AI基建投资仍处于早期阶段，板块行情演绎有望持续

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - AI infrastructure investment is still in the early stages, with strong core momentum. Global AI infrastructure construction is expected to grow significantly, with AI server shipments projected to increase by over 20% year-on-year by 2025, and penetration rates expected to reach 15% [2] - North American CSP manufacturers are raising capital expenditure plans, with Google increasing its annual CapEx guidance to $85 billion and Meta adjusting it to $66-72 billion. The demand for AI computing power is driven by the rapid iteration and performance improvement of AI large models [2] - The current AI hardware sector has formed a "demand-technology-capacity" resonance, with visibility of leading companies' performance in the industry chain expected to improve significantly [2] Summary by Sections Market Tracking - The electronic sub-sectors have seen significant increases, with the Shenwan Electronics Secondary Index year-to-date performance as follows: Semiconductors (+15.43%), Other Electronics II (+19.52%), Components (+61.60%), Optical Electronics (+3.37%), Consumer Electronics (+17.94%), and Electronic Chemicals II (+25.93%) [8] - This week, the performance of major North American stocks varied, with notable increases for Intel (+23.11%) and decreases for TSMC (-1.22%) and Nvidia (-1.23%) [11] Recommendations - Suggested companies to watch include: Overseas AI - Industrial Fulian, Huadian Co., Pengding Holdings, Shenghong Technology, Shengyi Technology, Shengyi Electronics; Domestic AI - Cambricon, Chipone, Haiguang Information, SMIC, Shenzhen South Circuit [2]