“十五五”规划，科技关注三条主线

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The report emphasizes three main lines of focus in technology as outlined in the "14th Five-Year Plan": computing power, self-control, and AI applications [6][14] - The computing power revolution is expected to create opportunities across the industry chain, with significant capital expenditure growth from North American cloud providers [16][20] - The domestic production of analog chips is accelerating, with China being the largest consumer market, accounting for over 40% of the global market [7][24] - AI is driving potential growth in consumer electronics, with System on Chip (SoC) technology becoming increasingly integrated into various applications [26][27] Summary by Sections 1. "14th Five-Year Plan" and Technology Focus - The "14th Five-Year Plan" suggests fostering emerging industries and accelerating technological self-reliance, focusing on three main lines: computing power, self-control, and AI applications [6][14] 2. Computing Power: Opportunities from the Revolution - North American cloud providers are significantly increasing capital expenditures, with Google expected to double its spending to between $175 billion and $185 billion in 2026 [16] - Microsoft reported a record capital expenditure of $37.5 billion in a single quarter, primarily to enhance AI capabilities [16] - Amazon's capital expenditure is projected to reach $200 billion in 2026, driven by strong demand in AI and related technologies [17] 3. Self-Control: Acceleration of Domestic Analog Chip Production - The global market for analog chips is steadily expanding, with China being the largest consumer market [7][24] - The current domestic production rate for analog chips is about 20%, indicating significant room for growth [24] 4. AI Applications: Empowering Consumer Electronics Growth - AI technology is becoming a crucial component of SoC architecture, enhancing smart processing capabilities across various sectors [26] - The demand for CMOS Image Sensors (CIS) is recovering, with potential for domestic alternatives to emerge [27] - ODM manufacturers are gaining competitive advantages by leveraging capital investments and technological advancements in various fields [27]