Group 1 - The core viewpoint of the article highlights the potential upward space for high-speed optical modules by 2027, driven mainly by untapped expansion opportunities [1][5] - The report indicates that the supply tightness of PCBs may persist into 2026, with aggressive manufacturers like Shenghong Technology potentially benefiting from additional demand from ASICs while maintaining a solid position in the NVIDIA supply chain [1][5] - Long-term investors show a significant increase in interest in Chinese tech stocks, with a focus on the AI supply chain [3][4] Group 2 - Citi has outlined the investment priority in the AI supply chain as follows: optical modules (with scale-up opportunities) > PCB sector > ODM manufacturers benefiting from AI server demand growth [4] - Investors are particularly interested in Alibaba's data center expansion, which requires a tenfold increase in investment, AI chip supply capabilities, and the monetization pathways for AI investments [5] - The report suggests that the 7nm equivalent wafer capacity should support domestic AI chip demand in 2026, even if the demand doubles compared to 2025 [5]
中国AI供应链迎来重估？花旗看好：光模块>PCB> AI服务器
美股IPO·2025-10-27 12:18