全球AI趋势明确，海外与国内有望共振

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [15]. Core Insights - The AI industry is experiencing significant growth, with companies in the AI supply chain reporting strong performance forecasts. For instance, Industrial Fulian expects a net profit of 11.96 to 12.16 billion yuan for the first half of 2025, representing a year-on-year increase of 36.84% to 39.12% [3]. - The demand for inference computing power has surged, with the daily token usage of the Doubao large model exceeding 16.4 trillion, a 137-fold increase compared to the previous year [4]. - Domestic AI development is anticipated to resonate with overseas trends, particularly as supply constraints on AI computing cards are alleviated, which may boost capital expenditure among domestic cloud vendors [4] [5]. Summary by Sections Industry Dynamics - Companies in the AI computing power supply chain are showing rapid growth, with notable profit forecasts from various firms, indicating a robust overseas AI infrastructure [3]. - The competition and iteration of large models continue, with significant capital expenditures in computing power expected to persist [3]. Market Trends - The inference computing power demand is projected to grow exponentially, driven by the increasing need for training and inference capabilities [4]. - The recent announcement by NVIDIA to resume supply of the H20 computing chip to China is expected to revitalize domestic cloud vendors' capital expenditure [4]. Investment Recommendations - The PCB sector is highlighted as a crucial component of the AI hardware supply chain, with a recommendation to focus on companies such as Huadian Co., Shenghong Technology, and others due to expected demand growth and supply constraints lasting until 2026 [5].