QFII Heavily Bets on PCB Sector Riding the AI Wave
2025-11-18
Driven powerfully by the artificial intelligence (AI) wave, the printed circuit board (PCB) industry is facing unprecedented development opportunities. The Ministry of Industry and Information Technology recently solicited public opinions on the "Printed Circuit Board Industry Standard Conditions and Announcement Management Measures (Draft for Comments)." This aims to promote the industry's transformation, upgrading, and shift towards high-end, green, and intelligent development by phasing out outdated production capacity and incentivizing technological innovation, adding another policy tailwind to this high-growth sector.
The vigorous development of the AI industry is directly translating into significant growth for the high-end PCB market. According to data from the authoritative agency Prismark, in 2024, driven by strong demand from AI servers and high-speed networks, the output value of high-layer count boards (18 layers and above) and HDI boards increased significantly by 40.3% and 18.8% year-on-year, respectively, leading the growth among other PCB product segments. Prismark predicts that from 2023 to 2028, the compound annual growth rate of HDI related to AI servers will reach a remarkable 16.3%, making it the fastest-growing engine in the AI server PCB market and opening up vast potential for the industry.
The market fervor is fully reflected in the performance reports of listed companies. According to statistics from Databao, the 44 A-share listed companies in the PCB industry achieved a total operating revenue of 216.191 billion yuan in the first three quarters of this year, a year-on-year increase of 25.36%; their combined net profit attributable to shareholders reached 20.859 billion yuan, surging 62.15% year-on-year. Among them, over 75% of the companies saw year-on-year growth in net profit attributable to shareholders, and four companies successfully turned losses into profits, presenting a prosperous picture of high growth and high profitability for the industry as a whole.
Industry leader Shengyi Electronics performed particularly brilliantly, with its operating revenue for the first three quarters surging 114.79% year-on-year and its net profit attributable to shareholders skyrocketing 497.61%. The company stated in investor communications that the first phase of its high-layer count, high-density interconnect circuit board project for intelligent computing centers has begun trial production, and the second phase is already being planned in advance, demonstrating strong confidence in the market outlook. Another company, Xingsen Technology, which returned to profitability, saw its revenue grow over 23% in the first three quarters. Its CSP packaging substrate capacity is already at full production, newly added capacity is ramping up quickly, and its FCBGA packaging substrate project is in the small-batch production stage, with business expansion steadily progressing.
The industry's robust prospects have also attracted the attention of international capital. Data shows that by the end of the third quarter of this year, a total of 13 PCB concept stocks were heavily held by QFII (Qualified Foreign Institutional Investors), with a combined holding market value reaching 16.635 billion yuan. Among them, industry leader Shengyi Technology had a QFII heavy holding ratio as high as 12.32%, with a holding market value of 15.936 billion yuan, highlighting foreign capital's firm confidence in its long-term value. Companies like Jingwang Electronics and Junya Technology also attracted QFII investments, with well-known foreign institutions such as UBS AG appearing among their top ten shareholders.
From policy guidance to market demand, from performance explosion to capital favor, the PCB industry is standing at the forefront of the AI trend. Leveraging its indispensable core position in the electronics industry chain, it is undergoing a value revaluation driven jointly by the AI wave and market expansion. With capital's favor, its future growth potential deserves continued attention.
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Source: Global Times
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AI-Driven Demand for PCBs Sees Significant Increase, Industry Enters New Round of Expansion Peak
2025-11-03
Driven by the wave of AI development, the PCB (Printed Circuit Board), known as the "nerve center" of electronic devices, is experiencing a significant increase in market demand, and the industry is entering a new peak expansion period.
Leading Companies Actively Expanding Capacity
Pengding Holdings, with its diversified PCB product lines widely used in communications electronics, consumer electronics, high-performance computing products, EVs, and AI servers, stated in an institutional survey on October 31 that since 2025, with the booming development of emerging industries like artificial intelligence, market requirements for PCB performance and precision have increased, also bringing vast market opportunities. Against this backdrop, the company is steadily advancing the in-depth development of various business segments while intensifying market expansion and steadily promoting the certification and production of new products. In the first three quarters of 2025, the company achieved revenue of 26.855 billion yuan, a year-on-year increase of 14.34%, and net profit attributable to shareholders of 2.407 billion yuan, up 21.23% year-on-year.
Regarding capacity layout, Pengding Holdings stated it is actively promoting the construction of new production capacity in Huaian, Thailand, and other locations. During the reporting period, the company's capital expenditure reached 4.972 billion yuan, an increase of nearly 3 billion yuan compared to the same period last year. With the explosion in AI computing power, the company has entered a new peak expansion period. In the coming years, as new capacity is gradually released, the computing power field will become an important pillar for the company's development.
Similarly, since October, two PCB material companies, Defu Technology and Philip Rock, have disclosed financing and expansion plans. For example, Defu Technology plans to invest an additional 1 billion yuan to build R&D and production workshops for special copper foils like carrier copper foil, buried resistance copper foil, and high-frequency high-speed copper foil, along with supporting equipment facilities. Previously, Han's CNC announced adjustments to some of its raised fund investment projects, increasing the planned capacity of the "PCB Special Equipment Production Expansion and Upgrade Project" from 2,120 units annually to 3,780 units.
Industry-Wide Expansion Wave Arrives
Shenghong Technology recently stated that to consolidate its leading position in the global PCB industry and its advantages in fields like AI computing power and AI servers, the company continues to expand capacity for high-end products such as advanced HDI and high-layer count boards. This includes the Huizhou HDI equipment update and Plant 4 project, as well as HDI and high-layer count expansion projects in Thai and Vietnamese factories, with expansion speed leading the industry. Currently, all related expansion projects are progressing as planned, and the company will arrange capacity layout according to its strategic plan and business needs.
Dongshan Precision stated that its capacity expansion aims to increase high-end PCB production to meet medium to long-term customer demand for high-end PCBs in emerging scenarios like high-speed computing servers and artificial intelligence, while also further expanding the company's operational scale and enhancing overall economic benefits.
"Currently, the company's various technical transformation and expansion plans mainly target high-end data communication PCB products, which can support the company's business development needs," stated Guanghe Technology.
Jinlu Electronics also mentioned that the PCB expansion project at its Qingyuan production base is being constructed in three phases, with construction and production occurring simultaneously. The company is currently accelerating the first phase of the project, which has not yet commenced production.
Institutions Foresee Rapid Industry Growth
CITIC Securities stated that with the acceleration of AI computing power infrastructure construction, PCB demand is surging. Against this backdrop, the planned output value for high-layer count boards, HDI boards, and IC substrates is growing rapidly. Domestic manufacturers are actively expanding high-end production capacity, and China's leading PCB companies are expected to form project investment totaling 41.9 billion yuan during 2025-2026.
CSC Financial noted that AI PCBs are expected to continuously drive demand for updates and upgrades in PCB equipment. The PCB industry is characterized by a return to an upward cycle, product premiumization, and factory construction in Southeast Asia. Increases in output and process changes are expected to continuously drive demand for updates and upgrades in PCB equipment.
According to the "2025-2030 China Printed Circuit Board (PCB) Industry Development Trend and Forecast Report" released by Zhongshang Industry Research Institute, with the proliferation of AI technology and the strong market entry of new energy vehicles, PCB demand related to AI servers and automotive electronics has significantly increased, becoming an important driver for industry growth. The global PCB market size was $78.34 billion in 2023, a decrease of 4.2% year-on-year, and approximately $88 billion in 2024. It is projected to reach $96.8 billion in 2025.
Domestically, the same report shows China's PCB market size reached 363.257 billion yuan in 2023, a decrease of 3.80% from the previous year, and approximately 412.11 billion yuan in 2024. It is expected that the Chinese PCB market will recover in 2025, with a market size reaching 433.321 billion yuan.
Improved Performance Across the Industry Chain
The increased market demand in the PCB industry has already boosted the performance of related companies. Recently, over 10 listed companies in the PCB industry chain, including Shengyi Electronics, Han's CNC, and Dingtai GaoKE, disclosed significant year-on-year performance growth in their third-quarter reports.
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Source: Securities Times
Disclaimer: We respect originality and also focus on sharing; the copyright of text and images belongs to the original author. The purpose of reprinting is to share more information. This does not represent our stance. If there is any infringement of your rights, please contact us promptly. We will delete it as soon as possible. Thank you.
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What Makes Rogers RO3006 the Ideal Material for Stable Dk
2025-10-31
In the rapidly evolving field of wireless communications and radar, the printed circuit board (PCB) substrate is a critical determinant of system performance. This technical overview presents a specialized 2-layer PCB construction that leverages the superior properties of Rogers RO3006 high-frequency laminate. Designed with precision and reliability at its core, this board is ideally suited for space-constrained, high-frequency applications.
1. Key Specifications
The board is fabricated to meet exacting standards, with a focus on precision and performance in high-frequency regimes.
Substrate Architecture: Symmetrical 2-layer construction
Base Dielectric: Rogers RO3006 ceramic-PTFE composite
Overall Thickness: 0.20 mm nominal
Conductor Geometry: 5/9 mil minimum trace/space
Interconnect System: 0.20 mm minimum via diameter
Surface Metallization: 30 μ" gold (wire bond grade)
Quality Conformance: IPC-Class-2, 100% electrical test
2. In-Depth Material Selection: Why RO3006?
The choice of Rogers RO3006 laminate is the cornerstone of this board's performance. As a ceramic-filled PTFE composite, it provides a critical advantage over standard FR-4 or other PTFE materials: exceptional dielectric constant (Dk) stability over temperature.
Eliminating Dk Drift: Unlike common PTFE/glass materials that exhibit a "step change" in Dk near room temperature, RO3006 offers a stable Dk of 6.15, ensuring predictable performance in real-world environments.
Low-Loss Performance: With a dissipation factor (Df) of 0.002 at 10 GHz, the material minimizes signal loss, which is paramount in high-power and high-frequency applications.
Mechanical Robustness: The material's low CTE (17 ppm/°C in X/Y) is closely matched to copper, providing excellent dimensional stability during thermal cycling and preventing plated through-hole (PTH) reliability issues. Its low moisture absorption (0.02%) further ensures long-term stability.
3. Benefits and Advantages
The combination of the RO3006 material and the precise manufacturing results in several critical benefits:
Exceptional Electrical Stability: The stable Dk of RO3006 ensures consistent impedance and minimal phase shift, which is crucial for the accuracy of high-frequency signals.
Excellent Dimensional Stability: The low and matched in-plane CTE provides excellent dimensional stability, ensuring reliability during assembly and in environments with temperature fluctuations.
Ideal for Hybrid Designs: RO3006 is well-suited for use in hybrid multi-layer designs alongside epoxy-glass materials, offering design flexibility.
Wire-Bonding Ready: The 30 μ" pure gold surface finish provides an optimal, reliable surface for wire bonding, essential for connecting to semiconductor dies or other components.
Proven Manufacturing: The use of Gerber RS-274-X artwork and adherence to IPC-Class-2 standards guarantee a high-quality, manufacturable product available worldwide.
4. Typical Applications
This PCB configuration is ideally deployed in a range of high-performance applications, including:
Automotive Radar Systems (e.g., 77 GHz)
Global Positioning Satellite (GPS) Antennas
Cellular Telecommunications Power Amplifiers and Antennas
Patch Antennas for Wireless Communications
Direct Broadcast Satellites
5. Conclusion
This ultra-thin, double-layer PCB based on Rogers RO3006 material represents a robust solution for designers of next-generation RF and microwave systems. Its carefully controlled construction, leveraging the electrical and mechanical stability of RO3006, makes it a reliable and high-performance choice for demanding applications in the automotive, telecommunications, and satellite industries.
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What Does It Take to Fabricate a Reliable High-Frequency PCB on TLX-9?
2025-10-27
Today, we will take an in-depth look at a high-frequency PCB based on Taconic's TLX-9 material. This article will focus on its complete technical implementation path—from material properties to the final product—and explore how precise process control and rigorous quality management during manufacturing ensure its exceptional high-frequency performance and long-term operational reliability.
1. The Material Foundation: Mastering the Nuances of PTFE
The manufacturing journey begins with the core material. TLX-9, a composite of polytetrafluoroethylene (PTFE) and woven fiberglass, provides an excellent foundation for a high-quality circuit board due to its exceptional dimensional stability and extremely low moisture absorption rate of
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Why RF-10 is a Manufacturer's Choice for Stable High-Frequency Circuits
2025-10-24
The successful manufacturing of any PCB, especially for demanding RF applications, is never accidental. It is a testament to a manufacturer's deep expertise in material understanding, process control, and quality verification. This article analyzes a specific two-layer RF board to deconstruct the key manufacturing factors that enable high yield and reliable mass production.
We explore a PCB with the following key specifications:
Base Material: RF-10
Layer Count: 2
Critical Dimensions: 5/7 mil trace/space, 0.3mm minimum hole size.
Surface Finish: Immersion Silver
Quality Standard: IPC-Class-2
1. Deep Understanding and Adaptation of Core Materials: The Foundation of Success
Successful mass production begins with the precise mastery of the core material, RF-10. Its inherent properties dictate that a compatible process window must be adopted:
Stable Dielectric Constant (10.2 ± 0.3): The manufacturer ensures the Dk value of the RF-10 substrate falls within the specified tolerance through strict incoming material inspection. This is the primary prerequisite for achieving consistent performance across batches, avoiding deviations caused by material variations.
Inherently Low Dissipation Factor (0.0025): This characteristic facilitates manufacturing. Provided subsequent production processes are well-controlled, it naturally enables hardware performance with low insertion loss, reducing the need for post-production debugging.
Excellent Dimensional Stability: This property of RF-10 ensures minimal deformation during thermal processes like lamination and soldering. This safeguards the registration accuracy for the 5/7 mil fine lines, directly improving the yield rate during the assembly stage.
2. Precision Process Control: Translating Specifications into Reality
The successful mass production of this board relies on the manufacturer's exceptional control capabilities at several key process points:
Fine-Line Etching Process: Achieving a 5/7 mil trace/space implies an extremely narrow etching process window. By precisely regulating the etchant's temperature, concentration, and spray pressure, the manufacturer ensures perfect line formation, free from under-etching (preventing shorts) or over-etching (preventing weak traces).
High Aspect Ratio Micro-Via Metallization: Achieving uniform, void-free 20 μm copper plating on the hole walls for the board's 27 vias (with a 0.3mm minimum hole size) is critical for electrical connection reliability. This requires optimized drilling parameters, thorough desmear, and a stable plating process to ensure flawless interlayer connections.
Surface Finish for High-Frequency Applications: The successful implementation of the Immersion Silver process depends on strict chemical bath control and workshop cleanliness. The resulting flat, oxidation-free silver layer not only provides excellent solderability but also minimizes skin effect loss for high-frequency signal transmission due to its smooth surface.
3. An End-to-End Quality Verification System
Success lies not only in manufacturing but also in proving that every unit is qualified. This is achieved through an interlocking verification system:
100% Electrical Test: Performing a flying probe test on every single board before packaging is the ultimate guarantee before shipment. It irrefutably verifies the connectivity (no opens) and isolation (no shorts) of all electrical networks, ensuring the functional integrity of the delivered product.
Quality Framework Adhering to IPC-Class-2: Implementing the quality standard throughout the production and inspection processes provides objective and uniform criteria for product acceptance. This mature system ensures the final product possesses the durability and reliability required for its commercial applications.
Conclusion
The successful production of this high-frequency PCB is a demonstration of the manufacturer's comprehensive capabilities in material adaptation, process control, and quality management. From the process adaptation to the properties of RF-10, to the precise control of fine lines and micro-via plating, and finally to the rigorous verification represented by the 100% electrical test, excellence in every step collectively forms the foundation for its high yield and high reliability. This fully illustrates that in the field of high-end PCB manufacturing, success stems from the precise mastery of every manufacturing detail.
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