Driven by Oracle's massive AI computing partnership agreement and subsequent stock surge, AI computing infrastructure-related sectors in Thursday's A-share market experienced a collective breakout. PCB, CPO, liquid cooling, HBM, high-speed copper cables, AI servers, AI chips, and IDC power supply sectors nearly dominated the gainers list. Major capital continues to cluster around AI computing infrastructure themes.

Thursday's most spectacular performer was undoubtedly the PCB sector, which holds a crucial position in the AI computing infrastructure chain. Nearly 30 PCB concept stocks including Kingboard Laminates Holdings (603228), Dongcai Technology (601208), Dongshan Precision (002384), Jiangnan New Materials (603124), Fastprint Circuit Tech (002436), Founder Technology (600601), Yidong Electronics (301123), Honghao Technology (603256), Sihui Fushi (300852), Dingtai High-Tech (301377), Shengyi Technology (600183), Chongda Technology (002815), Aohong Electronics (605058), Shenzhen Nan Circuit (002916), Pengding Holdings (002938), Jinan Guoji (002636), Shanghai Electric (002463), Goldensky (300252), Zhongjing Electronics (002759), Pingan Electronics (001359), Han's CNC (301200), Shenghong Technology (300476), Zhongfu Circuit (300814), Shengyi Electronics (688183), Tongguan Copper Foil (301217), Xinbase Micro Equipment (688630), Tongyu New Materials (301630), Sitec (301568), and Tiancheng Technology (688603) hit daily limits or gained over 10%.

The Electronic ETF (515260), closely correlated with PCB sector performance, surged over 8% on Thursday, demonstrating that PCB concepts remain a major market hotspot with significant catch-up potential ahead.

Oracle's second-quarter results exceeded expectations, showing total revenue growth of 7.77% year-over-year to $14.059 billion. Cloud Infrastructure (OCI) business revenue surged 77% year-over-year, while unfulfilled performance obligations reached $455 billion, up 359% year-over-year, driving the stock up 35.95%. Oracle management emphasized that the AI inference market is significantly larger than the AI training market, with inference computing power being rapidly consumed.

This positive development quickly transmitted to domestic markets, triggering a collective surge in AI computing infrastructure-related sectors. Major funds continue clustering around AI computing infrastructure investments.

Since late July, AI computing infrastructure sectors have experienced tremendous momentum. Massive AI server demand has driven PCB companies toward upgrades, focusing on high-end multi-layer boards and advanced copper foil processes. The investment logic for AI computing infrastructure remains solid, particularly in PCB subsectors where demand is directly driven by computing power and AI server procurement, extending beyond short-term speculation.

PCB (Printed Circuit Board) serves as the "backbone" and "nerve center" of all electronic devices - the green or black circuit boards visible in phones, computers, and routers. Its core function involves physically securing and electrically connecting chips, resistors, capacitors, and interfaces through preset copper foil circuits, enabling stable current and signal transmission while preventing short circuits and interference.

Key PCB characteristics include high-density integration supporting component miniaturization, signal integrity preservation for stable high-frequency transmission, and reliability under various environmental conditions. Optical modules, which convert between optical and electrical signals in fiber optic communications, rely heavily on PCB as their core substrate.

Without quality PCBs, optical modules cannot function; without optical modules, AI computing clusters cannot interconnect for efficient data transmission. Even with powerful computing capabilities, AI systems would be limited by data transmission bottlenecks.

As AI evolves toward larger models and stronger computing power, data transmission speed requirements continue rising, driving PCB technology upgrades including advanced materials, higher circuit density, and improved heat dissipation.

Research indicates AI computing power demands for high-end PCBs are creating supply shortages. As AI expands toward inference applications, ASIC chip growth is expected to drive high-end PCB demand in 2026, with supply-demand ratios remaining tight at 80-103%.

Current electronic downstream demand shows recovery trends, supported by innovations in AI and high-speed communications, driving overall PCB demand growth. As AI hardware performance iterates, PCB products will upgrade toward higher specifications, with domestic manufacturers leveraging technical capabilities to increase market share in high-end segments.

This AI-driven technology innovation cycle is expected to persist longer with broader market demand. Domestic PCB industry continues upgrading mid-to-high-end capacity while expanding overseas production, supporting sustained performance growth.

Among potential catch-up opportunities, companies like Xinghua deserve attention. Xinghua issued an asset restructuring financial advisory tender notice, with controlling shareholder Shaanxi Yanchang Petroleum Group's subsidiary Shaanxi Huate New Materials showing injection expectations.

Shaanxi Huate New Materials is a national high-tech enterprise and the only large-scale glass fiber producer in Northwest China, with specialized production lines for alkali-free, high-silica oxygen, wet-laid nonwoven, precious metal processing, surface coating, and fiberglass composite materials. Annual capacity includes 2,500 tons of glass fiber yarn, 25 million square meters of glass fiber cloth, 50 million square meters of wet-laid nonwoven, and 2,000 tons of fiberglass composites.

The company holds 25 special glass fiber production patents and proprietary technologies, with wet-laid nonwoven and alkali-free glass fiber cloth products recognized as Shaanxi Province famous brands. Huate's E-glass fiber paper represents core material for PCB copper-clad laminates (CCL).

In August 2024, Shaanxi Huate reached cooperation intentions with leading CCL manufacturer Shengyi Technology for PCB nonwoven product development. With 25 million square meters of electronic cloth capacity, this positions favorably compared to industry peers.

The asset restructuring tender aims to provide professional support including due diligence, risk assessment, legal-financial analysis, and documentation preparation, indicating active restructuring planning amid current operational challenges.