The disclosure of third-quarter 2026 earnings reports has now concluded, and the PCB industry is showing pronounced divergence in prosperity across different segments. Choice data shows that among 213 companies in the PCB sector, 145 have reported improving performance: 126 posted year-on-year growth in net profit attributable to parent company shareholders, 12 turned losses into profits, and 7 narrowed their losses. Another 68 remain under performance pressure, pointing to a markedly structural market. He Jiyong, deputy secretary-general of the Heilongjiang Provincial Securities Economics Research Association and director of the Yanji Space Intelligent People's Livelihood Research Center, noted that unlike the flat recovery seen in the PCB segment serving consumer electronics and traditional industrial equipment, demand for high-end PCBs used in AI servers and high-speed switches has continued to be released since the start of this year, driving profit growth for related enterprises and pushing the industry into a structural market phase. Listed companies across the supply chain are steering clear of cutthroat competition in low-end capacity and actively building out PCB capacity in the high-end computing power segment.