Sniper

The Report is produced in Chinese only.

昔日報告:
  30-12-2025 (星期二) PCB行業迎來多重需求共振,高端化與國產替代構築核心成長主線
  23-12-2025 (星期二) L3級自動駕駛正式啟航:商業化落地開啟智能駕駛新紀元
  17-10-2025 (星期五) 儲能與新能源車雙輪驅動,技術迭代打開鋰電增長空間
  04-09-2025 (星期四) AI算力基建需求高增、應用端商業化逐步落地、國產替代持續深化
  03-09-2025 (星期三) 雙城聯動,技術驅動未來,機器人行業迎來的產業提速階段
[第1頁 / 共69頁]

PCB行業迎來多重需求共振,高端化與國產替代構築核心成長主線

中商產業研究院發佈的《2025-2030年中國印製電路板(PCB)行業發展趨勢及預測報告》顯示,2023年中國PCB市場規模達3632.57億元,較上年減少3.80%,2024年約為4121.1億元。2025年中國PCB市場規模將達到4333.21億元。

AI算力需求推動伺服器硬體架構升級,高多層板及高階HDI需求激增。新能源汽車智慧化帶動車載雷達、網域控制站PCB需求。消費電子領域,AI手機、AR眼鏡等終端推動HDI、柔性板(FPC)技術反覆運算。全球5G基站部署進入中後期,6G研發加速推動高頻高速PCB需求。

中國已成為全球PCB製造中心,Prismark資料顯示,2024年中國大陸地區PCB產值為412.13億美元,占全球總產值的比重為56%,預計到2029年,中國大陸PCB行業產值將達到497.04億美元,占全球比重為53%,2024-2029年的複合增速為3.8%,我們認為未來中國PCB市場發展仍大有可為。部分頭部企業加速東南亞產能建設,有助於降低成本、分散地緣政治風險、完善全球化佈局。中國企業在覆銅板、高階PCB領域不斷實現技術突破,疊加東南亞產能釋放,全球份額有望進一步提升。

建議重點關注具備核心技術以及全產業鏈佈局優勢的龍頭企業。推薦標的包括:

鵬鼎控股(002938.SZ):全球PCB龍頭,產品覆蓋剛性板、柔性板以及結合兩者特性的剛撓結合板,客戶包括蘋果(Apple)、華為、Google、Amazon。

滬電股份(002463.SZ): 截至2025年6月30日,資料中心領域PCB位居全球第一,占市場份額10.3%;公司的22層及以上PCB位於全球第一,占市場份額25.3%,為英偉達伺服器PCB核心供應商。

建滔集團(00148.HK):是實行覆銅板+PCB全產業鏈佈局的公司。

撰稿: 李曉然研究分析員
電話:
22776535

電郵地址:
margaretli@phillip.com.hk
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
新闻稿
E-Check
Login
Investor Notes
Free Subscribe
Contact Us