586 lines
42 KiB
HTML
586 lines
42 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>AI PCB 深度投研报告</title>
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<script src="https://cdn.jsdelivr.net/npm/alpinejs@3.14.1/dist/cdn.min.js" defer></script>
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<script src="https://cdn.tailwindcss.com"></script>
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Lexend:wght@300;400;500;600;700&display=swap');
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body {
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font-family: 'Lexend', sans-serif;
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background-color: #020010;
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overflow-x: hidden;
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}
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.glass {
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background: rgba(10, 10, 30, 0.4);
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backdrop-filter: blur(20px);
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-webkit-backdrop-filter: blur(20px);
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border: 1px solid rgba(255, 255, 255, 0.1);
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display: grid;
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grid-gap: 1.5rem;
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grid-auto-rows: auto;
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border-radius: inherit;
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box-shadow: 0 0 25px rgba(0, 255, 255, 0.2), 0 0 50px rgba(77, 0, 255, 0.1);
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transition: opacity 0.3s ease-in-out;
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background: radial-gradient(circle, rgba(77, 0, 255, 0.15) 0%, rgba(77, 0, 255, 0) 60%);
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animation: moveLight1 25s infinite alternate ease-in-out;
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z-index: -1;
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position: fixed;
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bottom: -30%;
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right: -30%;
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height: 1000px;
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background: radial-gradient(circle, rgba(0, 255, 255, 0.1) 0%, rgba(0, 255, 255, 0) 70%);
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filter: blur(50px);
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animation: moveLight2 30s infinite alternate ease-in-out;
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z-index: -1;
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from { transform: translate(0, 0); }
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to { transform: translate(100px, 150px); }
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}
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@keyframes moveLight2 {
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from { transform: translate(0, 0); }
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to { transform: translate(-150px, -100px); }
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}
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</style>
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</head>
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<body class="text-gray-200 min-h-screen">
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<div class="turrell-light-1"></div>
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<div class="turrell-light-2"></div>
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<div class="p-4 sm:p-6 md:p-8 lg:p-12">
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<header class="text-center mb-12">
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<p class="text-sm text-cyan-400 mb-2">北京价值前沿科技有限公司 AI投研agent：“价小前投研”</p>
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<h1 class="text-5xl md:text-7xl font-bold bg-clip-text text-transparent bg-gradient-to-br from-white to-cyan-400 mb-4 tracking-tighter">
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AI PCB 深度洞察
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</h1>
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<p class="text-lg md:text-xl text-gray-400 max-w-4xl mx-auto">
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算力洪流的物理基石：从连接器到价值核心，剖析AI时代下PCB的革命性机遇
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</p>
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</header>
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<main class="bento-grid">
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<!-- Insight: Core Analysis -->
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<div class="grid-item-lg grid-item-tall glass rounded-3xl p-8 glow-effect">
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<h2 class="text-3xl font-bold mb-4 text-cyan-300">概念核心洞察</h2>
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<div class="space-y-6 text-gray-300">
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<p><strong class="text-white">进化阶段:</strong> AI PCB已从主题炒作进化至由技术迭代与需求爆发双轮驱动的强基本面增长阶段。</p>
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<p><strong class="text-white">核心逻辑:</strong> AI芯片性能飞跃对PCB的材料、层数、工艺提出代际升级要求，驱动巨大的<strong class="text-cyan-400">量价齐升</strong>空间。其根本逻辑链为：<br> <span class="text-sm">AI算力需求 → AI芯片性能迭代 → 数据传输要求质变 → PCB被迫代际升级 → AI PCB价值爆发。</span></p>
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<p><strong class="text-white">市场预期差:</strong></p>
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<ul class="list-disc list-inside space-y-2 pl-4">
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<li><strong class="text-purple-300">价值指数级增长:</strong> 市场可能低估了从H100 (单GPU对应PCB约$400) 到Rubin Ultra (单GPU有望超$1400) 的非线性价值跃迁。</li>
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<li><strong class="text-purple-300">需求多元化:</strong> 市场过度聚焦NVIDIA，但谷歌TPU、AWS Trainium等ASIC芯片是同等重要的并行驱动力，需求基础更稳固。</li>
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<li><strong class="text-purple-300">上游“卡脖子”效应:</strong> 市场对PCB扩产乐观，但可能忽略了上游核心材料（如Q布、HVLP铜箔）的供给瓶颈，这是风险，更是国产突破的机遇。</li>
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</ul>
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</div>
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</div>
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<!-- Market Size Chart -->
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<div class="grid-item-sm glass rounded-3xl p-6 glow-effect">
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<h3 class="text-xl font-bold mb-2 text-cyan-300">市场规模预测</h3>
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<p class="text-sm text-gray-400 mb-4">AI PCB市场需求呈指数级增长（单位：亿元）</p>
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<div id="market-size-chart" style="width: 100%; height: 280px;"></div>
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</div>
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<!-- Catalysts -->
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<div class="grid-item-sm glass rounded-3xl p-6 glow-effect">
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<h3 class="text-xl font-bold mb-2 text-cyan-300">关键催化剂</h3>
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<ul class="space-y-3 text-sm">
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<li><strong class="text-white">近期 (3-6月):</strong> NVIDIA GB200规模放量；北美云厂Q3/Q4财报Capex指引；Rubin架构细节披露 (M9/PTFE确认)。</li>
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<li><strong class="text-white">长期路径:</strong>
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<ul class="list-disc list-inside pl-4 text-gray-400">
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<li><strong>24-25年:</strong> 云端训练驱动，<span class="text-purple-300">产能为王</span>。</li>
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<li><strong>26-27年:</strong> 架构革新驱动，<span class="text-purple-300">技术为王</span> (M9/PTFE)。</li>
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<li><strong>28年+:</strong> 应用拓展驱动，<span class="text-purple-300">生态为王</span> (AI PC/手机)。</li>
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</ul>
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</li>
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</ul>
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</div>
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<!-- Tech Evolution -->
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<div class="grid-item-full glass rounded-3xl p-8 glow-effect">
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<h2 class="text-3xl font-bold mb-6 text-cyan-300">技术迭代路径：从量变到质变</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6 text-center">
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<div class="border border-purple-500/30 p-4 rounded-2xl">
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<h4 class="text-lg font-semibold text-white">材料升级</h4>
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<p class="text-gray-400 text-sm">从FR-4到</p>
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<p class="text-2xl font-bold text-purple-300 my-2">M7/M8 → M9 → PTFE</p>
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<p class="text-gray-400 text-sm">追求极致低介电损耗 (Low Df)</p>
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</div>
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<div class="border border-cyan-500/30 p-4 rounded-2xl">
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<h4 class="text-lg font-semibold text-white">层数与架构</h4>
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<p class="text-gray-400 text-sm">通用服务器8-16层到</p>
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<p class="text-2xl font-bold text-cyan-300 my-2">28-46层 → 78+层</p>
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<p class="text-gray-400 text-sm">HDI、正交背板、COWOP</p>
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</div>
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<div class="border border-pink-500/30 p-4 rounded-2xl">
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<h4 class="text-lg font-semibold text-white">工艺复杂度</h4>
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<p class="text-gray-400 text-sm">厚径比从15:1到</p>
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<p class="text-2xl font-bold text-pink-300 my-2">20:1+</p>
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<p class="text-gray-400 text-sm">背钻、混压、mSAP类载板工艺</p>
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</div>
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</div>
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<p class="text-center mt-4 text-gray-400">核心驱动：NVIDIA架构演进 (GB200 → Rubin → Rubin Ultra) 全面拉动PCB规格极限提升。</p>
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</div>
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<!-- Supporting Data Tabs -->
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<div x-data="{ tab: 'news' }" class="grid-item-full glass rounded-3xl p-8 glow-effect">
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<h2 class="text-3xl font-bold mb-4 text-cyan-300">多源数据印证</h2>
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<div class="tabs tabs-boxed bg-black/20 mb-6">
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<a class="tab" :class="{'tab-active': tab === 'news'}" @click.prevent="tab = 'news'">新闻速览</a>
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<a class="tab" :class="{'tab-active': tab === 'roadshow'}" @click.prevent="tab = 'roadshow'">路演精粹</a>
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<a class="tab" :class="{'tab-active': tab === 'research'}" @click.prevent="tab = 'research'">研报观点</a>
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</div>
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<div class="text-gray-300 space-y-3 text-sm">
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<div x-show="tab === 'news'">
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<ul class="list-disc list-inside space-y-2">
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<li><strong>市场情绪:</strong> “主升浪就在此刻不要轻易下车”、“已到超配时间点”，市场情绪极为高涨。</li>
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<li><strong>供需矛盾:</strong> 核心矛盾是“供需缺口”。上游设备交期拉长，存量厂商扩产慢，高端有效产能严重不足，订单外溢势在必行。</li>
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<li><strong>技术驱动:</strong> NVIDIA Rubin架构将使用M9超硬材料及78层正交背板，对设备和耗材用量是巨幅提升。</li>
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<li><strong>价值量提升:</strong> AI服务器PCB价值量是通用的数倍；800G交换机PCB价值量是400G三倍；1.6T再翻倍。</li>
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</ul>
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</div>
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<div x-show="tab === 'roadshow'" style="display: none;">
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<ul class="list-disc list-inside space-y-2">
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<li><strong>市场规模:</strong> AI相关PCB市场规模预计24年50亿 → 25年100亿 → 远期200亿美元，复合增速翻倍。</li>
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<li><strong>资本开支:</strong> 海外四大云厂商25年资本开支预计达4600+亿美元 (同比+40%)，高于预期，为需求提供坚实保障。</li>
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<li><strong>单卡价值:</strong> 单GPU对应PCB价值从H100的~400美元，到Rubin Ultra有望超过1400美元，价值量跃升。</li>
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<li><strong>产业链瓶颈:</strong> 上游材料是关键，二代玻纤布、HVLP铜箔短期产能紧张，Low-k电子布曾被日美垄断。</li>
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</ul>
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</div>
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<div x-show="tab === 'research'" style="display: none;">
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<ul class="list-disc list-inside space-y-2">
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<li><strong>高阶HDI:</strong> GB200拉动5阶20层以上HDI板需求，胜宏科技已量产6阶HDI，并布局10阶30层，高阶HDI是未来增速最快品类。</li>
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<li><strong>类载板化趋势:</strong> "Chip on Wafer on PCB" 技术推动PCB向类载板(SLP)化演进，需采用mSAP工艺，价值量显著提升。</li>
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<li><strong>细分市场CAGR (23-28年):</strong> AI/HPC服务器PCB市场复合增速达<strong class="text-cyan-400">32.5%</strong>，远超服务器与存储PCB整体的11.0%。</li>
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<li><strong>核心玩家:</strong> 沪电股份AI业务占比已达~30%，深度绑定全球巨头；生益电子AI业务占比跃升至~49%，深度绑定AWS。</li>
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</ul>
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</div>
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</div>
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</div>
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<!-- Risk Factors -->
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<div class="grid-item-md glass rounded-3xl p-6 glow-effect">
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<h3 class="text-xl font-bold mb-2 text-cyan-300">潜在风险与挑战</h3>
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<ul class="list-disc list-inside space-y-2 text-sm text-gray-400">
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<li><strong class="text-red-400">技术风险:</strong> 高阶PCB良率爬坡不及预期；PTFE等新材料加工工艺瓶颈；CPO/硅光等颠覆性技术替代。</li>
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<li><strong class="text-red-400">需求风险:</strong> 下游AI算力投资放缓；AI模型效率大幅提升（如DeepSeek）节省硬件开支。</li>
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<li><strong class="text-red-400">竞争风险:</strong> 行业竞争加剧，但研报认为可靠性、良率是核心，不易陷入价格战。</li>
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<li><strong class="text-red-400">供应链风险:</strong> 上游核心材料（CCL, 电子布, 铜箔）国产化率不足，供给受限。</li>
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</ul>
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</div>
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<!-- Investment Value -->
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<div class="grid-item-md glass rounded-3xl p-6 glow-effect">
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<h3 class="text-xl font-bold mb-2 text-cyan-300">最具投资价值环节</h3>
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<ol class="list-decimal list-inside space-y-2 text-sm">
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<li><strong class="text-white">核心PCB制造商:</strong> 价值量最大、确定性最高。关注深度绑定顶级客户且技术布局领先的龙头 <span class="text-purple-300">(如沪电股份、生益电子)</span>。</li>
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<li><strong class="text-white">上游“卡脖子”材料:</strong> 供给格局优、技术壁垒高的环节，有望享受超额利润 <span class="text-purple-300">(如低介电电子布-中材科技, 高频CCL-生益科技)</span>。</li>
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<li><strong class="text-white">高消耗性工具/耗材:</strong> 逻辑简单直接，受益于加工难度提升的环节 <span class="text-purple-300">(如PCB钻针-鼎泰高科)</span>。</li>
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</ol>
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</div>
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<!-- Rise Analysis -->
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<div class="grid-item-full glass rounded-3xl p-8 glow-effect">
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<h2 class="text-3xl font-bold mb-4 text-cyan-300">近期异动个股分析</h2>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
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<div class="border border-cyan-500/20 p-4 rounded-xl">
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<div class="flex justify-between items-center mb-2">
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<h4 class="text-lg font-semibold text-white">四会富仕 (300852)</h4>
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<span class="badge badge-outline badge-success">+6.68% (2025-09-12)</span>
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</div>
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<p class="text-sm text-gray-300"><strong>核心驱动:</strong> 受益于AI服务器带动高端PCB需求爆发的行业趋势。公司“高可靠性电路板项目”产能扩张，契合工业控制、汽车电子等高端应用。市场情绪上，算力硬件板块整体走强形成联动效应。尽管存在股东减持压力，但行业高景气度及估值修复预期推动股价上涨。</p>
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</div>
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<div class="border border-cyan-500/20 p-4 rounded-xl">
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<div class="flex justify-between items-center mb-2">
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<h4 class="text-lg font-semibold text-white">澳弘电子 (605058)</h4>
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<span class="badge badge-outline badge-error">+10.01% (2025-06-30)</span>
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</div>
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<p class="text-sm text-gray-300"><strong>核心驱动:</strong> 工信部政策利好，将“高频高速PCB、汽车用高可靠性PCB”列为先进产能。公司产品结构高度匹配（高频高速板占38%，汽车板占27%），直接受益。同时已切入服务器GPU加速卡供应链，并获华为、比亚迪等认证，基本面扎实，机构提前布局后在政策落地时涨停。</p>
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</div>
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</div>
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</div>
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<!-- Stock Table -->
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<div class="grid-item-full glass rounded-3xl p-8 glow-effect">
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<h2 class="text-3xl font-bold mb-6 text-cyan-300">AI PCB 产业链核心标的</h2>
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<div class="overflow-x-auto">
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<table class="table table-zebra-zebra w-full bg-transparent">
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<thead class="text-cyan-300">
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<tr>
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<th class="bg-transparent">分类</th>
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<th class="bg-transparent">股票名称</th>
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<th class="bg-transparent">核心逻辑 / 业务关联</th>
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<th class="bg-transparent">相关标签</th>
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</tr>
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</thead>
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<tbody class="text-gray-300">
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<!-- PCB 制造 -->
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<tr class="hover:bg-cyan-900/30"><td rowspan=15 class="font-bold align-top text-white border-b border-gray-700">PCB 制造</td>
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<td>沪电股份 (<a href="https://valuefrontier.cn/company?scode=002463" target="_blank" class="link link-hover text-cyan-400">002463</a>)</td>
|
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<td>全球算力高阶PCB龙头。24H1 AI服务器及HPC相关PCB占企业通讯板收入~31%。深度绑定谷歌、AWS、Meta。</td>
|
||
<td><div class="badge badge-primary badge-outline">绝对龙头</div> <div class="badge badge-outline">AI服务器</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>生益电子 (<a href="https://valuefrontier.cn/company?scode=688183" target="_blank" class="link link-hover text-cyan-400">688183</a>)</td>
|
||
<td>高速成长者。2024年AI服务器相关产品总占比跃升至48.96%。深度绑定AWS。</td>
|
||
<td><div class="badge badge-secondary badge-outline">高速成长</div> <div class="badge badge-outline">AWS</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>胜宏科技 (<a href="https://valuefrontier.cn/company?scode=300476" target="_blank" class="link link-hover text-cyan-400">300476</a>)</td>
|
||
<td>高阶HDI技术领先，部分AI服务器产品已批量供货。为谷歌提供打样服务。</td>
|
||
<td><div class="badge badge-accent badge-outline">弹性标的</div> <div class="badge badge-outline">HDI</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>景旺电子 (<a href="https://valuefrontier.cn/company?scode=603228" target="_blank" class="link link-hover text-cyan-400">603228</a>)</td>
|
||
<td>在AI服务器领域已有批量订单出货，在英伟达合格供应商名单内并已批量供货。</td>
|
||
<td><div class="badge badge-outline">英伟达</div> <div class="badge badge-outline">AI服务器</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>深南电路 (<a href="https://valuefrontier.cn/company?scode=002916" target="_blank" class="link link-hover text-cyan-400">002916</a>)</td>
|
||
<td>PCB业务重点布局数据中心（含服务器）。为谷歌、Meta供应商。</td>
|
||
<td><div class="badge badge-outline">数据中心</div> <div class="badge badge-outline">谷歌</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>鹏鼎控股 (<a href="https://valuefrontier.cn/company?scode=002938" target="_blank" class="link link-hover text-cyan-400">002938</a>)</td>
|
||
<td>HDI升级至16~20L水平，已切入全球知名服务器客户供应链。</td>
|
||
<td><div class="badge badge-outline">HDI</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>方正科技 (<a href="https://valuefrontier.cn/company?scode=600601" target="_blank" class="link link-hover text-cyan-400">600601</a>)</td>
|
||
<td>已具备AI服务器核心客户高可靠性产品及超密高阶HDI的制作能力。</td>
|
||
<td><div class="badge badge-outline">高阶HDI</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>崇达技术 (<a href="https://valuefrontier.cn/company?scode=002815" target="_blank" class="link link-hover text-cyan-400">002815</a>)</td>
|
||
<td>通过项目与百度、曦智、天数等国产GPU实现小批量出货。</td>
|
||
<td><div class="badge badge-outline">国产GPU</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>科翔股份 (<a href="https://valuefrontier.cn/company?scode=300903" target="_blank" class="link link-hover text-cyan-400">300903</a>)</td>
|
||
<td>突破35/35um超精密线路技术，主要应用于AI服务器。</td>
|
||
<td><div class="badge badge-outline">精密线路</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>中京电子 (<a href="https://valuefrontier.cn/company?scode=002579" target="_blank" class="link link-hover text-cyan-400">002579</a>)</td>
|
||
<td>高阶HDI与高多层产品在AI相关模块与终端领域拓展提升。</td>
|
||
<td><div class="badge badge-outline">高阶HDI</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>博敏电子 (<a href="https://valuefrontier.cn/company?scode=603936" target="_blank" class="link link-hover text-cyan-400">603936</a>)</td>
|
||
<td>数连PCB在数据中心和AI领域获头部客户认可，已批量出货。</td>
|
||
<td><div class="badge badge-outline">数据中心</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>超声电子 (<a href="https://valuefrontier.cn/company?scode=000823" target="_blank" class="link link-hover text-cyan-400">000823</a>)</td>
|
||
<td>批量生产高算力配套印制板产品，同时也是覆铜板生产商。</td>
|
||
<td><div class="badge badge-outline">PCB+CCL</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>广合科技 (<a href="https://valuefrontier.cn/company?scode=001389" target="_blank" class="link link-hover text-cyan-400">001389</a>)</td>
|
||
<td>为AWS、Meta提供打样服务。</td>
|
||
<td><div class="badge badge-outline">AWS(打样)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>威尔高 (<a href="https://valuefrontier.cn/company?scode=301251" target="_blank" class="link link-hover text-cyan-400">301251</a>)</td>
|
||
<td>泰国生产基地产品线包括AI服务器电源用PCB。</td>
|
||
<td><div class="badge badge-outline">AI服务器电源</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-cyan-900/30">
|
||
<td>则成电子 (<a href="https://valuefrontier.cn/company?scode=920821" target="_blank" class="link link-hover text-cyan-400">920821</a>)</td>
|
||
<td>AI眼镜相关的FPC（软板）产品已批量出货。</td>
|
||
<td><div class="badge badge-outline">AI终端</div> <div class="badge badge-warning">北交所</div></td>
|
||
</tr>
|
||
|
||
<!-- 上游材料 -->
|
||
<tr class="hover:bg-purple-900/30"><td rowspan=19 class="font-bold align-top text-white border-b border-t border-gray-700">上游材料</td>
|
||
<td>生益科技 (<a href="https://valuefrontier.cn/company?scode=600183" target="_blank" class="link link-hover text-cyan-400">600183</a>)</td>
|
||
<td>国内覆铜板(CCL)龙头，高频高速材料(M8/M9)已在AI服务器领域取得认证。</td>
|
||
<td><div class="badge badge-primary badge-outline">覆铜板(CCL)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>南亚新材 (<a href="https://valuefrontier.cn/company?scode=688519" target="_blank" class="link link-hover text-cyan-400">688519</a>)</td>
|
||
<td>国内高频CCL领先企业，受益AI服务器需求。</td>
|
||
<td><div class="badge badge-outline">覆铜板(CCL)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>华正新材 (<a href="https://valuefrontier.cn/company?scode=603186" target="_blank" class="link link-hover text-cyan-400">603186</a>)</td>
|
||
<td>覆铜板生产商，开发Extreme low loss等级材料。</td>
|
||
<td><div class="badge badge-outline">覆铜板(CCL)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>金安国纪 (<a href="https://valuefrontier.cn/company?scode=002636" target="_blank" class="link link-hover text-cyan-400">002636</a>)</td>
|
||
<td>覆铜板生产商。</td>
|
||
<td><div class="badge badge-outline">覆铜板(CCL)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>圣泉集团 (<a href="https://valuefrontier.cn/company?scode=605589" target="_blank" class="link link-hover text-cyan-400">605589</a>)</td>
|
||
<td>可提供系列高端电子级特种环氧树脂。</td>
|
||
<td><div class="badge badge-secondary badge-outline">环氧树脂</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>东材科技 (<a href="https://valuefrontier.cn/company?scode=601208" target="_blank" class="link link-hover text-cyan-400">601208</a>)</td>
|
||
<td>高频高速印制电路板用特种树脂材料产业化项目。</td>
|
||
<td><div class="badge badge-outline">环氧树脂</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>宏昌电子 (<a href="https://valuefrontier.cn/company?scode=603002" target="_blank" class="link link-hover text-cyan-400">603002</a>)</td>
|
||
<td>主业之一为电子级环氧树脂，与英伟达相关PCB厂商有合作。</td>
|
||
<td><div class="badge badge-outline">环氧树脂</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>中材科技 (<a href="https://valuefrontier.cn/company?scode=002080" target="_blank" class="link link-hover text-cyan-400">002080</a>)</td>
|
||
<td>国内唯一实现第二代低介电电子布批量供货的企业。</td>
|
||
<td><div class="badge badge-primary badge-outline">低介质电子布</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>宏和科技 (<a href="https://valuefrontier.cn/company?scode=603256" target="_blank" class="link link-hover text-cyan-400">603256</a>)</td>
|
||
<td>在LowDK/CTE（低介电/低热膨胀系数）等高端领域布局。</td>
|
||
<td><div class="badge badge-outline">低介质电子布</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>国际复材 (<a href="https://valuefrontier.cn/company?scode=301526" target="_blank" class="link link-hover text-cyan-400">301526</a>)</td>
|
||
<td>生产的LDK二代纱、布，实现介电性能双重突破。</td>
|
||
<td><div class="badge badge-outline">低介质电子布</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>中国巨石 (<a href="https://valuefrontier.cn/company?scode=600176" target="_blank" class="link link-hover text-cyan-400">600176</a>)</td>
|
||
<td>推进第二代低介电电子纱及电子布的研发。</td>
|
||
<td><div class="badge badge-outline">低介质电子布</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>德福科技 (<a href="https://valuefrontier.cn/company?scode=301511" target="_blank" class="link link-hover text-cyan-400">301511</a>)</td>
|
||
<td>HVLP前三代产品批量出货，第四代产品送样验证。</td>
|
||
<td><div class="badge badge-secondary badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>铜冠铜箔 (<a href="https://valuefrontier.cn/company?scode=301217" target="_blank" class="link link-hover text-cyan-400">301217</a>)</td>
|
||
<td>HVLP4铜箔已通过下游客户全流程测试。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>隆扬电子 (<a href="https://valuefrontier.cn/company?scode=301389" target="_blank" class="link link-hover text-cyan-400">301389</a>)</td>
|
||
<td>HVLP5+高频高速低损耗复合铜箔在客户验证中。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>诺德股份 (<a href="https://valuefrontier.cn/company?scode=600110" target="_blank" class="link link-hover text-cyan-400">600110</a>)</td>
|
||
<td>HVLP-4已通过部分下游客户认证，适用于AI服务器。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>逸豪新材 (<a href="https://valuefrontier.cn/company?scode=301176" target="_blank" class="link link-hover text-cyan-400">301176</a>)</td>
|
||
<td>HVLP铜箔已向客户送样并在认证过程中。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>嘉元科技 (<a href="https://valuefrontier.cn/company?scode=688388" target="_blank" class="link link-hover text-cyan-400">688388</a>)</td>
|
||
<td>HVLP铜箔研究的技术突破。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>宝鼎科技 (<a href="https://valuefrontier.cn/company?scode=002552" target="_blank" class="link link-hover text-cyan-400">002552</a>)</td>
|
||
<td>覆铜板生产商，募投HVLP铜箔项目。</td>
|
||
<td><div class="badge badge-outline">HVLP铜箔</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-purple-900/30">
|
||
<td>ST华鹏 (<a href="https://valuefrontier.cn/company?scode=603021" target="_blank" class="link link-hover text-cyan-400">603021</a>)</td>
|
||
<td>布局“8万吨/年电子级环氧树脂项目”。</td>
|
||
<td><div class="badge badge-warning">ST</div> <div class="badge badge-outline">环氧树脂</div></td>
|
||
</tr>
|
||
|
||
<!-- 设备与耗材 -->
|
||
<tr class="hover:bg-pink-900/30"><td rowspan=7 class="font-bold align-top text-white border-b border-t border-gray-700">设备与耗材</td>
|
||
<td>鼎泰高科 (<a href="https://valuefrontier.cn/company?scode=301377" target="_blank" class="link link-hover text-cyan-400">301377</a>)</td>
|
||
<td>全球PCB钻针龙头，市占率~26.5%。受益于AI PCB高层数、高硬度材料。</td>
|
||
<td><div class="badge badge-primary badge-outline">PCB耗材(钻针)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>中钨高新 (<a href="https://valuefrontier.cn/company?scode=000657" target="_blank" class="link link-hover text-cyan-400">000657</a>)</td>
|
||
<td>旗下金洲公司2024年微钻产能提升到6.8亿支。</td>
|
||
<td><div class="badge badge-outline">PCB耗材(钻针)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>大族数控 (<a href="https://valuefrontier.cn/company?scode=301200" target="_blank" class="link link-hover text-cyan-400">301200</a>)</td>
|
||
<td>机械钻孔机等可用于AI相关PCB加工，新型钻孔机获龙头批量订单。</td>
|
||
<td><div class="badge badge-secondary badge-outline">PCB设备(钻孔)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>芯碁微装 (<a href="https://valuefrontier.cn/company?scode=688630" target="_blank" class="link link-hover text-cyan-400">688630</a>)</td>
|
||
<td>PCB曝光设备功能全面覆盖PCB各细分产品市场。</td>
|
||
<td><div class="badge badge-outline">PCB设备(曝光)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>东威科技 (<a href="https://valuefrontier.cn/company?scode=688700" target="_blank" class="link link-hover text-cyan-400">688700</a>)</td>
|
||
<td>垂直连续电镀设备在中国市占率超50%。</td>
|
||
<td><div class="badge badge-outline">PCB设备(电镀)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>燕麦科技 (<a href="https://valuefrontier.cn/company?scode=688312" target="_blank" class="link link-hover text-cyan-400">688312</a>)</td>
|
||
<td>主要从事FPC（柔性电路板）测试设备业务。</td>
|
||
<td><div class="badge badge-outline">PCB设备(测试)</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-pink-900/30">
|
||
<td>凯格精机 (<a href="https://valuefrontier.cn/company?scode=301338" target="_blank" class="link link-hover text-cyan-400">301338</a>)</td>
|
||
<td>锡膏印刷设备属于SMT产线的关键核心设备。</td>
|
||
<td><div class="badge badge-outline">PCB设备(贴片)</div></td>
|
||
</tr>
|
||
|
||
<!-- 客户与生态 -->
|
||
<tr class="hover:bg-green-900/30"><td rowspan=3 class="font-bold align-top text-white border-b border-t border-gray-700">客户与生态</td>
|
||
<td>世运电路 (<a href="https://valuefrontier.cn/company?scode=603920" target="_blank" class="link link-hover text-cyan-400">603920</a>)</td>
|
||
<td>产品通过OEM方式进入NVIDIA、AMD的供应链体系。</td>
|
||
<td><div class="badge badge-success badge-outline">英伟达</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-green-900/30">
|
||
<td>一博科技 (<a href="https://valuefrontier.cn/company?scode=301366" target="_blank" class="link link-hover text-cyan-400">301366</a>)</td>
|
||
<td>与英伟达已建立合作关系。</td>
|
||
<td><div class="badge badge-outline">英伟达</div></td>
|
||
</tr>
|
||
<tr class="hover:bg-green-900/30">
|
||
<td>金百泽 (<a href="https://valuefrontier.cn/company?scode=301041" target="_blank" class="link link-hover text-cyan-400">301041</a>)</td>
|
||
<td>基于英伟达Jetson AGX Xavier评估板项目正在有序开展中。</td>
|
||
<td><div class="badge badge-outline">英伟达</div></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
</main>
|
||
|
||
<footer class="text-center mt-12 text-xs text-gray-500">
|
||
<p>由 北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
|
||
<p class="mt-1">免责声明：本报告由AI基于公开信息自动合成，仅供参考，不构成任何投资建议。投资有风险，入市需谨慎。</p>
|
||
</footer>
|
||
</div>
|
||
<script>
|
||
document.addEventListener('DOMContentLoaded', function () {
|
||
var chartDom = document.getElementById('market-size-chart');
|
||
var myChart = echarts.init(chartDom);
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||
var option;
|
||
|
||
option = {
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||
backgroundColor: 'transparent',
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tooltip: {
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||
trigger: 'axis',
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||
axisPointer: {
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type: 'shadow'
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||
},
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||
formatter: '{b}年<br/>市场需求: {c} 亿元',
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backgroundColor: 'rgba(20, 20, 40, 0.8)',
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borderColor: '#00ffff',
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textStyle: {
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color: '#fff'
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}
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},
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grid: {
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left: '3%',
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right: '4%',
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bottom: '3%',
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||
containLabel: true
|
||
},
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||
xAxis: {
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type: 'category',
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data: ['2025', '2026', '2027'],
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axisLine: {
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lineStyle: {
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color: 'rgba(255, 255, 255, 0.3)'
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}
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},
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axisLabel: {
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color: '#ccc'
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}
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},
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yAxis: {
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type: 'value',
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name: '亿元',
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axisLine: {
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show: true,
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lineStyle: {
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color: 'rgba(255, 255, 255, 0.3)'
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},
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splitLine: {
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lineStyle: {
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color: 'rgba(255, 255, 255, 0.1)'
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}
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},
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axisLabel: {
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color: '#ccc'
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}
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},
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series: [{
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name: '市场需求',
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type: 'bar',
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barWidth: '60%',
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data: [
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{ value: 500, itemStyle: { color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [{ offset: 0, color: '#83bff6' }, { offset: 1, color: '#188df0' }]) } },
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{ value: 1000, itemStyle: { color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [{ offset: 0, color: '#2378f7' }, { offset: 1, color: '#8A2BE2' }]) } },
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{ value: 1500, itemStyle: { color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [{ offset: 0, color: '#8A2BE2' }, { offset: 1, color: '#4B0082' }]) } }
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],
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itemStyle: {
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borderRadius: [5, 5, 0, 0]
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shadowOffsetX: 0,
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shadowColor: 'rgba(0, 255, 255, 0.5)'
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}
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}
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}]
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};
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myChart.setOption(option);
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||
window.addEventListener('resize', myChart.resize);
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||
});
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||
</script>
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||
</body>
|
||
</html> |