中银国际：算力基建驱动AI“从0→1”主线 “端云共振”主导存储和终端创新机遇

Group 1 - The core viewpoint is that investment in computing infrastructure is expected to drive AI growth, with emerging investment opportunities in the "0→1" transformation phase of the industry [1] - The demand for tokens in large model inference is rapidly increasing, prompting CSP manufacturers to raise capital expenditures for computing infrastructure [1] - AI infrastructure is demanding higher computing density, faster interconnect speeds, and lower interconnect losses, leading to advancements in PCB, electronic fabrics, copper foil, resin, and optical interconnect architectures [1] Group 2 - Limited growth in storage bit output is expected to lead to price increases throughout 2026, with storage manufacturers shifting towards process upgrades and new technologies like 4F2+CBA [2] - The global storage product market is projected to grow from $263.3 billion in 2025 to $407.1 billion in 2029, with a CAGR of approximately 11.5% [2] - Capital expenditures for the DRAM industry are expected to rise from $53.7 billion to $61.3 billion from 2025 to 2026, while NAND capital expenditures will increase from $21.1 billion to $22.2 billion during the same period [2] Group 3 - The rise in storage prices is anticipated to increase the overall cost of smartphones by 8-10% in 2025 and 5-7% in 2026, leading to increased BOM cost pressure in consumer electronics [3] - Despite cost pressures, structural investment opportunities exist, with Apple adopting a more affordable pricing strategy for products like Macbooks and foldable devices [3] - New AI hardware features in products such as the Doubao AI phone and Quark AI glasses are expected to enhance user experience and drive innovation [3]