Core Viewpoint - The report from Guojin Securities highlights a positive outlook for AI-PCB, core computing hardware, the Apple supply chain, and industries benefiting from self-control, driven by increasing demand for CoWoS and strong orders in the AI-PCB sector [1][2]. Industry Summary - The demand for CoWoS has been revised upwards, with additional orders for 800G and 1.6T optical modules and AI-PCB, indicating a robust growth trajectory [1][2]. - The explosive growth in ASIC demand is driven by surging inference needs, with Nvidia's technology upgrades contributing to rising PCB prices and volumes [1][2]. - Several AI-PCB companies are experiencing strong orders and are operating at full capacity, with expectations for high growth in the second half of the year [1][2]. - Nvidia's CEO Jensen Huang reported strong business momentum, with the production of the next-generation Rubin chips underway, supported by major memory suppliers expanding capacity [1]. - SanDisk's FY26Q1 revenue reached $2.31 billion, reflecting a quarter-over-quarter increase of 23% and a year-over-year increase of 21%, with guidance for the next quarter indicating continued growth [1]. - The data center market is projected to become the largest market for NAND flash memory by 2026, with ongoing supply shortages expected to persist until the end of 2026 [1]. - Current market conditions show a significant increase in the spot prices of DDR5 and NAND Flash, driven by supply constraints and strong demand from AI applications [1][2]. - The report suggests that the upcoming Broadcom earnings call in December may revise ASIC revenue forecasts upwards, driven by explosive growth in token numbers and strong demand from major tech companies [1][2]. Investment Recommendations - The report maintains a positive outlook on AI-PCB, core computing hardware, the Apple supply chain, and industries benefiting from self-control, with expectations for sustained high growth in the second half of the year [2]. - The report identifies a robust upward trend in various sectors, including consumer electronics, PCB, semiconductor chips, and passive components, indicating overall industry health [2].

增，带动ASIC需求爆发式增长，英伟达技术不断升级，带动PCB价量齐升，目前多家AI- PCB公司订单强劲，满产满销，正在大力扩产，下半年业绩高增长有望持续。AI覆铜板也需 求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。继续看好AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链。 细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向 上）、半导体代工/设备/材料/零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向 上）、封测（稳健向上）。 风险提示 以下为研究报告摘要： 英伟达Rubin投产，博通12月业绩会有望上修ASIC收入。英伟达CEO黄仁勋11月8日受访 时表示，英伟达近来业务非常强劲，逐月转强，Blackwell需求强劲，且不只GPU本体，英 伟达同时也打造CPU、网路芯片、交换器等，与Blackwell相关的芯片很多。他透露，下一代 Rubin的节奏已开始进入产线，已经在生产线上看到Rubin身影，台积电正非常努力支援相关 需求。针对市场最关切的供应链瓶颈，黄仁勋坦言，在高速成长阶段难免会出现不同项目的 短缺，所幸目前三大记忆体供应商SK海 ...

Core Viewpoint - The storage chip sector experienced a collective surge in stock prices, driven by significant revenue growth in key companies and rising market demand for storage solutions [1][2]. Company Summaries - **江波龙 (Jiangbolong)**: Reported a 138.66% year-on-year increase in enterprise storage revenue for the first half of 2025, reaching 6.93 billion yuan, with its enterprise SATA SSD ranking first in total capacity among domestic brands [1]. - **德明利 (Demingli)**: Achieved an 88.83% year-on-year revenue growth in the first half of 2025, with embedded storage business revenue reaching 1.7 billion yuan, a substantial increase of 290.1% [1][2]. - **兆易创新 (Zhaoyi Innovation)**: Holds an 18.5% global market share in SPI NOR Flash, ranking second, with cumulative shipments exceeding 27 billion units and a 1.7% increase in its niche DRAM market share in the first half of 2025 [1]. - **澜起科技 (Lanke Technology)**: As a leader in DDR5 memory interface chips, it commands over 40% market share, with first-half revenue of 2.633 billion yuan, reflecting a 58.17% year-on-year growth [1][2]. Market Trends - According to TrendForce, the spot market saw a price increase of 15%-20% for DDR4 and DDR5 chips, with major players like Samsung and SK Hynix planning to raise DRAM and NAND flash prices by up to 30% in Q4 2025 [2]. - There is a growing trend of customers negotiating long-term supply agreements to mitigate storage chip shortages, with some manufacturers pausing quotes or offering limited-time pricing due to market volatility [2]. Investment Outlook - 湘财证券 (Xiangcai Securities) maintains a positive outlook on the electronics sector, highlighting opportunities in AI infrastructure, end-side SOC, foldable smartphone supply chains, and the storage industry due to ongoing recovery in consumer electronics and advancements in AI technology [3]. - 国金证券 (Guojin Securities) notes that despite some factories withholding sales in anticipation of price increases, demand in the spot market remains strong, driven by expectations of tight supply in Q4 and preemptive stocking by end customers [3].

Industry Overview Investment Rating The report does not mention the industry investment rating. Core View The report provides an overview of various industries, including production, service, upstream,中游, downstream, and market pricing, highlighting recent trends and developments in each sector. Summary by Category Production and Service Industries - Shanghai plans to build a world - class ship and offshore engineering equipment industrial cluster, aiming for an industry added - value of over 45 billion yuan by 2030 and a localisation rate of over 85% for large LNG carriers [1]. - The memory market, led by DDR4, is rapidly warming up, with DDR4 particle prices doubling in just two weeks [1]. - Six departments have issued a guidance on financial support for consumption, setting up a 500 - billion - yuan re - loan for service consumption and elderly care [1]. - Retirement pensions are exempt from personal income tax in Beijing [1]. Upstream - International oil prices decreased significantly compared to the previous day [2]. - Coal inventory in Qinhuangdao decreased [2]. - Egg prices have rebounded recently [2]. Midstream - The polyester operating rate declined, while the PX operating rate increased [3]. - The coal consumption of power plants dropped to a three - year low, and the power plant operating rate decreased [3]. Downstream - The sales of commercial housing in first - and second - tier cities have seasonally declined to a near - three - year low [4]. - The number of domestic flights has decreased cyclically [4]. Market Pricing - The credit spread of the entire industry has slightly declined recently [5]. Industry Credit Spread - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have declined this week [48]. Key Industry Price Indicators - The prices of various commodities, including agricultural products, metals, energy, and chemicals, have shown different trends, with some rising and some falling [49].

Group 1 - The current explosion in computing power demand, combined with external regulations on HBM bandwidth, is accelerating breakthroughs and supply of domestic HBM [1] - Domestic storage major clients have validated HBM3, achieving DDR5 particle manufacturing capability, with mass production expected in the second half of the year [1] - Key equipment manufacturers have started receiving orders for TCB, CMP, and other processes, indicating a strong certainty in the expansion of domestic HBM production [1] Group 2 - Key processes such as TCB, CMP, bonding, and testing machines are either domestically produced or easily obtainable, with mass production conditions met for particles [2] - The expected expansion volume for HBM this year is projected to reach 5,000 pieces of 8-layer wafers, which will generate significant order increments across various equipment segments [2] - The expansion is anticipated to bring in order increments of 160 million, 1 billion, 600 million, 400 million, and 700 million for TCB, CMP, bonding, electroplating, and testing machines respectively [2] Group 3 - The expansion of HBM production will also benefit upstream equipment, as it requires underlying DRAM particles [3] - The expected HBM expansion volume of 5,000 pieces of 8-layer wafers corresponds to an increase of 40,000 pieces of underlying DDR5, leading to approximately 35 billion in capital expenditure for equipment [3] - Market increments for etching, thin film deposition, cleaning, and CMP processes are projected to be 8.5 billion, 7 billion, 1.6 billion, and 1.1 billion respectively [3]