电子行业2025年度策略：AI云侧端侧共振，复苏加持国产替代

Investment Rating - The report does not explicitly state an investment rating for the electronic industry but emphasizes significant growth opportunities driven by AI and domestic substitution trends. Core Insights - The AI wave is driving high growth in the computing power market, with the global generative AI market expected to grow from $14 billion in 2020 to $516 billion by 2028, representing a CAGR of 57% [17] - The Chinese generative AI application market is projected to grow from 9.8 billion yuan in 2020 to 280.4 billion yuan by 2028, with an impressive CAGR of 52% [17] - The report highlights various sectors benefiting from AI, including MLCC, copper connections, advanced packaging, AI server power modules, and PCBs, suggesting specific companies to watch in each area [3][4][10] Summary by Sections AI Cloud and Application Side Resonance - The AI server requires 5-10 times more MLCC than standard servers, with some components seeing price differences of up to tenfold [3] - High-speed cable sales are expected to double in the next five years, with CAGR of 15% for AOC and 25%/45% for DAC and AEC respectively [3] - Glass substrates are emerging as a new trend in packaging, with domestic manufacturers like Wogao Optical making significant advancements [3] - The AI server power module market is projected to grow from 2.6 billion yuan in 2024 to 35.6 billion yuan in 2026, with a CAGR of 270% [3] - PCB products need to evolve alongside AI chip iterations, with specific companies recommended for investment [3] AI Agent Driving Large Models and Hardware Integration - Xiaomi is positioned as a leading smartphone manufacturer, benefiting from AI integration in its ecosystem [4] - Apple is encouraging users to upgrade to newer models through iOS updates, which may shorten replacement cycles and boost sales [4] - Domestic NOR Flash manufacturers like Zhaoyi Innovation and Puran are expected to see growth due to AI applications in IoT products [4] Recovery Boosting Domestic Substitution - The semiconductor industry is experiencing a recovery, with domestic manufacturers like SMIC and Huahong Semiconductor increasing their market share [10] - The demand for semiconductor equipment is rising as local production accelerates, with companies like North Huachuang and Zhongwei Technology recommended for investment [10] - The report emphasizes the importance of self-controllable CPU designs to mitigate security risks associated with foreign technology [10] - The RF front-end market is expected to recover, with domestic companies like Zhaosheng Micro and Weijie Chuangxin gaining traction [10] - The domestic analog chip market is projected to grow significantly, with a self-sufficiency rate expected to rise from 16% in 2024 to 30% by 2029 [10]