AI Infrastructure - China (H): AI materials: JXC, Zijin, CMOC, tungsten, uranium, liquid cooling

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AI Infrastructure - China (H): AI materials: JXC, Zijin, CMOC, tungsten, uranium, liquid cooling

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AI Infrastructure - China (H)

AI materials: JXC, Zijin, CMOC, tungsten,

uranium, liquid cooling

Industry Overview

We concluded a one-week AI infrastructure conference. This note summarizes takeaways 29 June 2026

on AI materials, including JXC copper foil, Zijin, CMOC, Hongqiao, JL Mag, CGN Mining Equity

and AIDC, cooling, and copper & tungsten experts. China

AI Infrastructure

AIDC capex: Visibility improving, build accelerating

According to the AIDC expert, China AI capex visibility remains strong with over 2GW of Matty Zhao >> Research Analyst

capacity added YTD and spending split across hardware (50%), networking (20%), power Merrill Lynch (Hong Kong)

(20%) and liquid cooling (10%). Localization remains a long-term theme, with domestic +852matty.zhao@bofa.com3508 4001

chips already supporting inference and government targeting over 80% self-sufficiency Yibing Xia >>

by 2030. Rising rack power and data center scaling are driving optical upgrades and Research Analyst

Merrill Lynch (Hong Kong)

faster liquid cooling. Power and green energy access are becoming core competitive +852 3508 8045

factors, supporting equipment and storage demand, while traditional IDC remains yibing.xia@bofa.com

oversupplied, faces longer delivery cycles and intensifying competition. Peter Wang >>

Research Analyst

+852 3508 7185Tightness and price hike in copper foil & glass fiber peter.wang2@bofa.com

PCB materials remain tight on supply demand mismatch. Japanese operators dominate

Edward Leung, CFA >>

the high end but more recognitions for domestic products. JXC copper foil chairman Research Analyst

expects high-end PCB copper foil to remain tight till 2028.