--- title: "PCB concept explodes! Avary Holding and Sytech hit the limit up, Hwabao WP CSI Electronic ETF (515260) rose nearly 2.8% during the session, attracting 12.67 million yuan in the past 3 days" type: "News" locale: "en" url: "https://longbridge.com/en/news/287311404.md" description: "Today, the electronics sector continued to rise, with Hwabao WP CSI Electronic ETF (515260) reaching an intraday increase of 2.79%, attracting 12.67 million yuan in the past three days. PCB leading stocks such as Avary Holding and Sytech hit the daily limit, while VGT rose over 10%. Brokerage research indicates that AI PCB is entering a high-end expansion cycle, with leading manufacturers' capital expenditure growth expected to exceed 100% in 2025-2026" datetime: "2026-05-22T05:31:33.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287311404.md) - [en](https://longbridge.com/en/news/287311404.md) - [zh-HK](https://longbridge.com/zh-HK/news/287311404.md) generator: "portal-rs" --- # PCB concept explodes! Avary Holding and Sytech hit the limit up, Hwabao WP CSI Electronic ETF (515260) rose nearly 2.8% during the session, attracting 12.67 million yuan in the past 3 days Today (May 22), the electronics sector continued its upward trend. The **Hwabao Electronic ETF (515260)**, which focuses on the core leaders of the electronics sector, continued to rise today after **reaching a historical high yesterday**, with an intraday increase of **up to 2.79%**, currently up 2.35%. **With the hot market, funds are actively entering the layout!** Data shows that this ETF **has attracted a total of 12.67 million yuan over the past three days**. In terms of constituent stocks, **PCB (Printed Circuit Board) leaders are significantly leading the gains**. Among the top 6 constituent stocks with the highest ETF gains, 5 are PCB leaders, with **Avary Holding and Sytech hitting the daily limit**, VGT rising over 10%, Shenzhen South Circuit and Huadian Co., Ltd. rising over 9%, and Dongshan Precision following suit. Figure: Top 10 constituent stocks of Hwabao Electronic ETF (515260) by gain The **logic of PCB** is continuously strengthening. Some brokerage research believes that the **value of the PCB for NVIDIA's next-generation Rubin Ultra's Kyber cabinet will further increase**. Rubin Ultra adopts a new Kyber rack architecture, with the total cabinet power consumption rising from 130kW to 600kW, and **the value of a single cabinet PCB will further double**, with incremental sources including the Compute Blade PCB using M9+Q fabric materials and the total cabinet-level orthogonal backplane replacing traditional copper cable cartridges. Guotai Junan Securities believes that **AI PCB is entering a high-end expansion cycle**, driven by the evolution of computing architecture and **the semiconductorization of processes.** Currently, industry capital expenditures are significantly expanding, with leading companies focusing on high-end processes such as mSAP, CoWoP, advanced HDI, and orthogonal backplanes. From 2025 to the first quarter of 2026, the capital expenditure growth rate of six leading manufacturers is generally over 100% year-on-year, with **VGT, Avary Holding, and Huadian Co., Ltd. expanding their scale by over 20 billion yuan.** The development trend reflects that PCB is evolving from a connector to the final packaging carrier for chips, with **technical barriers approaching semiconductor levels**, and the value of a single board increasing by 2-3 times. The core drivers are the NVIDIA Rubin series, North American CSP self-developed ASICs, and LPU, among other diverse computing power demands, combined with M9 materials, ultra-high-speed interconnects, and equipment precision upgrades, **forming a dual drive of "volume and price rise + capacity positioning," with the industry's concentration continuing to increase.** Guangfa Securities believes that mSAP is entering an HDI moment of expansion from mobile SLP to diverse scenarios such as optical modules, storage modules, and CoWoP. With its fine line capabilities and mass production economics, it accelerates the replacement of traditional subtractive methods to become the mainstream process for high-precision PCBs. Among them, the demand for 800G/1.6T optical modules, DDR5 server memory bars, and NVIDIA Vera CPU supporting modules has **exploded**, **significantly increasing the value and market space of single boards**. Domestic mainstream **PCB manufacturers** have accelerated capacity expansion, for example, **Avary Holding**'s SLP products are entering the high-end market of 800G/1.6T; **Sytech** is investing approximately 2 billion yuan in the construction of an AI computing HDI production base. Data shows that among the constituent stocks of the electronic ETF Hwabao (515260), **PCB concept stocks have shown impressive growth over the past year, with Dongshan Precision accumulating a rise of 624.70% in the past year**, while VGT and Shenzhen South Circuit have risen over 300%, and Sytech, Huadian Co., and Avary Holding have risen over 200%. Looking ahead, CITIC Securities is optimistic that **“price increases + AI + self-control”** is expected to become a strong main line throughout the year for the **electronic sector**. The **prosperity of the electronic industry is expected to continue**, with **AI still being the biggest driving force**, as overseas computing power and domestic computing power grow in resonance, and the expansion of advanced logic/storage is expected to accelerate. **Firmly optimistic about the overall future market of the electronic sector**. It is worth mentioning that the electronic ETF Hwabao (515260) index (Electronic 50 Index) has accumulated a rise of **45.19%** since the current round of market started on April 7, **outperforming** CS Electronics (42.55%) and other **similar electronic indices**, and also outperforming the Sci-Tech Innovation 50 (40.44%), ChiNext 50 (23.43%), and CSI 300 (7.71%) **major broad-based indices**. Data statistics period: 2026.4.7-2026.5.21. The Electronic 50 Index has had the following annual returns over the past five complete years: 2021, 3.27%; 2022, -38.63%; 2023, 1.03%; 2024, 27.45%; 2025, 43.49%. The composition of the index constituent stocks is adjusted in accordance with the index compilation rules, and its historical performance does not predict future performance of the index **【Embrace Technology Giants and Seize Development Opportunities】** **Electronic ETF Hwabao (515260) and its linked funds (Class A: 012550/Class C: 012551)** passively track the CSI Electronic 50 Index, heavily investing in the **semiconductor and consumer electronics** industries, gathering popular sectors such as **AI chips, automotive electronics, 5G, and printed circuit boards (PCB)**. The weighted stocks include Luxshare Precision, Cambricon, Industrial Fulian, and SMIC. At the same time, this ETF is a **margin trading + mutual connectivity** target, serving as an efficient tool for one-click allocation of **core assets in the electronic sector**. Risk Warning: The Electronic ETF Hwabao passively tracks the CSI Electronic 50 Index, which has a base date of December 31, 2008, and was published on July 22, 2009. The composition of the index constituents is adjusted in a timely manner according to the index compilation rules, and its historical performance does not predict future performance. The individual stocks and index constituents mentioned in this article are for display purposes only, and the descriptions of individual stocks do not constitute any form of investment advice, nor do they represent the holdings and trading trends of any funds managed by the manager. The fund manager assesses the risk level of the Electronic ETF as R3 - medium risk, suitable for balanced (C3) and above investors; suitability matching opinions should be based on the sales institution. Any information appearing in this article (including but not limited to individual stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any investment decisions made independently. Furthermore, any opinions, analyses, and forecasts in this article do not constitute any form of investment advice to the reader, nor does it bear any responsibility for direct or indirect losses caused by the use of this content. Fund investments carry risks, **the past performance of the fund does not represent its future performance, and the performance of other funds managed by the fund manager does not guarantee the performance of the fund; fund investments should be made with caution.** ### Related Stocks - [300476.CN](https://longbridge.com/en/quote/300476.CN.md) - [600183.CN](https://longbridge.com/en/quote/600183.CN.md) - [002938.CN](https://longbridge.com/en/quote/002938.CN.md) - [515260.CN](https://longbridge.com/en/quote/515260.CN.md) - [002916.CN](https://longbridge.com/en/quote/002916.CN.md) - [002463.CN](https://longbridge.com/en/quote/002463.CN.md) - [002384.CN](https://longbridge.com/en/quote/002384.CN.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [600109.CN](https://longbridge.com/en/quote/600109.CN.md) - [000776.CN](https://longbridge.com/en/quote/000776.CN.md) - [01776.HK](https://longbridge.com/en/quote/01776.HK.md) - [688183.CN](https://longbridge.com/en/quote/688183.CN.md) - [600030.CN](https://longbridge.com/en/quote/600030.CN.md) - [06030.HK](https://longbridge.com/en/quote/06030.HK.md) - [000688.CN](https://longbridge.com/en/quote/000688.CN.md) - [399673.CN](https://longbridge.com/en/quote/399673.CN.md) - [000300.CN](https://longbridge.com/en/quote/000300.CN.md) - [002475.CN](https://longbridge.com/en/quote/002475.CN.md) - [688256.CN](https://longbridge.com/en/quote/688256.CN.md) - [601138.CN](https://longbridge.com/en/quote/601138.CN.md) - [688981.CN](https://longbridge.com/en/quote/688981.CN.md) - [00981.HK](https://longbridge.com/en/quote/00981.HK.md) - [NVD.DE](https://longbridge.com/en/quote/NVD.DE.md) - [HSMD.SG](https://longbridge.com/en/quote/HSMD.SG.md) ## Related News & Research - [Unrelenting AI demand spawns new plant for PCB maker Victory Giant](https://longbridge.com/en/news/295101385.md) - [Victory Giant Technology Refutes Market Rumours as AI PCB Demand Stays Strong](https://longbridge.com/en/news/292566573.md) - [Gold Circuit Electronics: 2026 saw record revenue and profit growth, fueled by server-focused PCB technology](https://longbridge.com/en/news/296329436.md) - [09:15 ETSEC's Proposed E-Delivery Rule Signals a New Era in Customer Communications](https://longbridge.com/en/news/296361991.md) - [The push for AI watermarks is spawning a new wave of tools to remove them](https://longbridge.com/en/news/296262434.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**