重申看好AIPCB产业链

Summary of Conference Call Records Industry Overview - The conference call discusses the AIPCB (Artificial Intelligence Printed Circuit Board) industry and the storage industry in China, highlighting the competitive landscape and investment opportunities within these sectors [1][2]. Key Points on AIPCB Industry - The development of AI chips is driving a comprehensive upgrade in PCB materials, with a shift from traditional fiberglass to third-generation fabrics (Q fabric), although current production capacity is tight [1][2]. - Hydrocarbon resins are seeing increased usage due to their excellent dielectric properties and low loss during the upgrades from Ma7 to Ma9, with companies like Dongcai Technology receiving certifications from core copper-clad board manufacturers [1][3]. - The transition to HVLP2 copper foil solutions is aimed at reducing skin effect losses, with expectations to introduce HVLP4 next year [1][3]. - The increase in material hardness is leading to higher consumption of consumables like drill bits, with Dazhu CNC adopting ultra-fast laser equipment for high-end PCB manufacturing [1][3][5]. - The industry is moving towards advanced manufacturing processes, with a focus on cold processing methods to enhance precision without generating excess heat [5]. Investment Opportunities in Storage Industry - The storage industry is experiencing non-linear growth in demand driven by AI applications, particularly during training and inference phases [2][8]. - The listing of domestic storage companies is expected to boost procurement of equipment and components, enhancing China's competitiveness in the global storage market [2]. - Recommended companies include Jinghe Integration, Huicheng, Tuojing Technology, Micro-Guide Nano, and Huahai Qingke, which are expected to benefit from storage technology upgrades [2][8]. - Companies like Zhaoyi Innovation and Junzheng are also highlighted as beneficiaries of rising storage prices [2]. Trends in PCB Industry - The PCB industry is undergoing significant upgrades in materials and manufacturing processes, with Dazhu Laser having a first-mover advantage in high-end equipment like LDI (Laser Direct Imaging) [6]. - The demand for high-end materials and equipment is increasing as drilling becomes finer and denser, driven by technological advancements [6]. - The domestic upgrade efforts are synchronizing with semiconductor packaging upgrades, creating substantial market opportunities [6]. - Despite short-term market fluctuations, the long-term fundamentals of the PCB industry remain clear and upward-trending, driven by material and processing upgrades [6][7]. Notable Companies in Semiconductor Sector - In the semiconductor sector, focus is on storage-related companies such as Jinghe Technology, Huicheng, Huarong Microelectronics, and Tuo Jing Technology, which are expected to benefit from storage upgrades [8]. - For the AI PC segment, Shengyi Technology is highlighted as a top choice in the CCL (Copper Clad Laminate) segment, with other companies like Shenzhen Circuit, Hudian Co., and Dongshan Precision also noted for their potential [8]. - The ongoing technological iterations in the upstream supply chain, including companies like Feili Hua, Zhongcai International, and Dongcai Technology, are also key focus areas [8]. Conclusion - The AIPCB and storage industries present significant investment opportunities driven by technological advancements and market demand. The focus on material upgrades and manufacturing process enhancements is expected to propel growth in these sectors, making them attractive for investors looking to capitalize on emerging trends.