CITIC Securities believes that from 2025 to 2026, the PCB functional wet electronic chemicals industry is in the first half of the “AI-driven structural upward trend” and “domestic replacement acceleration” two-wheel drive boom, and has officially entered the fast track of a “sharp rise in quantity and quality.” The first is the increase in value density brought about by the explosion of AI and the upgrading of high-end PCB processes; the second is a breakthrough in domestic substitution in high barriers, bringing dual flexibility in volume price and valuation to local manufacturers. It covered the PCB functional wet electronic chemicals industry for the first time and was rated “better than the market”. It is recommended that priority be placed on leading enterprises that already have a large number of high-end customers and high performance growth.

CITIC Securities believes that from 2025 to 2026, the PCB functional wet electronic chemicals industry is in the first half of the “AI-driven structural upward trend” and “domestic replacement acceleration” two-wheel drive boom, and has officially entered the fast track of a “sharp rise in quantity and quality.” The first is the increase in value density brought about by the explosion of AI and the upgrading of high-end PCB processes; the second is a breakthrough in domestic substitution in high barriers, bringing dual flexibility in volume price and valuation to local manufacturers. It covered the PCB functional wet electronic chemicals industry for the first time and was rated “better than the market”. It is recommended that priority be placed on leading enterprises that already have a large number of high-end customers and high performance growth.