中信证券：具备先发优势与技术迭代能力的树脂企业将享受到高端AI硬件发展带来的红利

Group 1 - The core viewpoint is that overseas cloud vendors are expected to see significant growth in AI capital expenditures by 2026, driven by increasing demand for computing power and performance [1] - The market for server-related materials is experiencing both price and volume increases, indicating a sustained high growth potential [1] - High-frequency and high-speed resin materials are identified as core components for servers, and companies with first-mover advantages and technological iteration capabilities are likely to benefit from the growth in high-end AI hardware [1] Group 2 - The application sectors such as smart terminals and low-orbit satellites are anticipated to continue developing, contributing to long-term demand in the cloud market [1] - The recommendation is to focus on leading companies in high-frequency and high-speed resin materials, which are positioned to capitalize on the advancements in AI hardware [1]