Hua Er Jie Jian Wen·2025-11-07 06:05Core Insights - The report from HSBC highlights a significant technological and specification upgrade in the printed circuit board (PCB) and copper-clad laminate (CCL) sectors driven by the rapid evolution of AI servers [1][2] - The introduction of NVIDIA's next-generation Rubin platform is identified as a key catalyst for this upgrade cycle, which is expected to increase both the shipment volume and average selling prices of related products [1][2] Group 1: Drivers of Growth - The growth in the PCB/CCL industry is primarily driven by two engines: NVIDIA's new platform and the ASIC chips from major cloud service providers (CSPs) [2] - NVIDIA's Rubin platform, expected to start mass production in the second half of 2026, will trigger a value leap in PCB/CCL through new structures and increased usage of PCBs [2] - The ASIC market is rapidly becoming a critical catalyst, with major CSPs projected to spend over $420 billion on capital expenditures by 2025, a 61% increase year-on-year [2] Group 2: Pricing Environment - The pricing environment for CCL is becoming increasingly favorable due to tight supply conditions and rising raw material costs [4] - The CCL cost index has risen by 40% over the past six months, driven by a 27% increase in copper prices and a 72% increase in glass fiber prices [4] - Manufacturers are expected to pass on these cost increases to downstream PCB customers, particularly in the high-end market [4] Group 3: Key Players and Market Position - Shengyi Technology is positioned to maintain its leading role in supplying M9-level CCL for NVIDIA's Rubin platform, benefiting from a surge in AI data center orders [4] - Shenzhen South Circuit is becoming a core supplier for major clients like Huawei and Google in the high-value AI PCB sector [4] - Dazhong Laser's M9-level CCL materials are expected to drive demand for high-end drilling equipment, reflecting the increasing complexity of PCB manufacturing [5]