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【Summary of conference minutes on the 14th Five-Year Plan joint interpretation】
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As AI large models iterate towards higher computing power levels such as M8 and M9, the requirements for high-end PCBs (Printed Circuit Boards) regarding signal transmission speed and stability have increased exponentially. In this performance race, a new material called EX resin is emerging as a core solution to the pain points of high-speed and high-frequency transmission, revealing significant market opportunities for domestic alternatives. The high-end computing power drives PCB upgrades, and EX materials stand out due to their performance. Breakthroughs in AI computing power rely on the support of underlying hardware. Among them, PCBs serve as the “skeleton” of electronic components, and their performance directly determines the operational efficiency of computing devices. Especially for high-end computing products at the M8 level and above, the dielectric constant (Dk) and dielectric loss (Df) of PCB substrates have extremely stringent requirements—lower Dk can reduce signal delay, and lower Df can reduce signal loss, which is the core prerequisite for achieving stable transmission of high-speed and high-frequency signals. The EX material precisely matches this demand. According to relevant academic papers and industry measurement data, EX materials perform exceptionally well in terms of dielectric loss (Df), while their dielectric constant (Dk) performance is also among the industry’s top tier. Among the currently commercialized PCB substrate materials, EX materials, with their core advantages of “low loss and low delay,” have become one of the “optimal solutions” for high-end computing power PCBs. Actions in the industry also confirm this trend. According to feedback from Huaxi Electronics, several leading PCB companies have begun to actively adopt or evaluate EX resin materials, aiming to upgrade materials to meet the performance requirements of high-end computing products at M8 and above, seizing the first-mover advantage in the high-end market. It can be said that the widespread application of EX materials has become a necessary path for high-end PCB companies to break through performance bottlenecks. The only domestic supplier! Huihong Technology monopolizes the supply of EX materials, with production capacity leading the way. In the commercialization process of EX materials, a domestic company has firmly occupied a core position—Huihong Technology (a subsidiary of Meilian New Materials). According to the annual report of Meilian New Materials, Huihong Technology is the first and only company in the country capable of producing EX monomers and applying them in the field of electronic materials, possessing absolute technical barriers and first-mover advantages in the EX materials field. Currently, Huihong Technology has established an annual production capacity of 200 tons of EX electronic materials, primarily supplying downstream copper-clad board companies, ultimately applied in the PCB manufacturing of “M8” level semiconductor products. This “domestic monopoly” supply pattern means that in the wave of high-end computing power PCB material upgrades, Huihong Technology will become a direct beneficiary. As high-end computing products like M8 and M9 enter mass production, the market demand for EX materials will continue to explode, and as the only domestic supplier, Huihong Technology is expected to fully enjoy the industry’s growth dividends, achieving synchronized growth in production capacity and performance. Huaxi Electronics’ viewpoint: Accelerated localization + explosive demand, the opportunities for EX materials deserve close attention. Huaxi Electronics points out that against the backdrop of continuously increasing performance requirements for high-end computing products like M8 and M9, EX materials, with their dual advantages of “excellent performance + commercial viability,” have significant competitive barriers. At the same time, as the localization process of China’s high-end manufacturing industry accelerates, domestic PCB companies have an increasingly urgent demand for self-controllable high-end substrates, providing a broad replacement space for Huihong Technology’s EX materials. Looking ahead, as the penetration rate of EX materials in the high-end PCB field continues to rise, coupled with the gradual release of Huihong Technology’s production capacity, its market scale is expected to achieve explosive growth. Huaxi Electronics emphasizes that EX materials, as the core materials for high-end computing power PCB upgrades, have extremely high growth potential and are worthy of investors’ close attention. This material revolution triggered by computing power upgrades has already begun. As the “lone seedling” of domestic EX materials, Huihong Technology is poised to write a new chapter in the field of high-end electronic materials for domestic alternatives.
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Continue to pay attention to the industry chain:
Computing power industry chain (adjustment)pcb: Zhongfu Circuit, Jin’an International, Xingsen TechnologyCCL: Shengyi Technology, Nanya New MaterialsM9: Dongcai Technology, Meilian New Materials, Feilihua, Shengyi Technology, Dingtai Technology, Dazhu CNC, Zhongcai TechnologyCopper foil: Tongguan Copper Foil, Defu TechnologyPackaging and testing: Tongfu MicroelectronicsGoogle chain: Saiwei Electronics, Dekeli, Guangku Technology, Tengjing Technology, Huafeng Technology, Liant TechnologyEnd-side AI industry chainStorage: Zhaoyi Innovation, Demingli, Jiangbolong, Baiwei Storage, Lanqi Technology, Wanrun Technology, Tongyou TechnologyAI glasses: Guanghetong, Changying PrecisionAI applications (the rising star)360, BlueFocus, Hand Information, Inspur Software, Yidian TianxiaResource category (note the rapid short-term increase, look for opportunities after correction)Lithium mines: Yahua Group, Shengxin Lithium Energy, Ganfeng Lithium Industry, Tibet Mining, Tianhua New Energy, Dazhong Mining, Tianqi Lithium Industry,Shengtun Mining, Salt Lake Shares;Antimony: Huaxi Nonferrous, Huayu Mining (price increase)Chemicals: Chemical raw materials💰(Silicon: Hesheng Silicon Industry, Xingfa Group, Luxi, Dongyue)Electrical equipment (look for opportunities in the fourth quarter)Overseas/SST direction: Jinpan Technology, Sifang Shares, Siyuan Electric, Mingyang Electric, Igor,New Special Electric,Canadian Solar, Keliqi,Feiwo Technology, TBEA;Domestic power grid: Pinggao Electric, Guodian Nanrui, China West Electric, XJ Electric, Samsung Medical, Haixing ElectricLithium battery/storage(note the rapid short-term increase)
1. Battery segment: Guoxuan High-Tech, Yiwei Lithium Energy, Funeng Technology；
2. Electrolyte segment: Xiamen Tungsten New Energy, Dangsheng Technology, Tianji Shares, Enjie Shares、Tianqi Materials；3. Anode: Shida Shenghua, Zhongke Electric, Shangtai Technology；4. Equipment materials: Xian Dao Intelligent, Kexin Electromechanical, Rongqi Technology, Jiaocheng Ultrasonic, Hangke Technology、Haimuxing、Funeng Dongfang, (Separator: Enjie、Xingyuan Materials、Purui Technology);
5. Energy storage: Penghui Energy, Haike New Source, Canadian Solar, Tianji Shares, Shida Shenghua, Hunan Yunan, Shangneng Electric.
6. Iron phosphate:Chuanheng Shares, Xingfa Group, Yuntianhua, Hubei Yihua
Wind and solar
Canadian Solar, Shangneng Electric, Nanfang Energy
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(Disclaimer: The above content is compiled based on publicly available information and does not constitute investment advice)
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