Group 1 - The article highlights the sectors that will benefit from the "anti-involution" policy [1] - The successful delivery of the first NVIDIA GB300 NVL72 is expected to lead to a peak season for the supply chain, with analysts optimistic about the growth in Q2 and Q3 due to the rapid ramp-up of NVIDIA Blackwell and the strong development of ASICs [1] - A total of 388 institutional research reports were published today, with SF Express receiving an upgraded rating and 15 companies getting initial coverage, including four stocks like Ruijie Networks receiving in-depth coverage from New Fortune analysts [1] Group 2 - In the individual stock institutional attention ranking, Xinhecheng made its debut, with the top five being Xiaogoods City, Xinhecheng, Taotao Automotive, Kidswant, and Zijin Mining [1]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Investment Rating - The report suggests a positive outlook for the AI-PCB and core computing hardware sectors, indicating a strong demand and growth potential in these areas [1][4][32]. Core Insights - The introduction of Nvidia's GB300 NVL72 server by Dell marks a significant advancement in AI server technology, promising 50 times the AI inference output and five times the throughput, which is expected to drive demand for AI-PCB [1][4]. - The report anticipates a rapid increase in shipments of GB200 and GB300 products in the second half of the year, with strong orders from multiple AI-PCB companies leading to high growth in Q2 and Q3 [1][4]. - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to geopolitical tensions and export controls, which is expected to benefit domestic semiconductor companies [24][31]. Summary by Sections AI-PCB and Core Computing Hardware - The report highlights the strong growth potential in AI-PCB driven by the rapid deployment of Nvidia's Blackwell GPUs and ASIC chips, with expectations of over 7 million ASIC chips from major companies by 2026 [1][4]. - Companies in the AI-PCB sector are currently experiencing robust order volumes and are expanding production capacity to meet demand [1][4]. Consumer Electronics - The imposition of a 20% tariff on goods exported from Vietnam to the U.S. is expected to benefit the Apple supply chain, providing more pricing flexibility for Apple and its suppliers [5][6]. - The report emphasizes the importance of monitoring the foldable screen market, particularly with Apple's upcoming product innovations [6]. PCB Industry - The PCB industry is showing signs of accelerated growth, particularly in the copper-clad laminate sector, with expectations of significant year-on-year growth in Q2 [7][19]. - The report notes that the demand for AI-related copper-clad laminates is strong, with a shift towards M8 materials expected as production ramps up [1][4]. Semiconductor Sector - The storage segment is projected to see continued upward momentum, driven by increased demand from cloud computing and consumer electronics, with price increases expected for DRAM products [21][23]. - The report identifies a trend towards domestic semiconductor equipment and materials production due to export restrictions, which is expected to enhance the competitiveness of local firms [24][31]. Key Companies - The report recommends focusing on companies that are likely to benefit from the growth in AI-PCB and core computing hardware, including Shenghong Technology, Industrial Fulian, and others [32][34]. - Specific companies such as North Huachuang and Jiangfeng Electronics are highlighted for their strong market positions and growth potential in the semiconductor equipment and materials sectors [35][37].