PCB-related stocks are among the top gainers, with Delton Technology (01989) rising 6.12% to HK$121.4, Victory Giant Technology (02476) up 4.89% to HK$203.6, Kingboard Holdings (00148) climbing 3.68% to HK$54.95, and Kingboard Laminates (01888) gaining 3.02% to HK$48.44.

According to industry sources, in the first half of the year, due to long-term contract lock-ins and other factors, PCB board manufacturers were unable to pass on cost increases from upstream electronic cloth and copper-clad laminate suppliers to downstream customers, and their gross margins may have actually declined as a result. This led to a notable pattern in first-half performance where copper-clad laminate makers saw profit growth rates far exceeding those of board manufacturers.

Currently, some board manufacturers have been continuously adjusting their quotations, with new orders referencing material costs at the time of delivery, which is expected to effectively restore their profitability.

According to a research report from Guojin Securities, strong AI demand is driving both price and volume increases for PCBs. Multiple AI-PCB companies currently have robust order books, are operating at full capacity with all output sold, and are aggressively expanding production. High earnings growth is expected to continue.

AI copper-clad laminates are also in strong demand. Due to slow capacity expansion by overseas copper-clad laminate manufacturers, supply shortages and price increases persist. Leading mainland copper-clad laminate manufacturers are expected to benefit significantly.