（责任编辑：董萍萍 ） 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 每日经济新闻 天风证券指出，AI算力需求正引领电子和半导体行业材料变革方向，高频、高功率、高散热性 能、小型化成为主要需求。金属软磁芯片电感凭借小型化+耐大电流优势，有望在新一代AI芯片中推广 应用，预计2028年全球AI服务器用芯片电感市场空间达81亿元。MLCC行业受益消费电子复苏与AI服务 器需求高增，新一轮周期或已至，AI服务器MLCC用量是普通服务器的12.5倍，预计2028年MLCC镍粉 市场空间突破百亿。散热材料方面，数据中心液冷需求高增，铜钨基板匹配光模块散热需求，液冷方案 面临高导热、高导电等材料挑战。 芯片ETF（512760）跟踪的是中华半导体芯片指数（990001），该指数从中国A股市场中选取涉及 半导体材料、设备设计 ...

Core Viewpoint - The article emphasizes investment opportunities in upstream metal new materials driven by three key sectors: AI computing power, new energy, and humanoid robots for 2026. The demand for high-frequency, high-power, high-heat dissipation, and miniaturization is leading the material transformation [1]. Group 1: AI Materials - In the inductance field, metal soft magnetic chip inductors are highlighted for their miniaturization and high current resistance, with companies like Platinum New Materials and Dongkui Co. recommended for investment [1][2]. - In the capacitor sector, the recovery of consumer electronics and the AI engine's resonance suggest a new cycle for MLCCs, with nickel powder benefiting directly, making companies like Boqian New Materials a focus [2]. - The demand for liquid cooling materials in data centers is expected to grow significantly, with companies like Bowei Alloy recommended for their liquid cooling solutions [2]. Group 2: New Energy Materials - Copper is leading the cost revolution in photovoltaics, with companies like Boqian New Materials suggested for investment [4]. - Amorphous alloys are identified as suitable for high power density motors, with Yunlu Co. recommended [4]. - The axial flux motor is anticipated to drive the electric revolution, with Dongmu Co. highlighted for its potential [4]. Group 3: Humanoid Robot Materials - Lightweight materials, particularly magnesium, are noted as competitive, with Baowu Magnesium Industry recommended [4]. - Rare earth permanent magnets are expected to open up long-term growth in high-performance magnetic materials for humanoid robots, with companies like Jinli Permanent Magnet and Ningbo Yunsheng suggested [4]. - MIM (Metal Injection Molding) technology is emphasized for its advantages in robot structural components, with Dongmu Co. again highlighted [4]. Group 4: Capacitors - The MLCC industry is poised for recovery, with significant growth expected in 2024 driven by AI applications and consumer electronics [29]. - AI servers are projected to significantly increase MLCC demand, with estimates suggesting a rise from 603 million units in 2025 to 1.55 billion units by 2028, reflecting a CAGR of 37.2% [37]. - Companies like Boqian New Materials are positioned to benefit from the high-capacity MLCC market driven by AI [38]. Group 5: Liquid Cooling Materials - The demand for liquid cooling solutions is increasing due to the high-density requirements of AI servers, with Bowei Alloy recommended for their innovative materials [49]. - Tungsten-copper alloys are expected to meet the stringent thermal management needs of optical modules, with companies like Sui Rui New Materials suggested for investment [50].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the impact of the AI boom on the upstream materials market, particularly focusing on passive components and materials that are essential for high-performance AI applications [1][2][17]. Key Companies Discussed 1. **博科新材 (Boke New Materials)** - Benefiting from the surge in AI computing power, with a market capitalization exceeding 22 billion [1][7]. - The company’s soft magnetic powder cores and chip inductors are used in high-end chips like CPU, GPU, and HBM, particularly in North American cloud vendors [1][5]. - Despite short-term performance growth being modest, the company has ample production capacity and a rich project reserve, indicating significant potential for future earnings growth [1][7]. - Expected revenue growth of 15%-16% in 2025, with projections of reaching approximately 1.4 billion in revenue by 2026 [9]. 2. **博青新材 (Bojing New Materials)** - Focused on module inductors, which are expected to gain market share due to their complexity and miniaturization advantages, making them suitable for AI semiconductor manufacturers [1][6]. - The revenue split between discrete and module inductors is currently about 7:3, but this is expected to shift towards module inductors in the future [6]. 3. **博纤新材 (Bofiber New Materials)** - Core product is MLCC nickel powder, particularly the high-end 80 nm nickel powder, which is the only one produced globally by Bofiber and is used in AI servers [1][10][11]. - The company has seen significant growth in sales and gross profit margins due to the demand for high-capacity, high-performance MLCC capacitors driven by AI applications [3][14]. 4. **博天公司 (Botian Company)** - Sales prices and gross margins for nickel powder have significantly increased, primarily due to the contribution from 80 nm nickel powder [3][14]. - The company is expected to reach a market capitalization of 25-30 billion due to the high demand for its products in the AI sector [3][16]. Market Dynamics - The AI industry has led to a surge in demand for high-performance, miniaturized components, particularly those that can handle high currents and temperatures [2][17]. - Major North American cloud vendors have provided optimistic capital expenditure guidance, indicating a robust growth trajectory for the AI hardware supply chain [2]. Financial Projections - Boke New Materials is projected to achieve a revenue of approximately 1.4 billion in 2026, with a corresponding net profit of around 350 million [9]. - Bofiber's high-end nickel powder is expected to maintain full production capacity, driven by AI server demand, which is anticipated to continue growing [11]. Investment Opportunities - The AI boom presents significant investment opportunities in passive components and related materials, with companies like Boke and Botian being core recommendations due to their improved product structures and market positioning [1][17]. - The overall market for nickel powder and related materials is experiencing high demand, indicating a favorable investment climate for these companies [3][17].

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]