Core Insights - The report highlights a significant increase in the export scale of China's PCB industry in the first half of 2025, with a total export value of 864.58 billion yuan, representing a year-on-year growth of 28.6% [8][9] - In June 2025, the PCB export value reached a monthly high of 155.45 billion yuan, with a month-on-month increase of 1% and a year-on-year increase of 34% [8][9] - The demand for PCBs is expected to remain strong due to the ongoing development of AI computing infrastructure and the rapid growth of emerging fields such as robotics and automotive electronics [8][9] Market Performance - The A-share market showed a positive trend with the Shanghai Composite Index rising by 0.83% to close at 3,696.77 points, while the Shenzhen Component Index and the ChiNext Index increased by 1.6% and 2.61%, respectively [6][7] - The total trading volume in the A-share market reached 2.27 trillion yuan, with over 4,600 stocks experiencing price increases [6][7] - In the Hong Kong market, the Hang Seng Index fell by 0.98%, while the Hang Seng Tech Index decreased by 0.59% [6][7] Industry Developments - The report indicates that the export of multilayer PCBs (four layers and above) has seen a substantial increase, with a year-on-year growth of 44.3% in the first half of 2025 [9][11] - The average export value of four-layer and above PCBs was 19.03 yuan per unit in June 2025, reflecting an 18% increase compared to the previous year [9][11] - The primary trading partners for China's PCB exports in the first half of 2025 were Hong Kong, Taiwan, Vietnam, Thailand, and Malaysia, with a combined export value accounting for 69.92% of total exports [9][11]
万联晨会-20250818
Wanlian Securities·2025-08-18 02:01