Changjiang Securities·2025-07-07 01:16Group 1 - The report identifies three main investment opportunities in the electronic industry for the second half of 2025: early-stage investment opportunities represented by AI glasses, Apple's foldable screens, humanoid robots, and domestic computing power; performance explosion investment opportunities represented by AI computing power (HDI, PTFE, CCL, NPU), semiconductor equipment, and intelligent driving; and mature-stage investment opportunities represented by panels, basic components, and analog chips [3][7]. - The report emphasizes the importance of early-stage investment driven by new product launches, suggesting a focus on the supply chain of AI glasses, SOC, and optical components, as well as innovations in 3D printing and humanoid robot sensors after trade uncertainties are resolved [8][10]. - During the performance explosion phase, the report highlights the need to focus on companies that can deliver excess performance and profit growth, particularly in the AI computing power sector, with a projected compound annual growth rate of approximately 40.2% for AI server-related PCB products from 2023 to 2028 [9][53]. Group 2 - The report discusses the AI glasses market, noting that Meta's Rayban has seen explosive sales growth, with quarterly sales reaching 680,000 units in Q4 2024, driven by the integration of Meta's AI model [25][29]. - The report outlines the cost structure of AI glasses, indicating that the core processor accounts for the largest share of the BOM cost, with significant contributions from the camera and battery [31][35]. - The report suggests that the optical display is the most valuable module in AR devices, with MicroLED and diffraction waveguide being the optimal display solutions for AR glasses [33][37]. Group 3 - The report highlights the foldable screen market, projecting that if the penetration rate of foldable screens in the high-end market reaches 25%, global shipments could exceed 80 million units by 2030 [45][52]. - The report emphasizes the importance of hinges in foldable screens, noting that advancements in materials and manufacturing processes are crucial for improving hinge performance [50][51]. - The report indicates that the demand for PCBs is expected to rise significantly due to the growth of AI and high-speed network infrastructure, with a compound annual growth rate of 13.60% for server/data storage PCBs from 2023 to 2028 [54][60].