HTSC·2025-12-05 09:05Group 1 - The report maintains a positive outlook on the AI chain, emphasizing the impact of the storage cycle and the acceleration of self-control in the industry [1] - In 2026, the focus will be on the AI chain, storage cycles, and the acceleration of self-control, with expectations of continued growth in the electronics sector driven by AI data centers and terminal demand recovery [1][3] - The storage sector is expected to enter a price increase cycle starting in the second half of 2025 due to significant supply-demand imbalances [1][3] Group 2 - The Scaling Law remains effective, transitioning into a 2.0 phase that enhances model capabilities and drives demand for computing power [2][18] - The demand for high-end PCBs is anticipated to increase significantly in 2026, driven by the upgrade of AI server platforms and the growth of cloud service providers' self-developed ASICs [2][73] - The AI-driven demand for storage is expected to grow rapidly, with major storage manufacturers like SanDisk, Micron, and Samsung announcing price increases, indicating a sustained upward trend in storage prices [3][60] Group 3 - The domestic storage chip and module manufacturers are expected to benefit from the upward cycle in storage prices, with a focus on DRAM and NAND markets [3][4] - The trend towards domestic production in the storage sector is expected to continue, with companies like Changxin and Changcun expanding capacity and market share [4][66] - The consumer electronics sector may face pressure from rising storage prices, particularly affecting Android smartphones and PCs, while new product innovations could catalyze market recovery [5][72] Group 4 - The report highlights the importance of advanced processes and domestic production in the semiconductor industry, with a focus on improving production capacity and technology [4][68] - The AI chip market is projected to grow significantly, with a compound annual growth rate (CAGR) of 35.19% expected from 2025 to 2030, driven by strong demand for AI training and inference [60][66] - The custom AI chip market is anticipated to expand rapidly, with a forecasted CAGR of 53% from 2024 to 2028, as domestic internet companies increasingly adopt a dual approach of third-party procurement and self-developed ASICs [72][73]