Orient Securities·2025-09-28 14:43Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expected return that is stronger than the market benchmark by over 5% [5]. Core Insights - The AI server market continues to grow, driven by demand for AI computing power and hardware upgrades [7]. - System assembly is emerging as a new driver for performance enhancement in AI servers, as traditional manufacturing processes may not keep pace with the rapid development of AI computing needs [8]. - Advanced packaging techniques are becoming crucial for improving chip performance, especially as traditional process upgrades slow down [8]. - Industry leaders are expected to benefit from the rising technical barriers and improved competitive environment in the system assembly sector [8]. Summary by Sections AI Server Market Dynamics - The demand for AI computing facilities is driving growth in the AI server market, with significant upgrades in hardware [7]. - The number of GPUs in AI servers is increasing dramatically, with projections for future upgrades to 144 GPUs per cabinet by 2027 [8]. Performance Enhancement Drivers - The report highlights that system assembly is becoming a key factor in enhancing AI server performance, as the number of GPUs per server increases [8]. - The complexity of system assembly is rising, which may limit production capacity for some companies [8]. Recommended Investment Targets - The report recommends several companies related to AI server system assembly, including: - Industrial Fulian (601138, Buy) - Haiguang Information (688041, Buy) - Lenovo Group (00992, Buy) - Huaqin Technology (603296, Buy) [8]. - Industrial Fulian is noted for significant improvements in product testing and production efficiency, with strong order growth expected [8]. - Haiguang Information is positioned to leverage vertical integration capabilities following its merger with Zhongke Shuguang [8]. - Lenovo Group is anticipated to launch various servers based on Nvidia's Blackwell Ultra starting in the second half of 2025 [8]. - Huaqin Technology is recognized as a core ODM supplier for AI servers, benefiting from increased capital expenditures by cloud service providers [8].