Xin Lang Cai Jing·2025-12-11 00:18Group 1 - The core viewpoint is that the demand for orthogonal backplanes and the upgrade of Cowop technology will lead to PCB becoming more similar to semiconductors, resulting in a steady increase in value [1] - Companies like Amazon, META, and Google have weaker in-house chip design capabilities compared to Nvidia, which increases their requirements for PCB and other materials, making the value more elastic [1] - The continuous upgrade of PCBs driven by increasing short-distance data transmission requirements will also promote upgrades in the upstream supply chain, with copper-clad laminates transitioning from M6/M7 to M8/M9 [1] Group 2 - Domestic PCB companies are continuously increasing their global market share, which in turn drives the localization of the upstream supply chain [1] - The upgrade from copper-clad laminates will further enhance the domestic market share of high-end resins, fiberglass cloth, and copper foil [1]