CCL_PCB_ 持续关注规格迁移；维持电子材料（EMC）买入评级，目标价调整

TUC: see positive as M8 becomes mainstream in 2026 CCL/PCB: stay tuned for continuous spec migration; maintain Buy on EMC/TUC Price Objective Change Continue to see spec upgrades across CCL and PCB Accessible version Within the CCL space, we notice the recent concern about AWS product transition, which we expect to last into 1Q26. However, we also witness the continuous upgrade of CCL material, which is evidenced by 1) the more significant upgrade in copper foil (vs/ glass fiber cloth previously); and 2) th ...