中信证券：增量逻辑持续强化，重点看好AI PCB板块走势

Core Viewpoint - The PCB sector has experienced relative stagnation since early 2026, primarily due to weak overall beta in computing power and artificial intelligence, alongside market concerns regarding application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and material price increases [1] Group 1: Market Concerns - Market worries are focused on application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and the impact of rising material prices [1] - Despite these concerns, the underlying growth logic of the AI PCB industry remains unchanged and is continuously strengthening [1] Group 2: Future Outlook - The sector has potential catalysts in the near future, with increasing visibility for growth in the coming years [1] - Performance expectations for leading manufacturers are gradually being realized, and there is further room for valuation upgrades [1] - The current outlook is optimistic regarding the upward momentum of the PCB sector [1]