Core Insights - The AI application market is experiencing explosive growth, with major players like Google, Alibaba, and ByteDance competing in the AI agent sector [1][3] - ByteDance is projected to exceed 160 billion yuan in AI capital expenditure by 2025, positioning itself as a leading enterprise in the AI agent space [3] - Kaixiang Co., a leading PCB manufacturer, is strategically embedded in the supply chains of major companies like ByteDance and ZTE, capitalizing on the growth of AI terminals [4][5] Industry Developments - ByteDance's AI strategy focuses on "full-stack self-research + scenario explosion," leading to significant advancements in AI agent technologies [3] - The company’s AI products, such as the Doubao model and Seedance video generation model, are leading the industry, with consumer products like AI toys and headphones gaining traction [3] - The demand for AI terminals is expected to surge, with predictions indicating that AI smartphones will account for over half of shipments by 2028 [6] Company Positioning - Kaixiang Co. has established a strong foothold in the supply chain for AI hardware through partnerships with ODM manufacturers like Huaqin Technology and Wingtech Technology [5][6] - The company’s high-frequency and high-speed PCB products are well-suited to meet the increasing demands of AI model training and data center upgrades [5] - Kaixiang Co. has developed a product matrix that includes high-end PCBs for AI servers, storage chips, and consumer electronics, positioning itself for significant growth as AI agents move from concept to mass production [7]