CITIC Securities: The incremental logic continues to strengthen, focusing on the trend of the AI PCB sector.

According to the research report from CITIC Securities, since the beginning of 2026, the PCB sector has been relatively stagnant. Apart from the overall weakness of beta in computing power/artificial intelligence, market concerns are mainly focused on application expansion disturbances, delayed capacity expansion, lagging performance realization, and material price impacts. However, we emphasize that the underlying growth logic of the AI PCB industry has not changed and is constantly strengthening. We hold a relatively optimistic view on market concerns. There are potential catalysts in the sector in the next few years, and the visibility of incremental growth is continuously increasing. From both the perspective of performance and valuation, the overall performance expectations of leading manufacturers are gradually being realized, and there is room for further valuation adjustment. At the current point in time, we firmly believe in the upward momentum of the PCB sector.