AI投资的新范式 | 投研报告

Core Insights - The report from Minsheng Securities outlines the mid-term investment strategy for the electronics industry, emphasizing the growth of AI-driven applications and the increasing demand for computing power, particularly in the context of Nvidia's strong performance and the rise of self-developed ASICs by CSPs [1][2]. Group 1: Overseas Computing Power - Recent highs in US AI hardware and software stocks are driven by Nvidia's better-than-expected earnings, with long-term growth fueled by AI applications enhancing internet capabilities and increasing inference demand [2]. - The demand for computing power is expected to grow significantly, leading to accelerated product iterations from Nvidia and faster growth for CSP's self-developed ASICs [2]. - Upgrades in computing power rely on two main routes: speed improvements through PCB upgrades and the evolution from traditional optical modules to CPO, and power enhancements via HVDC and supercapacitors [2]. Group 2: Domestic Computing Power - Domestic models like Doubao and DeepSeek are advancing in multi-modal and lightweight capabilities, accelerating the development of domestic large models [3]. - Domestic cloud computing firms are increasing investments in computing power reserves and model optimization, with capital expenditures entering a new expansion cycle [3]. - The domestic computing infrastructure is currently insufficient to meet rapidly growing demand, leading to a rise in computing power leasing as a solution [3]. Group 3: AI Terminals - The smartphone AI functionality is still under development, but there are structural innovations in hardware such as optics, foldable screens, and fingerprint recognition [4]. - The smart glasses market is gaining traction, with sales increasing, and the success of Meta & Rayban AI glasses demonstrates the potential for AI glasses to replace traditional eyewear [5]. - The transition from AI to AR is expected to enhance user experience, with optical display modules becoming a significant component in AR glasses [5]. Group 4: Investment Recommendations - Key areas to focus on include servers (Industrial Fulian, Huqin Technology), computing chips (Chipone, Cambricon, Haiguang Information), PCBs (Huidian Technology, Shenghong Technology), and power & thermal control (Heavenly Electric, Zhongheng Electric) [6]. - Other notable mentions include brands and OEMs (Xiaomi Group, Yingshi Innovation), SOCs (Lexin Technology), and storage (Zhaoyi Innovation) [6].