PCB午后异动，千亿巨头涨停！英伟达GB300引爆算力化转身，高阶HDI板成基础门槛

O哎财经2025-12-24

点击上方“蓝字”关注我们12月24日午后，A股PCB板块集体异动，千亿巨头生益科技直线拉升涨停，股价创72.6元历史新高，南亚新材、景旺电子等产业链公司同步跟涨。这并非孤立的个股行情，其背后是资金正从GPU芯片本身，向AI算力基础设施的“被动受益”环节迁移。核心驱动力在于英伟达下一代AI服务器的系统级升级，市场预测其GB300 AI服务器机柜明年出货量有望达5.5万台，同比增长129%，下一代平台...

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Nvidia GB300 detonates a turnaround in computing power, and high-end HDI boards become the basic threshold","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600183":1.96,"NVDY":0.6,"NVDX":0.6,"NVDS.UK":0.6,"SNVD.UK":0.6,"2NVD.UK":0.6,"NVD3.UK":0.6,"NVDA":0.9,"NVD2.UK":0.6,"NVD":0.6,"NVDU":0.6,"NVDD":0.6,"3NVD.UK":0.6,"NVDS":0.6,"NVIW.SI":0.6},"content_text":"点击上方“蓝字”关注我们12月24日午后，A股PCB板块集体异动，千亿巨头生益科技直线拉升涨停，股价创72.6元历史新高，南亚新材、景旺电子等产业链公司同步跟涨。这并非孤立的个股行情，其背后是资金正从GPU芯片本身，向AI算力基础设施的“被动受益”环节迁移。核心驱动力在于英伟达下一代AI服务器的系统级升级，市场预测其GB300 AI服务器机柜明年出货量有望达5.5万台，同比增长129%，下一代平台也预计在2026年第四季度出货。A股PCB链条的定价逻辑正从“消费电子周期”转向“算力周期”。01高阶HDI成基础门槛从GB200到GB300，不仅是芯片迭代，更是供电、散热到信号传输的全系统重构。传统服务器通常采用8-10层中端板材，而AI训练服务器普遍需要18-20层高多层板或高阶HDI。GB300机柜的核心模块大量采用高多层板与高阶HDI，对M8级极低损耗材料等高端板材的依赖度急剧上升。这种技术门槛的跃升直接体现在价值量上：单台AI服务器对PCB的价值量拉动，是传统服务器的数倍甚至数十倍。市场看到生益科技涨停，实则是为整个AI硬件升级链条投票，材料端的技术壁垒和产能瓶颈决定了价值分配。GB300的架构变革正在重塑PCB产业链的价值天平。技术规格上，其UBB（通用基板）和OAM（加速器模块）板对M8级材料的依赖度超过75%，从“能用”跃升至“必须用”。市场规模的结构分化更为显著：• AI/HPC服务器PCB市场规模（不含封装基板）2024年预计暴增至19亿美元，同比增长近150%；• 到2028年将达31.7亿美元，2023-2028年复合增速高达32.5%。供应链格局也随之重塑：•上游材料端，生益科技在M8级覆铜板、PTFE高频材料上已进入头部AI服务器供应链；•中游板厂端，沪电股份和美国的TTM是英伟达高多层板主力供应商，胜宏科技等则供应OAM板。这并非单一环节升级，而是从材料、PCB到整机的全链条价值重估。02算力化转身下的产能扩张A股PCB板块正经历一场深刻的“算力化转身”。以生益科技为例，其2025年上半年研发费用达6.43亿元，同比激增36%，研发重心已全面转向高频高速覆铜板等AI算力核心材料。整个板块形成了清晰的算力分工格局：• 上游材料端（生益科技、南亚新材等）主攻高端板材；• 中游制造端（景旺电子、生益电子等）则向高多层及高阶HDI产品快速拓展。面对高端产能长期高企的现状，行业扩产意愿强烈。2025年年初至今至少有11家PCB产业链上市公司披露扩产计划，投资几乎全部集中在高多层板和高阶HDI领域，反映出对AI算力需求持续性的强烈预期。展望未来，三条线索将决定这场转身的深度：技术规格从M6到M8乃至更高的持续迭代；客户结构从海外云巨头向中国云厂商的平衡，关乎产业链自主可控；国产替代在高端材料环节的价值重估，当生益科技等企业的产品在关键参数上已追平国际巨头时，市场需重新评估其技术实力与定价能力。这场异动的本质，是“材料—板卡—整机”三层供应链的同步再定价。PCB不再是简单的电路连接载体，而是承载算力流动的“神经网络”，其产业链的价值分配逻辑已被彻底改写。看懂一块PCB的迭代路径，往往比盯住一颗GPU的频率参数，更能提前读懂AI时代的产业分工。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"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,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","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/2593420580","isCrawlerRequest":true}