Why Choose a Hybrid PCB for Your High-Dk RF Design
2026-05-27
When high-frequency design meets space constraints, a purely planar layout often falls short. That is when you need to think vertically – blind vias, controlled depth slots, and multilayer hybrid laminates come into play.
The board I am looking at today is a perfect example. Built on a combination of Rogers RO3210 and RO4450F, this four-layer structure features controlled depth slots and blind vias, specifically designed for space-constrained high-frequency applications.
Construction Overview: A Four-Layer Hybrid Construction
Let me start with the basic parameters. The board measures 95mm by 98mm and uses a four-layer copper structure.
The stackup is quite representative:
Core 1: 0.508mm RO3210
Bondply: 0.2mm RO4450F
Core 2: 0.508mm RO3210
Total laminated thickness: 1.321mm
For the copper configuration, the outer layers have a finished copper weight of 1oz (approximately 35μm), while the inner layers use 0.5oz (approximately 18μm). The surface finish is a combination of Immersion Silver and Immersion Gold.
On the cosmetic side, the top layer has green solder mask with white silkscreen. The bottom layer has green solder mask but no silkscreen.
Two process features deserve special attention:
Controlled depth slot: From the top layer down to inner layer 1 (a slot that stops between L1 and L2)
Blind via: 1-3 layer blind via (drilled from L1 to L3 without penetrating the entire board)
RO3210: A High-Dielectric-Constant Ceramic-Filled PTFE
RO3210 is the high-Dk member of Rogers' RO3200 series. This series is an extension of the RO3000 family, with the key advantage of maintaining high-frequency performance while improving mechanical stability.
Let me share the core parameters. At 10GHz, RO3210 offers a dielectric constant (Dk) of 10.2 ± 0.50, with a design Dk value reaching 10.8. The dissipation factor (Df) is 0.0027, placing it in the low-loss category for PTFE materials.
Why choose a high Dk?
A higher dielectric constant means a shorter wavelength on the board. For a given frequency, the wavelength on a board with Dk of 10.2 is approximately one third of the wavelength in air. This allows antennas and resonant structures to be significantly smaller – a valuable advantage in space-constrained applications.
On the thermal and mechanical side, RO3210 has a decomposition temperature (Td) exceeding 500°C, easily handling lead-free soldering temperatures. The X and Y axis coefficients of thermal expansion (CTE) are 13 ppm/°C, matching well with copper (approximately 17 ppm/°C). The Z-axis CTE is 34 ppm/°C – a very respectable number for a PTFE-based material. Thermal conductivity is 0.81 W/m·K, which helps with power dissipation.
Typical applications for RO3210 include microstrip patch antennas, satellite communication systems, automotive collision avoidance radar, wireless communication base stations, and power amplifier modules.
RO4450F: The "Glue" for High-Frequency Hybrid Lamination
In high-frequency multilayer boards, the bonding layer between cores is critical. RO4450F was designed exactly for this purpose – it is a bondply from the RO4400 series, specifically intended for hybrid lamination with RO4000 series materials.
Here are the key parameters. At 10GHz, the Dk is 3.52 ± 0.05 and the Df is 0.0040. The X-axis CTE is 19 ppm/°C, the Y-axis is 17 ppm/°C, and the Z-axis is 50 ppm/°C. Moisture absorption is just 0.09%, and thermal conductivity is 0.65 W/m·K.
Why choose RO4450F instead of standard FR-4 prepreg? The answer lies in CTE matching. RO3210 has an X/Y CTE around 13 ppm/°C. While FR-4's X/Y CTE is typically in the 14-16 ppm/°C range, the Z-axis CTE difference is substantial. RO4450F has a Z-axis CTE of 50 ppm/°C, significantly lower than the 70-80 ppm/°C of standard FR-4. This dramatically reduces the risk of via failure during thermal cycling.
Additionally, RO4450F is compatible with FR-4 processing. It can be laminated using standard processes, without the special treatments required for PTFE-based bonding materials.
Understanding the Process Features
Controlled Depth Slot (Top to Inner Layer 1)
A controlled depth slot is a milling operation that does not go through the entire board. In this design, the slot stops between the top layer and inner layer 1. Why would you do this? Possible reasons include embedding a component, increasing creepage distance, or improving heat dissipation. One thing to keep in mind: depth tolerance for controlled depth slots is typically around +/- 0.1mm. I recommend adding a comfortable margin in your design.
Blind Via 1-3
A blind via connects layer 1 and layer 3, skipping layer 2 entirely. Compared to a through via, this design offers three advantages: it frees up routing space on layer 2, eliminates the stub effect on the signal via, and increases routing density. The trade-off is increased process complexity and cost – blind vias require sequential lamination and cannot be drilled in a single operation.
Design Considerations and Risk Points
CTE Matching
While the X/Y CTE of both RO3210 and RO4450F matches copper reasonably well, differences remain in the Z-axis direction. The blind vias and through vias in this four-layer structure will go through multiple thermal cycles. I suggest using thermal stress relief designs around critical vias.
Hybrid Lamination Process
RO3210 is a PTFE-based material, while RO4450F belongs to the hydrocarbon resin system. These two material families have different lamination parameters, requiring an experienced fabricator. The PTFE surface must undergo plasma treatment to achieve good adhesion with RO4450F.
Controlled Depth Slot Accuracy
With 0.508mm RO3210 plus 0.2mm RO4450F, the total thickness is approximately 1.3mm. The controlled depth slot needs to stop precisely between L1 and L2 – a depth of roughly 0.5 to 0.7mm. This level of precision demands good equipment. I recommend confirming your fabricator's capability before moving to production.
Typical Application Scenarios
Based on the material combination and process features, this board could be used in several application areas:
Space-constrained phased array antenna elements
RF front-end modules requiring embedded components
Multilayer feed networks
High-density satellite communication assemblies
Automotive millimeter-wave radar RF boards
Final Thoughts
This four-layer RO3210 plus RO4450F design demonstrates an important trend in RF PCB engineering: balancing material performance, manufacturing cost, and integration density.
The high Dk of RO3210 provides the foundation for miniaturization. RO4450F as a bondply solves the CTE compatibility challenge in hybrid lamination. And the controlled depth slot combined with blind vias further compresses the vertical space.
Of course, this type of design places high demands on the fabricator's process capability. Hybrid lamination of PTFE and hydrocarbon materials, depth control of slots, and alignment accuracy of blind vias are all critical points to discuss thoroughly with your fab house before prototyping.
If your project is facing challenges with miniaturization and multilayer integration, this design approach is worth considering.
Have you run into any issues when designing or producing hybrid laminated boards? Feel free to share your experience in the comments.
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Korean PCB Manufacturers Panic-Buy Copper Clad Laminates as AI-Driven Supply-Demand Imbalance Intensifies
2026-05-14
In early May 2026, a printed circuit board (PCB) manufacturer in the Seoul metropolitan area placed pre-purchase orders worth 10 billion Korean won (approximately 50 million RMB) with two Chinese copper clad laminate (CCL) suppliers — more than five times its normal monthly usage. The company's CEO stated that the move was driven by concerns over supply disruptions, noting that delivery times had become uncertain. For the first time in over 20 years in the industry, the company faces the risk of production stoppages due to CCL shortages.
Currently, CCL lead times are generally being extended. For some high-end products, delivery times have increased from the original 2–4 weeks to over 6 weeks, leading to advance order locking and excessive stockpiling. According to data from the Korea Customs Service, the average import price of CCL in South Korea rose 74.5% year-on-year in March 2026, the highest since 2000.
CCL is a foundational material for PCB manufacturing, akin to the "highway foundation" for electronic products. AI servers, switches, optical modules, and liquid cooling systems impose higher demands on PCBs, driving downstream PCB manufacturers to accelerate capacity expansion. However, upstream CCL capacity expansion is lagging. Building new plants takes 18–36 months and involves resins, copper foil, fiberglass fabric, and high-end precision equipment, making it difficult to respond quickly to surging demand.
AI-related PCBs require 3–5 times the quantity of CCL compared to traditional servers, keeping CCL supply and demand consistently tight. Major global manufacturers have been raising prices intensively: Kingboard Laminates announced a 10% price increase on its entire FR-4 CCL and PP prepreg product lines on April 28, 2026 — its second increase in April and third of the year — with cumulative rises exceeding 40%. Taiwan Union Technology raised prices on high-end CCL by 20–40%. Elite Material and Iteq increased prices on high-grade materials by 10% in the second quarter. Mitsubishi Gas Chemical raised high-end CCL prices by 30% from April 1. Panasonic will increase prices across its full range by 15–30% starting in May. Domestic Chinese manufacturers such as ShengYi Technology, Nanya New Material, and Goldenmax International have followed with increases of 10–15%.
Upstream materials are also in tight supply. High-end fiberglass fabric (e.g., 1080) has been in short supply since 2025, with shortages extending to standard specifications in 2026. Inventories at Grace Fabric's Huangshi subsidiary have fallen below 10 days. High-end copper foil is constrained by a monopoly on core overseas equipment, limiting capacity expansion. High-end resin is in tight supply while ordinary resin is oversupplied, creating an "hourglass" structure in the supply chain.
The Shanxi Securities Research Institute noted that AI-driven demand for high-end CCL is highly sustainable, and the tight supply-demand situation is expected to persist through 2027 or even longer. If price increases continue at the current pace, a sheet of CCL originally priced at around 100 RMB could exceed 400 RMB after seven rounds of 10% increases — a price surge comparable to historical levels seen in fiber optic products. Although rising market expectations carry the risk of volatility, real demand for AI hardware continues to grow, and the fundamental industry logic has not reversed.
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Sources: DoNews.
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AI Demand Drives CCL Market, Expected to Reach $21.5 Billion This Year
2026-05-11
Despite Taiwanese manufacturers holding competitive advantages in high-speed materials and process consumables, Japanese suppliers still dominate high-end substrate materials and glass fiber fabrics. According to the latest reports from the Taiwan Printed Circuit Association (TPCA) and Industrial Technology Research Institute (ITRI) Industry, Science and Technology International Strategy Center, driven by AI, the global Copper Clad Laminate (CCL) market will surpass $21.5 billion in 2026, with an annual growth rate reaching as high as 34.2%.
Driven by upgraded hardware specifications for AI computing, the global PCB industry is undergoing profound structural transformation. In the CCL sector, strong demand from AI servers for large-size, high-layer-count PCBs (over 40 layers) and ultra-low-loss characteristics has pushed the market into a golden period of rising volume and prices. The global CCL market size reached $16.02 billion in 2025, and is projected to surge to $21.5 billion in 2026 amid AI-driven specification upgrades, representing a 34.2% year-on-year increase.
TPCA pointed out that Taiwanese vendors have demonstrated outstanding competitiveness in this segment. As of 2025 statistics, their global market share stands at 37.4%. Among them, Taiyo Ink ranks first worldwide with an 18.9% market share. To meet high-speed transmission demands, Taiwanese manufacturers are actively developing next-generation materials such as Low Dk Grade 2 glass fiber fabrics, quartz fabrics and PTFE. They aim to strike an optimal balance between high-speed signal integrity and processing reliability, consolidating the material foundation for high-performance computing.
In the Flexible Copper Clad Laminate (FCCL) segment, PI-FCCL — the most widely used type — has benefited from rising demand for Battery Management Systems (BMS) and ADAS in electric vehicles, alongside a recovering PC market, pushing its 2025 market scale to $1.01 billion. However, driven by rising memory costs that lift end-product expenses, the PI-FCCL output value is expected to edge down slightly to $990 million in 2026.
For high-frequency applications, MPI and LCP are critical materials for high-end communications, yet their growth is constrained by sluggish smartphone market expansion and design changes. The MPI-FCCL market size is estimated at $240 million in 2026. Meanwhile, LCP-FCCL, featuring ultra-low-loss properties, saw demand drop by more than 10% in 2025 due to adjusted iPhone antenna designs. Looking ahead to 2026, the market will still be weighed down by weak consumer electronics performance, with an overall scale of around $280 million.
As AI servers evolve toward the B300/GB300 platform, the PCB supply chain is embracing dual dividends of higher product value and growing demand. Taking HVLP copper foil as an example, demand for ultra-low roughness (Rz 0.5μm) HVLP4 products has skyrocketed. Fueled by the AI boom, global HVLP copper foil production capacity surged 48.1% to 23,400 tons in 2025. Although Japanese manufacturers currently control over 60% of global supply, Taiwanese firm Jinju ranks among the world’s top three with a 10.3% market share.
In the semiconductor substrate material sector, Japanese manufacturers maintain strong technological monopoly, with influence extending to the uppermost reaches of the industrial chain. 2025 data shows that in the ABF substrate material market — indispensable for advanced packaging — Japan’s Ajinomoto holds a staggering 97.1% global market share, virtually controlling the lifeline of global AI chip packaging. Japanese vendors also command an absolute dominant position of over 70% in BT substrate materials and Low CTE glass fiber fabrics. As AI applications are less price-sensitive, suppliers prioritize fulfilling AI orders, creating structural supply bottlenecks and even crowding out glass fiber fabric capacity allocated to automotive and traditional consumer electronics.
The high-layer and thick-board structure of AI servers has significantly increased processing difficulty, raising technical requirements for PCB drill bits — a key process consumable. To tackle challenges such as chip removal efficiency and bit breakage rates, the market is rapidly shifting to high-performance coated drill bits for better processing stability. Microvia processing shortens drill bit service life, driving the global drill bit market size up to $860 million in 2025. Benefiting from growing drilling workload and the trend toward high-value consumables, the drill bit output value is expected to rise another 29.1% to $1.11 billion in 2026.
Amid global geopolitical and economic fluctuations, building a resilient supply chain and achieving technological self-reliance have become core strategies for Taiwan’s PCB industry. The rise of AI demand is fueling a new round of technological upgrading and restructuring across the supply chain, creating opportunities to reshape the market structure long dominated by Japanese manufacturers. To secure stable supply, global brand clients are actively adopting dual-sourcing strategies, granting Taiwanese manufacturers entry opportunities in high-speed materials and precision processing. Going forward, the global PCB supply chain will see a higher degree of professional division of labor, with the competitive landscape continuously shaped by technological evolution, computing power demand and geopolitics. Taiwanese manufacturers should seize this transformation momentum, deepen independent R&D and expand global layout to solidify their key strategic position in the AI industrial chain.
TPCA emphasized that amid supply bottlenecks and geopolitical volatility, Taiwan’s supply chain is strengthening independent R&D, accelerating high-value layout, and consolidating its pivotal role in the global AI industrial chain.
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Source: TTV News
Disclaimer: We respect originality and also value sharing; the copyright of text and images belongs to the original authors. The purpose of reprinting is to share more information, which does not represent the position of this account. If your rights are infringed, please contact us immediately for deletion. Thank you.
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High-Frequency 2-Layer PCB with TP2000 Material: Specifications, Performance & Applications
2026-04-21
If you’ve ever worked on high-frequency RF or microwave projects, you know how much the right PCB material and manufacturing specs can make or break your design. Signal loss, instability in harsh environments, or poor compatibility with assembly processes—these are all pain points we’ve faced. Today, I’m sharing a specialized 2-layer rigid PCB that’s been a game-changer for my team’s high-frequency projects: it’s built around TP2000, a unique thermoplastic material engineered to solve those exact headaches. Let’s walk through its specs, why TP2000 stands out, and where it works best—no overly technical jargon, just practical insights.
1. PCB Construction: Precision Engineering for High-Performance Demands
What makes this PCB stand out isn’t just its material—it’s the attention to detail in every construction choice, balanced to keep performance high while keeping manufacturing straightforward. Here’s a breakdown of the key specs you’ll care about (with quick context on why they matter):
Board Dimensions: 85mm x 85mm (single piece), with a tight ±0.15mm tolerance. This consistency is a lifesaver for assembly—no more struggling to fit PCBs into enclosures or align components.
Trace & Space: 6 mils (trace) / 7 mils (space). For high-frequency paths, this balance keeps signal integrity intact without making the design too complex to manufacture.
Hole Specifications: 0.35mm minimum hole size, no blind vias. Blind vias add complexity (and cost), so skipping them keeps manufacturing simple while still ensuring reliable connectivity for through-hole parts.
Finished Board Thickness: 6.1mm. This isn’t your standard thin PCB—it’s robust enough to handle harsh environments, which is a must for aerospace, defense, or automotive radar projects.
Copper Weight & Plating: 1oz (35μm) outer copper, 20μm via plating. Low resistance here means less signal loss and more reliable current transfer—critical for high-frequency performance.
Surface & Layer Treatments: Bare copper (no solder mask or silkscreen on either side). This is intentional—extra coatings can add parasitic capacitance and signal loss, so bare copper keeps high-frequency performance sharp.
Quality Assurance: 100% electrical testing before shipment. Nothing is more frustrating than receiving a batch of PCBs with short circuits—this step ensures you’re getting reliable boards right out of the box.
2. PCB Stackup: Simplified 2-Layer Design with TP2000 Core
One of the best things about this PCB is its simple 2-layer stackup—no overcomplicating with extra layers, which keeps costs down and performance focused. Here’s how it’s built (top to bottom, with quick context):
Copper Layer 1 (35μm / 1oz): This is your top signal layer—where all those high-frequency signals travel, so the 1oz copper keeps loss low.
TP2000 Core (6mm): The star of the show—this is the dielectric layer that makes high-frequency performance possible (we’ll dive deeper into TP2000 next).
Copper Layer 2 (35μm / 1oz): The bottom layer, usually used as a ground or secondary signal layer—critical for balanced signal return paths (no more signal crosstalk!).
This stackup is all about intentional simplicity. By cutting out unnecessary layers, we keep the PCB compact while letting the TP2000 core do its job—delivering the signal integrity you need for high-frequency RF and microwave work.
3. Manufacturing & Quality Standards
When you’re ordering PCBs for critical projects, consistency and compatibility matter. This PCB checks both boxes with industry-standard manufacturing and quality specs:
Artwork Format: Gerber RS-274-X. If you’ve ordered PCBs before, you know this is the standard—every major manufacturer supports it, so you won’t have compatibility issues with your CAM files.
Quality Standard: IPC-Class 2. This is the sweet spot for most commercial high-frequency projects—it’s strict enough to ensure reliability, but not overkill (like IPC-Class 3, which is for military/aerospace-grade projects).
Availability: Worldwide. No matter where your team or manufacturing partner is, you can get this PCB—consistent quality, no matter the location.
4. TP2000 Material: The Secret to High-Frequency Excellence
Let’s get to the heart of what makes this PCB special: TP2000. If you’re tired of FR-4 struggling with high-frequency signal loss (we’ve all been there), TP2000 is a game-changer. It’s a unique high-frequency thermoplastic material, made from ceramic and polyphenylene oxide (PPO) resin—no glass fiber reinforcement, which is key for its performance. Unlike FR-4, it’s engineered specifically for RF and microwave applications, so it solves the signal loss and instability issues we often face with traditional materials.
What does that mean for your project? TP2000 has an ultra-high dielectric constant, ultra-low signal loss, and excellent thermal stability—all while being easy to machine and compatible with standard PCB manufacturing. For high-frequency designs (think GHz range), these properties are non-negotiable—they keep your signals clean, reduce distortion, and ensure reliability even in tough conditions.
Key TP2000 Features (The Ones That Matter for Your Projects)
Dielectric Constant (DK): 20 at 5GHz. Higher DK means better signal propagation—perfect for compact high-frequency designs where space is limited.
Dissipation Factor (Df): 0.002 at 5GHz. Ultra-low signal loss—this is where TP2000 crushes FR-4. Less loss means your signals stay strong, even at high frequencies.
Thermal Coefficient of DK (TCDK): -55 ppm/°C. Stable dielectric performance, even when temperatures change—critical for outdoor, automotive, or aerospace projects.
Coefficient of Thermal Expansion (CTE): X=35 ppm/°C, Y=35 ppm/°C, Z=40 ppm/°C. Minimal warpage, so your PCB stays aligned during assembly and in harsh environments.
Operating Temperature Range: -100°C to +150°C. It handles extreme cold (think space applications) and heat (automotive underhood) without breaking a sweat.
Bonus Perks: High mechanical strength, radiation resistance (great for satellite projects), easy to drill/cut, compatible with standard assembly, and UL 94-V0 flame rating (extra safety for critical designs).
5. Typical Applications: Where This PCB Shines
Now that we’ve covered the specs and TP2000’s benefits, let’s talk real-world use cases. This PCB isn’t a one-size-fits-all—it’s built for projects where high signal integrity and reliability are non-negotiable. Here’s where it shines:
High-frequency RF and microwave circuits: Where low signal loss is make-or-break (think communication systems).
Antenna systems (including phased array antennas): TP2000’s high DK and low Df improve signal propagation—perfect for precision antennas.
Radar systems (automotive, aerospace, defense): Handles extreme temperatures and harsh conditions—no performance drop when it matters most.
Satellite communication equipment: Radiation resistance and wide temperature range make it ideal for orbital applications.
High-power RF amplifiers: Low dissipation factor means less energy loss—more efficient, more reliable.
Test and measurement instruments: Precise signal integrity ensures accurate readings—no more faulty measurements.
Aerospace and defense electronics: Meets strict reliability standards—critical for life-or-death applications.
6. Why Choose This TP2000 PCB?
If you’re still on the fence, let’s break down why this TP2000 PCB is worth considering for your next high-frequency project. For starters, TP2000 solves the biggest pain point with FR-4: signal loss at high frequencies. Add in the simple 2-layer design (lower cost, less complexity) and strict manufacturing specs (consistent, reliable), and you’ve got a PCB that’s both practical and high-performance.
We’ve used this PCB in everything from satellite communication modules to automotive radar systems, and it’s consistently delivered. With worldwide availability, IPC-Class 2 quality, and 100% electrical testing, it takes the guesswork out of sourcing high-frequency PCBs. If you’re tired of compromising on signal integrity or dealing with unreliable boards, this one’s worth a look.
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Computing power soars, PCB leads the gains. Can this highprosperity be sustained
2026-04-15
Data shows that on April 13, the PCB sector saw a net inflow of 2.38 billion yuan in main capital. Against the backdrop of intensifying competition in AI computing power, the PCB sector has recently strengthened noticeably. At this current juncture, the market is more concerned about whether this rally is merely a phased recovery driven by sentiment, or the starting point of a new round of growth following the continued strengthening of industrial logic. Please see the latest institutional analysis.
Regarding the latest catalysts, the current PCB market trend is driven by both supply and demand factors.
On one hand, demand for computing power has not cooled; instead, stronger validation signals have emerged recently.
As of the evening of April 12, concerning NVIDIA's (NVDA) next-generation Rubin platform, the latest supply chain information clearly indicates that the company has abandoned the previously expected pure M9 solution, opting instead for a "hybrid pressing" technical approach using both M8 and M8 materials. This involves using different grades of CCL material layered within the same PCB board based on signal transmission requirements. This adjustment in technical roadmap is not a downgrade but a pragmatic choice to balance performance and yield. It will accelerate the commercial demand for M9 core materials (such as Q-fabric), while creating a smoother path for incremental growth for CCL manufacturers that have a complete product matrix from M8 to M9.
On April 10, TSMC (TSM) reported a 35.1% year-on-year revenue increase for the first quarter of 2026, exceeding market expectations. Research reports generally attribute this to persistently strong AI demand. Simultaneously, Anthropic's annualized revenue is rapidly increasing, and it has signed next-generation TPU computing power agreements with Google (GOOG) and Broadcom (AVGO). Broadcom (AVGO) disclosed that it will provide 1GW of computing power for Anthropic in 2026, with projections exceeding 3.5GW in 2027. Multiple AI-PCB companies are experiencing strong orders, operating at full capacity with sold-out production, and are actively expanding. The industry is in a state of "rising prices and volumes."
Institutions generally believe that the market is no longer just trading on "increased demand" but on "upward value chain movement." With the continuous upgrading of AI servers, PCBs are consistently evolving from traditional multi-layer boards to high multi-layer and high-end HDI boards. In the long term, computing power will accelerate towards ASIC (Application-Specific Integrated Circuit) adoption. The value of PCBs for ASIC server motherboards per unit is significantly higher than that for same-generation GPU servers. Coupled with upgrades in high-end materials and processes like M7 and M8, the value increase for PCBs is not a short-term spike but a systemic elevation brought about by changes in hardware architecture. This means the core of this round of sector performance is not just increased shipment volumes, but also the simultaneous upward revision of per-unit value, technical barriers, and profit elasticity.
On the other hand, the tight supply-demand balance on the supply side and material upgrades are becoming another important logic supporting the sustainability of the market trend.
The latest supply chain tracking shows that the overall PCB industry maintained a high level of prosperity in the first quarter, with prices for mid-to-low-end raw materials and copper-clad laminates (CCL) rising successively. Furthermore, recent geopolitical conflicts have further pushed up raw material prices. While this increases short-term volatility, it also reinforces expectations of price increases for high-prosperity segments from another perspective. Currently, M7-grade and above materials are widely used in scenarios like AI servers and 5G base stations. Materials for the next-generation Rubin platform, M9, are expected to see volume growth, while testing clues for M10 have also emerged.
Institutions suggest that this implies the market is not simply trading an "electronics rebound," but rather an industrial upgrade characterized by the accelerated positioning of high-end materials, high-end processes, and high-end capacity. The slow pace of supply-side expansion, sluggish overseas CCL capacity expansion, and accelerated entry of domestic leaders suggest that the prosperity sustainability of the PCB sector may be stronger than the market previously expected.
Synthesizing views from multiple institutions, investors looking to seize investment opportunities in the current PCB sector can focus on the following two main themes:
First, leading PCB manufacturers with mass production capabilities for high-end HDI and high multi-layer boards, such as Victory Giant Technology (HK2476), Wus Printed Circuit (002463), Kinwong Electronic (603228), and Aoshikang Technology (002913). These companies are more directly benefiting from the surge in demand for AI servers and high-speed communications, as well as material upgrades.
Second, leading domestic suppliers of high-speed CCL. From an industry chain layout perspective, domestic leading companies such as Sheng Yi Technology (600183), Nanya New Material Technology (688519), and Huazheng New Material (603186) offer products covering M8 to M9/M10 grades. They have already secured their technological positions in advance and can fully meet the diverse material needs arising from hybrid pressing solutions.
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Source: Securities Times
Disclaimer: We respect originality and also value sharing; the copyright of text and images belongs to the original authors. The purpose of reprinting is to share more information, which does not represent the position of this account. If your rights are infringed, please contact us immediately for deletion. Thank you.
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