HK Stock Market Move | Jiantao's early trading soared, copper clad laminate achieved rapid growth in 2025 performance, and the trend of product price adjustments is expected to continue.

Build Tao rose in early trading. As of the time of writing, KB LAMINATES (01888) rose by 8.97% to HK$18.35, and KINGBOARD HLDG (00148) rose by 4.34% to HK$35.1. Dongguan Securities released a research report stating that benefiting from the increasing demand for high-end copper clad laminates due to AI computing power, as well as price increases driving product growth, the performance of copper clad laminates is expected to achieve rapid growth by 2025. Currently, raw material prices remain high, and the overall capacity utilization rate of downstream PCB is high. At the same time, AI copper clad laminate products are occupying conventional production capacity, combined with the concentrated market share of copper clad laminate factories. It is expected that the trend of price adjustments for copper clad laminate products will continue, and the performance and profitability of related companies are expected to improve. The report pointed out that in terms of growth potential, the Rubin platform products are expected to gradually adopt M8.5+ materials, and some processes may use higher-end M9 materials, which will significantly increase the value of copper clad laminate products. It is expected that customers in the ASIC camp will also actively follow suit. At the same time, the increase in copper clad laminate specifications will drive the upgrading of raw materials such as electronic copper foil and electronic fabric. The demand for high-end materials such as HVLP4 copper foil, LowDK second-generation fabric, and Q fabric is expected to increase. The supply of related products is relatively tight, and prices are expected to rise further. Currently, domestic enterprises are accelerating breakthroughs in high-end copper clad laminates and materials, and are expected to continue to benefit in the future.