Shares of KB LAMINATES (SEHK: 01888) have surged more than 5% again. At the time of writing, the stock is up 3.12% to HK$82.7, with a turnover of HK$2.694 billion.

This movement follows news that prices for electronic fabric and copper-clad laminates have been rising consistently this year, with a related supply gap for certain resins also contributing to a wave of price increases across the PCB industry. In early June, the market completed the fifth round of price hikes this year for commonly used specifications of electronic fabric, bringing the average price to 7.4 yuan per meter. This represents a 100% increase compared to the low point in the third quarter of 2025.

Analysts point out that KB LAMINATES is a rare integrated player covering the process from fabric to board, which gives it more significant earnings leverage. Regarding the outlook for future pricing, the positive price pass-through logic within the industry chain remains intact. On one hand, inventory for upstream 7628 electronic fabric remains tight. On the other hand, utilization rates at midstream copper-clad laminate manufacturers are still high, and the price transmission mechanism from fabric to board is functioning smoothly. It is judged that against the backdrop of accelerated price hikes during the off-season, the certainty of the industry chain maintaining further price increases in July and August is high. A key risk to monitor remains the price acceptance of downstream PCB customers.