摘要 CB 供应链自 2025 年上半年起经历三轮调价，主要由需求回升（AI 驱 动、消费电子回暖、国补政策）、成本上升（树脂、铜箔、玻纤布全线 上涨）及高端产能扩张周期长导致，高端材料供给紧缺。 不同类型铜箔自 2025 年至 2026 年持续上涨。HYP 铜箔受 AR 需求拉 升，供应紧张，2025 年涨价超 30%，预计 2026 年一、二季度仍有上 涨空间。载体铜箔主要用于 M3 Pro 工艺，2025 年至 2026 年涨幅超过 35%。 铜箔加工费与规格相关，30 微米 HTE/HDE 铜箔加工费约 6 万人民币/ 吨，18 微米 RTF 铜箔约 10 万人民币/吨，HVIP（12 微米）三代约 20 万人民币/吨，四代接近 30 万人民币/吨。 不同品类铜箔产线切换难度大，低端向高端切换需更换设备。头部厂商 产能转向 HVIP、载板用 VIP 及载体铜等高利润产品，中低端铜箔由中国 内陆厂商承接。 2026 年下半年铜箔仍有涨价概率，中高端材料涨价预期强，HYP 铜箔 与载体铜箔需求景气度至少持续至 2027 年底。中低端铜箔可能在 2026 年末达到阶段性平衡。 Q&A AI 通胀？电子各环节 ...

铜箔专家交流会 20260228 摘要 国内线路板铜箔产能集中度高，头部企业产能达 5 万吨/年，但高阶产能 仍显紧张，海外厂商逐渐将产能转向 HVIP，导致 RTF 市场缺口扩大， HTE 铜箔海外基本停产，加剧了高阶紧缺、中阶偏紧、低阶供给收缩的 局面。 2026 年 3 月，HVIP、RTF 与 HTE 等主要品类电子铜箔预计将迎来行业 普涨，主要体现为加工费上调，而非原料铜价传导，预计加价幅度不低 于 5 个百分点，高阶 HVIP 的绝对涨幅将明显高于普通 RTF 与 HTE。 本轮涨价具备较强的落地确定性，主要由于当前供需关系下，在手订单 交付压力较大，国内外价差持续扩大，国内产品性能稳定、交期更快， 加工费水平具备上调的现实基础与可执行性。 线路板用铜箔扩产逻辑与锂电池用铜箔存在差异，高阶 RTF 与 HVIP 等 所需后处理线主要依赖海外设备采购，即使现在下单，2026 年内也难 以新增高阶产能实现达产，一年内难以完成有效释放。 RTF 本轮涨价具备全覆盖特征，各代产品均将受益，当前出货结构以高 阶为主，RTF 一代与二代出货占比较小，主要出货集中在三代、四代等 更高阶产品，月度出货量在 1,0 ...

洁美科技（002859）20225年12月回应：公司HVLP铜箔已经给韩国斗山送样，目前客户正在测试阶段。 宝鼎科技（002552）：控股子公司金宝电子生产的HVLP铜箔主要用于5G基站、天线等领域的线路板或柔性线路板。 嘉元科技2025年9月回应：公司HVLP铜箔产品正在客户验证阶段中。 PET铜箔板块持续拉升，东材科技（601208）午后涨停，诺德股份（600110）此前涨停，阿石创（300706）、德福科技（301511）、中一科技 （301150）、双星新材（002585）、三孚新科跟涨。 国金证券指出，2026年2月消费级PCB铜箔加工费较2025年底涨2000元/吨。 机构表示，AI挤占的背后是资源的争夺，资本追逐高回报率。AI挤占的发生，首要原因是有赚钱效应的AI需求在高速扩张，吸引资本投入，AI 对"资源"的消耗远大于传统行业，因此传统行业的设备/人员/资金"被大量抽调"，形成供给缺口。第二，竞争加剧了这类产能"抽调"，企业通过 升级产能来巩固技术先发优势。AI日新月异的技术升级又带来了不确定性，产品性能、良率需要实现"又快又好"很难实现，但竞争者倍加珍 视"弯道超车"机会，行业"洗牌"展开， ...

经济观察网方邦股份股价近期表现活跃，突破60日新高，主要受其高端电子材料技术突破及业务进展推 动。 股票近期走势 近期公司状况 需关注新品验证进度、下游需求波动及行业竞争加剧风险。公司目前仍处于亏损状态(2025年前三季度 归母净利润-2668万元)，盈利能力的持续性需观察。 以上内容基于公开资料整理，不构成投资建议。 业务进展情况 公司开发的HVLP铜箔(表面粗糙度Rz≤0.4μm)和热敏型薄膜电阻，精准对标AI算力硬件升级需求，目前 处于客户测试阶段，有望打开新的增长空间。 资金面与技术面 2月11日主力资金净流入375.49万元，而此前多个交易日主力资金呈净流出状态(如2月10日净流出948.27 万元)。股价短期波动受技术突破预期及市场对国产替代主题关注度提升影响。 截至2026年2月11日午盘，公司股价报97.65元，当日上涨7.34%，突破60日新高(区间最高价为98.58 元)。 业绩经营情况 公司核心产品如RTF铜箔、可剥铜等高端电子材料实现技术突破。2025年第三季度，RTF铜箔销量同比 激增1030%，推动单季度营收环比增长14.77%，归母净利润减亏幅度达84.01%，接近盈亏平衡点。同 ...

Core Viewpoint - Copper Crown Copper Foil (301217) emphasizes the advanced technology of RTF copper foil, which is designed for high-frequency and high-speed PCBs, highlighting its unique "reverse treatment" process and optimized signal transmission surface [1] Group 1 - The RTF copper foil is characterized by low roughness, high adhesion, and excellent performance [1]

证券代码：688020 证券简称：方邦股份公告编号：2026-002 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 二、上年同期业绩情况和财务状况 公司上年同期（2024年1月1日至2024年12月31日）实现主营业务收入30,698.69万元，归属于母公司所有 者的净利润为-9,164.27万元，归属于母公司所有者的扣除非经常性损益的净利润为-11,276.88万元。 三、本期业绩变化的主要原因 （一）报告期内，公司主营业务收入较上年同期增长8.63%，主要是公司研发工作取得阶段性成果，相 关新产品逐步贡献收入，其中电阻薄膜（埋阻铜箔）报告期内首度实现量产，取得收入627.84万元，同 比大幅增长；FCCL实现收入3,893.6万元，同比增长71.23%。 （二）报告期内，公司预计实现归属于母公司所有者的净利润为-7,300万元至-11,000万元，实现归属于 母公司所有者扣除非经常性损益后的净利润-8,300万元到-12,000万元，主要原因为：（1）新产品逐步 放量，其中电 ...

Core Viewpoint - The company anticipates a revenue increase of 8.63% for 2025, but expects a net loss attributed to shareholders of between 73 million to 110 million yuan [1][3]. Group 1: Performance Forecast - The company projects a main business revenue of 333.48 million yuan for 2025, compared to 306.99 million yuan in 2024 [1]. - The expected net profit attributable to shareholders for 2025 is estimated to be between -73 million to -110 million yuan [1]. - The net profit after deducting non-recurring gains and losses is projected to be between -83 million to -120 million yuan [1]. Group 2: Year-on-Year Comparison - In 2024, the company reported a main business revenue of 306.99 million yuan and a net loss of 91.64 million yuan [1]. - The net profit after deducting non-recurring gains and losses for 2024 was -112.77 million yuan [1]. Group 3: Reasons for Performance Changes - The increase in revenue is attributed to successful R&D efforts, with new products contributing to income, including a significant revenue of 6.28 million yuan from the newly mass-produced resistive film [2]. - The FCCL product line saw a revenue increase of 71.23%, contributing to a reduction in losses compared to the previous year [2][3]. - The company is optimizing its copper foil business structure, leading to a decrease in gross margin losses, with notable growth in sales of high-margin RTF copper foil, which increased by 339.45% [3]. - The company anticipates a provision for impairment of fixed assets related to copper foil business of approximately 25 million yuan, an increase of about 10 million yuan from the previous year [3].

南财智讯1月29日电，方邦股份发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-7300万元至-11000万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-8300 万元至-12000万元。本期业绩变化的主要原因：（一）报告期内，公司主营业务收入较上年同期增长 8.63%，主要是公司研发工作取得阶段性成果，相关新产品逐步贡献收入，其中电阻薄膜（埋阻铜箔） 报告期内首度实现量产，取得收入627.84万元，同比大幅增长；FCCL实现收入3893.6万元，同比增长 71.23%。（二）报告期内，公司预计实现归属于母公司所有者的净利润为-7300万元至-11000万元，实 现归属于母公司所有者扣除非经常性损益后的净利润-8300万元到-12000万元，主要原因为：（1）新产 品逐步放量，其中电阻薄膜（埋阻铜箔）销售额大幅增长，对公司利润形成一定贡献；FCCL产品销售 额同比增加71.23%，销售规模提升带动固定成本摊薄，FCCL业务亏损较去年同期有所收窄；（2）铜 箔业务结构持续优化，业务毛利亏损有所减少。其中可剥铜通过了相关代表性载板厂商和头部芯片终端 的量产认证，持续获得小 ...

Core Viewpoint - The company is actively positioning itself in the high-end copper foil market, anticipating significant shortages due to increased demand driven by AI in PCB applications [2] Group 1: Company Strategy - The company has successfully overcome technical challenges in producing HVLP and RTF copper foils, which include high precision equipment requirements, complex production processes, and high customer certification thresholds [2] - The company is leveraging its long-term technical accumulation and R&D capabilities to capitalize on opportunities for industrial upgrades and domestic replacements of imports [2] Group 2: Market Outlook - The high-end electronic copper foil market is expected to face significant shortages next year due to a surge in demand [2] - The company's products, including RTF-3 and HVLP-1/2, have already entered the supply chains of several leading domestic and Taiwanese manufacturers, while HVLP-3/4 products are currently in the sample testing phase [2] Group 3: Production Capacity - The company currently has a total production capacity of 140,000 tons, of which 30,000 tons are designated for high-end electronic circuit copper foil production [2]

Core Viewpoint - Zhejiang Hailiang Co., Ltd. is actively engaging in investor relations, focusing on advancements in copper foil products, overseas market expansion, and developments in the heat dissipation sector [1][2]. Group 1: Copper Foil Product Development - The company has made significant progress in the research and development of copper foil products, including nickel-plated copper foil for solid-state batteries, porous copper foil, double-sided rough copper foil, and ultra-high tensile copper foil, achieving industry-leading standards and receiving positive feedback from top domestic and international battery cell manufacturers [2]. - In the high-end standard copper foil sector, the company has optimized the bonding between PCB embedded circuit layers and substrates through reverse roughening treatment of RTF copper foil, reducing signal loss, while HVLP copper foil meets ultra-high frequency requirements with extremely low surface roughness [2]. Group 2: Overseas Market Expansion - As the first Chinese copper foil factory to expand overseas, Hailiang's Indonesian facility is accelerating its international business development and has established deep cooperation with five of the top ten global power battery clients and two of the top three 3C digital clients, with supply agreements set to commence in 2026 [3]. - The company anticipates further strengthening its competitive edge in the international copper foil market through the progress of its Indonesian operations [3]. Group 3: U.S. Market Performance - The Texas base of the company is experiencing favorable operating conditions, with a steady development trajectory. The processing fees for copper products in the U.S. are showing differentiated increases due to varying demand across different products and customer segments [4]. - The company plans to accelerate capacity ramp-up at its Texas facility to meet local market demand while focusing on high-value-added product lines to enhance profitability in the U.S. market [4]. Group 4: Heat Dissipation Sector - The company is leveraging over thirty years of copper processing expertise to meet the growing demand for heat dissipation materials driven by the explosion of AI computing power and global demand for cooling solutions [5]. - The company is currently providing various products for data centers and AI computing, including self-developed heat pipe materials and oxygen-free copper, and plans to increase investment in the heat dissipation sector to explore more market opportunities [5].