Gavekal Technologies

China accounts for nearly 60% of the global production value of printed circuit boards, foundational components in numerous defense and civil applications. AI is driving the demand for advanced PCBs and tightening the supply of various critical upstream materials.These trends could accelerate industry consolidation and strengthen China’s leading players, at a time when foreign governments are seeking to reduce dependence on Chinese PCBs.

China is the world’s biggest builder of nuclear power plants, but unlike in other energy sectors it has not become a significant exporter of reactors. While Chinese nuclear firms have figured out how to make reactors relatively cheaply, the complexity and safety needs of nuclear projects mean they will never be able to gobble up world markets through ultralow prices, as Chinese solar, EV and battery firms have done. But over the next decade it is likely China will become an important nuclear exporter.