Core Viewpoint - The PCB functional wet chemical industry is entering a phase of "structural upturn driven by AI" and "accelerated domestic substitution" from 2025 to 2026, marking a period of simultaneous quantity and quality improvement [1] Group 1: Industry Dynamics - Functional wet chemicals are critical for high-end PCB manufacturing, with low domestic substitution rates in key processes like hole metallization and electroplating [2] - Hole metallization and electroplating contribute approximately 60% of the value in PCB manufacturing, making them core value segments [2] - The cost share of functional wet chemicals in high-end PCBs has risen to 5-10% as the industry moves towards high-frequency, high-speed boards and advanced packaging [2] Group 2: AI and Technology Impact - AI is driving the upgrade of PCB processes, significantly increasing the demand for high-end functional wet chemicals [2] - The transition to finer line widths (from 40μm to 15μm) under mSAP/SAP processes is expected to increase the demand for horizontal copper plating solutions by about 30% and nearly double the need for electroplating additives [2] Group 3: Market Growth Projections - The global market for PCB functional wet chemicals is projected to grow from $3.54 billion in 2025 to $4.46 billion by 2029, with core growth driven by hole metallization and electroplating [3] - The market for horizontal copper plating and electroplating specialty chemicals is expected to reach $700 million and $930 million respectively by 2029, with a CAGR of 7.0% from 2025 to 2029 [3] Group 4: Domestic Manufacturer Opportunities - Domestic manufacturers are accelerating breakthroughs in high-end segments and have achieved domestic substitution in certain niche markets [3]