China's Gold: High-end PCB demand is leaping, and the value of computing power base is being restructured.

Golden Securities research report stated that overseas computing power demand is high, driving up both the volume and price of PCBs. The market size is rapidly expanding, and we expect the AI PCB market size to reach 5.6 to 10 billion dollars by 2025/2026. Despite domestic PCB manufacturers speeding up production expansion, we believe that the efficiency of releasing high-end production capacity will still lag behind the growth in demand. The supply-demand gap is expected to persist, and new technology iterations and upgrades are likely to bring new market demand increments.