洁净室工程点评：为何洁净室能成为AI基建主线？

Investment Rating - The investment rating for the cleanroom engineering industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major players in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the urgent expansion needs of leading companies like Micron, which are willing to pay a premium for expedited construction [5][28]. - The cleanroom engineering segment is critical for the AI computing supply chain, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, key cleanroom stocks have seen significant price increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The transition from procurement to construction in AI infrastructure is leading to structural changes in capital expenditures, with a notable increase in engineering investment proportions [5][6]. - The cleanroom construction capacity is currently a bottleneck for global AI production expansion, driven by surging demand and limited supply of qualified engineers [22][23]. Client Relationships - High customer loyalty creates significant entry barriers in the cleanroom engineering industry, as clients are sensitive to quality and timelines, leading to strong binding relationships with a few trusted suppliers [25][27]. Investment Recommendations - The report recommends investing in Shenghui Integration and Yaxiang Integration, as they are uniquely positioned to leverage their parent companies' resources and technology in overseas markets [28].