Institutions say the global PCB industry is entering a new upward cycle. Chaoying Electronics' first board hits the daily limit.

(来源：财闻)

          The constituent stocks outperformed, with 超颖电子 and 共进股份 hitting the daily limit. 莱特光电 and 乔锋智能 rose more than 10%. 金太阳, 嘉元科技, 新锐股份, 劲拓股份, 金信诺, 强瑞技术, 欧科亿, and others also followed suit.            

On March 25, the PCB concept sector remained in an uptrend throughout the day. As of the time of publication, 超颖电子 (603175.SH) and 共进股份 (603118.SH) had hit the daily limit. 莱特光电 (688150.SH) and 乔锋智能 (301603.SZ) rose more than 10%. 金太阳 (GSUN.US), 嘉元科技 (688388.SH), 新锐股份 (688257.SH), 劲拓股份 (300400.SZ), 金信诺 (300252.SZ), 强瑞技术 (301128.SZ), 欧科亿 (688308.SH), and others also followed suit.

In terms of news, the Shenzhen Municipal Bureau of Industry and Information Technology recently issued the 《Action Plan for Accelerating the High-Quality Development of Shenzhen’s Artificial Intelligence Server Industry Chain (2026—2028)》. The plan states that, relying on Shenzhen’s global PCB (printed circuit board) manufacturing core base advantages, the focus will be on developing multi-layer advanced high-speed boards for AI servers, rigid-flex boards, flexible boards, advanced packaging substrates, 6th-generation and above ultra-advanced HDI boards, and ABF substrates. It will promote large-scale applications of cutting-edge low-dielectric high-end base materials; strengthen R&D and capacity layout for advanced-class carrier boards and flexible circuit boards; expand the ability to provide small-batch, diversified customized PCB services to support companies’ R&D and pilot testing. It will accelerate applications of special printed circuit boards (for high-speed, high-frequency communications), as well as FCBGA/BT packaging substrates, supporting efficient interconnection for data centers and backbone networks.

An institution noted that, as LPU/LPX server racks enter the production peak period from late 2026 to 2027, demand for high-end PCBs will show a “spring up” trend. This will further exacerbate the shortage of high-end HDI and high-layer-count PCBs, driving the entire PCB industry chain into a new round of capacity expansion and upgrade cycle.

A research report from China Citic Securities states that since the beginning of 2026, the PCB sector has lagged in gains relative to the market. In addition to the overall beta for computing power/artificial intelligence being relatively weak, we believe market concerns mainly center on disturbances in application expansion, delays in scaling up and upgrading, delays in earnings delivery, and the impact of material price increases. However, we emphasize that the underlying growth logic of the AI PCB industry has not changed and is continuously being strengthened. We hold a relatively optimistic view on the directions of market concerns, and the sector will have a dense schedule of potential catalysts afterward. Visibility into incremental growth in the next one to two years is steadily improving. Meanwhile, from both an earnings and valuation perspective, the earnings expectations of leading companies are still gradually being realized, and valuation levels still have room for further upward adjustments. At this point in time, we firmly remain bullish on the upward momentum of the PCB sector going forward.

A research report from China Jianying Investment (China CICC?) notes that driven by AI, the global PCB industry is entering a new round of upward cycle. Fueled by three drivers—AI computing power infrastructure, intelligent consumer devices, and the electrification of automobiles—demand for high-end PCBs is growing rapidly. As process technology advances, the PCB value per unit will increase steadily. Overseas cloud vendors’ in-house chip development imposes higher requirements on PCBs, providing greater value upside.

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