AI inference chips open up market potential; PCB concept rebounds with volatility; South Asia New Materials rises nearly 15%

(Source: Caixin)

          As the LPU/LPX cabinets enter their peak mass production period from the end of 2026 to 2027, demand for high-end PCBs will surge explosively. This will further exacerbate the supply-demand imbalance for high-end HDI and high-layer PCBs, driving the entire PCB industry chain into a new round of expansion and upgrade cycle.

On March 24, the PCB concept rebounded in the afternoon, with Nanya New Material (688519.SH) rising nearly 15%, Jinan Guoji (002636.SZ) briefly surging close to the daily limit, and Yihau New Material (301176.SZ), Shengyi Electronics (688183.SH), Fangbang Co. (688020.SH), Qiangda Circuit (301628.SZ), and Founder Technology (600601.SH) also following the upward trend.

In terms of news, analyst Guo Mingqi’s latest supply chain survey indicates that NVIDIA has initiated testing with PCB manufacturers for the next generation of copper-clad laminate (CCL) materials M10, targeting applications including the Rubin Ultra and Feynman platform’s orthogonal backplane and switch blade mainboard.

Institutions point out that as the LPU/LPX cabinets enter their peak mass production period from the end of 2026 to 2027, demand for high-end PCBs will surge explosively. This will further exacerbate the supply-demand imbalance for high-end HDI and high-layer PCBs, driving the entire PCB industry chain into a new round of expansion and upgrade cycle.

CITIC Securities’ research report states that since early 2026, the PCB sector has seen relative stagnation, and apart from the overall beta being weak for computing power/AI, we believe market concerns are mainly focused on application expansion disruptions, delays in scaling up and upgrading, lagging performance realization, and the impact of material price increases. However, we emphasize that the underlying growth logic of the AI PCB industry remains unchanged and is continuously strengthening. We hold a relatively optimistic view on the direction of market concerns, and there are potential catalysts densely emerging in the sector, with visibility on incremental growth for the next year or two continuously improving; at the same time, from the perspective of performance and valuation, the performance expectations of leading manufacturers are gradually being realized, and there is further room for valuation adjustments. At this point, we firmly believe in the subsequent upward momentum of the PCB sector.

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