HK Stock Market Move | PCB concept stocks among top decliners; institutions say U.S. military PCB self-sufficiency does not affect commercial use.

PCB concept stocks among top decliners. As of press time, DELTON (01989) fell 6.43% to HK$96.75; Shenzhen Han's CNC Technology (03200) dropped 5.08% to HK$82.2; Victory Giant Technology (02476) declined 3.32% to HK$174.8; KB LAMINATES (01888) slipped 1.55% to HK$48.24. On the news front, recently, the U.S. Printed Circuit Board Association (PCBAA) formally pressured the U.S. government and Department of Defense, explicitly proposing the core demand of completely removing Chinese PCB products from the military supply chain. The United States has set January 1, 2027 as the final deadline for completely eliminating PCB products from relevant countries in the military supply chain. Soochow noted that the PCBAA's demand this time only targets the military PCB sector and does not involve commercial PCBs. Global PCB main production capacity and supply are basically dominated by China, and the explosive demand for AI PCBs cannot be decoupled from China. U.S. production capacity alone cannot support it. In addition, the PCB industry is a heavy-asset industry with significant environmental impact and high dependence on skilled technicians, making it difficult for the industry to quickly achieve decoupling and relocation. Furthermore, most mainland Chinese PCB companies have established factories in Southeast Asia, so the risk of being restricted is low.