HK Stock Market Move | Most PCB concept stocks rise; two government departments strengthen the development of motherboard architecture design and PCB high-density integration technology.

PCB concept stocks mostly rose. As of press time, KB LAMINATES (01888) gained 4.33% to HK$48.16; DELTON (01989) rose 2.95% to HK$122.2; KINGBOARD HLDG (00148) gained 2.69% to HK$55.4; Victory Giant Technology (02476) rose 2.66% to HK$196.6. On the news front, according to the official WeChat account of the Ministry of Industry and Information Technology, the Ministry of Industry and Information Technology and the National Development and Reform Commission recently jointly issued the "15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry." Among other things, the Plan proposes accelerating the innovative development of consumer electronics. It calls for increasing the supply of terminal products, strengthening product industrial design, and continuously promoting the intelligent and integrated upgrading of consumer electronics such as mobile phones, personal computers, audiovisual electronics, virtual reality (including augmented reality and mixed reality), wearable devices, and new service-type terminals. In terms of personal computers, the Plan calls for breakthroughs in high-performance chips and the development of motherboard architecture design and printed circuit board (PCB) high-density integration technology. Zheshang believes that AI computing power is reshaping the demand structure for PCBs, and the growth certainty of high-end products is strengthening. The global PCB industry has returned to a growth trajectory, with high-frequency and high-speed PCBs significantly outperforming the industry. AI servers are evolving from single machines to rack-level systems, and combined with switches upgrading to 800G/1.6T and optical modules iterating toward 800G/1.6T, this continues to drive demand for PCBs with high layer counts, large sizes, high-density interconnection, and low loss. Under the trend of AI-driven upgrading of computing power equipment, demand for high-end PCBs is expected to maintain rapid growth.