HK Stock Market Move | Leading Concept Stocks in PCB Industry Rise Google Continues to Increase Capital Expenditure Guidance Comprehensive Tightening of PCB Industry Chain

Concept stocks of PCB outperform, as of the time of writing, KB LAMINATES (01888) rose 4.92% to 42.24 Hong Kong dollars; Victory Giant Technology (02476) rose 4.23% to 236.4 Hong Kong dollars; CNBM (03323) rose 1.91% to 3.73 Hong Kong dollars; KINGBOARD HLDG (00148) rose 1.56% to 52 Hong Kong dollars. On the news front, Google's parent company Alphabet released its second-quarter financial report, with revenue increasing by 24% year-on-year to $119.8 billion, and Google Cloud revenue surging by 82% to $24.8 billion. It is worth noting that in the second quarter, Alphabet's capital expenditure doubled year-on-year to $44.9 billion, and free cash flow decreased to -$5.9 billion; Alphabet raised its full-year capital expenditure guidance to $195-205 billion, and expects spending to continue to increase significantly by 2027. Guolian Minsheng Securities pointed out that the rising demand for AI computing power infrastructure is driving the tightening and price increase cycle of upstream materials, MLCC, and the optical communication industry chain in the PCB field. In the PCB sector, upstream materials such as resin, electronic cloth, and copper foil are structurally scarce due to factors such as cautious expansion overseas, production shifts to high-end categories, and the shutdown of a factory in Saudi Arabia. As of June 2026, electronic cloth has undergone five rounds of price increases with a cumulative increase of 100%. Market reports indicate a shortage of 1,500 tons of HVLP4 copper foil in 2026, driving the sixth price increase for copper-clad laminate within the year.