Core Viewpoint - The demand for AI computing power is driving a significant increase in both volume and price in the PCB market, with expectations for the AI PCB market to reach $5.6 billion in 2025 and $10 billion in 2026 [2][8]. Demand Side - AI-driven computing infrastructure and smart device innovations are expected to boost the global PCB market value to $73.57 billion in 2024, representing a year-on-year growth of 5.8% [5][7]. - The demand for AI servers and GPUs/ASICs is projected to provide new momentum for long-term growth in the PCB market, with a forecasted compound annual growth rate (CAGR) of 4.8% from 2025 to 2029, reaching $94.7 billion by 2029 [5][8]. - The penetration rate of AI servers is expected to reach 15% by 2026, with shipments projected to exceed 2.1 million units [7]. Supply Side - PCB manufacturers are accelerating capacity expansion, with a total investment of approximately 32 billion yuan announced by seven listed companies for PCB capacity expansion [2][35]. - Despite the acceleration in capacity expansion, the efficiency of capacity release is expected to lag behind the growth rate of AI demand, leading to a sustained supply-demand gap in the medium term [2][35]. Technological Innovations - Continuous iterations in technology are anticipated, with a focus on reducing dielectric constant (dk) and dielectric loss (df) to overcome transmission bottlenecks [4][52]. - The integration of advanced materials and new processes, such as CoWoP and substrate-like PCBs, is expected to drive further growth in the PCB market [4][52]. Market Dynamics - The global PCB market is heavily concentrated in Asia, with China leading in market share. The Asian PCB market is projected to reach $67.9 billion in 2024, accounting for 93.1% of the global market [35][38]. - The demand for high-layer and HDI PCBs is increasing due to the requirements of AI servers, which typically have more than 20 layers and require ultra-low loss materials [35][42]. CCL Market - The CCL (Copper Clad Laminate) market is also experiencing high demand, with the global market expected to reach $15.08 billion in 2024. Major suppliers include companies like Kingboard and Shengyi Technology [37][40]. - The leading CCL manufacturers are expanding their production capacity to meet the rising demand driven by AI infrastructure [40][41].

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global MS patient base is substantial, with a market size exceeding $200 billion, primarily focused on RMS treatment, which has limited neuroprotective effects [2][4] - BTK inhibitors are expected to fill the treatment gap in the PMS area by blocking chronic neuroinflammation and slowing neurodegenerative processes, with key data releases anticipated in H2 2025 [5][6] - Companies likely to benefit from this market opportunity include several listed firms, which are positioned to capitalize on the expected growth in the MS treatment landscape [2][3] Group 2: PCB Technology Revolution - The demand for SLP (Substrate-like PCB) is significantly increasing, with expectations that it will closely match IC substrate performance as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more prevalent [6][8] - The SLP manufacturing process has high barriers to entry, and companies with leading positions in this space are expected to gain substantial benefits [6][9] - The requirements for upstream laser direct writing and drilling equipment are increasing, indicating a shift in technology needs within the PCB industry [6][9]

Group 1: Multiple Sclerosis (MS) Market Opportunity - The global market for Multiple Sclerosis (MS) is estimated to have a gap of $20 billion, with BTK inhibitors potentially igniting the MS treatment sector, particularly in the second half of the year [2][3] - The existing market for MS treatments is primarily focused on Relapsing MS (RMS), while BTK inhibitors are expected to address the unmet needs in Progressive MS (PMS) [3][5] - Key companies expected to benefit from this market opportunity include specific listed firms, with significant data readouts anticipated in the second half of 2025 [3][6] Group 2: PCB Technology Revolution - A new process in printed circuit boards (PCBs) is anticipated to trigger a technological revolution, with a notable increase in demand for SLP (Substrate-like PCB) and a rise in requirements for laser equipment [7][8] - SLP technology is expected to closely resemble IC substrates, with significant performance improvements anticipated as CoWoP (Chip-on-Wafer-on-Panel) technology becomes more commercialized [7][8] - Companies with leading positions in SLP technology and those supplying advanced laser writing and drilling equipment are expected to benefit significantly from these developments [7][8]

Core Viewpoint - The CoWoP technology is expected to gradually commercialize, significantly boosting the demand for ultra-fine line SLP substrates. Leading companies with advanced SLP processes will benefit deeply, while also driving upgrades in upstream equipment [1][2]. Group 1: CoWoP Technology - CoWoP (Chip on Wafer on PCB) integrates multiple chips directly onto a PCB without the intermediate IC substrate, improving electrical performance by shortening interconnect paths and reducing signal loss and delay [2]. - The advantages of CoWoP include reduced packaging thickness and area, as well as enhanced heat dissipation, necessitating a lower thermal expansion coefficient for PCBs to avoid warping issues [2]. Group 2: SLP Substrates - SLP substrates are positioned between HDI boards and IC substrates in terms of specifications and performance, with current mainstream line width/spacing reaching 20/35 microns, and potential improvements to 10/10 microns in the future [3]. - The performance of SLP substrates is expected to improve significantly as CoWoP technology penetrates the market, making SLP performance closer to that of IC substrates [3]. Group 3: Manufacturing Process - The SLP manufacturing process relies heavily on the Modified Semi-Additive Process (mSAP), which requires high precision in graphic transfer and plating, utilizing a thin and uniform seed copper layer [4]. - The mSAP process demands advanced laser direct imaging (LDI) equipment and high-resolution photolithography to achieve fine lines, indicating a rising requirement for upstream laser writing and drilling equipment [4].