2026 年及以后，AI 相关 PCB、CCL需求强劲，CCLPCB 基板价格向好；路演要点_ Expect solid AI PCB_CCL demand and positive pricing for CCL_PCB_Substrate in 2026E and beyond; marketing trip takeaways

4 December 2025 | 1:54PM CST Equity Research TAIWAN TECHNOLOGY Expect solid AI PCB/CCL demand and positive pricing for CCL/PCB/Substrate in 2026E and beyond; marketing trip takeaways We have met with over 150 investors during the past two months (including our marketing trips in HK, SG and Taiwan), where investors remain positive on the PCB/CCL/Substrate industry, expecting a much better pricing and shipment environment. Key takeaways from our trips and industry trends suggest that solid AI demand and posit ...