汇安基金单柏霖：算力基础设施扩展，有望带动光模块和PCB需求跃升

Core Insights - The recent surge in the Shanghai Composite Index coincides with the active performance of the optical module and PCB sectors, indicating a recovery signal in the semiconductor computing power and AI chip industries [1] - The demand for semiconductor computing power is expected to experience explosive growth, driven by the acceleration of AI chip localization in China, transitioning the semiconductor industry from "catching up" to "running alongside" [1][2] - By 2025, China's general computing power is projected to grow by 20%, while intelligent computing power is expected to increase by 43%, making China the second-largest market globally, following the United States [1] Semiconductor Industry Outlook - AI training and inference are increasingly demanding in terms of computing power, with global AI computing power demand expected to grow over tenfold by 2030 [2] - Despite a 9.8% year-on-year decline in semiconductor industry investment in the first half of 2025, this reflects a cyclical adjustment rather than a downturn, with policy support and AI infrastructure expansion driving growth [2] - The upcoming release of the DeepSeek-R2 model, designed for low-cost and high-performance, is anticipated to stimulate computing power demand and benefit upstream sectors like chip design and wafer foundry [2] AI Chip Market Growth - The Chinese AI chip market is expected to exceed 200 billion yuan by 2025, with a year-on-year growth of over 50% [2] - The localization rate of AI chips in China is projected to rise from below 20% to over 40%, despite ongoing US-China trade tensions [2] - The success of open-source AI models is expected to expand market size and drive the commercial transformation of edge AI applications [2] Investment Focus - The expansion of computing power infrastructure is likely to boost demand for optical modules and PCBs, which are essential for AI servers and data centers [3] - The current shift in AI computing from training to inference is expected to amplify economic growth in these sectors [3] - The Huian Growth Preferred Mixed Fund, managed by the company, is focusing on AI sectors, strategically investing in computing power, algorithms, and application assets [3] New Fund Launch - The Huian Growth Navigation Mixed Fund, led by the same manager, is set to launch from September 1 to September 19, with a broader investment scope that includes both A-shares and Hong Kong stocks [4] - This new fund aims to mitigate systemic risks from a single market and capture investment opportunities across the growth sector [4]