AI Computing Power Becomes the Dominant Theme, Igniting an Industry-Wide Capacity Expansion Wave！

In 2025, under the strong impetus of the AI computing power wave, the PCB (printed circuit board) industry ushered in significant structural growth opportunities, with the entire industry chain—from manufacturing to upstream equipment and materials—showing robust momentum.

The demand for high-end PCB products such as high-frequency, high-speed, high-multi-layer and high-order HDI from core computing power equipment like AI servers and high-speed switches has been continuously increasing, driving the industry into a new round of expansion peak.

Avary Holding announced in December that it plans to invest 4.297 billion yuan in its park in Thailand to build production capacity for high-end HDI (including SLP), HLC and other products, aiming to seize the development trend of AI and accelerate the layout of the entire industrial chain of AI "cloud - pipe - terminal". After the project is completed, it will provide comprehensive PCB solutions for fields such as servers, AI end-side products, and low-orbit satellites.

SYE plans to raise no more than 2.6 billion yuan through a private placement in November, which will be invested in an artificial intelligence computing HDI production base and a high-layer computing power circuit board project for intelligent manufacturing, in order to meet the strategic customer demands in emerging fields such as AI servers and high-end switches.

WUS Printed Circuit submitted its application for listing on the Hong Kong Stock Exchange in November. The raised funds will be used to intensify capacity expansion and layout high-performance PCB projects. The 4.3 billion yuan "High-End Printed Circuit Board Expansion Project for Artificial Intelligence Chips" planned by it last year has started construction in late June 2025 and is expected to undergo trial production in the second half of 2026.

The industry expansion wave has also been transmitted to the upstream. HANS CNC has increased the annual production capacity of PCB-specific equipment from 2,120 units to 3,780 units. DEFU technology plans to make an additional investment of 1 billion yuan for the research and development and production of special copper foil. Victory Giant technology is simultaneously advancing HDI and high multi-layer expansion projects in Huizhou, Thailand and Vietnam, with an industry-leading expansion speed.