (Q) prices are at least double that of the second generation [14]. 4. **Testing and Evaluation**: - The M9 and QQ material testing is being conducted in three tiers, with NV having completed initial evaluations and AWS, Google, and Meta expected to finish testing by Q3 2025 [3][16]. - The performance of quartz fabric varies significantly between manufacturers and even between batches from the same manufacturer, indicating instability in quality [17]. 5. **Market Demand and Supply Challenges**: - The demand for electronic fabrics is expected to increase, with potential supply bottlenecks anticipated in the mid-range output due to tight supply of first-generation Low DK glass fabric [29][30]. - The expansion cycle for electronic fabric production typically takes 1 to 1.5 years, with quartz fabric potentially requiring an additional 20-30% more time [28]. 6. **Future Trends**: - The initial pricing of new electronic fabrics is typically around 2.5 times that of the previous generation, decreasing to below 2 times during mass production, with a target stabilization at 1.5 times [31]. - The market for second-generation fabrics is expected to remain tight, with prices likely to hold steady due to high demand and limited supply [35]. Additional Important Insights - The current focus on testing indicators emphasizes DK and DF values, with stability in performance being a primary concern [27]. - The entry of new suppliers into the electronic fabric market is cautious, with established relationships and technical capabilities being prioritized [20]. - The market share for first-generation electronic paper suppliers shows that the top three suppliers account for approximately 60% of the total procurement volume [32][33]. This summary encapsulates the critical discussions and insights from the conference call, highlighting the evolving landscape of the electronic fabric industry and its implications for future investments and market dynamics.