科技行业周报：算力景气持续，WAIC大会催化国产算力投资-20250728

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is experiencing a resurgence in interest, particularly in the domestic market, as the supply chain begins to address critical bottlenecks such as advanced process capacity and supply of high-bandwidth memory (HBM) [2][3]. - The report highlights the ongoing tight balance in domestic computing power supply, with expectations that key challenges will gradually be overcome, leading to continuous positive news for the industry [2]. - The report suggests that the second half of the year and into next year will present significant investment opportunities in domestic computing power [2]. Summary by Sections Domestic Developments - Domestic AI applications are launching new products, with notable advancements such as Alibaba's Tongyi Qianwen 3 achieving significant breakthroughs in programming capabilities, comparable to top-tier closed-source models [3]. - Tencent's CodeBuddy IDE is set to enhance software development efficiency by allowing users to create applications through natural language dialogue, eliminating the need for coding knowledge [3]. Overseas Developments - The report recommends focusing on high-end PCB, optical modules, and server ODM sectors within the overseas computing power supply chain, anticipating sustained high demand and profitability [3]. - The supply of key materials for AI servers, such as fiberglass cloth and M8 CCL materials, is expected to remain tight, leading to potential price and profit margin increases [3]. Investment Recommendations - Key domestic computing power hardware companies, such as Cambricon and SMIC, are highlighted as potential investment opportunities [4]. - The report also suggests monitoring traditional analog chips, which are benefiting from domestic substitution and local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [6]. - The report identifies potential investment opportunities in the Apple supply chain, particularly with the upcoming iPhone 17 and 18 models, which may lead to upward revisions in market expectations [9].