Hong Kong Stock Concept Tracking | Nvidia Confirms a New Wave in the PCB Industry Using M9 Materials Is Coming (with Concept Stocks)

The Zhitong Finance App learned that according to relevant industry news, Nvidia has determined that the next-generation product Rubin will use M9 materials. In the Rubin series to be sold in the second half of next year, CPX and MidPlace PCBs will all use M9 CCL. Due to the extreme shortage of Q cloth (quartz cloth/third-generation cloth), Nvidia is evaluating whether the compute and swithc trays will also use M9, of which the withc tray evaluation will be determined at the end of November.

27 years of Rubin Ultra #确定使用正交背板代替铜缆，M9材料，3块26层板合成78层板。

The CPX, midplane, and orthogonal backplane market space alone is close to 100 billion dollars.

According to a research report, the Rubin CPX is a GPU released by Nvidia (NVDA.US) specially designed to handle ultra-long contextual AI inference tasks. It uses an innovative decoupled inference architecture. The Rubin CPX brought about major changes on the hardware side. Among them, in terms of connectors/PCBs, a wireless cable architecture was used, and a Paladin B2B connector was added to connect to the PCB midplane (mid plane) located in the middle of the chassis.

Rubin CPX brings significant innovation in PCBs, connectors, cooling and other architectures, and is expected to significantly increase its hardware market size. CICC expects the Nvidia AI PCB market to reach US$6.96 billion in 2027, an increase of 142% over 2026.

Huajin Securities released a research report saying that artificial intelligence AI has spawned new growth momentum in the PCB industry, and industry prosperity continues to rise.

According to Sullivan research data, in terms of sales revenue, the global PCB market grew from US$62 billion in 2020 to US$75 billion in 2024, with a compound annual growth rate of 4.9% between 2020 and 2024.

The value of a single PCB for AI servers is much higher than that of traditional servers, and the demand for high-performance PCBs will increase dramatically.

From a material perspective, materials with a low dielectric constant and low dielectric loss factor are most suitable. The performance of Q cloth is far superior to second-generation cloth, or disrupt the original raw material route of glass fiber cloth.

The agency strongly recommends M9 upstream and downstream and related PCB manufacturers.

Jiantao Laminate (01888): Jiantao Laminate achieved a turnover of HK$9.588 billion in the first half of this year, an increase of 11% over the previous year; net profit of HK$933 million, an increase of 28% over the previous year. Furthermore, due to the recent rise in the price of copper-clad plates, Jiantao, Weilibang, and Hongruixing surged 5-10 yuan/sheet on August 15. According to Open Source Securities, 2025H2's copper-clad plate prices have taken the lead in rising, and PCB demand is strong or supports price rigidity, and performance in the second half of the year is expected to benefit; with the acceleration of high-end CCL and material capacity layout in 2026, AI options are expected to enter the settlement period, driving the valuation center upward, and actual reporting contributions may be released centrally in 2027.

Jiantao Group (00148): Laying out the entire upstream raw materials and downstream PCB industry chain. The Group has vigorously built a copper-clad panel R&D center, equipped with high-precision equipment. The Group has successfully developed a variety of high-frequency high-speed products that can be applied to GPU motherboards in AI servers. Jiantao Group announced its interim results, with a turnover of about HK$21.608 billion, up 6% year on year; net profit of about HK$2,582 billion, up 71% year on year. Chairman Zhang Guorong of Jiantao Group said that the rapid development of AI and strong demand for emerging electronic products around the AI concept has led to an increase in demand for the Group's copper-clad panel products and printed circuit board products. He said that the group has plans to set up an AI circuit board production line in Kaiping, Guangdong. The investment scale is expected to reach about 800 million to 1 billion yuan. It also indicates that related orders are saturated and are expected to be full in the first half of next year, describing the situation as optimistic.