Hong Kong stock concept tracking | NVIDIA confirms use of M9 material PCB industry new wave is coming (including concept stocks)

According to industry sources, NVIDIA Corporation has confirmed the use of M9 material in the new generation product Rubin. In the Rubin series to be released in the second half of next year, both the CPX and midplane PCBs will use M9 CCL. Due to extreme scarcity of Q cloth (quartz cloth/third generation cloth), NVIDIA Corporation is evaluating whether to also use M9 in compute and switch trays. The evaluation for switch trays will be finalized by the end of November. Rubin Ultra# for the 27th year will use orthogonal backplanes instead of copper cables, M9 material, with 3 26-layer boards combining to make 78 layers. The market space for CPX, midplane, and orthogonal backplanes alone is nearly a trillion. China's CSC Securities released a research report stating that Rubin CPX is a GPU designed by NVIDIA Corporation (NVDA.US) specifically for handling super-long context AI inference tasks, using an innovative decoupled inference architecture. Rubin CPX brings significant changes on the hardware side, with regards to connectors/PCBs, adopting a wireless cable structure, while also adding the Paladin B2B connector connecting to the midplane PCB located in the middle of the chassis. Rubin CPX brings significant innovations in PCB, connectors, cooling, and other architectures, potentially significantly increasing its hardware market size. CICC predicts that by 2027, the AI PCB market size for NVIDIA Corporation could reach 6.96 billion U.S. dollars, a 142% increase from 2026. Huajin Securities released a research report stating that artificial intelligence AI is driving new growth momentum in the PCB industry, with industry sentiment continuing to trend upward. According to Sullivan Research data, based on sales revenue, the global PCB market size increased from 620 billion U.S. dollars in 2020 to 750 billion U.S. dollars in 2024, with a compound annual growth rate of 4.9% from 2020 to 2024. The value of AI server single PCB is much higher than that of traditional servers, leading to a significant growth in demand for high-performance PCBs. From a material perspective, materials with low dielectric constant and low dielectric loss factor are most suitable, with Q cloth performance far superior to second generation cloth, potentially disrupting the original fiberglass cloth raw material route. Institutions strongly recommend M9 upstream and related PCB manufacturers. KB LAMINATES (01888): KB LAMINATES achieved revenue of 9.588 billion Hong Kong dollars in the first half of this year, a year-on-year increase of 11%; net profit of 933 million Hong Kong dollars, a year-on-year increase of 28%. In addition, there has been a recent wave of price increases for copper-clad boards, with Jiangtao, Weilibang, and Hongruixing increasing by 5-10 yuan per sheet on August 15th. Open source securities pointed out that the price of copper-clad boards has already been raised in 2025H2, and the strong demand for PCBs may support price rigidity, benefiting performance in the second half of the year; with the accelerating layout of high-end CCL and materials production capacity in 2026, AI options are expected to enter the realization period, driving the centralization of valuation, and actual contributions to financial statements may be concentrated in 2027. KINGBOARD HLDG (00148): Layout of the entire upstream raw materials and downstream PCB industry chain. The group is vigorously building a copper clad panel R&D center, equipped with advanced equipment. The group has successfully developed various high-frequency high-speed products that can be used in GPU motherboards for AI servers. KINGBOARD HLDG announced its interim results, with revenue of approximately 21.608 billion Hong Kong dollars, a year-on-year increase of 6%; and net profit of approximately 2.582 billion Hong Kong dollars, a year-on-year increase of 71%. KINGBOARD HLDG Chairman Zhang Guorong stated that AI is developing rapidly, and the strong demand for emerging electronic products related to AI concepts is driving the growth of the group's copper-clad panel and printed circuit board products. He stated that the group plans to establish an AI circuit board production line in Kaiping, Guangdong, with an estimated investment of about 800 million to 1 billion RMB, and that related orders are full, with full production expected in the first half of next year, describing the situation as optimistic.