Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the **electronic industry**, particularly in the context of **computing power**, **storage**, and **end-device technology** [1][3][11]. Core Insights and Arguments Computing Power - There is a **sustained growth in computing power demand**, with companies like **AMD** and **ATC** expected to gain market share alongside **NVIDIA**. The collaboration between **OpenAI** and **AMD** is anticipated to significantly increase the production of AMD's MI series, potentially doubling existing order volumes [3][11]. - **Domestic ASIC** and computing power solutions are seen as having rebound opportunities, with **Tongfu Microelectronics** highlighted as a direct beneficiary in the A-share market [1][3]. Huawei Ascend Series Chips - The **Huawei Ascend series chips** are projected to underperform in 2025 due to the **910B** and **910C** models not meeting the needs of major CSPs. However, the newly released **950, 960, and 970 series** have shown significant improvements in ecosystem compatibility and technical support, suggesting a growth trajectory for the Huawei Ascend supply chain in 2026 [4][11]. PCB and Liquid Cooling Technologies - In the **PCB sector**, new technologies such as **focus doubling** and **embedded capacitors** are noteworthy. The **liquid cooling technology** is expected to continue its growth due to increasing heat dissipation density and energy-saving demands, particularly in overseas markets like the U.S. [5][11]. Storage Industry Performance - The **storage industry** has seen a significant quarter-over-quarter price increase in Q3, outperforming Q1 and Q2. This trend indicates a strong performance outlook for the storage sector, with particular emphasis on **SSD**, **DRAM**, and **HDD** opportunities [6][9][11]. - The **HPD** performance in the U.S. market has driven stock prices up, with HDD shortages leading to price increases and a shift towards SSDs due to their superior speed in enterprise storage applications [7][8][9]. Future Trends in Storage - The current storage cycle is driven by a **supply-demand resonance**, surpassing the previous cycle. Recent price tracking indicates notable increases in **DRAM** and **SSD** prices, particularly in early October and late September [9][11]. End-Device Market Opportunities - In the **end-device sector**, **Meta's glasses** have exceeded sales expectations, and the upcoming flagship model is expected to introduce new technologies, such as **micro-pump liquid cooling** for mobile devices. Meta is positioned as a leader in the **VR** and **AI glasses** market, with inventory levels significantly higher than previous years [2][10][11]. Other Important Insights - The focus for Q4 investment includes **computing power**, **storage**, and **end-device technologies**, with a particular emphasis on **overseas ASIC**, **domestic computing power**, and **enterprise-level storage opportunities** [11].