智通财经APP获悉，国信证券发布研报称，随着AI服务器出货量快速上升及普通服务器用覆铜板升级转 型，高端覆铜板市场迎来结构性机遇。GPU板组增量需求叠加服务器层数升幅，高性能服务器对高速覆 铜板的需求将持续扩大，建议关注具备高频高速覆铜板技术储备及电子树脂核心技术的龙头企业。 电子树脂是覆铜板制作材料中唯一具有可设计性的有机物，影响介质损耗的因素有分子的极性及极性基 团的密度和可动性，要想降低树脂的介质损耗，需尽可能减少树脂中极性官能团的含量。目前高端覆铜 板中常用的树脂有双马树脂、聚苯醚树脂、碳氢树脂，其中碳氢树脂由于性质优良，有较大开发潜力， 是目前开发热点。圣泉集团及东材科技均以量产相关树脂，成功打入主流供应链。 国信证券主要观点如下： 印制电路板在电子领域应用广泛，电性能是PCB迭代关键指标 印制电路板是电子产品的关键电子互连件，有"电子产品之母"之称。PCB 的上游主要为铜箔、玻纤 布、树脂等原材料行业，覆铜板(CCL)为重要的中间产品。松下电工的Megtron系列产品为高速覆铜板 领域的分级标杆，通常被视为CCL行业的通行标准，等级越高的覆铜板介电常数及介电损耗越小。高端 覆铜板可以分为高频、高速 ...

Investment Rating - The report rates the industry as "Outperform" compared to the market, marking its first rating [2]. Core Insights - The printed circuit board (PCB) is widely used in the electronics field, with electrical performance being a key indicator for PCB iteration. It is referred to as the "mother of electronic products" [3]. - The demand for high-end copper-clad laminates (CCL) is driven by the rapid deployment of AI applications and increased capital expenditure by tech giants in AI servers. The shipment of AI servers is expected to rise significantly, with a notable increase in the number of CCL layers required for high-performance servers [3]. - Electronic resins play a crucial role in the performance of CCLs, with various types of resins being used, including biphenyl resin, polyphenylene ether resin, and hydrocarbon resin, the latter showing significant development potential [3]. - The properties of glass fiber and fillers significantly impact the characteristics of CCLs, with domestic companies expected to enter the supply chain rapidly [3]. - Investment recommendations highlight that Shengquan Group has successfully developed polyphenylene ether (PPO/PPE) resin and established a fully automated production line with a capacity of 1,300 tons per year [3]. Summary by Sections 1. PCB Industry Chain Overview - The PCB serves as a key electronic interconnection component, with its upstream primarily consisting of copper foil, glass fiber cloth, and resin. CCL is an important intermediate product in PCB manufacturing [9][12]. 2. High-End PCB Downstream Demand - The global AI infrastructure market is projected to grow from $27.94 billion in 2024 to $32.98 billion in 2025, with a compound annual growth rate (CAGR) of 18.01% from 2025 to 2033 [32]. - The shipment of AI servers is expected to reach 2.131 million units in 2025, reflecting a year-on-year growth of 27.6% [32]. - The demand for high-speed PCBs is increasing due to the high data transmission speed requirements of AI servers, with some high-end AI servers already utilizing M8-level CCLs [40]. 3. PCB Resins - Electronic resins are the only organic materials in CCL production that can be designed for specific properties, significantly affecting the dielectric performance and environmental stability of the boards [57][59]. - Commonly used resins include epoxy resin, cyanate ester resin, and hydrocarbon resin, with hydrocarbon resin currently being a hot development area due to its excellent properties [80]. 4. PCB Glass Fiber - Glass fiber is a key material in PCB manufacturing, with electronic-grade glass fiber being a high-end product that provides excellent thermal and chemical resistance [96]. - The report categorizes electronic cloth into high-end, mid-range, and low-end based on thickness and functionality, with specific applications tailored to different performance requirements [94][96].