万联证券：把握AI算力建设和终端创新投资机遇 建议关注存储和PCB细分板块

Core Viewpoint - Wanlian Securities predicts that the Shenwan Electronics industry will outperform the CSI 300 index in 2025, with a slight increase in valuation compared to recent years. The first three quarters of 2025 are expected to show improved performance and profitability. Looking ahead to 2026, investment opportunities in AI computing power construction and terminal innovation are recommended [1]. AI Computing Power Construction - The demand for key hardware in AI computing power is strong, with a focus on high-demand segments such as storage and PCB. The PCB industry in China is globally leading, with major domestic manufacturers accelerating capital expenditures to expand high-end PCB capacity. The price of CCL products is expected to rise due to increased raw material costs and strong demand, enhancing corporate profitability [1][2]. - In the storage sector, AI is expected to drive a new wave of prosperity. Capital expenditures from global cloud service providers are likely to increase, boosting demand for servers and upstream components. The market is dominated by DRAM and NAND Flash, with major manufacturers adjusting capacity to optimize supply-demand dynamics, leading to price increases [2]. AI Terminal Innovation - AI smartphones and PCs are expected to see a slowdown in global shipment growth by 2025, with leading manufacturers increasing their market share. The penetration rate of AI smartphones is anticipated to rise significantly, while AIPC penetration may exceed 50% by 2026. The average selling price (ASP) of smartphones is expected to increase, making high-end AI products more competitive [3]. - AI glasses are gaining traction, with steady growth in shipment volumes. The supply chain for AI glasses is fully covered in China, with over 70% of XR products manufactured there. Meta leads the AI glasses market, holding a 73% market share in the first half of 2025, largely due to the success of the Ray-Ban Meta AI glasses [4]. Investment Recommendations - The ongoing AI wave and the strong demand for key hardware in computing power present investment opportunities in the storage and PCB sectors, which are currently in an expansion phase. The market for AI smartphones, AIPC, and AI glasses is expected to grow as major manufacturers continue to release new products and enhance application ecosystems [5]. - In the storage sector, it is advisable to focus on the performance growth of storage manufacturers during the prosperity cycle and the recovery of profitability among storage module manufacturers due to rising product prices. Increased capital expenditures are expected to boost demand for upstream semiconductor equipment [5]. - For PCB, attention should be given to leading manufacturers with forward-looking layouts in high-end PCB fields such as HDI and multi-layer boards, as accelerated expansion by mainstream PCB manufacturers is likely to drive demand for upstream equipment and materials [5]. - In the AI innovation terminal space, it is recommended to monitor leading smartphone manufacturers like Apple for new product launches that could enhance brand shipments and boost industry demand. In the AIPC sector, focus on manufacturers with forward-looking layouts and those entering the global PC supply chain. For AI glasses, keep an eye on Meta and other leading manufacturers for new product releases that could increase shipment volumes [5].