Nvidia(US:NVDA) Changjiang Securities·2025-12-30 01:58Group 1 - The report highlights that the electronic sector's performance over the past decade has been driven by cost inflation in segments that either innovate or experience supply-demand mismatches, with a focus on AI developments expected to drive strong demand in 2026 [5][21][26] - The report anticipates that AI advancements will lead to significant growth in demand for electronic products, particularly in AI glasses, AI smartphones, and other innovative products, mirroring the explosive growth seen in TWS earphones in 2019 [8][11][37] - The PCB market is expected to see continuous value enhancement due to ongoing upgrades in server applications, with demand for AI PCBs projected to accelerate significantly in 2026, driven by increased shipments from major companies like Google and Nvidia [9][28][39] Group 2 - The storage sector is transitioning from a supply-driven logic to one driven by AI demand, with expectations of a 30%+ growth in DRAM and NAND demand in 2026, as AI training and inference create substantial data storage needs [10][62][71] - The report emphasizes that AI glasses are poised to become a major consumer electronics trend, with significant growth in shipments expected in 2026, benefiting supply chain companies involved in assembly, SOC, and optics [11][37][89] - The report identifies that the storage industry is entering a high-growth phase, with a focus on domestic manufacturers and the expansion of production capacity, which will positively impact related equipment and materials sectors [83][84]