Core Viewpoint - The PCB sector in A-shares is experiencing a strong upward trend driven by the explosive growth of AI applications, with significant performance improvements expected in the industry [1][3]. Group 1: Industry Performance - As of January 21, 2026, the PCB sector index has seen a cumulative increase of over 8% since the beginning of the year, with a daily rise of 3.77% on January 21 [1][4]. - The demand for high-end circuit boards, particularly HDI and high-layer boards, is being driven by the rapid penetration of AI servers and smart driving technologies [3]. - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, reaching an estimated value of about $94.661 billion by 2029, with a compound annual growth rate of around 5.2% [3]. Group 2: Financial Performance - As of January 20, 2026, PCB concept stocks have seen a net financing inflow of 1.674 billion yuan, with nine stocks, including Xingsen Technology and Yongda Photonics, having net purchases exceeding 100 million yuan [4]. - Among nearly 50 PCB stocks in A-shares, 37 companies reported year-on-year profit growth or reduced losses in the first three quarters of 2025, indicating a strong recovery in the industry [4]. - Jin'an Guoji expects a net profit of 280 million to 360 million yuan for 2025, representing a year-on-year increase of 655.53% to 871.40%, driven by improved market conditions and optimized product structure [5]. Group 3: Company Developments - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, reflecting a year-on-year growth of 260.35% to 295%, supported by large-scale production in AI computing and data center sectors [5]. - Shenzhen South Circuit achieved a net profit of 2.326 billion yuan in the first three quarters of 2025, setting a record for annual net profit since its listing, and is actively expanding production capacity [6]. - The entire PCB supply chain is benefiting, with Inno Laser reporting nearly 90 million yuan in orders for PCB forming equipment since 2025, indicating a prosperous industry landscape [6].

多家头部企业的产能利用率维持在高位水平。胜宏科技表示公司产能利用率目前处于较高水平，高阶HDI、高多层板产品均已取得较大规模的在手订单。鹏 鼎控股方面也表示公司产能利用率较上年有所提升。中京电子证券部工作人员透露，目前订单饱和度总体在90%以上，珠海新工厂产能利用率总体在 80%-90%区间。 高端产能布局加速推进 面对旺盛的市场需求，PCB企业正在加快高端产能布局步伐。人工智能和网络基础设施的发展需要更复杂、更高性能的PCB产品，以支持其复杂的计算和数 据处理需求。这为PCB市场带来新的增长机遇，同时也对企业的技术能力和创新能力提出更高挑战。 人工智能技术的快速发展正在重塑全球电子制造业格局，印制电路板产业作为电子设备的核心基础，迎来了前所未有的发展机遇。当前市场对高端PCB产品 的需求呈现爆发式增长态势，推动整个产业链进入新一轮景气周期。多家上市公司披露的中报业绩预告显示，行业整体呈现强劲复苏势头，产业链各环节企 业纷纷加大高端产能投资力度。 产业链企业业绩表现亮眼 从已披露的2025年上半年业绩预告来看，PCB产业链上市公司整体表现突出。沪电股份预计上半年归属于上市公司股东的净利润为16.50亿元至17 ...