· 供应链分析
做玻璃核心基板的话，做多 SKC 生态好像也不算太差？ SKC（011790）—— 在 CHIPS Act 资金支持下，是玻璃核心基板的领导者之一，市值约 55 亿美元。 HB technologies（078150）—— 自动光学检测 / 良率，借着 SKC Absolics 做二次增长，市值约 2.5 亿美元。 SKC 的铜箔 / 电动车旧业务拖累似乎已经在见底。它的财报看上去像一团糟，但其实已经被市值定价进去，而且比那些有 60 亿美元以上稀释的美国公司要好。 HB 风险更低，估值也不高，而玻璃的良率会变得非常重要。 我在这两只上都只有很小的仓位。 本来还想再等一等，但市场看起来已经在把玻璃定价成下一个可能的 memory / photonics 交易。
For Glass Core Substrates, doesn't feel too bad going long on the SKC ecosystem? SKC (011790) - Is one of the Glass Core Substrate leaders with CHIPS ACT funding at ~$5.5B MC HB technologies (078150) - automated optical inspection / yields piggy backing off of SKC Absolics at ~$250M. SKC's copper foil / EV legacy drag seems to be bottoming. Their financials seem like a dumpster fire, but it's kinda priced into MC + better than US companies with $6B+ in dilution. HB seems lower risk, low p/e and yields for glass is going to be pretty important. I do have very small exposure to both. Was going to wait a bit longer but seems markets are pricing in Glass as the next possible memory/photonics trade.