Group 1 - AI applications are driving the PCB industry towards a growth cycle, with expectations for both volume and price increases. The demand for HDI and 18+ layer boards is expected to grow significantly due to the rise in AI servers and 5G applications, with global market value CAGR predictions of 6.4% and 15.7% respectively from 2024 to 2029 [3][40]. - Copper-clad laminates (CCL) are identified as the core substrate for PCBs, accounting for approximately 27% of PCB cost structure. Key raw materials include copper foil, resin, and fiberglass cloth, with a shift towards high-frequency and high-speed CCLs driven by AI and 5G applications [4][9]. - The demand for electronic resins is evolving, with a focus on high-performance types such as PTFE, PPO, and hydrocarbon resins. These materials are crucial for meeting the high-frequency and high-speed requirements of modern PCBs, with domestic manufacturers making strides in replacing imported materials [4][9][149]. - The use of high-performance silicon micro-powder is rapidly increasing, driven by the performance upgrades of downstream devices and the growing application of AI servers. The demand for silicon micro-powder in China is projected to reach 473,000 tons by 2025, reflecting a year-on-year growth of 13.2% [4][156]. Group 2 - The global PCB market is projected to recover from a downturn in 2023, with a growth rate of 5.8% in 2024 and a sustained CAGR of 5.2% through 2029, indicating that new AI-driven demands are creating a new growth curve rather than merely a cyclical recovery [23][24]. - China is the largest PCB manufacturing base globally, accounting for 56% of the market value. This proximity to customers enhances supply chain security and responsiveness, positioning domestic material companies favorably for growth [24][21]. - The shift towards high-end PCBs is evident, with a decline in single/double-sided boards and an increase in HDI and packaging substrates. This trend highlights the growing demand for advanced packaging technologies, which require high-performance materials [29][30]. - The demand for high-frequency and high-speed CCLs is expected to grow significantly, with the market size projected to reach approximately $2.8 billion. This segment, while a smaller part of the overall CCL market, is characterized by faster growth and higher profit margins [87][89].

◎记者 王凯丰 临近春节，在逸豪新材无菌无尘的封闭式生产车间内，一条条自动化生产线正高速运转，工人们熟练地 操作着设备，开足马力完成订单。 "公司目前在手订单充足，铜箔产线持续处于满产状态。"逸豪新材总经理刘磊向上海证券报记者介绍， 公司是国内少数实现"铜箔—覆铜板—PCB"全产业链布局的企业，电解铜箔年产能位居行业前列。 近年来，随着AI服务器等应用领域的高速发展，铜箔下游需求稳步增长。刘磊表示，随着今年公司1万 吨高精度电解铜箔项目落地投产，公司将持续加码高端铜箔产能布局，充分发挥垂直一体化产业链的协 同效应，提升高附加值产品的比重，在新能源赛道加速卡位。 技术创新筑牢根基 产品矩阵适配市场需求 "当时全国铜箔企业不超过10家，逸豪新材便是其中之一。"刘磊介绍，成立于2003年的逸豪新材是国内 较早开展电子电路铜箔业务的企业，近年来构建起从电解铜箔、铝基覆铜板到印制电路板的全产业链布 局，并于2022年9月在创业板上市。 在高端铜箔领域，技术创新是企业核心竞争力的关键。作为行业内为数不多的具有PCB垂直一体化产业 链布局的企业，逸豪新材拥有电子电路铜箔、铝基覆铜板和PCB生产核心技术，形成了独特的技术协同 ...

凯龙高科 3天3板 公司拟购买金旺达70%股权,后者专注研发与生产精密传动功能部件,有助于公司完善 机器人产业链布局 韩建河山 3天3板 混凝土输水管道龙头企业之一;公司拟收购兴福新材99.9978%股权,将新增芳香族产 品的研发、生产与销售业务 湖南黄金 10天7板 公司拟购买黄金天岳及中南冶炼100%股权,黄金天岳主要从事万古矿区的矿权整合、 勘探,以及部分金矿的采选及销售,主要产品为金精矿;中南冶炼主营业务聚焦高碑、 高硫等难处理令精矿,即专业化冶炼加工 PCB板 日本半导体材料厂调涨CCL、黏合胶片等PCB材料售价30%以上 深南电路 国内IC载板龙头,已成为全球领先的无线基站射频功放PCB供应商、亚太地区主要的航 空航天用PCB供应商、国内领先的处理器芯片封装基板供应商 业绩增长 国主股份 公司染料产品占有率稳居国内染料市场份额第二位,参股的浙江巍华新材料拥有三氟甲 苯产能;2025年净利润同比预增181.05%至227.89% 德美化工 公司参与投资的产业基金持有本源量子0.97%股份;预计2025年净利同比增长 63.97%-96.76% 黄金 南矿集团 国内技术领先的中高端矿机装备供应服务商之 ...

【DT新材料】 获悉，近日，PCB龙头 生益电子 发布年度业绩预告，预计2025年归属于上市公司净利润为14.31亿元至15.13亿元，同比增加331.03% 至355.88%；实现归母扣非净利润14.25亿元到15.07亿元，同比增加 335.77%到360.91%。 作为承载核心计算组件的关键载体，PCB板需满足高频高速、低信号损耗、高散热性能等严苛要求，进而单位面积PCB 的附加价值提升。 在AI服务器 与高性能计算需求的持续带动下，行业保持增长趋势，其中HDI和高多层板等细分领域表现尤为亮眼。 面对市场需求的增长，生益电子加速扩大产能。 2025年11月，公司公告拟定增募资不超过26亿元，将用于投资于人工智能计算HDI生产基地建设项 目、智能制造高多层算力电路板项目等。其中人工智能计算HDI生产基地建设项目计划年产能16.72万平方米；智能制造高多层算力电路板项目计划年 产能70万平方米。泰国新建生产基地项目在2024年11月动工，建设期1.6年、产能爬坡期2年，此前预计将于2026年试生产。 2025至2027年生益电子产 能有望从200万平米/年提升至300万平/年。 除生益电子外，包括 景旺电子 ...

（编辑 任世碧） 证券日报网讯 1月27日，一博科技在互动平台回答投资者提问时表示，作为PCB研发服务细分行业的引 领者，公司将继续聚焦客户研发痛点，努力提供行之有效的硬件创新一站式服务。截至目前，珠海PCB 板厂已实现对客户交付的最高层数为58层，在研项目的最高层数达到80层，具备120层的试产能力。 ...

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前珠海PCB板厂可生产最高几层板？ 一博科技（301366.SZ）1月27日在投资者互动平台表示，作为PCB研发服务细分行业的引领者，公司将 继续聚焦客户研发痛点，努力提供行之有效的硬件创新一站式服务。截至目前，珠海PCB板厂已实现对 客户交付的最高层数为58层，在研项目的最高层数达到80层，具备120层的试产能力。有关板厂年度业 绩实现及技术能力等最新情况，请查询公司持续披露的相关信息。 ...

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability and performance realization from industry chain companies [2][5]. Core Insights - The report highlights the expected significant growth in the performance of companies like Jin'an Guoji, which forecasts a net profit of 280-360 million yuan for 2025, representing a year-on-year increase of 655-871% [2]. - The demand for copper-clad laminates is anticipated to continue rising due to improved market conditions and price recovery, with companies like Jian Tao and Sheng Yi Technology actively increasing prices [2][5]. - The storage chip market is projected to see substantial price increases in 2026, with DRAM contract prices expected to rise by 55-60% and NAND Flash by 33-38% in Q1 2026, leading to a forecasted market size of $551.6 billion in 2026 [2][5]. - The report emphasizes the strong demand for AI applications, which is expected to drive growth in the PCB and core computing hardware sectors, as well as the semiconductor equipment and Apple supply chain [2][5][29]. Summary by Sections Consumer Electronics - The report notes the continuous expansion of C-end application scenarios, particularly in the Apple supply chain and smart glasses, driven by advancements in AI and model optimization [6]. PCB - The report indicates that the demand for copper-clad laminates remains high, with expectations of price increases due to strong demand from automotive and industrial control sectors [7]. Semiconductor Industry - The report highlights a positive outlook for the storage segment, with expectations of price increases driven by demand from cloud service providers and consumer electronics [24][25]. - The semiconductor equipment sector is noted for its robust growth, with significant investments from major manufacturers like Micron and Samsung [26][28]. Key Companies - Jin'an Guoji is expected to see a substantial increase in profits due to its strategic positioning in the copper-clad laminate market [30]. - Northern Huachuang is recognized for its leading technology in semiconductor equipment, covering a wide range of core processes [31]. - Sanhua Group is noted for its advancements in MLCC products and the growth of its SOFC business, driven by AI demand [36].

Group 1: Semiconductor Industry Price Increase - The semiconductor industry is experiencing a widespread price increase across the entire supply chain, affecting key areas such as LED chips, packaging, and terminal applications [2][3] - This price adjustment is driven by rising raw material costs, long-term low-price competition, and regulatory policies, indicating a structural transformation rather than a short-term market fluctuation [2][3] - The price increase reflects a shift from "price competition" to a "value competition" model focused on technology, quality, and service, suggesting a systemic reshaping of the Chinese LED industry [3] Group 2: Performance of Semiconductor Companies - A-share semiconductor companies are reporting significant annual performance increases, with companies like Zhaoyi Innovation expecting a revenue of approximately 9.203 billion yuan, a 25% increase year-on-year [5] - Huafeng Measurement Control anticipates a revenue increase of 370 million to 508 million yuan, representing a year-on-year growth of 41% to 56% [5] - Zhongwei Company forecasts a revenue of about 12.385 billion yuan, a year-on-year increase of approximately 36.62% [5] Group 3: Mergers and Acquisitions in the Semiconductor Sector - Jing Sheng Co. announced plans to acquire 100% of Ningbo Weizhun Intelligent Technology Co., with a transaction value of 857 million yuan, marking a significant move in the semiconductor equipment sector [8] - Nasda's subsidiary, Jihai China, plans to acquire a 50.56% stake in Hong Kong-listed Meijiayin Holdings for a total consideration of 168 million HKD, indicating a strategic expansion into the Hong Kong capital market [9] - These acquisitions are expected to enhance the companies' technological capabilities and market presence, facilitating deeper capital and industrial synergies [8][9]

Summary of Key Points from the Conference Call Industry and Company Focus - The discussion centers around the **AI hardware materials industry**, particularly focusing on **upstream materials** for AI computing chips and related hardware, with an emphasis on domestic material companies' potential in the global supply chain [1][2]. Core Insights and Arguments - **Investment Opportunities**: The rapid iteration of AI hardware technology and sustained capital investment create significant opportunities in AI computing chips and supporting hardware materials [1][2]. - **PCB Industry Role**: The PCB industry plays a crucial role in AI servers, with increasing demands for PCB materials due to advancements in computing chip technology [1][4]. - **CCL Material Upgrades**: The CCL (Copper Clad Laminate) material system in AI servers is evolving from traditional materials to higher performance levels (马 8/马 9), with significant upgrades in copper foil, electronic cloth, and resin to meet performance demands [1][5][6]. - **Market Trends**: Future trends in the CCL industry include domestic companies expanding market share, new product iterations leading to higher profit margins, and rising commodity prices driving up the prices of older products, enhancing revenue and profits [1][7]. - **Increased Demand for Drilling Needles**: The demand for drilling needles in PCB processing is rising due to the increased thickness and layer requirements of PCBs for AI servers, as well as the challenges posed by new materials [1][8]. - **Opportunities in Optical Modules**: The optical module industry is transitioning towards higher speeds (from 200G/400G to 800G/1.6T), with upstream components facing capacity shortages, presenting opportunities for domestic companies to capture excess profits through domestic substitution [1][9]. Additional Important Insights - **Active Management Importance**: Active management is crucial in AI investments, emphasizing the need for in-depth research to improve success rates and construct appropriate investment portfolios to navigate market uncertainties [2][10]. - **Investment Framework**: The investment framework is based on two dimensions: volume (market share and industry inflation) and price (new product iterations leading to high profit margins and price increases due to supply-demand mismatches) [3]. - **Stock Selection Criteria**: The criteria for selecting stocks in the AI upstream materials sector focus on domestic companies that are leading in revenue and scale within the supply chain, with ongoing monitoring of industry trends and performance [2][13]. - **Long-term vs. Short-term Strategy**: The focus remains on long-term opportunities in AI upstream materials, with a commitment to maintaining a strategic position despite market fluctuations [2][16]. - **Portfolio Management**: Maintaining a flexible portfolio with around 85% allocation allows for liquidity management while still aiming for high exposure to potential growth [2][17].

Group 1 - The core viewpoint of the news is that Chongda Technology's stock has seen a significant increase of 5.12%, reaching a price of 15.41 yuan per share, with a trading volume of 623 million yuan and a turnover rate of 5.32%, resulting in a total market capitalization of 18.765 billion yuan [1] - Chongda Technology Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on May 4, 1995. The company was listed on October 12, 2016, and its main business involves the design, research and development, production, and sales of printed circuit boards (PCBs) [1] - The revenue composition of Chongda Technology includes 82.83% from PCBs, 10.52% from waste materials and others, and 6.64% from IC substrates [1] Group 2 - From the perspective of Chongda Technology's top ten circulating shareholders, a fund under Southern Fund ranks among them. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the third quarter, holding 6.1348 million shares, which accounts for 0.79% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date, it has achieved a return of 8.6%, ranking 1617 out of 5542 in its category; over the past year, it has returned 41.53%, ranking 1751 out of 4256; and since its inception, it has returned 24.2% [2] Group 3 - The fund manager of the Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 78 days. The total asset scale of the fund is 122.76 billion yuan, with the best fund return during the tenure being 248.43% and the worst being -15.93% [3]