Zhong Guo Neng Yuan Wang·2025-08-20 01:47Core Viewpoint - Continued recommendation for AI computing power chain, domestic multi-phase controllers, and accelerated OCS industry progress [2] Market Performance - Shanghai Composite Index rose by 1.70%, electronic sector increased by 7.02%, with components up by 9.88% and optical optoelectronics up by 2.36% [2] - Concurrently, Hang Seng Tech, Philadelphia Semiconductor, and Taiwan Information Technology indices rose by 1.52%, 1.32%, and 0.72% respectively [2] AI Computing Power Chain - Recent strong growth in North American computing power has driven sentiment, particularly benefiting the switch and server industry chain due to changes in network architecture under the ASIC trend [2] - Supply chains have recently revised up the 2026 shipment expectations for NVIDIA's GB series products, indicating increasing profit elasticity in the server assembly segment [2] - TSMC expects sustained strong AI demand and a moderate recovery in non-AI demand, raising annual revenue growth expectations from around 25% to 30% [2] Semiconductor Industry Outlook - Domestic semiconductor manufacturers such as SMIC and Hua Hong are approaching saturation in Q2 2025, with optimistic order demand outlooks supporting continued high prosperity in the semiconductor sector [2] - Recommendations include companies like Industrial Fulian, Sai Microelectronics, Jiewa Technology, Hua Hong Semiconductor, and others [2] Price Increases in PCB Industry - Jintao announced a price increase for copper-clad laminates due to high raw material costs, which is expected to enhance revenue and profitability for related companies [3] - Companies like Shengyi Technology and Nanya New Materials saw stock price surges following the price increase announcement [3] AI Server Market Growth - TrendForce reports that NVIDIA's Blackwell GPU is expected to account for over 80% of high-end GPU shipments this year, with significant growth in AI server revenue anticipated [4] - Recommendations include companies such as Industrial Fulian, Huqian Technology, and others [4] Domestic Storage Market Recovery - SanDisk reported a 12% quarter-over-quarter revenue increase in Q4 FY2025, with a notable recovery in the storage market and improved competition dynamics [4] - Recommendations for domestic storage manufacturers include companies like Demingli, Jiangbolong, and others [4] Domestic Computing Power Platforms - Concerns over potential backdoors in NVIDIA's H20 have increased the importance of developing domestic computing power chips [5] - Recommendations for domestic computing power supply chains include companies like Cambrian, Aojie Technology, and others [5] Mobile Panel Market - The mobile panel market is expected to maintain high operating rates in Q3 2025, driven by traditional peak season demand [5] - Recommendations include companies like BOE and others [5]