电子行业研究:当前PCB观点:投资锚点是业绩印证和技术迭代,而非格局和估值

国金证券
Sep 08, 2025

(以下内容从国金证券《电子行业研究:当前PCB观点:投资锚点是业绩印证和技术迭代,而非格局和估值》研报附件原文摘录)投资逻辑竞争格局恶化?“恶化预期”≠“真实恶化”,重点仍是需求趋势。以2018~2020年的“5G行情”为例,2018年PCB板块中涨跌幅超过30%的仅有沪电股份,进入2019年以后核心供应商产能吃紧,开始预期需求外溢逻辑,引发板块性扩散行情,2019年当年PCB板块79%的公司股价...

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