SINOLINK SECURITIES(SH:600109) 智通财经网·2025-09-21 23:13Core Viewpoint - The report from Guojin Securities highlights optimism regarding the AI-PCB and computing hardware sectors, driven by strong demand for ASICs and the ongoing upgrades in Nvidia's technology, which are expected to lead to significant growth in performance and sales in the second half of the year [1][2][3]. Summary by Sections AI-PCB Industry - The AI-PCB industry is experiencing robust order growth, with many companies operating at full capacity and expanding production [3]. - The demand for AI copper-clad laminates is strong, and due to slow expansion overseas, leading domestic manufacturers are expected to benefit significantly [1][3]. - The strong demand for AI copper-clad laminates and PCBs is also driving the need for supporting equipment such as drilling machines and direct-write lithography equipment, as well as upstream materials like electronic cloth and copper foil [1]. Performance Expectations - Guojin Securities anticipates that the performance of the AI-PCB industry will continue to exceed expectations in the third quarter, driven by several factors including increased shipments of Nvidia's NVL72 racks and ASIC demand from Google and Amazon [2]. - The report predicts a significant increase in the value of PCBs carrying CPX, with new PCB demand from CX9 network cards and a notable rise in the value of VR NVL144 CPX PCBs [2]. - Nvidia is advancing the development of orthogonal backplanes, which could potentially double the value of PCBs per rack if implemented [2]. Apple Supply Chain - The iPhone 17 series has shown strong sales, and the performance of the Apple supply chain is expected to exceed expectations in the third and fourth quarters [3]. - The semiconductor wafer fabrication rate is continuously improving, and domestic substitution is likely to benefit semiconductor materials, maintaining high growth trends from previous quarters [3]. Semiconductor Sector - The semiconductor sector, including equipment, SOC chips, and materials, is expected to see continued positive performance [3]. - The report notes that the technology for ASIC chip PCBs is evolving from high-layer to HDI, with future advancements anticipated from M8 to M9, leading to sustained value increases [3]. Industry Indicators - The report indicates a positive outlook for various segments: consumer electronics (steady upward), PCB (accelerating upward), semiconductor chips (steady upward), semiconductor foundry/equipment/materials/components (steady upward), display (bottoming out), passive components (steady upward), and packaging/testing (steady upward) [4].