HK Stock Market Move | Concept stocks related to PCB continue recent upward trend, NVIDIA personally enters the scene to purchase HVLP4 copper foil, pricing ability has shifted towards upstream materials concentration.

PCB concept stocks continued to rise in the recent period. As of the time of writing, KB LAMINATES (01888) was up 14.71% at HK$75.25, KINGBOARD HLDG (00148) was up 10.58% at HK$98.75, Victory Giant Technology (02476) was up 7.5% at HK$407.2, DELTON (01989) was up 6.35% at HK$172.6. On the news front, according to media reports, NVIDIA and its major customers bypassed the copper-clad laminate (CCL) manufacturers and directly connected with HVLP4 copper foil and T-glass fiberglass cloth suppliers, locking in key production capacity for over a year through a direct consignment model. Industry insiders revealed that NVIDIA is also exerting greater purchasing pressure on American cloud service providers. CCL suppliers have implemented rare quota allocation measures, requiring IC substrate and PCB manufacturers to take delivery based on actual usage, further highlighting the scarcity of upstream materials. In addition, the latest research report from Citigroup indicates that the demand for PCBs in AI servers is shifting from quantity growth to material upgrades. The bottleneck in the supply chain is no longer PCB manufacturers, but the upstream CCL and even further upstream electronic cloth. Citigroup predicts that PCB capacity is growing the fastest, followed by CCL, and electronic cloth is growing the slowest, but pricing power is the opposite, with higher pricing elasticity upstream.