A research report indicates that the AI wave continues to advance with computing power construction in full swing. As inference demand explodes, AI server and high-speed switch shipments are expected to maintain growth, driving robust demand for AI PCBs. The high multi-layer board and HDI market demand is growing at relatively faster rates. Meanwhile, emerging fields such as robotics and automotive electronics are accelerating development, which is expected to simultaneously drive PCB demand. Focus is recommended on high-quality leading companies in the domestic PCB industry.

**Core Findings**

China's PCB industry export scale continued month-over-month growth in July 2025, with July exports reaching a new monthly high since 2024. Benefiting from the accelerated construction of the AI computing power industry chain, the printed circuit board industry continues to maintain high prosperity development momentum. China's PCB exports in July 2025 reached 17.103 billion yuan, up 10% month-over-month and 34% year-over-year, once again setting a new monthly high since 2024. Looking ahead, with continued AI computing power construction and rapid development of emerging fields such as robotics and automotive electronics, PCB demand is expected to maintain high prosperity.

**Multi-layer Board Exports Above Four Layers Maintain High Growth Rate in July, Average Export Value Per Unit Increased**

In July 2025, PCB exports of four layers and below reached 6.422 billion yuan, up 6% month-over-month and 10% year-over-year, indicating some recovery in low-layer board export momentum. In the same month, PCB exports above four layers reached 10.681 billion yuan, up 12% month-over-month and significantly up 54% year-over-year, showing strong growth momentum for multi-layer board shipments.

From the perspective of average export value per unit, China's average export value per unit for PCBs above four layers in July 2025 was 20.40 yuan, up 29% year-over-year and 7% month-over-month, continuing the month-over-month growth trend. In the same month, China's average export value per unit for PCBs of four layers and below was 1.30 yuan, down 19% year-over-year but up 26% month-over-month, indicating some recovery in the average export value per unit for low-layer boards.

**Strong Export Growth to Asian Trading Partners in July**

In July 2025, China's top PCB industry export destinations by value were Hong Kong, Vietnam, Taiwan, Thailand, South Korea, Malaysia, Mexico, the United States, India, Germany, and Japan. The top five are all located in Asia, accounting for 72.27% of total export value. Among these, trading partners with higher export value growth rates include Taiwan, Vietnam, and Thailand.

Looking at different layer categories: For four layers and below, Hong Kong ranked first in China's export value in July 2025 with 2.429 billion yuan, up 1.3% year-over-year, significantly higher than other trading partners. Additionally, Vietnam showed rapid growth in four-layer and below PCB exports, ranking second in export value with 936 million yuan, up 50.53% year-over-year.

For above four layers, trading partners with significant export growth in July 2025 included Vietnam, Thailand, and Taiwan. Exports to Taiwan reached 2.261 billion yuan, up 202.38% year-over-year; exports to Vietnam reached 2.154 billion yuan, up 97.49% year-over-year; exports to Thailand reached 718 million yuan, up 119.25% year-over-year.

**Risk Factors:** Escalation of US-China technology friction; computing power demand growth falling short of expectations; AI application development falling short of expectations; technology upgrade pace falling short of expectations; intensified market competition.