7月我国PCB出口规模延续环比增长，多层板增长动能强劲

Core Insights - In July 2025, China's PCB industry export scale continued to grow, reaching a monthly high since 2024, with an export value of 17.103 billion yuan, a month-on-month increase of 10% and a year-on-year increase of 34, indicating a sustained high prosperity in the printed circuit board industry driven by the accelerated construction of the AI computing power industry chain [1][2]. Industry Performance - The export value of multilayer boards (four layers and above) maintained a high growth rate in July 2025, with the export value for four layers and below at 6.422 billion yuan, a month-on-month increase of 6% and a year-on-year increase of 10, showing a recovery in low-layer board export momentum [3]. - The export value for multilayer boards (four layers and above) was 10.681 billion yuan, with a month-on-month increase of 12% and a year-on-year increase of 54, indicating strong growth momentum in multilayer board shipments [3]. - The average export value per multilayer PCB in July 2025 was 20.40 yuan, a year-on-year increase of 29% and a month-on-month increase of 7, while the average export value for four layers and below was 1.30 yuan, a year-on-year decrease of 19% but a month-on-month recovery of 26 [3]. Trade Partners - In July 2025, the export scale of China's PCB industry to Asian trade partners grew significantly, with the top partners being Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan, with a combined export value accounting for 72.27% [4]. - For four layers and below, Hong Kong ranked first in export value at 2.429 billion yuan, a year-on-year increase of 1.3, while Vietnam ranked second with an export value of 936 million yuan, a year-on-year increase of 50.53 [4]. - For multilayer boards, the largest export growth was seen with Vietnam, Thailand, and Taiwan, with exports to Taiwan reaching 2.261 billion yuan (year-on-year increase of 202.38), to Vietnam at 2.154 billion yuan (year-on-year increase of 97.49), and to Thailand at 718 million yuan (year-on-year increase of 119.25) [4]. Investment Outlook - The ongoing AI wave and the burgeoning demand for computing power are expected to sustain growth in AI servers and high-speed switches, leading to strong demand for AI PCBs, particularly in the high multilayer board and HDI markets [5]. - The rapid development of emerging fields such as robotics and automotive electronics is anticipated to further drive PCB demand, suggesting a focus on high-quality leading companies in the domestic PCB industry [5].