Summary of Conference Call Records Industry Overview - Focus on the AI computing infrastructure sector, particularly the North American and domestic computing chains, with an emphasis on TOKEN growth as a key indicator of investment sustainability [1][4][7][27]. Key Points and Arguments - **AI Computing Infrastructure**: The development of AI computing infrastructure should prioritize TOKEN growth. Strong TOKEN growth indicates effective consumption of prior investments, necessitating continued or accelerated investment [1][4][7]. - **Market Sentiment**: Concerns regarding the sustainability of the AI computing sector's prosperity are deemed unnecessary. The core focus should be on TOKEN growth rather than short-term performance metrics [6][7][28]. - **Long-term Optimism**: AI large models are expected to enhance societal efficiency and intelligence, potentially disrupting existing business models and driving revenue and profit growth [1][5][8][27]. - **Investment Preferences**: Preference for North American computing chains due to their global advantages and less susceptibility to international environmental impacts. Domestic chains, while showing weaker explosive performance, still possess growth potential in their respective sectors [1][9][27]. - **Micro Changes in the Market**: Notable micro changes in the optical module sector, with new suppliers for Meta and Google potentially altering market share dynamics. Companies like 联特科技, 剑桥科技, 东山精密, and 源杰科技 are highlighted for their significant growth potential [1][10][27]. Additional Important Insights - **Network Equipment Market**: The focus is on data semantic conversion and interconnectivity, with significant attention on network cards and switching chips. NVIDIA's Ethernet switch sales have rapidly increased, reaching $1.463 billion in Q1 2025 [2][18]. - **IDC Industry Challenges**: The IDC sector faces challenges such as complex competition and difficulties in achieving excess profits due to concentrated downstream customers. The key competitive advantage has shifted to total load capacity and power consumption of individual IDC cabinets [22][24]. - **Emerging Trends**: The emergence of large-scale IDC clusters and high-power single cabinets as new competitive advantages. Companies like 润泽科技 and 世纪互联 are noted for their capabilities in large-scale IDC construction [25][26]. - **Reits Impact**: Recent Reits launches are significant for the IDC industry, providing a valuation anchor that could influence future growth and investment strategies [26]. Conclusion - The AI computing sector is expected to continue its growth trajectory, with a focus on TOKEN growth as a critical metric. Investment strategies should prioritize North American chains while also recognizing the potential in domestic companies. The IDC industry is evolving, with new competitive dynamics and opportunities arising from technological advancements and market changes [27][28].

Summary of the Conference Call on Optical Module Research Industry Overview - The conference call focuses on the optical module industry, particularly the demand and pricing trends for 400G and 800G optical modules in 2025 and 2026 [2][5][10]. Key Points and Arguments 1. **800G Optical Module Demand**: The demand for 800G optical modules is in a ramp-up phase, with expectations for significant growth in 2026, projected at 35 to 38 million units, reflecting strong market demand for high-performance optical modules [4][5]. 2. **Pricing Trends**: The price of 800G optical modules has decreased by approximately 15% due to scale production, with an additional expected decline of around 10% by the end of the year. This cost optimization is crucial for manufacturers' competitiveness [2][5]. 3. **400G Optical Module Stability**: The average price of 400G optical modules remains stable, indicating a steady market for this segment [2][5]. 4. **Cloud Service Providers' Demand**: Companies like Zhongji Xuchuang are expected to achieve quarterly revenues of 50 to 60 million yuan in Q2, highlighting the urgent demand from cloud service providers for high-speed optical modules [7]. 5. **AI Computing Impact**: The explosion of AI computing is driving growth in 1.6T optical modules, with expectations for shipment volumes to double in 2026 compared to 2025. Companies that master silicon photonic integrated high-speed DSP chips will gain a market advantage [8][10]. 6. **Meta's Demand for High-Performance Modules**: Meta's data centers have a high ratio of ASIC chips to optical modules at 1.8, indicating a strong demand for high-performance optical modules. Companies like Zhongji Xuchuang and Xinyi Sheng have been certified by Meta and Google for bulk supply [9]. 7. **North American Manufacturers' Strategy**: North American manufacturers are accelerating their production lines for 800G and 1.6T modules, with market competition shifting towards cost control, delivery capabilities, and technological iteration [9][10]. Additional Important Insights - The key factors influencing market development include the capacity release rhythm of leading manufacturers and advancements in silicon photonics and next-generation technologies like CPO [3][10]. - The short-term outlook suggests that the price decline of 800G modules will enhance market penetration, while the long-term perspective indicates that 1.6T products will become a growth engine alongside the expansion of AI computing capabilities [3][10].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][41]. Core Insights - AMD has launched the MI350 series GPUs and showcased plans for the MI400 series, intensifying competition among the "AI Triad" in North America [2][14]. - The data center AI accelerator market is projected to grow over 60% annually, reaching $500 billion by 2028, with inference market growth expected to outpace training [2][14]. - The report highlights the ongoing valuation recovery in the overseas computing chain, driven by improved earnings confidence for 2026 and a return of value funds [3][15]. - The GTC Paris summit emphasized the importance of sovereign AI and industrial cloud as significant growth areas for computing power in Europe [4][15]. - The report suggests focusing on companies within the computing power supply chain, particularly in edge computing and endpoint devices [5][16]. Summary by Sections Industry Dynamics - AMD's MI350 series features 185 billion transistors and 288GB HBM3e, with performance improvements over the MI300 series exceeding 100% [2][14]. - The MI350X and MI355X GPUs demonstrate up to 35 times the inference performance of the MI300X [2][14]. - The report notes that the European market is becoming a key area for AI deployment, with significant investments in sovereign AI systems [4][15]. Mergers and Acquisitions - East Mountain Precision announced plans to acquire Source Photonics for up to $629 million, indicating a trend of consolidation in the optical communication sector [5][16][17]. - Source Photonics reported a revenue of 2.93 billion and a net profit of 400 million for 2024, with a 32% year-on-year growth in Q1 revenue [7][17]. Market Performance - The overall market saw a decline during the week of June 9-13, 2025, with the communication index dropping by 0.78% [8][18]. - The optical module sector showed resilience with a weekly increase of 3.12%, indicating strong performance amidst broader market challenges [8][18].

Summary of Conference Call Records Industry Overview - The conference call discusses the overseas AI computing power infrastructure, highlighting the positive performance of companies like Nvidia and Broadcom in the data center sector, driven by optimistic demand for AI training and inference. New large-scale data centers are being established in multiple countries, with significant growth in AI cloud services reported by Oracle and Coface [1][2][3]. Key Points and Arguments AI Computing Power Market - Concerns regarding overseas computing power infrastructure have eased, with Nvidia and Broadcom reporting strong performance. The demand for AI training and inference remains optimistic, leading to the establishment of new large-scale data centers [1][2]. - Nvidia's AI network business grew over 170% year-on-year in Q2 2025, with expectations for continued strong demand in 2026. At least three clients plan to deploy million-card clusters by 2027, primarily driven by inference demand [2][3]. Domestic Computing Power Market - The domestic computing power market faces challenges due to the H20 ban, leading to a significant drop in supply. However, there is a surge in inference demand, while training supply remains insufficient [5]. - Recommendations include focusing on domestic computing power chain targets that are less affected by tariffs and rely more on internal circulation, as well as overseas AI chain targets with strong performance [5]. Optical Communication Industry - The optical communication industry is experiencing high demand, with expectations for global 800G module demand to reach 35-40 million units by 2026. There are shortages in DSP, EML lasers, and other components, with many companies showing signs of performance recovery [6][7]. - Investment opportunities include companies with sustained high growth and low PE valuations, such as Xuchuang, New Yisheng, and Tianfu, as well as emerging technologies related to CPU passive optical devices [9]. Data Center Industry Trends - The data center industry is preparing for mass production of liquid cooling technology, with significant participation from various manufacturers. Despite short-term impacts from the H20 ban, confidence in domestic computing power development remains strong [8]. - The trend towards large-scale cluster construction is evident, with companies like Broadcom preparing for potential million-card clusters, which will drive demand for optical modules [11]. Additional Important Insights - The AI computing power sector significantly impacts the optical communication industry, with cloud vendors increasing capital expenditures on AI. The introduction of 1.6T optical modules is expected to boost the performance of leading companies [10]. - The liquid cooling industry is on a growth trajectory, with an increase in the number of participating manufacturers and a shift towards new cooling materials. The period of 2026-2027 is anticipated to be crucial for liquid cooling technology to replace traditional air cooling [19]. - The domestic data center and computing service industry is expected to replicate North America's successful development model, particularly in addressing chip shortages and sustaining AI application growth [18]. Investment Recommendations - Investors are advised to focus on companies like Tianfu and Taicheng, which are positioned in the upstream of the industry chain, including passive optical components and optical chips. Other potential targets include Zhishang Technology and Yuanjie, which are familiar and promising development objects [17].

Core Insights - The report highlights strong performance in the communication industry, driven by overseas demand and advancements in AI computing power, with companies like Broadcom, Ciena, and Credo showing significant revenue growth [6][7] - The report also discusses the stable procurement results for ordinary optical cables by China Mobile, indicating a rational competitive landscape in the domestic optical fiber and cable industry [6][7] Industry Commentary - The communication sector is experiencing robust growth, with Broadcom reporting a 20% year-on-year revenue increase to $15 billion, and a net profit surge of 134% to $5 billion, largely driven by AI semiconductor sales [6] - Ciena's latest quarterly revenue reached $1.1 billion, up 24% year-on-year, with its network platform business growing by 38%, reflecting strong demand for advanced optical modules [6] - Credo's revenue for the recent quarter was $170 million, a 26% quarter-on-quarter increase and a 180% year-on-year increase, indicating a diversified customer base and strong growth potential [6] Company Commentary: Del Shares (300473.SZ) - Del Shares announced plans to invest in a new lithium battery production line in Huzhou, aiming to enhance its capabilities in the solid-state battery sector, with production expected to commence by the end of 2025 [9][11] - The company reported a revenue of 4.51 billion yuan in 2024, a 5% increase year-on-year, and a first-quarter revenue of 1.22 billion yuan in 2025, reflecting a 15.1% year-on-year growth [11][13] - Del Shares has established long-term partnerships with major global automotive manufacturers, positioning itself as a comprehensive automotive parts supplier [11][13]

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The EDA (Electronic Design Automation) sector is experiencing accelerated domestic substitution due to U.S. restrictions on EDA exports to China, which is seen as a bottleneck for the rapid development of China's technology industry [5][8] - The global EDA market is projected to grow steadily, with a compound annual growth rate (CAGR) of 8.87% from 2019 to 2024, reaching a market size of approximately $15.71 billion in 2024, reflecting a year-on-year increase of 8.1% [3][10] - Domestic EDA companies are rapidly increasing their market share, with a growth rate of 13.3% in China, indicating significant potential for domestic substitution [3][26] Summary by Sections EDA Market Overview - The global EDA market is expected to reach $15.71 billion in 2024, with major players like Synopsys, Cadence, and Siemens holding a combined market share of 74% [3][10] - The Chinese EDA market is projected to grow to 135.9 billion yuan in 2024, with local companies like Huada Jiutian capturing 6% of the market [3][26] EDA Industry Dynamics - The EDA sector is crucial for the semiconductor industry, with a CAGR of 7.8% from 2017 to 2024, outpacing the semiconductor market's growth of 6.3% [11][32] - Domestic EDA companies are experiencing a revenue growth rate of 20.4%, significantly higher than their international counterparts [11][32] Key Players in EDA - Major international EDA companies include Synopsys, Cadence, and Siemens, while domestic players like Huada Jiutian, Gai Lun Electronics, and Guangli Microelectronics are emerging with differentiated product offerings [35][38] Recent Developments - The report highlights the ongoing technological advancements and the increasing complexity of chip design, which are driving the demand for EDA tools [11][32] - The report also notes the significant investment and policy support for domestic EDA development, which is accelerating the transition to self-sufficient EDA solutions in China [22][35]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report highlights the first revision of the "North Certificate Index Calculation and Maintenance Rules" by the Beijing Stock Exchange, aimed at enhancing market service levels [4][14] - The North Certificate 50 index will undergo sample stock adjustments effective June 16, 2025, with new entrants and removals from the index [7][14] - The report expresses optimism for the high-quality development of the Beijing Stock Exchange in 2025, suggesting a focus on specific sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology [7][15] Summary by Sections 1. Revision of Index Rules - The revision of the index rules includes changes to the regular review data cutoff date and considerations for temporary adjustments during the announcement period [5][14] - Stocks that are long-term suspended but have a clear resumption expectation after the effective date will not be eligible for new sample inclusion [5][14] 2. Sample Stock Adjustments - New entrants to the North Certificate 50 index include Tonghui Electronics, Yinuowei, Weida Optoelectronics, Wanda Bearings, and Tongguan Mining [7][14] - Stocks removed from the index include Xingchen Technology, Kangle Guardian, Kaide Quartz, Tongxiang Technology, and Guangsha Environmental Energy [7][14] 3. Investment Strategy - The report recommends focusing on sectors such as: - Data Centers: Kelaite and Shuguang Data Creation - Robotics: Suzhou Axis, Audiwei, Jun Chuang Technology, and Fuheng New Materials - Semiconductors: Hualing Co. and Kaide Quartz - Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., and Kangbiter - Military Information Technology: Chengdian Guangxin and Xingtuzhihui [7][15]

Group 1: Company Operations and Capacity Utilization - The company's overall business operations are normal, with a comprehensive capacity utilization rate remaining relatively high. The PCB business benefits from sustained demand in computing power and automotive electronics, maintaining high capacity utilization [1] - The packaging substrate business has seen an improvement in capacity utilization due to a relative recovery in the storage sector compared to Q4 2024 and Q1 2025 [1] Group 2: PCB Business Applications and Trends - The PCB business focuses on high-end PCB product design, development, and manufacturing, primarily serving communication devices, data centers, automotive electronics, and industrial control sectors [1] - The demand for PCB products in high-speed communication networks, data center switches, AI accelerator cards, and memory has increased due to the urgent need for high computing power and high-speed networks [2] Group 3: Expansion Plans and Investments - The company has factories in Shenzhen, Wuxi, Nantong, and a factory under construction in Thailand. It is enhancing capacity through technological upgrades and is progressing with the Nantong Phase IV project to establish an HDI technology platform [3] - The total investment for the Thailand factory is 1.274 billion RMB, aimed at developing high-layer and HDI PCB technology to expand overseas market reach [4] Group 4: Packaging Substrate Business Development - The packaging substrate products cover a wide range, including module packaging substrates and storage packaging substrates, with demand improving in Q1 2025 compared to Q4 2024, primarily driven by increased demand for storage products [5] - The FC-BGA packaging substrate has achieved mass production capability for products with 20 layers or fewer, while R&D for products with more than 20 layers is progressing on schedule [6] Group 5: Raw Material Price Changes - In Q1 2025, the prices of key raw materials such as copper-clad laminates and gold salts have increased year-on-year and compared to Q4 2024, influenced by commodity price fluctuations [7]

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 事件：美国 AI 基础设施服务商 CoreWeave 自 3 月末上市以来，股价 不到两月实现涨幅 156.9%的优异表现；同时 5 月初至 5 月 23 日涨幅 达 148.8%。根据首次上市以来首次披露的财报，公司 25Q1 营收 9.8 亿美元，同比增长 420%，市场预期 8.5 亿美元；公司 25 全年营收指 引为 49-51 亿美元，同比增长超 360%。 【公司定位：英伟达支持，新兴云计算服务提供商】 公司成立于 2017 年，目前为提供 GPU 云服务的 AI 基础设施提供商， 英伟达为其主要支持者之一。公司通过租赁英伟达高端 GPU 芯片（如 H100、Blackwell 架构产品），为 OpenAI、微软、Meta 等客户提供高 性能算力支持。截至 2024 年底，其全球 32 个数据中心部署超 25 万 块英伟达 GPU，接近 Meta 的囤卡规模。根据英伟达最新 13G 报告， 英伟达持有 CoreWeave2418 万股，比例为 7%，为其主要支持者之一。 深度绑定微软、英伟达等科技巨头。公司下游 ...

Core Views - The A-share market experienced a collective decline on Friday, with the Shanghai Composite Index down 0.3%, the Shenzhen Component down 0.69%, and the ChiNext Index down 0.87. The total trading volume in the Shanghai and Shenzhen markets was 11,918.86 billion [2][7] - In terms of industry performance, beauty care, banking, and textile and apparel sectors led the gains, while electronics, computers, and defense industries faced declines. Concept sectors such as ST stocks, fentanyl, and sugar substitutes saw significant increases, while sectors like Sci-Tech innovation new stocks, storage chips, and DRG/DIP concepts faced declines [2][7] - The Hang Seng Index rose by 0.4%, while the Hang Seng Technology Index fell by 0.93%. In overseas markets, the Dow Jones fell by 0.29%, the S&P 500 decreased by 0.07%, and the Nasdaq remained unchanged [2][7] Important News - The high-level China-U.S. economic and trade talks held in Geneva from May 10 to 11 were described as candid, in-depth, and constructive, achieving important consensus and substantial progress. Both sides agreed to establish a consultation mechanism for economic and trade discussions [3][8] - The National Bureau of Statistics released April CPI and PPI data, indicating that the CPI rose by 0.1% month-on-month after a 0.4% decline in the previous month, while the year-on-year decline remained at 0.1%. The core CPI increased by 0.2% month-on-month and 0.5% year-on-year. The PPI fell by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points compared to the previous month [3][8] Industry Analysis - The pharmaceutical sector has shown a divergence in performance since the beginning of the year, with the overall performance of various sub-sectors under pressure. Focus is on structural opportunities in the pharmaceutical sector, particularly in innovation, overseas expansion, and self-sufficiency [9] - The pharmaceutical index has outperformed the CSI 300 index by 3.76 percentage points, with the pharmaceutical sub-sectors showing varied performance. The chemical preparation sub-sector has increased by 8.90%, while medical services and pharmaceutical commerce have seen increases of 2.79% and 0.41%, respectively [10] - The overall revenue and net profit of the pharmaceutical sector are expected to decline in 2024 and Q1 2025, with several sub-sectors experiencing pressure on profit margins. However, the medical research outsourcing sector showed promising growth in Q1 2025 [11][12] Investment Recommendations - The pharmaceutical sector is expected to face overall revenue and net profit declines in 2024 and Q1 2025, with a focus on sub-sectors that show revenue growth, such as medical research outsourcing and hospitals. The chemical pharmaceutical sector has performed well in the secondary market, with attention on innovation-driven, domestic substitution, and policy immunity themes [13] - In the electronics sector, the SW electronics industry saw an increase in fund heavy positions in Q1 2025, with a focus on semiconductor self-sufficiency and AI computing applications. The top ten heavy stocks are primarily from the semiconductor and consumer electronics sectors, indicating institutional interest in self-sufficient semiconductor stocks [14][15] - Investment opportunities are highlighted in semiconductor self-sufficiency, AI computing, and AI edge applications, with a recommendation to focus on domestic semiconductor manufacturers and the growing demand for domestic computing capabilities [16]