1️⃣ 产业终极痛点：台积电产能告急，老黄的“B计划”浮出水面
目前卡住全球AI咽喉的不是GPU芯片，而是台积电昂贵且极度紧缺的CoWoS先进封装产能（受制于ABF载板）。为了打破这个物理瓶颈，英伟达正在秘密推进颠覆性的**CoWoP（Chip-on-Wafer-on-PCB）**技术，试图用极高规格的PCB直接替代ABF载板！一旦跑通，这是AI底层硬件架构的超级革命。
2️⃣ 残酷的生存游戏：AI老龙头的黯然退场
这块骨头极难啃。CoWoP要求PCB厂具备类载板（SLP）和mSAP（改良型半加成法）的变态级量产工艺。
据海外权威供应链最新爆料，经过数月的残酷联合开发与规格测试，A股曾经的AI算力板老龙头——沪电股份、胜宏科技双双宣告退出研发！ 高端基材和微米级线宽线距的技术壁垒，直接筛掉了90%的传统玩家。
3️⃣ 唯一突围的A股独苗：景旺电子（Kinwong）
在全球淘汰赛后，英伟达CoWoP的PCB最终测试名单被锁定为三家：臻鼎、欣兴，以及A股唯一的独苗——景旺电子！
这意味着什么？这意味着在下一代先进封装的入场券争夺中，景旺电子已经实质性地拉开了与国内同行的技术代差。它不再是一个单纯卖硬板、软板的传统电子厂，而是一脚跨入了半导体先进封装核心材料的供应商序列！
4️⃣ 估值重塑：从“制造业”向“半导体材料”的戴维斯双击
沪电和胜宏的退出，将让A股市场原本庞杂的AI PCB溢价，极其粗暴地向景旺电子集中。
传统高多层板（HLC）给的是制造业15-20倍的估值；而一旦切入英伟达先进封装核心供应链，对标的是半导体材料和算力设备动辄40-50倍的市盈率！随着CoWoP技术的验证推进，景旺电子正在迎来极其罕见的估值重构节点。
Nvidia Narrows CoWoP PCB Partners to Three Amid Advanced Packaging Crunch
- As advanced packaging supply shortages intensify, Nvidia is pushing forward with Chip-on-Wafer-on-PCB (CoWoP) technology development, collaborating with PCB, packaging, and test companies
- Foundry partner TSMC is currently focused on expanding CoWoS capacity, while Nvidia is simultaneously building out its CoWoP ecosystem in parallel
- Factoring in the high technical difficulty and investment burden, the CoWoP PCB supply chain candidates have been narrowed to three companies: Zhen Ding Technology, Unimicron, and Kinwong
- CoWoP is currently in the early testing and technology validation stage; mass production timelines have not yet been confirmed
- On the semiconductor assembly and test side, SPIL — a subsidiary of ASE — has been designated as Nvidia's long-term partner
- In the early stages, Nvidia reached out to PCB makers worldwide to participate in CoWoP technology qualification, drawing significant interest across the global PCB industry
- Both Taiwanese and Chinese PCB makers viewed this as an opportunity to enter the AI supply chain and engaged actively
- After months of joint development, only Zhen Ding, Unimicron, and Kinwong remain in the sample testing and specification refinement stage
- Compeq, WUS Printed Circuit, and Victory Giant Technology have dropped out of the development process
- The CoWoP structure is characterized by replacing conventional ABF substrates with PCB, which imposes extremely demanding process technology requirements
- Participation requires advanced CCL materials along with finer line width and spacing design capabilities — a high bar for precision manufacturing
- PCB makers without experience in SLP (Substrate-Like PCB) or mSAP processes face significant barriers to near-term technology entry
- The high technical entry barrier is identified as a primary reason for the rapid attrition of participating companies
- While IC substrate makers are technically well-suited, Japan's Ibiden has already exited the PCB business
- Reinvesting in dedicated SLP equipment for CoWoP is seen as economically unviable, which is why Ibiden is not participating
- CoWoP carries high investment risk given its long qualification timeline and uncertain mass production schedule
- The prevailing view that CoWoS will dominate the advanced packaging market over the next five years is also weighing on investment decisions
- As a result, PCB makers are redirecting resources away from CoWoP toward ABF substrate capacity expansion or investment in high-layer-count PCB (HLC) and HDI technologies
- Capital allocation is shifting toward higher-margin, higher-growth markets such as network servers and low-earth orbit satellites
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