Stocks in the printed circuit board sector are experiencing a broad-based rally. At the time of writing, HANS CNC (03200) shares have surged 9.52% to HK$158.8, while KB LAMINATES (01888) is up 8.79% to HK$73.65. KINGBOARD HLDG (00148) has gained 5.35% to HK$81.65, and DELTON (01989) has risen 3.56% to HK$154.

The catalyst for this movement is a series of price increases from key manufacturers. On July 6, KB LAMINATES issued another price adjustment notice, raising FR-4 CCL prices by 15%. The frequency and magnitude of this increase have exceeded market expectations, indicating a shift in the upstream material market from cost-driven pricing to proactive price hikes under tight supply-demand conditions. Similarly, MuliSen has issued a price notification, announcing a 10% to 15% increase across its entire PCB product line effective July 7. This marks the company's third PCB price adjustment in a short period.

Analyst Perspective on AI-Driven Growth

Analysts point to accelerating demand within the AI PCB supply chain. It is noted that entering the second quarter of 2026, the pace of inventory replenishment in the AI PCB industry chain has accelerated. New production capacity is being matched with the continuous release of orders for new AI server platforms from downstream clients, supporting a trend of high sequential growth in performance. From a medium to long-term perspective, to address challenges in AI data center scenarios such as faster signal transmission, higher integration, and increased thermal dissipation requirements, the PCB industry chain—from upstream to downstream—is innovating and upgrading across multiple dimensions, including new materials and technologies. This innovation is expected to unlock significant long-term growth potential for the sector.