CITIC Securities: The performance of PCB/CCL in H1 2026 is impressive, and we are optimistic about the further growth trend in H2.

CITIC Securities released a research report stating that recently, PCB/CCL companies have been intensively issuing performance forecasts. Companies with a high AI ratio in the PCB sector maintain significant performance growth and show remarkable results; the CCL sector, driven by price increases, has accelerated profitability release, with performance generally exceeding expectations. Looking ahead to the second half of 2026, in the PCB sector, the release of new AI production capacity and the acceleration of order fulfillment by downstream AI customers will become more prominent, and we are optimistic about the accelerated growth momentum of PCB companies performance; in the CCL sector, there is also hope for continued rapid implementation of price increases in the short term, and the certainty of maintaining high prices in the medium to long term is steadily increasing. We continue to be optimistic about the subsequent investment opportunities in this sector.