AI PCB扩产拉动上游设备需求，北美大厂Capex上调有望提振液冷放量

Market Overview - The Shanghai Composite Index closed at 3559.95 points with a weekly decline of -0.94% [2] - The Shenzhen Component Index closed at 10991.32 points with a weekly decline of -1.58% [2] - The ChiNext Index closed at 2322.63 points with a weekly decline of -0.74% [2] - The CSI 300 Index closed at 4054.93 points with a weekly decline of -1.75% [2] - The CSI Artificial Intelligence Index closed at 1499.32 points with a weekly increase of +1.36%, outperforming the broader market [2] Technology Industry Insights - The trend of high-end PCB market development is becoming more evident, with an increasing proportion of multilayer boards [3] - PCB equipment manufacturers are enhancing manufacturing technology, leading to accelerated technological iterations and high-end upgrades in PCBs [3] - The PCB market in Asia (excluding China and Japan) is expected to grow at a compound annual growth rate (CAGR) of approximately 7.1% from 2024 to 2029, surpassing the global average CAGR of 5.2% [3] - Major North American internet companies like Google, Meta, Microsoft, Amazon, and Oracle are experiencing rapid growth in AI and cloud services, with total capital expenditures reaching $95.8 billion in Q2 2025, a year-on-year increase of 64% [3] Investment Recommendations - PCB sector: Opportunities for low-cost entry due to increased AI server shipments. Recommended companies include Shenghong Technology, Huitian Technology, Jingwang Electronics, and Shengyi Technology [5] - PCB equipment: Benefiting from the growth in high-end PCB demand. Recommended companies include Chipbond Technology, Dazhong CNC, Dongwei Technology, and Rilun Technology [5] - Self-controllable semiconductor ASIC chips and equipment benefiting from trade barriers. Recommended companies include Chipone Technology, Aojie Technology, and North Huachuang [5] - New AI consumption scenarios driven by DeepSeek and domestic computing power chain applications. Recommended companies include Tailin Microelectronics and Sitwei Technology [6] - AIDC sector benefiting from major manufacturers' capital expenditures. Recommended companies include Feilong Co. and Weichai Heavy Machinery [7] - ODM sector benefiting from domestic AI and Xiaomi's industrial chain. Recommended companies include Huaqin Technology and Longqi Technology [7]