【长江电子】 正交背板是否会取消？ 我们认为：正交背板依旧是Rubin-Ultra中确定性相对最强的通信方案 关于正交背板或将取消的讨论，主要源于背板方案几轮测试下来电信号测试和插损指标表现不佳，市场担心英伟 达会因为正交背板性能不达预期而直接取消。 我们了解到，正交背板目前是78层M9材料方案，而当前供应商正测试94层/104层方案，核心是通过增加层 【长江电子】 正交背板是否会取消？ 我们认为：正交背板依旧是Rubin-Ultra中确定性相对最强的通信方案 关于正交背板或将取消的讨论，主要源于背板方案几轮测试下来电信号测试和插损指标表现不佳，市场担心英伟 达会因为正交背板性能不达预期而直接取消。 我们了解到，正交背板目前是78层M9材料方案，而当前供应商正测试94层/104层方案，核心是通过增加层数而分 散线路，从而提升电路的阻抗性能与连接器的可靠性。 相较于密集布线，更宽松的布线能获得更快的信号速度和更小的干扰，不仅能提升传输速度，更能有效减少信号 干扰。 正交背板是否会推迟？ 我们认为：推迟风险较小、短期内PTFE材料难有突破、M9材料仍占主导地位 正交背板的推迟风险主要源自于M9材料和PTFE材料之 ...

（原标题：卡位前沿赛道驱动强劲增长 沃特股份2025归母净利预增55.75%-91.28%） 1月20日晚间，国内特种高分子材料龙头沃特股份（002886.SZ）发布2025年度业绩预告，公司全年预计 实现归母净利润5700万元至7000万元，同比大幅增长55.75%至91.28%；扣非净利润2800万元至3500万 元，同比增长0.62%至25.77%。 在关键材料领域，沃特股份的全链条能力尤为突出： LCP材料领域，公司已完成从树脂到薄膜的产业链垂直整合，当前总产能达2.5万吨，位居全球首位。 其产品成功打破海外垄断，进入工信部国产替代目录，并广泛应用于5G/6G通信、AI服务器及商业航天 等领域。 PEEK材料领域，作为国内少数实现从上游树脂合成到下游型材加工全链条自主可控的厂商，公司产品 已在人形机器人、航空航天、医疗器械等高精尖领域获得客户认可。 2025年，沃特股份迎来核心产能加速释放期，重庆基地1000吨PEEK树脂（一期）、20000吨LCP树脂 （一期及二期）项目，及惠州热固性碳纤维复合材料产线均于报告期内正式投产。随着新产能逐步爬坡 进入稳定运营，公司规模效应将持续彰显，摊销折旧和研发费用 ...

Core Viewpoint - The company, Water Co., Ltd. (沃特股份), plans to enhance its semiconductor industry layout and global competitiveness by acquiring 100% equity of Walka Sealing Products (Shanghai) Co., Ltd. from Japan's Walka Corporation, which will become a wholly-owned subsidiary post-transaction [2]. Group 1: Acquisition Details - The acquisition aims to strengthen Water Co.'s position in the semiconductor sector, as Walka Sealing Products is a key manufacturer of high-end sealing components and has established a strong reputation in advanced manufacturing industries such as semiconductors and nuclear energy [2]. - Walka Sealing Products, founded in 2000, specializes in high-end sealing products, bellows, and fluororesin products, which are critical components for semiconductor equipment like etching machines [2]. Group 2: Market Potential - The demand for related products is projected to grow at a compound annual growth rate (CAGR) of 7% from 2025 to 2031, indicating a robust market opportunity for Water Co. following the acquisition [2]. - The global market size for PEEK materials used in semiconductor manufacturing is expected to reach approximately $469 million in 2024 and $758 million by 2031, presenting further growth potential for Water Co. [3]. Group 3: Financial Performance - Water Co. has demonstrated steady revenue growth, with projected revenue of 1.897 billion yuan in 2024, a year-on-year increase of 23.45%. The net profit attributable to shareholders is expected to grow by 520.69% [3]. - In the first half of 2025, the company reported revenue of 906 million yuan, a year-on-year increase of 12.29%, with net profit growth rates of 23.94% and 39.54% for attributable and non-recurring net profits, respectively [3]. Group 4: Strategic Implications - The acquisition is expected to create significant industrial synergies, allowing Water Co. to establish the world's leading fluoropolymer product platform and the most comprehensive semiconductor component solution in the industry [2]. - By integrating high-quality foreign resources, Water Co. aims to capitalize on the domestic substitution process in advanced manufacturing sectors like semiconductors and nuclear energy, potentially leading to long-term benefits [3].

Core Viewpoint - Traditional companies with strong fundamentals and low valuations are becoming the focus of public fund research, as they present opportunities for valuation switching in the current market environment [1][10]. Group 1: Investment Strategy - Public fund managers are increasingly researching traditional sectors, seeking companies that can leverage new technologies for growth, indicating a shift towards "old trees sprouting new buds" [3][12]. - The strategy involves identifying traditional companies that have the potential to transition into emerging sectors, thus benefiting from valuation increases [4][11]. Group 2: Fund Research Focus - Recent public fund research has targeted traditional industries such as software, electronics, machinery, and energy, with specific companies like 聚杰微纤 and 广联达 being highlighted for their potential in new growth areas [3][5]. - Funds are particularly interested in how these traditional companies are positioning themselves in relation to new technologies, such as AI and robotics, which could trigger valuation shifts [4][6]. Group 3: Market Dynamics - The current market environment makes it challenging to invest heavily in new high-valuation stocks, leading funds to explore undervalued traditional companies that may offer lower entry points into new markets [6][10]. - The performance of traditional companies transitioning into new sectors has been notable, with examples like 医脉通 demonstrating significant returns after successfully shifting their business models [7][8]. Group 4: Future Outlook - As 2024 earnings reports are released, traditional companies with stable fundamentals and low valuations are expected to attract more investment, driven by their potential for business model transformation and valuation switching [12].

Core Viewpoint - The article discusses the strategic investment approach of leading public funds in the human-shaped robot sector, focusing on upstream suppliers of key materials like PTFE, rather than directly investing in the crowded downstream robot companies [1][5]. Group 1: Investment Strategy - E Fund has recently increased its stake in Dongyue Group, a leading supplier of PTFE materials, which is crucial for the mass production of humanoid robots [2][3]. - The investment reflects a "selling shovels" strategy, allowing funds to avoid the competitive pressures of the humanoid robot market while still capitalizing on its growth potential [5][8]. - Fund managers are increasingly favoring suppliers of PTFE and PEEK materials, indicating a consensus on the importance of these materials for the industry's future [5][6]. Group 2: Market Dynamics - Dongyue Group holds a 23.7% market share in China's PTFE production, with an expected output of 150,000 tons in 2023, positioning it as a key player in the advanced materials sector [4]. - The company's revenue for the first half of 2024 reached 7.26 billion yuan, with a net profit of 308 million yuan, reflecting a year-on-year growth of 0.87% and 8.38% respectively [4]. - The article highlights the potential for humanoid robots to penetrate various sectors, particularly in industrial applications where the technology is easier to implement [7][9]. Group 3: Competitive Advantages - PTFE materials are cheaper and offer superior performance compared to PEEK materials, making them a preferred choice for manufacturers in the humanoid robot space [6][8]. - The article emphasizes that Chinese companies possess significant technological and production advantages, which could lead to a successful transition from concept to mass production in the humanoid robot industry [5][9]. - The anticipated advancements in humanoid robot technology are expected to mirror the growth trajectories seen in the smartphone and electric vehicle markets [5][7].