AMD(US:AMD) Shanghai Securities·2025-10-11 10:52Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Views - The report emphasizes the strategic partnership between OpenAI and AMD, focusing on the demand for storage and AI computing power, which is expected to reshape the AI hardware ecosystem [7] - The report highlights significant revenue growth for companies involved in AI-related sectors, particularly in chip design and production, driven by increasing demand for AI computing capabilities [7] Summary by Sections Market Review - The Shanghai Composite Index closed at 3933.97 points, with a weekly increase of +1.32%. The Shenzhen Component Index closed at 13725.56 points, up +1.47%. The ChiNext Index closed at 3261.82 points, rising +0.73%. The CSI 300 Index closed at 4709.48 points, with a weekly increase of +1.48%. The AI Index closed at 2398.43 points, up +0.91%, indicating alignment with the broader market trends [5] Technology Industry Insights - The report suggests focusing on sectors such as PCB, ODM, AIOT, and AIDC for investment opportunities during market corrections [7] - Companies like Chipone Technology are expected to achieve record revenue in Q3 2025, with a projected revenue of 1.284 billion yuan, marking a quarter-on-quarter increase of 119.74% and a year-on-year increase of 78.77% [7] - OpenAI's collaboration with AMD involves a phased deployment of 6 GW of AMD GPU computing power, potentially making OpenAI a 10% shareholder in AMD if all conditions are met [7] - The "Stargate" project, involving significant investments from OpenAI, SoftBank, and Oracle, aims to enhance the supply of advanced storage chips necessary for next-generation AI [7] Investment Recommendations - The report recommends focusing on specific companies within the PCB sector, such as Shenghong Technology and Dongshan Precision, which are expected to benefit from increased demand for AI servers and high-end PCB production [9] - It also highlights the importance of companies involved in storage solutions, suggesting that the supply-demand dynamics will lead to price increases, with companies like Zhaoyi Innovation and Shannon Semiconductor being key players [9]