According to the CITIC Construction Investment Research Report, with demand for orthogonal backboards and Cowop process upgrades, future PCBs will be more similar to semiconductors, and their value will steadily increase. Second, the design capabilities of self-developed chips from Amazon, META, Google, etc. are weaker than Nvidia, so the requirements for materials such as PCBs are higher, and the value is more flexible. As the requirements for short-distance data transmission continue to increase, PCBs continue to be upgraded, and the upstream upgrade of the industrial chain is being upgraded from M6/M7 to M8/M9. Along with the continuous increase in the global share of domestic PCB companies, it also drives the localization of the upstream industrial chain, starting with copper-clad plates, and further increasing the domestic share of upstream high-end resins, glass fiber cloth, copper foil, etc.

According to the CITIC Construction Investment Research Report, with demand for orthogonal backboards and Cowop process upgrades, future PCBs will be more similar to semiconductors, and their value will steadily increase. Second, the design capabilities of self-developed chips from Amazon, META, Google, etc. are weaker than Nvidia, so the requirements for materials such as PCBs are higher, and the value is more flexible. As the requirements for short-distance data transmission continue to increase, PCBs continue to be upgraded, and the upstream upgrade of the industrial chain is being upgraded from M6/M7 to M8/M9. Along with the continuous increase in the global share of domestic PCB companies, it also drives the localization of the upstream industrial chain, starting with copper-clad plates, and further increasing the domestic share of upstream high-end resins, glass fiber cloth, copper foil, etc.