China's 15th Five-Year Plan for Electronics Manufacturing Targets PCB and Advanced Substrate Technology

On September 15, 2026, the Ministry of Industry and Information Technology and the National Development and Reform Commission issued the 15th Five-Year Plan for the Development of the Electronic Information Manufacturing Industry. The plan calls for advancing integrated circuit development across the entire chain and promoting the high-end development of electronic components and electronic materials. Targeting demand in key fields including artificial intelligence, next-generation information and communication, aerospace, and next-generation smart terminals, it seeks to accelerate the development of a group of mature, reliable and widely applicable industrial foundation "shelf products." The plan sets out nine special columns, including "High-End Leap in Electronic Components and Electronic Materials," "R&D of Key Photonic Technologies and Products," and "Innovation in Key Consumer Electronics Products," defining directions across the entire electronic information manufacturing chain, from underlying foundational components to complete terminals and emerging tracks such as artificial intelligence and energy electronics. Printed circuit boards, known as the "mother of electronic products," are frequently mentioned in the plan's related upgrading measures.

The plan emphasizes the development of high-frequency, high-speed, low-loss optoelectronic connectors; ultra-high-speed, ultra-low-loss optical fiber and cable; high-frequency, high-speed, high-layer-count, high-density printed circuit boards; and integrated circuit substrates. On upstream materials, the plan proposes developing high-frequency, high-speed copper-clad laminate materials, low-profile copper foil, high-performance communication radio-frequency substrate packaging substrates, high-reliability alloy solder paste and other solders, high-performance chip bonding films, conductive adhesives and other bonding materials, high-performance electronic yarn and cloth, and high-thermal-conductivity materials. On equipment, the plan proposes focusing production equipment R&D on large-size substrates, three-dimensional integration, heterogeneous integration and miniaturization to drive breakthroughs in key components, and strengthening breakthroughs in electron beam lithography, laser direct writing, nanoimprint lithography, laser drilling, atomic layer etching, plasma-enhanced chemical vapor deposition, atomic layer deposition, precision electroplating and vertical evaporation equipment.

On applications, the plan states that for personal computers, China will break through high-performance chips, develop motherboard architecture design and high-density printed circuit board integration technology, strengthen the application of flexible displays and advanced packaging, and accelerate product form innovation. For wearable devices, the plan proposes breakthroughs in low-power processors, precision sensors, flexible electronic devices and substrate-like printed circuit boards, the development of lightweight operating systems, and a richer supply of watches, bands, rings and other product forms. The plan clearly defines the direction of technological evolution for the innovation and upgrading of key consumer electronics products, with high-density printed circuit board integration and advanced substrate technology listed as priority breakthrough areas.

On September 15, 2026, Hong Kong-listed printed circuit board-related shares strengthened. Guangdong Guanghe Technology rose 7.41%, Kingboard Holdings rose 7.04%, Hefei Chipmore Technology rose 6.44% and Victory Giant Technology rose 5.90%. Amid surging demand from the artificial intelligence industry, prices of upstream printed circuit board materials have continued to rise, and the increases have begun to pass through to some printed circuit board categories. Since May 2026, some small and medium-sized printed circuit board manufacturers have raised prices monthly, completing four to five rounds of increases. In the third quarter of 2026, the net profit margin of most small and medium-sized printed circuit board manufacturers has recovered to above 10%. Delivery lead times for core equipment such as laser direct imaging and ultrafast laser drilling machines have lengthened to more than 24 months. The comprehensive gross profit margin of traditional non-AI printed circuit board manufacturers has recovered from 16% to 17% to above 20%.