NVIDIA's new architecture drives PCB usage up 2 to 3 times, Tongyu New Materials' "20CM" hits the daily limit.

MaticHoleFiller · 2026-04-12T01:33:33+00:00

On April 7th, PCB concept stocks were active, with many stocks hitting the daily limit. Jintao issued a letter stating that prices have been raised, and tight raw materials have led to strong industry demand. Institutions predict that high-end PCB demand will surge in the coming years, with optimistic performance expectations, and the PCB sector is expected to see upward momentum.

MaticHoleFiller

2026-04-12 01:33:33

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（Source: Caixin）

On April 7, the PCB concept kept seeing active trading. As of the time of this release, constituent stock Tongyu New Materials (301630.SZ) hit the 20CM daily limit-up; Hongchang Electronics (603002.SH), Shengquan Group (605589.SH), and others also hit the daily limit-up. Zhongying Technology (300936.SZ), Tongguan Copper Foil (301217.SZ), Nord Shares (rights protection) (600110.SH), Minbao Optoelectronics (301362.SZ), Qiangli New Materials (300429.SZ), Jingan Guoji (002636.SZ), and others also followed the upward trend.

On the news front, on April 3, CCL leader Jiantao issued a letter. The prices of sheet materials and pp semi-cured sheets were uniformly increased by 10%. The reason was that core upstream raw materials such as resins and electronic glass fiber cloth saw “a surge in prices and tight supply.” In addition, a research report from Tianfeng Securities (rights protection) said that the release of NVIDIA’s new architecture drives a 2-3x increase in PCB usage and a 4-5x increase in value. LPU and CPU chassis are comprehensively upgraded to M9-grade materials, and demand for high-multilayer backplanes for low-dielectric and low-expansion special electronic fabrics is exploding.

Besides this, institutions pointed out that as LPU/LPX chassis enter their mass production peak period from the end of 2026 to 2027, demand for high-end PCBs will show a “surge” pattern. This will further intensify the tight supply and demand situation for high-end HDI and PCBs with high layer counts, pushing the entire PCB industry chain into a new round of expansion and upgrading cycle.

A research report from CITIC Securities stated that since the beginning of 2026, the PCB sector has been relatively lagging in its rally. Apart from the overall weak beta of computing power/artificial intelligence, we believe market concerns are mainly concentrated on disruptions to application expansion, delayed upgrades and escalations in qualification, delays in performance delivery, and the impact of material price increases. However, we emphasize that the underlying growth logic of the AI PCB industry has not changed and continues to strengthen. We take a relatively optimistic view on the directions of the market’s concerns, and there are dense potential catalysts for the sector afterward; the incremental growth visibility for the next one or two years continues to improve. Meanwhile, from the perspectives of both performance and valuation, leading manufacturers’ earnings expectations are still gradually being realized overall, and there is further room to upgrade valuation levels. At this point, we are firmly bullish on the PCB sector’s upward momentum going forward.

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