On Friday, August 7, the electronics sector saw a net capital inflow of over 30.8 billion yuan, ranking first among all 31 Shenwan primary industries. Representing the sector's core leaders, the Huabao Electronic ETF (515260) surged as much as 3.94% intraday, closing up 3.36%, reclaiming the 20-day moving average and securing a fourth consecutive daily gain.
Among its constituent stocks, PCB (Printed Circuit Board) leaders significantly outperformed. In the ETF's top 10 gainers, PCB stocks occupied seven spots. Shengyi Technology and Jingwang Electronics hit their daily price limits, Victory Giant Technology jumped over 12%, and Shengyi Electronics, SCC, and Wus Printed Circuit followed with substantial gains. Memory chip stocks also performed well, with GigaDevice climbing over 8%, and Longsys and Biwin Storage rising more than 5%.
Why the PCB Surge? Driven by Goldman Sachs Research and NVIDIA's Rubin Volume Shipments
On August 6, Goldman Sachs significantly raised its PCB market size forecast in a newly released report. The bank projects the global AI server PCB market will reach $37.5 billion by 2027, a 38% increase from its previous estimate, and further expand to $84 billion by 2028. Additionally, NVIDIA's Rubin AI server has reached the starting point for mass shipment, with initial racks already deployed at data centers of OpenAI and Google. It is estimated that by the end of December, total shipments for the full year 2026 will reach 8,000 complete racks, reflecting accelerated AI infrastructure construction driving PCB demand recovery.
Industry insiders pointed out that the most important signal from Goldman Sachs' report is the redefinition of the value anchor for AI hardware. The value center of the AI supply chain is shifting from "computing chips" to "interconnection infrastructure." When the PCB value per single AI rack reaches tens of thousands of dollars, PCB is no longer a supporting role, but a critical hardware determining AI cluster performance.
CITIC Securities noted that the global PCB industry is entering a new upward cycle, driven by AI. With increasing demand for orthogonal backplanes and upgrades to CoWoS packaging technology, PCB will become more akin to semiconductors, with its value steadily rising. Cloud manufacturers like Amazon, Meta, and Google have weaker self-developed chip design capabilities compared to NVIDIA, leading to higher requirements for materials like PCB, which offers greater value elasticity.
On the other hand, the question of whether the memory chip price rally can sustain is drawing continuous market attention. Guosheng Securities expects the memory upcycle to last until 2027, driven by persistent supply shortages. Massive demand from large model training and inference, coupled with factory construction and equipment procurement constraints, means new capacity releases take about two years. This supply-demand gap will support memory prices and scale reaching new highs.
Price Hikes, AI, and Self-Sufficiency May Dominate the Electronics Sector All Year
Gathering core leaders of the electronics sector, the Huabao Electronic ETF (515260) and its linked funds (Class A: 012550, Class C: 012551) passively track the CSI Electronics 50 Index. The ETF focuses on the semiconductor, components, and consumer electronics industries, covering popular concepts like PCB (e.g., DSBJ), memory chips (e.g., Longsys), semiconductor equipment (e.g., ACM Research), advanced packaging (e.g., JCET), glass substrates (e.g., BOE Technology), semiconductor silicon wafers (e.g., NSIG), and MLCC (e.g., Fenghua Advanced Technology). It is deeply tied to global tech leaders, with constituent stocks integrated into the supply chains of Apple, NVIDIA, and Google.
Source: Shenzhen and Shanghai Stock Exchanges, etc., as of August 7, 2026. Institutional views referenced from Goldman Sachs' August 6 report, "Goldman Sachs: Significantly Raising AI Server PCB and CCL Market Space Forecasts"; CITIC Securities' July 7 report, "PCB Industry: AI PCB Demand Release and High-End Upgrade Trends Clear, Opening New Space for Equipment and Consumables"; Guosheng Securities' June 14 report, "Electronic Industry Research: Strong AI Demand, Memory Price Rise Trend Likely to Continue."
ETF Fee Notes: The ETF does not charge sales service fees. Subscription and redemption agents may charge a commission of up to 0.5%, including relevant fees charged by stock exchanges, registrars, and other institutions. On-exchange trading fees are subject to actual charges by securities companies.
Risk Disclaimer: The Huabao Electronic ETF passively tracks the CSI Electronics 50 Index, which had a base date of December 31, 2008, and was launched on July 22, 2009. Index constituent stocks are adjusted according to index compilation rules. Historical backtested performance does not indicate future index performance. Stocks and index constituents mentioned in this article are for display purposes only and do not constitute any form of investment advice, nor do they represent the holdings or trading activities of any fund under the management company. The fund manager assesses the risk level of the Huabao Electronic ETF as R3-Medium Risk, suitable for balanced (C3) and above investors. Please refer to the sales organization for suitability matching opinions. Any information in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, and any form of expression) is for reference only. Investors must be responsible for their own investment decisions. Additionally, any views, analyses, or forecasts in this article do not constitute investment advice of any form to readers, and the author is not liable for any direct or indirect losses arising from the use of this content. Fund investment carries risks. Past performance of a fund does not guarantee future results. The performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. Fund investment should be made with caution. MACD golden cross signal has formed; these stocks are showing strong upward momentum.
Comments