AI算力行情爆发：核心驱动因素与长期价值细分领域

Core Insights - The core factor driving the AI computing power market this year is the acceleration of AI development globally, supported by previous technological accumulation and a recent alleviation of computing power shortages, particularly with the ramp-up of NVIDIA's Blackwell cards [1][2] - The performance of AI models is rapidly improving, with significant updates from major companies like Google and domestic internet firms, leading to a decrease in costs and an increase in performance [1] - A-share computing power chain companies have shown remarkable growth in performance, especially in Q2, with some core optical module and PCB companies experiencing year-on-year growth rates of over 30% to 100% [1][2] Industry Analysis - The rapid growth in performance is primarily due to the acceleration of underlying computing chip production, with NVIDIA's Blackwell chip overcoming previous production challenges and achieving significant deployment rates [2] - In May, NVIDIA's large-scale customers deployed over 1,000 devices weekly, each containing 72 cards, indicating a substantial demand for related components like optical modules and PCBs [2] - The price of these components has increased due to technological upgrades, with Blackwell requiring optical modules of at least 800G, compared to the previous generation's 400G [2] Long-term Value Segments - Within the computing power industry chain, segments with strong long-term value include optical modules, PCBs, and servers, particularly in the A-share overseas computing power industry [2][3] - The PCB sector is experiencing high demand due to ongoing technological iterations, with increased requirements for transmission as chip computing power grows [3] - The optical module market is currently in a strong growth phase, with clear upward trends in both volume and price [3] - The ODM server sector is also poised for growth as cabinet complexity increases, leading to higher technical requirements and potential profit margin improvements for server manufacturers [3]