万亿级赛道争夺战：广东、江苏很强势，珠海或冲C位

Core Insights - The PCB (Printed Circuit Board) industry is a crucial component of modern electronics, often referred to as the "mother of electronic products" due to its role in connecting electronic components and enabling signal transmission [1] - The global PCB market is projected to reach a value of $73.565 billion in 2024, with a year-on-year growth of 5.8%, while China's PCB market leads globally with a value of $41.213 billion and a growth rate of 9.0% [3] Industry Overview - Guangdong province accounts for approximately 60% of China's PCB production capacity, housing a cluster of listed companies with a combined market value exceeding one trillion yuan [4][5] - The high-end PCB sector is becoming increasingly important in the context of global technological competition, particularly with the rise of AI technologies that demand advanced PCB solutions for applications like computing and communication [4] - The PCB industry in China has evolved significantly since the 1990s, with major advancements in production and technology leading to its current status as the world's largest PCB producer [8][9] Regional Developments - The PCB industry is experiencing a shift, with cities in central and western China, such as Xinfeng in Jiangxi and Guangde in Anhui, emerging as new hubs due to favorable policies and cost advantages [11][12] - Xinfeng has attracted over 200 electronic enterprises, becoming a significant PCB cluster with a reported output value of 22.887 billion yuan in 2024, reflecting a growth of 23.2% [12] - Guangde has transformed from an industrial wasteland to a thriving PCB production area, housing over 92 electronic circuit enterprises and achieving an output value exceeding 10 billion yuan [13] Investment and Expansion - Major companies are ramping up investments in high-end PCB production to meet the growing demand driven by AI and advanced technologies, with significant projects underway in cities like Zhuhai [14][15] - Notable investments include a 50 billion yuan project by Jingwang Electronics in Zhuhai and a 10 billion USD investment plan by Dongshan Precision for high-layer PCB production [15][16] - As of 2025, Zhuhai is expected to emerge as a leading center for high-end PCB production, with a current output value of 44.4 billion yuan, accounting for 15.2% of China's total PCB output [16]