Zhi Tong Cai Jing·2025-08-26 01:25Core Viewpoint - The report from CITIC Securities indicates a sustained industry boom driven by AI, with both domestic and overseas computing power experiencing growth. The semiconductor equipment chain, domestic computing power chain, consumer electronics recovery, and overseas computing power chain are highlighted as key investment themes. Group 1: Domestic Computing Power - The domestic computing power industry is experiencing a favorable supply-demand dynamic, with significant opportunities for growth. The U.S. restrictions on AI chip exports to China have created a "high demand, low supply" market condition, prompting policy support for domestic computing power infrastructure development [2] - The DeepSeek-V3.1 model's adaptation for next-generation domestic chips signifies a shift from reactive to proactive strategies in the domestic computing power sector, marking a critical breakthrough period [2] - The next 1-2 years are seen as crucial for reshaping the competitive landscape of domestic AI chips, with expectations for increased collaboration with domestic clients to enhance computing efficiency and cost-effectiveness [2] Group 2: Semiconductor Equipment - There is a continued demand for advanced semiconductor equipment in China, with expectations for rapid recovery in the second half of the year and into next year. The expansion of storage wafer fabs is anticipated to exceed market expectations, boosting sector sentiment [3] - By 2026, major storage manufacturers are expected to accelerate order fulfillment, leading to increased capital expenditure and a rise in domestic production rates [3] - The logic wafer fabs are projected to see a gradual increase in advanced logic orders, with a significant breakthrough expected by 2026, further benefiting domestic semiconductor equipment companies [3] Group 3: Consumer Electronics - The second half of the year is expected to see a surge in new product launches, particularly in the smart imaging device market, which remains a significant growth area [4] - Concerns regarding tariffs and slow AI progress affecting the Apple supply chain have been reflected in stock prices, with new product launches anticipated in September [4] - The market for AI/AR glasses is projected to grow significantly, with expected shipments of 10 million units for AI glasses and 1 million units for AR glasses by 2026/2027 [4] Group 4: Overseas Computing Power - There is a continued increase in capital expenditure for overseas cloud computing, with a positive outlook for computing infrastructure. The PCB sector is particularly recommended for investment [5] - North American internet companies are significantly increasing their capital expenditures, with a notable rise in AI-related investments, indicating a positive feedback loop between AI investment and revenue generation [5] - The demand for AI infrastructure is expected to grow as AI applications become more prevalent, with major tech companies accelerating investments to enhance AI service monetization [5]