AI算力需求推动PCB量价齐升

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The demand for AI computing power is driving both the quantity and price of PCBs upward, with significant growth expected in the AI PCB market [8] - The introduction of the Rubin architecture is anticipated to enhance the value of PCBs in servers, with the value of a single server's PCB expected to more than double compared to previous generations [4] - The upgrade of data center switches is also contributing to the increase in PCB value, as the number of PCB layers and material quality are improving [5] - AI server and high-speed switch demand is projected to grow rapidly, driven by substantial capital expenditures from major AI and internet companies [6][8] Summary by Sections Industry Performance - Over the past 12 months, the electronic industry has shown a relative return of 21.9% compared to the CSI 300 index, with an absolute return of 37.7% [3] Investment Recommendations - The report highlights a sustained recovery in consumer electronics, with new foldable smartphones being released and advancements in AI technology driving high demand for AI infrastructure [7][15] - The report emphasizes that the capital expenditure growth in data centers will lead to a compound annual growth rate of 21% by 2029, further supporting the expansion of computing power clusters [6][8]