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全球PCB行业每日动态
2026年10月15日（周四）｜ 产业动态为主 · 覆盖近24小时
中英双语
7628电子布一年涨了约258%，卡在织布机上，有效新增供给要等到2027年二季度以后。国内高端产能的融资也在加速——深南电路43亿多元的定增10月14日过了深交所审核，36亿元砸向无锡AI算力电子电路项目；奥士康10亿元可转债同一天发行，全额投肇庆的高端PCB项目。海外今天最大的事是台积电三季度法说会，CoWoS 5.5x已经量产、良率98%以上，9x在研、14x直接排到了2029年。
今日焦点 国内·扩产 近日
邑昇顺年产120万平方米高端线路板项目落户江门新会，总投资7亿元、力争2027年底试投产
广东邑昇顺电路有限公司年产120万平方米线路板项目在江门新会崖门电子信息产业园奠基，正式进入实体建设阶段。项目总投资7亿元、用地约48亩、建筑约5.85万㎡，主打多层板、HDI、软板、软硬结合板和光模块，力争2027年底前试投产。做法上有个挺有意思的点：厂房由银湖湾集团全资子公司按企业的生产工艺定制代建、建成后交付使用，中建一局承建，企业等于轻资产入驻。邑昇顺2001年在深圳松岗创立，做高精密度双面多层板二十多年，产品远销海外，客户覆盖卧龙电驱、新大陆、康舒、艾默生这些，这次等于把产能从深圳总部挪一部分到江门，走"深圳总部+江门基地"的路子。
EN | On Oct 11, Guangdong Yishengshun Circuit broke ground on a 1.2m-sq-m/yr PCB project in Xinhui, Jiangmen. The RMB700m, ~48-mu site (~58,500 sq m of floor space) will make multilayer, HDI, flexible, rigid-flex boards and optical modules, targeting trial production by end-2027. Notably, local SOE Yinhuwan will custom-build the plant and hand it ove
2 国内·材料/供需 10月14—15日
"一布难求"：7628电子布一年涨约258%，喷气织机成上游瓶颈，有效供给要等2027年二季度
电子布这轮是真紧。主流的7628布，去年9月还在3.9元/米附近，到今年10月国内报价已经报到13.5—14元/米，累计涨了约258%，越往AI服务器要的低介电、低热膨胀特种薄布走越紧，部分型号干脆"一布难求"。卡点不在需求，在供给那端的织布机——高端薄布、特种布靠专用喷气织机，设备交付周期长、扩产又慢，行业库存一度只剩一周多。机构的判断也趋于一致：普通电子布的紧张至少要扛到2027年底，高性能玻纤布的缺口2027年可能比今年的约40%还大，国内真正有效的新增供给要到2027年二季度之后才逐步兑现。下游的覆铜板厂现在接单都开始挑客户，备库类的单子直接不接。
EN | Electronic cloth is genuinely tight. Mainstream 7628 cloth has jumped from about RMB3.9/m last September to RMB13.5–14/m this October — roughly +258% — with low-Dk/low-CTE specialty cloth for AI servers scarcest of all. The bottleneck is supply-side: specialty cloth relies on dedicated air-jet looms with long lead times and slow expansion, and inventories once fell to barely a week. Brokers broadly see ordinary cloth staying tight through end-2027, high-performance glass cloth's gap widening beyond this year's ~40%, and effective new Chinese supply only arriving after Q2 2027. Downstream CCL makers are now screening customers and refusing stocking-type orders.
3 国外·先进封装 10月15日
台积电Q3法说会：CoWoS 5.5x已量产、良率超98%，9x在研、14x排到2029，若对手供应不足"随时补位"
10月15日下午，台积电举行三季度法说会。已披露的三季度营收约1.494万亿新台币、同比增50.9%，创单季历史新高，AI需求是绝对主角。更值得PCB和载板圈关注的是先进封装的口径：5.5x光罩尺寸的CoWoS已经量产，多家AI客户良率超过98%、个别的接近99%；9x方案在研，14x已经排进2029年的规划，基本保持一年一代的节奏。魏哲家在会上说得挺直白——5x尺寸先进封装的量产能力和良率目前没有对手能比，就算Intel的EMIB这类竞争方案供应不上，台积电随时可以补位。产能侧，市场测算台积电自己的CoWoS月产能今年在12万到14万片，加上委外封测厂全行业接近每月20万片，供需缺口从年初约两成收窄到年底的一成左右，2027年还要再扩六成以上。资本支出这边，7月已经把全年指引从520亿—560亿美元上调到600亿—640亿美元，这次会上AI需求只要不降温，还有再上修的空间。
EN | TSMC held its Q3 earnings call on the afternoon of Oct 15. Reported Q3 revenue of about NT$1.494tn, up 50.9% YoY, was an all-time quarterly record, driven overwhelmingly by AI. The part that matters for the PCB/substrate chain is advanced packaging: 5.5x-reticle CoWoS is in mass production with yields above 98% for multiple AI customers (some near 99%); the 9x solution is in development and 14x is planned for 2029 — roughly one generation per year. CEO C.C. Wei was blunt that no rival matches its 5x mass-production capability and yield, and that TSMC can fill any gap left by competing packaging solutions such as Intel's EMIB. On capacity, market estimates put TSMC's own CoWoS output at 120,000–140,000 wafers/month this year and close to 200,000 industry-wide with OSAT partners, narrowing the supply gap from ~20% at the start of the year to ~10% by year-end, with a further 60%+ expansion planned for 2027. Capex guidance was already lifted in July from US$52–56bn to US$60–64bn, with room for more if AI demand holds.
4 国内·新品/技术 10月15日
杰普特发布PCD金刚石微钻，实测寿命较传统合金微钻提升80~100倍
10月15日，杰普特正式发布PCD金刚石微钻，瞄准AI服务器、高速通信和数据中心，官方口径是实测寿命比传统合金微钻提升80~100倍。这东西解决的正是当下最头疼的钻孔环节：随着800G/1.6T光模块、高速交换机放量，高速PCB越做越高性能、高集成，M9、PTFE、陶瓷填充这些硬板材用量越来越大，传统合金微钻在硬度、寿命上越来越跟不上，直接拖累钻孔效率和良率。PCD（聚晶金刚石）微钻相当于把刀具材料换了个代，对高端板材的加工是一次实打实的提效。
EN | On Oct 15, Jept launched PCD diamond micro-drills targeting AI servers, high-speed comms and data centers, claiming a measured lifespan 80–100x that of conventional alloy micro-drills. It tackles the drilling bottleneck: as 800G/1.6T optical modules and high-speed switches ramp, high-end PCB increasingly uses hard materials like M9, PTFE and ceramic-filled laminates, where alloy drills struggle on hardness and life, hurting drilling efficiency and yield. Polycrystalline-diamond drills effectively switch the tool material a generation forward for high-end board processing.
5 国外·供需 10月14日
大摩再上修ABF载板缺口：2027/2028供需缺口升至9.3%/13.7%，预计涨价超25%
摩根士丹利10月14日又把ABF载板的供需缺口往上抬了一档：预计2027年ABF载板价格涨幅将超25%，2028年进一步走高。它的新模型把2027、2028年的供应缺口从原先的6.2%、9.4%上修到9.3%、13.7%。缺口扩大的关键不只是AI芯片出货增长，还有载板尺寸放大、层数增加、工艺复杂化，这些都会限制供应商的有效产出。报告还把含中国AI ASIC在内的"其他ASIC"2027年出货量从460万颗上修到640万颗、2028年从620万上修到870万——量在涨、单片更复杂、有效产能却上不去，价格只能往上走。
EN | Morgan Stanley's Oct 14 note raised its ABF substrate supply-demand gap again: it now sees 2027 ABF price increases above 25% and further gains in 2028, and lifts the 2027/2028 shortfalls to 9.3%/13.7% from 6.2%/9.4%. The widening gap reflects not just AI-chip volume but larger substrate area, more layers and greater process complexity that cap effective output. It also raised its "other ASIC" shipment forecast — including Chinese AI ASICs — to 6.4m units for 2027 (from 4.6m) and 8.7m for 2028 (from 6.2m): volumes up, each die more complex, effective capacity stuck — so prices rise.
6 国内·融资/扩产 10月14日
深南电路43.67亿元定增过审，36亿元砸向无锡AI算力电子电路项目
10月14日，深南电路公告收到深交所上市审核中心的审核中心意见告知函，2026年度向特定对象发行股票申请审核通过，接下来报证监会注册。这笔定增募集资金总额不超过43.67亿元，最大一块是无锡深南电路AI算力电子电路产品项目——总投资45.36亿元、拟投入募资36亿元，建设期约一年，产的是高速高密高多层PCB，直接对应AI服务器和交换机；剩下的7.67亿元补流。深南是内资最大的封装基板供应商、全球PCB营收第四，"3-In-One"布局覆盖PCB、封装基板、电子装联，AI算力PCB订单饱满是它敢在这个时点加杠杆扩产的底气。从8月25日受理到10月14日过审，一个半月走完，效率不低。
EN | On Oct 14, Shennan Circuits disclosed it had received the exchange review opinion letter, with its 2026 private placement passing Shenzhen Stock Exchange review and heading to CSRC registration. The raise is capped at RMB4.367bn, the bulk of it — RMB3.6bn of a RMB4.536bn total project cost — going to the Wuxi AI-compute electronic circuit project: about a year of construction for high-speed, high-density track.
7 国内·融资/扩产 10月14日
奥士康10亿元可转债发行落地，全额投向肇庆18.2亿元高端PCB项目
10月14日，奥士康公告奥士转债正式发行，总额10亿元、1000万张，预计10月20日登陆深交所。募集资金扣费后全部投向高端印制电路板项目——该项目由全资子公司广东喜珍电路在肇庆鼎湖实施，总投资18.2亿元，建设期24个月，建成后新增高多层板、高密度互连板产能，重点承接AI服务器、AI PC和汽车电子的订单。奥士康董秘说得很实在：现在高端高精密印制电路板的需求很旺，公司现有产能已经显出瓶颈，这个项目就是把承接复杂、高规格订单的能力再往上提一截。肇庆这步棋也有讲究——大湾区节点城市，电子产业链配套全，水路运输还能压物流成本。
EN | On Oct 14, Aoshikang announced the formal issuance of its RMB1bn convertible bond (10m bonds), set to list on the Shenzhen exchange on Oct 20. Net proceeds go entirely to a high-end PCB project run by wholly owned subsidiary Guangdong Xizhen Circuit in Zhaoqing's Dinghu district: RMB1.82bn total investment, a 24-month build, adding high-multilayer and HDI capacity for AI servers, AI PCs and automotive electronics. The company's board secretary put it plainly: demand for high-end precision PCB is strong, existing capacity is already the bottleneck, and this project lifts the ability to take complex, high-spec orders. Zhaoqing is a deliberate pick — a Greater Bay Area node with a full electronics supply chain and waterway logistics to cut freight costs.
8 国外·展望 10月15日
Yole：未来五年晶圆需求年增约35%，CPO、玻璃基板、混合键合、800V供电成AI基建关键技术
SEMICON West 2026正在旧金山举行（10月13—15日），Yole集团CEO Jean-Christophe Eloy在会上给出了一组挺震撼的判断：未来五年晶圆需求持续成长，增速维持在35%左右，其中GPU市场产值增速是出货量增速的四倍、营收增速达到五倍，用他的话说，"这是半导体业过去70年来前所未见的现象"。AI ASIC的晶圆需求五年涨幅有望和GPU相当甚至反超。他同时点了几项决定AI基础设施扩张的关键技术：共封装光学（CPO）、玻璃基板、混合键合，以及数据中心的800V直流供电架构。内存是另一条主线——HBM在系统里的用量和价值持续上升，而运算器件数量并没有同速增长，说明能效提升和系统整合正在降低单位电力所需的加速器数量。Yole估算CPO市场将从初期成长到18亿美元，而可插拔光收发器到2030年仍有接近180亿美元的规模，两条路线会长期共存。
EN | With SEMICON West 2026 running in San Francisco Oct 13–15, Yole Group CEO Jean-Christophe Eloy laid out a striking outlook: wafer demand will keep growing at roughly 35% a year for the next five years, with GPU market value growing four times as fast as unit shipments and revenue five times as fast — "a phenomenon unseen in the semiconductor industry's 70 years," he said. AI ASIC wafer demand could match or even outpace GPUs over the period. He flagged co-packaged optics (CPO), glass substrates, hybrid bonding and 800V DC data-center power as the key technologies for AI infrastructure buildout. Memory is the other pillar: HBM's share of system content and value keeps rising while accelerator counts grow more slowly, pointing to efficiency gains and system integration cutting accelerators per watt. Yole sizes the CPO market at US$1.8bn as it ramps from an early stage, while pluggable optical transceivers remain near US$18bn by 2030 — the two approaches coexisting for years.
全球PCB行业每日动态 · 2026年10月15日
产业动态为主 · 不构成投资建议 · 转载请注明出处
