Rubin 架构服务器板厚增加至 6 毫米以上，正交背板或达 8 毫米，导致 单孔加工需多根钻针分段加工，增加钻针消耗和成本，对钻针的寿命和 性能提出更高要求。 AI 服务器 PCB 板材升级，马 6 至马 9 材料的应用显著缩短钻针寿命， 推动高性能、高耐磨钻针需求，材料变化是影响钻针消耗的关键因素。 基于台积电先进封装产能和服务器出货量预测，AI PCB 市场对高性能、 多规格钻针需求将持续增长，GB300 及以后阶段，每台服务器机柜大约 消耗 7,000 根左右不同规格的高性能钻针。 Rubin 架构的 CPX 方案中，每个 Compute Tree 需八张 CPX 芯片，每 张芯片都需要一块 PCB 作为载体，单机柜消耗约 3 万根钻针，PCB 用 量较 Rubin 144 方案翻倍。 Rubin Ultra 576 架构集成度更高，单机柜需 120 张 PCB 和四块正交 背板，消耗约 5 万根钻针，正交背板带来显著增量需求。 预计 2027 年仅英伟达及 ASIC 增量，AI 钻针市场空间将达 130 亿至 150 亿人民币，较此前全球市场增长超三倍，鼎泰高科和中钨高新有望 受益。 超快激光钻在马 ...

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Nanjing Bank, among others [12][19][53]. Core Insights - The report highlights the financial and manufacturing industries' investment outlook for January 2026, emphasizing the need to focus on companies with strong fundamentals and growth potential amid economic pressures [6][8][10]. - It identifies specific sectors such as real estate, non-bank financials, banking, new energy, machinery, military industry, light industry, and environmental protection as areas of interest for investment [8][10][21][32][36][43]. Summary by Sector Real Estate - The real estate sector faces increasing downward pressure, necessitating policy easing. Key companies like China Resources Land are highlighted for their strong operational capabilities and cash flow stability [11][12][53]. Non-Bank Financials - The non-bank financial sector is expected to benefit from policy support and high market trading volumes, with companies like New China Life Insurance showing strong growth potential [16][17][53]. Banking - The banking sector is viewed positively, with a focus on large banks and city commercial banks, particularly Jiangsu Bank, which is noted for its attractive valuation and growth prospects [18][19][53]. New Energy - The new energy sector is at a turning point, with companies like Sungrow Power Supply and Slin Smart Drive recommended for their growth potential in solar and energy storage technologies [21][23][53]. Machinery - The machinery sector is encouraged to focus on AI and robotics, with companies like Hengli Hydraulic and Ding Tai High-Tech identified for their growth opportunities in traditional and emerging markets [25][30][31][53]. Military Industry - The military sector is expected to see growth from military-to-civilian transitions and military trade, with AVIC Xi'an Aircraft Industry Company highlighted for its potential in the domestic and international markets [32][34][53]. Light Industry - The light industry is advised to focus on overseas manufacturing and new consumer opportunities, with companies like Yingke Medical and Meiyin Sen noted for their growth in international markets [36][40][53]. Environmental Protection - The environmental sector is poised for growth through overseas expansion and rising metal prices, with companies like Weiming Environmental and Ice Wheel Environment recommended for their strong market positions [43][48][51][53].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-07 周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） 固收点评 20260103：绿色债券周度数据跟踪（20251229-20251231） 一级市场发行情况：本周（20251229-20251231）银行间市场及交易所市 场共新发行绿色债券 13 只，合计发行规模约 133.98 亿元，较上周减少 93.63 亿元。二级市场成交情况：本周（20251229-20251231）绿色债券周 成交额合计 490 亿元，较上周减少 155 亿元。 固收周报 20251228：周观：如何看待 2026 年 1 月的流动性情况？（2025 年第 50 期） [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20260106：每周宏观经济和资产配置研判—20260106 2026 一季度经济开门红的可能性略有提升 固收金工 [Table_FixedGain] 固收周报 20260104：公募基金销售新规正式稿落地，债市修复可期 2025 年末最后一周债券市场维持震荡偏弱，主要受年末机构行 ...

Investment Rating - The report maintains a "Buy" rating for the PCB equipment and materials sector, particularly focusing on leading domestic suppliers [5]. Core Insights - The development of AI is driving high-end PCB demand, significantly increasing the need for PCB equipment. As AI computing power requirements expand, the demand for AI servers has surged, leading to a tight supply of high-end PCB products and prompting major domestic PCB manufacturers to increase capital expenditures, which directly boosts PCB equipment demand [1][6]. - The global PCB specialized equipment market is projected to reach USD 10.8 billion by 2029, with a CAGR of 8.7% from 2024 to 2029. Key equipment segments include drilling (21%), exposure (17%), inspection (15%), and plating (7%) [2][3]. Summary by Sections 1. Industry Overview - The rapid growth of markets such as servers, data centers, communication devices, consumer electronics, and automotive electronics has provided sustained growth momentum for the PCB industry, driving continuous progress and innovation in PCB specialized equipment [17]. - The demand for high-value, high-density PCBs has surged, particularly for multilayer boards with more than 18 layers and HDI boards [18]. 2. Equipment Market Analysis - The report emphasizes the importance of high-value equipment in PCB manufacturing, including drilling, exposure, plating, and inspection. The demand for drilling equipment is expected to grow significantly, with both mechanical and laser drilling technologies coexisting [2][3]. - The competition in the exposure equipment sector is concentrated among leading players, while domestic manufacturers are expected to gain an advantage in vertical continuous plating equipment [2][3]. 3. Investment Recommendations - The report recommends focusing on leading domestic PCB equipment and material suppliers, highlighting specific companies such as: 1. DingTai High-Tech: A global leader in PCB drilling needles, expected to benefit from increased AI PCB demand, rated "Buy" [3]. 2. Dazhu CNC: A leading global PCB equipment supplier with a strong market share in drilling equipment, rated "Buy" [3]. 3. Kaige Precision: A leader in solder paste printing equipment, benefiting from high-precision assembly demands from AI servers, rated "Buy" [3]. 4. Dongwei Technology: A domestic leader in plating equipment with a leading market share in vertical continuous plating, rated "Buy" [3]. 5. Tianzhun Technology: A leading industrial vision equipment company with imminent growth in PCB equipment business, rated "Buy" [3]. 4. Market Growth Projections - The global PCB output value is expected to reach USD 94.66 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by the rapid growth of AI servers and data storage infrastructure [38][39]. - The demand for high-value, high-multilayer boards and HDI boards is projected to significantly increase, with the output value of 18-layer and above multilayer boards expected to grow by 41.7% in 2025 [42].

特斯拉的储能业务并非孤立存在，而是与电动汽车、自动驾驶、人形机器人形成协同生态的关键一环。其核心产品矩阵覆盖家庭、商 业、电网三大场景，精准切入能源存储的全产业链： Powerwall ：面向家庭用户的储能明星，13.5 千瓦时的锂电池组可存储太阳能发电或电网低谷电价电能，不仅能在停电时提供应急 供电，还能通过虚拟电厂（VPP）模式将多余电力售回电网，实现能源套利。 从业绩表现来看，特斯拉储能业务已实现规模化增长：2022-2025 年电池部署量复合年增长率高达 91%，2024 年全球储能市场份额达 到 18%；毛利率从 2022 年的 7% 飙升至 2025 年的 30%，规模效应与成本优化成效显著，成为抵消电动汽车业务短期波动的 "压舱 石"。 为什么要特意提储能业务？ 新年开市第一天，在前5个最热的板块中，有3个都跟马斯克有关：Neuralink的脑机接口、SpaceX的商业航天和特斯拉的人形机器 人，必须得用"马斯克链"来形容这一波行情。 | 排名 | 板块名称 | 涨幅 | 热度 | | --- | --- | --- | --- | | 1 | 脑机接口 | 13.70% | 88.04万 | ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as humanoid robots [1] Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant investment opportunities in the industrial control sector, robotics, machine tools, and AI equipment [6][8] - The AI equipment and consumables sector is experiencing a surge in demand due to the rapid iteration of AI models and smart hardware applications, leading to increased requirements for high-performance servers and advanced PCBs [6][21] - The humanoid robot industry is transitioning from concept validation to commercialization, presenting unique investment opportunities in companies with productization capabilities in key components and solutions [6][21] Summary by Sections Industry Overview - The mechanical industry comprises 634 listed companies with a total market capitalization of 6.37 trillion yuan and a circulating market value of 5.29 trillion yuan [3] Company Earnings Forecasts and Valuations - Key companies in the mechanical sector are projected to have strong earnings growth, with several receiving a "Strong Buy" rating, including: - Huichuan Technology: EPS forecast of 2.11 yuan in 2025, with a PE ratio of 35.72 [2] - Falan Technology: EPS forecast of 0.60 yuan in 2025, with a PE ratio of 19.85 [2] - Xinjie Electric: EPS forecast of 1.83 yuan in 2025, with a PE ratio of 30.13 [2] - Okoyi: EPS forecast of 0.71 yuan in 2025, with a PE ratio of 44.86 [2] - Other notable companies include Anhui Heli, Su Shi Testing, and Sany Heavy Industry, all rated as "Strong Buy" [2] Market Performance - The mechanical sector has shown a 1.0% increase in the recent week, outperforming the broader market indices [10][15] - The absolute performance over the last 12 months is 40.7%, indicating strong growth relative to other sectors [4] Investment Recommendations - The report suggests focusing on companies in various sub-sectors, including: - Industrial control: Huichuan Technology, Xinjie Electric, and Weichuang Electric [6] - Robotics: Keli Sensor, Donghua Testing, and Mingzhi Electric [6] - Machine tools: Haitai Precision, Neway CNC, and Huacheng Equipment [6] - Consumables: Dingtai High-Tech and Zhongtung High-Tech [6] - Testing: Huace Testing and Guandian Measurement [6] - Engineering machinery: Sany Heavy Industry and XCMG [6] - Forklift industry: Anhui Heli and Hangcha Group [6] - Laser industry: Ruike Laser and Plit [6] - Logistics equipment: Falan Technology and Lanjian Intelligent [6] - Rail transit equipment: CRRC and Times Electric [6] - 3C equipment: Kuaike Intelligent and Bozhong Precision [6]

相关报告：智研咨询发布的《中国PCB钻针行业市场现状调查及发展潜力研判报告》 二、PCB钻针行业产业链 内容概要：PCB钻针是用于印制电路板钻孔的工具，藉由贯穿电路板层与层间的接点，以制作出点对点 间的通路，使得电路板上各电子零件得以连通串接。从PCB钻针产业链来看，上游为原材料及生产设 备，原材料主要为碳化钨粉、钴粉等，辅材料为工业气体、磨削材料、涂层辅料及备件、模具制备材 料、包装材料和其他辅材等。中游为PCB钻针生产制造。下游为应用领域PCB领域，PCB广泛应用于服 务器、汽车、消费电子、医疗、工业等领域。全球PCB行业已形成以亚洲为主导、中国为核心的产业格 局。2024年中国大陆地区PCB产值为412.13亿美元，同比增长9.1%，占全球总产值的比重为56%，2025 年产值将进一步扩大至437.3亿美元。未来，消费电子、人工智能、新能源汽车等应用的快速发展，对 PCB的需求将不断增加，PCB行业将继续保持增长态势。受下游PCB市场景气度提升影响，PCB钻针行 业规模也重回增长态势，2024年全球PCB钻针行业市场规模为45亿元，同比增长15.4%；2025年市场规 模将进一步扩大至62亿元，同比增长 ...

本文转自【央视财经】； 钨是一种重要的有色金属，熔点高、硬度高、密度高、导热性良好，在机械、能源开采、光伏、高端制 造等领域用途广泛。 今年以来，钨价出现罕见上涨，钨精矿、仲钨酸铵、碳化钨等主要产品价格涨幅均超200%，引发市场 关注。 年内价格涨幅超200% 多重因素推动钨价大幅上涨 2025年，黑钨精矿价格从年初约14.3万元/吨上涨至45.9万元/吨，仲钨酸铵价格从年初约21.05万元/吨上 涨至67.5万元/吨，涨幅均超过200%。近期多份研究报告指出，供给收紧是推高钨价的主因。 钨自1991年起被列为国家保护性开采矿种，实行总量控制和统一管理。今年2月，商务部会同海关总署 发布通知，对包括钨在内的多种稀有金属产品及相关技术实施出口管制；同时，国内对走私和非法开采 的打击力度持续加大。在政策约束下，国内外现货资源均趋紧，进一步推高价格。 中信建投期货有色金属高级分析师 刘佳奇：钨矿目前面临开采年限下降以及品位下滑等挑战，这些供 给侧的扰动直接导致了今年钨矿价格的大幅上涨。 此外，业内人士表示，除了供需基本面，年末全球的降息大环境等因素也在推高钨价。 格林大华期货副总经理 王骏：11月到12月初，全球主 ...

Core Viewpoint - The A-share market in 2025 experienced a significant overall rise, with the Shanghai Composite Index up 18.4%, the ChiNext Index soaring nearly 50%, and the Shenzhen Component Index increasing close to 30%. This year marked a rare "true bull market" with over 4,000 stocks rising, accounting for nearly 80% of the total [1]. Group 1: Top Bull Stocks - The top bull stocks of 2025 were driven by trends in AI and mergers and acquisitions, with significant price increases observed across the board [3]. - **Shangwei New Materials**: Achieved a staggering 1827.3% increase due to a control change and a shift from traditional chemicals to humanoid robots, supported by a strong recovery in its main business [4][5]. - **Tiangpu Co., Ltd.**: Experienced a 1645.4% rise, fueled by expectations of a shell merger with an AI chip company, capitalizing on the booming demand for AI models [8][10]. - **ST Yushun**: Saw a 719.4% increase as it successfully transitioned from its old business to AI infrastructure, supported by a significant acquisition [11][12]. - **ST Yanzhen**: Increased by 636.7% due to asset injection and a change in control, transforming its traditional home goods business into a resource stock [13]. - **Shenghong Technology**: Rose by 586.0%, benefiting from its position as a Tier 1 supplier to Nvidia and the growing demand for AI server PCBs [14]. - **Changwo Technology**: Achieved a 581.7% increase, driven by surging orders in the wind power and new energy vehicle sectors [15][16]. - **Feilinger**: Increased by 568.5% due to a change in control and expectations of transitioning to AI home products [17]. - **Dingtaikao Technology**: Saw a 567.1% rise, benefiting from the increased demand for AI server PCB materials [18]. - **Hengbo Co., Ltd.**: Increased by 527.0%, capitalizing on the dual benefits of PEEK material localization and new energy vehicle components [19]. - **Shunhao Co., Ltd.**: Achieved a 507.7% increase, driven by policy support for industrial hemp and new tobacco products [20]. Group 2: Top Bear Stocks - The top bear stocks of 2025 were primarily associated with risks of delisting and deteriorating operations [22]. - **Zitian Technology**: Experienced a dramatic decline of 98.4% due to long-term fraud and refusal to comply with regulatory checks, leading to its forced delisting [23]. - **Delisted Suwu**: Fell by 96.9% after years of inflated profits and financial hollowing, triggering delisting conditions [25]. - **Renle Co., Ltd.**: Dropped by 94.6% due to operational collapse and insolvency, reflecting the impact of e-commerce and mismanagement [27]. - **Guangdao Co., Ltd.**: Declined by 94.2% as the first delisted stock from the Beijing Stock Exchange, due to significant financial fraud [29]. - **Dongtong Co., Ltd.**: Fell by 91.8% due to internal strife and fraud, leading to governance issues [30]. - **Delisted Pengbo**: Experienced a 92.9% drop, marking a record for financial fraud in A-shares, resulting in forced delisting [31]. - **Hengli Co., Ltd.**: Dropped by 92.8% after 21 years of continuous losses, leading to its eventual delisting [32]. - **Gongzhi Co., Ltd.**: Fell by 91.1% due to a collapse in revenue and management issues [34]. - **Zhongcheng Co., Ltd.**: Experienced a 90.5% decline due to blind diversification into new energy and financial fraud [35]. - **ST Changyao**: Dropped by 82.7% due to price cuts from centralized procurement and ongoing fraud investigations [36].

Summary of AIDC Electrical Equipment Market Conference Call Industry Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) electrical equipment market, particularly in North America, highlighting the impact of energy shortages and the increasing demand for electrical equipment such as transformers and power supplies [1][2][3]. Key Points and Arguments 1. Energy Supply and Pricing - North American terminal electricity prices have risen by over 5% due to energy shortages, particularly in the PJM region, indicating a tight electricity supply that may worsen with AI development [1][2]. - The construction of data centers in the PJM region has significantly increased spot electricity prices, suggesting a growing demand for electrical equipment [2]. 2. Transformer Demand - There is a surge in demand for high-voltage transformers, with orders from companies like ABB, Siemens, and General Electric reaching 3-4 times their annual revenue, leading to long delivery cycles [1][3]. - Chinese companies, leveraging production capacity and cost advantages, are expected to expand exports to the U.S., with firms like Siyuan, Jinpan, and Igor already achieving exports [1][3]. 3. AIDC Power Supply Trends - The trend towards high-voltage direct current (HVDC) power supplies is expected to gain momentum, with significant applications anticipated in 2026, particularly with Meta's new product launches [1][4]. - Domestic companies such as Oulitong and New Energy are making marginal breakthroughs in power supply technology, indicating a competitive edge in customization speed [4]. 4. Growth in Gas Turbine Orders - Gas turbine orders have seen a significant increase, with a growth rate of approximately 50%-60% as of September 2025, and hydrogen turbine orders growing even faster [1][8]. - Major manufacturers like Baker Hughes, Ansaldo, and Kawasaki are experiencing increased demand, with light gas turbine production ramping up while heavy gas turbine delivery cycles remain long [8]. 5. PCB Industry Developments - The PCB (Printed Circuit Board) industry is witnessing an increase in the usage and value of drilling needles due to material upgrades, with leading manufacturers like Dingtai and Zhongtung exceeding 50% production capacity [2][15]. - The P4B technology is nearing maturity, leading to increased equipment performance requirements and a strong growth outlook for equipment demand and value [15]. 6. Competitive Landscape for Chinese Companies - Chinese companies are positioned to play a crucial role in the global AIDC electrical equipment market, particularly in traditional components like transformers and emerging technologies such as HVDC and SST products [5][6]. - The ability to respond quickly and provide customized services is expected to give Chinese firms a competitive advantage [5]. 7. Infrastructure and Modular Data Centers - The construction cycle for modular data centers is shortening due to AI infrastructure demands, with companies like Schneider and CIMC participating in total or partial contracting [1][14]. - Significant growth is anticipated in this sector by 2026, driven by increased penetration rates [14]. 8. Liquid Cooling Technology - Liquid cooling technology is expected to see substantial growth, supported by changes in demand and the introduction of new products into the overseas supply chain [11][13]. - Companies are actively preparing talent to support the development of this technology, indicating its importance in the AI industry [11]. Additional Important Insights - The overall sentiment for the AIDC electrical equipment market is optimistic, with expectations of price elasticity and valuation expansion across various sectors, including power, infrastructure, and PCB [16]. - Companies like Yingliu, Hangyu Technology, and Jereh are highlighted as having strong growth potential in the AI power sector due to solid customer relationships and strategic partnerships [9][10].