算力专题：迎接推理需求的爆发

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the computing power sector and its growth driven by the explosion of inference demand, which is not solely reliant on blockbuster applications but rather on AI-enabled daily needs such as search, shopping, and social interactions [1][4]. Core Insights and Arguments - Inference Demand Growth: The inference demand is expected to grow rapidly over the next two to three years, supported by advancements in AI applications and model usability from overseas cloud providers like Google, OpenAI, and Meta [1][6]. - Token Consumption Increase: The monthly token processing by Google has surged from 90 trillion to 480 trillion, indicating a significant increase in single-user token consumption, which is a key driver of inference demand [1][8]. - Market Dynamics: The computing power sector has experienced volatility in 2025 due to high capital expenditures by cloud providers in previous years, leading to concerns about potential declines in capital spending in 2026 [2]. - User Experience Improvement: Enhanced model capabilities have significantly improved user experience, with platforms like OpenAI and Google seeing daily active users rise, e.g., OpenAI's daily active users exceeding 200 million [7]. Key Companies and Their Positions - 沪电股份 (Huadian Co.): Holds a 60-70% market share in high-end switches and is expected to benefit from increased demand for switches driven by inference networks. Projected profits for 2025 are estimated at 3.6 to 3.7 billion [12]. - 深南电路 (Shennan Circuit): As the largest PCB supplier for optical modules, it is well-positioned to benefit from AI server and switch demand, with significant technological reserves in 800G and 1.6T optical modules [3][14]. - 生益科技 (Sinyi Technology): Anticipates a substantial increase in revenue from overseas clients, with expectations of doubling contributions from major clients in 2025 [15][19]. - 盛虹科技 (Shenghong Technology): Plans to expand production capacity significantly, including a 30% increase in high-layer segments, to meet rising market demand [16]. - 广合科技 (Guanghe Technology): Achieved significant progress in ODM, with plans to expand production capacity to support overseas orders [17]. Additional Important Insights - Market Trends: The overall PCB industry outlook is optimistic, with companies actively expanding capacity to meet the surging demand for computing power. This includes a 50% expansion in HDI segments by Shenghong [20]. - Investment Opportunities: The computing power sector is seen as having a strong potential for recovery in valuations, with companies like Huadian and Shennan Circuit expected to lead in benefiting from the inference demand explosion [12][20]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the growth potential and strategic positions of key players in the computing power sector.