产业链重视CXL技术，英伟达有望推进

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - The industry is focusing on CXL technology, with Nvidia expected to drive advancements. Key investment targets include companies such as Lanqi Technology, Jucheng Co., Jiangbolong, and Baiwei Storage [3][9]. - The CXL memory pooling solution is anticipated to optimize storage system efficiency and reshape future AI storage architectures. This solution allows for unified addressing and scheduling of memory resources across CPUs, GPUs, and other accelerators, supporting larger-scale and higher-concurrency AI model training and inference tasks [8]. - The CXL memory pooling scheme is gradually being perfected, with leading manufacturers accelerating their applications. The CXL 4.0 specification, set to be released in November 2025, will double the data rate to 128 GT/s compared to CXL 3.0 [8]. - Continuous innovation in CXL memory pooling solutions is expected to further adapt to AI inference demands, enhancing model inference efficiency and addressing existing storage architecture issues [8]. Summary by Sections Investment Recommendations and Targets - The report emphasizes the importance of CXL technology in the industry, highlighting Nvidia's role in its advancement. Recommended investment targets include Lanqi Technology (688008, Buy), Jucheng Co. (688123, Not Rated), Jiangbolong (301308, Not Rated), and Baiwei Storage (688525, Not Rated) [3][9]. Industry Focus - The report discusses the growing demand for AI, which is driving a persistent shortage in NAND storage. The need for AI computing power is expected to continue influencing storage shortages [7]. - The CXL memory pooling solution is seen as a critical innovation that can alleviate current bottlenecks in memory resources, thereby enhancing the performance of AI applications [8].