PCB Eight Scarce Segments Exposed: High-End Backplane, Substrate, and Materials Become Core Opportunities

The AI computing power wave is reshaping the PCB industry pattern. Traditional ordinary PCB capacity is excessive, while supply and demand in high-end fields are seriously imbalanced. Combining the June 2026 Goldman Sachs research report and industry chain survey data, eight segmented tracks, including high-end backplanes, ABF substrates, PPE resin, high-speed copper-clad laminate, high-end glass fiber cloth, ultra-thin copper foil, high-end photosensitive dry film, and laser drilling equipment, have become the most scarce core opportunities due to high technical barriers, overseas monopoly, and long expansion cycles. They are also deterministic growth tracks driven by AI computing power.

I. High-End Backplane: Core Interconnection Carrier for AI Servers

The upgrade of AI server architecture is driving an explosion in backplane layer count and value. The Nvidia Rubin Ultra platform uses a 78-layer M9-grade orthogonal backplane, replacing traditional copper cables to achieve full cabinet interconnection. The value of a single backplane exceeds 10 times that of an ordinary server. At present, only a few manufacturers in the world have the mass production capability for 78-layer backplanes. Orders are generally scheduled to 2027, with a capacity gap of more than 20 percent. The capacity utilization rate of leading manufacturers reaches 98 percent, with no spare capacity to accept new orders.

II. ABF Substrate: The Bottleneck in High-End Chip Packaging

ABF substrate is the only carrier for high-end chip packaging such as GPU and CPU. More than 95 percent of global capacity is monopolized by overseas companies. Prices have risen 30 percent within the year, the supply and demand gap exceeds 60 percent, and delivery times are as long as 18 to 24 months. Ajinomoto of Japan exclusively supplies ABF film, further restricting capacity. In China, only a few enterprises such as Shennan Circuits have achieved small-batch supply. Domestic substitution has entered a critical window period.

III. PPE Resin: Core Raw Material for High-Speed CCL

The supply cutoff of Middle East PPE resin has caused shockwaves in the industry chain. The Saudi Jubail Industrial Zone, which accounts for 70 percent of global high-purity PPE capacity, has suspended production, causing electronic-grade PPE prices to soar to 600,000 yuan per ton, an increase of 400 percent. As the core raw material for M8 and M9 high-speed copper-clad laminate, PPE resin directly determines PCB high-frequency performance. Overseas oligopolies monopolize the formula, and it is extremely difficult for domestic enterprises to break through. It has become the tightest material in the industry chain.

IV. M8 and M9 High-Speed Copper-Clad Laminate: Rigid Demand for High Frequency and High Speed

AI server 26 to 40 layer boards have rigid demand for M8 and M9 grade CCL, requiring low dielectric constant, Dk less than or equal to 3.7, and low loss, Df less than or equal to 0.001, suitable for 448 Gbps and above signal transmission. The Nvidia Rubin platform fully adopts M9. Delivery times are more than 6 months, and prices continue to rise. In China, only a few enterprises such as Shengyi Technology and Victory Giant Technology can mass-produce it, and capacity is far below demand.

V. High-End Glass Fiber Cloth: Low CTE Material in Short Supply

High-end glass fiber cloth such as T-glass and Q-glass is the core main material for high-speed PCB and ABF substrates due to low thermal expansion rate and low dielectric constant. Nearly 90 percent of global capacity is monopolized by Nittobo of Japan. The expansion cycle exceeds 2 years. The current shortage rate exceeds 50 percent, directly restricting the release of high-end PCB capacity. The industry expects the shortage to last for one year.

VI. Ultra-Thin Low-Profile Copper Foil: Rigid Demand for IC Substrates

Copper foil with 1.5 to 3 micrometers ultra-thin thickness and low roughness, Rz less than or equal to 0.4 micrometers, is a key material for IC substrates and mSAP processes. More than 95 percent of global capacity is concentrated in Mitsui Chemicals. Unit prices reach the hundred-yuan level, with significant high-profit attributes. Domestic companies such as Defu Technology and Tongguan Copper Foil have sent samples to Nvidia and achieved small-batch breakthroughs, but large-scale substitution still takes time.

VII. High-End Photosensitive Dry Film: Core of Precision Processes

The line width and spacing of AI boards have shrunk to below 2 mil, placing extremely high requirements on dry film resolution and adhesion. High-end dry film is monopolized by three overseas giants globally. Delivery times have been extended to 6 months, and prices have risen 25 percent. Domestic products have obvious gaps in resolution and chemical resistance and cannot meet the needs of high-end AI boards. Dependence on imports has become a capacity bottleneck.

VIII. Laser Drilling Equipment: Core Shackle for Expansion

High-end equipment such as laser drilling and LDI direct imaging lithography is the core of high-layer PCB and substrate production. Delivery cycles are 9 to 18 months, and the global market is monopolized by overseas manufacturers. Domestic equipment substitution has just started. It takes more than 1.5 years from procurement to production for a high-end production line. Equipment shortages directly prevent rapid capacity expansion and aggravate the supply and demand contradiction.

At present, the PCB industry has entered a period of structural differentiation with high-end scarcity and low-end overcapacity. The eight scarce segmented tracks, with high barriers, high gaps, and high value, have become core opportunities in the AI computing power era. In the short term, the supply and demand imbalance is difficult to reverse, and price increases and capacity tightness will continue. In the long term, domestic substitution is an inevitable trend. Domestic enterprises with technological breakthrough capabilities will usher in historic development opportunities.

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