What happened
PCB concept stocks opened strong on September 23, with Zhongyi Technology, Jitai Co., Daya Shengxiang and Yidun Electronics hitting the daily limit, while Yanmai Technology rose over 10% and Tongyu New Materials, Taijin New Energy and Aohong Electronics followed higher.
Multiple institutional research notes indicate that downstream PCB manufacturers have begun re-quoting prices as upstream raw material costs continue to rise, signaling that cost transmission from raw materials through copper-clad laminates to PCBs is now fully connected.
Copper-clad laminate prices have seen weekly increases of 10% to 20% since December, with leading manufacturer Kingboard Laminates raising prices seven times this year and some key products accumulating gains exceeding 100%.
Capacity expansion is accelerating globally: South Korea's Doosan Group plans to invest 970 billion won to expand CCL production for AI semiconductors, while Chinese firms including Shengyi Technology, Jin'an Guoji, Pengding Holdings and Victory Giant Technology have announced major investment plans.
Why it matters
The synchronized price increases across the PCB supply chain suggest a structural supply-demand mismatch rather than simple cost pass-through, with high-end electronic cloth and copper foil constrained by equipment lead times, process yields and customer certification cycles.
AI-driven demand for high-end HDI, automotive PCB and IC substrates is creating a window for domestic Chinese manufacturers to capture import substitution opportunities as BT substrate material lead times stretch to 16-20 weeks.
The scale of announced capacity expansions indicates industry participants expect sustained demand growth, though the timing gap between demand surge and new capacity coming online could keep prices elevated in the interim.
Key facts
PCB concept stocks rallied on September 23 with multiple companies hitting the daily limit.
Copper-clad laminate prices rose 10% to 20% per week since December, with Kingboard Laminates raising prices seven times this year.
Jiangxi Hongruixing Technology announced a 10% increase in CCL ex-factory prices on September 22.
China Jushi raised prices for electronic cloth thick and thin fabrics by 15% and 20% respectively in September.
Doosan Group plans to invest 970 billion won to expand AI semiconductor CCL production.
Shengyi Technology plans to invest approximately 5.2 billion yuan in a high-performance CCL project in Dongguan.
Victory Giant Technology raised its 2026 investment cap to 20 billion yuan.
Goldman Sachs forecasts global AI server PCB market reaching $37.5 billion by 2027 and $84 billion by 2028.
What to watch next
Whether the current price increases can be sustained as new capacity from major manufacturers comes online, particularly the Jin'an Guoji projects expected to add 28 million CCL sheets annually by the second half of 2026.
The pace of AI-driven demand growth versus supply chain expansion, with Guosen Securities projecting AI terminal CCL demand to grow 151% in 2026 and 110% in 2027.
How effectively downstream customers absorb higher material costs, as analysts suggest the necessity and feasibility of price pass-through to end customers is gradually increasing, potentially restoring industry profit margins.
