HANS CNC (03200) rose more than 5% during the session. At the time of writing, the stock was up 4.62% to HK$136, with a turnover of HK$22.9125 million. A research report from Citi indicated that a wave of capacity expansion among Chinese PCB manufacturers is poised to begin. In 2025, only Shengying Technology is expanding capacity among Chinese PCB manufacturers. Other PCB companies announcing capacity expansions in July-August 2025 are expected to commence their expansion plans in September-October 2026. Besides Shengying Technology, companies including Jingwang Electronics, Pengding Holdings, Shengyi Electronics, Dongshan Precision, Founder Technology, and Guanghe Technology have all announced capacity expansions for 2025. Based on this, management anticipates that the proportion of revenue from HANS CNC's AI business will increase from approximately 30% in 2025 to about 60% in 2026, with Shengying Technology contributing 20% and other manufacturers contributing 40%. Citi noted that HANS CNC has already delivered multiple ultra-high-speed drilling machines to IC substrate manufacturers such as AT&S and AKM Meadville. Currently, ultra-high-speed equipment is only used for producing mSAP process products for 1.6T optical modules. Management believes that the adoption of ultra-high-speed technology by AI PCB manufacturers depends on whether Nvidia adopts M9 copper-clad laminate + Q-glass material, which they view as merely a matter of time. Shenwan Hongyuan pointed out that the company has established a comprehensive product portfolio covering various segments of the PCB market, including multi-layer boards, HDI boards, IC substrate boards, flexible boards, and rigid-flex boards, enabling it to provide differentiated, one-stop process solutions for customers across different PCB segments.