随着 HVLP4 铜箔差距扩大，NVIDIA 将 PCB 材料竞争转向上游- With high-end PCB orders rising on expanding AI infrastructure demand, new bottlenecks are emerging in the upstream CCL supply chain; following T-glass fiberglass cloth, HVLP4 copper foil is expected to become the key constraint from 2H onward
随着人工智能基础设施需求的不断增长，高端 PCB 订单量也随之增加，上游 CCL 供应链中出现了新的瓶颈；继 T 型玻璃纤维布之后，HVLP4 铜箔预计将从下半年开始成为关键制约因素。
- According to industry sources, NVIDIA and its major customers are once again directly intervening in material supply coordination to keep next-generation AI server mass production and shipment schedules on track
据业内人士透露，英伟达及其主要客户再次直接介入物料供应协调，以确保下一代 AI 服务器的量产和出货计划按时完成。
- PCB material demand is shifting from upgrades centered on consumer electronics and traditional networking equipment toward high-value AI/HPC applications, with high-end CCL demand advancing from M6 to M7, M8, and on to M9
- PCB 材料需求正从以消费电子产品和传统网络设备为中心的升级转向高价值的 AI/HPC 应用，高端 CCL 需求正从 M6 发展到 M7、M8，再到 M9。
- CCL makers are enforcing quota-based allocation, requiring IC substrate and PCB makers to take only what they actually consume; the bottlenecks lie in upstream materials with high technical barriers and limited expansion flexibility, such as specialty-formulation fiberglass cloth and ultra-low-profile copper foil
CCL 制造商正在推行配额分配制度，要求 IC 基板和 PCB 制造商只能领取实际消耗的物料；瓶颈在于上游材料，这些材料技术壁垒高、扩展灵活性有限，例如特种配方玻璃纤维布和超薄铜箔。
- Fiberglass cloth and copper foil have always sat at the very top of the PCB supply chain's upstream, where CCL makers such as EMC (Elite Material) and Doosan Electro-Materials traditionally led material development and production planning
玻璃纤维布和铜箔一直处于 PCB 供应链上游的最顶端，像 EMC（Elite Material）和斗山电子材料这样的 CCL 制造商历来主导着材料开发和生产规划。
- NVIDIA-led customers are now bypassing CCL makers to engage directly with upstream material suppliers, managing fiberglass cloth and copper foil themselves to clear PCB bottlenecks before they disrupt finished-product shipments
- NVIDIA 的客户现在绕过 CCL 制造商，直接与上游材料供应商合作，自行管理玻璃纤维布和铜箔，以在 PCB 瓶颈影响成品出货之前将其清除。
- NVIDIA is giving fiberglass cloth and copper foil suppliers clearer order visibility to strengthen their confidence in capacity expansion, and is shifting toward a direct consignment (buyer-furnished material) model that locks in key material capacity more than a year in advance
- 英伟达正在向玻璃纤维布和铜箔供应商提供更清晰的订单信息，以增强他们对产能扩张的信心，并转向直接寄售（买方提供材料）模式，提前一年多锁定关键材料的产能。
- In high-end fiberglass cloth, Low DK2 and T-glass are the main shortage items, triggering aggressive price hikes across the supply chain
- 在高端玻璃纤维布领域，低 DK2 和 T 型玻璃纤维是主要短缺产品，引发了整个供应链的价格大幅上涨。
- T-glass fiberglass cloth for IC substrates is especially tight, with Nittobo controlling more than half of global capacity; given yield issues at new entrants such as Taiwan Glass, the 2026 supply-demand gap is estimated at over 40%
用于集成电路基板的 T 型玻璃纤维布供应尤其紧张，日东纺控制着全球一半以上的产能；考虑到台湾玻璃等新进入者的良率问题，预计到 2026 年供需缺口将超过 40%。
- The T-glass supply gap is projected to remain as high as 25% even in 2027, acting as a key constraint on ABF substrate capacity expansion
预计到 2027 年，T 型玻璃的供应缺口仍将高达 25%，这将成为 ABF 基板产能扩张的关键制约因素。
- As major AI server and high-speed computing platforms rapidly migrate from HVLP2/HVLP3 to HVLP4, HVLP4 copper foil demand is climbing, with the 2026 supply shortfall expected at 1,500 tons
随着主流人工智能服务器和高速计算平台迅速从 HVLP2/HVLP3 向 HVLP4 过渡，HVLP4 铜箔的需求不断攀升，预计 2026 年供应缺口将达到 1500 吨。
- Mitsui Kinzoku and Co-Tech are aggressively expanding capacity, but the HVLP4 shortfall is projected to widen to 2,500 tons in 2027
三井金属和 Co-Tech 正在积极扩大产能，但预计到 2027 年，HVLP4 的缺口将扩大至 2500 吨。
作者声明： 本文转载自第三方，旨在提供资讯参考，并非证券推荐或投资建议。作者对内容的真实性、准确性不承担保证责任。本文不构成任何投资建议或证券推荐。截至发文日，作者与文中提及的标的不存在持仓关系。