PCB扩产潮将至，谁是卖铲人的卖铲人？

Core Viewpoint - The recent financing and expansion plans of major PCB companies, driven by the demand for AI technologies, indicate a significant growth opportunity in the high-end PCB market, particularly in HDI and other advanced PCB types [1][5]. Group 1: Company Expansion Plans - Huada Technology announced a new project for high-end printed circuit boards (PCBs) with an investment of 4.3 billion yuan, which began construction in June 2023 and is expected to start trial production in the second half of 2026 [1]. - Shenghong Technology completed a fundraising round of 1.9 billion yuan, with allocations of 850 million yuan for its AI HDI project in Vietnam and 500 million yuan for a high-layer PCB project in Thailand [1]. - Eight PCB manufacturers have announced new financing and expansion plans since July 25, focusing on enhancing their capabilities in HDI, HLC, and SLP technologies [1]. Group 2: Market Demand and Trends - The demand for high-density, high-layer, and high-technology PCBs is expected to grow significantly due to advancements in satellite communication, AI accelerator modules, and automotive electronics [5]. - The HDI market is projected to reach 17.037 billion USD by 2029, with a compound annual growth rate (CAGR) of 6.4% over the next five years [5]. - The complexity of PCB production processes is increasing, leading to a higher reliance on advanced equipment and materials [5][6]. Group 3: Equipment and Material Upgrades - The global market for PCB-specific equipment is expected to reach 10.765 billion USD by 2029, with a CAGR of 8.7% from 2024 to 2029 [6]. - Upgrades in core materials for PCBs, such as copper foil, electronic cloth, and resin, are necessary to meet the demands of high-speed signal transmission and other advanced applications [7]. - The industry is entering a clear upward cycle, with significant benefits anticipated for upstream materials and equipment companies due to the expansion of PCB production capacity [7].