Goldman Sachs predicts: The average capital expenditure of ABF substrate manufacturers will see year-on-year growth of 33% and 36% in 2026 and 2027, respectively. Capital expenditure in the PCB/CCL industry will also increase. ABF Substrates: The market expects a supply shortage starting in the second half of 2026, which will likely last until at least 2028 . PCB/CCL: With strong demand prospects and relatively stable capacity growth, the supply-demand imbalance will support a new round of price hikes in the second half of 2026/2027. Target prices for all ABF substrate manufacturers have been raised by about 15%. Hold tight PCB, every dip recently has been a chance to add more.