AI inference chips open up market potential; PCB concept rebounds with volatility; South Asia New Materials rises nearly 15%

GateUser-bd883c58 · 2026-03-27T19:51:46+00:00

On March 24th, PCB concept stocks fluctuated and rebounded, with Nanya New Materials rising nearly 15%. Analyst Guo Mingchi pointed out that Nvidia has begun testing M10 materials, and it is expected that high-end PCB demand will surge in 2026-2027. CITIC Securities believes that market concerns about PCB have not changed the industry's growth logic, and with potential catalysts increasing, leading companies' performance expectations are gradually being realized, maintaining an optimistic outlook for the sector.

GateUser-bd883c58

2026-03-27 19:51:46

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On March 24, in the afternoon, PCB-related concepts saw volatile trading followed by a rebound. Nanya New Materials (688519.SH) rose by nearly 15%, Jin’an Guoji (002636.SZ) briefly surged to near the daily limit, and YIHAO New Materials (301176.SZ), Shengyi Electronics (688183.SH), Kingboard Shares (688020.SH), Qiangda Circuits (301628.SZ), Founder Technology (600601.SH) and others also rose along with the move.

In the news, analyst Guo Ming-qiang’s latest supply-chain survey indicates that NVIDIA has already started testing next-generation copper-clad laminate (CCL) material M10 with PCB manufacturers. The target applications include the orthogonal backplane and the swap-blade motherboard across the Rubin Ultra and Feynman platforms.

Institutions noted that as LPU/LPX racks enter their peak mass-production period from the end of 2026 to 2027, demand for high-end PCBs will show a blowout trend. This will further intensify the shortage of high-end HDI and high-layer-count PCBs, pushing the entire PCB industry chain into a new round of capacity expansion and upgrades.

A research report from CITIC Securities said that since the beginning of 2026, the PCB sector has lagged in gains relative to the broader market. Apart from the overall weak beta of computing power/artificial intelligence, we believe market concerns are mainly focused on application-expansion disruptions, delays in scaling up and stepping up specifications, lagging earnings delivery, and the impact of rising material prices. However, we emphasize that the underlying growth logic of the AI PCB industry has not changed and continues to be strengthened. We hold relatively optimistic views on the directions of the market concerns, and the sector also has dense potential catalysts ahead; visibility into incremental growth in the next year or two is steadily improving. Meanwhile, from both an earnings and valuation perspective, the earnings expectations for leading companies are still gradually being realized, and there is room for further upward adjustments to valuation levels. At this point in time, we remain firmly confident in the upward momentum of the PCB sector going forward.

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