CICC(SH:601995) Zheng Quan Shi Bao Wang·2025-08-12 00:05Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the overseas demand for computing power is driving an increase in both volume and price of PCBs, leading to rapid market expansion. The AI PCB market is expected to reach $5.6 billion in 2025 and $10 billion in 2026 [1] Group 1 - Domestic PCB manufacturers are accelerating capacity expansion, but the efficiency of high-end capacity release is expected to lag behind the growth rate of demand, resulting in a persistent supply-demand gap [1] - New technological iterations and upgrades are anticipated to create new market demand increments, with AI expected to continuously iterate on PCB process technology paths [1] Group 2 - The manifestations of these technological advancements include structural integration (such as CoWoP and substrate integration), functional upgrades (like orthogonal backplane replacing copper connections), and material breakthroughs (including M9, PTFE, and quartz fabric) [1]