CITIC Securities: Domestic ABF Substrates Poised for Takeoff Amid PCB Substrate Upgrade Trend

36Kr reports that a CITIC Securities research note states that, as one of the PCB segments most consistently benefiting from AI growth logic, ABF packaging substrates stand to gain significantly from the upgrade trend toward PCB substrate integration. The firm expects rapid expansion in market size and profitability. CITIC Securities projects that industry capacity shortages may persist in the short term, driving sustained price increases. Analyzing the sector from both domestic substrate manufacturer and customer perspectives, the research concludes that current conditions mark a critical turning point for full-scale production of domestic ABF substrates, expressing strong confidence in the future earnings elasticity of domestic manufacturers' ABF substrate businesses.