市场历经四个多月调整后，新的趋势正在酝酿形成。从近期产业动态与资金流向来看，AI 可能仍是 新一轮行情的核心引擎，同时上涨逻辑也有所更新，主要在于谷歌 TPU 崛起、英伟达 Rubin 架构落 地等新变量，正让格局向 "高确定性细分赛道" 聚焦。其中，M9 材料的 0~1 突破与光纤光棒的涨价 周期，成为机构共识的两大主线。 一、量的突破：M9 材料开启 0~1 行情，三大细分供需缺口显现 AI 算力竞赛的核心是硬件升级，而英伟达、谷歌的新一代算力架构，正催生 M9 材料这一全新赛 道。所谓 M9 材料，是指适配高端算力基板的 "Q 布 + HVL P4 铜箔 + M9 树脂" 组合，随着英伟达 Rubin 架构、谷歌 TPU 新一代产品的落地，该材料体系将于 2025 年迎来确定性起量，成为从 0 到 1 的爆发性赛道。 1、Q 布：供需缺口扩大，价格上修预期强烈 Q 布（石英纤维布）是 M9 材料体系的核心组件，主要用于提升基板的耐高温性与信号传输效率。 由于其生产工艺复杂，国内仅少数企业实现规模化量产，目前行业已出现明确供需缺口。据民生证 券、中信建投等机构的产业跟踪数据，机构已上调价格预期：2026 ...

Core Viewpoint - The company held a semi-annual performance briefing on September 23, 2025, to enhance communication with investors and discuss its operational status and strategic development plans. Group 1: Performance Briefing Details - The performance briefing was conducted via the Shanghai Stock Exchange's "Roadshow Center" platform, combining video recording and text interaction [1] - Key executives, including the chairman and general manager, participated in the briefing to address investor inquiries regarding the company's operations and strategic plans [1] Group 2: Investor Questions and Company Responses - The company is currently in the trial production and promotion phase for its semiconductor materials in collaboration with Chemax, focusing on high-end photoresist monomers and materials [2] - The company has established a strong market presence for its high-speed electronic resins, supplying major clients like NVIDIA, Huawei, Apple, and Intel, which has become a new growth point for its performance [2][3] - The company has achieved batch supply of its M9-level hydrogen carbon resin, which is the only electronic resin to pass NVIDIA's stringent testing [4] - The company is actively developing M10-level hydrogen carbon resin, with samples sent for testing to Microsoft's Azure data center [4] - The company produces high-performance backsheet films for crystalline silicon solar cells and has established stable supply relationships with leading domestic manufacturers [5] - The company is optimizing its product and order structure to improve profitability, focusing on emerging applications in new-generation servers and electric vehicles [5]

Group 1 - The core point of the article is that Dongcai Technology has developed a high-end M9-grade hydrocarbon resin in collaboration with NVIDIA, which has passed NVIDIA's rigorous testing and validation, making it the only electronic resin in the world to achieve this certification [1] - Dongcai Technology has confirmed that the M9 resin is currently in mass supply [1] - The company did not disclose the specific market price of the M9 resin, citing it as a commercial secret [1]