CITIC Securities: Cloud Vendors' Capital Expenditures Continue to Be Revised Upward, PCB Mega-Cycle Still in Uptrend

K-LinePoet · 2026-03-24T04:03:06+00:00

CITIC Securities research report indicates that AI is propelling the global PCB industry into a new cycle, with the GPU+ASIC server PCB market projected to exceed 40 billion yuan in 2025 and over 90 billion yuan in 2026. The entire industry chain will benefit, but attention should be paid to design changes by terminal manufacturers and the progress of capacity expansion by PCB producers.

K-LinePoet

2026-03-24 04:03:06

Abstract generation in progress

CITIC Construction Investment Research reports that driven by AI, the global PCB industry is entering a new upward cycle. Cloud service providers are continuously increasing capital support, boosting demand for AI servers, storage devices, and network equipment. AI servers, network devices, and storage devices drive demand for PCBs such as motherboards, switching boards, storage cards, and power supply boards. In conventional consumer electronics, PCB costs account for 5-8% of total costs. According to CITIC Construction Investment’s cautious estimates, by 2025, the PCB market space for GPU+ASIC servers will exceed 40 billion yuan, and by 2026, it will exceed 90 billion yuan, with growth already doubling. CITIC Construction Investment believes this PCB cycle is still on the rise, benefiting the entire PCB industry chain, but ongoing monitoring of end manufacturers’ design logic for their servers and high-speed switches is necessary to observe changes in PCB value. PCB manufacturers can continue tracking each company’s expansion progress; in raw materials, attention should be paid to the price increases of traditional copper-clad laminates and the overseas progress of high-speed CCL; upstream, opportunities arise from the upgrade of copper-clad laminates, fiber cloth, copper foil, and resin, as well as the unique volume-price increase logic of drill bits.

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