CCL/PCB sector- Takeaways of Shanghai roadshow

研报英文原文证据摘录

CCL/PCB sector- Takeaways of Shanghai roadshow

Taiwan Equity | Technology

Event Analysis

Fubon Research CCL/PCB sector

July 1, 2026

Takeaways of Shanghai roadshow

Key takeaways from CCL/PCB Shanghai roadshow

1. We held a roadshow in Shanghai from June 29 to June 30.

2. Price hikes, Kyber architecture delays most closely watched by market.

3. Investors have deep global technology connections; among individual stocks, EMC

(2383 TT) attracted most attention from majority of investors.

We held a roadshow in Shanghai from June 29 to June 30

As market investors continue to focus on AI development, the upgrade of CCL material

specifications, increase in PCB design layers, and process advancements are further

expanding the scale of the CCL and PCB markets, making the sector increasingly favored.

Source: Google

Therefore, we held a two-day roadshow in Shanghai. The main highlights of our roadshow

include: 1) The supply-demand imbalance for mid-to-high-end CCL and PCB remains

unchanged: driven by AI computing power and high-speed transmission demand, the

trend of upgrading in the PCB industry persists, with increased applications and higher

unit value. Additionally, the incremental supply of CCL in 2026 is limited, supporting price

hikes. Moreover, the development of agentic AI has led to general server demand growth

exceeding expectations; 2) Optical modules drive high-end HDI/mSAP market demand:

accelerated AI deployment is significantly boosting demand for 800G/1.6TG optical

modules, with related PCB specifications upgraded to mSAP processes; and 3) Long-term

outlook for low-earth orbit satellites remains positive: following the Space X IPO, future

developments such as Starship commercial/V3, D2C, and large-scale AI in space are

expected to drive market growth.