电子行业海外科技周跟踪：超大规模集群建设如期，OpenAI连日活动催化，关注光模块板块

Investment Rating - The industry investment rating is "Outperform the Market" [6] Core Viewpoints - The report highlights the timely construction of large-scale clusters and the catalytic activities of OpenAI, with a focus on the optical module sector [3] - Major overseas AI companies are disclosing plans for large-scale cluster constructions, indicating a growing demand for computing power [3] - The report suggests that the optical module manufacturers are expected to benefit significantly from the increasing demand for data center hardware as AI applications develop [3] Summary by Sections Market Performance - The Nasdaq Composite Index rose by 3.34% and the Philadelphia Semiconductor Index increased by 2.73% during the week [2] - Notable performances include a 23.19% increase in Marvell Technology's stock, driven by strong AI demand, and a 10.99% rise in Salesforce's stock due to better-than-expected earnings [2] Optical Module Sector - Stock prices of optical module manufacturers such as Zhongji Xuchuang and NewEase fell by 29.23% and 22.48% respectively, attributed to market concerns over U.S. tariff policies [4] - Current valuations for Zhongji Xuchuang, NewEase, and Tianfu Communication are considered relatively low, with PE ratios of 17, 19, and 27 respectively [4] - The report anticipates that the gradual implementation of large-scale clusters will enhance the growth rate of optical module demand, with OpenAI's recent activities potentially acting as a catalyst for the sector [4] Server ODM Outlook - Hon Hai's November revenue was 672.6 billion TWD, a year-on-year increase of 3.47% but a month-on-month decrease of 16.43% [5] - Wistron's November revenue reached 95.243 billion TWD, showing a year-on-year increase of 24.61% [5] - The report predicts a double-digit growth in AI server shipments in Q4, while general server shipments are expected to remain stable or see slight growth [5] Recommendations - The report recommends focusing on the optical module sector, specifically companies like Zhongji Xuchuang, NewEase, and Tianfu Communication, as well as copper connection and PCB manufacturers [9]