智通财经网·2026-01-26 01:45Core Viewpoint - The PCB sector is experiencing significant growth driven by AI demand, with several key investment themes identified for 2025 [1] Group 1: PCB Upgrade Trends - The commercialization of CoWoP technology is accelerating, leading to a new round of upgrades in AI PCB products, with mSAP capacity and technology becoming critical competitive thresholds for PCB manufacturers [1] - The industry is continuously optimizing the Rubin Ultra system architecture, with potential advancements in backplane solutions expected [1] Group 2: CCL Upgrade Trends - The upgrade from M8 to M9 in CCL is a confirmed trend, with increasing adoption in GPUs, ASIC servers, and 1.6T switches, leading to a rapid increase in the use of Q fabric, HVLP 3-4, and hydrocarbon resins [2] - Concerns regarding potential downgrades in PCB specifications for NV's Rubin CPX architecture have been addressed, with backup plans in place for successful mass delivery [2] Group 3: Upstream Material Price Trends - The CCL industry is currently in an upward price cycle, with significant price increases announced by major manufacturers, including a 30% increase by Japan's Resonac [3] - The average price of CCL in 2025 has risen by 20%-30%, and further price increases are anticipated in 2026, which could enhance the profitability of the entire sector [3] Group 4: Demand for Substrates - There is a growing demand for substrates, with BT substrates experiencing continuous price increases and ABF substrate demand beginning to overflow to domestic manufacturers [4] - The global AI data center's storage demand is robust, with TSMC's capital expenditure for 2026 significantly exceeding market expectations, indicating a strong growth outlook for AI chips [4] - NVIDIA's CEO has engaged with leading manufacturers to secure supply for Low-CTE glass fabric, which is a critical component in the substrate supply chain [4]