未知机构：长江电子CoWoP技术就是PCB板块的CPOPCB新-20260210

Summary of Conference Call Notes Company and Industry Involved - Company: 长江电子 (Changjiang Electronics) - Industry: PCB (Printed Circuit Board) Technology Core Points and Arguments - Emerging PCB Technologies: The market is currently flooded with various new PCB technology solutions as the Rubin cabinet approaches shipment and the RubinUltra cabinet plan becomes clearer. There is still no definitive choice between orthogonal backplane and copper cable technology paths for the RubinUltra cabinet [1] - Focus on CoWoP Technology: Among the various PCB technology solutions, the CoWoP (Chip-on-Wafer-on-Panel) technology has a strong likelihood of successful implementation and is progressing rapidly. It is expected to transition from the laboratory phase to small-scale production by the end of 2027 and to gradually ramp up to mass production in 2028 [2] - Cost and Efficiency Benefits: CoWoP technology allows chips to be directly bonded to PCBs via a silicon interposer, which reduces signal transfer losses, enhances heat dissipation efficiency, and eliminates the need for ABF substrates, thereby lowering costs and addressing substrate capacity shortages [2] - Value Increase of SLP Products: The value of SLP (Substrate-like PCB) products used in CoWoP technology is projected to exceed 400,000 yuan per square meter for 24-layer and above SLPs, which is nearly ten times the price of HDI (High-Density Interconnect) and high-layer count products currently used in AI servers [3] Additional Important Content - Key Players in CoWoP Development: - 鹏鼎控股 (Pegatron): Has a stable mass production capability for high-end SLP products and is actively involved in the CoWoP technology development for NVIDIA [3] - 深南电路 (Shennan Circuits): Gradually entering overseas computing power supply due to steady release of substrate capacity and participation in CoWoP technology development [3] - 兴森科技 (XingSen Technology): Has strong technical capabilities in substrate technology and is deeply involved in CoWoP technology development since July 2025, anticipating product volume growth [3] - Other Companies to Watch: - 沪电股份 (Unimicron): Recently announced a $300 million capital expenditure directed towards PCB substrate technology [3] - 胜宏科技 (Shenghong Technology): Preparing for production with mSAP equipment, expecting an annual output value of over 1.5 billion yuan [3] - 景旺电子 (Jingwang Electronics): Currently ramping up SLP production capacity at its Zhuhai Jinwan factory [3]