GB300开始出货，继续看好AI-PCB及核心算力硬件

Investment Rating - The report suggests a positive outlook for the AI-PCB and core computing hardware sectors, indicating a strong demand and growth potential in these areas [1][4][32]. Core Insights - The introduction of Nvidia's GB300 NVL72 server by Dell marks a significant advancement in AI server technology, promising 50 times the AI inference output and five times the throughput, which is expected to drive demand for AI-PCB [1][4]. - The report anticipates a rapid increase in shipments of GB200 and GB300 products in the second half of the year, with strong orders from multiple AI-PCB companies leading to high growth in Q2 and Q3 [1][4]. - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to geopolitical tensions and export controls, which is expected to benefit domestic semiconductor companies [24][31]. Summary by Sections AI-PCB and Core Computing Hardware - The report highlights the strong growth potential in AI-PCB driven by the rapid deployment of Nvidia's Blackwell GPUs and ASIC chips, with expectations of over 7 million ASIC chips from major companies by 2026 [1][4]. - Companies in the AI-PCB sector are currently experiencing robust order volumes and are expanding production capacity to meet demand [1][4]. Consumer Electronics - The imposition of a 20% tariff on goods exported from Vietnam to the U.S. is expected to benefit the Apple supply chain, providing more pricing flexibility for Apple and its suppliers [5][6]. - The report emphasizes the importance of monitoring the foldable screen market, particularly with Apple's upcoming product innovations [6]. PCB Industry - The PCB industry is showing signs of accelerated growth, particularly in the copper-clad laminate sector, with expectations of significant year-on-year growth in Q2 [7][19]. - The report notes that the demand for AI-related copper-clad laminates is strong, with a shift towards M8 materials expected as production ramps up [1][4]. Semiconductor Sector - The storage segment is projected to see continued upward momentum, driven by increased demand from cloud computing and consumer electronics, with price increases expected for DRAM products [21][23]. - The report identifies a trend towards domestic semiconductor equipment and materials production due to export restrictions, which is expected to enhance the competitiveness of local firms [24][31]. Key Companies - The report recommends focusing on companies that are likely to benefit from the growth in AI-PCB and core computing hardware, including Shenghong Technology, Industrial Fulian, and others [32][34]. - Specific companies such as North Huachuang and Jiangfeng Electronics are highlighted for their strong market positions and growth potential in the semiconductor equipment and materials sectors [35][37].