PCB概念盘初走高 建滔积层板(01888)领涨6.76% 机构指AI推理演进促PCB价值定位跃升

金吾财讯
May 22

金吾财讯 | 港股PCB概念盘初延续涨势,截至发稿,建滔积层板(01888)涨6.76%,胜宏科技(02476)涨6.47%,广合科技(01989)涨4.67%,建滔集团(00148)涨2.75%。国金证券研究指,AI推理瓶颈迭代与架构演进,推动PCB价值定位跃升。Transformer架构下大模型推理分为Prefill与Decode两个阶段,前者为计算密集型,后者为显存带宽密集型,算力利用率与带宽占用率呈现极端错配。如英伟达推出"解耦式推理"架构,将Prefill与Decode拆分到不同硬件,对PCB提出更高密度的HBM封装基板、更高速片间互联及更高功率密度供电散热要求。与此同时,从芯片到机架的尺度演进中,HBM4引入要求中介层支持千位级I/O;CoWoS-L向?CoWoP演进让PCB首次承担类基板功能;GB300服务器PCB层数从10层跃升至20层以上,部分高端型号达34至64层;RubinUltraNVL576更以78层M9级正交背板取代铜缆,承担机柜内?GPU全互联通信。行业竞争核心从“单卡算力”转向“全系统互联带宽”,PCB成为决定AI系统算力释放效率的关键瓶颈环节,技术门槛与认证周期对标半导体封装。

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