重点关注三季度业绩有望超预期方向

Core Viewpoint - The report from Guojin Securities highlights optimism towards the AI-PCB and computing hardware sectors, driven by surging downstream inference demand and strong growth in ASIC demand, with Nvidia's technology upgrades contributing to rising PCB prices and volumes [1][2][3] Group 1: Industry Outlook - The AI-PCB industry is expected to continue outperforming expectations in Q3, driven by increased shipments of Nvidia's NVL72 racks and eight-card servers, alongside strong ASIC demand from Google and Amazon [2] - AI-PCB manufacturers are actively expanding production, with new capacity set to be released in Q3, coinciding with a seasonal demand peak for traditional PCBs [2][4] - The demand for AI copper-clad laminates is robust, with domestic manufacturers likely to benefit due to slow overseas expansion [1][3] Group 2: Market Dynamics - The value of PCBs carrying CPX is anticipated to increase, particularly with the addition of CX9 network card PCB demand and significant value growth for VR NVL144CPX PCBs [2] - Nvidia is advancing the development of orthogonal backplanes, which could potentially double the value of single-rack PCBs if M9+Q fabric is adopted [2] - The technology for ASIC chip PCBs is evolving from high-layer to HDI, with future advancements expected to further enhance value [2][3] Group 3: Related Sectors - The semiconductor wafer fabrication rate is continuously improving, and domestic substitution is expected to positively impact semiconductor materials, sustaining high growth trends from previous quarters [2] - Rising prices for memory chips are likely to drive some companies' performance beyond expectations [2] - The report also suggests monitoring sub-sectors such as semiconductor equipment and SOC chips for potential investment opportunities [2]