HK Stock Market Move | PCB concept stocks lead gains; PCB industry chain Q3 earnings previews land in batches; price pass-through logic is expected to be validated.

PCB concept stocks led the gains. As of press time, Victory Giant Technology (02476) rose 9.07% to HK$164.8; KB LAMINATES (01888) rose 5.22% to HK$41.54; DELTON (01989) rose 4.74% to HK$87.25; KINGBOARD HLDG (00148) rose 3.18% to HK$49.92. On the news front, on October 13, Kingboard issued its eighth price increase letter of the year, raising the selling prices of 2116 and below thin cloth laminates and PP by 15%, further reinforcing signals of tight supply. At the OCP conference, Nvidia showcased NVLink PTFE printed circuit boards (PCBs) and ultra-high-density interconnect solutions, and announced its list of PTFE PCB suppliers, including Taijun Technology, Shenzhen Kinwong Electronic, Shennan Circuits, Xunda Technology and Victory Giant Technology; the copper-clad laminate segment involves Shengyi Technology and Taifeng Technology. Sealand released a research report stating that, as of October 16, more than 20 companies in the PCB industry chain had disclosed Q3 earnings previews. Leading player Wus Printed Circuit reported Q3 single-quarter net profit attributable to shareholders of RMB 2.527 billion to RMB 2.777 billion, up 50.33% to 65.20% quarter-on-quarter; upstream copper foil maker Guangdong Jiayuan Technology grew 1197% to 1319% year-on-year in the first three quarters; the logic of price increases being passed through from raw materials to finished PCB products has been validated by the income statement, and the Q3 reports may mark an inflection point for earnings release across the industry chain.