Core Viewpoint - The demand for AI-driven high-end PCBs is surging, leading to structural opportunities for copper-clad laminates, with prices increasing due to cost pressures and demand benefits [1] Company Summary - Jintao Laminates (01888) has seen its stock price rise nearly 5%, currently trading at HKD 11.86 with a transaction volume of HKD 102 million [1] - The company, along with others in the industry, has raised product prices multiple times this year due to high demand and cost pressures [1] Industry Summary - The market for AI copper-clad laminates is projected to reach USD 2.2 billion by 2025, representing a 100% year-on-year growth [1] - By 2026, the market is expected to grow to USD 3.4 billion, a 60% increase, driven by ASIC volume and upgrades in NVIDIA's new products [1] - The AI copper-clad laminate market is forecasted to reach USD 5.8 billion by 2028, with a compound annual growth rate (CAGR) of 52% from 2024 to 2028 [1]

Core Insights - The demand driven by AI is causing shortages and price increases in the upstream high-end substrate of the PCB industry [1] Group 1: Industry Trends - The high-end electronic copper foil is currently in significant shortage, with companies like Nord Co. reporting that their RTF-3 product has already shipped, while RTF-4 and HVLP-3 are in the downstream verification stage [1] - The price of high-performance products, such as the "low dielectric generation one," is six times that of ordinary products, indicating a substantial price disparity due to market scarcity [1] - The demand for high-performance products is increasing, particularly in applications like AI and robotics, which require lightweight and thin foundational materials [1] Group 2: Production Challenges - The non-generalizability of products necessitates that production equipment and processes be gradually adjusted to match market needs, resulting in currently limited production capacity [1]