696 lines
37 KiB
HTML
696 lines
37 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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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, shrink-to-fit=no">
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<title>AI PCB产业链分析报告</title>
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<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
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<script src="https://cdn.tailwindcss.com"></script>
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<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
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<link rel="stylesheet" href="https://cdnjs.cloudflare.com/ajax/libs/font-awesome/6.4.0/css/all.min.css">
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
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body {
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font-family: 'Noto Sans SC', 'Inter', sans-serif;
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}
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.timeline-item {
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position: relative;
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padding-left: 30px;
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}
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.timeline-item::before {
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content: '';
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position: absolute;
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left: 0;
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top: 5px;
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width: 12px;
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height: 12px;
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border-radius: 50%;
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background-color: #3b82f6;
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}
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.timeline-item::after {
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content: '';
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position: absolute;
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left: 5px;
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top: 17px;
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width: 2px;
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height: calc(100% + 10px);
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background-color: #e5e7eb;
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}
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.timeline-item:last-child::after {
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display: none;
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}
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.gradient-bg {
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background: linear-gradient(135deg, #667eea 0%, #764ba2 100%);
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}
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.card-hover {
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transition: all 0.3s ease;
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}
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.card-hover:hover {
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transform: translateY(-5px);
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box-shadow: 0 10px 20px rgba(0,0,0,0.1);
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}
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.table-container {
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overflow-x: auto;
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}
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@media (max-width: 768px) {
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.table-container {
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font-size: 0.75rem;
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}
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}
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</style>
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</head>
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<body class="bg-gray-50">
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<div id="particles-background" class="fixed inset-0 z-0"></div>
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<div class="relative z-10 container mx-auto px-4 py-8 max-w-7xl">
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<!-- 标题区域 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold text-gray-800 mb-4">AI PCB产业链分析报告</h1>
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<p class="text-xl text-gray-600 max-w-3xl mx-auto">
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深度解析AI算力爆发下PCB产业链的投资机遇与挑战
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</p>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-clock text-blue-500 mr-3"></i>概念事件时间轴
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</h2>
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<div class="grid md:grid-cols-2 gap-6">
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">技术演进与市场发展</h3>
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<div class="space-y-4">
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2023Q4</h4>
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<p class="text-gray-600">英伟达GB200服务器开始小批量出货，PCB价值量较HGX系列提升88%-186%</p>
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</div>
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2024Q2</h4>
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<p class="text-gray-600">800G交换机批量出货，PCB价值量为400G的3倍</p>
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</div>
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2024Q3</h4>
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<p class="text-gray-600">苹果AI功能上线，推动iPhone17 PCB升级</p>
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</div>
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2025Q1</h4>
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<p class="text-gray-600">GB300服务器量产，单GPU PCB价值量达382-501美元</p>
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</div>
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2025Q2</h4>
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<p class="text-gray-600">ASIC渗透率从10%提升至2030年超GPU，推动外围PCB需求</p>
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</div>
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<div class="timeline-item">
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<h4 class="font-medium text-gray-800">2025Q3</h4>
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<p class="text-gray-600">Rubin平台发布，采用PTFE正交背板，单柜PCB价值量翻倍</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">催化事件</h3>
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<div class="space-y-4">
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<div class="bg-blue-50 p-4 rounded-lg">
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<h4 class="font-medium text-blue-800 mb-2">技术迭代</h4>
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<p class="text-gray-700">PCIe 5.0→6.0、800G→1.6T交换机、GB200→GB300→Rubin</p>
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</div>
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<div class="bg-green-50 p-4 rounded-lg">
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<h4 class="font-medium text-green-800 mb-2">需求爆发</h4>
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<p class="text-gray-700">AI服务器出货量2024年280亿美元（同比+16%），2025年增速128%</p>
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</div>
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<div class="bg-yellow-50 p-4 rounded-lg">
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<h4 class="font-medium text-yellow-800 mb-2">产能瓶颈</h4>
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<p class="text-gray-700">高端CCL（M8/M9）、HVLP铜箔、低介电玻纤布供应紧张，交期拉长至6个月以上</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-lightbulb text-yellow-500 mr-3"></i>核心观点摘要
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</h2>
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<div class="grid md:grid-cols-3 gap-6">
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<div class="bg-gradient-to-br from-blue-50 to-indigo-50 p-5 rounded-lg">
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<h3 class="font-semibold text-lg text-blue-800 mb-3">阶段判断</h3>
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<p class="text-gray-700">AI PCB产业链已从主题炒作进入基本面驱动阶段，2025-2027年将迎来量价齐升的黄金周期。</p>
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</div>
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<div class="bg-gradient-to-br from-green-50 to-emerald-50 p-5 rounded-lg">
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<h3 class="font-semibold text-lg text-green-800 mb-3">核心驱动力</h3>
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<p class="text-gray-700">AI算力需求爆发（训练+推理）推动PCB技术升级（高多层/HDI/高频材料），叠加产能缺口形成供需错配。</p>
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</div>
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<div class="bg-gradient-to-br from-purple-50 to-pink-50 p-5 rounded-lg">
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<h3 class="font-semibold text-lg text-purple-800 mb-3">未来潜力</h3>
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<p class="text-gray-700">2025年市场规模500亿→1000亿→1500亿，CAGR超50%，高端产能稀缺将维持2年以上。</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-brain text-purple-500 mr-3"></i>核心逻辑与市场认知分析
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</h2>
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<div class="grid md:grid-cols-2 gap-6">
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">核心驱动力</h3>
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<div class="space-y-3">
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<div class="flex items-start">
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<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">1</span>
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<div>
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<h4 class="font-medium text-gray-800">技术升级刚性</h4>
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<p class="text-gray-600 text-sm">AI服务器PCB层数从12层→28-46层，CCL从M6→M9（Df≤0.0015），单GPU价值量提升3-5倍</p>
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</div>
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</div>
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<div class="flex items-start">
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<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">2</span>
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<div>
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<h4 class="font-medium text-gray-800">需求结构变化</h4>
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<p class="text-gray-600 text-sm">ASIC渗透率提升（2030年超GPU）推动外围电路价值量膨胀</p>
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</div>
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</div>
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<div class="flex items-start">
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<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">3</span>
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<div>
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<h4 class="font-medium text-gray-800">产能瓶颈</h4>
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<p class="text-gray-600 text-sm">高端设备交期6个月+，有效产能增速远低于需求增速（2026年缺口30%+）</p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">市场热度与预期差</h3>
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<div class="space-y-4">
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<div class="bg-yellow-50 p-4 rounded-lg">
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<h4 class="font-medium text-gray-800 mb-2">市场热度</h4>
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<p class="text-gray-600 text-sm">2024年11月-2025年7月，中泰/广发/东方等机构发布15篇+深度报告，一致强Call</p>
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<p class="text-gray-600 text-sm mt-2">板块估值2026年PE<20X，显著低于半导体设备（30X+），性价比凸显</p>
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</div>
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<div class="bg-red-50 p-4 rounded-lg">
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<h4 class="font-medium text-gray-800 mb-2">预期差分析</h4>
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<p class="text-gray-600 text-sm">市场忽略点：ASIC对PCB的单位需求弹性（单芯片PCB价值量提升2-3倍）被低估</p>
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<p class="text-gray-600 text-sm mt-2">产能验证：国内厂商扩产进度（如沪电43亿扩产项目）需跟踪2025Q3设备到位率</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 关键催化剂 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-rocket text-red-500 mr-3"></i>关键催化剂与未来发展路径
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</h2>
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<div class="grid md:grid-cols-2 gap-6">
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">近期催化剂（3-6个月）</h3>
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<div class="space-y-4">
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<div class="border-l-4 border-blue-500 pl-4 py-1">
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<h4 class="font-medium text-gray-800">GB300量产</h4>
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<p class="text-gray-600 text-sm">2025Q3英伟达GB300大规模出货，验证PCB价值量382-501美元/单GPU</p>
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</div>
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<div class="border-l-4 border-green-500 pl-4 py-1">
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<h4 class="font-medium text-gray-800">CCL涨价</h4>
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<p class="text-gray-600 text-sm">M8/M9级CCL因日东纺产能紧张，涨价10-20%</p>
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</div>
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<div class="border-l-4 border-purple-500 pl-4 py-1">
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<h4 class="font-medium text-gray-800">国产替代</h4>
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<p class="text-gray-600 text-sm">生益科技S8/S9材料通过北美客户认证，2025Q2批量供货</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">长期路径</h3>
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<div class="space-y-4">
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<div class="bg-gradient-to-r from-blue-50 to-indigo-50 p-4 rounded-lg">
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<h4 class="font-medium text-gray-800 mb-2">2025-2026</h4>
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<p class="text-gray-600 text-sm">GB300/Rubin平台放量，高端PCB供需缺口扩大，龙头公司产能利用率>90%</p>
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</div>
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<div class="bg-gradient-to-r from-purple-50 to-pink-50 p-4 rounded-lg">
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<h4 class="font-medium text-gray-800 mb-2">2027-2030</h4>
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<p class="text-gray-600 text-sm">ASIC成为主流，PCB技术向COWOP（主板载板化）演进，单柜价值量再翻倍</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 产业链分析 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-sitemap text-green-500 mr-3"></i>产业链与核心公司深度剖析
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</h2>
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<div class="mb-6">
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<h3 class="text-lg font-semibold text-gray-700 mb-4">产业链图谱</h3>
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<div class="bg-gray-50 p-4 rounded-lg">
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<div class="flex flex-col items-center">
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<div class="bg-blue-500 text-white px-4 py-2 rounded-lg mb-4">AI算力需求</div>
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<div class="flex justify-center space-x-8 mb-4">
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<div class="bg-green-500 text-white px-4 py-2 rounded-lg">PCB制造</div>
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<div class="bg-purple-500 text-white px-4 py-2 rounded-lg">上游材料</div>
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</div>
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<div class="grid grid-cols-2 gap-4 w-full max-w-2xl">
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<div class="space-y-2">
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<div class="bg-green-100 p-2 rounded text-center">高多层板 → 沪电股份/深南电路</div>
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<div class="bg-green-100 p-2 rounded text-center">HDI板 → 胜宏科技/鹏鼎控股</div>
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</div>
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<div class="space-y-2">
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<div class="bg-purple-100 p-2 rounded text-center">CCL → 生益科技/南亚新材</div>
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<div class="bg-purple-100 p-2 rounded text-center">HVLP铜箔 → 德福科技/铜冠铜箔</div>
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<div class="bg-purple-100 p-2 rounded text-center">低介电玻纤 → 中材科技/宏和科技</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-lg font-semibold text-gray-700 mb-4">核心玩家对比</h3>
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<div class="overflow-x-auto">
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<table class="min-w-full bg-white">
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<thead>
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<tr class="bg-gray-100">
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<th class="py-3 px-4 text-left text-gray-700 font-semibold">公司</th>
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<th class="py-3 px-4 text-left text-gray-700 font-semibold">竞争优势</th>
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<th class="py-3 px-4 text-left text-gray-700 font-semibold">风险点</th>
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</tr>
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</thead>
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<tbody>
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<tr class="border-b">
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<td class="py-3 px-4 font-medium text-gray-800">沪电股份</td>
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<td class="py-3 px-4 text-gray-600">800G交换机龙头，AI服务器占比31%</td>
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<td class="py-3 px-4 text-gray-600">泰国厂亏损（Q1亏0.51亿）</td>
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</tr>
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<tr class="border-b bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-800">胜宏科技</td>
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<td class="py-3 px-4 text-gray-600">英伟达核心供应商，70层HDI量产</td>
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<td class="py-3 px-4 text-gray-600">客户集中度风险</td>
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</tr>
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<tr class="border-b">
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<td class="py-3 px-4 font-medium text-gray-800">生益科技</td>
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<td class="py-3 px-4 text-gray-600">高速CCL国产替代，S8/S9通过认证</td>
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<td class="py-3 px-4 text-gray-600">原材料价格波动</td>
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</tr>
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<tr class="border-b bg-gray-50">
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<td class="py-3 px-4 font-medium text-gray-800">深南电路</td>
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<td class="py-3 px-4 text-gray-600">FC-BGA载板突破，绑定华为/寒武纪</td>
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<td class="py-3 px-4 text-gray-600">技术良率低于预期</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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</div>
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<!-- 股票数据表格 -->
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<div class="bg-white rounded-xl shadow-lg p-6 mb-8 card-hover">
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<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
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<i class="fas fa-chart-line text-indigo-500 mr-3"></i>关联股票数据
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</h2>
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<!-- AI PCB(250618) -->
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<div class="mb-8">
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<h3 class="text-lg font-semibold text-gray-700 mb-4">AI PCB(250618)</h3>
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<div class="table-container">
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<table class="min-w-full bg-white border border-gray-200">
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<thead class="bg-gray-50">
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<tr>
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<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">股票名称</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">分类</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">项目</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">2024年营收及占比</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">AI服务器相关</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">资料来源</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">鹏鼎控股</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">350亿元/99.64%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">HD升级至16-20L水平，切入全球知名服务器客户供应链</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">沪电股份</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">128亿元/96.23%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器领域已有批量订单出货</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">调研</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">景旺电子</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">120亿元/94.67%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">公司在PCB业务产品重点布局数据中心（含服务器）</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">深南电路</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">105亿元/58.6%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">已推出高阶HDI、高频高速PCB等多款AI服务器相关产品，部分产品已批量供货</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">调研</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">胜宏科技</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">100亿元/93.66%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">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 class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">生益科技</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">覆铜板</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">覆铜板</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">147.91亿元/72.55%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">-</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">财报</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">德福科技</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">HVLP</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">HVLP</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">-</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">批量出货的HVLP前三代产品，第四代产品正在送样和验证阶段</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- AI PCB(250728)更新 -->
|
||
<div class="mb-8">
|
||
<h3 class="text-lg font-semibold text-gray-700 mb-4">AI PCB(250728)更新</h3>
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white border border-gray-200">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">股票名称</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">分类</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">项目</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">产业链/营收及占比</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">资料来源</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">鹏鼎控股</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">HD升级至16-20L水平</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">已切入全球知名服务器客户供应链 / 350亿元/99.64%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">沪电股份</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器相关</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器和HPC相关PCB产品占企业通讯市场板营业收入比重约31%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">128亿元/96.23%</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">调研</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">大族数控</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-钻孔</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">新型CCD六轴独立机械钻孔机搭载3D背钻及钻测一体技术</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">调研</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">芯碁微装</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-曝光</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB曝光设备功能</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">年报/互动</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">鼎泰高科</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">耗材-钻针</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB钻针</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB耗材</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">研报/互动</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- PCB(250120) -->
|
||
<div class="mb-8">
|
||
<h3 class="text-lg font-semibold text-gray-700 mb-4">PCB(250120)</h3>
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white border border-gray-200">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">股票名称</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">项目/技术</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">合作方/应用</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">行业排名/材料</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">宏昌电子</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB供应</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">英伟达</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">-</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">2023年11月30日互动，公司与英伟达供应相关的PCB印制电路板厂商</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">一博科技</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">高速PCB设计、SI/PI仿真分析</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">英伟达、英特尔、AMD</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">-</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">为英伟达等企业提供高速PCB设计及仿真分析技术服务</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">世运电路</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">AI服务器PCB量产</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">英伟达</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">2023年全球PCB企业第32名</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">2023年二季度起为英伟达AI服务器头部客户量产供应PCB产品</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">景旺电子</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PTFE材料PCB量产</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">北美算力N客户</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PTFE</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">使用PTFE材料制作的PCB已批量供应北美算力客户，用于GB200/GB300服务器</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">沃格光电</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">玻璃基板</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">替代传统PCB线路板</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">国家新质生产力和高质量发展范畴</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">全资子公司通格微量产玻璃基板替代传统PCB线路板</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- PCB设备及耗材(250728) -->
|
||
<div>
|
||
<h3 class="text-lg font-semibold text-gray-700 mb-4">PCB设备及耗材(250728)</h3>
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white border border-gray-200">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">股票名称</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">分类</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">项目</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">产业链</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">信源</th>
|
||
<th class="py-3 px-4 border-b text-left text-gray-700 font-semibold">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">大族数控</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-钻孔</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">新型CCD六轴独立机械钻孔机搭载3D背钻及钻测一体技术</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">调研</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">获得行业多家高多层板龙头企业的认可及批量订单</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">德龙激光</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-钻孔</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB产品应用</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">应用于FPC、PCB、软硬结合板等线路板材料的切割、打标、钻孔等激光精细微加工</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">芯碁微装</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-曝光</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB曝光设备功能</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">年报/互动</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">覆盖PCB各细分产品市场，直写光刻设备应用于PCB</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">东威科技</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">设备-电镀</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">垂直连续电镀设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB设备</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">年报</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">中国市场占有率超50%，技术积累深厚</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">鼎泰高科</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">耗材-钻针</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB钻针</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB耗材</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">研报/互动</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">2023年全球PCB钻针销量市占率约26.5%，月产能约9400万支</td>
|
||
</tr>
|
||
<tr class="hover:bg-gray-50 bg-gray-50">
|
||
<td class="py-3 px-4 border-b text-gray-800">中钨高新</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">耗材-钻针</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">微钻产能</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">PCB耗材</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">互动</td>
|
||
<td class="py-3 px-4 border-b text-gray-600">旗下金洲公司2024年微钻产能提升至6.8亿支</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 风险与结论 -->
|
||
<div class="grid md:grid-cols-2 gap-8 mb-8">
|
||
<div class="bg-white rounded-xl shadow-lg p-6 card-hover">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-exclamation-triangle text-red-500 mr-3"></i>潜在风险与挑战
|
||
</h2>
|
||
<div class="space-y-4">
|
||
<div class="flex items-start">
|
||
<span class="bg-red-100 text-red-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">1</span>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800">技术风险</h4>
|
||
<p class="text-gray-600 text-sm">PTFE背板良率<30%，Rubin平台或延迟至2027H2</p>
|
||
</div>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<span class="bg-red-100 text-red-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">2</span>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800">商业化风险</h4>
|
||
<p class="text-gray-600 text-sm">ASIC成本下降速度低于预期，可能抑制PCB价值量提升</p>
|
||
</div>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<span class="bg-red-100 text-red-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">3</span>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800">政策风险</h4>
|
||
<p class="text-gray-600 text-sm">美国对华高端PCB出口限制（如HDI设备禁令）</p>
|
||
</div>
|
||
</div>
|
||
<div class="flex items-start">
|
||
<span class="bg-red-100 text-red-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3 mt-1">4</span>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800">信息矛盾</h4>
|
||
<p class="text-gray-600 text-sm">中泰电子预测2026年缺口30%，但台光电扩产可能提前填补</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white rounded-xl shadow-lg p-6 card-hover">
|
||
<h2 class="text-2xl font-bold text-gray-800 mb-6 flex items-center">
|
||
<i class="fas fa-check-circle text-green-500 mr-3"></i>综合结论与投资启示
|
||
</h2>
|
||
<div class="space-y-4">
|
||
<div class="bg-gradient-to-r from-green-50 to-emerald-50 p-4 rounded-lg">
|
||
<h4 class="font-medium text-gray-800 mb-2">阶段判断</h4>
|
||
<p class="text-gray-600 text-sm">AI PCB处于基本面加速期，2025-2027年量价齐升确定性高</p>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800 mb-3">投资方向</h4>
|
||
<div class="space-y-2">
|
||
<div class="flex items-center">
|
||
<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3">1</span>
|
||
<span class="text-gray-700"><strong>高弹性</strong>：胜宏科技（HDI龙头，产能释放+客户绑定）</span>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3">2</span>
|
||
<span class="text-gray-700"><strong>稳健白马</strong>：沪电股份（交换机+服务器双轮驱动）</span>
|
||
</div>
|
||
<div class="flex items-center">
|
||
<span class="bg-blue-100 text-blue-800 rounded-full w-6 h-6 flex items-center justify-center text-sm font-bold mr-3">3</span>
|
||
<span class="text-gray-700"><strong>材料替代</strong>：生益科技（M8/M9 CCL国产替代）</span>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div>
|
||
<h4 class="font-medium text-gray-800 mb-3">跟踪指标</h4>
|
||
<ul class="text-gray-600 text-sm space-y-1">
|
||
<li>• GB300出货量（英伟达财报指引）</li>
|
||
<li>• CCL涨价幅度（生益科技/南亚新材报价）</li>
|
||
<li>• 国产设备交付进度（芯碁微装/大族数控订单）</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script src="https://cdn.jsdelivr.net/npm/tsparticles@3/tsparticles.bundle.min.js"></script>
|
||
<script>
|
||
// 初始化粒子背景
|
||
tsParticles.load("particles-background", {
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||
particles: {
|
||
number: {
|
||
value: 30,
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|
||
value_area: 800
|
||
}
|
||
},
|
||
color: {
|
||
value: "#8b5cf6"
|
||
},
|
||
shape: {
|
||
type: "circle"
|
||
},
|
||
opacity: {
|
||
value: 0.5,
|
||
random: true
|
||
},
|
||
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|
||
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|
||
random: true
|
||
},
|
||
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|
||
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|
||
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|
||
direction: "none",
|
||
random: true,
|
||
straight: false,
|
||
out_mode: "out"
|
||
}
|
||
},
|
||
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|
||
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|
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|
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|
||
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|
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|
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|
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|
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retina_detect: true
|
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});
|
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</script>
|
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</body>
|
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</html>
|
||
``` |