Guotou Securities·2025-10-19 09:05Investment Rating - The report maintains an investment rating of "Outperform" with a target to exceed the market by 10% or more over the next six months [4]. Core Insights - NVIDIA has launched its 800VDC power architecture aimed at AI data centers, marking a significant advancement in AI infrastructure, with plans to increase power capacity from 200kW to 1MW per cabinet [1]. - Oracle has expanded its partnership with AMD, planning to deploy 50,000 AI chips starting Q3 2026, enhancing AMD's competitive position against NVIDIA [2]. - Samsung's Q3 performance has significantly improved, with operating profit reaching 12.1 trillion KRW (approximately 605.21 billion RMB), a year-on-year increase of 31.81% driven by rising storage chip prices [3]. Summary by Sections Industry Performance - The electronic sector has seen a relative return of -2.6% over the past month, 15.5% over three months, and 35.5% over the past year, while absolute returns were -3.5%, 27.4%, and 54.7% respectively [6]. - The electronic index PE stands at 67.51 times, with a 10-year PE percentile of 88.52% [9][35]. Company Developments - NVIDIA's new architecture utilizes GaN technology, improving system efficiency by 10-13% and power density by over 50% [1]. - AMD's collaboration with Oracle and OpenAI is expected to bolster its market share in AI chips, with AMD's shipments reaching approximately 100,000 units in Q2 2025 compared to NVIDIA's 1.5 million units [2]. - Samsung's sales in Q3 reached 86 trillion KRW, a historical high, benefiting from the AI-driven demand for memory chips [3]. Investment Recommendations - The report suggests focusing on companies in various sectors: for computing power, companies like Feirongda and Xingsen Technology; for storage, companies like Zhaoyi Innovation and Bawei Storage; for domestic alternatives, companies like Northern Huachuang and Zhongwei Company; and for AI terminals, companies like Amlogic and Lixun Precision [10].