Changjiang Securities·2025-08-01 05:48Investment Rating - The report maintains a positive outlook on the AI industry chain, indicating a "Davis Double-Click" moment for the AI sector, with expectations for accelerated monetization and increased PE valuations [10]. Core Insights - Recent quarterly earnings reports from Microsoft and Meta have exceeded expectations, driven by AI, leading to significant revenue and performance growth, alongside accelerated Capex investments [4][7]. - The AI commercial cycle is evolving rapidly, with cloud service providers entering a high-intensity phase of computing power investment [7]. Summary by Relevant Sections Communication - AI is driving revenue and Capex acceleration for North American cloud service providers, becoming a core driver for the AI commercial cycle. The report recommends focusing on the optical module and optical device sectors, highlighting companies such as Zhongji Xuchuang, Xinyisheng, Tianfu Communication, and Shijia Photon, while paying attention to Taicheng Technology and Yuanjie Technology [10]. Electronics - The report suggests focusing on two growth directions in PCB: HDI for high-density wiring and high data processing efficiency, and orthogonal backplane PCBs for high-density computing clusters. Recommended companies include Industrial Fulian for server assembly and Shenghong Technology, Hudian Co., Pengding Holdings, and Dongshan Precision for PCBs [10]. Computers - AI applications and overseas capital expenditures are creating a positive feedback loop, with cloud and advertising sectors exceeding growth expectations. The report recommends focusing on infrastructure, AI application scenarios, and domestic computing power [10]. Machinery - The evolution of PCB towards higher complexity and performance is driving demand for upstream equipment and materials. The report recommends focusing on PCB drilling needles, drilling equipment, exposure equipment, and other leading companies in the supply chain [10]. Building Materials & Military Industry - The trend in electronic cloth is clear, with a focus on optimizing structures and achieving simultaneous volume and price increases. Key recommendations include Zhongcai Technology and Feilihua [10]. Chemicals - The report highlights the high-frequency and high-speed resin direction, with an expected increase in demand for high-end CCL. Companies to watch include Dongcai Technology and Shengquan Group [10]. Electric New Energy - In copper foil, the need for low Dz, high peel strength, and low transmission loss is emphasized, with recommendations for manufacturers with high-end product technology and capacity reserves. In electrical equipment, the report suggests potential supply chain opportunities related to next-generation DC architecture [10].