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PCB概念集体扬升 芯碁微装（09630）涨8.45% 机构指Q3始PCB业绩斜率有望启动加速

金吾财讯
Sep 07

金吾财讯 | 港股PCB概念集体扬升，截至发稿，芯碁微装（09630）涨8.45%，广合科技（01989）涨6.94%，胜宏科技（02476）涨5.01%，建滔积层板（01888）涨4.66%，大族数控（03200）涨4.56%，鼎泰高科（01377）涨3.69%，建滔集团（00148）涨2.19%。消息面上，国金证券研究认为，从三季度开始PCB的业绩斜率有望启动加速，PCB有望成为最亮眼的板块，核心原因在于：1）AI高端新品已经开始出货。根据产业链跟踪，我们观察到AI高端新品部分已经在7月底实现出货，最晚的料号也在8月中旬实现大规模量产，至今年年底都将保持爆满状态，PCB作为AI敞口最大的环节，将显著受益；2）PCB价格开始传导。上半年中上游涨价到PCB端后，PCB未完全将涨价的部分向客户传导，但我们观察到这一情况正在积极改善，从产业链跟踪角度下半年PCB盈利水平有望进一步提升，推高环节的加速斜率。数据上，该机构称，观察到台股PCB厂商的月度营收同环比已经出现显著的变化，2026年7月台股PCB月度营收同比增速达到39%，达到今年以来的最高增长斜率，环比增速达到13%、变化启动信号已出现。综合来看，今年上半年PCB产业链中上游材料的基本面表现显著好于下游PCB，但该机构认为下半年PCB环节将迎来新品拉货、盈利修复的双重边际变化，基本面斜率加速的确定性极强，当前的板块配置价值较高，建议关注。

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