人工智能引领科技革命，算力需求爆发催化产业升级：电子行业2026年度投资策略

Group 1 - The report emphasizes the explosive growth in AI computing demand, driven by advancements in multi-modal applications and the introduction of new hardware products, which is expected to significantly boost the AI hardware industry, including servers, switches, and storage solutions [5][12][13] - The North American tech giants have significantly increased their capital expenditures, with a total of $257.42 billion in CapEx for the first three quarters of 2025, reflecting a year-on-year increase of 65%, indicating strong confidence in AI investments [13][16][17] - The domestic AI computing chip industry is anticipated to accelerate its development due to the constraints on high-end AI chips from overseas, with companies like Cambricon and Moore Threads leading the charge in chip design [12][21][32] Group 2 - The PCB industry is experiencing high growth in demand due to the continuous iteration and upgrade of AI servers and high-speed switches, pushing the industry towards higher density and performance [33][37] - The report highlights the increasing complexity and requirements for high-layer PCBs, with a growing demand for 14-layer and above PCBs, driven by the needs of AI and high-speed applications [37][38][39] - The development of advanced packaging technologies like CoWoP is expected to enhance system integration efficiency, which is crucial for the performance of AI applications [51][52] Group 3 - The storage sector is entering a new growth cycle, driven by the increasing demand for enterprise-level storage solutions, with expectations of a significant rise in storage prices in 2026 [5][12][24] - The report outlines the shift towards a layered storage structure combining HBM and large cache solutions to meet the bandwidth demands of multi-modal applications, indicating a robust future for the storage industry [12][24][29] - The semiconductor industry is moving towards a more self-sufficient model, with domestic manufacturers ramping up production capabilities in response to external constraints, particularly in critical equipment and materials [7][12][32]