Major Chinese PCB manufacturers ramp up large-scale capital investment across 2026, targeting AI server boards, HDI and IC substrates. Leading players including Avary Holding, WUS Printed Circuit and Shennan Circuits launch multi-billion-yuan projects, while low-end PCB capacity continues to phase out.

The industry faces a structural paradox: high-end boards remain tight in short-term supply, yet most new high-value capacity will enter mass production between 2027 and 2028. Analysts warn that concentrated capacity release may trigger oversupply and price competition if AI infrastructure demand growth slows.

Orders are increasingly concentrated among top-tier manufacturers, widening the gap between large firms and small PCB shops. The market evolves into a winner-takes-all landscape, with smaller fabricators struggling to secure high-spec customer qualifications and stable gross margins.