Investment Rating - The industry maintains a "stronger than market" rating, indicating an expectation that the overall industry performance will outperform the market in the next six months [6][7]. Core Insights - NVIDIA's new generation of AI chips, announced at the GTC 2025 conference, significantly enhances computing power, creating new opportunities in the AI supply chain [2][6]. - The Blackwell Ultra and Vera Rubin platforms show performance improvements of 1.5 times and 3.3 times, respectively, with the latter expected to launch in the second half of 2026 [2][3]. - The demand for HBM memory is projected to grow substantially, with a near 200% growth rate expected in 2024 and a potential doubling in 2025 [3]. Summary by Sections Investment Ratings for Specific Companies - Luxshare Precision (002475.SZ) is rated as "Buy" with an expected EPS of 1.9 in 2024 and 2.38 in 2025, and a PE ratio of 21.44 for 2024 and 17.11 for 2025 [1]. - Jiangbolong (301308.SZ) is rated as "Add" with an expected EPS of 1.13 in 2024 and 2.37 in 2025, and a PE ratio of 93.69 for 2024 and 44.67 for 2025 [1]. - Lianrui New Materials (688300.SH) is also rated as "Add" with an expected EPS of 1.35 in 2024 and 1.8 in 2025, and a PE ratio of 43.73 for 2024 and 32.8 for 2025 [1]. Technological Developments - The introduction of CPO technology and optical networks is becoming a focal point in data center construction, enhancing the value of the optical communication industry chain [4]. - The global optical transceiver market is expected to grow by USD 12.56 billion from 2025 to 2029, with a compound annual growth rate (CAGR) of 17.5% [4]. Cooling Solutions - Liquid cooling technology is becoming essential for AI data centers, with NVIDIA showcasing advanced liquid cooling management systems that significantly improve thermal efficiency [5]. - The power requirements for the new Rubin Ultra architecture are projected to be approximately 4.5 times higher than the previous Blackwell architecture, necessitating advancements in power supply and cooling systems [5].
英伟达新一代芯片强势加码,AI供应链迎新机遇