Nvidia(US:NVDA) Wanlian Securities·2026-03-16 10:04Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [4][27]. Core Insights - The report highlights that AI computing infrastructure is in a growth phase, with strong demand in high-prosperity segments such as PCB and storage, which are currently in an expansion cycle. This is expected to drive demand for upstream equipment and materials. The report suggests focusing on investment opportunities in these segments and in leading companies involved in AI industrialization, intelligent driving, embodied intelligence, and quantum computing [1][11][12]. Summary by Sections Industry Overview - The report notes that the electronic industry index fell by 1.22% last week, underperforming both the CSI 300 index, which rose by 0.19%, and the ChiNext index, which increased by 2.51%. The electronic sector ranked 20th among 31 primary industries [1][13]. Industry Dynamics - The "14th Five-Year Plan" emphasizes technological innovation as a key focus area, aiming to strengthen the foundation of the real economy and promote high-level technological self-reliance [2][24]. - The NVIDIA GTC 2026 conference will take place from March 16 to 19, featuring over 1,000 sessions on topics such as AI factories, large-scale inference, robotics, digital twins, scientific computing, quantum computing, and enterprise-level AI deployment [2][25]. - The global AI glasses market is projected to reach 8.7 million units by 2025, a significant increase of 322% year-on-year. Meta leads the market with an 85.2% share, while the Chinese market is rapidly growing, accounting for 10.9% of global shipments [2][25]. Industry Valuation - As of March 15, 2026, the SW electronic sector's PE (TTM) is 81.98 times, which is above the historical average of 54.13 times from 2019 to 2026. This suggests that the sector's valuation has room for upward movement due to trends like accelerated AI computing infrastructure development and semiconductor industry recovery [3][20].