AI PCB扩产拉动上游设备需求，北美大厂Capex上调有望提振液冷放量 | 投研报告

中国能源网2025-08-08

上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2557451011?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-08 13:47","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2557451011","market":"sh","top_or_hot":-1,"title":"AI PCB扩产拉动上游设备需求，北美大厂Capex上调有望提振液冷放量 | 投研报告","media":"中国能源网","content":"<div>\n<p>上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080814004194d71798&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI PCB扩产拉动上游设备需求，北美大厂Capex上调有望提振液冷放量 | 投研报告</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI PCB扩产拉动上游设备需求，北美大厂Capex上调有望提振液冷放量 | 投研报告\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-08 13:47 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080814004194d71798&s=b><strong>中国能源网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080814004194d71798&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"688630","symbol_name":"芯碁微装","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080814004194d71798&s=b","article_id":"2557451011","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025080814004194d71798&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2557451011","pubTimestamp":1754632020,"columns":[{"name":"A股","id":33,"label_key":"policyRegulatory"}],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"2025年二季度，北美四大互联网厂商资本开支总计958亿美元，同比增长64%，持续保持高增态势。公司所有Azure区域均已实现\"AI优先\"部署，支持液冷技术以提升设备通用性和灵活性。我们认为液冷与AI芯片直接集成将进一步提升散热效率，在液冷技术的持续推动和普及下，有望加速液冷业务的持续放量。2）PCB设备：受益于高阶PCB需求增长，PCB设备订单增长。5）AIDC：受益于大厂capex，关注柴发等重点赛道。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159967":"创成长","399001":"深证成指","399006":"创业板指","510300":"沪深300ETF华泰柏瑞","510880":"红利ETF华泰柏瑞","512510":"中证500ETF华泰柏瑞","512880":"证券ETF","515890":"红利ETF博时","603228":"景旺电子","603296":"华勤技术","603341":"龙旗科技","688183":"生益电子","688213":"思特威","688220":"翱捷科技","688521":"芯原股份","688531":"日联科技","688591":"泰凌微","688630":"芯碁微装","688700":"东威科技","000001.SH":"上证指数","000905.SH":"中证500","000688.SH":"科创50","000300.SH":"沪深300","BK0214":"IT设备"},"translate_title":"The expansion of AI PCB production drives upstream equipment demand, and the increase of Capex, a major North American manufacturer, is expected to boost liquid cooling volume | Investment Research Report","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159967":0.6,"399001":0.6,"399006":0.6,"510300":0.6,"510880":0.6,"512510":0.6,"512880":0.6,"515890":0.6,"603228":0.9,"603296":0.9,"603341":0.9,"688183":0.9,"688213":0.9,"688220":0.9,"688521":0.9,"688531":0.9,"688591":0.9,"688630":0.9,"688700":0.9,"000300.SH":0.6,"000688.SH":0.6,"000905.SH":0.6,"000001.SH":0.65},"content_text":"上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。上海证券近日发布电子行业先进科技主题：本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。中证人工智能指数报收1499.32点，周涨跌幅+1.36%，跑赢大盘。以下为研究报告摘要：主要观点【市场回顾】本周上证指数报收3559.95点，周涨跌幅为-0.94%；深证成指报收10991.32点，周涨跌幅为-1.58%；创业板指报收2322.63点，周涨跌幅为-0.74%；沪深300指数报收4054.93点，周涨跌幅为-1.75%。中证人工智能指数报收1499.32点，周涨跌幅+1.36%，跑赢大盘。【科技行业观点】受益于PCB市场中高端化趋势逐步明显，多层板占比逐步提升，PCB设备厂商不断提升PCB制造技术，如线宽、线距持续缩小，HDI实现50μm孔径和25μm线宽等技术，带动PCB设备的技术迭代加速，推动PCB的高端化升级。产能方面，预计2024-2029年亚洲（除中国和日本）PCB市场规模复合增速约为7.1%，高于全球平均复合增速5.2%。我们认为在PCB新技术迭代的浪潮下，PCB电路板层数和技术逐渐提高，带动PCB设备价值量的等比例提升，随着设备订单周期的释放，有望实现业绩的持续增长。随着北美头部互联网厂商谷歌、Meta、微软、亚马逊、甲骨文的业绩披露，AI和云服务板块持续保持高速增长态势，AI算力是驱动业绩增长的重要引擎。2025年二季度，北美四大互联网厂商资本开支总计958亿美元，同比增长64%，持续保持高增态势。其中谷歌和Meta上调今年指引，亚马逊二季度资本开支可代表下半年单季度资本开支水平，微软预计下季度（2026财年第一财季）资本开支超过300亿美元（对应同比增长超过50%）。微软在7月底的业绩电话会上提出，在AI基础建设方面，公司在过去12个月新增超过2千兆瓦的数据中心容量，目前在六大洲70个区域运营400多个数据中心，规模超过任何其他云服务提供商。公司所有Azure区域均已实现\"AI优先\"部署，支持液冷技术以提升设备通用性和灵活性。根据电子发烧友网，随着AI技术的飞速发展，算力需求驱动芯片功率不断攀升，AI集群对算力密度的要求导致单机柜功率增长，传统风冷需增加空调数量，成本与能耗双高，AI服务器液冷技术是当前数据中心应对高算力需求与散热的核心解决方案。我们认为液冷与AI芯片直接集成将进一步提升散热效率，在液冷技术的持续推动和普及下，有望加速液冷业务的持续放量。投资建议我们认为：短期涨幅过高后的回调下，重视PCB，ODM，AIOT，AIDC板块的逢低布局机会：1）PCB：AI服务器出货带动的产能提升。建议关注：【胜宏科技】、【沪电股份】、【景旺电子】、【生益电子】。2）PCB设备：受益于高阶PCB需求增长，PCB设备订单增长。【芯碁微装】、【大族数控】、【东威科技】、【日联科技】。3）自主可控：半导体asic芯片和设备端受益于贸易壁垒，国产化进一步加速。建议关注：【芯原股份】、【翱捷科技】、【北方华创】。4）AI新消费场景：受益于deepseek以及国产算力链后续应用端的爆发。建议关注：【泰凌微】、【思特威】。5）AIDC：受益于大厂capex，关注柴发等重点赛道。建议关注：【飞龙股份】、【潍柴重机】。6）端侧ODM：受益于国产端侧AI+小米产业链。建议关注：【华勤技术】、【龙旗科技】。风险提示下游需求不及预期；人工智能技术落地和商业化不及预期；专精特新技术落地和商业化不及预期；产业政策转变；宏观经济不及预期等。（上海证券 颜枫,李心语）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2557451011","isCrawlerRequest":true}