Shanghai Securities·2025-08-21 10:56Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The high-end PCB capacity is accelerating, leading to a favorable cycle for the PCB industry chain. The demand for high-end PCBs is driven by the upgrade of AI server hardware, with global AI server shipments expected to grow from 500,000 units in 2020 to 2 million units in 2024, representing a compound annual growth rate (CAGR) of 45.2% [7][8] - The structural characteristics of the PCB market show a "high-end shortage and low-end pressure," with products like copper-clad laminates and HDI experiencing simultaneous volume and price increases. Major companies are expanding their high-end product capacities to meet the growing demand [8][10] Summary by Sections Market Review - The Shanghai Composite Index closed at 3,696.77 points with a weekly increase of +1.7%. The Shenzhen Component Index closed at 11,634.67 points with a weekly increase of +4.55%. The ChiNext Index closed at 2,534.22 points with a weekly increase of +8.58% [5] Technology Industry Viewpoints - The report emphasizes the importance of focusing on PCB, ODM, AIOT, and AIDC sectors for low-cost investment opportunities following a short-term price correction [7] Investment Recommendations - Recommended companies in the PCB sector include Shenghong Technology, Huidian Co., Jingwang Electronics, and Shengyi Technology, which are expected to benefit from the increased demand for high-end PCBs driven by AI server shipments [7][10] - PCB equipment manufacturers such as Chipbond Technology, Dazhu CNC, Dongwei Technology, and Rilun Technology are also expected to benefit from the growth in high-end PCB demand [10] - The report suggests that the expansion of PCB production capacity will lead to increased demand for PCB-specific production equipment, particularly in key production processes [8][10]