电子行业2025年投资策略：AI科技创新与自主可控

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report emphasizes the dual driving forces of cloud-side innovation through scaling law, which is crucial for the current generative AI boom, leading to a surge in computing power demand and benefiting the entire hardware supply chain [3][4] - The report highlights the rapid development of autonomous control technologies, particularly CoWoS and HBM, with a strong push for domestic substitution in equipment and materials [4] - Investment recommendations focus on companies benefiting from the AI wave, particularly in the ODM and PCB sectors for cloud-side AI, and in the AI smartphone and automotive chip sectors for end-side AI [4] Summary by Sections Cloud-side Innovation - The scaling law continues to drive exponential growth in training and inference computing power, with significant implications for the hardware supply chain [27] - North American CSPs (Google, Microsoft, Meta, Amazon) reported a total CapEx of $58.86 billion in Q3 2024, a year-on-year increase of 59.0% [37] - The GB200 server is gaining traction, with ODM and PCB manufacturers set to benefit from higher requirements for rack servers [45][46] End-side Innovation - AI smartphones are undergoing continuous iterations, with Apple leading the charge, potentially triggering a new replacement cycle [4] - The report notes that AI glasses are reaching a tipping point, with a mature supply chain emerging around SoC solutions [4] - The automotive sector is seeing accelerated penetration of smart technologies, with domestic chip manufacturers poised to benefit significantly [4] Autonomous Control - CoWoS technology is rapidly advancing from 1 to 10, while HBM is moving from 0 to 1, indicating a strong push for domestic production capabilities [4] - The semiconductor equipment and materials sectors are experiencing significant domestic substitution opportunities, driven by national strategies and industry needs [4] Investment Recommendations - The report suggests focusing on ODM and PCB manufacturers benefiting from increased demand for rack servers in the cloud-side AI sector [4] - For end-side AI, attention should be given to Apple’s supply chain, SoC for AI glasses, and domestic automotive chip manufacturers [4] - Continuous advancements in autonomous control technologies warrant attention to related manufacturers in the CoWoS and HBM supply chains [4]