Vi e w p o i n t | 27 Jan 2026 09:39:08 ET │ 17 pages China Industrials Initiating O/W KB Laminate and U/W JE on Copper Cost Surge CITI'S TAKE In H-share China Industrial universe – we initiate a pair trade on divergent and material earnings impact from recent copper cost surge – O/W KB Laminate (1888.HK), global largest copperclad laminate mfg with ~16% share and U/W Johnson Electric (0179.HK), global largest micromotor for auto with >20% share. Recall copper cost surged 22% yoy and ~14% qoq in 4Q25. We ex ...

Flash | 28 Dec 2025 18:52:53 ET │ 14 pages China CCL Sector KBL's Second Price Inflation This Month CITI'S TAKE KBL unveiled another round of price inflation this month with ASP up by 10% on copperclad laminate (CCL) with effective date of 26 Dec. We expect KBL's stock will rise positively on the next trading day on 29 Dec given the HK holiday on 26 Dec. Note other major A-share comps Shengyi Tech (600183.SS) rallied by 5% and Nanya New Material (688519.SS, NR) rose by 13%. We believe the ASP inflation shou ...

NVIDIA (NVDA US) GB300, Vera Rubin & Beyond – An Update on Future PCB/CCL an Power Design Change assembly issues occur, saving costs compared to the current GB200 design where t GPU is directly mounted on the Bianca board. The GB300 UBB is an 18-layer PTH (Plated Through-Hole) board, with 14 layers u M8 materials and 4 layers using M4 materials. A single UBB has an ASP of approximately $750–$800, mainly supplied by WUS in mainland China and TTM in U.S. The OAM on top of the UBB has two design variants: The ...