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 companies 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]

Group 1 - The market is currently experiencing a lack of significant momentum, awaiting direction from the upcoming economic and financial policy meeting at the end of July [2] - Major indices have shown positive performance, with the ChiNext Index rising nearly 1%, but the market is characterized by limited breadth in sector performance, particularly in technology [3] - The "de-capacity" sector, which was previously strong, is facing a pullback, with futures prices for polysilicon and lithium carbonate dropping over 7%, and related stocks in steel and coal also experiencing declines [3]