[Hot Topic] PCB Industry Sees Simultaneous Rise in Volume and Price; AI Computing Power Emerges as a Key Growth Drive

On September 4, *Economic Information Daily* published an article titled "Observations on Interim Reports Across Ten Major Industries: PCB Sector Sees Simultaneous Rise in Volume and Price; AI Computing Power Emerges as Key Growth Driver." The article notes that with the disclosure of 2026 interim reports by A-share listed companies, the performance landscape of the printed circuit board (PCB) industry has become increasingly clear. Data from Tonghuashun iFinD indicates that in the first half of the year, the growth rate of net profit in the PCB industry significantly outpaced that of revenue. This data conveys a clear signal: the PCB industry is entering a new cycle characterized by a simultaneous rise in volume and price, with AI computing infrastructure serving as a vital growth engine.

Information from the interim reports reveals that companies in the PCB sector experiencing substantial profit growth are concentrated in the copper-clad laminate (CCL) and computing-related PCB segments—areas that have benefited from price increases. For instance, Jin'an Guoji reported a net profit attributable to the parent company of 766 million yuan for the first half of the year, a year-on-year increase of 986.66%; the company attributed this to a booming CCL market, strong order volumes exceeding supply, and rising sales prices that boosted gross margins. Similarly, Nanya New Material reported a net profit attributable to the parent company of 461 million yuan, up 428.80% year-on-year; the company cited the surge in AI computing power as a primary driver, noting that the CCL industry is in a high-growth cycle with both volume and prices rising for its core products.

Industry experts observe that the PCB sector is transitioning from being "cycle-driven" to "structure-driven." Driven by new applications such as AI computing, new energy vehicles, and advanced packaging, demand for high-end PCB products is demonstrating stronger growth potential and reduced cyclicality. Looking ahead to the second half of the year, analysts expect the industry's prosperity to continue, though internal divergence is likely to intensify. On one hand, capital expenditure on AI servers remains high; on the other, CCL prices are already at relatively high levels, leaving limited room for further significant price hikes, which will test PCB manufacturers' ability to pass on costs.