Core Viewpoint - The PCB industry in China is experiencing significant growth driven by the AI computing power industry chain, with July 2025 exports reaching 171.03 billion yuan, a 10% month-on-month increase and a 34% year-on-year increase, marking a new monthly high since 2024 [1] Group 1: Export Performance - In July 2025, the export value of four-layer and below PCBs was 64.22 billion yuan, with a 6% month-on-month increase and a 10% year-on-year increase, indicating a recovery in low-layer board export momentum [2] - The export value of four-layer and above PCBs was 106.81 billion yuan, with a 12% month-on-month increase and a substantial 54% year-on-year increase, showing strong growth momentum for multi-layer boards [2] - The average export value per unit for four-layer and above PCBs was 20.40 yuan, reflecting a 29% year-on-year increase and a 7% month-on-month increase, while the average export value for four-layer and below PCBs was 1.30 yuan, showing a 19% year-on-year decline but a 26% month-on-month recovery [2] Group 2: Trade Partners and Regional Performance - In July 2025, the PCB industry in China saw strong export growth to Asian trade partners, with the top five partners being Hong Kong, Vietnam, Taiwan, Thailand, and South Korea, accounting for 72.27% of total exports [3] - The leading trade partner for four-layer and below PCBs was Hong Kong, with an export value of 24.29 billion yuan, a year-on-year increase of 1.3%, while Vietnam ranked second with an export value of 9.36 billion yuan, a significant year-on-year increase of 50.53% [3] - For four-layer and above PCBs, Vietnam, Thailand, and Taiwan showed substantial export growth, with exports to Taiwan reaching 22.61 billion yuan (up 202.38% year-on-year), to Vietnam at 21.54 billion yuan (up 97.49% year-on-year), and to Thailand at 7.18 billion yuan (up 119.25% year-on-year) [3]
万联证券:我国PCB出口规模延续环比增长 建议关注国产优质龙头企业
智通财经网·2025-09-05 06:40