SINOLINK SECURITIES(SH:600109) 智通财经网·2026-01-04 23:41Group 1 - The core viewpoint is that the capital expenditure of the four major cloud service providers in North America (Microsoft, Google, Meta, Amazon) continues to grow, with a positive outlook for future capital spending, indicating sustainability and potential for further increases [1] - Nvidia's AI server cabinet is expected to see significant growth by 2026, with a surge in token numbers and a forecasted explosive growth in ASIC quantities, leading to optimism for AI copper-clad laminates/PCBs and core computing hardware [1][2] - The demand for AI copper-clad laminates/PCBs and core computing hardware is expected to continue increasing in both volume and price, driven by rapid growth in Nvidia GPUs and explosive growth in Google and Amazon ASICs [2] Group 2 - The semiconductor equipment industry is viewed positively due to the expansion cycle of storage and the acceleration of self-sufficiency, with significant opportunities for domestic replacements [3] - The domestic cloud service providers still have room for increased capital expenditure, with Tencent, Alibaba, and Baidu reporting varying year-on-year changes in capital spending, indicating a strong future investment in AI infrastructure [3] - Apple's AI strategy focuses on hardware, prioritizing edge computing and strong privacy protection, with expectations for breakthroughs in AI/AR glasses technology and sales [4]