SINOLINK SECURITIES·2025-06-29 13:21Investment Rating - The report suggests a focus on sectors with strong growth certainty in the first half of the year, particularly AI-PCB, computing hardware, semiconductor self-sufficiency, the Apple supply chain, and AI-driven industries [4][34]. Core Insights - The upcoming release of Grok 4 is anticipated to exceed expectations for Q2 performance, with significant advancements expected in code generation and understanding [1]. - The rapid development of ASIC chips by companies like Google, Amazon, and Meta is expected to drive strong demand for AI-PCB, with a projected increase in the number of ASIC chips exceeding 7 million by 2026 [1]. - The semiconductor industry is experiencing a robust upward trend, with specific segments such as storage chips and AI-PCB showing promising growth [4][22]. Summary by Sections 1. Industry Overview - The report highlights the strong performance of AI-PCB companies, with many experiencing full production and sales, leading to high growth expectations for Q2 and Q3 [1][4]. - The semiconductor materials and components sectors are also expected to benefit from the ongoing demand for AI-related products [4][22]. 2. Key Segments 2.1 Consumer Electronics - Xiaomi has launched its first AI glasses, with various pricing tiers, indicating a growing market for AI-integrated consumer products [5][6]. 2.2 PCB - The PCB industry is experiencing a significant upward trend, driven by demand from home appliances, automotive, and consumer electronics, with expectations for substantial growth in Q2 [8]. 2.3 Components - The demand for components such as MLCCs and inductors is expected to rise due to upgrades in AI devices, with a notable increase in usage and pricing [20]. 2.4 IC Design - The storage segment is projected to see price increases due to supply constraints and rising demand from cloud computing and consumer electronics [22][25]. 2.5 Semiconductor Equipment - The semiconductor equipment market is expected to grow significantly, with a focus on domestic production and self-sufficiency due to geopolitical factors [26][30]. 3. Company Focus - Companies such as 生益科技, 胜宏科技, and others are highlighted as key beneficiaries of the AI-PCB and computing hardware demand [34]. - The report emphasizes the importance of domestic semiconductor equipment manufacturers like 北方华创 and 中微公司 in the context of increasing self-sufficiency [37][40].