Market Overview - On September 11, the PCB and fiberglass sectors experienced a collective surge, with notable stocks such as Jingwang Electronics and Jin'an Guoji hitting the daily limit, while others like Dongcai Technology and Fangzheng Technology also saw significant gains [1] Event: Rubin CPX GPU Launch - On September 9, NVIDIA announced the launch of the Rubin CPX GPU and the Vera Rubin NVL144 CPX platform, with the Rubin CPX expected to be available by the end of 2026 [3] - The Rubin CPX features a separated inference architecture, dividing AI computation into context and generation stages, with the context stage requiring high throughput for processing large input data [3] Institutional Commentary - The launch of Rubin CPX signifies an upgrade in NVIDIA's product line and indicates a new phase in overseas computing infrastructure, focusing on the collaboration between context and generation [4] - The Vera Rubin NVL144 CPX platform will include enhancements such as 144 Rubin CPX GPUs and a total memory increase to 100TB, with memory bandwidth rising to 1.7TB/s, effectively doubling the AI performance compared to its predecessor [5][4] PCB Industry Outlook - The PCB industry is entering a growth cycle driven by the acceleration of AI applications and increasing demand from consumer electronics, 5G, and servers, with expectations for both volume and price increases [6][4] - The global market for HDI and 18+ layer multilayer boards is projected to grow at a CAGR of 6.4% and 15.7% respectively from 2024 to 2029 [6] - The demand for high-frequency and high-speed printed circuit boards (AIPCB) is expected to accelerate, with the global market for third-generation electronic cloth projected to reach $720 million in 2024 and $3.127 billion by 2031, reflecting a CAGR of 23.3% from 2025 to 2031 [6]

Group 1: AI Server Demand and PCB Market Growth - The rapid development of artificial intelligence technology is driving strong demand for AI servers, with global shipments expected to reach 1.98 million units in 2024, accounting for 12.1% of the overall server market [1] - PCB market value is projected to be $73.565 billion in 2024, with a year-on-year growth of 5.8%, and is expected to reach $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [1] Group 2: Technological Advancements in Electronic Fabrics - The ongoing iteration of technology in the downstream sector is driving upgrades in electronic fabric products, with the third generation of electronic fabrics expected to see accelerated demand as chip manufacturers research 224G high-speed interconnect technology [2] - The global market for third-generation electronic fabrics is anticipated to reach $720 million in 2024, with sales projected to grow to $3.127 billion by 2031, representing a CAGR of 23.3% from 2025 to 2031 [2] Group 3: Domestic Replacement Progress and Key Companies - China Jushi is actively advancing the development of specialty electronic fabric products and is expected to continue its momentum due to its advantages in R&D and cost control [3] - China National Materials Technology has established itself as a domestic leader in Low-DK fabric, with plans to increase production capacity from 26 million meters to 35 million meters by 2025 [3] - Honghe Technology has successfully validated its first and second generation low dielectric electronic fabrics and plans to invest 720 million yuan in high-performance glass fiber production lines [3] - International Composites is a pioneer in the development of low dielectric glass fiber products, with its second-generation LDK products showing a 20% reduction in dielectric loss compared to the first generation [3]

Investment Rating - The industry investment rating is optimistic (first-time rating) [2] Core Insights - The rapid development of artificial intelligence (AI) technology is driving strong demand for AI servers, which is expected to reach 1.981 million units globally in 2024, accounting for 12.1% of the overall server market. This demand is projected to grow by 24.3% to 2.4611 million units in 2025 [2][14] - The demand for printed circuit boards (PCBs) is expected to increase significantly due to the rising AI server penetration, with global PCB output valued at $73.565 billion in 2024, representing a year-on-year growth of 5.8% [2][14] - The market for third-generation electronic fabrics (Q fabric) is anticipated to grow from $720 million in 2024 to $3.127 billion by 2031, with a compound annual growth rate (CAGR) of 23.3% from 2025 to 2031 [4][19] Summary by Sections 1. Electronic Fabric Product Upgrades - Electronic fabrics are critical materials in the electronic information industry, with continuous technological upgrades driven by the demand for high-frequency and high-speed signal transmission in advanced applications such as 5G and AI [7][9] - The evolution of electronic fabrics is categorized into three generations: first-generation (alkali-free glass fiber), second-generation (modified glass fiber), and third-generation (Q fabric/quartz fiber), each targeting different market needs [9][12] 2. Steady Progress in Domestic Substitution - The domestic substitution process is advancing steadily, with key companies like China Jushi, Zhongcai Technology, Honghe Technology, and International Composite Materials making significant strides in product development and capacity expansion [19][20] - China Jushi holds a 23% global market share in electronic fabrics, while Zhongcai Technology has established itself as a leader in low-DK fabric production, with plans to increase capacity significantly [19][20] - Honghe Technology and International Composite Materials are also expanding their production capabilities to meet the growing demand for high-performance electronic fabrics [20] 3. Market Dynamics and Future Outlook - The capital expenditure of major cloud service providers (CSPs) is on the rise, indicating a sustained demand for AI infrastructure, which is expected to further drive the need for high-end electronic fabrics [17][18] - The report highlights the importance of technological advancements in the electronic fabric sector, particularly in meeting the stringent requirements of high-frequency applications [4][19]