Industry Overview - The global PCB market is undergoing structural changes, with growth shifting from traditional consumer electronics to high-performance computing and automotive electronics. The market size is expected to reach $75 billion by 2024, with a compound annual growth rate (CAGR) of 3.6% from 2020 to 2024. By 2029, the market size is projected to reach $96.8 billion, with a CAGR of 5.2% from 2024 to 2029 [1] - Data communications is the fastest-growing segment, with the market size expected to increase from $21.8 billion in 2024 to $32.7 billion in 2029, reflecting a CAGR of 8.4%, significantly outpacing the overall industry growth. This growth is primarily driven by upgrades in general server platforms and surging demand for AI servers [1] Company Insights - CITIC Securities reports that the demand for orthogonal backplanes and Cowop process upgrades will make PCBs more similar to semiconductors, leading to a steady increase in value. Companies like Amazon, META, and Google have weaker in-house chip design capabilities compared to NVIDIA, resulting in higher material requirements for PCBs. The continuous upgrade of PCBs driven by short-distance data transmission demands will enhance the upstream supply chain, particularly in copper-clad laminates transitioning from M6/M7 to M8/M9 [2] - The PCB industry is experiencing a surge in demand for AI-driven products, leading to upgrades in high aspect ratio and multi-blind buried hole designs. This trend is boosting the demand for AI PCB electroplating copper powder consumables, resulting in both volume and price increases that are rapidly enhancing industry profits. The industry is expected to enter a prosperous cycle due to short-term capacity constraints [2] Stock Market Activity - Kintor Technology (01888) has raised product prices multiple times this year due to cost pressures and demand benefits. The company reports high capacity utilization rates and has made price adjustments for various copper-clad laminate products [3] - Kintor Group (00148) is focusing on the entire PCB supply chain, investing in a copper-clad laminate R&D center and developing high-frequency and high-speed products for AI server GPU motherboards. The group plans to establish an AI PCB production line in Guangdong with an investment of approximately 800 to 1,000 million RMB, indicating a saturated order situation and optimistic outlook for the first half of next year [3] - Dongshan Precision (002384) has submitted an application to the Hong Kong Stock Exchange and is recognized as the world's largest PCB supplier for edge AI devices [4] - Huadian Co., Ltd. (002463) has also submitted an application to the Hong Kong Stock Exchange and ranks first globally in PCB revenue within the data center sector [5]