Have you heard of PCB? It sounds unfamiliar, but calling it the "mother of electronic products" is not an exaggeration—AI servers, new energy vehicles, satellite communications, all of these cutting-edge technologies rely heavily on it.

In the past two years, the investment logic behind PCB has changed. Don't just focus on the cyclical recovery narrative anymore. So, what are the main capital flows doing now? Simply put, there are two main directions: those who benefit from the AI computing power dividend, and those who are stuck in the high-end manufacturing position.

First, let's talk about computing power. PCB technology barriers are highest in servers and communication equipment. Companies like Shentong Co., ShenNan Circuit, and Shengyi Electronics are core suppliers in the NVIDIA supply chain. As data center investments increase, orders for these companies are unstoppable.

Next is the material side. High-end copper-clad laminates (CCL) have long been dominated by overseas companies. But the good news is that domestic players like Shengyi Technology, Huazheng New Materials, and Nanya New Materials are making efforts, with significant substitution potential.

Another important growth area is automotive intelligence. Autonomous driving requires more sensors and computing power, leading to explosive demand for HDI high-density boards and automotive radar boards. Shentong Co., Jingwang Electronics, and Shiyun Circuit have already established ties with leading car manufacturers.

In summary: instead of chasing various thematic concepts, it’s better to focus on the two most stable tracks—"high-endization + domestic substitution." Those niche leaders with precise positioning and truly solid technology are worth paying attention to.